USD

Asset Allocation

Position	Category/Sector	Target Weight
BIL SPDR Barclays 1-3 Month T-Bill ETF	Government Bonds	4%
DEF Invesco Defensive Equity ETF	Large Cap Growth Equities	10%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	Large Cap Growth Equities	10%
EWC iShares MSCI Canada ETF	Canada Equities	8%
MOAT VanEck Vectors Morningstar Wide Moat ETF	Large Cap Blend Equities	15%
QQQ Invesco QQQ ETF	Large Cap Growth Equities	10%
SCHD Schwab U.S. Dividend Equity ETF	Dividend	10%
SMH VanEck Semiconductor ETF	Semiconductors, Technology Equities	15%
VGK Vanguard FTSE Europe ETF	Europe Equities	8%
XLV State Street Health Care Select Sector SPDR ETF	Health & Biotech Equities	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 USD, 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 never rebalanced.

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The earliest data available for this chart is Apr 25, 2012, corresponding to the inception date of MOAT

Returns By Period

As of Apr 11, 2026, the USD returned 9.78% Year-To-Date and 19.12% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-0.11%	0.61%	-0.42%	4.03%	29.40%	18.38%	10.55%	12.70%
Portfolio USD	0.46%	3.97%	9.78%	18.78%	62.30%	28.19%	16.90%	19.12%
Portfolio components:
MOAT VanEck Vectors Morningstar Wide Moat ETF	-1.23%	-3.13%	-5.72%	0.98%	23.84%	11.42%	7.78%	13.69%
SMH VanEck Semiconductor ETF	1.53%	8.94%	21.31%	34.70%	123.35%	51.47%	28.60%	33.21%
QQQ Invesco QQQ ETF	0.14%	0.68%	-0.40%	3.92%	37.62%	25.34%	13.31%	19.62%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	-0.55%	1.15%	0.10%	6.16%	23.01%	14.39%	9.14%	12.64%
SCHD Schwab U.S. Dividend Equity ETF	-1.23%	-0.59%	12.35%	17.31%	27.12%	11.71%	8.08%	12.27%
EWC iShares MSCI Canada ETF	0.57%	0.50%	5.25%	14.85%	48.81%	20.05%	12.38%	11.17%
VGK Vanguard FTSE Europe ETF	0.35%	3.47%	4.61%	11.51%	35.06%	15.85%	9.47%	9.47%
XLV State Street Health Care Select Sector SPDR ETF	-1.35%	-3.23%	-4.45%	4.53%	11.15%	4.97%	6.24%	9.64%
DEF Invesco Defensive Equity ETF	-1.30%	-2.54%	-2.86%	-0.24%	13.77%	10.15%	8.19%	10.42%
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.03%	0.32%	0.98%	1.82%	4.00%	4.70%	3.30%	2.14%

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

Monthly Returns

Based on dividend-adjusted daily data since Apr 26, 2012, USD's average daily return is +0.07%, while the average monthly return is +1.40%. At this rate, an investment would double in approximately 4.2 years.

Historically, 69% of months were positive and 31% were negative. The best month was Nov 2020 with a return of +13.9%, while the worst month was Mar 2020 at -11.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.

On a daily basis, USD closed higher 55% of trading days. The best single day was Apr 9, 2025 with a return of +11.3%, while the worst single day was Mar 16, 2020 at -11.5%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	6.75%	1.22%	-6.04%	8.13%									9.78%
2025	2.32%	-2.36%	-5.76%	-1.04%	7.37%	8.94%	2.04%	1.84%	6.48%	6.33%	-0.49%	1.39%	29.36%
2024	2.53%	7.47%	4.09%	-4.64%	6.87%	4.44%	-0.54%	1.16%	1.15%	-1.88%	2.65%	-2.26%	22.30%
2023	8.80%	-1.74%	5.39%	-0.98%	4.44%	5.55%	3.97%	-2.37%	-5.34%	-3.43%	10.89%	7.19%	35.65%
2022	-6.78%	-2.45%	2.49%	-9.52%	2.34%	-9.95%	9.81%	-6.03%	-9.73%	6.67%	10.35%	-6.17%	-20.03%
2021	0.83%	3.57%	3.77%	2.71%	1.95%	2.76%	1.75%	2.38%	-4.89%	5.85%	2.19%	4.08%	30.07%

Benchmark Metrics

USD has an annualized alpha of 3.98%, beta of 1.05, and R² of 0.92 versus S&P 500 Index. Calculated based on daily prices since April 26, 2012.

This portfolio captured 118.85% of S&P 500 Index gains but only 97.91% of its losses — a favorable profile for investors.
This portfolio generated an annualized alpha of 3.98% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
With beta of 1.05 and R² of 0.92, this portfolio moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

Alpha: 3.98%

Beta: 1.05

R²: 0.92

Upside Capture: 118.85%

Downside Capture: 97.91%

Expense Ratio

USD has an expense ratio of 0.28%, 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.

DEF

Invesco Defensive Equity ETF

EWC

iShares MSCI Canada ETF

MOAT

VanEck Vectors Morningstar Wide Moat ETF

SMH

VanEck Semiconductor ETF

QQQ

Invesco QQQ ETF

DIA

State Street SPDR Dow Jones Industrial Average ETF Trust

BIL

SPDR Barclays 1-3 Month T-Bill ETF

VGK

Vanguard FTSE Europe ETF

XLV

State Street Health Care Select Sector SPDR ETF

SCHD

Schwab U.S. Dividend Equity ETF

Return for Risk

Risk / Return Rank

USD ranks 88 for risk / return — in the top 88% of portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

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	3.33	2.23	+1.10
Sortino ratio Return per unit of downside risk	4.24	3.12	+1.12
Omega ratio Gain probability vs. loss probability	1.57	1.42	+0.15
Calmar ratio Return relative to maximum drawdown	6.20	4.05	+2.15
Martin ratio Return relative to average drawdown	26.31	17.91	+8.40
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
MOAT VanEck Vectors Morningstar Wide Moat ETF	36	1.58	2.39	1.28	2.36	9.00
SMH VanEck Semiconductor ETF	94	4.15	4.49	1.61	9.61	35.05
QQQ Invesco QQQ ETF	61	2.23	3.00	1.40	3.98	14.88
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	44	1.75	2.55	1.32	3.00	11.50
SCHD Schwab U.S. Dividend Equity ETF	72	2.31	3.54	1.41	6.61	16.08
EWC iShares MSCI Canada ETF	91	3.57	4.50	1.63	6.47	27.47
VGK Vanguard FTSE Europe ETF	64	2.43	3.36	1.43	3.57	14.17
XLV State Street Health Care Select Sector SPDR ETF	17	0.70	1.09	1.13	1.25	3.32
DEF Invesco Defensive Equity ETF	25	1.12	1.71	1.20	1.97	7.50
BIL SPDR Barclays 1-3 Month T-Bill ETF	100	19.56	254.71	180.39	366.82	4,118.43

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.

USD Sharpe ratios as of Apr 11, 2026 (values are recalculated daily):

1-Year: 3.33
5-Year: 0.81
10-Year: 0.95
All Time: 0.92

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 2.14 to 3.05, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of USD 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

USD provided a 1.55% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	1.55%	1.58%	1.77%	1.76%	1.77%	1.35%	1.51%	1.83%	2.06%	1.63%	1.72%	2.19%
Portfolio components:
MOAT VanEck Vectors Morningstar Wide Moat ETF	1.44%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
SMH VanEck Semiconductor ETF	0.25%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
QQQ Invesco QQQ ETF	0.46%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.47%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
SCHD Schwab U.S. Dividend Equity ETF	3.45%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
EWC iShares MSCI Canada ETF	1.38%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
VGK Vanguard FTSE Europe ETF	2.84%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%
XLV State Street Health Care Select Sector SPDR ETF	1.70%	1.60%	1.67%	1.59%	1.47%	1.33%	1.49%	2.17%	1.57%	1.47%	1.60%	1.43%
DEF Invesco Defensive Equity ETF	0.97%	0.94%	0.79%	1.60%	1.48%	1.06%	1.34%	1.16%	1.39%	1.63%	2.18%	3.31%
BIL SPDR Barclays 1-3 Month T-Bill ETF	3.95%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	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 USD. 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 USD was 31.96%, occurring on Mar 23, 2020. Recovery took 82 trading sessions.

The current USD drawdown is 0.72%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-31.96%	Feb 20, 2020	23	Mar 23, 2020	82	Jul 20, 2020	105
-29.45%	Dec 28, 2021	202	Oct 14, 2022	188	Jul 18, 2023	390
-22.63%	Jan 24, 2025	52	Apr 8, 2025	52	Jun 24, 2025	104
-18.26%	Sep 21, 2018	65	Dec 24, 2018	59	Mar 21, 2019	124
-15.19%	May 22, 2015	183	Feb 11, 2016	79	Jun 6, 2016	262

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 9.14, 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	BIL	XLV	EWC	SMH	VGK	QQQ	SCHD	DEF	MOAT	DIA	Portfolio
Benchmark	1.00	0.01	0.71	0.73	0.77	0.77	0.91	0.82	0.83	0.87	0.91	0.94
BIL	0.01	1.00	-0.02	0.01	0.03	0.01	0.01	0.01	0.01	0.01	0.00	0.03
XLV	0.71	-0.02	1.00	0.49	0.46	0.59	0.61	0.70	0.72	0.69	0.72	0.67
EWC	0.73	0.01	0.49	1.00	0.55	0.75	0.60	0.67	0.65	0.70	0.71	0.70
SMH	0.77	0.03	0.46	0.55	1.00	0.61	0.83	0.58	0.58	0.66	0.63	0.91
VGK	0.77	0.01	0.59	0.75	0.61	1.00	0.66	0.70	0.70	0.72	0.74	0.76
QQQ	0.91	0.01	0.61	0.60	0.83	0.66	1.00	0.63	0.69	0.75	0.74	0.90
SCHD	0.82	0.01	0.70	0.67	0.58	0.70	0.63	1.00	0.81	0.82	0.88	0.76
DEF	0.83	0.01	0.72	0.65	0.58	0.70	0.69	0.81	1.00	0.79	0.83	0.78
MOAT	0.87	0.01	0.69	0.70	0.66	0.72	0.75	0.82	0.79	1.00	0.85	0.85
DIA	0.91	0.00	0.72	0.71	0.63	0.74	0.74	0.88	0.83	0.85	1.00	0.83
Portfolio	0.94	0.03	0.67	0.70	0.91	0.76	0.90	0.76	0.78	0.85	0.83	1.00

The correlation results are calculated based on daily price changes starting from Apr 26, 2012

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