Defensive: ibta smh minv tdiv iaup

Asset Allocation

Position	Category/Sector	Target Weight
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	Government Bonds, Short-Term Bond	43%
SMH VanEck Semiconductor ETF	Semiconductors, Technology Equities	22%
MINV.L iShares Edge MSCI World Minimum Volatility UCITS ETF	Global Equities	15%
TDIV.AS VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	Global Equity Income	15%
PHAU.AS WisdomTree Physical Gold UCITS ETC	Gold	5%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of €10,000 in Defensive: ibta smh minv tdiv iaup, 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 year.

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Returns By Period

As of Jun 6, 2026, the Defensive: ibta smh minv tdiv iaup returned 16.31% Year-To-Date and 12.81% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-1.86%	2.09%	9.98%	8.60%	21.69%	16.96%	13.01%	13.17%
Portfolio Defensive: ibta smh minv tdiv iaup	-2.54%	1.94%	16.31%	16.22%	29.96%	18.27%	15.18%	12.81%
Portfolio components:
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	0.34%	1.75%	1.91%	1.42%	1.94%	1.46%	2.88%	1.58%
MINV.L iShares Edge MSCI World Minimum Volatility UCITS ETF	0.55%	3.09%	2.49%	2.36%	0.38%	6.70%	6.30%	6.85%
PHAU.AS WisdomTree Physical Gold UCITS ETC	0.56%	-3.87%	4.61%	5.97%	31.05%	27.67%	19.40%	12.91%
SMH VanEck Semiconductor ETF	-8.49%	2.87%	61.29%	58.46%	123.62%	54.50%	37.59%	35.83%
TDIV.AS VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	0.25%	1.38%	9.89%	12.76%	24.86%	19.97%	17.52%	12.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since May 24, 2016, Defensive: ibta smh minv tdiv iaup's average daily return is +0.05%, while the average monthly return is +1.03%. At this rate, an investment would double in approximately 5.6 years.

Historically, 68% of months were positive and 32% were negative. The best month was Apr 2026 with a return of +6.2%, while the worst month was Mar 2020 at -5.3%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.

On a daily basis, Defensive: ibta smh minv tdiv iaup closed higher 54% of trading days. The best single day was Nov 16, 2023 with a return of +3.4%, while the worst single day was Mar 9, 2020 at -4.7%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	3.12%	2.72%	-1.16%	6.20%	5.44%	-0.79%							16.31%
2025	2.05%	0.51%	-4.54%	-3.75%	2.98%	0.48%	3.52%	-0.52%	3.47%	4.46%	0.44%	0.53%	9.59%
2024	3.97%	3.25%	3.37%	-0.98%	2.80%	3.46%	-0.57%	-1.07%	0.46%	1.33%	3.48%	0.87%	22.15%
2023	3.54%	1.24%	1.42%	-1.99%	6.02%	-0.01%	1.78%	0.13%	-0.40%	-1.39%	3.37%	3.18%	17.92%
2022	-1.82%	-0.57%	2.05%	0.59%	-0.20%	-3.29%	5.90%	-1.44%	-2.46%	0.94%	1.49%	-4.30%	-3.47%
2021	1.22%	1.92%	4.77%	-1.65%	0.35%	3.45%	0.85%	1.42%	-0.68%	2.42%	4.59%	2.16%	22.66%

Benchmark Metrics

Defensive: ibta smh minv tdiv iaup has an annualized alpha of 6.62%, beta of 0.45, and R2 of 0.65 versus S&P 500 Index. Calculated based on daily prices since May 24, 2016.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (59.58%) than losses (38.64%) - typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 6.62% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
Beta of 0.45 indicates this portfolio moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.

Alpha: 6.62%

Beta: 0.45

R²: 0.65

Upside Capture: 59.58%

Downside Capture: 38.64%

Expense Ratio

Defensive: ibta smh minv tdiv iaup has an expense ratio of 0.24%, 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.

PHAU.AS

WisdomTree Physical Gold UCITS ETC

TDIV.AS

VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF

MINV.L

iShares Edge MSCI World Minimum Volatility UCITS ETF

SMH

VanEck Semiconductor ETF

IBTS.L

iShares $ Treasury Bond 1-3yr UCITS ETF

Return for Risk

Risk / Return Rank

Defensive: ibta smh minv tdiv iaup ranks 91 for risk / return — in the top 91% of Portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for Defensive: ibta smh minv tdiv iaup and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	3.23	1.90	+1.33
Sortino ratioReturn per unit of downside risk	4.36	2.48	+1.88
Omega ratioGain probability vs. loss probability	1.61	1.35	+0.26
Calmar ratioReturn relative to maximum drawdown	9.92	3.12	+6.80
Martin ratioReturn relative to average drawdown	32.91	11.62	+21.29
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.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	16	0.41	0.63	1.07	0.68	1.56
MINV.L iShares Edge MSCI World Minimum Volatility UCITS ETF	11	0.14	0.25	1.03	0.20	0.44
PHAU.AS WisdomTree Physical Gold UCITS ETC	38	1.27	1.71	1.25	1.75	4.43
SMH VanEck Semiconductor ETF	95	4.00	4.13	1.58	10.25	35.30
TDIV.AS VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	91	2.79	3.99	1.51	7.19	19.93

Sharpe Ratio

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.

Defensive: ibta smh minv tdiv iaup Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: 3.23
5-Year: 1.48
10-Year: 1.22
All Time: 1.23

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 1.64 to 2.53, 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 Defensive: ibta smh minv tdiv iaup compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Defensive: ibta smh minv tdiv iaup provided a 2.23% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.23%	2.42%	2.50%	2.20%	1.26%	0.97%	1.56%	2.02%	1.79%	1.34%	0.63%	0.68%
Portfolio components:
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF	3.98%	4.22%	4.12%	3.08%	0.75%	0.61%	1.84%	2.39%	1.49%	1.01%	0.67%	0.49%
MINV.L iShares Edge MSCI World Minimum Volatility UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHAU.AS WisdomTree Physical Gold UCITS ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
TDIV.AS VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	3.19%	3.58%	4.19%	4.98%	4.55%	3.98%	4.12%	4.40%	4.93%	3.95%	1.11%	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 Defensive: ibta smh minv tdiv iaup. 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 Defensive: ibta smh minv tdiv iaup was 17.56%, occurring on Mar 16, 2020. Recovery took 210 trading sessions.

The current Defensive: ibta smh minv tdiv iaup drawdown is 3.21%.

Related event	Drawdown	Fall	Recovery	Underwater
COVID crash2020	-17.56%Mar 2020	25d	9mo 27d	10mo 22dFeb 2020 - Jan 2021
2025 selloff2025	-12.51%Apr 2025	2mo	5mo 13d	7mo 13dFeb 2025 - Oct 2025
2024 pullback2024	-7.89%Aug 2024	25d	2mo 10d	3mo 5dJul 2024 - Oct 2024
2017 pullback2017	-7.74%Aug 2017	4mo 21d	2mo 6d	6mo 27dApr 2017 - Nov 2017
Bear market2022	-7.73%Dec 2022	4mo 4d	4mo 28d	9mo 2dAug 2022 - May 2023

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 5 assets, with an effective number of assets of 3.56, 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	10Y	All Time
Diversification Ratio	1.58	1.64	1.63	1.53	1.53

The portfolio has a diversification ratio of 1.53, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

Defensive: ibta smh minv tdiv iaup correlation to the S&P 500 Index

Defensive: ibta smh minv tdiv iaup has a 0.76 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 24, 2016	0.81

Benchmark Correlations

Correlation vs. S&P 500 Index. SMH has the highest benchmark correlation at 0.76, while PHAU.AS has the lowest at 0.01.

0.01

0.28

0.42

0.50

0.76

Portfolio Correlations

Correlation vs. Defensive: ibta smh minv tdiv iaup. SMH has the highest portfolio correlation at 0.84, while PHAU.AS has the lowest at 0.12.

0.12

0.46

0.47

0.59

0.84

Asset Correlations Table

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

	PHAU.AS	IBTS.L	TDIV.AS	SMH	MINV.L
PHAU.AS	1.00	0.11	0.00	-0.02	0.09
IBTS.L	0.11	1.00	0.02	0.10	0.40
TDIV.AS	0.00	0.02	1.00	0.28	0.59
SMH	-0.02	0.10	0.28	1.00	0.25
MINV.L	0.09	0.40	0.59	0.25	1.00

The correlation results are calculated based on daily price changes starting from May 24, 2016

Diversification Analysis

Find what Defensive: ibta smh minv tdiv iaup is missing

See which holdings overlap, where Defensive: ibta smh minv tdiv iaup is concentrated, and which low-correlation assets could fill the gaps.

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