Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
UBER Uber Technologies, Inc. | Technology | 19% |
BN Brookfield Corporation | Financial Services | 18% |
AMZN Amazon.com, Inc | Consumer Cyclical | 14% |
GOOG Alphabet Inc | Communication Services | 12% |
META Meta Platforms, Inc. | Communication Services | 11% |
HHH Howard Hughes Corporation | Real Estate | 10% |
QSR Restaurant Brands International Inc. | Consumer Cyclical | 10% |
HLT Hilton Worldwide Holdings Inc. | Consumer Cyclical | 6% |
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Performance Chart
The chart shows the growth of an initial investment of $10,000 in Bill Ackman's Portfolio, 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
| Position | 1D | 1M | 6M | YTD | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.42% | 2.45% | 8.74% | 10.66% | 21.02% | 19.50% | 11.63% | 13.41% |
Portfolio Bill Ackman's Portfolio | 0.90% | 3.79% | -1.80% | 1.91% | 10.25% | 24.79% | 12.97% | — |
| Portfolio components: | ||||||||
AMZN Amazon.com, Inc | -0.69% | 1.59% | -0.82% | 6.29% | 9.03% | 23.97% | 5.70% | 20.69% |
BN Brookfield Corporation | 1.49% | -2.74% | -7.94% | -4.39% | 4.48% | 27.36% | 10.51% | 14.77% |
GOOG Alphabet Inc | -0.34% | -0.43% | 8.01% | 13.29% | 96.37% | 44.91% | 22.55% | 25.82% |
HHH Howard Hughes Corporation | 0.01% | 8.09% | -12.78% | -9.68% | 2.14% | -2.28% | -4.57% | -4.24% |
HLT Hilton Worldwide Holdings Inc. | -0.64% | -1.87% | 11.80% | 16.90% | 21.22% | 30.50% | 21.95% | 46.75% |
META Meta Platforms, Inc. | 5.97% | 17.84% | 2.66% | 1.56% | -6.43% | 31.29% | 14.01% | 19.06% |
QSR Restaurant Brands International Inc. | 0.43% | 2.77% | 11.04% | 12.29% | 15.90% | 3.40% | 6.86% | 9.54% |
UBER Uber Technologies, Inc. | 0.26% | 7.17% | -12.76% | -8.77% | -21.86% | 18.89% | 8.72% | — |
Monthly Returns
Based on dividend-adjusted daily data since May 10, 2019, Bill Ackman's Portfolio's average daily return is +0.07%, while the average monthly return is +1.49%. At this rate, an investment would double in approximately 3.9 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +21.2%, while the worst month was Mar 2020 at -20.4%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 3 months.
On a daily basis, Bill Ackman's Portfolio closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +11.3%, while the worst single day was Mar 16, 2020 at -12.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.17% | -5.77% | -5.41% | 12.56% | -0.79% | -3.84% | 4.20% | 1.91% | |||||
| 2025 | 6.86% | -1.01% | -7.64% | 0.56% | 8.38% | 6.06% | 3.31% | 1.94% | 3.58% | 1.85% | 2.74% | -3.36% | 24.59% |
| 2024 | 2.07% | 9.73% | 0.97% | -5.99% | 2.18% | 5.05% | 0.46% | 3.65% | 4.60% | -0.95% | 6.31% | -3.44% | 26.38% |
| 2023 | 17.78% | -1.28% | 4.47% | 2.04% | 7.42% | 8.27% | 7.19% | -3.05% | -4.26% | -3.13% | 14.78% | 9.52% | 74.67% |
| 2022 | -8.29% | -3.99% | 3.78% | -11.26% | -8.79% | -12.06% | 11.26% | 2.31% | -11.21% | -2.48% | 11.78% | -9.60% | -35.22% |
| 2021 | -1.51% | 4.66% | 5.25% | 7.64% | -0.54% | 0.58% | -0.06% | 0.07% | -2.03% | 2.82% | -4.74% | 7.08% | 20.03% |
Benchmark Metrics
Bill Ackman's Portfolio has an annualized alpha of 0.68%, beta of 1.16, and R2 of 0.74 versus S&P 500 Index. Calculated based on daily prices since May 10, 2019.
- This portfolio captured 123.88% of S&P 500 Index gains and 117.17% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- Alpha
- 0.68%
- Beta
- 1.16
- R²
- 0.74
- Upside Capture
- 123.88%
- Downside Capture
- 117.17%
Expense Ratio
Bill Ackman's Portfolio 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.
Return for Risk
Risk / Return Rank
Bill Ackman's Portfolio ranks 10 for risk / return — in the bottom 10% of Portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below presents risk-adjusted performance metrics for Bill Ackman's Portfolio 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 | 0.55 | 1.65 | -1.10 |
| Sortino ratioReturn per unit of downside risk | 0.89 | 2.28 | -1.39 |
| Omega ratioGain probability vs. loss probability | 1.10 | 1.30 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 2.28 | -1.66 |
| Martin ratioReturn relative to average drawdown | 2.03 | 9.88 | -7.86 |
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 |
|---|---|---|---|---|---|---|
AMZN Amazon.com, Inc | 55 | 0.34 | 0.68 | 1.08 | 0.48 | 1.06 |
BN Brookfield Corporation | 48 | 0.11 | 0.36 | 1.04 | 0.14 | 0.37 |
GOOG Alphabet Inc | 96 | 3.39 | 4.67 | 1.56 | 4.81 | 15.22 |
HHH Howard Hughes Corporation | 45 | 0.04 | 0.28 | 1.04 | 0.04 | 0.08 |
HLT Hilton Worldwide Holdings Inc. | 74 | 0.93 | 1.48 | 1.17 | 2.07 | 4.71 |
META Meta Platforms, Inc. | 36 | -0.20 | -0.03 | 1.00 | -0.23 | -0.44 |
QSR Restaurant Brands International Inc. | 64 | 0.64 | 1.03 | 1.13 | 1.15 | 2.35 |
UBER Uber Technologies, Inc. | 16 | -0.68 | -0.85 | 0.90 | -0.72 | -1.18 |
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Dividends
Dividend yield
Bill Ackman's Portfolio provided a 0.52% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 0.52% | 0.54% | 0.55% | 0.43% | 0.61% | 0.55% | 0.63% | 0.55% | 0.68% | 2.24% | 0.48% | 0.43% |
| Portfolio components: | ||||||||||||
AMZN Amazon.com, Inc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BN Brookfield Corporation | 0.59% | 0.52% | 0.56% | 0.70% | 1.44% | 1.12% | 1.55% | 1.11% | 1.56% | 1.29% | 1.58% | 1.50% |
GOOG Alphabet Inc | 0.24% | 0.26% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HHH Howard Hughes Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HLT Hilton Worldwide Holdings Inc. | 0.18% | 0.21% | 0.24% | 0.33% | 0.36% | 0.00% | 0.13% | 0.54% | 0.84% | 31.40% | 1.03% | 0.65% |
META Meta Platforms, Inc. | 0.31% | 0.32% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QSR Restaurant Brands International Inc. | 3.37% | 3.63% | 3.56% | 2.82% | 3.34% | 3.49% | 3.40% | 3.14% | 3.44% | 1.27% | 1.30% | 1.18% |
UBER Uber Technologies, Inc. | 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 Bill Ackman's Portfolio. 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 Bill Ackman's Portfolio was 43.36%, occurring on Mar 18, 2020. Recovery took 162 trading sessions.
The current Bill Ackman's Portfolio drawdown is 3.02%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -43.36%Mar 2020 | 27d | 7mo 22d | 8mo 19dFeb 2020 - Nov 2020 |
Bear market2022 | -39.32%Nov 2022 | 12mo | 1y 17d | 2y 12dNov 2021 - Nov 2023 |
2025 selloff2025 | -22.18%Apr 2025 | 1mo 18d | 2mo 19d | 4mo 7dFeb 2025 - Jun 2025 |
2026 correction2026 | -15.96%Mar 2026 | 3mo 19d | 1mo 10d | 4mo 29dDec 2025 - May 2026 |
2024 correction2024 | -12.20%Aug 2024 | 19d | 1mo 15d | 2mo 4dJul 2024 - Sep 2024 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
AI Analysis
The gist
The portfolio is a barbell of digital platform names, consumer cyclicals, and a small real-estate/financial sleeve, so the real bet is on a broad spending-and-traffic regime rather than one narrow industry. The correlations are moderate, not heroic; the portfolio has diversification, just not the kind that survives every version of the same macro story.
The numbers
- 8 assets with an effective count of 7.24 means the weights are fairly well spread; concentration is not the main issue.
- The diversification ratio is 1.68 at 1Y, 1.48 at 3Y, 1.38 at 5Y, and 1.39 incept, which is decent and sits around the 67th-79th percentile of platform portfolios.
- Average pairwise correlation is 0.41, with a top cluster in Meta Platforms (META), Amazon (AMZN), and Alphabet (GOOG).
The good
- The portfolio is not a disguised single-name bet; UBER, BN, HHH, HLT, and QSR do not all share the same earnings engine.
- The low correlations between QSR and the platform names, plus HHH versus the e-commerce pair, give it some real offsetting behavior.
- The 1Y DR at 1.68 says recent co-movement has been manageable rather than suffocating.
The bad
- META, AMZN, and GOOG form the obvious core cluster, and their pairwise correlations in the 0.62-0.65 range make the portfolio less independent than the ticker list suggests.
- BN and HHH are a smaller real-estate/financial pocket, so the portfolio is still mostly a growth-and-consumption expression with some balance-sheet seasoning.
- Position-to-portfolio correlations around 0.69-0.74 for several names mean each major holding still matters a lot on a standalone basis.
The ugly
- In a regime where ad spend, cloud demand, travel demand, and consumer discretionary traffic all soften together, the platform and cyclical sleeves can start behaving like one trade with several logos.
- To be fair, that is the sort of correlation structure that looks diversified until macro stops being polite.
Next steps
- Portfolios with this correlation profile are usually complemented by exposures whose earnings drivers sit farther from digital advertising, e-commerce, and discretionary consumption.
- The HHH/BN cluster is the clearest distinct pocket; the rest of the book is more connected than it first appears.
- The drift from 1.68 at 1Y to 1.39 incept suggests diversification has been decent, though not especially durable across full cycles.
Diversification Metrics
Number of Effective Assets
The portfolio contains 8 assets, with an effective number of assets of 7.24, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.
Diversification Ratio
1Y | 3Y | 5Y | All Time | |
|---|---|---|---|---|
Diversification Ratio | 1.68 | 1.48 | 1.38 | 1.39 |
The portfolio has a diversification ratio of 1.39, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.
Bill Ackman's Portfolio correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since May 10, 2019 | 0.83 |
Benchmark Correlations
Correlation vs. S&P 500 Index. BN has the highest benchmark correlation at 0.71, while QSR has the lowest at 0.42.
Asset Correlations Table
| QSR | UBER | HHH | HLT | META | AMZN | GOOG | BN | |
|---|---|---|---|---|---|---|---|---|
| QSR | 1.00 | 0.31 | 0.40 | 0.41 | 0.24 | 0.23 | 0.27 | 0.41 |
| UBER | 0.31 | 1.00 | 0.35 | 0.41 | 0.40 | 0.41 | 0.38 | 0.38 |
| HHH | 0.40 | 0.35 | 1.00 | 0.48 | 0.30 | 0.29 | 0.34 | 0.56 |
| HLT | 0.41 | 0.41 | 0.48 | 1.00 | 0.36 | 0.36 | 0.37 | 0.53 |
| META | 0.24 | 0.40 | 0.30 | 0.36 | 1.00 | 0.63 | 0.62 | 0.42 |
| AMZN | 0.23 | 0.41 | 0.29 | 0.36 | 0.63 | 1.00 | 0.65 | 0.41 |
| GOOG | 0.27 | 0.38 | 0.34 | 0.37 | 0.62 | 0.65 | 1.00 | 0.46 |
| BN | 0.41 | 0.38 | 0.56 | 0.53 | 0.42 | 0.41 | 0.46 | 1.00 |
Find what Bill Ackman's Portfolio is missing
See which holdings overlap, where Bill Ackman's Portfolio is concentrated, and which low-correlation assets could fill the gaps.
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