aa2 | PortfoliosLab

Asset Allocation

Position	Category/Sector	Target Weight
HXQ.TO Horizons NASDAQ-100 Index ETF	Nasdaq-100	55.60%
ZEB.TO BMO Equal Weight Banks Index ETF	Financials Equities, Equal Weight	19.20%
XST.TO iShares S&P/TSX Capped Consumer Staples Index ETF	Consumer Staples Equities	16.50%
CGL-C.TO iShares Gold Bullion ETF	Gold, Precious Metals	7%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	Energy Equities, Canada Equities	1.20%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	Materials, Metals	0.50%

Benchmark

S&P 500 Index

Rebalance

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in aa2, 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 month.

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Returns By Period

As of Jul 25, 2026, the aa2 returned 12.94% Year-To-Date and 19.57% of annualized return in the last 10 years.

Position	1D	1M	6M	YTD	1Y	3Y*	5Y*	10Y*	ALL TIME*
Benchmark S&P 500 Index	0.05%	0.73%	7.18%	8.28%	16.48%	17.51%	10.93%	13.07%	8.07%
Portfolio aa2	-0.38%	-1.70%	11.10%	12.94%	26.96%	30.15%	18.76%	19.57%	19.05%
Portfolio components:
CGL-C.TO iShares Gold Bullion ETF	0.16%	1.58%	-18.21%	-6.26%	19.29%	26.60%	16.94%	11.23%	5.68%
HXQ.TO Horizons NASDAQ-100 Index ETF	-1.00%	-3.77%	10.83%	11.39%	21.12%	22.26%	13.67%	20.38%	19.89%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	-1.34%	-1.67%	-5.92%	11.23%	53.79%	16.00%	13.15%	15.28%	3.53%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	-0.87%	15.86%	31.17%	40.89%	57.01%	22.78%	29.16%	11.22%	3.36%
XST.TO iShares S&P/TSX Capped Consumer Staples Index ETF	0.80%	-2.09%	2.22%	2.85%	6.49%	42.85%	27.07%	17.89%	17.92%
ZEB.TO BMO Equal Weight Banks Index ETF	0.75%	3.00%	28.61%	29.11%	61.05%	32.67%	18.40%	16.17%	12.47%

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

Monthly Returns

Based on dividend-adjusted daily data since Apr 21, 2016, aa2's average daily return is +0.07%, while the average monthly return is +1.55%. At this rate, an investment would double in approximately 3.8 years.

Historically, 69% of months were positive and 31% were negative. The best month was Aug 2024 with a return of +19.0%, while the worst month was Mar 2020 at -11.3%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.

On a daily basis, aa2 closed higher 55% of trading days. The best single day was Aug 9, 2024 with a return of +17.1%, while the worst single day was Mar 12, 2020 at -9.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	2.18%	0.86%	-5.03%	11.25%	6.46%	0.72%	-3.27%						12.94%
2025	1.40%	-1.47%	-3.11%	3.30%	6.85%	4.56%	2.01%	2.08%	4.46%	3.37%	1.32%	1.82%	29.59%
2024	0.54%	3.51%	2.18%	-2.60%	3.85%	3.40%	1.45%	19.01%	3.38%	-1.49%	4.40%	-1.45%	40.71%
2023	8.60%	-0.59%	5.03%	0.71%	2.24%	5.55%	2.45%	-2.33%	-3.07%	-2.76%	8.38%	7.14%	34.95%
2022	-3.65%	-2.31%	5.21%	-9.78%	-0.30%	-8.57%	8.65%	-4.45%	-8.22%	3.28%	4.99%	-5.74%	-20.68%
2021	-1.04%	2.88%	2.88%	5.54%	2.38%	2.40%	2.50%	2.51%	-4.86%	7.59%	-0.45%	2.21%	26.81%

Benchmark Metrics

aa2 has an annualized alpha of 9.38%, beta of 0.73, and R2 of 0.60 versus S&P 500 Index. Calculated based on daily prices since April 21, 2016.

This portfolio captured 106.98% of S&P 500 Index gains but only 78.33% of its losses - a favorable profile for investors.
This portfolio generated an annualized alpha of 9.38% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.

Alpha: 9.38%

Beta: 0.73

R²: 0.60

Upside Capture: 106.98%

Downside Capture: 78.33%

See how alpha, beta & R² have trended over time →

Expense Ratio

aa2 has an expense ratio of 0.34%, 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.

XST.TO

iShares S&P/TSX Capped Consumer Staples Index ETF

XEG.TO

iShares S&P/TSX Capped Energy Index ETF

XBM.TO

iShares S&P/TSX Global Base Metals Index ETF

CGL-C.TO

iShares Gold Bullion ETF

HXQ.TO

Horizons NASDAQ-100 Index ETF

ZEB.TO

BMO Equal Weight Banks Index ETF

Return for Risk

Risk / Return Rank

aa2 ranks 83 for risk / return — in the top 83% 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

The table below presents risk-adjusted performance metrics for aa2 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	2.08	1.31	+0.77
Sortino ratioReturn per unit of downside risk	2.88	1.84	+1.04
Omega ratioGain probability vs. loss probability	1.37	1.24	+0.14
Calmar ratioReturn relative to maximum drawdown	3.33	1.82	+1.51
Martin ratioReturn relative to average drawdown	15.66	7.79	+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
CGL-C.TO iShares Gold Bullion ETF	27	0.70	1.06	1.15	0.74	1.67
HXQ.TO Horizons NASDAQ-100 Index ETF	47	1.11	1.57	1.20	1.77	5.89
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	55	1.37	1.84	1.24	2.19	5.87
XEG.TO iShares S&P/TSX Capped Energy Index ETF	83	2.33	2.84	1.37	2.98	9.37
XST.TO iShares S&P/TSX Capped Consumer Staples Index ETF	20	0.38	0.67	1.08	0.61	1.24
ZEB.TO BMO Equal Weight Banks Index ETF	97	4.33	5.65	1.75	6.39	27.47

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. Learn how to interpret the Sharpe ratio.

The current aa2 Sharpe ratio is 2.08 as of Jul 25, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.09 to 1.91, 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 aa2 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

aa2 provided a 0.58% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	0.58%	0.73%	0.96%	1.23%	1.13%	0.86%	1.08%	0.99%	1.01%	0.90%	0.81%	0.99%
Portfolio components:
CGL-C.TO iShares Gold Bullion ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.73%	0.86%	1.25%	2.09%	4.83%	3.05%	1.81%	3.73%	3.38%	1.65%	2.41%	5.75%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.54%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%
XST.TO iShares S&P/TSX Capped Consumer Staples Index ETF	0.67%	0.68%	0.87%	1.57%	1.48%	1.37%	1.48%	1.46%	1.62%	1.80%	1.03%	1.24%
ZEB.TO BMO Equal Weight Banks Index ETF	2.29%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%

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 aa2. 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 aa2 was 30.53%, occurring on Mar 23, 2020. Recovery took 72 trading sessions.

The current aa2 drawdown is 3.98%.

Drawdown	Fall	Recovery	Underwater	Related event
-30.53%Mar 2020	1mo 2d	3mo 15d	4mo 17dFeb 2020 - Jul 2020	COVID crash2020
-25.47%Oct 2022	10mo 23d	1y 2mo	2y 19dNov 2021 - Dec 2023	Bear market2022
-17.15%Dec 2018	3mo 25d	3mo 11d	7mo 6dAug 2018 - Apr 2019	Rate-hike selloffLate 2018
-15.50%Apr 2025	3mo 22d	1mo 6d	4mo 28dDec 2024 - May 2025	2025 selloff2025
-8.98%Nov 2020	2mo	22d	2mo 22dSep 2020 - Nov 2020	—

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 6 assets, with an effective number of assets of 2.64, reflecting the diversification based on asset allocation. Your portfolio is dominated by one or two holdings, which significantly increases concentration risk. Consider rebalancing toward more even weights or adding additional positions.

Diversification Ratio

	1Y	3Y	5Y	10Y	All Time
Diversification Ratio	1.42	1.49	1.44	1.37	1.37

The portfolio has a diversification ratio of 1.37, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

aa2 correlation to the S&P 500 Index

aa2 has a 0.79 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016	0.71

Benchmark Correlations

Correlation vs. S&P 500 Index. HXQ.TO has the highest benchmark correlation at 0.71, while CGL-C.TO has the lowest at -0.09.

-0.09

0.26

0.34

0.51

0.53

0.71

Portfolio Correlations

Correlation vs. aa2. HXQ.TO has the highest portfolio correlation at 0.94, while CGL-C.TO has the lowest at 0.21.

0.21

0.30

0.48

0.53

0.64

0.94

Asset Correlations Table

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

	CGL-C.TO	XEG.TO	XST.TO	XBM.TO	ZEB.TO	HXQ.TO
CGL-C.TO	1.00	0.04	0.14	0.18	0.10	0.12
XEG.TO	0.04	1.00	0.16	0.49	0.44	0.20
XST.TO	0.14	0.16	1.00	0.18	0.41	0.33
XBM.TO	0.18	0.49	0.18	1.00	0.51	0.40
ZEB.TO	0.10	0.44	0.41	0.51	1.00	0.46
HXQ.TO	0.12	0.20	0.33	0.40	0.46	1.00

The correlation results are calculated based on daily price changes starting from Apr 21, 2016

Diversification Analysis

Find what aa2 is missing

See which holdings overlap, where aa2 is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification