Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
HCC Warrior Met Coal, Inc. | Basic Materials | 39.50% |
RIG Transocean Ltd. | Energy | 27.80% |
AMR Alpha Metallurgical Resources, Inc. | Basic Materials | 27% |
VAL Valaris Limited | Energy | 5.70% |
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Performance Chart
The chart shows the growth of an initial investment of $10,000 in Mohnish Pabrai 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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Returns By Period
| Position | 1D | 1M | 6M | YTD | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.38% | 0.24% | 9.32% | 10.62% | 21.28% | 18.90% | 11.84% | 13.36% |
Portfolio Mohnish Pabrai Portfolio | -1.65% | -14.84% | -11.92% | 1.38% | 68.24% | 10.00% | 36.80% | — |
| Portfolio components: | ||||||||
AMR Alpha Metallurgical Resources, Inc. | -0.89% | -19.82% | -38.88% | -23.67% | 31.99% | -0.25% | 46.12% | — |
HCC Warrior Met Coal, Inc. | -1.78% | -14.64% | -19.67% | -7.00% | 62.98% | 30.12% | 39.56% | — |
RIG Transocean Ltd. | -2.07% | -10.81% | 18.72% | 25.91% | 96.97% | -12.68% | 8.24% | -8.14% |
VAL Valaris Limited | -1.97% | -11.23% | 40.68% | 52.66% | 64.89% | 3.86% | 23.30% | — |
Monthly Returns
Based on dividend-adjusted daily data since May 3, 2021, Mohnish Pabrai Portfolio's average daily return is +0.18%, while the average monthly return is +3.70%. At this rate, an investment would double in approximately 1.6 years.
Historically, 65% of months were positive and 35% were negative. The best month was Oct 2022 with a return of +34.1%, while the worst month was Dec 2024 at -18.6%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.
On a daily basis, Mohnish Pabrai Portfolio closed higher 53% of trading days. The best single day was Feb 1, 2022 with a return of +11.3%, while the worst single day was Mar 14, 2022 at -12.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.35% | 5.10% | 9.79% | -2.78% | 0.42% | -17.24% | 0.35% | 1.38% | |||||
| 2025 | -1.55% | -18.62% | 0.26% | -10.93% | 0.05% | 2.18% | 10.48% | 15.87% | 5.26% | 11.41% | 8.46% | 7.92% | 28.54% |
| 2024 | 2.42% | -9.10% | 7.34% | -0.97% | 4.48% | -10.20% | 8.02% | -15.79% | -1.74% | -3.59% | 9.00% | -18.64% | -29.04% |
| 2023 | 20.02% | 3.26% | -6.19% | -6.38% | -5.19% | 20.38% | 15.47% | -2.26% | 18.34% | -11.94% | 12.91% | 9.96% | 81.38% |
| 2022 | 6.43% | 24.51% | 27.82% | -3.22% | 4.84% | -16.38% | 4.76% | 7.88% | -17.26% | 34.13% | 4.82% | -2.15% | 84.86% |
| 2021 | 28.81% | 13.01% | 0.24% | 21.48% | 13.57% | 5.82% | -15.84% | 15.26% | 106.66% |
Benchmark Metrics
Mohnish Pabrai Portfolio has an annualized alpha of 40.33%, beta of 0.93, and R2 of 0.12 versus S&P 500 Index. Calculated based on daily prices since May 03, 2021.
- This portfolio captured 197.47% of S&P 500 Index gains but only 73.69% of its losses - a favorable profile for investors.
- R2 of 0.12 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
- 40.33%
- Beta
- 0.93
- R²
- 0.12
- Upside Capture
- 197.47%
- Downside Capture
- 73.69%
Expense Ratio
Mohnish Pabrai 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.
Return for Risk
Risk / Return Rank
Mohnish Pabrai Portfolio ranks 38 for risk / return — below 38% 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.
Return / Risk — by metrics
The table below presents risk-adjusted performance metrics for Mohnish Pabrai 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 | 1.61 | 1.70 | -0.09 |
| Sortino ratioReturn per unit of downside risk | 2.31 | 2.34 | -0.03 |
| Omega ratioGain probability vs. loss probability | 1.27 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.35 | +0.22 |
| Martin ratioReturn relative to average drawdown | 7.96 | 10.19 | -2.23 |
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 |
|---|---|---|---|---|---|---|
AMR Alpha Metallurgical Resources, Inc. | 63 | 0.55 | 1.21 | 1.13 | 0.78 | 1.72 |
HCC Warrior Met Coal, Inc. | 79 | 1.15 | 2.00 | 1.24 | 2.15 | 5.29 |
RIG Transocean Ltd. | 86 | 1.81 | 2.34 | 1.30 | 2.73 | 8.46 |
VAL Valaris Limited | 79 | 1.09 | 2.02 | 1.25 | 1.81 | 5.28 |
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Dividends
Dividend yield
Mohnish Pabrai Portfolio provided a 0.15% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 0.15% | 0.14% | 0.60% | 0.91% | 2.90% | 0.31% | 0.37% | 8.63% | 11.03% | 17.84% | 0.00% | 2.36% |
| Portfolio components: | ||||||||||||
AMR Alpha Metallurgical Resources, Inc. | 0.00% | 0.00% | 0.00% | 0.57% | 4.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HCC Warrior Met Coal, Inc. | 0.39% | 0.36% | 1.51% | 1.90% | 4.45% | 0.78% | 0.94% | 21.85% | 27.91% | 45.17% | 0.00% | 0.00% |
RIG Transocean Ltd. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.48% |
VAL Valaris Limited | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 Mohnish Pabrai 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 Mohnish Pabrai Portfolio was 56.91%, occurring on Apr 4, 2025. Recovery took 212 trading sessions.
The current Mohnish Pabrai Portfolio drawdown is 24.25%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-56.91%Apr 2025 | 1y 2mo | 10mo 11d | 2y 18dJan 2024 - Feb 2026 | 2025 selloff2025 |
-37.11%Sep 2022 | 3mo 17d | 3mo 22d | 7mo 9dJun 2022 - Jan 2023 | Bear market2022 |
-26.73%Jul 2026 | 1mo 4d | — | 1mo 13dJun 2026 - now | — |
-25.01%Dec 2021 | 1mo 13d | 1mo 11d | 2mo 24dOct 2021 - Jan 2022 | — |
-23.68%May 2023 | 2mo 26d | 1mo 24d | 4mo 20dMar 2023 - Jul 2023 | — |
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 concentrated bet on two cyclical trades, one in offshore drilling and one in coal, with a small second-order sleeve in another driller. The diversification is real but modest; the math says this is mostly one macro story wearing four tickers.
The numbers
- The diversification ratio is 1.26-1.32, around the 49th-53rd percentile on the platform, which is fine, but only in the sense that it is not trying to be clever about hiding its common factor.
- The effective asset count is 3.23 of 4, so the weights are not mechanically overstuffed in one name; the issue is correlation, not raw position count.
- Pairwise correlations average 0.49, with tight links inside the two clusters: HCC (Basic Materials) / AMR (Basic Materials) at 0.73 and RIG (Energy) / VAL (Energy) at 0.76.
The good
- The portfolio does have two distinct clusters, so there is some separation between coal and offshore drilling rather than a single undifferentiated energy bet.
- Position weights are spread enough that no single name entirely dominates the outcome, which helps keep one idiosyncratic blowup from defining the whole thing.
The bad
- The portfolio’s largest positions sit in sectors that often respond to the same broad inputs: commodity pricing, capital discipline, and recession-sensitive demand.
- Position-to-portfolio correlations are high — 0.85 for HCC and 0.83 for AMR — so each of the coal names is mostly the portfolio, just with different tickers.
The ugly
- If energy and bulk-materials sell off together because industrial activity softens, the cluster structure stops being comforting and starts being arithmetic.
- In that sort of tape, the RIG-VAL pair and the HCC-AMR pair can both move the same way, which leaves the portfolio with fewer independent sources of risk than the ticker count suggests.
Next steps
- Portfolios with this correlation profile are usually complemented by exposures whose earnings drivers sit outside the commodity and capital-cycle complex.
- The 1Y DR being only slightly above the long-run figures suggests the cross-asset benefit has not materially improved recently.
- The clustering data fits a portfolio expressing two related cyclical views more cleanly than a broad diversification agenda.
Diversification Metrics
Number of Effective Assets
The portfolio contains 4 assets, with an effective number of assets of 3.23, reflecting the diversification based on asset allocation. Your capital is well-distributed across most of your holdings, with only mild concentration in a few names. True diversification also depends on the correlations between assets — check the diversification ratio below.
Diversification Ratio
1Y | 3Y | 5Y | All Time | |
|---|---|---|---|---|
Diversification Ratio | 1.32 | 1.29 | 1.26 | 1.26 |
The portfolio has a diversification ratio of 1.26, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.
Mohnish Pabrai Portfolio correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since May 3, 2021 | 0.30 |
Benchmark Correlations
Correlation vs. S&P 500 Index. RIG has the highest benchmark correlation at 0.30, while HCC has the lowest at 0.23.
Asset Correlations Table
Find what Mohnish Pabrai Portfolio is missing
See which holdings overlap, where Mohnish Pabrai Portfolio is concentrated, and which low-correlation assets could fill the gaps.
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