3 etf ibts/smh/gld defensive

Asset Allocation

Position	Category/Sector	Target Weight
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	Government Bonds, Short-Term Bond	48%
IAU iShares Gold Trust	Gold, Precious Metals	30%
SMH VanEck Semiconductor ETF	Semiconductors, Technology Equities	22%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of €10,000 in 3 etf ibts/smh/gld defensive, 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 year.

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Returns By Period

As of Jun 6, 2026, the 3 etf ibts/smh/gld defensive returned 14.94% Year-To-Date and 13.32% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-1.86%	2.09%	9.98%	8.60%	21.69%	16.96%	13.01%	13.17%
Portfolio 3 etf ibts/smh/gld defensive	-3.37%	-0.25%	14.94%	15.02%	34.66%	21.36%	16.71%	13.32%
Portfolio components:
IAU iShares Gold Trust	-2.86%	-6.51%	2.02%	3.70%	28.58%	26.55%	18.93%	12.81%
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	0.34%	1.75%	1.91%	1.42%	1.94%	1.46%	2.88%	1.58%
SMH VanEck Semiconductor ETF	-8.49%	2.87%	61.29%	58.46%	123.62%	54.50%	37.59%	35.83%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 3, 2007, 3 etf ibts/smh/gld defensive's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.

Historically, 65% of months were positive and 35% were negative. The best month was Jan 2009 with a return of +10.2%, while the worst month was Jul 2010 at -6.6%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.

On a daily basis, 3 etf ibts/smh/gld defensive closed higher 53% of trading days. The best single day was Jan 6, 2011 with a return of +10.3%, while the worst single day was Jun 16, 2009 at -8.3%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.36%	3.52%	-2.97%	5.24%	5.17%	-1.88%							14.94%
2025	2.28%	-0.08%	-2.67%	-2.44%	2.08%	0.00%	3.67%	-0.15%	6.55%	5.53%	1.10%	0.44%	17.07%
2024	3.19%	3.34%	4.33%	0.57%	2.27%	3.72%	-0.50%	-1.35%	1.31%	3.20%	2.01%	1.74%	26.39%
2023	4.10%	0.54%	3.11%	-2.57%	6.96%	-1.58%	1.50%	0.52%	-1.04%	1.08%	2.23%	2.29%	18.13%
2022	-2.16%	1.22%	1.22%	1.02%	-1.47%	-1.50%	4.51%	-1.48%	-1.19%	-1.33%	1.26%	-3.71%	-3.82%
2021	0.46%	0.08%	2.98%	-1.47%	1.29%	1.98%	0.83%	1.08%	-0.42%	2.24%	5.05%	1.07%	16.09%

Benchmark Metrics

3 etf ibts/smh/gld defensive has an annualized alpha of 8.21%, beta of 0.30, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since September 03, 2007.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (44.50%) than losses (14.85%) - typical of diversified or defensive assets.
Beta of 0.30 may look defensive, but with R2 of 0.17 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 0.17 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: 8.21%

Beta: 0.30

R²: 0.17

Upside Capture: 44.50%

Downside Capture: 14.85%

Expense Ratio

3 etf ibts/smh/gld defensive has an expense ratio of 0.19%, 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.

SMH

VanEck Semiconductor ETF

IAU

iShares Gold Trust

IBTS.L

iShares $ Treasury Bond 1-3yr UCITS ETF

Return for Risk

Risk / Return Rank

3 etf ibts/smh/gld defensive ranks 78 for risk / return — better than 78% 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.

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

The table below presents risk-adjusted performance metrics for 3 etf ibts/smh/gld defensive and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	2.70	1.90	+0.80
Sortino ratioReturn per unit of downside risk	3.56	2.48	+1.09
Omega ratioGain probability vs. loss probability	1.52	1.35	+0.17
Calmar ratioReturn relative to maximum drawdown	5.08	3.12	+1.96
Martin ratioReturn relative to average drawdown	19.92	11.62	+8.30
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.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
IAU iShares Gold Trust	33	1.10	1.49	1.23	1.54	3.81
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	16	0.41	0.63	1.07	0.68	1.56
SMH VanEck Semiconductor ETF	95	4.00	4.13	1.58	10.25	35.30

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.

3 etf ibts/smh/gld defensive Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: 2.70
5-Year: 1.52
10-Year: 1.29
All Time: 0.73

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 1.64 to 2.53, 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 3 etf ibts/smh/gld defensive 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

3 etf ibts/smh/gld defensive provided a 1.95% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	1.95%	2.09%	2.08%	1.61%	0.62%	0.41%	1.04%	1.48%	1.13%	0.80%	0.50%	0.71%
Portfolio components:
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	3.98%	4.22%	4.12%	3.08%	0.75%	0.61%	1.84%	2.39%	1.49%	1.01%	0.67%	0.49%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

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 3 etf ibts/smh/gld defensive. 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 3 etf ibts/smh/gld defensive was 15.51%, occurring on Apr 12, 2011. Recovery took 192 trading sessions.

The current 3 etf ibts/smh/gld defensive drawdown is 3.86%.

Related event	Drawdown	Fall	Recovery	Underwater
2011 correction2011	-15.51%Apr 2011	3mo 5d	9mo 4d	1y 4dJan 2011 - Jan 2012
2015 correction2015	-13.35%Aug 2015	4mo 13d	10mo 15d	1y 2moApr 2015 - Jul 2016
2013 correction2013	-12.04%Dec 2013	1y 4mo	8mo 26d	2y 22dAug 2012 - Sep 2014
COVID crash2020	-11.72%Mar 2020	24d	1mo 9d	2mo 3dFeb 2020 - Apr 2020
Financial crisis2007–2009	-11.71%Dec 2008	17d	1mo 6d	1mo 23dDec 2008 - Jan 2009

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 3 assets, with an effective number of assets of 2.71, 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	10Y	All Time
Diversification Ratio	1.51	1.50	1.56	1.54	1.58

The portfolio has a diversification ratio of 1.58, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

3 etf ibts/smh/gld defensive correlation to the S&P 500 Index

3 etf ibts/smh/gld defensive has a 0.56 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 3, 2007	0.57

Benchmark Correlations

Correlation vs. S&P 500 Index. SMH has the highest benchmark correlation at 0.76, while IAU has the lowest at 0.03.

IAU

0.03

IBTS.L

0.26

SMH

0.76

Portfolio Correlations

Correlation vs. 3 etf ibts/smh/gld defensive. SMH has the highest portfolio correlation at 0.66, while IAU has the lowest at 0.53.

IAU

0.53

IBTS.L

0.57

SMH

0.66

Asset Correlations Table

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

	IAU	IBTS.L	SMH
IAU	1.00	0.15	0.01
IBTS.L	0.15	1.00	0.12
SMH	0.01	0.12	1.00

The correlation results are calculated based on daily price changes starting from Sep 3, 2007

Diversification Analysis

Find what 3 etf ibts/smh/gld defensive is missing

See which holdings overlap, where 3 etf ibts/smh/gld defensive is concentrated, and which low-correlation assets could fill the gaps.

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