This work focuses on two main components of the portfolio management process: Portfolio weighting, and Portfolio performance evaluation The motivation is to explore the idea of 'Diversification' as it relates to how different weighting schemes of a portfolio's constituents affect the overall portfolio performance. The weighting schemes explored are Equal Weight, Markowitz, Black-Litterman, and Covariance-Robust Optimization. The portfolio is assumed to consist of 9 ETFs: SPY(S&P 500), IWM(Russell 2000), FEZ(Euro Stoxx 50), ACWI (MSCI All-Country World), ACG(Barclays Aggregate US Bond), IAGG(iShares Core International Aggregate Bond), IYR(Dow Jones US Real Estate), REET(iShares Global REIT), and GSG(iShares GSCI Commodity Index).