The research study investigated the performance of eight Diversified Portfolio ETFs relative to market. For the purpose of evaluation four moments i.e. mean, standard deviation, skewness, and kurtosis were examined and thereafter the yearly as well as overall three yearly Sharpe and Treynor ratios of the Diversified Portfolio ETFs and S&P 500 index were compared. Regression analysis was also done to study the relationship of Diversified Portfolio ETFs with the S&P 500 index and also to calculate the coefficient of determination. The Study also used Asset allocation optimization model to maximize the Return to risk ratio of Diversified Portfolio ETFs. The study depicted that none of the Diversified Portfolio ETFs had higher three year average returns than that of the market index. The Three yearly Sharpe and Treynor ratios also indicated that only few ETFs outperformed the market. It was seen that the coefficient of determination was high when ETFs were regressed with the S&P 500 index which indicated that the maximum variation in the movement of ETFs was accounted for by the market and the ETFs were highly correlated with the S&P 500 during the last three years. The results also implied that if the investors want to invest in Diversified Portfolio ETFs then return to risk ratio will be maximized when he has invested the majority of his investments in iShares S&P Moderate Allocation fund and S&P Conservative Allocation Profile in last three years.