Défensif 10% EU

Asset Allocation

Position	Category/Sector	Target Weight
AIL.DE Air Liquide SA	Basic Materials	7.14%
AIR.PA Airbus SE	Industrials	7.14%
ALV.DE Allianz SE	Financial Services	7.14%
BNP.PA BNP Paribas SA	Financial Services	7.14%
CS.PA AXA SA	Financial Services	7.14%
DG.PA VINCI SA	Industrials	7.14%
EL.PA EssilorLuxottica Société anonyme	Healthcare	7.14%
FGR.PA Eiffage SA	Industrials	7.14%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Consumer Cyclical	7.14%
OR.PA L'Oréal S.A.	Consumer Defensive	7.14%
SGO.PA Compagnie de Saint-Gobain S.A.	Industrials	7.14%
TTE TotalEnergies SE	Energy	7.14%
TTE.PA TotalEnergies SE	Energy	7.14%
VIE.PA Veolia Environnement S.A.	Industrials	7.14%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of €10,000 in Défensif 10% EU, 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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The earliest data available for this chart is Jul 13, 2007, corresponding to the inception date of TTE

Returns By Period

As of Apr 4, 2026, the Défensif 10% EU returned 2.63% Year-To-Date and 13.54% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.52%	-3.08%	-2.14%	-0.28%	23.19%	14.66%	10.81%	12.14%
Portfolio Défensif 10% EU	0.20%	2.23%	2.63%	5.54%	17.46%	13.13%	14.64%	13.54%
Portfolio components:
AIL.DE Air Liquide SA	0.38%	6.02%	12.39%	5.11%	6.12%	10.79%	11.34%	13.13%
CS.PA AXA SA	0.85%	6.47%	-1.10%	0.32%	13.60%	19.48%	18.86%	13.18%
TTE.PA TotalEnergies SE	2.40%	20.21%	44.38%	59.60%	58.59%	17.47%	22.20%	13.85%
OR.PA L'Oréal S.A.	0.29%	-3.57%	-2.29%	-4.87%	4.29%	-3.31%	3.55%	10.42%
AIR.PA Airbus SE	-1.64%	-6.11%	-16.76%	-18.87%	14.94%	11.42%	11.84%	12.68%
DG.PA VINCI SA	-0.75%	-0.08%	9.62%	12.57%	22.01%	12.40%	11.92%	10.84%
VIE.PA Veolia Environnement S.A.	1.15%	0.81%	12.58%	14.75%	13.74%	10.23%	13.64%	9.51%
ALV.DE Allianz SE	0.05%	4.16%	-5.79%	1.77%	15.45%	26.02%	16.65%	15.63%
BNP.PA BNP Paribas SA	-2.44%	-4.29%	3.11%	6.79%	33.50%	23.33%	17.71%	12.79%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	-0.01%	-6.87%	-26.97%	-14.10%	-8.99%	-16.06%	-2.11%	14.18%

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

Monthly Returns

Based on dividend-adjusted daily data since Jul 16, 2007, Défensif 10% EU's average daily return is +0.04%, while the average monthly return is +0.87%. At this rate, your investment would double in approximately 6.7 years.

Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +25.2%, while the worst month was Mar 2020 at -20.1%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 6 months.

On a daily basis, Défensif 10% EU closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +10.5%, while the worst single day was Mar 12, 2020 at -13.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	0.61%	6.24%	-5.47%	1.57%									2.63%
2025	7.16%	4.31%	1.38%	-0.61%	2.87%	-0.31%	1.61%	-1.59%	1.08%	0.20%	3.58%	0.23%	21.46%
2024	1.65%	2.09%	5.71%	-1.48%	2.81%	-8.01%	3.56%	1.66%	-0.88%	-1.98%	-1.56%	1.41%	4.37%
2023	8.46%	3.21%	-2.18%	5.44%	-4.65%	4.15%	2.56%	-1.20%	-1.33%	-2.38%	6.31%	3.20%	22.79%
2022	2.17%	-7.12%	1.93%	-0.57%	1.62%	-9.49%	6.01%	-2.86%	-5.99%	11.50%	8.09%	-1.95%	1.18%
2021	-2.85%	9.27%	6.53%	3.37%	3.74%	1.38%	1.67%	1.57%	0.06%	4.41%	-3.71%	9.02%	39.23%

Benchmark Metrics

Défensif 10% EU has an annualized alpha of 5.53%, beta of 0.52, and R² of 0.23 versus S&P 500 Index. Calculated based on daily prices since July 16, 2007.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (77.15%) than losses (73.50%) — typical of diversified or defensive assets.
Beta of 0.52 may look defensive, but with R² of 0.23 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 0.23 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 5.53%

Beta: 0.52

R²: 0.23

Upside Capture: 77.15%

Downside Capture: 73.50%

Expense Ratio

Défensif 10% EU 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

Défensif 10% EU ranks 26 for risk / return — below 26% of portfolios on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

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	0.54	0.43	+0.11
Sortino ratio Return per unit of downside risk	0.78	0.73	+0.05
Omega ratio Gain probability vs. loss probability	1.12	1.12	0.00
Calmar ratio Return relative to maximum drawdown	2.32	0.64	+1.68
Martin ratio Return relative to average drawdown	6.32	2.67	+3.65
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
AIL.DE Air Liquide SA	43	0.16	0.37	1.05	0.33	0.64
CS.PA AXA SA	52	0.25	0.45	1.07	1.55	2.72
TTE.PA TotalEnergies SE	89	1.80	2.30	1.32	8.76	23.02
OR.PA L'Oréal S.A.	43	0.09	0.31	1.04	0.57	1.15
AIR.PA Airbus SE	48	0.13	0.37	1.05	0.85	2.60
DG.PA VINCI SA	65	0.67	1.05	1.15	2.17	4.31
VIE.PA Veolia Environnement S.A.	56	0.35	0.56	1.08	1.76	4.09
ALV.DE Allianz SE	50	0.35	0.60	1.08	0.69	1.65
BNP.PA BNP Paribas SA	64	0.61	0.97	1.13	1.98	5.23
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	24	-0.49	-0.54	0.93	-0.17	-0.41

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.

Défensif 10% EU Sharpe ratios as of Apr 4, 2026 (values are recalculated daily):

1-Year: 0.54
5-Year: 0.85
10-Year: 0.71
All Time: 0.41

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 0.99 to 1.69, 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 Défensif 10% EU 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

Défensif 10% EU provided a 3.62% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.62%	4.13%	4.15%	3.42%	3.96%	4.45%	2.63%	3.28%	3.81%	3.02%	3.19%	2.95%
Portfolio components:
AIL.DE Air Liquide SA	1.83%	2.06%	1.88%	1.67%	1.97%	1.79%	2.00%	1.90%	2.49%	2.24%	2.49%	2.49%
CS.PA AXA SA	5.31%	5.25%	5.77%	5.76%	5.91%	5.46%	3.74%	5.34%	6.68%	4.69%	4.59%	3.77%
TTE.PA TotalEnergies SE	4.28%	7.43%	5.73%	4.64%	6.26%	5.92%	7.59%	3.94%	5.46%	5.36%	5.01%	5.91%
OR.PA L'Oréal S.A.	1.95%	1.91%	1.93%	1.33%	1.44%	0.96%	1.24%	1.46%	1.76%	1.78%	1.79%	1.74%
AIR.PA Airbus SE	1.82%	1.51%	1.16%	1.29%	1.35%	0.00%	0.00%	1.26%	1.79%	1.63%	2.07%	1.94%
DG.PA VINCI SA	3.61%	3.96%	4.51%	3.56%	3.48%	2.90%	3.07%	2.74%	3.49%	2.54%	2.94%	3.03%
VIE.PA Veolia Environnement S.A.	4.18%	4.71%	4.61%	3.92%	4.17%	2.09%	2.50%	3.88%	4.68%	3.76%	4.51%	3.20%
ALV.DE Allianz SE	4.19%	3.94%	4.66%	4.71%	5.38%	4.62%	4.78%	4.12%	4.57%	3.97%	4.65%	4.19%
BNP.PA BNP Paribas SA	8.86%	9.13%	7.77%	6.23%	6.89%	4.38%	0.00%	5.72%	7.65%	4.34%	3.82%	2.87%
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne	2.76%	2.02%	2.05%	1.70%	1.76%	0.96%	0.90%	1.50%	2.09%	1.71%	1.98%	2.28%

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 Défensif 10% EU. 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 Défensif 10% EU was 58.31%, occurring on Mar 9, 2009. Recovery took 1082 trading sessions.

The current Défensif 10% EU drawdown is 4.50%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-58.31%	Jul 17, 2007	424	Mar 9, 2009	1082	May 15, 2013	1506
-43.93%	Feb 20, 2020	20	Mar 18, 2020	253	Mar 11, 2021	273
-19.87%	Feb 10, 2022	165	Sep 29, 2022	68	Jan 4, 2023	233
-18.31%	Dec 1, 2015	51	Feb 11, 2016	217	Dec 13, 2016	268
-17.23%	May 23, 2018	156	Dec 27, 2018	75	Apr 12, 2019	231

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 14.00, 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	TTE	EL.PA	VIE.PA	OR.PA	AIR.PA	AIL.DE	TTE.PA	FGR.PA	MC.PA	BNP.PA	SGO.PA	ALV.DE	CS.PA	DG.PA	Portfolio
Benchmark	1.00	0.21	0.31	0.28	0.32	0.36	0.29	0.32	0.30	0.37	0.33	0.37	0.36	0.35	0.34	0.44
TTE	0.21	1.00	0.13	0.14	0.11	0.15	0.14	0.38	0.13	0.14	0.19	0.14	0.20	0.18	0.14	0.33
EL.PA	0.31	0.13	1.00	0.37	0.52	0.41	0.45	0.35	0.36	0.52	0.36	0.42	0.43	0.41	0.44	0.60
VIE.PA	0.28	0.14	0.37	1.00	0.41	0.38	0.40	0.41	0.50	0.42	0.45	0.49	0.48	0.50	0.55	0.65
OR.PA	0.32	0.11	0.52	0.41	1.00	0.39	0.51	0.39	0.38	0.63	0.39	0.46	0.47	0.43	0.49	0.63
AIR.PA	0.36	0.15	0.41	0.38	0.39	1.00	0.39	0.39	0.46	0.49	0.47	0.50	0.49	0.49	0.52	0.66
AIL.DE	0.29	0.14	0.45	0.40	0.51	0.39	1.00	0.41	0.40	0.52	0.42	0.51	0.50	0.49	0.51	0.64
TTE.PA	0.32	0.38	0.35	0.41	0.39	0.39	0.41	1.00	0.41	0.45	0.51	0.48	0.52	0.53	0.52	0.67
FGR.PA	0.30	0.13	0.36	0.50	0.38	0.46	0.40	0.41	1.00	0.44	0.54	0.57	0.54	0.55	0.71	0.71
MC.PA	0.37	0.14	0.52	0.42	0.63	0.49	0.52	0.45	0.44	1.00	0.50	0.56	0.53	0.52	0.56	0.72
BNP.PA	0.33	0.19	0.36	0.45	0.39	0.47	0.42	0.51	0.54	0.50	1.00	0.62	0.67	0.72	0.59	0.76
SGO.PA	0.37	0.14	0.42	0.49	0.46	0.50	0.51	0.48	0.57	0.56	0.62	1.00	0.59	0.62	0.66	0.77
ALV.DE	0.36	0.20	0.43	0.48	0.47	0.49	0.50	0.52	0.54	0.53	0.67	0.59	1.00	0.78	0.62	0.78
CS.PA	0.35	0.18	0.41	0.50	0.43	0.49	0.49	0.53	0.55	0.52	0.72	0.62	0.78	1.00	0.63	0.79
DG.PA	0.34	0.14	0.44	0.55	0.49	0.52	0.51	0.52	0.71	0.56	0.59	0.66	0.62	0.63	1.00	0.80
Portfolio	0.44	0.33	0.60	0.65	0.63	0.66	0.64	0.67	0.71	0.72	0.76	0.77	0.78	0.79	0.80	1.00

The correlation results are calculated based on daily price changes starting from Jul 16, 2007

Défensif 10% EU

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