2026 Themes

Asset Allocation

Position	Category/Sector	Target Weight
XAD.TO iShares U.S. Aerospace & Defense Index ETF	Aerospace & Defense	11.11%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	Energy Equities	11.11%
XLB Materials Select Sector SPDR ETF	Materials	11.11%
XLE State Street Energy Select Sector SPDR ETF	Energy Equities	11.11%
XLF Financial Select Sector SPDR Fund	Financials Equities	11.11%
XLI Industrial Select Sector SPDR Fund	Industrials Equities	11.11%
XLU Utilities Select Sector SPDR Fund	Utilities Equities	11.11%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	Materials	11.11%
XME SPDR S&P Metals & Mining ETF	Materials	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 2026 Themes, 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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The earliest data available for this chart is Sep 19, 2023, corresponding to the inception date of XAD.TO

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	2.91%	-5.09%	-4.63%	-2.39%	16.33%	16.69%	10.18%	12.16%
Portfolio 2026 Themes	2.89%	-7.25%	8.53%	14.62%	44.17%	—	—	—
Portfolio components:
XLB Materials Select Sector SPDR ETF	1.79%	-6.02%	10.68%	12.59%	18.51%	9.53%	6.79%	10.45%
XLF Financial Select Sector SPDR Fund	2.09%	-3.51%	-9.40%	-7.56%	0.65%	17.25%	9.34%	12.44%
XLI Industrial Select Sector SPDR Fund	3.27%	-8.44%	4.55%	5.52%	25.05%	18.68%	12.06%	13.21%
XAD.TO iShares U.S. Aerospace & Defense Index ETF	3.86%	-10.21%	1.90%	4.46%	43.03%	—	—	—
XME SPDR S&P Metals & Mining ETF	4.40%	-9.45%	4.31%	16.12%	93.75%	27.50%	22.88%	19.54%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	6.42%	-18.15%	9.04%	23.57%	89.55%	32.91%	20.70%	15.56%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	7.14%	-14.87%	9.45%	30.29%	81.46%	17.95%	14.63%	17.72%
XLE State Street Energy Select Sector SPDR ETF	-1.13%	10.27%	37.91%	39.21%	35.32%	17.71%	23.99%	11.65%
XLU Utilities Select Sector SPDR Fund	-0.07%	-3.18%	8.25%	6.77%	19.71%	14.12%	10.80%	9.74%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 20, 2023, 2026 Themes's average daily return is +0.09%, while the average monthly return is +1.94%. At this rate, your investment would double in approximately 3.0 years.

Historically, 65% of months were positive and 35% were negative. The best month was Jan 2026 with a return of +8.4%, while the worst month was Dec 2024 at -9.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 2 months.

On a daily basis, 2026 Themes closed higher 57% of trading days. The best single day was Apr 9, 2025 with a return of +8.5%, while the worst single day was Apr 4, 2025 at -7.6%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	8.43%	7.92%	-7.25%										8.53%
2025	4.65%	0.16%	-0.30%	-1.46%	5.65%	5.29%	2.43%	5.50%	6.19%	-0.13%	2.39%	3.28%	38.83%
2024	-2.90%	2.22%	8.07%	-0.70%	4.87%	-3.80%	5.01%	0.96%	3.53%	-1.28%	4.96%	-9.32%	10.83%
2023									-3.36%	-4.15%	7.20%	5.97%	5.23%

Benchmark Metrics

2026 Themes has an annualized alpha of 10.13%, beta of 0.83, and R² of 0.57 versus S&P 500 Index. Calculated based on daily prices since September 20, 2023.

This portfolio captured 112.30% of S&P 500 Index gains but only 67.10% of its losses — a favorable profile for investors.
This portfolio generated an annualized alpha of 10.13% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.

Alpha: 10.13%

Beta: 0.83

R²: 0.57

Upside Capture: 112.30%

Downside Capture: 67.10%

Expense Ratio

2026 Themes has an expense ratio of 0.29%, 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.

XMA.TO

iShares S&P/TSX Capped Materials Index ETF

XBM.TO

iShares S&P/TSX Global Base Metals Index ETF

XAD.TO

iShares U.S. Aerospace & Defense Index ETF

XME

SPDR S&P Metals & Mining ETF

XLB

Materials Select Sector SPDR ETF

XLF

Financial Select Sector SPDR Fund

XLI

Industrial Select Sector SPDR Fund

XLU

Utilities Select Sector SPDR Fund

XLE

State Street Energy Select Sector SPDR ETF

Return for Risk

Risk / Return Rank

2026 Themes ranks 95 for risk / return — in the top 95% 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	2.13	0.90	+1.23
Sortino ratio Return per unit of downside risk	2.72	1.39	+1.34
Omega ratio Gain probability vs. loss probability	1.43	1.21	+0.22
Calmar ratio Return relative to maximum drawdown	5.13	1.40	+3.73
Martin ratio Return relative to average drawdown	22.41	6.61	+15.80
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
XLB Materials Select Sector SPDR ETF	54	0.89	1.38	1.18	1.35	4.72
XLF Financial Select Sector SPDR Fund	14	0.03	0.18	1.02	0.13	0.38
XLI Industrial Select Sector SPDR Fund	77	1.29	1.86	1.26	2.08	8.19
XAD.TO iShares U.S. Aerospace & Defense Index ETF	84	1.81	2.47	1.34	2.37	8.91
XME SPDR S&P Metals & Mining ETF	94	2.63	3.07	1.42	4.05	11.64
XMA.TO iShares S&P/TSX Capped Materials Index ETF	91	2.33	2.58	1.40	3.29	13.04
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	90	2.06	2.54	1.35	3.22	12.16
XLE State Street Energy Select Sector SPDR ETF	73	1.42	1.84	1.28	1.96	5.16
XLU Utilities Select Sector SPDR Fund	71	1.25	1.71	1.23	2.29	5.51

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.

2026 Themes Sharpe ratios as of Apr 1, 2026 (values are recalculated daily):

1-Year: 2.13
All Time: 1.45

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 0.97 to 1.64, 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 2026 Themes 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

2026 Themes provided a 1.28% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	1.28%	1.39%	1.59%	1.87%	2.25%	1.79%	1.94%	2.47%	2.19%	1.61%	3.89%	2.62%
Portfolio components:
XLB Materials Select Sector SPDR ETF	1.75%	1.92%	1.92%	2.00%	2.26%	1.62%	1.72%	1.98%	2.20%	1.66%	1.95%	2.24%
XLF Financial Select Sector SPDR Fund	1.60%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%
XLI Industrial Select Sector SPDR Fund	1.27%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%
XAD.TO iShares U.S. Aerospace & Defense Index ETF	0.34%	0.35%	0.44%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XME SPDR S&P Metals & Mining ETF	0.35%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	0.36%	0.41%	0.83%	1.26%	1.24%	0.87%	0.63%	0.62%	0.72%	0.42%	0.82%	1.90%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.77%	0.86%	1.25%	2.09%	4.83%	3.01%	1.81%	3.71%	3.43%	1.63%	2.42%	5.70%
XLE State Street Energy Select Sector SPDR ETF	2.44%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%
XLU Utilities Select Sector SPDR Fund	2.59%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

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 2026 Themes. 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 2026 Themes was 17.37%, occurring on Apr 8, 2025. Recovery took 39 trading sessions.

The current 2026 Themes drawdown is 7.86%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-17.37%	Dec 2, 2024	89	Apr 8, 2025	39	Jun 3, 2025	128
-12.18%	Mar 3, 2026	14	Mar 20, 2026	—	—	—
-7.37%	Sep 20, 2023	30	Oct 31, 2023	23	Dec 1, 2023	53
-7.23%	May 22, 2024	56	Aug 7, 2024	17	Aug 30, 2024	73
-6.93%	Oct 16, 2025	26	Nov 20, 2025	15	Dec 11, 2025	41

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 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	XLE	XLU	XAD.TO	XMA.TO	XLF	XBM.TO	XME	XLI	XLB	Portfolio
Benchmark	1.00	0.22	0.30	0.45	0.31	0.66	0.50	0.55	0.78	0.63	0.66
XLE	0.22	1.00	0.25	0.20	0.22	0.32	0.32	0.37	0.36	0.39	0.50
XLU	0.30	0.25	1.00	0.25	0.30	0.37	0.26	0.29	0.41	0.42	0.51
XAD.TO	0.45	0.20	0.25	1.00	0.20	0.42	0.23	0.37	0.61	0.36	0.51
XMA.TO	0.31	0.22	0.30	0.20	1.00	0.19	0.70	0.64	0.30	0.48	0.71
XLF	0.66	0.32	0.37	0.42	0.19	1.00	0.33	0.42	0.72	0.63	0.60
XBM.TO	0.50	0.32	0.26	0.23	0.70	0.33	1.00	0.78	0.47	0.61	0.81
XME	0.55	0.37	0.29	0.37	0.64	0.42	0.78	1.00	0.59	0.67	0.87
XLI	0.78	0.36	0.41	0.61	0.30	0.72	0.47	0.59	1.00	0.75	0.76
XLB	0.63	0.39	0.42	0.36	0.48	0.63	0.61	0.67	0.75	1.00	0.82
Portfolio	0.66	0.50	0.51	0.51	0.71	0.60	0.81	0.87	0.76	0.82	1.00

The correlation results are calculated based on daily price changes starting from Sep 20, 2023

2026 Themes

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