France's wide moats

Asset Allocation

Position	Category/Sector	Target Weight
RI.PA Pernod Ricard SA	Consumer Defensive	14.29%
SAN.PA Sanofi	Healthcare	14.29%
RMS.PA Hermès International Société en commandite par actions	Consumer Cyclical	14.29%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Consumer Cyclical	14.29%
DSY.PA Dassault Systèmes SE	Technology	14.29%
OR.PA L'Oréal S.A.	Consumer Defensive	14.29%
AI.PA L'Air Liquide S.A.	Basic Materials	14.29%

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 France's wide moats, 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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Returns By Period

As of Jun 6, 2026, the France's wide moats returned -9.89% Year-To-Date and 10.34% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.30%	0.09%	8.18%	8.17%	23.42%	19.88%	11.91%	13.45%
Portfolio France's wide moats	2.37%	-0.20%	-9.89%	-9.02%	-11.95%	-5.86%	-1.27%	10.34%
Portfolio components:
AI.PA L'Air Liquide S.A.	1.10%	4.40%	14.47%	14.64%	3.09%	13.14%	10.31%	13.70%
DSY.PA Dassault Systèmes SE	6.05%	2.99%	-15.28%	-13.29%	-35.61%	-18.47%	-11.82%	4.62%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	2.99%	-1.19%	-26.16%	-23.50%	5.10%	-12.29%	-5.20%	14.84%
OR.PA L'Oréal S.A.	0.23%	0.67%	1.98%	1.17%	1.07%	1.52%	0.39%	10.21%
RI.PA Pernod Ricard SA	0.44%	-5.44%	-17.35%	-18.93%	-25.27%	-27.85%	-17.56%	-2.04%
RMS.PA Hermès International Société en commandite par actions	1.29%	-6.13%	-25.54%	-26.38%	-29.78%	-2.65%	6.40%	18.44%
SAN.PA Sanofi	4.08%	3.02%	-3.55%	-5.31%	-6.96%	-0.07%	0.98%	4.97%

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

Monthly Returns

Based on dividend-adjusted daily data since May 29, 2007, France's wide moats's average daily return is +0.04%, while the average monthly return is +0.90%. At this rate, an investment would double in approximately 6.4 years.

Historically, 60% of months were positive and 40% were negative. The best month was Sep 2010 with a return of +18.5%, while the worst month was Oct 2008 at -20.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.

On a daily basis, France's wide moats closed higher 52% of trading days. The best single day was Nov 24, 2008 with a return of +13.2%, while the worst single day was Oct 6, 2008 at -10.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	-1.95%	0.39%	-12.32%	3.80%	0.65%	-0.07%							-9.89%
2025	9.39%	-0.22%	-3.99%	3.92%	-0.76%	-1.82%	-2.45%	4.76%	-2.65%	0.22%	-0.32%	-0.43%	4.99%
2024	-0.12%	2.59%	-0.24%	-4.90%	0.70%	-5.16%	0.13%	4.96%	3.09%	-11.99%	-5.47%	2.43%	-14.27%
2023	10.87%	-1.11%	9.74%	4.43%	-4.84%	5.66%	-0.23%	-5.55%	-7.69%	-0.24%	8.30%	4.33%	23.87%
2022	-8.43%	-2.37%	0.74%	-5.59%	-2.18%	-7.46%	9.77%	-8.28%	-6.65%	3.85%	14.18%	-1.23%	-15.27%
2021	-2.99%	1.59%	3.93%	8.85%	6.24%	1.17%	3.10%	-0.99%	-6.03%	8.08%	2.40%	2.44%	30.32%

Benchmark Metrics

France's wide moats has an annualized alpha of 5.69%, beta of 0.59, and R2 of 0.28 versus S&P 500 Index. Calculated based on daily prices since May 29, 2007.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (90.33%) than losses (86.34%) - typical of diversified or defensive assets.
Beta of 0.59 may look defensive, but with R2 of 0.28 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 0.28 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: 5.69%

Beta: 0.59

R²: 0.28

Upside Capture: 90.33%

Downside Capture: 86.34%

Expense Ratio

France's wide moats has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Return for Risk

Risk / Return Rank

France's wide moats ranks 1 for risk / return — in the bottom 1% of Portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

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 France's wide moats and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	-0.71	1.94	-2.64
Sortino ratioReturn per unit of downside risk	-0.93	2.63	-3.56
Omega ratioGain probability vs. loss probability	0.90	1.35	-0.46
Calmar ratioReturn relative to maximum drawdown	-0.63	2.59	-3.21
Martin ratioReturn relative to average drawdown	-1.34	11.84	-13.19
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
AI.PA L'Air Liquide S.A.	43	0.13	0.32	1.04	0.15	0.30
DSY.PA Dassault Systèmes SE	10	-0.96	-1.15	0.81	-0.74	-1.27
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	44	0.11	0.42	1.05	0.12	0.24
OR.PA L'Oréal S.A.	39	-0.00	0.19	1.02	-0.00	-0.01
RI.PA Pernod Ricard SA	10	-0.96	-1.32	0.85	-0.71	-1.28
RMS.PA Hermès International Société en commandite par actions	6	-1.03	-1.46	0.83	-0.86	-1.59
SAN.PA Sanofi	30	-0.23	-0.15	0.98	-0.33	-0.66

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.

France's wide moats Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: -0.71
5-Year: -0.06
10-Year: 0.53
All Time: 0.43

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 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 France's wide moats 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

France's wide moats provided a 3.18% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.18%	2.78%	2.27%	1.82%	1.74%	1.33%	1.54%	1.62%	1.98%	1.83%	1.90%	1.91%
Portfolio components:
AI.PA L'Air Liquide S.A.	2.04%	2.06%	1.85%	1.67%	1.99%	1.79%	2.01%	1.91%	2.44%	2.25%	2.40%	2.46%
DSY.PA Dassault Systèmes SE	1.34%	1.09%	0.69%	0.47%	0.51%	0.21%	0.42%	0.44%	0.56%	0.60%	0.65%	0.58%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	2.74%	2.02%	2.05%	1.70%	1.76%	0.96%	0.90%	1.50%	2.09%	1.71%	1.98%	2.28%
OR.PA L'Oréal S.A.	1.94%	1.91%	1.93%	1.33%	1.44%	0.96%	1.24%	1.46%	1.76%	1.78%	1.79%	1.74%
RI.PA Pernod Ricard SA	7.69%	6.43%	4.31%	2.94%	2.24%	1.48%	1.70%	1.96%	1.65%	1.53%	1.83%	1.71%
RMS.PA Hermès International Société en commandite par actions	1.14%	1.23%	1.08%	0.68%	0.55%	0.30%	0.52%	0.68%	1.34%	0.84%	0.86%	0.95%
SAN.PA Sanofi	5.39%	4.74%	4.01%	3.97%	3.71%	3.61%	4.00%	3.43%	4.00%	4.12%	3.81%	3.63%

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 France's wide moats. 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 France's wide moats was 46.97%, occurring on Mar 3, 2009. Recovery took 362 trading sessions.

The current France's wide moats drawdown is 22.84%.

Related event	Drawdown	Fall	Recovery	Underwater
Financial crisis2007–2009	-46.97%Mar 2009	9mo 4d	1y 5mo	2y 2moJun 2008 - Aug 2010
Bear market2022	-31.76%Sep 2022	10mo 9d	6mo 5d	1y 4moNov 2021 - Mar 2023
2026 bear market2026	-27.70%Mar 2026	2y 12d	—	2y 2moMar 2024 - now
COVID crash2020	-26.51%Mar 2020	1mo 29d	3mo 15d	5mo 14dJan 2020 - Jul 2020
2011 bear market2011	-21.34%Oct 2011	2mo 9d	6mo 1d	8mo 10dJul 2011 - Apr 2012

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 7 assets, with an effective number of assets of 7.00, 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	1.52	1.41	1.33	1.32	1.27

The portfolio has a diversification ratio of 1.27, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

France's wide moats correlation to the S&P 500 Index

France's wide moats has a 0.32 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	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 29, 2007	0.48

Benchmark Correlations

Correlation vs. S&P 500 Index. MC.PA has the highest benchmark correlation at 0.45, while RI.PA has the lowest at 0.32.

0.32

0.35

0.35

0.39

0.40

0.43

0.45

Portfolio Correlations

Correlation vs. France's wide moats. MC.PA has the highest portfolio correlation at 0.85, while SAN.PA has the lowest at 0.66.

0.66

0.72

0.75

0.76

0.79

0.82

0.85

Asset Correlations Table

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

	SAN.PA	DSY.PA	RI.PA	RMS.PA	AI.PA	OR.PA	MC.PA
SAN.PA	1.00	0.41	0.46	0.36	0.56	0.53	0.48
DSY.PA	0.41	1.00	0.46	0.49	0.53	0.54	0.55
RI.PA	0.46	0.46	1.00	0.49	0.55	0.62	0.59
RMS.PA	0.36	0.49	0.49	1.00	0.52	0.56	0.68
AI.PA	0.56	0.53	0.55	0.52	1.00	0.64	0.65
OR.PA	0.53	0.54	0.62	0.56	0.64	1.00	0.68
MC.PA	0.48	0.55	0.59	0.68	0.65	0.68	1.00

The correlation results are calculated based on daily price changes starting from May 29, 2007

Diversification Analysis

Find what France's wide moats is missing

See which holdings overlap, where France's wide moats is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification