Portefeuille Etat - Nov 2025

Asset Allocation

Position	Category/Sector	Target Weight
ADP.PA Aeroports de Paris SA	Industrials	10%
AF.PA Air France-KLM SA	Industrials	10%
AIR.PA Airbus SE	Industrials	10%
ENGI.PA ENGIE SA	Utilities	10%
ERA.PA Eramet SA	Basic Materials	10%
FDJ.PA La Francaise Des Jeux Sa	Consumer Cyclical	10%
HO.PA Thales S.A.	Industrials	10%
ORA.PA Orange S.A.	Communication Services	10%
RNO.PA Renault SA	Consumer Cyclical	10%
SAF.PA Safran SA	Industrials	10%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Portefeuille Etat - Nov 2025, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is Nov 21, 2019, corresponding to the inception date of FDJ.PA

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.08%	-1.83%	-3.34%	-1.46%	30.71%	17.25%	10.06%	12.45%
Portfolio Portefeuille Etat - Nov 2025	0.20%	-0.30%	-1.18%	1.07%	35.35%	12.34%	10.65%	—
Portfolio components:
AIR.PA Airbus SE	-0.40%	-6.90%	-18.55%	-19.58%	30.09%	13.05%	10.95%	12.74%
SAF.PA Safran SA	-0.37%	-10.50%	-5.44%	-5.15%	52.16%	31.76%	19.03%	18.50%
HO.PA Thales S.A.	0.16%	10.30%	14.55%	2.33%	26.42%	28.90%	27.10%	15.63%
RNO.PA Renault SA	-1.14%	3.68%	-17.46%	-18.55%	-22.21%	-1.99%	-2.76%	-7.00%
ORA.PA Orange S.A.	1.76%	3.49%	25.96%	39.32%	70.66%	26.60%	18.56%	8.73%
FDJ.PA La Francaise Des Jeux Sa	—	—	—	—	—	—	—	—
ENGI.PA ENGIE SA	1.35%	10.69%	28.72%	57.40%	93.18%	39.20%	27.71%	15.41%
ERA.PA Eramet SA	-0.25%	-8.71%	-13.47%	-13.50%	29.53%	-14.83%	-3.03%	10.12%
ADP.PA Aeroports de Paris SA	0.78%	3.09%	-1.43%	0.75%	30.79%	-1.63%	1.88%	1.97%
AF.PA Air France-KLM SA	0.17%	-11.57%	-23.70%	-23.03%	27.91%	-15.89%	-20.14%	-13.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Nov 22, 2019, Portefeuille Etat - Nov 2025's average daily return is +0.05%, while the average monthly return is +0.97%. At this rate, your investment would double in approximately 6.0 years.

Historically, 58% of months were positive and 42% were negative. The best month was Nov 2020 with a return of +40.3%, while the worst month was Mar 2020 at -25.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.

On a daily basis, Portefeuille Etat - Nov 2025 closed higher 52% of trading days. The best single day was Nov 9, 2020 with a return of +12.4%, while the worst single day was Mar 12, 2020 at -14.1%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.22%	3.32%	-12.08%	3.38%									-1.18%
2025	4.63%	4.69%	4.43%	6.64%	8.23%	1.19%	-1.32%	4.50%	2.93%	0.96%	-1.23%	2.33%	44.68%
2024	-1.14%	1.32%	7.34%	-1.08%	9.41%	-12.57%	3.70%	1.97%	-0.28%	-3.19%	-5.34%	1.05%	-0.65%
2023	10.83%	4.02%	0.95%	2.67%	-5.79%	7.02%	-1.46%	-4.50%	-5.14%	-3.33%	9.59%	2.97%	17.30%
2022	5.23%	6.63%	0.51%	-5.91%	3.18%	-13.25%	6.40%	-4.31%	-9.24%	9.93%	11.55%	-1.16%	6.36%
2021	-4.11%	9.21%	-2.09%	3.15%	4.32%	-4.88%	-0.30%	-0.50%	-1.75%	1.63%	-8.82%	5.48%	-0.02%

Benchmark Metrics

Portefeuille Etat - Nov 2025 has an annualized alpha of 0.95%, beta of 0.59, and R² of 0.22 versus S&P 500 Index. Calculated based on daily prices since November 22, 2019.

This portfolio participated in 98.95% of S&P 500 Index downside but only 74.75% of its upside — more exposed to losses than it benefited from rallies.
Beta of 0.59 may look defensive, but with R² of 0.22 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
R² of 0.22 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 0.95%

Beta: 0.59

R²: 0.22

Upside Capture: 74.75%

Downside Capture: 98.95%

Expense Ratio

Portefeuille Etat - Nov 2025 has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Return for Risk

Risk / Return Rank

Portefeuille Etat - Nov 2025 ranks 40 for risk / return — below 40% of portfolios on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.87	+0.21
Sortino ratio Return per unit of downside risk	2.88	3.01	-0.12
Omega ratio Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio Return relative to maximum drawdown	2.09	2.49	-0.39
Martin ratio Return relative to average drawdown	7.38	11.08	-3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
AIR.PA Airbus SE	60	1.08	1.59	1.20	0.91	2.94
SAF.PA Safran SA	79	1.89	2.65	1.33	1.91	7.91
HO.PA Thales S.A.	57	0.79	1.29	1.15	0.95	1.95
RNO.PA Renault SA	15	-0.64	-0.67	0.91	-0.50	-0.79
ORA.PA Orange S.A.	94	3.15	4.25	1.54	7.62	18.73
FDJ.PA La Francaise Des Jeux Sa	—	—	—	—	—	—
ENGI.PA ENGIE SA	96	4.15	4.95	1.68	6.17	16.32
ERA.PA Eramet SA	48	0.53	1.04	1.15	0.47	1.19
ADP.PA Aeroports de Paris SA	60	1.08	1.45	1.21	1.10	2.64
AF.PA Air France-KLM SA	49	0.57	1.10	1.14	0.54	1.10

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Portefeuille Etat - Nov 2025 Sharpe ratios as of Apr 8, 2026 (values are recalculated daily):

1-Year: 2.08
5-Year: 0.51
All Time: 0.33

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.91 to 2.75, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of Portefeuille Etat - Nov 2025 compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Portefeuille Etat - Nov 2025 provided a 3.05% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.05%	3.16%	3.64%	3.24%	2.42%	1.79%	0.79%	2.73%	2.82%	2.03%	2.36%	2.05%
Portfolio components:
AIR.PA Airbus SE	1.84%	1.51%	1.16%	1.29%	1.35%	0.00%	0.00%	1.26%	1.79%	1.63%	2.07%	1.94%
SAF.PA Safran SA	1.02%	0.98%	1.04%	0.85%	0.43%	0.40%	0.00%	1.32%	1.53%	0.97%	2.15%	1.96%
HO.PA Thales S.A.	1.43%	1.65%	2.49%	2.27%	2.23%	2.62%	0.53%	2.36%	1.76%	1.84%	1.53%	1.64%
RNO.PA Renault SA	7.48%	6.21%	3.93%	0.68%	0.00%	0.00%	0.00%	8.42%	6.51%	3.75%	2.84%	2.05%
ORA.PA Orange S.A.	4.17%	5.28%	7.48%	6.79%	7.54%	8.50%	6.16%	5.34%	4.95%	4.49%	4.16%	3.87%
FDJ.PA La Francaise Des Jeux Sa	6.41%	6.41%	4.78%	4.17%	3.30%	2.31%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%
ENGI.PA ENGIE SA	5.10%	6.60%	9.34%	8.80%	6.35%	4.07%	0.00%	5.21%	5.75%	5.93%	8.25%	6.13%
ERA.PA Eramet SA	0.30%	0.26%	2.77%	4.90%	2.98%	0.00%	0.00%	1.31%	3.81%	0.00%	0.00%	0.00%
ADP.PA Aeroports de Paris SA	2.71%	2.69%	3.42%	2.67%	0.00%	0.00%	0.00%	2.10%	2.09%	1.67%	2.56%	2.93%
AF.PA Air France-KLM SA	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Portefeuille Etat - Nov 2025. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Portefeuille Etat - Nov 2025 was 48.05%, occurring on Mar 18, 2020. Recovery took 239 trading sessions.

The current Portefeuille Etat - Nov 2025 drawdown is 10.15%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-48.05%	Jan 3, 2020	54	Mar 18, 2020	239	Feb 23, 2021	293
-25.22%	Feb 17, 2022	156	Sep 26, 2022	78	Jan 13, 2023	234
-18.06%	Jun 4, 2024	127	Nov 27, 2024	67	Mar 5, 2025	194
-17.02%	Jul 14, 2023	71	Oct 20, 2023	105	Mar 20, 2024	176
-16.78%	Jun 15, 2021	132	Dec 15, 2021	40	Feb 9, 2022	172

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 10 assets, with an effective number of assets of 10.00, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	ORA.PA	FDJ.PA	ERA.PA	HO.PA	ENGI.PA	RNO.PA	AF.PA	ADP.PA	SAF.PA	AIR.PA	Portfolio
Benchmark	1.00	0.14	0.28	0.30	0.21	0.25	0.33	0.25	0.28	0.37	0.39	0.40
ORA.PA	0.14	1.00	0.22	0.20	0.30	0.45	0.26	0.23	0.34	0.25	0.27	0.44
FDJ.PA	0.28	0.22	1.00	0.25	0.26	0.32	0.29	0.31	0.35	0.38	0.37	0.50
ERA.PA	0.30	0.20	0.25	1.00	0.26	0.30	0.43	0.34	0.35	0.35	0.37	0.64
HO.PA	0.21	0.30	0.26	0.26	1.00	0.38	0.28	0.28	0.36	0.54	0.50	0.59
ENGI.PA	0.25	0.45	0.32	0.30	0.38	1.00	0.34	0.34	0.40	0.40	0.42	0.59
RNO.PA	0.33	0.26	0.29	0.43	0.28	0.34	1.00	0.48	0.40	0.44	0.47	0.67
AF.PA	0.25	0.23	0.31	0.34	0.28	0.34	0.48	1.00	0.56	0.47	0.52	0.70
ADP.PA	0.28	0.34	0.35	0.35	0.36	0.40	0.40	0.56	1.00	0.49	0.50	0.70
SAF.PA	0.37	0.25	0.38	0.35	0.54	0.40	0.44	0.47	0.49	1.00	0.76	0.73
AIR.PA	0.39	0.27	0.37	0.37	0.50	0.42	0.47	0.52	0.50	0.76	1.00	0.76
Portfolio	0.40	0.44	0.50	0.64	0.59	0.59	0.67	0.70	0.70	0.73	0.76	1.00

The correlation results are calculated based on daily price changes starting from Nov 22, 2019

Portefeuille Etat - Nov 2025

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table