Asset Allocation
Find the right asset allocation for Merrill Moderately Aggressive
Add portfolio to the optimizer to find optimal allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
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Performance Chart
The chart shows the growth of an initial investment of $10,000 in Merrill Moderately Aggressive, 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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Returns By Period
As of Jun 12, 2026, the Merrill Moderately Aggressive returned 8.55% Year-To-Date and 10.35% of annualized return in the last 10 years.
| Position | 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 1.75% | -0.09% | 8.02% | 7.15% | 22.78% | 19.45% | 11.73% | 13.53% |
Portfolio Merrill Moderately Aggressive | 1.91% | 0.85% | 8.55% | 8.31% | 20.53% | 15.83% | 8.02% | 10.35% |
| Portfolio components: | ||||||||
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.01% | 0.28% | 1.56% | 1.77% | 3.87% | 4.63% | 3.43% | 2.19% |
BNDX Vanguard Total International Bond ETF | 0.58% | 1.01% | 0.85% | 0.99% | 1.99% | 4.13% | 0.29% | 1.69% |
EEM iShares MSCI Emerging Markets ETF | 4.39% | 2.55% | 23.38% | 24.76% | 44.65% | 21.77% | 6.44% | 9.81% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 0.59% | 0.60% | 1.65% | 2.02% | 6.61% | 8.56% | 3.75% | 5.00% |
IEI iShares 3-7 Year Treasury Bond ETF | 0.43% | 0.16% | -0.18% | 0.03% | 3.35% | 3.65% | 0.24% | 1.25% |
IJS iShares S&P SmallCap 600 Value ETF | 1.81% | 5.44% | 18.07% | 14.10% | 37.03% | 14.24% | 5.96% | 10.41% |
IJT iShares S&P SmallCap 600 Growth ETF | 3.09% | 4.14% | 18.94% | 14.08% | 28.20% | 14.83% | 5.86% | 11.15% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.85% | 0.86% | 0.88% | 0.69% | 5.82% | 5.17% | -0.20% | 2.53% |
MBB iShares MBS Bond ETF | 0.65% | 0.67% | 1.01% | 1.29% | 6.49% | 4.43% | 0.41% | 1.33% |
VEU Vanguard FTSE All-World ex-US ETF | 3.33% | 1.64% | 13.63% | 14.67% | 29.07% | 18.92% | 8.48% | 10.23% |
Monthly Returns
Based on dividend-adjusted daily data since Jun 4, 2013, Merrill Moderately Aggressive's average daily return is +0.04%, while the average monthly return is +0.78%. At this rate, an investment would double in approximately 7.4 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2020 with a return of +8.5%, while the worst month was Mar 2020 at -9.7%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 4 months.
On a daily basis, Merrill Moderately Aggressive closed higher 55% of trading days. The best single day was Apr 9, 2025 with a return of +6.0%, while the worst single day was Mar 16, 2020 at -7.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.25% | 1.43% | -4.74% | 7.19% | 3.83% | -1.29% | 8.55% | ||||||
| 2025 | 2.19% | 0.16% | -2.53% | 0.39% | 4.00% | 3.95% | 0.84% | 2.28% | 2.97% | 1.61% | 0.24% | 0.52% | 17.72% |
| 2024 | -0.11% | 2.87% | 2.35% | -3.01% | 3.54% | 2.00% | 1.95% | 1.89% | 2.09% | -2.06% | 3.24% | -2.22% | 12.94% |
| 2023 | 6.52% | -3.01% | 3.25% | 0.86% | -0.46% | 4.10% | 2.71% | -2.21% | -3.70% | -2.28% | 7.66% | 4.54% | 18.59% |
| 2022 | -3.83% | -2.41% | 0.31% | -6.95% | 0.50% | -5.91% | 5.91% | -3.73% | -7.98% | 3.67% | 6.78% | -3.76% | -17.18% |
| 2021 | -0.04% | 1.35% | 1.75% | 3.06% | 0.88% | 1.55% | 0.46% | 1.65% | -3.18% | 3.55% | -1.40% | 2.37% | 12.46% |
Benchmark Metrics
Merrill Moderately Aggressive has an annualized alpha of 0.76%, beta of 0.67, and R2 of 0.93 versus S&P 500 Index. Calculated based on daily prices since June 04, 2013.
- This portfolio participated in 73.82% of S&P 500 Index downside but only 68.27% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.67 indicates this portfolio moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 0.76%
- Beta
- 0.67
- R²
- 0.93
- Upside Capture
- 68.27%
- Downside Capture
- 73.82%
Expense Ratio
Merrill Moderately Aggressive has an expense ratio of 0.12%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Top 10 holdings
Return for Risk
Risk / Return Rank
Merrill Moderately Aggressive ranks 65 for risk / return — better than 65% of Portfolios on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below presents risk-adjusted performance metrics for Merrill Moderately Aggressive and compares them with S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 2.03 | 1.85 | +0.18 |
| Sortino ratioReturn per unit of downside risk | 2.84 | 2.52 | +0.32 |
| Omega ratioGain probability vs. loss probability | 1.38 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.52 | +0.28 |
| Martin ratioReturn relative to average drawdown | 11.98 | 11.31 | +0.67 |
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Position | Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio |
|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 100 | 19.59 | 174.16 | 87.91 | 355.36 | 2,817.81 |
BNDX Vanguard Total International Bond ETF | 20 | 0.58 | 0.84 | 1.10 | 0.68 | 1.90 |
EEM iShares MSCI Emerging Markets ETF | 77 | 2.07 | 2.70 | 1.39 | 3.32 | 12.25 |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 69 | 1.71 | 2.58 | 1.33 | 2.84 | 12.46 |
IEI iShares 3-7 Year Treasury Bond ETF | 35 | 1.12 | 1.71 | 1.20 | 1.35 | 3.80 |
IJS iShares S&P SmallCap 600 Value ETF | 78 | 2.03 | 2.89 | 1.35 | 4.01 | 13.18 |
IJT iShares S&P SmallCap 600 Growth ETF | 62 | 1.58 | 2.35 | 1.28 | 3.12 | 10.87 |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 37 | 1.09 | 1.60 | 1.19 | 1.75 | 4.92 |
MBB iShares MBS Bond ETF | 51 | 1.46 | 2.15 | 1.26 | 2.21 | 7.06 |
VEU Vanguard FTSE All-World ex-US ETF | 66 | 1.81 | 2.50 | 1.33 | 2.56 | 9.76 |
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Dividends
Dividend yield
Merrill Moderately Aggressive provided a 2.30% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.30% | 2.44% | 2.52% | 2.44% | 2.04% | 1.63% | 1.62% | 2.26% | 2.39% | 1.97% | 2.11% | 2.19% |
| Portfolio components: | ||||||||||||
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
BNDX Vanguard Total International Bond ETF | 4.48% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
EEM iShares MSCI Emerging Markets ETF | 1.80% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.90% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.63% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
IJS iShares S&P SmallCap 600 Value ETF | 1.26% | 1.62% | 1.78% | 1.42% | 1.46% | 1.52% | 1.00% | 1.66% | 1.75% | 1.41% | 1.22% | 1.59% |
IJT iShares S&P SmallCap 600 Growth ETF | 0.75% | 0.91% | 1.06% | 1.02% | 1.08% | 0.63% | 0.68% | 0.92% | 0.92% | 0.86% | 1.03% | 1.14% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.55% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
MBB iShares MBS Bond ETF | 4.26% | 4.21% | 3.94% | 3.40% | 2.31% | 1.05% | 2.10% | 2.77% | 2.64% | 2.23% | 2.58% | 2.66% |
VEU Vanguard FTSE All-World ex-US ETF | 2.63% | 3.09% | 3.24% | 3.32% | 3.12% | 3.08% | 2.00% | 3.10% | 3.27% | 2.66% | 2.96% | 2.95% |
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 Merrill Moderately Aggressive. 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 Merrill Moderately Aggressive was 24.28%, occurring on Mar 23, 2020. Recovery took 82 trading sessions.
The current Merrill Moderately Aggressive drawdown is 1.97%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -24.28%Mar 2020 | 1mo 2d | 3mo 29d | 5mo 1dFeb 2020 - Jul 2020 |
Bear market2022 | -23.44%Oct 2022 | 11mo 9d | 1y 4mo | 2y 3moNov 2021 - Feb 2024 |
Rate-hike selloffLate 2018 | -13.13%Dec 2018 | 10mo 29d | 3mo 10d | 1y 2moJan 2018 - Apr 2019 |
2016 correction2016 | -12.89%Feb 2016 | 9mo 20d | 5mo 10d | 1y 2moApr 2015 - Jul 2016 |
2025 selloff2025 | -11.76%Apr 2025 | 1mo 18d | 1mo 7d | 2mo 25dFeb 2025 - May 2025 |
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 12 assets, with an effective number of assets of 6.89, reflecting the diversification based on asset allocation. Your allocation shows noticeable concentration: a few holdings carry significantly more weight than the rest. Rebalancing toward more even weights — or adding less correlated assets — could reduce risk.
Diversification Ratio
1Y | 3Y | 5Y | 10Y | All Time | |
|---|---|---|---|---|---|
Diversification Ratio | 1.19 | 1.22 | 1.21 | 1.19 | 1.19 |
The portfolio has a diversification ratio of 1.19, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.
Merrill Moderately Aggressive correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.95 |
Benchmark Correlations
Correlation vs. S&P 500 Index. VUG has the highest benchmark correlation at 0.94, while IEI has the lowest at -0.12.
Asset Correlations Table
Find what Merrill Moderately Aggressive is missing
See which holdings overlap, where Merrill Moderately Aggressive is concentrated, and which low-correlation assets could fill the gaps.
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