Country based

Asset Allocation

Position	Category/Sector	Target Weight
EPU iShares MSCI Peru ETF	Mid Cap Blend Equities	7.69%
EWG iShares MSCI Germany ETF	Europe Equities	7.69%
EWI iShares MSCI Italy ETF	Europe Equities	7.69%
EWJ iShares MSCI Japan ETF	Japan Equities	7.69%
EWN iShares MSCI Netherlands ETF	Europe Equities	7.69%
EWP iShares MSCI Spain ETF	Europe Equities	7.69%
EWQ iShares MSCI France ETF	Europe Equities	7.69%
EWS iShares MSCI Singapore ETF	Asia Pacific Equities	7.69%
EWU iShares MSCI United Kingdom ETF	Europe Equities	7.69%
EWW iShares MSCI Mexico ETF	Latin America Equities	7.69%
IKOR.L iShares MSCI Korea UCITS ETF (Dist)	Asia Pacific Equities	7.69%
INDA iShares MSCI India ETF	Asia Pacific Equities	7.69%
MCHI iShares MSCI China ETF	China Equities	7.69%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Country based, 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 Feb 3, 2012, corresponding to the inception date of INDA

Returns By Period

As of Apr 11, 2026, the Country based returned 7.94% Year-To-Date and 10.27% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-0.11%	0.61%	-0.42%	4.03%	29.40%	18.38%	10.55%	12.70%
Portfolio Country based	0.24%	3.29%	7.94%	16.43%	50.13%	20.70%	11.22%	10.27%
Portfolio components:
EWJ iShares MSCI Japan ETF	-0.10%	2.80%	9.15%	16.68%	43.52%	18.49%	7.38%	8.87%
EWU iShares MSCI United Kingdom ETF	0.06%	2.94%	8.39%	16.44%	43.02%	17.52%	12.59%	8.31%
EWG iShares MSCI Germany ETF	-0.05%	1.96%	-2.12%	0.19%	18.13%	15.82%	6.34%	7.58%
EWQ iShares MSCI France ETF	-0.04%	3.73%	1.91%	6.45%	24.07%	9.20%	8.21%	9.56%
INDA iShares MSCI India ETF	0.55%	0.14%	-8.71%	-6.50%	-2.34%	7.51%	4.92%	7.43%
EWW iShares MSCI Mexico ETF	0.10%	6.45%	14.68%	25.85%	64.01%	13.85%	15.54%	6.97%
MCHI iShares MSCI China ETF	-0.05%	-1.94%	-4.81%	-5.72%	21.82%	7.42%	-4.97%	4.78%
EWN iShares MSCI Netherlands ETF	0.97%	4.01%	9.49%	14.45%	47.06%	17.35%	7.93%	12.25%
EWI iShares MSCI Italy ETF	0.44%	6.95%	5.43%	15.34%	48.90%	26.95%	16.61%	13.01%
EWP iShares MSCI Spain ETF	0.02%	6.23%	6.55%	20.50%	59.66%	30.77%	19.21%	11.47%

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

Monthly Returns

Based on dividend-adjusted daily data since Feb 6, 2012, Country based's average daily return is +0.03%, while the average monthly return is +0.72%. At this rate, your investment would double in approximately 8.1 years.

Historically, 59% of months were positive and 41% were negative. The best month was Nov 2020 with a return of +16.1%, while the worst month was Mar 2020 at -18.9%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 5 months.

On a daily basis, Country based closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +7.6%, while the worst single day was Mar 16, 2020 at -11.3%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	6.67%	5.18%	-9.47%	6.26%									7.94%
2025	4.38%	3.19%	2.31%	3.74%	5.40%	4.28%	-0.63%	4.22%	5.03%	2.20%	0.20%	3.60%	44.98%
2024	-2.41%	3.34%	4.71%	-1.44%	3.97%	-2.50%	1.92%	1.55%	3.26%	-4.42%	-1.46%	-2.36%	3.69%
2023	10.05%	-3.66%	3.12%	1.82%	-3.46%	5.04%	4.85%	-5.22%	-3.99%	-3.59%	9.12%	5.60%	19.64%
2022	-1.44%	-2.89%	-0.09%	-6.98%	2.07%	-8.87%	2.83%	-4.65%	-8.49%	5.97%	13.88%	-2.24%	-12.41%
2021	-0.71%	3.05%	1.83%	1.56%	3.73%	-1.95%	-1.54%	1.74%	-3.33%	3.54%	-5.33%	4.30%	6.52%

Benchmark Metrics

Country based has an annualized alpha of -1.97%, beta of 0.84, and R² of 0.67 versus S&P 500 Index. Calculated based on daily prices since February 06, 2012.

This portfolio participated in 96.74% of S&P 500 Index downside but only 78.75% of its upside — more exposed to losses than it benefited from rallies.

Alpha: -1.97%

Beta: 0.84

R²: 0.67

Upside Capture: 78.75%

Downside Capture: 96.74%

Expense Ratio

Country based has an expense ratio of 0.54%, 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.

Top 10 holdings

IKOR.L

iShares MSCI Korea UCITS ETF (Dist)

INDA

iShares MSCI India ETF

MCHI

iShares MSCI China ETF

EPU

iShares MSCI Peru ETF

EWU

iShares MSCI United Kingdom ETF

EWQ

iShares MSCI France ETF

EWN

iShares MSCI Netherlands ETF

EWP

iShares MSCI Spain ETF

EWS

iShares MSCI Singapore ETF

EWJ

iShares MSCI Japan ETF

Return for Risk

Risk / Return Rank

Country based ranks 67 for risk / return — better than 67% of portfolios on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

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	3.30	2.23	+1.06
Sortino ratio Return per unit of downside risk	4.27	3.12	+1.16
Omega ratio Gain probability vs. loss probability	1.62	1.42	+0.20
Calmar ratio Return relative to maximum drawdown	3.53	4.05	-0.52
Martin ratio Return relative to average drawdown	14.02	17.91	-3.89
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
EWJ iShares MSCI Japan ETF	59	2.24	3.12	1.41	3.64	13.47
EWU iShares MSCI United Kingdom ETF	85	3.17	4.34	1.56	4.98	21.12
EWG iShares MSCI Germany ETF	24	1.10	1.61	1.20	1.88	6.01
EWQ iShares MSCI France ETF	33	1.50	2.14	1.27	2.33	8.43
INDA iShares MSCI India ETF	6	-0.16	-0.12	0.99	0.02	0.06
EWW iShares MSCI Mexico ETF	81	3.00	3.82	1.51	5.12	20.43
MCHI iShares MSCI China ETF	22	1.07	1.62	1.20	1.70	4.48
EWN iShares MSCI Netherlands ETF	68	2.55	3.45	1.44	4.30	16.53
EWI iShares MSCI Italy ETF	78	2.89	3.76	1.48	4.92	18.72
EWP iShares MSCI Spain ETF	88	3.35	4.13	1.56	6.37	24.15

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.

Country based Sharpe ratios as of Apr 11, 2026 (values are recalculated daily):

1-Year: 3.30
5-Year: 0.67
10-Year: 0.57
All Time: 0.44

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 1.94 to 2.95, 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 Country based 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

Country based provided a 2.44% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.44%	2.61%	3.10%	2.70%	2.64%	2.96%	1.43%	2.61%	2.61%	2.10%	2.40%	2.31%
Portfolio components:
EWJ iShares MSCI Japan ETF	4.14%	4.52%	2.34%	2.03%	1.23%	2.08%	1.04%	2.03%	1.71%	1.25%	1.95%	1.27%
EWU iShares MSCI United Kingdom ETF	3.44%	3.73%	4.16%	4.14%	3.43%	4.35%	2.48%	4.13%	4.98%	3.91%	3.97%	4.11%
EWG iShares MSCI Germany ETF	1.63%	1.60%	2.38%	2.56%	3.24%	2.70%	1.67%	2.51%	2.93%	2.06%	2.35%	1.93%
EWQ iShares MSCI France ETF	2.58%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%
EWW iShares MSCI Mexico ETF	3.03%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
MCHI iShares MSCI China ETF	2.22%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%
EWN iShares MSCI Netherlands ETF	4.60%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
EWI iShares MSCI Italy ETF	2.66%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
EWP iShares MSCI Spain ETF	2.13%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%

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 Country based. 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 Country based was 40.72%, occurring on Mar 23, 2020. Recovery took 198 trading sessions.

The current Country based drawdown is 4.13%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-40.72%	Jan 29, 2018	553	Mar 23, 2020	198	Dec 29, 2020	751
-29.1%	Jun 7, 2021	341	Sep 27, 2022	321	Dec 27, 2023	662
-27.86%	Jul 4, 2014	413	Feb 11, 2016	319	May 12, 2017	732
-17.49%	Mar 20, 2012	53	Jun 1, 2012	75	Sep 14, 2012	128
-13.49%	Mar 20, 2025	14	Apr 8, 2025	12	Apr 25, 2025	26

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 13 assets, with an effective number of assets of 13.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

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	IKOR.L	EPU	INDA	MCHI	EWW	EWJ	EWS	EWP	EWI	EWU	EWN	EWG	EWQ	Portfolio
Benchmark	1.00	0.44	0.47	0.53	0.55	0.56	0.67	0.61	0.63	0.66	0.70	0.76	0.73	0.72	0.78
IKOR.L	0.44	1.00	0.41	0.42	0.50	0.43	0.44	0.52	0.39	0.42	0.48	0.49	0.49	0.47	0.64
EPU	0.47	0.41	1.00	0.41	0.49	0.51	0.44	0.50	0.46	0.47	0.56	0.49	0.50	0.50	0.66
INDA	0.53	0.42	0.41	1.00	0.49	0.49	0.49	0.52	0.48	0.49	0.54	0.52	0.53	0.53	0.67
MCHI	0.55	0.50	0.49	0.49	1.00	0.49	0.50	0.61	0.47	0.50	0.56	0.58	0.54	0.55	0.72
EWW	0.56	0.43	0.51	0.49	0.49	1.00	0.49	0.53	0.53	0.53	0.59	0.56	0.57	0.59	0.72
EWJ	0.67	0.44	0.44	0.49	0.50	0.49	1.00	0.57	0.57	0.60	0.64	0.65	0.64	0.64	0.74
EWS	0.61	0.52	0.50	0.52	0.61	0.53	0.57	1.00	0.57	0.58	0.64	0.62	0.62	0.62	0.76
EWP	0.63	0.39	0.46	0.48	0.47	0.53	0.57	0.57	1.00	0.85	0.74	0.74	0.79	0.83	0.81
EWI	0.66	0.42	0.47	0.49	0.50	0.53	0.60	0.58	0.85	1.00	0.76	0.78	0.83	0.86	0.84
EWU	0.70	0.48	0.56	0.54	0.56	0.59	0.64	0.64	0.74	0.76	1.00	0.77	0.79	0.82	0.86
EWN	0.76	0.49	0.49	0.52	0.58	0.56	0.65	0.62	0.74	0.78	0.77	1.00	0.86	0.86	0.87
EWG	0.73	0.49	0.50	0.53	0.54	0.57	0.64	0.62	0.79	0.83	0.79	0.86	1.00	0.90	0.88
EWQ	0.72	0.47	0.50	0.53	0.55	0.59	0.64	0.62	0.83	0.86	0.82	0.86	0.90	1.00	0.89
Portfolio	0.78	0.64	0.66	0.67	0.72	0.72	0.74	0.76	0.81	0.84	0.86	0.87	0.88	0.89	1.00

The correlation results are calculated based on daily price changes starting from Feb 6, 2012

Country based

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Top 10 holdings

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