Small & Mid Cap

Asset Allocation

Position	Category/Sector	Target Weight
FNDA Schwab Fundamental US Small Co. Index ETF	Small Cap Blend Equities	11.11%
KMKAX Kinetics Market Opportunities Fund	Mid Cap Growth Equities	11.11%
MXXIX Marsico Midcap Growth Focus Fund	Mid Cap Growth Equities	11.11%
VO Vanguard Mid-Cap ETF	Mid Cap Growth Equities	11.11%
VOT Vanguard Mid-Cap Growth ETF	Mid Cap Growth Equities	11.11%
XMHQ Invesco S&P MidCap Quality ETF	Mid Cap Blend Equities	11.11%
XMMO Invesco S&P MidCap Momentum ETF	Momentum, Mid Cap Growth Equities	11.11%
XSHQ Invesco S&P SmallCap Quality ETF	Small Cap Growth Equities	11.11%
XSMO Invesco S&P SmallCap Momentum ETF	Momentum, Small Cap Growth Equities	11.11%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Small & Mid Cap, 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.

Loading graphics...

The earliest data available for this chart is Aug 24, 2017, corresponding to the inception date of XSHQ

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.62%	0.64%	-0.30%	1.33%	25.06%	18.43%	10.57%	12.82%
Portfolio Small & Mid Cap	0.14%	2.21%	7.96%	6.45%	26.52%	20.62%	9.61%	—
Portfolio components:
FNDA Schwab Fundamental US Small Co. Index ETF	0.41%	3.68%	8.36%	11.24%	33.00%	14.08%	7.27%	10.80%
KMKAX Kinetics Market Opportunities Fund	0.21%	-6.76%	20.52%	10.41%	9.66%	30.96%	14.51%	20.66%
MXXIX Marsico Midcap Growth Focus Fund	4.65%	3.41%	6.37%	5.84%	38.25%	31.11%	10.59%	16.46%
VO Vanguard Mid-Cap ETF	-0.07%	1.36%	3.15%	2.55%	22.73%	14.46%	7.16%	11.29%
VOT Vanguard Mid-Cap Growth ETF	-0.59%	-0.68%	-3.27%	-8.53%	14.27%	12.88%	4.56%	11.32%
XMHQ Invesco S&P MidCap Quality ETF	-0.31%	2.47%	4.21%	2.50%	19.70%	16.08%	8.60%	12.80%
XMMO Invesco S&P MidCap Momentum ETF	0.33%	5.71%	11.62%	13.74%	39.90%	28.13%	13.56%	19.10%
XSHQ Invesco S&P SmallCap Quality ETF	0.57%	3.98%	4.91%	5.19%	20.39%	11.52%	4.95%	—
XSMO Invesco S&P SmallCap Momentum ETF	0.89%	7.05%	14.15%	13.44%	37.95%	22.47%	10.72%	14.56%

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

Monthly Returns

Based on dividend-adjusted daily data since Aug 25, 2017, Small & Mid Cap's average daily return is +0.06%, while the average monthly return is +1.22%. At this rate, your investment would double in approximately 4.8 years.

Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +14.2%, while the worst month was Mar 2020 at -16.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.

On a daily basis, Small & Mid Cap closed higher 54% of trading days. The best single day was Mar 24, 2020 with a return of +9.6%, while the worst single day was Mar 16, 2020 at -11.9%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	4.03%	5.13%	-5.58%	4.55%									7.96%
2025	5.35%	-3.87%	-4.66%	-0.22%	5.48%	3.64%	1.39%	2.66%	1.41%	-1.59%	0.35%	-0.56%	9.17%
2024	-0.52%	7.93%	4.86%	-5.10%	4.54%	-0.74%	7.19%	-0.23%	2.25%	1.43%	13.38%	-9.21%	26.59%
2023	6.13%	-2.00%	-1.62%	-2.21%	-1.91%	8.79%	4.41%	-0.62%	-4.01%	-4.13%	8.16%	7.87%	18.98%
2022	-8.80%	0.86%	1.28%	-7.67%	-0.31%	-9.21%	11.78%	-3.88%	-8.34%	11.54%	5.33%	-6.70%	-15.96%
2021	2.31%	6.57%	4.05%	2.07%	-0.80%	2.56%	0.02%	1.66%	-3.41%	6.30%	-2.39%	2.20%	22.68%

Benchmark Metrics

Small & Mid Cap has an annualized alpha of 1.63%, beta of 0.99, and R² of 0.83 versus S&P 500 Index. Calculated based on daily prices since August 25, 2017.

With beta of 0.99 and R² of 0.83, 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: 1.63%

Beta: 0.99

R²: 0.83

Upside Capture: 102.69%

Downside Capture: 97.88%

Expense Ratio

Small & Mid Cap has an expense ratio of 0.51%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

KMKAX

Kinetics Market Opportunities Fund

MXXIX

Marsico Midcap Growth Focus Fund

XSMO

Invesco S&P SmallCap Momentum ETF

XMMO

Invesco S&P MidCap Momentum ETF

XSHQ

Invesco S&P SmallCap Quality ETF

FNDA

Schwab Fundamental US Small Co. Index ETF

XMHQ

Invesco S&P MidCap Quality ETF

VOT

Vanguard Mid-Cap Growth ETF

Vanguard Mid-Cap ETF

Return for Risk

Risk / Return Rank

Small & Mid Cap ranks 29 for risk / return — below 29% 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	1.67	1.84	-0.16
Sortino ratio Return per unit of downside risk	2.37	2.53	-0.16
Omega ratio Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio Return relative to maximum drawdown	3.98	3.83	+0.16
Martin ratio Return relative to average drawdown	15.17	16.98	-1.81
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
FNDA Schwab Fundamental US Small Co. Index ETF	51	1.81	2.57	1.32	4.38	13.91
KMKAX Kinetics Market Opportunities Fund	8	0.74	1.21	1.15	0.85	1.57
MXXIX Marsico Midcap Growth Focus Fund	72	2.42	3.50	1.43	3.89	15.21
VO Vanguard Mid-Cap ETF	45	1.67	2.37	1.30	3.71	14.13
VOT Vanguard Mid-Cap Growth ETF	19	0.85	1.27	1.16	1.44	4.54
XMHQ Invesco S&P MidCap Quality ETF	32	1.19	1.82	1.21	3.18	9.31
XMMO Invesco S&P MidCap Momentum ETF	68	2.18	2.95	1.38	6.14	25.98
XSHQ Invesco S&P SmallCap Quality ETF	28	1.10	1.73	1.20	2.60	7.10
XSMO Invesco S&P SmallCap Momentum ETF	61	2.03	2.81	1.35	5.15	17.99

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.

Small & Mid Cap Sharpe ratios as of Apr 10, 2026 (values are recalculated daily):

1-Year: 1.67
5-Year: 0.50
All Time: 0.68

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 2.08 to 2.97, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of Small & Mid Cap compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

Loading graphics...

Dividends

Dividend yield

Small & Mid Cap provided a 2.03% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.03%	2.18%	2.32%	1.02%	1.26%	2.34%	1.11%	1.18%	2.51%	0.67%	0.62%	0.66%
Portfolio components:
FNDA Schwab Fundamental US Small Co. Index ETF	1.16%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
KMKAX Kinetics Market Opportunities Fund	0.50%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%	0.00%	0.00%
MXXIX Marsico Midcap Growth Focus Fund	11.23%	11.95%	9.18%	1.24%	0.00%	14.22%	2.83%	3.26%	5.37%	0.00%	0.00%	0.00%
VO Vanguard Mid-Cap ETF	1.45%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%
VOT Vanguard Mid-Cap Growth ETF	0.69%	0.64%	0.67%	0.71%	0.78%	0.34%	0.56%	0.78%	0.84%	0.72%	0.81%	0.81%
XMHQ Invesco S&P MidCap Quality ETF	0.58%	0.64%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.63%	1.34%
XMMO Invesco S&P MidCap Momentum ETF	0.67%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%
XSHQ Invesco S&P SmallCap Quality ETF	1.44%	1.48%	1.18%	1.15%	2.02%	1.25%	1.24%	1.11%	1.16%	0.60%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.57%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

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.

Loading graphics...

Worst Drawdowns

The table below displays the maximum drawdowns of the Small & Mid Cap. 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 Small & Mid Cap was 36.80%, occurring on Mar 23, 2020. Recovery took 113 trading sessions.

The current Small & Mid Cap drawdown is 1.81%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-36.8%	Feb 20, 2020	23	Mar 23, 2020	113	Sep 1, 2020	136
-27.7%	Nov 10, 2021	151	Jun 16, 2022	419	Feb 15, 2024	570
-23.34%	Sep 5, 2018	77	Dec 24, 2018	131	Jul 3, 2019	208
-22.43%	Nov 26, 2024	90	Apr 8, 2025	104	Sep 8, 2025	194
-8.76%	Feb 27, 2026	22	Mar 30, 2026	—	—	—

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

Loading graphics...

Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 9 assets, with an effective number of assets of 9.00, 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	KMKAX	XSHQ	MXXIX	XMHQ	XMMO	XSMO	VOT	FNDA	VO	Portfolio
Benchmark	1.00	0.46	0.70	0.86	0.79	0.81	0.77	0.89	0.80	0.91	0.87
KMKAX	0.46	1.00	0.48	0.45	0.49	0.50	0.52	0.48	0.53	0.52	0.64
XSHQ	0.70	0.48	1.00	0.67	0.85	0.75	0.84	0.70	0.89	0.80	0.87
MXXIX	0.86	0.45	0.67	1.00	0.76	0.85	0.78	0.94	0.74	0.88	0.88
XMHQ	0.79	0.49	0.85	0.76	1.00	0.83	0.83	0.80	0.88	0.88	0.91
XMMO	0.81	0.50	0.75	0.85	0.83	1.00	0.89	0.86	0.82	0.87	0.92
XSMO	0.77	0.52	0.84	0.78	0.83	0.89	1.00	0.81	0.89	0.85	0.93
VOT	0.89	0.48	0.70	0.94	0.80	0.86	0.81	1.00	0.79	0.94	0.91
FNDA	0.80	0.53	0.89	0.74	0.88	0.82	0.89	0.79	1.00	0.90	0.93
VO	0.91	0.52	0.80	0.88	0.88	0.87	0.85	0.94	0.90	1.00	0.95
Portfolio	0.87	0.64	0.87	0.88	0.91	0.92	0.93	0.91	0.93	0.95	1.00

The correlation results are calculated based on daily price changes starting from Aug 25, 2017

Small & Mid Cap

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