L2 pa

Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

L2 pa

Currency in USD · Last updated May 23, 2025

Asset Allocation

Position	Category/Sector	Target Weight
AAPL Apple Inc	Technology	7.70%
AVGO Broadcom Inc.	Technology	5.80%
COST Costco Wholesale Corporation	Consumer Defensive	1.80%
DPZ Domino's Pizza, Inc.	Consumer Cyclical	5.70%
GLDM SPDR Gold MiniShares Trust	Precious Metals, Gold	14.70%
LLY Eli Lilly and Company	Healthcare	14.10%
MSFT Microsoft Corporation	Technology	5.40%
NVDA NVIDIA Corporation	Technology	4.30%
ORLY O'Reilly Automotive, Inc.	Consumer Cyclical	10.20%
PGR The Progressive Corporation	Financial Services	10.70%
RGR Sturm, Ruger & Company, Inc.	Industrials	2.50%
TJX The TJX Companies, Inc.	Consumer Cyclical	3%
UNH UnitedHealth Group Incorporated	Healthcare	7.50%
XEL Xcel Energy Inc.	Utilities	6.60%

Benchmark

S&P 500

Rebalance

Performance

Performance Chart

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The earliest data available for this chart is Jun 26, 2018, corresponding to the inception date of GLDM

Returns By Period

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	-0.67%	10.48%	-1.79%	10.08%	14.60%	10.64%
L2 pa	4.62%	0.50%	4.22%	18.91%	27.04%	N/A
Portfolio components:
AAPL Apple Inc	-19.40%	0.94%	-11.67%	5.97%	21.04%	21.10%
AVGO Broadcom Inc.	-0.26%	35.94%	41.42%	67.61%	56.76%	36.52%
COST Costco Wholesale Corporation	11.38%	4.11%	6.79%	27.63%	29.60%	23.78%
DPZ Domino's Pizza, Inc.	15.36%	-0.80%	8.96%	-4.47%	6.54%	17.28%
GLDM SPDR Gold MiniShares Trust	25.31%	-2.54%	23.09%	38.15%	13.48%	N/A
LLY Eli Lilly and Company	-7.01%	-13.40%	-4.27%	-10.31%	38.06%	27.69%
MSFT Microsoft Corporation	8.33%	24.23%	10.59%	6.46%	20.94%	27.31%
NVDA NVIDIA Corporation	-1.08%	34.32%	-9.42%	39.93%	71.34%	74.59%
ORLY O'Reilly Automotive, Inc.	15.09%	-2.06%	13.29%	37.66%	27.50%	19.79%
PGR The Progressive Corporation	18.00%	4.54%	7.33%	37.14%	32.61%	29.20%
RGR Sturm, Ruger & Company, Inc.	2.52%	-9.25%	-3.38%	-15.60%	-4.27%	-0.30%
TJX The TJX Companies, Inc.	7.93%	3.41%	8.87%	29.80%	21.03%	16.07%
UNH UnitedHealth Group Incorporated	-41.10%	-30.55%	-49.94%	-42.19%	1.95%	11.20%
XEL Xcel Energy Inc.	4.22%	-3.05%	-1.42%	29.14%	5.99%	10.64%

*Annualized

Monthly Returns

The table below presents the monthly returns of L2 pa, 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	3.15%	4.54%	-1.74%	1.81%	-3.01%								4.62%
2024	4.60%	5.72%	4.94%	-1.22%	3.84%	5.51%	0.97%	5.62%	1.29%	-1.55%	3.98%	-2.53%	35.36%
2023	2.86%	-1.45%	7.28%	3.46%	3.04%	5.14%	1.39%	2.45%	-2.64%	3.57%	5.87%	1.52%	37.21%
2022	-5.57%	-0.13%	5.87%	-6.20%	2.46%	-2.64%	5.57%	-3.81%	-5.19%	8.27%	6.39%	-3.08%	0.41%
2021	0.54%	-1.55%	2.95%	5.26%	2.71%	4.37%	3.30%	2.76%	-5.56%	7.40%	2.19%	7.67%	36.21%
2020	2.99%	-4.73%	-2.50%	11.91%	4.92%	4.34%	6.52%	4.94%	-1.72%	-4.52%	3.98%	7.07%	36.86%
2019	5.75%	3.24%	3.56%	0.69%	-3.49%	4.59%	0.83%	0.04%	0.73%	4.77%	3.88%	4.23%	32.45%
2018						-0.92%	3.62%	8.04%	1.84%	-3.61%	0.96%	-4.20%	5.32%

Expense Ratio

L2 pa has an expense ratio of 0.03%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

GLDM

SPDR Gold MiniShares Trust

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 88, L2 pa is among the top 12% 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.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.

Portfolio components

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
AAPL Apple Inc	0.18	0.49	1.07	0.18	0.56
AVGO Broadcom Inc.	1.08	1.78	1.24	1.58	4.36
COST Costco Wholesale Corporation	1.27	1.83	1.25	1.68	4.85
DPZ Domino's Pizza, Inc.	-0.14	-0.02	1.00	-0.20	-0.33
GLDM SPDR Gold MiniShares Trust	2.16	2.69	1.34	4.38	11.23
LLY Eli Lilly and Company	-0.27	-0.04	0.99	-0.32	-0.61
MSFT Microsoft Corporation	0.25	0.62	1.08	0.33	0.73
NVDA NVIDIA Corporation	0.67	1.26	1.16	1.09	2.67
ORLY O'Reilly Automotive, Inc.	1.82	2.56	1.31	2.05	11.80
PGR The Progressive Corporation	1.52	2.00	1.28	2.98	7.59
RGR Sturm, Ruger & Company, Inc.	-0.52	-0.46	0.93	-0.25	-0.97
TJX The TJX Companies, Inc.	1.60	2.65	1.33	3.10	9.93
UNH UnitedHealth Group Incorporated	-0.95	-1.13	0.80	-0.75	-2.50
XEL Xcel Energy Inc.	1.42	1.87	1.25	1.00	6.42

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.

L2 pa Sharpe ratios as of May 23, 2025 (values are recalculated daily):

1-Year: 1.28
5-Year: 1.89
All Time: 1.61

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 0.47 to 0.99, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of L2 pa compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.

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Dividends

Dividend yield

L2 pa provided a 1.03% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	1.03%	0.73%	0.87%	1.25%	1.52%	1.45%	1.48%	1.38%	1.36%	1.56%	1.53%	1.95%
Portfolio components:
AAPL Apple Inc	0.50%	0.40%	0.49%	0.70%	0.49%	0.61%	1.04%	1.79%	1.45%	1.93%	1.93%	1.67%
AVGO Broadcom Inc.	0.97%	0.94%	1.71%	3.02%	2.24%	3.05%	3.54%	3.11%	1.87%	1.43%	1.13%	1.22%
COST Costco Wholesale Corporation	0.47%	0.49%	2.87%	0.76%	0.54%	3.38%	0.86%	1.08%	4.81%	1.09%	4.06%	0.97%
DPZ Domino's Pizza, Inc.	1.30%	1.44%	1.17%	1.27%	0.67%	0.81%	0.89%	0.89%	0.97%	0.95%	1.11%	1.06%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LLY Eli Lilly and Company	0.78%	0.67%	0.78%	1.07%	1.23%	1.75%	1.96%	1.95%	2.46%	2.77%	2.37%	2.84%
MSFT Microsoft Corporation	0.71%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%	2.48%
NVDA NVIDIA Corporation	0.02%	0.02%	0.03%	0.11%	0.05%	0.12%	0.27%	0.46%	0.29%	0.45%	1.20%	1.70%
ORLY O'Reilly Automotive, 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%
PGR The Progressive Corporation	1.77%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%	5.53%
RGR Sturm, Ruger & Company, Inc.	2.01%	1.95%	2.79%	14.66%	4.94%	10.00%	1.74%	2.07%	2.44%	3.28%	1.85%	4.68%
TJX The TJX Companies, Inc.	1.20%	1.21%	1.38%	1.44%	1.37%	0.34%	1.45%	1.66%	1.57%	1.32%	1.14%	0.98%
UNH UnitedHealth Group Incorporated	2.83%	1.62%	1.38%	1.21%	1.12%	1.38%	1.41%	1.38%	1.30%	1.48%	1.59%	1.39%
XEL Xcel Energy Inc.	3.20%	2.43%	3.36%	2.78%	2.71%	2.58%	2.55%	3.09%	2.99%	3.34%	3.56%	3.34%

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 L2 pa. 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 L2 pa was 22.23%, occurring on Mar 20, 2020. Recovery took 39 trading sessions.

The current L2 pa drawdown is 3.01%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-22.23%	Feb 21, 2020	21	Mar 20, 2020	39	May 15, 2020	60
-12.68%	Apr 8, 2022	49	Jun 17, 2022	42	Aug 18, 2022	91
-12.24%	Oct 10, 2018	52	Dec 24, 2018	33	Feb 12, 2019	85
-11.94%	Aug 19, 2022	38	Oct 12, 2022	30	Nov 23, 2022	68
-9.46%	Dec 30, 2021	38	Feb 23, 2022	24	Mar 29, 2022	62

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 14 assets, with an effective number of assets of 10.81, 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.

	^GSPC	GLDM	RGR	XEL	DPZ	LLY	PGR	UNH	ORLY	TJX	NVDA	AVGO	COST	AAPL	MSFT	Portfolio
^GSPC	1.00	0.06	0.35	0.28	0.37	0.37	0.38	0.39	0.42	0.57	0.68	0.70	0.59	0.72	0.77	0.82
GLDM	0.06	1.00	0.03	0.13	0.05	0.01	-0.01	0.01	-0.01	-0.01	0.03	0.05	0.07	0.02	0.03	0.18
RGR	0.35	0.03	1.00	0.14	0.18	0.11	0.21	0.15	0.21	0.28	0.20	0.21	0.24	0.25	0.20	0.34
XEL	0.28	0.13	0.14	1.00	0.12	0.21	0.33	0.30	0.26	0.21	0.03	0.08	0.28	0.20	0.18	0.36
DPZ	0.37	0.05	0.18	0.12	1.00	0.18	0.13	0.17	0.26	0.28	0.32	0.27	0.32	0.29	0.31	0.45
LLY	0.37	0.01	0.11	0.21	0.18	1.00	0.28	0.30	0.25	0.23	0.23	0.25	0.31	0.27	0.31	0.60
PGR	0.38	-0.01	0.21	0.33	0.13	0.28	1.00	0.32	0.32	0.30	0.15	0.20	0.30	0.23	0.24	0.51
UNH	0.39	0.01	0.15	0.30	0.17	0.30	0.32	1.00	0.33	0.31	0.17	0.20	0.30	0.27	0.29	0.49
ORLY	0.42	-0.01	0.21	0.26	0.26	0.25	0.32	0.33	1.00	0.42	0.22	0.25	0.40	0.30	0.31	0.55
TJX	0.57	-0.01	0.28	0.21	0.28	0.23	0.30	0.31	0.42	1.00	0.32	0.36	0.42	0.36	0.37	0.51
NVDA	0.68	0.03	0.20	0.03	0.32	0.23	0.15	0.17	0.22	0.32	1.00	0.66	0.42	0.56	0.64	0.61
AVGO	0.70	0.05	0.21	0.08	0.27	0.25	0.20	0.20	0.25	0.36	0.66	1.00	0.42	0.54	0.59	0.63
COST	0.59	0.07	0.24	0.28	0.32	0.31	0.30	0.30	0.40	0.42	0.42	0.42	1.00	0.46	0.51	0.61
AAPL	0.72	0.02	0.25	0.20	0.29	0.27	0.23	0.27	0.30	0.36	0.56	0.54	0.46	1.00	0.67	0.65
MSFT	0.77	0.03	0.20	0.18	0.31	0.31	0.24	0.29	0.31	0.37	0.64	0.59	0.51	0.67	1.00	0.69
Portfolio	0.82	0.18	0.34	0.36	0.45	0.60	0.51	0.49	0.55	0.51	0.61	0.63	0.61	0.65	0.69	1.00

The correlation results are calculated based on daily price changes starting from Jun 27, 2018

Performance Analysis

Risk Analysis

Optimization

Factor Model

L2 pa

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Expense Ratio

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

Risk-Adjusted Performance Indicators

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table

Performance Analysis

Risk Analysis

Optimization

Factor Model

Portfolios

Screeners

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