2024 Recovery (4/22/25)

Asset Allocation

Position	Category/Sector	Target Weight
AVGO Broadcom Inc.	Technology	11.05%
AXON Axon Enterprise, Inc.	Industrials	4.90%
AZO AutoZone, Inc.	Consumer Cyclical	1.63%
CBOE Cboe Global Markets, Inc.	Financial Services	7.22%
CME CME Group Inc.	Financial Services	0.82%
COR Cencora Inc.	Healthcare	7.74%
COST Costco Wholesale Corporation	Consumer Defensive	0.01%
GILD Gilead Sciences, Inc.	Healthcare	1.31%
GRMN Garmin Ltd.	Technology	0.42%
HWM Howmet Aerospace Inc.	Industrials	5.02%
KDP Keurig Dr Pepper Inc.	Consumer Defensive	2.51%
KR The Kroger Co.	Consumer Defensive	0.46%
LDOS Leidos Holdings, Inc.	Technology	2.03%
LLY Eli Lilly and Company	Healthcare	7.17%
MCK McKesson Corporation	Healthcare	4.93%
META Meta Platforms, Inc.	Communication Services	0.79%
MO Altria Group, Inc.	Consumer Defensive	0.58%
PANW Palo Alto Networks, Inc.	Technology	6.24%
PGR The Progressive Corporation	Financial Services	12.28%
PM Philip Morris International Inc.	Consumer Defensive	4.86%
PWR Quanta Services, Inc.	Industrials	1.52%
RSG Republic Services, Inc.	Industrials	0.68%
SMCI Super Micro Computer, Inc.	Technology	2.43%
SO The Southern Company	Utilities	0.18%
T AT&T Inc.	Communication Services	2.61%
TKO TKO Group Holdings Inc.	Communication Services	2.52%
TPL Texas Pacific Land Corporation	Energy	7.01%
WMT Walmart Inc.	Consumer Defensive	0.37%
WRB W. R. Berkley Corporation	Financial Services	0.71%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in 2024 Recovery (4/22/25), 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 Every week.

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The earliest data available for this chart is Sep 12, 2023, corresponding to the inception date of TKO

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio 2024 Recovery (4/22/25)	0.59%	-8.29%	1.19%	1.26%	17.12%	—	—	—
Portfolio components:
CBOE Cboe Global Markets, Inc.	3.45%	-4.76%	15.80%	20.70%	30.61%	30.74%	25.22%	17.47%
PGR The Progressive Corporation	1.03%	-8.44%	-8.77%	-14.68%	-26.04%	13.80%	18.00%	22.03%
PM Philip Morris International Inc.	0.49%	-10.35%	-0.55%	2.89%	4.82%	22.66%	17.88%	9.96%
MCK McKesson Corporation	1.37%	-11.19%	7.89%	16.76%	28.01%	35.09%	36.27%	19.69%
KR The Kroger Co.	2.57%	5.41%	16.38%	10.16%	9.75%	15.67%	17.48%	8.84%
LLY Eli Lilly and Company	-1.98%	-7.16%	-12.80%	14.47%	15.19%	39.72%	39.64%	31.19%
RSG Republic Services, Inc.	1.44%	-3.64%	5.92%	0.86%	-7.83%	19.30%	18.99%	18.99%
AXON Axon Enterprise, Inc.	-2.54%	-28.71%	-27.31%	-42.71%	-26.08%	21.99%	23.61%	36.33%
TKO TKO Group Holdings Inc.	1.34%	-6.98%	-2.11%	3.71%	30.28%	—	—	—
WMT Walmart Inc.	0.84%	-1.46%	13.14%	24.19%	41.38%	37.98%	24.34%	20.62%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 13, 2023, 2024 Recovery (4/22/25)'s average daily return is +0.13%, while the average monthly return is +2.73%. At this rate, your investment would double in approximately 2.1 years.

Historically, 78% of months were positive and 22% were negative. The best month was Nov 2024 with a return of +11.0%, while the worst month was Mar 2026 at -8.6%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 1 months.

On a daily basis, 2024 Recovery (4/22/25) closed higher 57% of trading days. The best single day was Apr 9, 2025 with a return of +7.2%, while the worst single day was Apr 4, 2025 at -6.9%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	1.99%	8.37%	-8.64%	0.21%									1.19%
2025	5.75%	5.42%	-2.14%	5.47%	4.50%	4.09%	-3.43%	0.85%	4.34%	1.02%	2.98%	-3.18%	28.11%
2024	7.08%	8.66%	3.71%	-0.22%	2.84%	5.57%	3.98%	6.95%	0.35%	1.86%	11.02%	-3.85%	58.60%
2023									-1.70%	2.83%	7.56%	3.05%	12.04%

Benchmark Metrics

2024 Recovery (4/22/25) has an annualized alpha of 24.29%, beta of 0.74, and R² of 0.60 versus S&P 500 Index. Calculated based on daily prices since September 13, 2023.

This portfolio captured 124.83% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -12.45%) — a profile typical of hedging or uncorrelated assets.
This portfolio generated an annualized alpha of 24.29% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.

Alpha: 24.29%

Beta: 0.74

R²: 0.60

Upside Capture: 124.83%

Downside Capture: -12.45%

Expense Ratio

2024 Recovery (4/22/25) 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

2024 Recovery (4/22/25) ranks 34 for risk / return — below 34% 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	1.05	0.88	+0.17
Sortino ratio Return per unit of downside risk	1.53	1.37	+0.17
Omega ratio Gain probability vs. loss probability	1.22	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	1.75	1.39	+0.36
Martin ratio Return relative to average drawdown	6.95	6.43	+0.52
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
CBOE Cboe Global Markets, Inc.	78	1.38	1.89	1.24	2.93	7.43
PGR The Progressive Corporation	6	-1.04	-1.35	0.83	-0.91	-1.47
PM Philip Morris International Inc.	42	0.19	0.40	1.06	0.17	0.36
MCK McKesson Corporation	73	0.97	1.65	1.22	2.33	6.05
KR The Kroger Co.	48	0.35	0.74	1.08	0.43	0.93
LLY Eli Lilly and Company	51	0.36	0.78	1.11	0.56	1.37
RSG Republic Services, Inc.	24	-0.42	-0.45	0.94	-0.35	-0.60
AXON Axon Enterprise, Inc.	21	-0.49	-0.45	0.94	-0.44	-0.89
TKO TKO Group Holdings Inc.	70	0.92	1.44	1.19	2.20	5.27
WMT Walmart Inc.	87	1.72	2.65	1.33	3.92	10.75

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.

2024 Recovery (4/22/25) Sharpe ratios as of Apr 3, 2026 (values are recalculated daily):

1-Year: 1.05
All Time: 2.65

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 0.98 to 1.66, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of 2024 Recovery (4/22/25) 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

2024 Recovery (4/22/25) provided a 1.78% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	1.78%	1.16%	1.11%	1.38%	1.47%	2.43%	2.37%	2.42%	1.94%	1.41%	4.13%	1.49%
Portfolio components:
CBOE Cboe Global Markets, Inc.	0.96%	1.08%	1.21%	1.18%	1.56%	1.38%	1.68%	1.12%	1.19%	0.83%	1.30%	1.36%
PGR The Progressive Corporation	7.17%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%
PM Philip Morris International Inc.	3.64%	3.52%	4.40%	5.46%	4.98%	5.16%	5.73%	5.43%	6.73%	3.99%	4.50%	4.60%
MCK McKesson Corporation	0.36%	0.37%	0.47%	0.50%	0.54%	0.72%	0.95%	1.16%	1.32%	0.80%	0.80%	0.53%
KR The Kroger Co.	1.89%	2.14%	2.00%	2.41%	2.11%	1.72%	2.14%	2.07%	1.93%	1.79%	1.30%	0.94%
LLY Eli Lilly and Company	0.67%	0.56%	0.67%	0.78%	1.07%	1.23%	1.75%	1.96%	1.94%	2.46%	2.77%	2.37%
RSG Republic Services, Inc.	1.10%	1.12%	0.82%	1.25%	1.48%	1.27%	1.72%	1.74%	2.00%	1.97%	2.17%	2.64%
AXON Axon Enterprise, 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%
TKO TKO Group Holdings Inc.	1.33%	1.10%	0.00%	4.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WMT Walmart Inc.	0.76%	0.84%	0.92%	1.45%	1.58%	1.52%	1.50%	1.78%	2.23%	2.07%	2.89%	3.20%

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 2024 Recovery (4/22/25). 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 2024 Recovery (4/22/25) was 11.26%, occurring on Apr 4, 2025. Recovery took 15 trading sessions.

The current 2024 Recovery (4/22/25) drawdown is 8.65%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-11.26%	Feb 20, 2025	32	Apr 4, 2025	15	Apr 28, 2025	47
-10.47%	Mar 3, 2026	20	Mar 30, 2026	—	—	—
-4.95%	Dec 17, 2024	3	Dec 19, 2024	19	Jan 21, 2025	22
-4.71%	Sep 3, 2024	4	Sep 6, 2024	6	Sep 16, 2024	10
-4.64%	Oct 18, 2023	8	Oct 27, 2023	8	Nov 8, 2023	16

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 29 assets, with an effective number of assets of 15.13, 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	TKO	TPL	KDP	T	CBOE	GILD	LLY	CME	KR	AZO	PANW	MCK	COR	PM	MO	PGR	WMT	SMCI	SO	LDOS	META	AXON	PWR	WRB	GRMN	HWM	AVGO	COST	RSG	Portfolio
Benchmark	1.00	0.32	0.30	0.08	0.02	-0.14	0.19	0.35	-0.03	-0.07	0.18	0.48	0.12	0.07	0.08	0.01	0.07	0.22	0.48	0.03	0.37	0.62	0.51	0.59	0.13	0.62	0.53	0.64	0.39	0.21	0.71
TKO	0.32	1.00	0.16	0.06	0.08	0.03	0.08	0.09	0.02	-0.00	0.04	0.18	0.03	0.02	0.09	0.02	0.04	0.09	0.14	0.04	0.12	0.27	0.25	0.26	0.09	0.25	0.32	0.19	0.11	0.07	0.32
TPL	0.30	0.16	1.00	0.01	0.03	-0.08	0.08	0.07	-0.04	-0.00	0.07	0.12	0.08	0.06	0.02	-0.01	0.07	0.07	0.23	0.03	0.26	0.11	0.24	0.32	0.10	0.27	0.27	0.18	0.07	0.12	0.45
KDP	0.08	0.06	0.01	1.00	0.20	0.09	0.23	0.01	0.13	0.23	0.17	-0.04	0.10	0.16	0.25	0.30	0.20	0.18	-0.08	0.30	0.09	-0.10	-0.01	0.01	0.23	0.20	0.03	-0.09	0.19	0.25	0.09
T	0.02	0.08	0.03	0.20	1.00	0.17	0.21	-0.01	0.17	0.31	0.21	-0.03	0.11	0.19	0.31	0.33	0.22	0.20	-0.07	0.36	0.02	-0.08	-0.06	-0.09	0.27	0.05	0.06	-0.18	0.07	0.24	0.08
CBOE	-0.14	0.03	-0.08	0.09	0.17	1.00	0.13	0.00	0.47	0.23	0.11	-0.04	0.21	0.21	0.19	0.20	0.27	0.12	-0.19	0.25	0.06	-0.15	-0.09	-0.13	0.26	-0.05	-0.04	-0.22	0.09	0.18	0.07
GILD	0.19	0.08	0.08	0.23	0.21	0.13	1.00	0.14	0.12	0.19	0.24	0.05	0.18	0.22	0.25	0.24	0.15	0.17	0.01	0.26	0.19	-0.02	-0.01	0.10	0.27	0.18	0.06	0.01	0.15	0.22	0.21
LLY	0.35	0.09	0.07	0.01	-0.01	0.00	0.14	1.00	0.07	-0.03	0.15	0.25	0.18	0.19	0.10	0.00	0.14	0.19	0.22	0.08	0.22	0.23	0.14	0.24	0.12	0.19	0.21	0.21	0.26	0.19	0.46
CME	-0.03	0.02	-0.04	0.13	0.17	0.47	0.12	0.07	1.00	0.23	0.21	-0.00	0.24	0.26	0.26	0.28	0.29	0.18	-0.17	0.27	0.10	-0.06	0.01	-0.01	0.31	0.05	0.04	-0.13	0.16	0.32	0.14
KR	-0.07	-0.00	-0.00	0.23	0.31	0.23	0.19	-0.03	0.23	1.00	0.22	-0.03	0.16	0.19	0.26	0.34	0.23	0.32	-0.15	0.32	0.11	-0.15	-0.07	-0.04	0.26	-0.05	0.01	-0.15	0.30	0.30	0.07
AZO	0.18	0.04	0.07	0.17	0.21	0.11	0.24	0.15	0.21	0.22	1.00	0.07	0.19	0.23	0.20	0.23	0.23	0.24	-0.02	0.22	0.19	0.06	0.10	0.05	0.25	0.21	0.17	0.03	0.28	0.38	0.25
PANW	0.48	0.18	0.12	-0.04	-0.03	-0.04	0.05	0.25	-0.00	-0.03	0.07	1.00	0.05	0.01	-0.01	-0.07	0.05	0.15	0.27	-0.06	0.24	0.36	0.41	0.33	0.02	0.30	0.26	0.40	0.26	0.19	0.51
MCK	0.12	0.03	0.08	0.10	0.11	0.21	0.18	0.18	0.24	0.16	0.19	0.05	1.00	0.72	0.20	0.19	0.29	0.19	-0.07	0.22	0.18	-0.01	0.03	0.08	0.36	0.05	0.17	-0.03	0.19	0.33	0.34
COR	0.07	0.02	0.06	0.16	0.19	0.21	0.22	0.19	0.26	0.19	0.23	0.01	0.72	1.00	0.22	0.19	0.25	0.16	-0.11	0.26	0.14	-0.05	-0.02	0.07	0.29	0.08	0.11	-0.05	0.14	0.34	0.30
PM	0.08	0.09	0.02	0.25	0.31	0.19	0.25	0.10	0.26	0.26	0.20	-0.01	0.20	0.22	1.00	0.62	0.26	0.25	-0.09	0.40	0.08	0.00	0.02	0.00	0.28	0.08	0.09	-0.08	0.22	0.32	0.19
MO	0.01	0.02	-0.01	0.30	0.33	0.20	0.24	0.00	0.28	0.34	0.23	-0.07	0.19	0.19	0.62	1.00	0.26	0.25	-0.14	0.44	0.12	-0.15	-0.08	-0.04	0.32	0.05	-0.02	-0.15	0.18	0.32	0.07
PGR	0.07	0.04	0.07	0.20	0.22	0.27	0.15	0.14	0.29	0.23	0.23	0.05	0.29	0.25	0.26	0.26	1.00	0.24	-0.10	0.22	0.15	0.02	0.04	0.02	0.58	0.12	0.14	-0.06	0.25	0.40	0.34
WMT	0.22	0.09	0.07	0.18	0.20	0.12	0.17	0.19	0.18	0.32	0.24	0.15	0.19	0.16	0.25	0.25	0.24	1.00	0.05	0.24	0.14	0.14	0.10	0.11	0.21	0.17	0.18	0.05	0.56	0.31	0.27
SMCI	0.48	0.14	0.23	-0.08	-0.07	-0.19	0.01	0.22	-0.17	-0.15	-0.02	0.27	-0.07	-0.11	-0.09	-0.14	-0.10	0.05	1.00	-0.09	0.15	0.36	0.31	0.40	-0.13	0.28	0.29	0.49	0.14	-0.06	0.47
SO	0.03	0.04	0.03	0.30	0.36	0.25	0.26	0.08	0.27	0.32	0.22	-0.06	0.22	0.26	0.40	0.44	0.22	0.24	-0.09	1.00	0.15	-0.14	-0.07	0.02	0.36	0.09	0.02	-0.22	0.14	0.38	0.09
LDOS	0.37	0.12	0.26	0.09	0.02	0.06	0.19	0.22	0.10	0.11	0.19	0.24	0.18	0.14	0.08	0.12	0.15	0.14	0.15	0.15	1.00	0.10	0.32	0.35	0.25	0.35	0.33	0.12	0.22	0.32	0.39
META	0.62	0.27	0.11	-0.10	-0.08	-0.15	-0.02	0.23	-0.06	-0.15	0.06	0.36	-0.01	-0.05	0.00	-0.15	0.02	0.14	0.36	-0.14	0.10	1.00	0.37	0.35	-0.05	0.30	0.32	0.50	0.31	0.08	0.43
AXON	0.51	0.25	0.24	-0.01	-0.06	-0.09	-0.01	0.14	0.01	-0.07	0.10	0.41	0.03	-0.02	0.02	-0.08	0.04	0.10	0.31	-0.07	0.32	0.37	1.00	0.46	0.07	0.39	0.47	0.43	0.23	0.16	0.57
PWR	0.59	0.26	0.32	0.01	-0.09	-0.13	0.10	0.24	-0.01	-0.04	0.05	0.33	0.08	0.07	0.00	-0.04	0.02	0.11	0.40	0.02	0.35	0.35	0.46	1.00	0.04	0.40	0.55	0.51	0.18	0.12	0.57
WRB	0.13	0.09	0.10	0.23	0.27	0.26	0.27	0.12	0.31	0.26	0.25	0.02	0.36	0.29	0.28	0.32	0.58	0.21	-0.13	0.36	0.25	-0.05	0.07	0.04	1.00	0.18	0.17	-0.09	0.24	0.37	0.27
GRMN	0.62	0.25	0.27	0.20	0.05	-0.05	0.18	0.19	0.05	-0.05	0.21	0.30	0.05	0.08	0.08	0.05	0.12	0.17	0.28	0.09	0.35	0.30	0.39	0.40	0.18	1.00	0.38	0.30	0.25	0.21	0.46
HWM	0.53	0.32	0.27	0.03	0.06	-0.04	0.06	0.21	0.04	0.01	0.17	0.26	0.17	0.11	0.09	-0.02	0.14	0.18	0.29	0.02	0.33	0.32	0.47	0.55	0.17	0.38	1.00	0.39	0.27	0.19	0.59
AVGO	0.64	0.19	0.18	-0.09	-0.18	-0.22	0.01	0.21	-0.13	-0.15	0.03	0.40	-0.03	-0.05	-0.08	-0.15	-0.06	0.05	0.49	-0.22	0.12	0.50	0.43	0.51	-0.09	0.30	0.39	1.00	0.23	-0.01	0.62
COST	0.39	0.11	0.07	0.19	0.07	0.09	0.15	0.26	0.16	0.30	0.28	0.26	0.19	0.14	0.22	0.18	0.25	0.56	0.14	0.14	0.22	0.31	0.23	0.18	0.24	0.25	0.27	0.23	1.00	0.37	0.41
RSG	0.21	0.07	0.12	0.25	0.24	0.18	0.22	0.19	0.32	0.30	0.38	0.19	0.33	0.34	0.32	0.32	0.40	0.31	-0.06	0.38	0.32	0.08	0.16	0.12	0.37	0.21	0.19	-0.01	0.37	1.00	0.36
Portfolio	0.71	0.32	0.45	0.09	0.08	0.07	0.21	0.46	0.14	0.07	0.25	0.51	0.34	0.30	0.19	0.07	0.34	0.27	0.47	0.09	0.39	0.43	0.57	0.57	0.27	0.46	0.59	0.62	0.41	0.36	1.00

The correlation results are calculated based on daily price changes starting from Sep 13, 2023

2024 Recovery (4/22/25)

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