Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

HL

Currency in USD · Last updated May 23, 2025

Asset Allocation

Position	Category/Sector	Target Weight
AGNC AGNC Investment Corp.	Real Estate	1.48%
ATS.L Artemis Alpha Trust	Financial Services	22.94%
BGUK.L Baillie Gifford UK Growth Fund plc	Financial Services	1.25%
BP.L BP plc	Energy	1.11%
CWK.L Cranswick plc	Consumer Defensive	0.03%
HSBA.L HSBC Holdings plc	Financial Services	1.48%
JUP.L Jupiter Fund Management plc	Financial Services	3.47%
LGEN.L Legal & General Group plc	Financial Services	19.25%
NWG.L NatWest Group plc	Financial Services	4.49%
RGLD Royal Gold, Inc.	Basic Materials	1.98%
SPAXX Fidelity Government Money Market Fund	Money Market	1.52%
VOD Vodafone Group Plc	Communication Services	41%

Benchmark

S&P 500

Rebalance

Performance

Performance Chart

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The earliest data available for this chart is Jun 16, 2010, corresponding to the inception date of JUP.L

Returns By Period

As of May 23, 2025, the HL returned 17.06% Year-To-Date and 0.49% of annualized return in the last 10 years.

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	-1.34%	7.94%	-2.79%	10.16%	14.45%	10.68%
HL	16.90%	7.38%	16.97%	17.26%	8.55%	0.61%
Portfolio components:
AGNC AGNC Investment Corp.	0.86%	4.05%	-2.17%	7.19%	4.80%	3.72%
ATS.L Artemis Alpha Trust	0.00%	0.00%	1.24%	0.70%	10.83%	2.46%
BGUK.L Baillie Gifford UK Growth Fund plc	18.37%	12.34%	19.19%	23.18%	7.39%	2.37%
CWK.L Cranswick plc	19.22%	7.54%	15.24%	32.48%	12.77%	13.73%
SPAXX Fidelity Government Money Market Fund	0.65%	0.00%	1.37%	3.90%	2.32%	1.28%
HSBA.L HSBC Holdings plc	24.54%	5.91%	34.79%	42.57%	27.12%	7.82%
JUP.L Jupiter Fund Management plc	6.38%	20.26%	12.85%	11.04%	-11.37%	-12.20%
LGEN.L Legal & General Group plc	20.02%	3.66%	24.27%	13.79%	15.69%	4.76%
NWG.L NatWest Group plc	45.87%	12.13%	49.88%	91.57%	47.89%	6.08%
RGLD Royal Gold, Inc.	37.80%	0.01%	21.94%	42.04%	6.96%	12.36%
VOD Vodafone Group Plc	23.32%	12.58%	19.93%	20.91%	-0.86%	-6.01%
BP.L BP plc	1.03%	3.31%	0.94%	-16.43%	10.51%	2.29%

*Annualized

Monthly Returns

The table below presents the monthly returns of HL, 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	1.66%	2.57%	3.07%	3.57%	5.03%								16.90%
2024	-1.45%	1.38%	2.78%	-1.96%	10.43%	-4.43%	5.95%	2.26%	3.44%	-6.05%	-0.20%	-1.99%	9.41%
2023	10.58%	0.89%	-5.71%	5.63%	-11.17%	2.21%	2.97%	-4.47%	-0.94%	-7.00%	10.01%	4.19%	4.79%
2022	5.99%	-2.30%	-5.04%	-8.11%	4.59%	-8.01%	2.05%	-8.14%	-14.46%	6.53%	9.62%	-3.93%	-21.81%
2021	-1.34%	4.24%	5.44%	3.85%	2.45%	-5.64%	-1.86%	2.72%	-4.99%	0.41%	-3.70%	3.89%	4.75%
2020	-1.31%	-13.58%	-22.02%	5.64%	7.35%	3.02%	-1.55%	3.83%	-10.23%	0.53%	29.68%	5.92%	-1.55%
2019	5.45%	1.65%	0.21%	2.09%	-10.24%	4.56%	1.91%	-2.49%	6.43%	6.51%	3.34%	5.50%	26.40%
2018	4.51%	-8.73%	-0.96%	5.31%	-4.98%	-1.48%	-0.47%	-7.60%	0.36%	-9.62%	4.19%	-7.01%	-24.71%
2017	2.16%	1.97%	2.92%	4.83%	6.88%	-0.25%	3.39%	-1.31%	1.14%	2.15%	4.27%	2.27%	34.72%
2016	-7.15%	-4.97%	6.25%	3.23%	2.65%	-13.39%	4.31%	1.18%	-1.80%	-5.44%	-0.42%	2.60%	-13.85%
2015	0.00%	2.04%	-5.97%	5.85%	5.35%	-2.48%	2.51%	-6.94%	-5.38%	4.70%	-0.64%	-3.16%	-5.12%
2014	-1.64%	3.76%	-9.07%	3.44%	-1.49%	0.59%	0.51%	1.79%	-5.15%	-0.56%	5.76%	-3.60%	-6.42%

Expense Ratio

HL 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.

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of HL is 61, indicating average performance compared to other portfolios on our website. Here’s 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
AGNC AGNC Investment Corp.	0.32	0.38	1.05	0.15	0.55
ATS.L Artemis Alpha Trust	0.04	0.16	1.03	0.01	0.03
BGUK.L Baillie Gifford UK Growth Fund plc	1.07	1.48	1.21	0.56	4.17
CWK.L Cranswick plc	1.41	2.02	1.30	2.12	5.89
SPAXX Fidelity Government Money Market Fund	2.98	—	—	—	—
HSBA.L HSBC Holdings plc	1.65	2.01	1.32	1.92	9.15
JUP.L Jupiter Fund Management plc	0.31	0.93	1.12	0.21	1.42
LGEN.L Legal & General Group plc	0.57	0.69	1.10	0.49	1.48
NWG.L NatWest Group plc	2.91	3.14	1.45	2.07	19.61
RGLD Royal Gold, Inc.	1.46	1.88	1.27	2.60	7.24
VOD Vodafone Group Plc	0.74	1.03	1.15	0.29	1.80
BP.L BP plc	-0.58	-0.49	0.93	-0.41	-0.95

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.

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

1-Year: 1.02
5-Year: 0.40
10-Year: 0.03
All Time: 0.28

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 HL 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

HL provided a 5.91% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	5.91%	6.61%	7.11%	6.56%	4.60%	4.56%	3.76%	5.74%	3.66%	5.37%	3.87%	9.36%
Portfolio components:
AGNC AGNC Investment Corp.	16.29%	15.64%	14.68%	13.91%	9.57%	10.00%	11.31%	12.31%	10.70%	12.69%	14.30%	11.96%
ATS.L Artemis Alpha Trust	2.16%	2.17%	0.01%	0.02%	0.01%	0.55%	0.02%	0.02%	0.03%	0.01%	1.09%	0.01%
BGUK.L Baillie Gifford UK Growth Fund plc	2.84%	3.14%	2.17%	2.36%	1.00%	1.37%	2.18%	3.69%	3.05%	3.12%	2.24%	1.42%
CWK.L Cranswick plc	1.72%	1.90%	2.14%	2.48%	1.93%	1.77%	1.67%	2.07%	1.38%	1.66%	1.82%	2.35%
SPAXX Fidelity Government Money Market Fund	4.48%	4.81%	4.68%	1.30%	0.01%	0.26%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%
HSBA.L HSBC Holdings plc	5.85%	6.10%	6.80%	4.11%	3.54%	0.00%	6.79%	5.83%	5.18%	5.79%	6.12%	4.88%
JUP.L Jupiter Fund Management plc	6.47%	7.61%	4.28%	12.88%	4.25%	6.06%	4.17%	6.17%	2.70%	3.40%	2.99%	3.51%
LGEN.L Legal & General Group plc	8.93%	8.98%	7.82%	7.50%	5.99%	6.60%	5.53%	6.77%	5.36%	5.63%	4.41%	3.94%
NWG.L NatWest Group plc	4.11%	4.35%	7.06%	10.80%	2.66%	2.77%	2.29%	0.92%	0.00%	0.00%	0.00%	0.00%
RGLD Royal Gold, Inc.	0.94%	1.21%	1.24%	1.24%	1.14%	1.05%	0.87%	1.17%	1.17%	1.45%	1.81%	1.36%
VOD Vodafone Group Plc	6.72%	8.29%	11.33%	9.27%	7.06%	6.18%	4.97%	9.20%	5.29%	9.18%	5.42%	19.75%
BP.L BP plc	6.93%	6.04%	4.79%	3.92%	4.70%	9.60%	6.78%	6.16%	5.93%	5.77%	7.45%	8.11%

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 HL. 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 HL was 49.80%, occurring on Mar 23, 2020. Recovery took 275 trading sessions.

The current HL drawdown is 8.09%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-49.8%	Jan 25, 2018	555	Mar 23, 2020	275	Apr 16, 2021	830
-41.19%	May 11, 2021	372	Oct 12, 2022	—	—	—
-31.49%	Feb 21, 2014	610	Jul 6, 2016	386	Jan 5, 2018	996
-20.61%	May 2, 2011	103	Sep 22, 2011	228	Aug 10, 2012	331
-9.68%	Nov 5, 2010	18	Nov 30, 2010	26	Jan 5, 2011	44

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 12 assets, with an effective number of assets of 3.81, 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

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	^GSPC	SPAXX	RGLD	AGNC	CWK.L	ATS.L	VOD	BP.L	JUP.L	NWG.L	HSBA.L	BGUK.L	LGEN.L	Portfolio
^GSPC	1.00	-0.03	0.19	0.41	0.24	0.22	0.45	0.35	0.37	0.37	0.41	0.42	0.43	0.51
SPAXX	-0.03	1.00	-0.02	-0.01	-0.02	-0.00	-0.03	-0.04	-0.05	-0.02	-0.02	-0.02	-0.04	-0.03
RGLD	0.19	-0.02	1.00	0.18	0.12	0.13	0.13	0.14	0.11	0.08	0.08	0.16	0.10	0.20
AGNC	0.41	-0.01	0.18	1.00	0.14	0.12	0.26	0.19	0.19	0.18	0.19	0.21	0.23	0.29
CWK.L	0.24	-0.02	0.12	0.14	1.00	0.24	0.25	0.24	0.35	0.29	0.28	0.38	0.35	0.37
ATS.L	0.22	-0.00	0.13	0.12	0.24	1.00	0.20	0.27	0.29	0.29	0.29	0.40	0.33	0.57
VOD	0.45	-0.03	0.13	0.26	0.25	0.20	1.00	0.35	0.33	0.35	0.39	0.36	0.41	0.80
BP.L	0.35	-0.04	0.14	0.19	0.24	0.27	0.35	1.00	0.39	0.43	0.50	0.45	0.46	0.50
JUP.L	0.37	-0.05	0.11	0.19	0.35	0.29	0.33	0.39	1.00	0.48	0.47	0.54	0.58	0.56
NWG.L	0.37	-0.02	0.08	0.18	0.29	0.29	0.35	0.43	0.48	1.00	0.62	0.50	0.64	0.61
HSBA.L	0.41	-0.02	0.08	0.19	0.28	0.29	0.39	0.50	0.47	0.62	1.00	0.51	0.60	0.59
BGUK.L	0.42	-0.02	0.16	0.21	0.38	0.40	0.36	0.45	0.54	0.50	0.51	1.00	0.60	0.60
LGEN.L	0.43	-0.04	0.10	0.23	0.35	0.33	0.41	0.46	0.58	0.64	0.60	0.60	1.00	0.73
Portfolio	0.51	-0.03	0.20	0.29	0.37	0.57	0.80	0.50	0.56	0.61	0.59	0.60	0.73	1.00

The correlation results are calculated based on daily price changes starting from Jun 17, 2010

Performance Analysis

Risk Analysis

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HL

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

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