Aggressive Independent Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
DBMF iMGP DBi Managed Futures Strategy ETF	Systematic Trend	11.11%
GLD SPDR Gold Shares	Gold, Precious Metals	11.11%
AVUV Avantis US Small Cap Value ETF	Small Cap Value Equities	11.11%
AVDV Avantis International Small Cap Value ETF	Foreign Small & Mid Cap Equities	11.11%
SPMO Invesco S&P 500 Momentum ETF	Momentum, S&P 500	11.11%
XLE State Street Energy Select Sector SPDR ETF	Energy Equities	11.11%
VXUS Vanguard Total International Stock ETF	Global Equities	11.11%
EMXC iShares MSCI Emerging Markets ex China ETF	Emerging Markets Equities	11.11%
IGF iShares Global Infrastructure ETF	Industrials Equities	11.11%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of CA$10,000 in Aggressive Independent Portfolio, 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.

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Returns By Period

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.69%	1.00%	10.76%	10.40%	27.77%	21.16%	15.12%	14.58%
Portfolio Aggressive Independent Portfolio	0.86%	1.96%	21.93%	21.97%	42.04%	25.48%	18.27%	—
Portfolio components:
AVDV Avantis International Small Cap Value ETF	1.08%	-0.08%	17.32%	18.86%	45.84%	28.62%	16.96%	—
AVUV Avantis US Small Cap Value ETF	1.14%	7.16%	25.22%	21.21%	46.05%	21.03%	14.84%	—
DBMF iMGP DBi Managed Futures Strategy ETF	0.55%	1.13%	12.62%	12.95%	30.33%	11.32%	11.19%	—
EMXC iShares MSCI Emerging Markets ex China ETF	0.74%	4.61%	40.03%	44.26%	72.44%	28.36%	15.42%	—
GLD SPDR Gold Shares	0.35%	-8.31%	-0.38%	-0.75%	26.72%	30.86%	20.53%	13.13%
IGF iShares Global Infrastructure ETF	0.96%	2.43%	12.02%	11.93%	18.97%	18.07%	13.47%	9.61%
SPMO Invesco S&P 500 Momentum ETF	1.45%	5.38%	30.75%	30.54%	48.91%	43.65%	27.12%	21.90%
VXUS Vanguard Total International Stock ETF	0.69%	2.84%	16.12%	17.29%	31.40%	20.18%	11.52%	11.18%
XLE State Street Energy Select Sector SPDR ETF	1.04%	1.97%	32.33%	30.34%	40.42%	17.96%	23.66%	10.86%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 26, 2019, Aggressive Independent Portfolio's average daily return is +0.07%, while the average monthly return is +1.34%. At this rate, an investment would double in approximately 4.3 years.

Historically, 70% of months were positive and 30% were negative. The best month was Apr 2020 with a return of +9.9%, while the worst month was Mar 2020 at -10.7%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 3 months.

On a daily basis, Aggressive Independent Portfolio closed higher 54% of trading days. The best single day was Mar 24, 2020 with a return of +7.6%, while the worst single day was Mar 16, 2020 at -10.1%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.76%	8.30%	-2.81%	4.49%	3.75%	1.04%							21.93%
2025	3.98%	-0.54%	-0.25%	-3.22%	4.28%	3.18%	1.65%	3.14%	5.26%	1.98%	2.33%	-1.02%	22.44%
2024	0.59%	4.70%	5.68%	-0.71%	3.41%	0.42%	4.12%	-1.95%	1.86%	1.28%	3.68%	-1.42%	23.54%
2023	3.59%	-2.33%	-0.18%	2.11%	-3.82%	1.86%	3.96%	0.10%	-2.00%	0.41%	3.57%	1.67%	8.93%
2022	0.25%	1.44%	1.12%	-0.79%	1.58%	-6.47%	3.83%	0.37%	-3.33%	7.50%	5.70%	-2.72%	7.94%
2021	0.98%	3.09%	3.24%	0.09%	1.63%	2.34%	-0.41%	2.42%	-0.07%	0.78%	-0.47%	3.67%	18.61%

Benchmark Metrics

Aggressive Independent Portfolio has an annualized alpha of 5.21%, beta of 0.72, and R2 of 0.77 versus S&P 500 Index. Calculated based on daily prices since September 26, 2019.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (71.74%) than losses (46.94%) - typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 5.21% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.

Alpha: 5.21%

Beta: 0.72

R²: 0.77

Upside Capture: 71.74%

Downside Capture: 46.94%

See how alpha, beta & R² have trended over time →

Expense Ratio

Aggressive Independent Portfolio has an expense ratio of 0.33%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

DBMF

iMGP DBi Managed Futures Strategy ETF

EMXC

iShares MSCI Emerging Markets ex China ETF

GLD

SPDR Gold Shares

IGF

iShares Global Infrastructure ETF

AVDV

Avantis International Small Cap Value ETF

AVUV

Avantis US Small Cap Value ETF

SPMO

Invesco S&P 500 Momentum ETF

XLE

State Street Energy Select Sector SPDR ETF

VXUS

Vanguard Total International Stock ETF

Return for Risk

Risk / Return Rank

Aggressive Independent Portfolio ranks 93 for risk / return — in the top 93% 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 Aggressive Independent Portfolio and compares them with S&P 500 Index.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	3.08	2.02	+1.06
Sortino ratioReturn per unit of downside risk	4.05	2.78	+1.27
Omega ratioGain probability vs. loss probability	1.56	1.35	+0.21
Calmar ratioReturn relative to maximum drawdown	5.91	2.81	+3.09
Martin ratioReturn relative to average drawdown	25.46	10.45	+15.01

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
AVDV Avantis International Small Cap Value ETF	84	2.69	3.54	1.46	3.46	14.20
AVUV Avantis US Small Cap Value ETF	85	2.37	3.37	1.40	5.33	18.40
DBMF iMGP DBi Managed Futures Strategy ETF	85	2.31	3.06	1.44	5.19	19.01
EMXC iShares MSCI Emerging Markets ex China ETF	90	2.87	3.50	1.51	5.26	19.09
GLD SPDR Gold Shares	29	0.98	1.35	1.20	1.21	3.42
IGF iShares Global Infrastructure ETF	58	1.66	2.38	1.29	3.49	8.40
SPMO Invesco S&P 500 Momentum ETF	79	2.38	3.17	1.43	3.62	12.11
VXUS Vanguard Total International Stock ETF	65	1.92	2.64	1.34	2.88	11.22
XLE State Street Energy Select Sector SPDR ETF	62	1.94	2.57	1.32	3.12	8.97

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.

The current Aggressive Independent Portfolio Sharpe ratio is 3.08 as of Jun 13, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.54 to 2.41, 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 Aggressive Independent Portfolio 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

Aggressive Independent Portfolio provided a 2.42% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.42%	2.64%	2.75%	2.38%	2.95%	2.90%	1.84%	3.09%	1.55%	1.16%	1.12%	1.09%
Portfolio components:
AVDV Avantis International Small Cap Value ETF	4.11%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
DBMF iMGP DBi Managed Futures Strategy ETF	5.19%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%	0.00%	0.00%
EMXC iShares MSCI Emerging Markets ex China ETF	2.05%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IGF iShares Global Infrastructure ETF	2.94%	3.23%	3.21%	3.36%	2.67%	2.42%	2.33%	3.27%	3.52%	2.95%	2.98%	3.25%
SPMO Invesco S&P 500 Momentum ETF	0.67%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
VXUS Vanguard Total International Stock ETF	2.67%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%
XLE State Street Energy Select Sector SPDR ETF	2.59%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

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 Aggressive Independent Portfolio. 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 Aggressive Independent Portfolio was 26.59%, occurring on Mar 18, 2020. Recovery took 169 trading sessions.

The current Aggressive Independent Portfolio drawdown is 0.45%.

Related event	Drawdown	Fall	Recovery	Underwater
COVID crash2020	-26.59%Mar 2020	27d	8mo 3d	9moFeb 2020 - Nov 2020
2025 selloff2025	-12.00%Apr 2025	2mo 3d	1mo 7d	3mo 10dFeb 2025 - May 2025
Bear market2022	-10.06%Jul 2022	2mo 24d	3mo 20d	6mo 14dApr 2022 - Nov 2022
2026 pullback2026	-6.93%Mar 2026	18d	20d	1mo 8dMar 2026 - Apr 2026
2024 pullback2024	-6.38%Aug 2024	6d	1mo 17d	1mo 23dAug 2024 - Sep 2024

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 9 assets, with an effective number of assets of 9.00, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	All Time
Diversification Ratio	1.43	1.35	1.32	1.26

The portfolio has a diversification ratio of 1.26, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

Aggressive Independent Portfolio correlation to the S&P 500 Index

Aggressive Independent Portfolio has a 0.80 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.82

Benchmark Correlations

Correlation vs. S&P 500 Index. SPMO has the highest benchmark correlation at 0.88, while GLD has the lowest at 0.23.

0.23

0.33

0.43

0.71

0.74

0.74

0.76

0.82

0.88

Portfolio Correlations

Correlation vs. Aggressive Independent Portfolio. VXUS has the highest portfolio correlation at 0.90, while GLD has the lowest at 0.45.

0.45

0.46

0.69

0.75

0.83

0.83

0.84

0.89

0.90

Asset Correlations Table

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

	GLD	DBMF	XLE	SPMO	AVUV	IGF	EMXC	AVDV	VXUS
GLD	1.00	0.30	0.17	0.23	0.16	0.37	0.38	0.41	0.38
DBMF	0.30	1.00	0.29	0.33	0.25	0.29	0.32	0.32	0.34
XLE	0.17	0.29	1.00	0.36	0.66	0.54	0.42	0.51	0.46
SPMO	0.23	0.33	0.36	1.00	0.60	0.61	0.69	0.64	0.72
AVUV	0.16	0.25	0.66	0.60	1.00	0.68	0.64	0.73	0.72
IGF	0.37	0.29	0.54	0.61	0.68	1.00	0.68	0.77	0.78
EMXC	0.38	0.32	0.42	0.69	0.64	0.68	1.00	0.80	0.90
AVDV	0.41	0.32	0.51	0.64	0.73	0.77	0.80	1.00	0.92
VXUS	0.38	0.34	0.46	0.72	0.72	0.78	0.90	0.92	1.00

The correlation results are calculated based on daily price changes starting from Sep 26, 2019

Diversification Analysis

Find what Aggressive Independent Portfolio is missing

See which holdings overlap, where Aggressive Independent Portfolio is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification