Asset Allocation
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Low Volatility Cash Management WITHOUT MARGIN, 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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The earliest data available for this chart is Apr 10, 2018, corresponding to the inception date of PULS
Returns By Period
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | -0.11% | 0.61% | -0.42% | 4.03% | 29.40% | 18.38% | 10.55% | 12.70% |
Portfolio Low Volatility Cash Management WITHOUT MARGIN | 0.00% | 0.18% | 0.97% | 2.09% | 6.12% | 6.14% | 4.54% | — |
| Portfolio components: | ||||||||
BIL SPDR Barclays 1-3 Month T-Bill ETF | 0.03% | 0.32% | 0.98% | 1.82% | 4.00% | 4.70% | 3.30% | 2.14% |
PULS PGIM Ultra Short Bond ETF | 0.04% | 0.34% | 1.09% | 2.10% | 5.23% | 5.66% | 4.02% | — |
USFR WisdomTree Bloomberg Floating Rate Treasury Fund | 0.04% | 0.27% | 1.03% | 2.00% | 4.12% | 4.87% | 3.56% | 2.41% |
HICOX Colorado Bond Shares A Tax Exempt Fund | 0.00% | 0.46% | 1.29% | 2.91% | 8.00% | 5.62% | 3.05% | 4.08% |
DBSCX Doubleline Selective Credit Fund | 0.00% | -0.53% | 0.57% | 1.70% | 7.49% | 7.46% | 3.75% | 4.59% |
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund | 0.00% | 0.38% | 0.63% | 1.80% | 6.21% | 6.74% | 4.61% | 4.17% |
LCSIX LoCorr Long/Short Commodity Strategies Fund | 0.11% | 0.45% | 2.78% | 1.17% | 4.19% | -2.22% | 1.94% | 2.71% |
SVARX Spectrum Low Volatility Fund | 0.13% | 0.21% | 0.76% | 2.84% | 6.94% | 6.24% | 3.33% | 6.52% |
UUP Invesco DB US Dollar Index Bullish Fund | -0.15% | -0.40% | 1.52% | 1.75% | 2.44% | 4.31% | 5.11% | 3.03% |
QLENX AQR Long-Short Equity N | -0.69% | 0.25% | -2.04% | 7.20% | 24.92% | 26.66% | 21.99% | 11.49% |
Monthly Returns
Based on dividend-adjusted daily data since Apr 11, 2018, Low Volatility Cash Management WITHOUT MARGIN's average daily return is +0.01%, while the average monthly return is +0.34%. At this rate, an investment would double in approximately 17.0 years.
Historically, 90% of months were positive and 10% were negative. The best month was Nov 2023 with a return of +1.2%, while the worst month was Mar 2020 at -2.5%. The longest winning streak lasted 17 consecutive months, and the longest losing streak was 1 months.
On a daily basis, Low Volatility Cash Management WITHOUT MARGIN closed higher 45% of trading days. The best single day was Mar 26, 2020 with a return of +0.6%, while the worst single day was Mar 20, 2020 at -1.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.51% | 0.34% | -0.14% | 0.25% | 0.97% | ||||||||
| 2025 | 0.49% | 0.44% | 0.09% | -0.25% | 0.70% | 0.69% | 0.46% | 0.32% | 0.76% | 0.69% | 0.30% | 0.36% | 5.17% |
| 2024 | 1.16% | 0.60% | 0.73% | 0.37% | 0.75% | 0.90% | 0.23% | 0.47% | 0.59% | 0.30% | 0.71% | 0.35% | 7.40% |
| 2023 | 1.24% | 0.15% | 0.28% | 0.61% | 0.39% | 0.58% | 0.51% | 0.60% | 0.40% | 0.00% | 1.24% | 0.74% | 6.95% |
| 2022 | 0.04% | -0.36% | 0.14% | 0.15% | 0.02% | -0.25% | 0.42% | 0.10% | -0.65% | 0.29% | 0.51% | 0.08% | 0.48% |
| 2021 | 0.47% | 0.32% | 0.40% | 0.37% | 0.13% | 0.41% | 0.08% | 0.12% | 0.20% | 0.29% | 0.01% | 0.45% | 3.29% |
Benchmark Metrics
Low Volatility Cash Management WITHOUT MARGIN has an annualized alpha of 3.75%, beta of 0.03, and R² of 0.28 versus S&P 500 Index. Calculated based on daily prices since April 11, 2018.
- This portfolio captured 10.81% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.36%) — a profile typical of hedging or uncorrelated assets.
- Beta of 0.03 may look defensive, but with R² of 0.28 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 0.28 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
- 3.75%
- Beta
- 0.03
- R²
- 0.28
- Upside Capture
- 10.81%
- Downside Capture
- -1.36%
Expense Ratio
Low Volatility Cash Management WITHOUT MARGIN has an expense ratio of 0.56%, 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.
Top 10 holdings
Return for Risk
Risk / Return Rank
Low Volatility Cash Management WITHOUT MARGIN ranks 100 for risk / return — in the top 100% 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.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 7.69 | 2.23 | +5.46 |
Sortino ratioReturn per unit of downside risk | 16.26 | 3.12 | +13.14 |
Omega ratioGain probability vs. loss probability | 3.65 | 1.42 | +2.23 |
Calmar ratioReturn relative to maximum drawdown | 23.68 | 4.05 | +19.64 |
Martin ratioReturn relative to average drawdown | 89.36 | 17.91 | +71.45 |
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 | |
|---|---|---|---|---|---|---|
BIL SPDR Barclays 1-3 Month T-Bill ETF | 100 | 19.56 | 254.71 | 180.39 | 366.82 | 4,118.43 |
PULS PGIM Ultra Short Bond ETF | 100 | 11.53 | 34.84 | 8.11 | 56.96 | 328.70 |
USFR WisdomTree Bloomberg Floating Rate Treasury Fund | 100 | 14.38 | 43.06 | 10.69 | 104.77 | 682.43 |
HICOX Colorado Bond Shares A Tax Exempt Fund | 67 | 3.04 | 5.63 | 2.08 | 1.75 | 8.50 |
DBSCX Doubleline Selective Credit Fund | 89 | 3.31 | 4.99 | 1.78 | 4.56 | 18.16 |
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund | 100 | 5.95 | 13.45 | 4.72 | 16.95 | 104.21 |
LCSIX LoCorr Long/Short Commodity Strategies Fund | 7 | 0.73 | 1.03 | 1.15 | 1.18 | 2.52 |
SVARX Spectrum Low Volatility Fund | 56 | 2.68 | 3.58 | 1.60 | 2.68 | 8.51 |
UUP Invesco DB US Dollar Index Bullish Fund | 9 | 0.36 | 0.55 | 1.06 | 0.09 | 0.18 |
QLENX AQR Long-Short Equity N | 90 | 3.45 | 5.08 | 1.64 | 6.33 | 19.20 |
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Dividends
Dividend yield
Low Volatility Cash Management WITHOUT MARGIN provided a 4.53% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 4.53% | 4.56% | 5.63% | 5.01% | 3.04% | 2.27% | 1.94% | 2.89% | 3.43% | 2.42% | 2.35% | 2.18% |
| Portfolio components: | ||||||||||||
BIL SPDR Barclays 1-3 Month T-Bill ETF | 3.95% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
PULS PGIM Ultra Short Bond ETF | 4.68% | 4.78% | 5.62% | 5.48% | 2.30% | 1.19% | 1.85% | 2.69% | 1.87% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Bloomberg Floating Rate Treasury Fund | 4.00% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
HICOX Colorado Bond Shares A Tax Exempt Fund | 5.14% | 3.98% | 6.34% | 2.53% | 2.85% | 3.60% | 3.64% | 4.11% | 4.54% | 4.56% | 5.49% | 4.32% |
DBSCX Doubleline Selective Credit Fund | 5.91% | 6.50% | 7.09% | 6.77% | 6.67% | 4.68% | 4.64% | 6.04% | 7.43% | 9.01% | 9.73% | 9.53% |
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund | 5.98% | 6.00% | 6.78% | 5.33% | 4.07% | 2.66% | 2.96% | 4.32% | 3.96% | 3.02% | 2.75% | 2.54% |
LCSIX LoCorr Long/Short Commodity Strategies Fund | 2.26% | 2.32% | 2.75% | 1.88% | 10.75% | 7.14% | 2.94% | 0.54% | 12.36% | 0.02% | 3.21% | 7.36% |
SVARX Spectrum Low Volatility Fund | 5.90% | 5.95% | 9.35% | 3.35% | 0.00% | 5.85% | 0.71% | 4.91% | 2.41% | 6.90% | 9.07% | 3.02% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.38% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
QLENX AQR Long-Short Equity N | 1.67% | 1.64% | 7.13% | 21.21% | 14.09% | 0.00% | 1.59% | 0.00% | 6.09% | 8.91% | 2.87% | 4.91% |
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 Low Volatility Cash Management WITHOUT MARGIN. 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 Low Volatility Cash Management WITHOUT MARGIN was 4.17%, occurring on Mar 25, 2020. Recovery took 89 trading sessions.
The current Low Volatility Cash Management WITHOUT MARGIN drawdown is 0.01%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -4.17% | Feb 21, 2020 | 34 | Mar 25, 2020 | 89 | Jun 22, 2020 | 123 |
| -1.08% | Apr 2, 2025 | 10 | Apr 11, 2025 | 31 | May 12, 2025 | 41 |
| -0.86% | Aug 22, 2022 | 40 | Sep 30, 2022 | 68 | Dec 7, 2022 | 108 |
| -0.67% | Jun 9, 2022 | 8 | Jun 16, 2022 | 53 | Aug 8, 2022 | 61 |
| -0.57% | Jan 18, 2022 | 122 | May 19, 2022 | 19 | Jun 7, 2022 | 141 |
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 7.59, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.
Asset Correlations Table
| Benchmark | USD=X | USFR | LCSIX | BIL | HICOX | QLENX | BTAL | PULS | ENIAX | YCS | UUP | DBSCX | PGTYX | SVARX | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.00 | -0.01 | -0.02 | -0.02 | 0.06 | 0.44 | -0.57 | 0.08 | 0.17 | 0.09 | -0.23 | 0.05 | 0.86 | 0.44 | 0.43 |
| USD=X | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| USFR | -0.01 | 0.00 | 1.00 | 0.01 | 0.30 | 0.02 | 0.02 | -0.01 | 0.19 | 0.08 | 0.03 | 0.04 | 0.02 | 0.03 | 0.04 | 0.15 |
| LCSIX | -0.02 | 0.00 | 0.01 | 1.00 | 0.02 | 0.06 | -0.00 | -0.01 | 0.07 | 0.05 | -0.13 | -0.13 | 0.12 | -0.01 | 0.05 | 0.28 |
| BIL | -0.02 | 0.00 | 0.30 | 0.02 | 1.00 | 0.05 | 0.04 | 0.01 | 0.29 | 0.12 | 0.02 | 0.04 | 0.07 | 0.04 | 0.05 | 0.20 |
| HICOX | 0.06 | 0.00 | 0.02 | 0.06 | 0.05 | 1.00 | -0.07 | -0.05 | 0.13 | 0.17 | -0.20 | -0.12 | 0.36 | 0.08 | 0.29 | 0.30 |
| QLENX | 0.44 | 0.00 | 0.02 | -0.00 | 0.04 | -0.07 | 1.00 | -0.18 | 0.06 | 0.10 | 0.11 | -0.10 | -0.10 | 0.29 | 0.18 | 0.32 |
| BTAL | -0.57 | 0.00 | -0.01 | -0.01 | 0.01 | -0.05 | -0.18 | 1.00 | -0.08 | -0.14 | -0.06 | 0.15 | -0.05 | -0.50 | -0.31 | -0.04 |
| PULS | 0.08 | 0.00 | 0.19 | 0.07 | 0.29 | 0.13 | 0.06 | -0.08 | 1.00 | 0.22 | -0.13 | -0.11 | 0.28 | 0.08 | 0.22 | 0.26 |
| ENIAX | 0.17 | 0.00 | 0.08 | 0.05 | 0.12 | 0.17 | 0.10 | -0.14 | 0.22 | 1.00 | -0.06 | -0.09 | 0.26 | 0.15 | 0.29 | 0.32 |
| YCS | 0.09 | 0.00 | 0.03 | -0.13 | 0.02 | -0.20 | 0.11 | -0.06 | -0.13 | -0.06 | 1.00 | 0.53 | -0.34 | 0.08 | -0.17 | 0.29 |
| UUP | -0.23 | 0.00 | 0.04 | -0.13 | 0.04 | -0.12 | -0.10 | 0.15 | -0.11 | -0.09 | 0.53 | 1.00 | -0.21 | -0.17 | -0.28 | 0.16 |
| DBSCX | 0.05 | 0.00 | 0.02 | 0.12 | 0.07 | 0.36 | -0.10 | -0.05 | 0.28 | 0.26 | -0.34 | -0.21 | 1.00 | 0.05 | 0.35 | 0.25 |
| PGTYX | 0.86 | 0.00 | 0.03 | -0.01 | 0.04 | 0.08 | 0.29 | -0.50 | 0.08 | 0.15 | 0.08 | -0.17 | 0.05 | 1.00 | 0.38 | 0.43 |
| SVARX | 0.44 | 0.00 | 0.04 | 0.05 | 0.05 | 0.29 | 0.18 | -0.31 | 0.22 | 0.29 | -0.17 | -0.28 | 0.35 | 0.38 | 1.00 | 0.35 |
| Portfolio | 0.43 | 0.00 | 0.15 | 0.28 | 0.20 | 0.30 | 0.32 | -0.04 | 0.26 | 0.32 | 0.29 | 0.16 | 0.25 | 0.43 | 0.35 | 1.00 |