Candidate: Smudged (3/26/25)

Asset Allocation

Position	Category/Sector	Target Weight
CB Chubb Limited	Financial Services	8.10%
CI Cigna Corporation	Healthcare	1.03%
DHIL Diamond Hill Investment Group, Inc.	Financial Services	5.71%
FNF Fidelity National Financial, Inc.	Financial Services	1.48%
MO Altria Group, Inc.	Consumer Defensive	25.80%
MOH Molina Healthcare, Inc.	Healthcare	5.71%
NRP Natural Resource Partners L.P.	Energy	4.54%
NVR NVR, Inc.	Consumer Cyclical	6.34%
QCOM QUALCOMM Incorporated	Technology	1.97%
SBR Sabine Royalty Trust	Energy	9.16%
SIMO Silicon Motion Technology Corporation	Technology	5.56%
TGNA TEGNA Inc.	Communication Services	2.52%
UHAL U-Haul Holding Company	Industrials	3.79%
UTHR United Therapeutics Corporation	Healthcare	7.03%
WRB W. R. Berkley Corporation	Financial Services	11.24%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Candidate: Smudged (3/26/25), 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 when any position deviates by more than 0.0% from its target allocation.

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The earliest data available for this chart is Oct 14, 2005, corresponding to the inception date of FNF

Returns By Period

As of Apr 16, 2026, the Candidate: Smudged (3/26/25) returned 7.76% Year-To-Date and 16.13% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.80%	4.83%	2.59%	5.27%	30.14%	19.29%	10.91%	12.94%
Portfolio Candidate: Smudged (3/26/25)	-0.05%	0.59%	7.76%	7.60%	23.39%	19.06%	16.81%	16.13%
Portfolio components:
CB Chubb Limited	0.47%	-0.86%	5.16%	18.31%	16.41%	20.35%	16.74%	12.55%
CI Cigna Corporation	-1.46%	0.10%	-1.86%	-7.79%	-16.53%	3.12%	3.08%	8.02%
DHIL Diamond Hill Investment Group, Inc.	0.02%	-0.62%	1.50%	30.14%	40.10%	5.27%	7.47%	5.71%
FNF Fidelity National Financial, Inc.	1.70%	2.22%	-10.33%	-8.77%	-16.51%	16.71%	7.34%	12.19%
MO Altria Group, Inc.	-1.83%	-3.01%	13.60%	2.82%	19.87%	21.84%	12.69%	7.45%
MOH Molina Healthcare, Inc.	-0.48%	0.21%	-15.41%	-23.70%	-56.24%	-20.64%	-10.12%	9.14%
NRP Natural Resource Partners L.P.	0.79%	-0.03%	12.60%	11.77%	18.84%	37.15%	56.60%	36.90%
NVR NVR, Inc.	-1.12%	3.07%	-7.21%	-11.48%	-6.08%	6.31%	6.30%	14.28%
QCOM QUALCOMM Incorporated	0.16%	2.83%	-21.72%	-17.42%	-1.76%	5.84%	1.44%	13.16%
SBR Sabine Royalty Trust	0.96%	-1.91%	9.91%	11.77%	21.99%	6.60%	28.60%	18.19%

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

Monthly Returns

Based on dividend-adjusted daily data since Oct 17, 2005, Candidate: Smudged (3/26/25)'s average daily return is +0.06%, while the average monthly return is +1.29%. At this rate, an investment would double in approximately 4.5 years.

Historically, 68% of months were positive and 32% were negative. The best month was Oct 2011 with a return of +13.6%, while the worst month was Mar 2008 at -18.7%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.

On a daily basis, Candidate: Smudged (3/26/25) closed higher 55% of trading days. The best single day was Oct 13, 2008 with a return of +13.3%, while the worst single day was Mar 31, 2008 at -17.5%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	4.65%	5.07%	-3.29%	1.34%									7.76%
2025	0.75%	1.56%	4.34%	-2.21%	3.36%	0.34%	-3.73%	8.33%	5.51%	-7.53%	3.72%	1.67%	16.18%
2024	1.24%	2.22%	6.55%	-4.35%	5.59%	-0.34%	5.46%	5.18%	-0.11%	-0.18%	5.15%	-5.06%	22.55%
2023	0.82%	-3.47%	-3.30%	2.81%	-6.50%	6.56%	3.84%	-2.86%	0.23%	-3.17%	8.31%	3.24%	5.53%
2022	1.49%	1.23%	3.23%	1.65%	5.70%	-11.24%	4.97%	1.04%	-5.40%	10.49%	0.19%	1.50%	14.03%
2021	1.92%	7.76%	6.66%	5.65%	0.14%	0.14%	2.73%	3.82%	-3.28%	5.80%	-1.46%	10.17%	47.07%

Benchmark Metrics

Candidate: Smudged (3/26/25) has an annualized alpha of 8.26%, beta of 0.77, and R² of 0.66 versus S&P 500 Index. Calculated based on daily prices since October 17, 2005.

This portfolio captured 101.62% of S&P 500 Index gains but only 72.23% of its losses — a favorable profile for investors.
This portfolio generated an annualized alpha of 8.26% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.

Alpha: 8.26%

Beta: 0.77

R²: 0.66

Upside Capture: 101.62%

Downside Capture: 72.23%

Expense Ratio

Candidate: Smudged (3/26/25) 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

Candidate: Smudged (3/26/25) ranks 23 for risk / return — below 23% 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	2.00	2.30	-0.29
Sortino ratio Return per unit of downside risk	2.93	3.18	-0.25
Omega ratio Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	2.92	3.40	-0.48
Martin ratio Return relative to average drawdown	7.91	15.35	-7.44
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
CB Chubb Limited	57	0.92	1.45	1.18	1.54	3.34
CI Cigna Corporation	14	-0.51	-0.47	0.93	-0.62	-1.16
DHIL Diamond Hill Investment Group, Inc.	70	0.83	3.00	1.42	1.61	4.35
FNF Fidelity National Financial, Inc.	14	-0.62	-0.70	0.91	-0.46	-1.01
MO Altria Group, Inc.	57	0.97	1.36	1.19	1.32	3.42
MOH Molina Healthcare, Inc.	6	-0.97	-1.27	0.80	-0.89	-1.23
NRP Natural Resource Partners L.P.	61	0.89	1.45	1.17	2.27	5.83
NVR NVR, Inc.	23	-0.23	-0.16	0.98	-0.24	-0.54
QCOM QUALCOMM Incorporated	28	-0.05	0.15	1.02	-0.07	-0.16
SBR Sabine Royalty Trust	56	0.95	1.32	1.18	1.34	2.89

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.

Candidate: Smudged (3/26/25) Sharpe ratios as of Apr 16, 2026 (values are recalculated daily):

1-Year: 2.00
5-Year: 1.23
10-Year: 1.00
All Time: 0.85

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 2.19 to 3.00, 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 Candidate: Smudged (3/26/25) 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

Candidate: Smudged (3/26/25) provided a 3.36% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.36%	3.77%	3.95%	4.45%	4.17%	4.19%	4.39%	4.07%	3.82%	4.64%	2.51%	5.74%
Portfolio components:
CB Chubb Limited	1.19%	1.22%	1.30%	1.51%	1.49%	1.65%	2.01%	1.91%	2.24%	1.93%	2.07%	4.23%
CI Cigna Corporation	2.27%	2.19%	2.03%	1.64%	1.35%	1.74%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%
DHIL Diamond Hill Investment Group, Inc.	4.94%	5.90%	3.87%	3.62%	5.40%	11.84%	8.04%	6.41%	5.35%	3.39%	2.85%	2.65%
FNF Fidelity National Financial, Inc.	4.14%	3.60%	3.46%	3.59%	4.57%	2.99%	3.45%	2.78%	3.82%	37.01%	2.59%	2.31%
MO Altria Group, Inc.	6.52%	7.21%	7.65%	9.52%	8.05%	7.43%	8.29%	6.57%	6.07%	3.56%	3.48%	3.73%
MOH Molina Healthcare, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NRP Natural Resource Partners L.P.	2.67%	4.03%	4.90%	5.87%	4.97%	5.39%	9.82%	13.18%	4.71%	6.92%	5.57%	45.28%
NVR NVR, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QCOM QUALCOMM Incorporated	2.68%	2.06%	2.18%	2.18%	2.67%	1.47%	1.69%	2.81%	4.27%	3.50%	3.17%	3.72%
SBR Sabine Royalty Trust	6.33%	7.53%	8.41%	9.41%	10.13%	7.72%	8.59%	7.49%	8.98%	5.31%	5.50%	11.82%

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 Candidate: Smudged (3/26/25). 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 Candidate: Smudged (3/26/25) was 51.74%, occurring on Mar 9, 2009. Recovery took 387 trading sessions.

The current Candidate: Smudged (3/26/25) drawdown is 2.31%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-51.74%	Dec 11, 2007	312	Mar 9, 2009	387	Sep 20, 2010	699
-36.1%	Jan 17, 2020	45	Mar 23, 2020	162	Nov 10, 2020	207
-20.3%	Jan 24, 2018	232	Dec 24, 2018	246	Dec 16, 2019	478
-18.36%	May 11, 2011	62	Aug 8, 2011	84	Dec 6, 2011	146
-14.13%	Jun 8, 2022	10	Jun 22, 2022	154	Feb 1, 2023	164

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 15 assets, with an effective number of assets of 8.50, 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	SBR	NRP	SIMO	UTHR	MO	MOH	NVR	DHIL	CI	QCOM	TGNA	FNF	UHAL	CB	WRB	Portfolio
Benchmark	1.00	0.27	0.27	0.43	0.39	0.39	0.40	0.48	0.46	0.47	0.64	0.53	0.50	0.54	0.54	0.52	0.74
SBR	0.27	1.00	0.26	0.15	0.13	0.13	0.14	0.10	0.21	0.17	0.16	0.19	0.15	0.17	0.14	0.18	0.41
NRP	0.27	0.26	1.00	0.17	0.14	0.10	0.12	0.14	0.19	0.17	0.20	0.19	0.16	0.18	0.16	0.16	0.37
SIMO	0.43	0.15	0.17	1.00	0.22	0.11	0.19	0.23	0.23	0.19	0.38	0.25	0.21	0.24	0.18	0.18	0.45
UTHR	0.39	0.13	0.14	0.22	1.00	0.19	0.26	0.22	0.24	0.28	0.27	0.27	0.24	0.26	0.25	0.27	0.48
MO	0.39	0.13	0.10	0.11	0.19	1.00	0.21	0.22	0.21	0.29	0.22	0.28	0.29	0.28	0.35	0.34	0.61
MOH	0.40	0.14	0.12	0.19	0.26	0.21	1.00	0.22	0.25	0.47	0.25	0.26	0.23	0.27	0.28	0.28	0.48
NVR	0.48	0.10	0.14	0.23	0.22	0.22	0.22	1.00	0.26	0.27	0.31	0.30	0.40	0.38	0.32	0.34	0.52
DHIL	0.46	0.21	0.19	0.23	0.24	0.21	0.25	0.26	1.00	0.28	0.31	0.34	0.29	0.34	0.32	0.32	0.51
CI	0.47	0.17	0.17	0.19	0.28	0.29	0.47	0.27	0.28	1.00	0.28	0.31	0.31	0.30	0.37	0.37	0.50
QCOM	0.64	0.16	0.20	0.38	0.27	0.22	0.25	0.31	0.31	0.28	1.00	0.32	0.32	0.37	0.30	0.28	0.48
TGNA	0.53	0.19	0.19	0.25	0.27	0.28	0.26	0.30	0.34	0.31	0.32	1.00	0.33	0.36	0.36	0.36	0.52
FNF	0.50	0.15	0.16	0.21	0.24	0.29	0.23	0.40	0.29	0.31	0.32	0.33	1.00	0.39	0.44	0.45	0.51
UHAL	0.54	0.17	0.18	0.24	0.26	0.28	0.27	0.38	0.34	0.30	0.37	0.36	0.39	1.00	0.37	0.39	0.56
CB	0.54	0.14	0.16	0.18	0.25	0.35	0.28	0.32	0.32	0.37	0.30	0.36	0.44	0.37	1.00	0.66	0.61
WRB	0.52	0.18	0.16	0.18	0.27	0.34	0.28	0.34	0.32	0.37	0.28	0.36	0.45	0.39	0.66	1.00	0.64
Portfolio	0.74	0.41	0.37	0.45	0.48	0.61	0.48	0.52	0.51	0.50	0.48	0.52	0.51	0.56	0.61	0.64	1.00

The correlation results are calculated based on daily price changes starting from Oct 17, 2005

Candidate: Smudged (3/26/25)

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