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SP400 Top 25 10Y
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification

SP400 Top 25 10Y

Currency in USD · Last updated May 16, 2025

Asset Allocation

MUSA 4.17%KNSL 4.17%COKE 4.17%TKO 4.17%APPF 4.17%UFPI 4.17%CHDN 4.17%FIX 4.17%EME 4.17%EXEL 4.17%SAIA 4.17%FN 4.17%CELH 4.17%CYTK 4.17%LNTH 4.17%WING 4.17%BLD 4.17%NOVT 4.17%MEDP 4.17%HLNE 4.17%ONTO 4.17%TPL 4.17%AAON 4.17%LSCC 4.17%EquityEquity
PositionCategory/SectorTarget Weight
AAON
AAON, Inc.		Industrials
4.17%
APPF
AppFolio, Inc.		Technology
4.17%
BLD
TopBuild Corp.		Industrials
4.17%
CELH
Celsius Holdings, Inc.		Consumer Defensive
4.17%
CHDN
Churchill Downs Incorporated		Consumer Cyclical
4.17%
COKE
Coca-Cola Consolidated, Inc.		Consumer Defensive
4.17%
CYTK
Cytokinetics, Incorporated		Healthcare
4.17%
EME
EMCOR Group, Inc.		Industrials
4.17%
EXEL
Exelixis, Inc.		Healthcare
4.17%
FIX
Comfort Systems USA, Inc.		Industrials
4.17%
FN
Fabrinet		Technology
4.17%
HLNE
Hamilton Lane Incorporated		Financial Services
4.17%
KNSL
Kinsale Capital Group, Inc.		Financial Services
4.17%
LNTH
Lantheus Holdings, Inc.		Healthcare
4.17%
LSCC
Lattice Semiconductor Corporation		Technology
4.17%
MEDP
Medpace Holdings, Inc.		Healthcare
4.17%
MUSA
Murphy USA Inc.		Consumer Cyclical
4.17%
NOVT
Novanta Inc.		Technology
4.17%
ONTO
Onto Innovation Inc.		Technology
4.17%
SAIA
4.17%
TKO
4.17%
TPL
4.17%
UFPI
4.17%
WING
4.17%

Performance

Performance Chart

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The earliest data available for this chart is Mar 1, 2017, corresponding to the inception date of HLNE

Returns By Period

YTD1M6M1Y5Y*10Y*
^GSPC
S&P 500		0.60%9.64%-0.54%11.47%15.67%10.79%
SP400 Top 25 10Y-2.92%4.67%-8.83%0.92%N/AN/A
Portfolio components:
MUSA
Murphy USA Inc.		-9.93%-11.74%-14.49%3.27%32.96%22.74%
KNSL
Kinsale Capital Group, Inc.		-1.16%-5.09%-2.93%20.29%28.48%N/A
COKE
Coca-Cola Consolidated, Inc.		-7.40%-16.96%-3.98%22.92%39.96%27.18%
TKO
13.92%7.89%37.47%54.07%N/AN/A
APPF
AppFolio, Inc.		-13.90%-4.25%-8.97%-14.98%11.38%N/A
UFPI
-9.73%-3.96%-22.81%-17.34%N/AN/A
CHDN
Churchill Downs Incorporated		-26.73%-4.67%-30.36%-26.70%14.44%17.62%
FIX
Comfort Systems USA, Inc.		9.40%30.08%5.58%36.87%73.30%36.49%
EME
EMCOR Group, Inc.		2.41%19.10%-6.68%20.69%52.92%26.60%
EXEL
Exelixis, Inc.		38.92%26.60%31.98%119.03%12.46%30.14%
SAIA
-38.63%-15.43%-48.43%-31.76%N/AN/A
FN
Fabrinet		1.68%18.60%-11.28%-5.54%32.52%28.31%
CELH
Celsius Holdings, Inc.		48.25%5.31%45.01%-58.40%78.75%45.39%
CYTK
Cytokinetics, Incorporated		-36.56%-22.61%-45.45%-50.68%6.66%16.95%
LNTH
Lantheus Holdings, Inc.		-10.82%-22.38%-1.31%0.23%46.41%N/A
WING
8.68%37.31%-6.51%-20.47%N/AN/A
BLD
TopBuild Corp.		-4.79%3.23%-18.39%-30.98%26.92%N/A
NOVT
Novanta Inc.		-15.17%13.59%-23.64%-22.82%7.28%N/A
MEDP
Medpace Holdings, Inc.		-10.78%-2.82%-11.48%-26.97%28.68%N/A
HLNE
Hamilton Lane Incorporated		15.31%20.35%-11.37%46.18%24.23%N/A
ONTO
Onto Innovation Inc.		-41.18%-18.62%-40.49%-58.04%26.16%19.84%
TPL
28.28%12.09%4.33%140.14%N/AN/A
AAON
AAON, Inc.		-11.42%26.82%-21.69%37.84%27.55%21.65%
LSCC
Lattice Semiconductor Corporation		-7.77%19.73%3.20%-27.77%18.83%23.84%
*Annualized

Monthly Returns

The table below presents the monthly returns of SP400 Top 25 10Y, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20253.19%-6.27%-3.10%0.60%2.97%-2.92%
2024-0.54%16.62%2.43%-5.00%5.98%1.66%3.80%1.23%2.05%-1.05%9.98%-10.49%27.01%
2023-3.46%-4.89%8.46%15.42%14.95%

Expense Ratio

SP400 Top 25 10Y 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.

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of SP400 Top 25 10Y is 6, meaning it’s performing worse than 94% of other portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of SP400 Top 25 10Y is 66
Overall Rank
The Sharpe Ratio Rank of SP400 Top 25 10Y is 77
Sharpe Ratio Rank
The Sortino Ratio Rank of SP400 Top 25 10Y is 55
Sortino Ratio Rank
The Omega Ratio Rank of SP400 Top 25 10Y is 55
Omega Ratio Rank
The Calmar Ratio Rank of SP400 Top 25 10Y is 66
Calmar Ratio Rank
The Martin Ratio Rank of SP400 Top 25 10Y is 55
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Portfolio components
Sharpe ratioSortino ratioOmega ratioCalmar ratioMartin ratio
MUSA
Murphy USA Inc.		0.110.481.060.280.63
KNSL
Kinsale Capital Group, Inc.		0.501.001.150.672.26
COKE
Coca-Cola Consolidated, Inc.		0.781.081.151.043.12
TKO
1.782.411.342.767.70
APPF
AppFolio, Inc.		-0.34-0.210.97-0.49-0.92
UFPI
-0.43-0.500.94-0.52-1.03
CHDN
Churchill Downs Incorporated		-0.92-1.140.84-0.67-1.69
FIX
Comfort Systems USA, Inc.		0.771.161.170.852.07
EME
EMCOR Group, Inc.		0.560.951.140.671.66
EXEL
Exelixis, Inc.		2.934.241.607.6723.40
SAIA
-0.50-0.320.95-0.51-1.30
FN
Fabrinet		-0.080.361.05-0.10-0.21
CELH
Celsius Holdings, Inc.		-0.87-1.440.84-0.74-0.92
CYTK
Cytokinetics, Incorporated		-0.99-1.440.82-0.69-2.35
LNTH
Lantheus Holdings, Inc.		-0.030.541.080.040.07
WING
-0.41-0.250.96-0.39-0.72
BLD
TopBuild Corp.		-0.64-0.850.90-0.69-1.13
NOVT
Novanta Inc.		-0.54-0.610.93-0.47-1.16
MEDP
Medpace Holdings, Inc.		-0.57-0.580.92-0.65-1.06
HLNE
Hamilton Lane Incorporated		1.161.831.241.343.02
ONTO
Onto Innovation Inc.		-0.78-1.020.86-0.91-1.99
TPL
2.482.891.433.678.13
AAON
AAON, Inc.		0.771.251.200.801.88
LSCC
Lattice Semiconductor Corporation		-0.42-0.250.97-0.46-0.89

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.

SP400 Top 25 10Y Sharpe ratios as of May 16, 2025 (values are recalculated daily):

  • 1-Year: 0.09
  • All Time: 0.98

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 0.52 to 1.01, 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 SP400 Top 25 10Y compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.

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Dividends

Dividend yield

SP400 Top 25 10Y provided a 0.29% dividend yield over the last twelve months.

TTM20242023202220212020201920182017201620152014
Portfolio0.29%0.31%0.45%0.46%0.24%0.54%0.28%0.77%0.27%0.60%0.22%0.27%
Portfolio components:
MUSA
Murphy USA Inc.		0.52%0.36%0.43%0.45%0.52%0.19%0.00%0.00%0.00%0.00%0.00%0.00%
KNSL
Kinsale Capital Group, Inc.		0.13%0.13%0.17%0.20%0.18%0.18%0.31%0.50%0.53%0.29%0.00%0.00%
COKE
Coca-Cola Consolidated, Inc.		0.69%1.59%0.54%0.20%0.16%0.38%0.35%0.56%0.46%0.56%0.55%1.14%
TKO
0.24%0.00%4.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
APPF
AppFolio, 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%
UFPI
1.32%1.17%0.88%1.20%0.71%0.90%0.84%1.39%0.85%0.85%1.20%1.15%
CHDN
Churchill Downs Incorporated		0.42%0.31%0.28%0.34%0.28%0.32%0.42%0.67%0.65%0.88%0.81%1.05%
FIX
Comfort Systems USA, Inc.		0.32%0.28%0.41%0.49%0.49%0.81%0.79%0.76%0.68%0.83%0.88%1.31%
EME
EMCOR Group, Inc.		0.22%0.20%0.32%0.36%0.41%0.35%0.37%0.54%0.39%0.45%0.67%0.72%
EXEL
Exelixis, 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%
SAIA
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FN
Fabrinet		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
CELH
Celsius Holdings, 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%
CYTK
Cytokinetics, Incorporated		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
LNTH
Lantheus Holdings, 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%
WING
0.42%0.34%0.32%3.43%0.36%4.04%0.46%10.19%0.36%9.80%0.00%0.00%
BLD
TopBuild Corp.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NOVT
Novanta 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%
MEDP
Medpace Holdings, 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%
HLNE
Hamilton Lane Incorporated		1.15%1.29%1.53%2.43%1.31%1.55%1.74%2.20%1.48%0.00%0.00%0.00%
ONTO
Onto Innovation 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%
TPL
1.10%1.58%0.83%1.37%0.88%3.58%0.77%0.75%0.30%0.10%0.22%0.23%
AAON
AAON, Inc.		0.33%0.27%0.43%0.57%0.48%0.57%0.65%0.91%0.71%0.73%0.95%0.79%
LSCC
Lattice Semiconductor Corporation		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%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 SP400 Top 25 10Y. 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 SP400 Top 25 10Y was 24.29%, occurring on Apr 8, 2025. The portfolio has not yet recovered.

The current SP400 Top 25 10Y drawdown is 13.64%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-24.29%Nov 26, 202490Apr 8, 2025———
-11.33%Jul 17, 202414Aug 5, 202446Oct 9, 202460
-8.74%Sep 15, 202332Oct 30, 202311Nov 14, 202343
-6.96%Apr 9, 20249Apr 19, 202412May 7, 202421
-5.64%Nov 12, 20244Nov 15, 20245Nov 22, 20249

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 24 assets, with an effective number of assets of 24.00, 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.
^GSPCCOKEMUSALNTHCYTKTKOEXELKNSLCELHTPLWINGCHDNSAIAAPPFLSCCMEDPFNONTOEMEAAONUFPIHLNEBLDNOVTFIXPortfolio
^GSPC1.000.280.230.240.280.340.260.290.360.340.460.500.440.500.610.540.590.620.570.540.550.600.590.650.630.77
COKE0.281.000.170.060.140.150.140.270.180.100.220.180.200.250.120.170.120.160.150.240.220.250.200.210.190.34
MUSA0.230.171.000.140.160.080.210.300.150.140.310.170.140.220.090.210.140.110.230.260.210.170.210.170.230.32
LNTH0.240.060.141.000.180.060.190.100.200.230.120.240.190.230.280.320.150.180.170.280.270.230.290.280.210.42
CYTK0.280.140.160.181.000.120.300.200.140.140.190.180.160.200.140.280.180.120.170.300.290.280.280.240.200.40
TKO0.340.150.080.060.121.000.190.090.180.220.160.250.230.310.220.230.220.180.290.240.260.330.220.230.280.36
EXEL0.260.140.210.190.300.191.000.170.110.250.210.190.210.250.180.280.170.130.230.240.250.220.230.270.240.39
KNSL0.290.270.300.100.200.090.171.000.190.130.310.170.250.260.100.320.220.200.260.270.290.260.260.200.240.40
CELH0.360.180.150.200.140.180.110.191.000.180.160.210.170.250.320.300.210.240.230.190.300.250.370.310.220.45
TPL0.340.100.140.230.140.220.250.130.181.000.110.220.200.220.250.160.280.270.380.310.300.350.300.250.340.47
WING0.460.220.310.120.190.160.210.310.160.111.000.290.320.340.290.370.300.360.390.330.280.330.340.310.420.49
CHDN0.500.180.170.240.180.250.190.170.210.220.291.000.270.310.350.280.320.320.330.350.390.390.380.460.370.48
SAIA0.440.200.140.190.160.230.210.250.170.200.320.271.000.350.360.370.330.360.360.410.460.450.450.370.380.58
APPF0.500.250.220.230.200.310.250.260.250.220.340.310.351.000.340.410.340.360.390.420.380.470.380.430.390.57
LSCC0.610.120.090.280.140.220.180.100.320.250.290.350.360.341.000.430.480.600.400.380.410.420.450.570.430.63
MEDP0.540.170.210.320.280.230.280.320.300.160.370.280.370.410.431.000.410.410.340.400.410.400.460.460.380.61
FN0.590.120.140.150.180.220.170.220.210.280.300.320.330.340.480.411.000.600.530.480.410.460.400.490.570.65
ONTO0.620.160.110.180.120.180.130.200.240.270.360.320.360.360.600.410.601.000.540.460.360.480.450.500.600.68
EME0.570.150.230.170.170.290.230.260.230.380.390.330.360.390.400.340.530.541.000.580.470.480.490.490.840.69
AAON0.540.240.260.280.300.240.240.270.190.310.330.350.410.420.380.400.480.460.581.000.510.530.460.500.620.70
UFPI0.550.220.210.270.290.260.250.290.300.300.280.390.460.380.410.410.410.360.470.511.000.550.740.600.480.68
HLNE0.600.250.170.230.280.330.220.260.250.350.330.390.450.470.420.400.460.480.480.530.551.000.500.590.530.70
BLD0.590.200.210.290.280.220.230.260.370.300.340.380.450.380.450.460.400.450.490.460.740.501.000.560.490.70
NOVT0.650.210.170.280.240.230.270.200.310.250.310.460.370.430.570.460.490.500.490.500.600.590.561.000.540.69
FIX0.630.190.230.210.200.280.240.240.220.340.420.370.380.390.430.380.570.600.840.620.480.530.490.541.000.73
Portfolio0.770.340.320.420.400.360.390.400.450.470.490.480.580.570.630.610.650.680.690.700.680.700.700.690.731.00
The correlation results are calculated based on daily price changes starting from Sep 13, 2023