Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
ARG.PA Argan SA | Real Estate | 25% |
COV.PA Covivio SA | Real Estate | 25% |
GFC.PA Gecina SA | Real Estate | 25% |
LI.PA Klepierre SA | Real Estate | 25% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Real Estate, 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 Jun 25, 2007, corresponding to the inception date of ARG.PA
Returns By Period
As of Apr 3, 2026, the Real Estate returned -6.34% Year-To-Date and 5.98% of annualized return in the last 10 years.
| 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 Real Estate | -0.28% | -4.80% | -6.34% | -6.29% | 8.31% | 8.09% | 2.48% | 5.98% |
| Portfolio components: | ||||||||
COV.PA Covivio SA | 0.20% | -4.96% | -4.30% | -4.23% | 15.81% | 7.44% | -1.40% | 0.84% |
LI.PA Klepierre SA | 0.32% | -0.80% | 0.98% | 3.62% | 22.11% | 26.24% | 17.75% | 4.16% |
GFC.PA Gecina SA | 0.70% | -2.88% | -11.93% | -16.76% | -7.71% | -2.33% | -5.18% | -0.20% |
ARG.PA Argan SA | -2.34% | -10.27% | -9.94% | -7.18% | 4.30% | 0.24% | -2.76% | 14.06% |
Monthly Returns
Based on dividend-adjusted daily data since Jun 26, 2007, Real Estate's average daily return is +0.04%, while the average monthly return is +0.81%. At this rate, your investment would double in approximately 7.2 years.
Historically, 56% of months were positive and 44% were negative. The best month was Nov 2020 with a return of +33.8%, while the worst month was Oct 2008 at -36.1%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 7 months.
On a daily basis, Real Estate closed higher 52% of trading days. The best single day was Mar 20, 2020 with a return of +19.2%, while the worst single day was Mar 12, 2020 at -15.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.45% | 8.28% | -13.98% | 3.08% | -6.34% | ||||||||
| 2025 | 4.45% | 1.54% | 5.04% | 5.98% | 6.88% | 2.89% | -1.86% | 0.61% | 0.88% | -2.32% | -0.11% | 2.38% | 29.20% |
| 2024 | -6.84% | -7.52% | 10.56% | -1.05% | 5.61% | -9.32% | 8.04% | 6.47% | 5.33% | -6.48% | -4.87% | -7.64% | -10.15% |
| 2023 | 11.32% | -1.24% | -8.85% | 6.48% | -9.07% | 2.40% | 5.01% | 1.61% | -9.51% | -1.88% | 13.87% | 9.82% | 17.70% |
| 2022 | 0.89% | -0.05% | -0.97% | -7.81% | 2.30% | -20.54% | 12.58% | -10.15% | -13.87% | 8.61% | 9.38% | 2.55% | -20.56% |
| 2021 | -1.46% | -1.54% | -1.91% | 9.34% | 8.34% | -1.86% | 4.17% | 0.09% | -9.63% | 3.32% | -4.87% | 5.25% | 7.84% |
Benchmark Metrics
Real Estate has an annualized alpha of 3.81%, beta of 0.56, and R² of 0.18 versus S&P 500 Index. Calculated based on daily prices since June 26, 2007.
- This portfolio participated in 113.78% of S&P 500 Index downside but only 106.09% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.56 may look defensive, but with R² of 0.18 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
- R² of 0.18 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
- 3.81%
- Beta
- 0.56
- R²
- 0.18
- Upside Capture
- 106.09%
- Downside Capture
- 113.78%
Expense Ratio
Real Estate 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
Real Estate ranks 10 for risk / return — in the bottom 10% of portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.40 | 0.88 | -0.48 |
Sortino ratioReturn per unit of downside risk | 0.69 | 1.37 | -0.67 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.21 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.99 | 1.39 | -0.40 |
Martin ratioReturn relative to average drawdown | 2.73 | 6.43 | -3.70 |
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 | |
|---|---|---|---|---|---|---|
COV.PA Covivio SA | 62 | 0.59 | 0.99 | 1.14 | 1.58 | 4.62 |
LI.PA Klepierre SA | 73 | 1.09 | 1.60 | 1.20 | 2.37 | 5.46 |
GFC.PA Gecina SA | 27 | -0.33 | -0.33 | 0.96 | -0.17 | -0.40 |
ARG.PA Argan SA | 48 | 0.18 | 0.40 | 1.05 | 0.68 | 2.25 |
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Dividends
Dividend yield
Real Estate provided a 6.04% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 6.04% | 4.75% | 5.36% | 5.08% | 5.91% | 3.97% | 5.05% | 3.98% | 4.91% | 2.91% | 3.90% | 3.41% |
| Portfolio components: | ||||||||||||
COV.PA Covivio SA | 4.68% | 1.79% | 6.77% | 5.05% | 6.76% | 4.99% | 6.37% | 4.55% | 5.34% | 1.09% | 3.72% | 1.58% |
LI.PA Klepierre SA | 5.56% | 5.48% | 3.60% | 6.93% | 7.90% | 4.80% | 7.35% | 6.20% | 7.27% | 4.96% | 4.55% | 3.90% |
GFC.PA Gecina SA | 7.89% | 6.74% | 5.86% | 4.81% | 5.57% | 4.31% | 4.20% | 3.45% | 4.69% | 3.30% | 3.80% | 4.15% |
ARG.PA Argan SA | 6.05% | 5.00% | 5.21% | 3.52% | 3.43% | 1.80% | 2.27% | 1.74% | 2.32% | 2.29% | 3.52% | 3.99% |
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 Real Estate. 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 Real Estate was 69.48%, occurring on Mar 9, 2009. Recovery took 421 trading sessions.
The current Real Estate drawdown is 11.34%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -69.48% | May 22, 2008 | 205 | Mar 9, 2009 | 421 | Oct 28, 2010 | 626 |
| -46.65% | Feb 20, 2020 | 20 | Mar 18, 2020 | 291 | May 10, 2021 | 311 |
| -45.54% | Jun 10, 2021 | 337 | Sep 27, 2022 | 730 | Aug 6, 2025 | 1067 |
| -42.85% | Jun 8, 2011 | 123 | Nov 25, 2011 | 368 | May 8, 2013 | 491 |
| -26.98% | Jul 20, 2007 | 129 | Jan 21, 2008 | 64 | Apr 22, 2008 | 193 |
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 4 assets, with an effective number of assets of 4.00, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| Benchmark | ARG.PA | LI.PA | GFC.PA | COV.PA | Portfolio | |
|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.18 | 0.34 | 0.35 | 0.34 | 0.37 |
| ARG.PA | 0.18 | 1.00 | 0.29 | 0.36 | 0.36 | 0.59 |
| LI.PA | 0.34 | 0.29 | 1.00 | 0.67 | 0.70 | 0.83 |
| GFC.PA | 0.35 | 0.36 | 0.67 | 1.00 | 0.73 | 0.85 |
| COV.PA | 0.34 | 0.36 | 0.70 | 0.73 | 1.00 | 0.86 |
| Portfolio | 0.37 | 0.59 | 0.83 | 0.85 | 0.86 | 1.00 |