Michael Burry Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
MOH Molina Healthcare, Inc.	Healthcare	35%
LULU Lululemon Athletica Inc.	Consumer Cyclical	27%
SLM SLM Corporation	Financial Services	19%
BRKR Bruker Corporation	Healthcare	19%

Benchmark: S&P 500 Index · Rebalance: Every 3 months

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Michael Burry Portfolio, 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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Benchmark

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Returns By Period

As of Aug 2, 2026, the Michael Burry Portfolio returned -0.11% Year-To-Date and 14.89% of annualized return in the last 10 years.

Position	1D	1M	6M	YTD	1Y	3Y*	5Y*	10Y*	ALL TIME*
Benchmark S&P 500 Index	0.70%	0.09%	7.94%	9.41%	20.07%	17.84%	11.25%	13.26%	8.09%
Portfolio Michael Burry Portfolio	-0.38%	-4.39%	4.16%	-0.11%	7.18%	-6.52%	-3.47%	14.89%	16.32%
Portfolio components:
BRKR Bruker Corporation	-2.33%	1.95%	42.22%	33.71%	66.23%	-3.23%	-4.91%	10.22%	4.58%
LULU Lululemon Athletica Inc.	-0.51%	0.37%	-31.88%	-42.80%	-38.51%	-32.19%	-21.55%	4.44%	12.58%
MOH Molina Healthcare, Inc.	0.47%	-14.90%	8.93%	12.72%	26.10%	-13.48%	-6.45%	13.12%	12.10%
SLM SLM Corporation	0.60%	1.54%	-3.03%	-2.71%	-14.98%	19.78%	9.11%	15.49%	10.31%

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

Monthly Returns

Based on dividend-adjusted daily data since Jul 27, 2007, Michael Burry Portfolio's average daily return is +0.08%, while the average monthly return is +1.62%. At this rate, an investment would double in approximately 3.6 years.

Historically, 60% of months were positive and 40% were negative. The best month was Jan 2012 with a return of +27.5%, while the worst month was Oct 2008 at -35.3%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.

On a daily basis, Michael Burry Portfolio closed higher 53% of trading days. The best single day was Nov 24, 2008 with a return of +12.1%, while the worst single day was Mar 16, 2020 at -17.8%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	-4.09%	-11.91%	-9.39%	14.81%	3.87%	12.87%	-3.05%						-0.11%
2025	4.64%	-6.22%	-5.07%	-2.45%	2.67%	-5.56%	-22.58%	0.74%	-5.39%	-4.64%	9.33%	5.65%	-28.38%
2024	-3.27%	9.48%	0.62%	-11.63%	-9.05%	-4.09%	4.79%	0.09%	1.65%	-3.91%	4.90%	5.81%	-6.60%
2023	-1.49%	-7.72%	4.84%	9.24%	-8.00%	10.07%	-1.11%	-2.04%	0.95%	-1.39%	12.73%	11.46%	27.74%
2022	-12.19%	3.48%	3.72%	-6.60%	-2.62%	-7.05%	11.10%	-3.61%	-4.83%	14.48%	4.88%	-5.73%	-8.10%
2021	2.30%	3.19%	6.51%	8.74%	-0.63%	6.09%	4.93%	0.83%	-2.65%	8.56%	-2.36%	2.70%	44.51%

Benchmark Metrics

Michael Burry Portfolio has an annualized alpha of 8.60%, beta of 1.11, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since July 27, 2007.

This portfolio captured 140.12% of S&P 500 Index gains and 106.11% of its losses - amplifying both gains and losses, but participating more in upside than downside.
This portfolio generated an annualized alpha of 8.60% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
With beta of 1.11 and R2 of 0.52, this portfolio moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.

Alpha: 8.60%

Beta: 1.11

R²: 0.52

Upside Capture: 140.12%

Downside Capture: 106.11%

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

Expense Ratio

Michael Burry Portfolio 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

Michael Burry Portfolio ranks 6 for risk / return — above 6% of Portfolios peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

Risk / Return Metrics

The table below presents risk-adjusted performance metrics for Michael Burry Portfolio 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	0.17	1.42	-1.25
Sortino ratioReturn per unit of downside risk	0.43	1.98	-1.55
Omega ratioGain probability vs. loss probability	1.05	1.25	-0.20
Calmar ratioReturn relative to maximum drawdown	0.16	2.00	-1.84
Martin ratioReturn relative to average drawdown	0.36	8.49	-8.14

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
BRKR Bruker Corporation	76	1.20	1.86	1.22	1.62	3.59
LULU Lululemon Athletica Inc.	9	-0.91	-1.16	0.85	-0.80	-1.51
MOH Molina Healthcare, Inc.	59	0.45	0.89	1.14	0.61	1.31
SLM SLM Corporation	27	-0.42	-0.31	0.95	-0.39	-0.69

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 Michael Burry Portfolio Sharpe ratio is 0.17 as of Aug 2, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.19 to 2.00, 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 Michael Burry Portfolio 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

Michael Burry Portfolio provided a 0.44% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Portfolio	0.44%	0.45%	0.38%	0.49%	0.56%	0.23%	0.24%	0.32%	0.10%	0.09%	0.14%
Portfolio components:
BRKR Bruker Corporation	0.32%	0.42%	0.34%	0.27%	0.29%	0.19%	0.30%	0.31%	0.54%	0.47%	0.76%
LULU Lululemon Athletica Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%
SLM SLM Corporation	2.00%	1.92%	1.67%	2.30%	2.65%	1.02%	0.97%	1.35%	0.00%	0.00%	0.00%

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 Michael Burry Portfolio. 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 Michael Burry Portfolio was 73.92%, occurring on Mar 6, 2009. Recovery took 275 trading sessions.

The current Michael Burry Portfolio drawdown is 40.19%.

Drawdown	Fall	Recovery	Underwater	Related event
-73.92%Mar 2009	1y 4mo	1y 1mo	2y 5moOct 2007 - Apr 2010	Financial crisis2007–2009
-55.73%Mar 2026	2y 8d	—	2y 4moMar 2024 - now	—
-37.66%Oct 2011	2mo 28d	4mo 1d	6mo 29dJul 2011 - Feb 2012	—
-35.71%Mar 2020	1mo 2d	2mo 7d	3mo 9dFeb 2020 - May 2020	COVID crash2020
-27.78%Dec 2018	3mo 8d	3mo 10d	6mo 18dSep 2018 - Apr 2019	Rate-hike selloffLate 2018

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

AI Analysis

The gist

The portfolio is a four-stock bet on three different businesses that mostly do not move together: healthcare managed care and tools, premium consumer, and student lending. The diversification is real, though not magical; the structure looks more like a small set of unrelated idiosyncratic bets than a single macro thesis.

The numbers

Diversification ratio is 1.71 over 1Y, 80.1th percentile, and stays above 1.48 incept, which is strong for a four-name portfolio.
Effective number of assets is 3.74 of 4, so the weights are fairly evenly spread rather than secretly one large position in a trench coat.
Pairwise correlations average 0.30, with the tightest pair only 0.36; the portfolio’s own positions are not doing much of the same thing at the same time.

The good

Molina Healthcare (MOH) and Bruker (BRKR) sit in different economic lanes, and MOH’s low correlation with Lululemon Athletica (LULU) and SLM Corporation (SLM) helps the mix.
The high position-to-portfolio correlations, especially MOH at 0.71 and LULU at 0.68, show each name still matters on its own terms.

The bad

BRKR is the nearest thing to a shared factor bridge, correlating 0.36 with LULU and 0.32 with MOH and SLM, so the portfolio is not quite four separate stories.
SLM is the most standalone line item, which is useful for diversification and also a reminder that credit-sensitive financials bring their own cycle.

The ugly

In a broad risk-off episode where consumer spending softens and healthcare utilization or reimbursements come under pressure, the low correlations can rise together in the usual annoying way.

Next steps

Portfolios with this profile are typically best understood as a collection of stock-specific theses rather than a single factor trade.
The dispersion across sectors is already doing work; the main fragility sits in the names, not in the overall cluster structure.

AI-generated analysis. Not investment advice. Verify key facts independently.

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Diversification Metrics

Number of Effective Assets

The portfolio contains 4 assets, with an effective number of assets of 3.74, 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	1.71	1.63	1.57	1.51	1.48

The portfolio has a diversification ratio of 1.48, in line with the typical range across portfolios.

Michael Burry Portfolio correlation to the S&P 500 Index

Michael Burry Portfolio has a 0.38 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) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Jul 27, 2007	0.66

Benchmark Correlations

Correlation vs. S&P 500 Index. BRKR has the highest benchmark correlation at 0.54, while MOH has the lowest at 0.40.

0.40

0.51

0.53

0.54

Portfolio Correlations

Correlation vs. Michael Burry Portfolio. MOH has the highest portfolio correlation at 0.71, while SLM has the lowest at 0.57.

0.57

0.63

0.68

0.71

Asset Correlations Table

See how each holding historically moved in relation to the other holdings, the portfolio, and the selected benchmark.

	MOH	SLM	LULU	BRKR
MOH	1.00	0.24	0.24	0.32
SLM	0.24	1.00	0.30	0.32
LULU	0.24	0.30	1.00	0.36
BRKR	0.32	0.32	0.36	1.00

Based on daily historical returns since Jul 27, 2007

Diversification Analysis

Find what Michael Burry Portfolio is missing

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

Analyze Diversification