Countries ETF Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
EIDO iShares MSCI Indonesia ETF	Asia Pacific Equities	6.67%
EIS iShares MSCI Israel ETF	Foreign Large Cap Equities	6.67%
EWA iShares MSCI-Australia ETF	Asia Pacific Equities	6.67%
EWG iShares MSCI Germany ETF	Europe Equities	6.67%
EWH iShares MSCI Hong Kong ETF	Asia Pacific Equities	6.67%
EWI iShares MSCI Italy ETF	Europe Equities	6.67%
EWL iShares MSCI Switzerland ETF	Europe Equities	6.67%
EWM iShares MSCI Malaysia ETF	Asia Pacific Equities	6.67%
EWP iShares MSCI Spain ETF	Europe Equities	6.67%
EWS iShares MSCI Singapore ETF	Asia Pacific Equities	6.67%
EWT iShares MSCI Taiwan ETF	Asia Pacific Equities	6.67%
EWY iShares MSCI South Korea ETF	Asia Pacific Equities	6.67%
INDY iShares India 50 ETF	Asia Pacific Equities	6.67%
MCHI iShares MSCI China ETF	China Equities	6.67%
NORW Global X MSCI Norway ETF	Europe Equities	6.67%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Countries ETF 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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The earliest data available for this chart is Mar 31, 2011, corresponding to the inception date of MCHI

Returns By Period

As of Apr 2, 2026, the Countries ETF Portfolio returned 3.21% Year-To-Date and 8.70% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio Countries ETF Portfolio	-0.71%	-2.27%	3.21%	7.62%	30.69%	16.09%	7.76%	8.70%
Portfolio components:
MCHI iShares MSCI China ETF	-0.29%	-1.86%	-7.04%	-15.63%	5.39%	6.34%	-5.77%	4.71%
EWY iShares MSCI South Korea ETF	-2.65%	-7.16%	26.38%	50.40%	129.96%	29.44%	8.51%	11.12%
EWT iShares MSCI Taiwan ETF	-1.32%	-0.73%	11.40%	15.66%	52.68%	21.93%	10.20%	15.08%
EWS iShares MSCI Singapore ETF	-0.67%	1.54%	2.84%	0.24%	23.18%	18.09%	8.61%	7.24%
EWH iShares MSCI Hong Kong ETF	-0.39%	-1.49%	8.99%	10.67%	37.28%	8.36%	0.89%	5.34%
EWA iShares MSCI-Australia ETF	0.04%	-3.40%	7.29%	5.15%	21.46%	10.25%	6.55%	8.39%
INDY iShares India 50 ETF	-0.18%	-7.30%	-14.56%	-10.85%	-10.17%	3.74%	2.39%	6.84%
EIDO iShares MSCI Indonesia ETF	-1.52%	-9.39%	-16.90%	-10.03%	-1.35%	-9.83%	-3.79%	-1.86%
EWM iShares MSCI Malaysia ETF	-1.08%	-0.07%	3.58%	9.60%	26.11%	12.14%	4.90%	1.82%
EIS iShares MSCI Israel ETF	-0.56%	-4.82%	7.11%	19.09%	56.74%	31.15%	14.15%	11.03%

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

Monthly Returns

Based on dividend-adjusted daily data since Apr 1, 2011, Countries ETF Portfolio's average daily return is +0.03%, while the average monthly return is +0.56%. At this rate, your investment would double in approximately 10.3 years.

Historically, 57% of months were positive and 43% were negative. The best month was Nov 2020 with a return of +14.3%, while the worst month was Mar 2020 at -17.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.

On a daily basis, Countries ETF Portfolio closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +7.4%, while the worst single day was Mar 16, 2020 at -11.6%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.30%	4.79%	-6.66%	0.20%									3.21%
2025	3.22%	1.61%	1.06%	3.17%	5.73%	4.96%	-0.59%	3.54%	3.00%	1.75%	0.30%	3.17%	35.47%
2024	-3.73%	3.12%	2.61%	-2.14%	4.59%	-0.57%	2.08%	4.05%	4.13%	-3.97%	-0.66%	-2.34%	6.83%
2023	7.91%	-4.64%	2.10%	1.16%	-4.13%	3.68%	5.12%	-5.03%	-3.07%	-4.28%	7.94%	4.91%	10.81%
2022	-2.27%	-1.41%	-0.15%	-5.49%	0.92%	-8.01%	2.74%	-2.65%	-10.42%	3.26%	12.95%	-2.34%	-13.86%
2021	-0.41%	2.25%	1.41%	2.83%	2.38%	-1.27%	-1.22%	1.95%	-3.82%	4.13%	-4.77%	3.11%	6.29%

Benchmark Metrics

Countries ETF Portfolio has an annualized alpha of -3.45%, beta of 0.87, and R² of 0.72 versus S&P 500 Index. Calculated based on daily prices since April 01, 2011.

This portfolio participated in 99.88% of S&P 500 Index downside but only 76.09% of its upside — more exposed to losses than it benefited from rallies.
This portfolio had an annualized alpha of -3.45% versus S&P 500 Index — delivering less than market exposure alone would predict.
With beta of 0.87 and R² of 0.72, this portfolio moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

Alpha: -3.45%

Beta: 0.87

R²: 0.72

Upside Capture: 76.09%

Downside Capture: 99.88%

Expense Ratio

Countries ETF Portfolio 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

INDY

iShares India 50 ETF

MCHI

iShares MSCI China ETF

EWY

iShares MSCI South Korea ETF

EWT

iShares MSCI Taiwan ETF

EIDO

iShares MSCI Indonesia ETF

EIS

iShares MSCI Israel ETF

EWS

iShares MSCI Singapore ETF

EWA

iShares MSCI-Australia ETF

EWL

iShares MSCI Switzerland ETF

EWP

iShares MSCI Spain ETF

Return for Risk

Risk / Return Rank

Countries ETF Portfolio ranks 83 for risk / return — in the top 83% 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

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	1.81	0.88	+0.93
Sortino ratio Return per unit of downside risk	2.48	1.37	+1.11
Omega ratio Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	2.59	1.39	+1.20
Martin ratio Return relative to average drawdown	11.35	6.43	+4.92
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
MCHI iShares MSCI China ETF	16	0.23	0.47	1.06	0.27	0.70
EWY iShares MSCI South Korea ETF	97	3.59	3.80	1.54	5.59	21.99
EWT iShares MSCI Taiwan ETF	89	1.97	2.66	1.36	3.45	13.65
EWS iShares MSCI Singapore ETF	60	1.16	1.75	1.26	1.52	6.54
EWH iShares MSCI Hong Kong ETF	85	2.00	2.56	1.36	2.59	10.72
EWA iShares MSCI-Australia ETF	55	1.02	1.49	1.22	1.74	6.36
INDY iShares India 50 ETF	2	-0.69	-0.93	0.89	-0.50	-1.63
EIDO iShares MSCI Indonesia ETF	11	-0.06	0.09	1.01	-0.04	-0.12
EWM iShares MSCI Malaysia ETF	82	1.65	2.28	1.30	3.05	11.12
EIS iShares MSCI Israel ETF	94	2.41	3.28	1.42	4.73	17.51

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.

Countries ETF Portfolio Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 1.81
5-Year: 0.51
10-Year: 0.51
All Time: 0.32

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 1.01 to 1.70, 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 Countries ETF 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

Countries ETF Portfolio provided a 3.28% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.28%	3.30%	3.30%	3.47%	4.03%	3.03%	1.53%	2.61%	2.93%	2.76%	2.86%	5.10%
Portfolio components:
MCHI iShares MSCI China ETF	2.28%	2.12%	2.31%	2.66%	1.78%	1.04%	1.04%	1.45%	1.60%	1.56%	1.66%	2.76%
EWY iShares MSCI South Korea ETF	1.66%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
EWT iShares MSCI Taiwan ETF	3.98%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%
EWS iShares MSCI Singapore ETF	3.98%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%
EWH iShares MSCI Hong Kong ETF	4.77%	5.20%	4.17%	4.28%	2.91%	2.78%	2.56%	2.71%	2.93%	4.35%	3.08%	2.63%
EWA iShares MSCI-Australia ETF	2.99%	3.21%	3.71%	3.72%	5.28%	5.08%	2.02%	3.97%	6.11%	4.44%	4.03%	5.48%
INDY iShares India 50 ETF	9.49%	8.11%	0.24%	0.38%	3.75%	7.12%	0.08%	0.58%	0.55%	0.27%	0.48%	0.57%
EIDO iShares MSCI Indonesia ETF	4.28%	3.56%	5.20%	2.94%	2.53%	1.33%	1.51%	1.78%	1.99%	1.26%	1.16%	1.67%
EWM iShares MSCI Malaysia ETF	3.29%	3.41%	3.32%	3.47%	3.00%	6.48%	1.89%	2.91%	3.84%	5.58%	5.97%	37.54%
EIS iShares MSCI Israel ETF	1.34%	1.44%	1.38%	1.39%	1.66%	1.04%	0.16%	2.06%	0.87%	2.02%	1.78%	2.55%

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 Countries ETF 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 Countries ETF Portfolio was 37.03%, occurring on Mar 23, 2020. Recovery took 170 trading sessions.

The current Countries ETF Portfolio drawdown is 6.39%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-37.03%	Jan 29, 2018	541	Mar 23, 2020	170	Nov 20, 2020	711
-29.73%	May 2, 2011	108	Oct 3, 2011	509	Oct 11, 2013	617
-27.64%	Jun 15, 2021	338	Oct 14, 2022	462	Aug 19, 2024	800
-25.06%	Jul 25, 2014	391	Feb 11, 2016	310	May 5, 2017	701
-13.88%	Mar 18, 2025	16	Apr 8, 2025	15	Apr 30, 2025	31

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 15 assets, with an effective number of assets of 15.00, 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	EIDO	EIS	INDY	EWM	EWH	MCHI	EWL	NORW	EWP	EWY	EWT	EWS	EWI	EWA	EWG	Portfolio
Benchmark	1.00	0.51	0.67	0.56	0.54	0.55	0.56	0.66	0.64	0.64	0.63	0.66	0.63	0.68	0.71	0.74	0.80
EIDO	0.51	1.00	0.40	0.53	0.59	0.48	0.50	0.46	0.47	0.46	0.55	0.55	0.56	0.47	0.53	0.50	0.69
EIS	0.67	0.40	1.00	0.46	0.43	0.44	0.45	0.54	0.54	0.51	0.53	0.54	0.52	0.53	0.57	0.60	0.68
INDY	0.56	0.53	0.46	1.00	0.52	0.48	0.51	0.51	0.50	0.51	0.56	0.57	0.55	0.53	0.54	0.56	0.70
EWM	0.54	0.59	0.43	0.52	1.00	0.52	0.54	0.51	0.50	0.50	0.60	0.59	0.61	0.51	0.58	0.54	0.71
EWH	0.55	0.48	0.44	0.48	0.52	1.00	0.78	0.50	0.52	0.50	0.60	0.61	0.62	0.52	0.58	0.55	0.74
MCHI	0.56	0.50	0.45	0.51	0.54	0.78	1.00	0.49	0.52	0.48	0.63	0.63	0.62	0.51	0.57	0.55	0.76
EWL	0.66	0.46	0.54	0.51	0.51	0.50	0.49	1.00	0.68	0.69	0.54	0.54	0.59	0.70	0.66	0.78	0.77
NORW	0.64	0.47	0.54	0.50	0.50	0.52	0.52	0.68	1.00	0.67	0.57	0.56	0.58	0.70	0.66	0.74	0.78
EWP	0.64	0.46	0.51	0.51	0.50	0.50	0.48	0.69	0.67	1.00	0.54	0.53	0.58	0.87	0.64	0.80	0.79
EWY	0.63	0.55	0.53	0.56	0.60	0.60	0.63	0.54	0.57	0.54	1.00	0.76	0.67	0.56	0.66	0.62	0.81
EWT	0.66	0.55	0.54	0.57	0.59	0.61	0.63	0.54	0.56	0.53	0.76	1.00	0.67	0.56	0.65	0.62	0.80
EWS	0.63	0.56	0.52	0.55	0.61	0.62	0.62	0.59	0.58	0.58	0.67	0.67	1.00	0.60	0.69	0.64	0.80
EWI	0.68	0.47	0.53	0.53	0.51	0.52	0.51	0.70	0.70	0.87	0.56	0.56	0.60	1.00	0.66	0.84	0.81
EWA	0.71	0.53	0.57	0.54	0.58	0.58	0.57	0.66	0.66	0.64	0.66	0.65	0.69	0.66	1.00	0.70	0.82
EWG	0.74	0.50	0.60	0.56	0.54	0.55	0.55	0.78	0.74	0.80	0.62	0.62	0.64	0.84	0.70	1.00	0.85
Portfolio	0.80	0.69	0.68	0.70	0.71	0.74	0.76	0.77	0.78	0.79	0.81	0.80	0.80	0.81	0.82	0.85	1.00

The correlation results are calculated based on daily price changes starting from Apr 1, 2011

Countries ETF Portfolio

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Top 10 holdings

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