Exchanges
Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
CBOE Cboe Global Markets, Inc. | Financial Services | 16.67% |
CME CME Group Inc. | Financial Services | 16.67% |
ENX.PA Euronext N.V. | Financial Services | 16.67% |
ICE Intercontinental Exchange, Inc. | Financial Services | 16.67% |
LSEG.L London Stock Exchange Group plc | Financial Services | 16.67% |
NDAQ Nasdaq, Inc. | Financial Services | 16.67% |
Performance
Performance Chart
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The earliest data available for this chart is Jun 20, 2014, corresponding to the inception date of ENX.PA
Returns By Period
As of May 31, 2025, the Exchanges returned 21.38% Year-To-Date and 18.53% of annualized return in the last 10 years.
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | 0.51% | 6.15% | -2.00% | 12.92% | 14.19% | 10.85% |
| Exchanges | 21.38% | 3.56% | 16.47% | 44.71% | 16.87% | 18.53% |
| Portfolio components: | ||||||
ICE Intercontinental Exchange, Inc. | 21.00% | 7.04% | 12.34% | 36.55% | 14.55% | 15.79% |
NDAQ Nasdaq, Inc. | 8.42% | 9.62% | 1.30% | 43.42% | 17.82% | 19.08% |
ENX.PA Euronext N.V. | 48.06% | -0.26% | 48.47% | 72.68% | 17.04% | 18.40% |
LSEG.L London Stock Exchange Group plc | 8.34% | -2.06% | 6.56% | 32.65% | 10.20% | 16.36% |
CBOE Cboe Global Markets, Inc. | 17.94% | 3.59% | 6.77% | 33.10% | 18.29% | 16.95% |
CME CME Group Inc. | 25.06% | 4.30% | 25.67% | 47.57% | 14.18% | 16.44% |
Monthly Returns
The table below presents the monthly returns of Exchanges, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 4.89% | 4.63% | 3.20% | 3.49% | 3.56% | 21.38% | |||||||
| 2024 | -0.51% | 3.52% | 2.49% | -4.58% | 1.98% | -0.52% | 6.84% | 8.78% | 1.16% | 0.93% | 4.94% | -4.05% | 22.09% |
| 2023 | 3.44% | -2.66% | 4.20% | 3.28% | -3.90% | 1.28% | 4.26% | 1.05% | -2.63% | 1.86% | 10.52% | 4.00% | 26.67% |
| 2022 | -5.83% | -2.60% | 4.30% | -8.11% | -3.18% | -1.80% | 6.28% | -3.28% | -7.66% | 3.50% | 10.24% | -5.71% | -14.65% |
| 2021 | -1.58% | 5.48% | -4.04% | 6.11% | 4.69% | 3.30% | 0.57% | 2.68% | -3.42% | 7.65% | -5.52% | 4.79% | 21.54% |
| 2020 | 5.69% | -8.12% | -11.19% | 9.38% | 7.53% | -1.99% | 5.61% | 5.76% | -3.53% | -7.94% | 8.24% | 6.39% | 13.54% |
| 2019 | 4.20% | 0.94% | -1.01% | 7.02% | 3.65% | 3.14% | 4.44% | 6.25% | 0.63% | -0.24% | -0.09% | 4.26% | 38.23% |
| 2018 | 6.86% | -1.15% | 2.67% | -0.95% | -1.63% | 1.59% | -2.07% | 5.35% | -3.07% | 2.50% | 0.08% | -4.97% | 4.63% |
| 2017 | 6.36% | -1.54% | 1.93% | 3.54% | 2.79% | 5.94% | 3.74% | 1.75% | 5.14% | -1.44% | 6.72% | 0.05% | 40.58% |
| 2016 | -1.16% | -4.55% | 5.04% | -2.55% | 5.69% | -4.84% | 7.44% | 2.03% | -2.61% | -3.82% | 3.89% | 5.15% | 8.93% |
| 2015 | -1.67% | 8.75% | 1.13% | -1.55% | 3.50% | -3.61% | 7.05% | -0.49% | 0.23% | 4.60% | 4.95% | -1.50% | 22.62% |
| 2014 | -0.32% | 1.21% | 3.76% | 0.09% | 5.55% | 6.35% | 4.94% | 23.41% |
Expense Ratio
Exchanges 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.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 98, Exchanges is among the top 2% of portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
ICE Intercontinental Exchange, Inc. | 1.95 | 2.49 | 1.39 | 2.54 | 7.25 |
NDAQ Nasdaq, Inc. | 1.81 | 2.48 | 1.37 | 2.15 | 8.07 |
ENX.PA Euronext N.V. | 3.28 | 3.76 | 1.52 | 3.45 | 25.98 |
LSEG.L London Stock Exchange Group plc | 1.42 | 1.73 | 1.27 | 1.85 | 9.42 |
CBOE Cboe Global Markets, Inc. | 1.41 | 2.02 | 1.26 | 2.37 | 7.14 |
CME CME Group Inc. | 2.65 | 3.59 | 1.52 | 3.45 | 25.92 |
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Dividends
Dividend yield
Exchanges provided a 1.72% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 1.72% | 1.91% | 2.09% | 2.26% | 1.51% | 1.67% | 1.62% | 1.96% | 2.00% | 2.28% | 2.02% | 1.56% |
| Portfolio components: | ||||||||||||
ICE Intercontinental Exchange, Inc. | 1.02% | 1.21% | 1.31% | 1.48% | 0.97% | 1.04% | 1.19% | 1.27% | 1.13% | 1.21% | 1.13% | 1.19% |
NDAQ Nasdaq, Inc. | 1.15% | 1.22% | 1.48% | 1.27% | 1.00% | 1.46% | 1.73% | 2.08% | 1.90% | 1.80% | 1.55% | 1.21% |
ENX.PA Euronext N.V. | 2.02% | 2.29% | 2.82% | 2.79% | 1.61% | 1.76% | 2.12% | 3.44% | 2.74% | 3.16% | 1.78% | 0.00% |
LSEG.L London Stock Exchange Group plc | 1.15% | 1.07% | 1.20% | 1.43% | 1.11% | 0.81% | 0.82% | 1.34% | 1.20% | 1.28% | 0.86% | 1.30% |
CBOE Cboe Global Markets, Inc. | 1.34% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.84% | 1.33% | 1.41% | 1.29% |
CME CME Group Inc. | 3.63% | 4.48% | 4.58% | 5.05% | 3.00% | 3.24% | 2.74% | 2.42% | 4.20% | 4.90% | 5.41% | 4.38% |
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 Exchanges. 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 Exchanges was 33.44%, occurring on Mar 23, 2020. Recovery took 98 trading sessions.
The current Exchanges drawdown is 0.35%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -33.44% | Feb 18, 2020 | 25 | Mar 23, 2020 | 98 | Aug 7, 2020 | 123 |
| -24.35% | Oct 20, 2021 | 257 | Oct 14, 2022 | 286 | Nov 22, 2023 | 543 |
| -12.61% | Sep 24, 2018 | 66 | Dec 24, 2018 | 79 | Apr 16, 2019 | 145 |
| -11.87% | Sep 3, 2020 | 40 | Oct 28, 2020 | 37 | Dec 18, 2020 | 77 |
| -10.77% | Nov 23, 2015 | 57 | Feb 11, 2016 | 72 | May 24, 2016 | 129 |
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 6 assets, with an effective number of assets of 6.00, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.
Asset Correlations Table
| ^GSPC | ENX.PA | LSEG.L | CBOE | CME | NDAQ | ICE | Portfolio | |
|---|---|---|---|---|---|---|---|---|
| ^GSPC | 1.00 | 0.25 | 0.31 | 0.26 | 0.38 | 0.60 | 0.55 | 0.55 |
| ENX.PA | 0.25 | 1.00 | 0.46 | 0.09 | 0.16 | 0.23 | 0.20 | 0.56 |
| LSEG.L | 0.31 | 0.46 | 1.00 | 0.11 | 0.17 | 0.28 | 0.24 | 0.57 |
| CBOE | 0.26 | 0.09 | 0.11 | 1.00 | 0.47 | 0.39 | 0.44 | 0.59 |
| CME | 0.38 | 0.16 | 0.17 | 0.47 | 1.00 | 0.51 | 0.61 | 0.68 |
| NDAQ | 0.60 | 0.23 | 0.28 | 0.39 | 0.51 | 1.00 | 0.65 | 0.72 |
| ICE | 0.55 | 0.20 | 0.24 | 0.44 | 0.61 | 0.65 | 1.00 | 0.73 |
| Portfolio | 0.55 | 0.56 | 0.57 | 0.59 | 0.68 | 0.72 | 0.73 | 1.00 |