Top Cap
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification
Top Cap
Currency in USD · Last updated May 23, 2025
Asset Allocation
Every 3 months
Performance
Performance Chart
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The earliest data available for this chart is Apr 3, 2014, corresponding to the inception date of GOOG
Returns By Period
As of May 23, 2025, the Top Cap returned -0.77% Year-To-Date and 22.16% of annualized return in the last 10 years.
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | -0.67% | 10.48% | -1.79% | 10.08% | 14.60% | 10.64% |
| Top Cap | -0.77% | 8.55% | -2.89% | 7.66% | 21.87% | 22.16% |
| Portfolio components: | ||||||
MSFT Microsoft Corporation | 8.33% | 24.23% | 10.59% | 6.46% | 20.94% | 27.31% |
AAPL Apple Inc | -19.40% | 0.94% | -11.67% | 5.97% | 21.04% | 21.10% |
GOOG Alphabet Inc | -9.59% | 11.75% | 1.85% | -2.92% | 19.63% | 20.39% |
AMZN Amazon.com, Inc. | -7.43% | 17.28% | 2.38% | 10.90% | 10.76% | 25.25% |
NVDA NVIDIA Corporation | -1.08% | 34.32% | -9.42% | 39.93% | 71.34% | 74.59% |
LLY Eli Lilly and Company | -7.01% | -13.40% | -4.27% | -10.31% | 38.06% | 27.69% |
V Visa Inc. | 13.65% | 8.20% | 15.90% | 30.84% | 14.21% | 18.62% |
UNH UnitedHealth Group Incorporated | -41.10% | -30.55% | -49.94% | -42.19% | 1.95% | 11.20% |
WMT Walmart Inc. | 6.73% | 1.38% | 9.33% | 48.53% | 19.98% | 16.49% |
MA Mastercard Inc | 8.61% | 8.12% | 11.03% | 25.63% | 14.74% | 20.65% |
NVO Novo Nordisk A/S | -19.47% | 13.79% | -32.51% | -48.12% | 17.94% | 11.21% |
ASML ASML Holding N.V. | 7.40% | 16.30% | 10.74% | -18.96% | 19.39% | 22.08% |
ORCL Oracle Corporation | -5.01% | 23.63% | -17.74% | 27.68% | 26.35% | 15.38% |
ADBE Adobe Inc | -6.83% | 18.41% | -17.86% | -14.38% | 1.47% | 17.87% |
TMO Thermo Fisher Scientific Inc. | -22.95% | -7.88% | -22.28% | -32.02% | 3.56% | 12.05% |
SAP SAP SE | 22.85% | 19.83% | 28.14% | 55.98% | 22.92% | 16.71% |
SHEL Shell plc | 7.54% | 2.28% | 1.67% | -2.49% | 20.01% | 5.74% |
CSCO Cisco Systems, Inc. | 8.48% | 15.12% | 11.57% | 37.60% | 10.45% | 11.46% |
LIN Linde plc | 10.00% | 0.97% | 1.51% | 6.90% | 20.89% | 16.30% |
TMUS T-Mobile US, Inc. | 9.47% | -6.77% | 2.50% | 47.56% | 20.83% | 21.00% |
DHR Danaher Corporation | -18.20% | -2.39% | -20.02% | -29.50% | 6.39% | 18.13% |
INTU Intuit Inc. | 6.34% | 14.14% | -1.53% | 0.02% | 19.00% | 21.05% |
WFC Wells Fargo & Company | 5.58% | 11.42% | -0.90% | 23.34% | 27.72% | 5.71% |
AMGN Amgen Inc. | 6.09% | -1.47% | -4.62% | -9.29% | 7.01% | 8.33% |
NOW ServiceNow, Inc. | -4.18% | 32.46% | -2.99% | 31.78% | 21.23% | 29.14% |
*Annualized
Monthly Returns
The table below presents the monthly returns of Top Cap, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 3.88% | 0.05% | -5.86% | -1.10% | 2.55% | -0.77% | |||||||
| 2024 | 4.81% | 4.74% | 2.89% | -3.00% | 4.09% | 6.15% | 1.00% | 2.70% | 0.22% | -1.02% | 4.66% | -3.37% | 25.96% |
| 2023 | 8.03% | -2.43% | 6.88% | 1.89% | 3.45% | 5.94% | 3.27% | 2.80% | -4.46% | -0.15% | 9.37% | 2.52% | 42.85% |
| 2022 | -5.75% | -2.46% | 4.24% | -8.74% | 0.79% | -6.50% | 9.62% | -5.83% | -9.31% | 10.62% | 7.38% | -5.62% | -13.50% |
| 2021 | -0.11% | 1.51% | 2.80% | 6.63% | 1.64% | 5.48% | 4.89% | 3.55% | -5.05% | 7.88% | -0.99% | 3.43% | 35.76% |
| 2020 | 1.07% | -5.35% | -6.04% | 11.91% | 5.97% | 4.25% | 4.77% | 7.31% | -3.08% | -5.34% | 11.36% | 4.60% | 33.52% |
| 2019 | 7.63% | 4.88% | 4.05% | 3.05% | -4.87% | 7.37% | 1.04% | -0.89% | 0.77% | 3.68% | 4.51% | 3.46% | 39.85% |
| 2018 | 9.38% | -2.44% | -2.29% | 2.32% | 3.68% | 0.58% | 4.54% | 5.59% | 0.77% | -6.68% | 1.19% | -7.38% | 8.22% |
| 2017 | 5.14% | 3.26% | 1.54% | 3.01% | 5.06% | -0.20% | 3.07% | 2.98% | 2.10% | 5.88% | 2.45% | 0.57% | 40.77% |
| 2016 | -4.93% | -1.99% | 7.92% | 0.90% | 4.05% | -0.97% | 9.04% | -0.16% | 1.57% | -1.37% | 1.26% | 2.62% | 18.47% |
| 2015 | -1.12% | 6.94% | -1.44% | 2.45% | 2.34% | -2.33% | 4.87% | -6.27% | -1.10% | 8.83% | 1.86% | -0.29% | 14.68% |
| 2014 | -2.74% | 3.64% | 2.59% | -0.58% | 2.89% | -1.03% | 2.62% | 4.56% | -1.06% | 11.15% |
Expense Ratio
Top Cap 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 Top Cap is 23, meaning it’s performing worse than 77% 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.
Overall Rank
Sharpe Ratio Rank
Sortino Ratio Rank
Omega Ratio Rank
Calmar Ratio Rank
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 ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
MSFT Microsoft Corporation | 0.25 | 0.62 | 1.08 | 0.33 | 0.73 |
AAPL Apple Inc | 0.18 | 0.49 | 1.07 | 0.18 | 0.56 |
GOOG Alphabet Inc | -0.09 | 0.07 | 1.01 | -0.11 | -0.23 |
AMZN Amazon.com, Inc. | 0.32 | 0.68 | 1.09 | 0.35 | 0.90 |
NVDA NVIDIA Corporation | 0.67 | 1.26 | 1.16 | 1.09 | 2.67 |
LLY Eli Lilly and Company | -0.27 | -0.04 | 0.99 | -0.32 | -0.61 |
V Visa Inc. | 1.41 | 1.83 | 1.28 | 1.96 | 6.90 |
UNH UnitedHealth Group Incorporated | -0.95 | -1.13 | 0.80 | -0.75 | -2.50 |
WMT Walmart Inc. | 2.04 | 2.87 | 1.39 | 2.33 | 7.62 |
MA Mastercard Inc | 1.22 | 1.66 | 1.24 | 1.48 | 6.22 |
NVO Novo Nordisk A/S | -1.13 | -1.63 | 0.79 | -0.80 | -1.43 |
ASML ASML Holding N.V. | -0.39 | -0.31 | 0.96 | -0.45 | -0.69 |
ORCL Oracle Corporation | 0.65 | 1.19 | 1.16 | 0.78 | 2.08 |
ADBE Adobe Inc | -0.39 | -0.31 | 0.95 | -0.29 | -0.68 |
TMO Thermo Fisher Scientific Inc. | -1.18 | -1.80 | 0.79 | -0.81 | -2.09 |
SAP SAP SE | 1.95 | 2.67 | 1.34 | 2.87 | 11.81 |
SHEL Shell plc | -0.11 | -0.08 | 0.99 | -0.22 | -0.50 |
CSCO Cisco Systems, Inc. | 1.64 | 2.37 | 1.35 | 1.62 | 8.30 |
LIN Linde plc | 0.38 | 0.69 | 1.09 | 0.50 | 1.23 |
TMUS T-Mobile US, Inc. | 1.79 | 2.19 | 1.36 | 3.34 | 8.71 |
DHR Danaher Corporation | -0.98 | -1.31 | 0.83 | -0.74 | -1.64 |
INTU Intuit Inc. | 0.00 | 0.24 | 1.03 | 0.00 | 0.00 |
WFC Wells Fargo & Company | 0.69 | 1.18 | 1.16 | 0.96 | 2.72 |
AMGN Amgen Inc. | -0.37 | -0.42 | 0.95 | -0.47 | -0.97 |
NOW ServiceNow, Inc. | 0.73 | 1.28 | 1.18 | 0.81 | 2.23 |
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Dividends
Dividend yield
Top Cap provided a 1.16% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 1.16% | 1.08% | 1.04% | 1.15% | 0.94% | 1.22% | 1.32% | 1.45% | 1.32% | 3.06% | 1.56% | 1.44% |
| Portfolio components: | ||||||||||||
MSFT Microsoft Corporation | 0.71% | 0.73% | 0.74% | 1.06% | 0.68% | 0.94% | 1.20% | 1.69% | 1.86% | 2.37% | 2.33% | 2.48% |
AAPL Apple Inc | 0.50% | 0.40% | 0.49% | 0.70% | 0.49% | 0.61% | 1.04% | 1.79% | 1.45% | 1.93% | 1.93% | 1.67% |
GOOG Alphabet Inc | 0.47% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
AMZN Amazon.com, 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% |
NVDA NVIDIA Corporation | 0.02% | 0.02% | 0.03% | 0.11% | 0.05% | 0.12% | 0.27% | 0.46% | 0.29% | 0.45% | 1.20% | 1.70% |
LLY Eli Lilly and Company | 0.78% | 0.67% | 0.78% | 1.07% | 1.23% | 1.75% | 1.96% | 1.95% | 2.46% | 2.77% | 2.37% | 2.84% |
V Visa Inc. | 0.64% | 0.68% | 0.72% | 0.76% | 0.62% | 0.56% | 0.56% | 0.67% | 0.61% | 0.75% | 0.64% | 0.64% |
UNH UnitedHealth Group Incorporated | 2.83% | 1.62% | 1.38% | 1.21% | 1.12% | 1.38% | 1.41% | 1.38% | 1.30% | 1.48% | 1.59% | 1.39% |
WMT Walmart Inc. | 0.92% | 0.92% | 1.45% | 1.58% | 1.52% | 1.50% | 1.78% | 2.23% | 2.07% | 2.89% | 3.20% | 2.24% |
MA Mastercard Inc | 0.50% | 0.50% | 0.53% | 0.56% | 0.49% | 0.45% | 0.44% | 0.53% | 0.58% | 0.74% | 0.66% | 0.51% |
NVO Novo Nordisk A/S | 2.37% | 1.68% | 0.99% | 1.18% | 1.34% | 1.86% | 2.12% | 2.46% | 2.13% | 3.94% | 1.31% | 1.96% |
ASML ASML Holding N.V. | 0.91% | 0.97% | 0.85% | 1.27% | 0.50% | 0.59% | 1.20% | 1.10% | 0.75% | 1.02% | 0.91% | 0.77% |
ORCL Oracle Corporation | 1.08% | 0.96% | 1.44% | 1.57% | 1.38% | 1.48% | 1.72% | 1.68% | 1.52% | 1.56% | 1.56% | 1.07% |
ADBE Adobe 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% |
TMO Thermo Fisher Scientific Inc. | 0.40% | 0.30% | 0.26% | 0.22% | 0.16% | 0.19% | 0.23% | 0.30% | 0.32% | 0.43% | 0.42% | 0.48% |
SAP SAP SE | 0.85% | 0.97% | 1.41% | 2.58% | 1.56% | 1.31% | 1.27% | 1.73% | 1.18% | 1.52% | 1.50% | 3.39% |
SHEL Shell plc | 4.26% | 4.39% | 3.76% | 3.48% | 3.78% | 5.44% | 6.14% | 5.48% | 4.79% | 5.88% | 6.98% | 4.72% |
CSCO Cisco Systems, Inc. | 2.54% | 2.69% | 3.07% | 3.17% | 2.32% | 3.20% | 2.88% | 2.95% | 2.95% | 3.28% | 3.02% | 2.66% |
LIN Linde plc | 1.24% | 1.33% | 1.24% | 1.43% | 1.22% | 1.46% | 1.64% | 2.11% | 2.04% | 2.56% | 2.79% | 2.01% |
TMUS T-Mobile US, Inc. | 1.27% | 1.28% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DHR Danaher Corporation | 0.60% | 0.47% | 0.43% | 0.38% | 0.26% | 0.32% | 0.44% | 0.62% | 0.60% | 36.46% | 0.80% | 0.47% |
INTU Intuit Inc. | 0.60% | 0.60% | 0.52% | 0.72% | 0.38% | 0.42% | 0.74% | 0.83% | 0.89% | 1.08% | 1.09% | 0.89% |
WFC Wells Fargo & Company | 2.18% | 2.14% | 2.64% | 2.66% | 1.25% | 4.04% | 3.57% | 3.56% | 2.54% | 2.75% | 2.71% | 2.46% |
AMGN Amgen Inc. | 3.41% | 3.45% | 2.96% | 2.95% | 3.13% | 2.78% | 2.41% | 2.71% | 2.65% | 2.74% | 1.95% | 1.53% |
NOW ServiceNow, 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% |
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 Top Cap. 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 Top Cap was 27.50%, occurring on Mar 23, 2020. Recovery took 52 trading sessions.
The current Top Cap drawdown is 6.03%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -27.5% | Feb 20, 2020 | 23 | Mar 23, 2020 | 52 | Jun 5, 2020 | 75 |
| -23.65% | Dec 28, 2021 | 192 | Sep 30, 2022 | 158 | May 18, 2023 | 350 |
| -19.16% | Oct 2, 2018 | 58 | Dec 24, 2018 | 54 | Mar 14, 2019 | 112 |
| -17.48% | Feb 20, 2025 | 34 | Apr 8, 2025 | — | — | — |
| -13.96% | Dec 30, 2015 | 28 | Feb 9, 2016 | 44 | Apr 13, 2016 | 72 |
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 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.
| ^GSPC | SHEL | WMT | NVO | LLY | UNH | TMUS | WFC | AMGN | LIN | NVDA | DHR | ORCL | NOW | AMZN | TMO | SAP | AAPL | ASML | CSCO | GOOG | V | ADBE | MA | INTU | MSFT | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ^GSPC | 1.00 | 0.44 | 0.41 | 0.38 | 0.41 | 0.45 | 0.46 | 0.58 | 0.49 | 0.64 | 0.63 | 0.61 | 0.65 | 0.60 | 0.64 | 0.61 | 0.62 | 0.68 | 0.66 | 0.68 | 0.70 | 0.69 | 0.67 | 0.70 | 0.70 | 0.75 | 0.92 |
| SHEL | 0.44 | 1.00 | 0.14 | 0.16 | 0.16 | 0.21 | 0.19 | 0.39 | 0.21 | 0.38 | 0.20 | 0.20 | 0.28 | 0.16 | 0.19 | 0.21 | 0.30 | 0.24 | 0.31 | 0.33 | 0.25 | 0.30 | 0.20 | 0.32 | 0.21 | 0.24 | 0.38 |
| WMT | 0.41 | 0.14 | 1.00 | 0.21 | 0.26 | 0.28 | 0.26 | 0.22 | 0.27 | 0.30 | 0.21 | 0.28 | 0.30 | 0.17 | 0.27 | 0.29 | 0.26 | 0.27 | 0.22 | 0.33 | 0.27 | 0.29 | 0.25 | 0.30 | 0.29 | 0.31 | 0.39 |
| NVO | 0.38 | 0.16 | 0.21 | 1.00 | 0.42 | 0.25 | 0.24 | 0.17 | 0.35 | 0.29 | 0.25 | 0.34 | 0.30 | 0.31 | 0.26 | 0.38 | 0.36 | 0.25 | 0.33 | 0.26 | 0.29 | 0.31 | 0.32 | 0.31 | 0.32 | 0.33 | 0.48 |
| LLY | 0.41 | 0.16 | 0.26 | 0.42 | 1.00 | 0.34 | 0.26 | 0.20 | 0.44 | 0.28 | 0.23 | 0.34 | 0.32 | 0.26 | 0.25 | 0.36 | 0.30 | 0.26 | 0.25 | 0.32 | 0.28 | 0.30 | 0.29 | 0.30 | 0.32 | 0.33 | 0.47 |
| UNH | 0.45 | 0.21 | 0.28 | 0.25 | 0.34 | 1.00 | 0.29 | 0.30 | 0.40 | 0.35 | 0.21 | 0.37 | 0.29 | 0.24 | 0.23 | 0.39 | 0.25 | 0.29 | 0.25 | 0.35 | 0.31 | 0.37 | 0.28 | 0.36 | 0.30 | 0.31 | 0.45 |
| TMUS | 0.46 | 0.19 | 0.26 | 0.24 | 0.26 | 0.29 | 1.00 | 0.26 | 0.31 | 0.34 | 0.30 | 0.29 | 0.30 | 0.34 | 0.33 | 0.31 | 0.31 | 0.31 | 0.29 | 0.37 | 0.33 | 0.38 | 0.36 | 0.37 | 0.35 | 0.35 | 0.49 |
| WFC | 0.58 | 0.39 | 0.22 | 0.17 | 0.20 | 0.30 | 0.26 | 1.00 | 0.28 | 0.40 | 0.27 | 0.32 | 0.37 | 0.24 | 0.26 | 0.31 | 0.31 | 0.30 | 0.34 | 0.41 | 0.33 | 0.41 | 0.26 | 0.42 | 0.35 | 0.32 | 0.48 |
| AMGN | 0.49 | 0.21 | 0.27 | 0.35 | 0.44 | 0.40 | 0.31 | 0.28 | 1.00 | 0.35 | 0.24 | 0.42 | 0.33 | 0.28 | 0.28 | 0.46 | 0.32 | 0.32 | 0.30 | 0.41 | 0.32 | 0.37 | 0.32 | 0.35 | 0.34 | 0.34 | 0.51 |
| LIN | 0.64 | 0.38 | 0.30 | 0.29 | 0.28 | 0.35 | 0.34 | 0.40 | 0.35 | 1.00 | 0.34 | 0.47 | 0.44 | 0.36 | 0.32 | 0.47 | 0.47 | 0.40 | 0.47 | 0.49 | 0.41 | 0.50 | 0.42 | 0.52 | 0.45 | 0.45 | 0.61 |
| NVDA | 0.63 | 0.20 | 0.21 | 0.25 | 0.23 | 0.21 | 0.30 | 0.27 | 0.24 | 0.34 | 1.00 | 0.37 | 0.45 | 0.54 | 0.54 | 0.38 | 0.45 | 0.50 | 0.62 | 0.44 | 0.52 | 0.42 | 0.57 | 0.45 | 0.53 | 0.59 | 0.69 |
| DHR | 0.61 | 0.20 | 0.28 | 0.34 | 0.34 | 0.37 | 0.29 | 0.32 | 0.42 | 0.47 | 0.37 | 1.00 | 0.41 | 0.44 | 0.37 | 0.74 | 0.41 | 0.41 | 0.43 | 0.46 | 0.41 | 0.46 | 0.47 | 0.47 | 0.50 | 0.48 | 0.64 |
| ORCL | 0.65 | 0.28 | 0.30 | 0.30 | 0.32 | 0.29 | 0.30 | 0.37 | 0.33 | 0.44 | 0.45 | 0.41 | 1.00 | 0.47 | 0.44 | 0.41 | 0.48 | 0.45 | 0.45 | 0.51 | 0.47 | 0.48 | 0.51 | 0.50 | 0.51 | 0.56 | 0.67 |
| NOW | 0.60 | 0.16 | 0.17 | 0.31 | 0.26 | 0.24 | 0.34 | 0.24 | 0.28 | 0.36 | 0.54 | 0.44 | 0.47 | 1.00 | 0.57 | 0.45 | 0.48 | 0.47 | 0.49 | 0.44 | 0.52 | 0.49 | 0.65 | 0.51 | 0.61 | 0.59 | 0.70 |
| AMZN | 0.64 | 0.19 | 0.27 | 0.26 | 0.25 | 0.23 | 0.33 | 0.26 | 0.28 | 0.32 | 0.54 | 0.37 | 0.44 | 0.57 | 1.00 | 0.40 | 0.47 | 0.55 | 0.49 | 0.43 | 0.67 | 0.48 | 0.60 | 0.49 | 0.55 | 0.65 | 0.68 |
| TMO | 0.61 | 0.21 | 0.29 | 0.38 | 0.36 | 0.39 | 0.31 | 0.31 | 0.46 | 0.47 | 0.38 | 0.74 | 0.41 | 0.45 | 0.40 | 1.00 | 0.42 | 0.42 | 0.46 | 0.46 | 0.43 | 0.47 | 0.48 | 0.48 | 0.49 | 0.48 | 0.66 |
| SAP | 0.62 | 0.30 | 0.26 | 0.36 | 0.30 | 0.25 | 0.31 | 0.31 | 0.32 | 0.47 | 0.45 | 0.41 | 0.48 | 0.48 | 0.47 | 0.42 | 1.00 | 0.46 | 0.59 | 0.45 | 0.48 | 0.49 | 0.52 | 0.50 | 0.51 | 0.54 | 0.68 |
| AAPL | 0.68 | 0.24 | 0.27 | 0.25 | 0.26 | 0.29 | 0.31 | 0.30 | 0.32 | 0.40 | 0.50 | 0.41 | 0.45 | 0.47 | 0.55 | 0.42 | 0.46 | 1.00 | 0.51 | 0.49 | 0.57 | 0.48 | 0.53 | 0.49 | 0.52 | 0.61 | 0.67 |
| ASML | 0.66 | 0.31 | 0.22 | 0.33 | 0.25 | 0.25 | 0.29 | 0.34 | 0.30 | 0.47 | 0.62 | 0.43 | 0.45 | 0.49 | 0.49 | 0.46 | 0.59 | 0.51 | 1.00 | 0.47 | 0.51 | 0.47 | 0.54 | 0.49 | 0.54 | 0.57 | 0.71 |
| CSCO | 0.68 | 0.33 | 0.33 | 0.26 | 0.32 | 0.35 | 0.37 | 0.41 | 0.41 | 0.49 | 0.44 | 0.46 | 0.51 | 0.44 | 0.43 | 0.46 | 0.45 | 0.49 | 0.47 | 1.00 | 0.48 | 0.51 | 0.50 | 0.52 | 0.51 | 0.54 | 0.68 |
| GOOG | 0.70 | 0.25 | 0.27 | 0.29 | 0.28 | 0.31 | 0.33 | 0.33 | 0.32 | 0.41 | 0.52 | 0.41 | 0.47 | 0.52 | 0.67 | 0.43 | 0.48 | 0.57 | 0.51 | 0.48 | 1.00 | 0.53 | 0.60 | 0.53 | 0.56 | 0.68 | 0.72 |
| V | 0.69 | 0.30 | 0.29 | 0.31 | 0.30 | 0.37 | 0.38 | 0.41 | 0.37 | 0.50 | 0.42 | 0.46 | 0.48 | 0.49 | 0.48 | 0.47 | 0.49 | 0.48 | 0.47 | 0.51 | 0.53 | 1.00 | 0.58 | 0.85 | 0.56 | 0.57 | 0.71 |
| ADBE | 0.67 | 0.20 | 0.25 | 0.32 | 0.29 | 0.28 | 0.36 | 0.26 | 0.32 | 0.42 | 0.57 | 0.47 | 0.51 | 0.65 | 0.60 | 0.48 | 0.52 | 0.53 | 0.54 | 0.50 | 0.60 | 0.58 | 1.00 | 0.58 | 0.68 | 0.69 | 0.76 |
| MA | 0.70 | 0.32 | 0.30 | 0.31 | 0.30 | 0.36 | 0.37 | 0.42 | 0.35 | 0.52 | 0.45 | 0.47 | 0.50 | 0.51 | 0.49 | 0.48 | 0.50 | 0.49 | 0.49 | 0.52 | 0.53 | 0.85 | 0.58 | 1.00 | 0.59 | 0.58 | 0.73 |
| INTU | 0.70 | 0.21 | 0.29 | 0.32 | 0.32 | 0.30 | 0.35 | 0.35 | 0.34 | 0.45 | 0.53 | 0.50 | 0.51 | 0.61 | 0.55 | 0.49 | 0.51 | 0.52 | 0.54 | 0.51 | 0.56 | 0.56 | 0.68 | 0.59 | 1.00 | 0.65 | 0.76 |
| MSFT | 0.75 | 0.24 | 0.31 | 0.33 | 0.33 | 0.31 | 0.35 | 0.32 | 0.34 | 0.45 | 0.59 | 0.48 | 0.56 | 0.59 | 0.65 | 0.48 | 0.54 | 0.61 | 0.57 | 0.54 | 0.68 | 0.57 | 0.69 | 0.58 | 0.65 | 1.00 | 0.79 |
| Portfolio | 0.92 | 0.38 | 0.39 | 0.48 | 0.47 | 0.45 | 0.49 | 0.48 | 0.51 | 0.61 | 0.69 | 0.64 | 0.67 | 0.70 | 0.68 | 0.66 | 0.68 | 0.67 | 0.71 | 0.68 | 0.72 | 0.71 | 0.76 | 0.73 | 0.76 | 0.79 | 1.00 |
The correlation results are calculated based on daily price changes starting from Apr 4, 2014