Has anyone looked at http://www.anadare.com and tried it out?
Every investor knows that diversification can reduce risk and increase returns. They provide a web-accessible front end to a supercomputer back end, to seriously crunch numbers to find alternatives that reduce the risk and increase diversification.
In particular, there are some backtesting/validation examples to demonstrate how you would have done had you used their approach a few months ago, at http://www.anadare.com/validation.html
The mutual fund example is throught-provoking, in that both this supercomputer approach and international mutual funds use the same approach to risk and diversification, and it shows up clearly.