Beta Top to Bottom

Asset Allocation

Position	Category/Sector	Target Weight
BCH Banco de Chile	Financial Services	4%
BNTX BioNTech SE	Healthcare	4%
CI Cigna Corporation	Healthcare	4%
COLD Americold Realty Trust	Real Estate	4%
EDU New Oriental Education & Technology Group Inc.	Consumer Defensive	4%
FCN FTI Consulting, Inc.	Industrials	4%
GIS General Mills, Inc.	Consumer Defensive	4%
HSY The Hershey Company	Consumer Defensive	4%
HUM Humana Inc.	Healthcare	4%
K Kellogg Company	Consumer Defensive	4%
LLY Eli Lilly and Company	Healthcare	4%
MCK McKesson Corporation	Healthcare	4%
MFG Mizuho Financial Group, Inc.	Financial Services	4%
MOH Molina Healthcare, Inc.	Healthcare	4%
NBTX Nanobiotix S.A.	Healthcare	4%
NEE NextEra Energy, Inc.	Utilities	4%
NVO Novo Nordisk A/S	Healthcare	4%
PEN Penumbra, Inc.	Healthcare	4%
PGR The Progressive Corporation	Financial Services	4%
QLYS Qualys, Inc.	Technology	4%
REGN Regeneron Pharmaceuticals, Inc.	Healthcare	4%
TMUS T-Mobile US, Inc.	Communication Services	4%
UNH UnitedHealth Group Incorporated	Healthcare	4%
WMT Walmart Inc.	Consumer Defensive	4%
YUMC Yum China Holdings, Inc.	Consumer Cyclical	4%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Beta Top to Bottom, 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.

Loading graphics...

The earliest data available for this chart is Dec 11, 2020, corresponding to the inception date of NBTX

Returns By Period

	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 Beta Top to Bottom	0.04%	-3.41%	-2.08%	2.73%	12.60%	11.62%	12.36%	—
Portfolio components:
FCN FTI Consulting, Inc.	2.58%	10.24%	7.32%	14.93%	13.68%	-2.55%	5.22%	17.80%
REGN Regeneron Pharmaceuticals, Inc.	-1.98%	-0.63%	-1.18%	27.29%	22.44%	-2.45%	10.06%	6.59%
GIS General Mills, Inc.	0.56%	-15.99%	-18.39%	-23.64%	-33.62%	-21.16%	-6.00%	-1.98%
BNTX BioNTech SE	1.97%	-9.51%	-4.22%	-12.75%	-2.29%	-11.04%	-3.91%	—
NBTX Nanobiotix S.A.	-8.89%	1.50%	34.26%	56.14%	812.94%	106.50%	14.66%	—
LLY Eli Lilly and Company	-1.98%	-7.16%	-12.80%	14.47%	15.19%	39.72%	39.64%	31.19%
PGR The Progressive Corporation	1.03%	-8.44%	-8.77%	-14.68%	-26.04%	13.80%	18.00%	22.03%
HSY The Hershey Company	1.63%	-11.94%	14.05%	10.65%	29.63%	-4.49%	7.93%	10.96%
YUMC Yum China Holdings, Inc.	0.20%	-5.55%	3.61%	16.15%	-5.67%	-6.86%	-2.28%	—
BCH Banco de Chile	-2.31%	1.27%	1.56%	29.47%	44.22%	32.93%	17.73%	12.29%

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

Monthly Returns

Based on dividend-adjusted daily data since Dec 14, 2020, Beta Top to Bottom's average daily return is +0.05%, while the average monthly return is +1.09%. At this rate, your investment would double in approximately 5.3 years.

Historically, 68% of months were positive and 32% were negative. The best month was Sep 2025 with a return of +8.3%, while the worst month was Mar 2026 at -6.5%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 3 months.

On a daily basis, Beta Top to Bottom closed higher 54% of trading days. The best single day was May 5, 2023 with a return of +7.0%, while the worst single day was Apr 4, 2025 at -5.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	2.58%	1.26%	-6.46%	0.79%									-2.08%
2025	3.16%	2.26%	-1.70%	-1.02%	-2.72%	2.00%	-3.97%	6.13%	8.30%	-0.30%	4.94%	1.41%	19.29%
2024	-0.03%	2.61%	2.85%	-3.76%	5.29%	-3.16%	3.04%	5.67%	1.66%	-6.31%	4.31%	-6.43%	4.77%
2023	2.67%	-3.01%	2.90%	0.80%	0.25%	3.64%	4.01%	1.59%	-1.09%	-0.07%	3.15%	1.98%	17.91%
2022	-6.26%	1.74%	4.15%	-3.38%	1.28%	1.44%	3.86%	2.60%	-3.12%	5.51%	6.04%	-0.64%	13.14%
2021	3.65%	-1.64%	4.27%	6.00%	0.38%	0.21%	0.28%	1.13%	-5.40%	4.14%	-0.90%	4.46%	17.23%

Benchmark Metrics

Beta Top to Bottom has an annualized alpha of 6.77%, beta of 0.56, and R² of 0.45 versus S&P 500 Index. Calculated based on daily prices since December 14, 2020.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (65.14%) than losses (45.67%) — typical of diversified or defensive assets.
Beta of 0.56 may look defensive, but with R² of 0.45 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 0.45 means the benchmark explains less than half of this portfolio's behavior — treat beta with caution or consider switching to a more representative benchmark.

Alpha: 6.77%

Beta: 0.56

R²: 0.45

Upside Capture: 65.14%

Downside Capture: 45.67%

Expense Ratio

Beta Top to Bottom 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.

Return for Risk

Risk / Return Rank

Beta Top to Bottom ranks 17 for risk / return — in the bottom 17% 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.

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

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.88	-0.09
Sortino ratio Return per unit of downside risk	1.19	1.37	-0.18
Omega ratio Gain probability vs. loss probability	1.15	1.21	-0.06
Calmar ratio Return relative to maximum drawdown	1.34	1.39	-0.05
Martin ratio Return relative to average drawdown	3.91	6.43	-2.52
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
FCN FTI Consulting, Inc.	55	0.54	0.91	1.12	0.79	2.03
REGN Regeneron Pharmaceuticals, Inc.	59	0.56	0.97	1.14	1.07	2.72
GIS General Mills, Inc.	3	-1.42	-2.05	0.76	-0.90	-1.81
BNTX BioNTech SE	38	-0.05	0.29	1.04	0.03	0.06
NBTX Nanobiotix S.A.	99	7.87	4.67	1.61	15.27	39.75
LLY Eli Lilly and Company	51	0.36	0.78	1.11	0.56	1.37
PGR The Progressive Corporation	6	-1.04	-1.35	0.83	-0.91	-1.47
HSY The Hershey Company	71	1.10	1.73	1.20	1.49	4.63
YUMC Yum China Holdings, Inc.	30	-0.18	-0.04	1.00	-0.23	-0.38
BCH Banco de Chile	78	1.52	2.01	1.26	2.27	6.01

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.

Beta Top to Bottom Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 0.79
5-Year: 0.87
All Time: 0.96

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 1.01 to 1.70, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of Beta Top to Bottom compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

Loading graphics...

Dividends

Dividend yield

Beta Top to Bottom provided a 2.23% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.23%	1.92%	1.61%	1.78%	1.38%	1.39%	1.24%	1.29%	1.30%	1.04%	1.28%	1.25%
Portfolio components:
FCN FTI Consulting, 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%
REGN Regeneron Pharmaceuticals, Inc.	0.47%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GIS General Mills, Inc.	6.49%	5.20%	3.73%	3.47%	2.50%	3.03%	3.37%	3.66%	5.03%	3.27%	3.01%	3.00%
BNTX BioNTech SE	0.00%	0.00%	0.00%	0.00%	2.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NBTX Nanobiotix S.A.	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	0.67%	0.56%	0.67%	0.78%	1.07%	1.23%	1.75%	1.96%	1.94%	2.46%	2.77%	2.37%
PGR The Progressive Corporation	7.17%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%
HSY The Hershey Company	2.70%	3.01%	3.24%	2.39%	1.67%	1.76%	2.07%	2.03%	2.57%	2.24%	2.32%	2.50%
YUMC Yum China Holdings, Inc.	2.05%	2.01%	1.33%	1.23%	0.88%	0.96%	0.42%	1.00%	1.25%	0.25%	0.00%	0.00%
BCH Banco de Chile	6.00%	5.54%	7.46%	9.01%	6.39%	3.76%	3.95%	5.04%	3.55%	2.20%	3.32%	4.35%

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.

Loading graphics...

Worst Drawdowns

The table below displays the maximum drawdowns of the Beta Top to Bottom. 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 Beta Top to Bottom was 12.44%, occurring on Apr 8, 2025. Recovery took 116 trading sessions.

The current Beta Top to Bottom drawdown is 6.96%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-12.44%	Oct 1, 2024	130	Apr 8, 2025	116	Sep 24, 2025	246
-9.92%	Apr 11, 2022	44	Jun 13, 2022	31	Jul 28, 2022	75
-9.55%	Jan 27, 2026	43	Mar 27, 2026	—	—	—
-9.28%	Dec 31, 2021	18	Jan 26, 2022	44	Mar 30, 2022	62
-8.44%	Sep 7, 2021	20	Oct 4, 2021	61	Dec 30, 2021	81

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

Loading graphics...

Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 25 assets, with an effective number of assets of 25.00, 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.

	Benchmark	NBTX	EDU	BCH	YUMC	MFG	BNTX	K	FCN	PEN	GIS	PGR	QLYS	NVO	WMT	MCK	TMUS	HSY	LLY	HUM	COLD	NEE	REGN	MOH	UNH	CI	Portfolio
Benchmark	1.00	0.16	0.25	0.34	0.35	0.37	0.34	0.10	0.21	0.41	0.05	0.25	0.50	0.35	0.33	0.24	0.32	0.18	0.34	0.26	0.39	0.35	0.38	0.27	0.29	0.28	0.62
NBTX	0.16	1.00	0.09	0.10	0.09	0.08	0.06	-0.02	0.06	0.11	-0.01	0.03	0.09	0.14	0.02	0.03	0.01	0.02	0.09	-0.00	0.11	0.07	0.06	0.08	0.04	0.01	0.36
EDU	0.25	0.09	1.00	0.19	0.35	0.17	0.15	-0.07	0.02	0.16	-0.05	0.02	0.15	0.11	0.02	0.03	0.09	-0.02	0.08	0.03	0.18	0.09	0.08	0.10	0.05	0.08	0.37
BCH	0.34	0.10	0.19	1.00	0.25	0.28	0.14	0.09	0.04	0.12	0.03	0.08	0.16	0.13	0.09	0.07	0.09	0.07	0.08	0.07	0.23	0.16	0.16	0.11	0.10	0.11	0.34
YUMC	0.35	0.09	0.35	0.25	1.00	0.16	0.21	0.00	0.07	0.19	0.02	0.04	0.21	0.15	0.09	0.01	0.11	0.08	0.05	0.09	0.22	0.17	0.13	0.10	0.08	0.12	0.38
MFG	0.37	0.08	0.17	0.28	0.16	1.00	0.16	0.01	0.07	0.16	-0.00	0.15	0.17	0.15	0.13	0.14	0.12	0.06	0.12	0.13	0.18	0.10	0.16	0.09	0.12	0.17	0.35
BNTX	0.34	0.06	0.15	0.14	0.21	0.16	1.00	0.01	0.06	0.22	0.04	0.05	0.20	0.23	0.11	0.06	0.11	0.03	0.18	0.13	0.23	0.20	0.30	0.13	0.10	0.11	0.44
K	0.10	-0.02	-0.07	0.09	0.00	0.01	0.01	1.00	0.19	-0.00	0.61	0.22	0.03	0.05	0.25	0.19	0.20	0.47	0.13	0.13	0.20	0.21	0.14	0.16	0.19	0.21	0.25
FCN	0.21	0.06	0.02	0.04	0.07	0.07	0.06	0.19	1.00	0.14	0.22	0.20	0.20	0.18	0.16	0.22	0.15	0.21	0.19	0.19	0.16	0.12	0.17	0.24	0.21	0.22	0.34
PEN	0.41	0.11	0.16	0.12	0.19	0.16	0.22	-0.00	0.14	1.00	0.00	0.08	0.34	0.17	0.16	0.09	0.15	0.05	0.17	0.16	0.23	0.17	0.18	0.21	0.13	0.13	0.42
GIS	0.05	-0.01	-0.05	0.03	0.02	-0.00	0.04	0.61	0.22	0.00	1.00	0.28	0.05	0.07	0.25	0.23	0.25	0.56	0.11	0.18	0.18	0.26	0.22	0.22	0.23	0.28	0.31
PGR	0.25	0.03	0.02	0.08	0.04	0.15	0.05	0.22	0.20	0.08	0.28	1.00	0.14	0.11	0.28	0.31	0.32	0.27	0.19	0.20	0.13	0.24	0.15	0.22	0.28	0.34	0.36
QLYS	0.50	0.09	0.15	0.16	0.21	0.17	0.20	0.03	0.20	0.34	0.05	0.14	1.00	0.20	0.19	0.11	0.21	0.08	0.13	0.16	0.26	0.20	0.23	0.21	0.18	0.13	0.45
NVO	0.35	0.14	0.11	0.13	0.15	0.15	0.23	0.05	0.18	0.17	0.07	0.11	0.20	1.00	0.17	0.16	0.14	0.11	0.45	0.17	0.22	0.20	0.31	0.21	0.21	0.16	0.46
WMT	0.33	0.02	0.02	0.09	0.09	0.13	0.11	0.25	0.16	0.16	0.25	0.28	0.19	0.17	1.00	0.25	0.27	0.27	0.24	0.18	0.20	0.25	0.19	0.22	0.22	0.20	0.36
MCK	0.24	0.03	0.03	0.07	0.01	0.14	0.06	0.19	0.22	0.09	0.23	0.31	0.11	0.16	0.25	1.00	0.24	0.24	0.26	0.29	0.08	0.18	0.24	0.35	0.34	0.44	0.38
TMUS	0.32	0.01	0.09	0.09	0.11	0.12	0.11	0.20	0.15	0.15	0.25	0.32	0.21	0.14	0.27	0.24	1.00	0.26	0.20	0.18	0.19	0.29	0.21	0.22	0.23	0.27	0.38
HSY	0.18	0.02	-0.02	0.07	0.08	0.06	0.03	0.47	0.21	0.05	0.56	0.27	0.08	0.11	0.27	0.24	0.26	1.00	0.18	0.23	0.23	0.30	0.22	0.23	0.27	0.29	0.35
LLY	0.34	0.09	0.08	0.08	0.05	0.12	0.18	0.13	0.19	0.17	0.11	0.19	0.13	0.45	0.24	0.26	0.20	0.18	1.00	0.20	0.17	0.21	0.38	0.22	0.25	0.22	0.45
HUM	0.26	-0.00	0.03	0.07	0.09	0.13	0.13	0.13	0.19	0.16	0.18	0.20	0.16	0.17	0.18	0.29	0.18	0.23	0.20	1.00	0.18	0.14	0.20	0.49	0.63	0.47	0.44
COLD	0.39	0.11	0.18	0.23	0.22	0.18	0.23	0.20	0.16	0.23	0.18	0.13	0.26	0.22	0.20	0.08	0.19	0.23	0.17	0.18	1.00	0.35	0.22	0.19	0.19	0.20	0.45
NEE	0.35	0.07	0.09	0.16	0.17	0.10	0.20	0.21	0.12	0.17	0.26	0.24	0.20	0.20	0.25	0.18	0.29	0.30	0.21	0.14	0.35	1.00	0.21	0.21	0.23	0.26	0.43
REGN	0.38	0.06	0.08	0.16	0.13	0.16	0.30	0.14	0.17	0.18	0.22	0.15	0.23	0.31	0.19	0.24	0.21	0.22	0.38	0.20	0.22	0.21	1.00	0.27	0.24	0.25	0.47
MOH	0.27	0.08	0.10	0.11	0.10	0.09	0.13	0.16	0.24	0.21	0.22	0.22	0.21	0.21	0.22	0.35	0.22	0.23	0.22	0.49	0.19	0.21	0.27	1.00	0.56	0.48	0.52
UNH	0.29	0.04	0.05	0.10	0.08	0.12	0.10	0.19	0.21	0.13	0.23	0.28	0.18	0.21	0.22	0.34	0.23	0.27	0.25	0.63	0.19	0.23	0.24	0.56	1.00	0.53	0.51
CI	0.28	0.01	0.08	0.11	0.12	0.17	0.11	0.21	0.22	0.13	0.28	0.34	0.13	0.16	0.20	0.44	0.27	0.29	0.22	0.47	0.20	0.26	0.25	0.48	0.53	1.00	0.48
Portfolio	0.62	0.36	0.37	0.34	0.38	0.35	0.44	0.25	0.34	0.42	0.31	0.36	0.45	0.46	0.36	0.38	0.38	0.35	0.45	0.44	0.45	0.43	0.47	0.52	0.51	0.48	1.00

The correlation results are calculated based on daily price changes starting from Dec 14, 2020

Beta Top to Bottom

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table