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Two index funds in a trench coat pretending to be global diversification

Report created on May 2, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification

Positions

The portfolio is essentially a three‑fund cosplay of diversification: two huge global-ish trackers at 45% each and one 10% smart‑beta side quest in emerging markets. On paper it looks tidy; in practice it’s the investing version of owning both a “world” atlas and a “US plus friends” atlas and calling that a library. The S&P 500 and ACWI overlap so heavily that the structure mainly adds redundancy, not genuine variety. This setup leans more toward “slightly rearranged global index” than a deliberate design. It’s not chaotic, just lazy: most of the behaviour is driven by big developed markets while the EM value slice politely tries (and mostly fails) to matter.

Growth Info

Historically, the portfolio has absolutely flown: €1,000 became €1,628 in about 2.5 years, with a 21.49% CAGR. CAGR, or compound annual growth rate, is basically the average speed of the ride if you smooth out the drama. It even beat both the US market and global market by 1.75–2.25% a year, which is impressive for something this generic. The -21.95% max drawdown shows it still hits hard on the way down, though slightly less brutally than the US benchmark. And needing just 20 days to make 90% of returns is a reminder that missing a handful of good days would have turned this victory lap into a slow jog. Past data, of course, is yesterday’s weather, not tomorrow’s forecast.

Projection Info

The Monte Carlo projection basically takes this portfolio, shakes it through 1,000 alternate futures, and asks, “How weird could this get?” Median outcome: €1,000 grows to about €2,728 in 15 years, which is a respectable but not legendary 8.2% annualized. The range is where it gets spicy: anywhere from just about flat at €1,000 to almost €7,800. That spread shows equity risk in action — lots of ways to be pleasantly surprised and plenty of ways to be underwhelmed. Simulations are like movie trailers for markets: useful for tone and probability, totally unreliable on specifics. The 73.4% chance of a positive outcome is fine, but hardly screams “sleep like a baby.”

Asset classes Info

  • Stocks
    100%

Asset allocation is easy here because there isn’t one: 100% in stocks. Not a partial tilt, not a mild bias — full equity maximalism. This is like building a diet entirely out of one food group and then being shocked when energy levels swing around. Equities are great growth engines, but they also throw tantrums, and there’s no bonds or other shock absorbers to smooth those mood swings. For something called “balanced,” this is about as balanced as a barstool with one leg. The portfolio lives and dies with equity markets; when they party, it shines, and when they sulk, everything feels the drop at once.

Sectors Info

  • Technology
    31%
  • Financials
    15%
  • Consumer Discretionary
    10%
  • Industrials
    9%
  • Telecommunications
    9%
  • Health Care
    8%
  • Energy
    5%
  • Consumer Staples
    5%
  • Basic Materials
    4%
  • Utilities
    3%
  • Real Estate
    2%

Sector-wise, the portfolio has a clear tech crush: 31% in technology, with financials a distant second at 15%, then a scattered mix across the rest. This is what happens when you hug broad indexes in a world where megacap tech has eaten everything. It’s not a deliberate tech bet so much as surrendering to the default settings. Calling it “diversified” because there are other sectors present is generous — when one third is tied to a single theme, that theme gets to call the emotional shots. If tech sneezes, this portfolio catches a cold; if it gets the flu, the whole thing goes to bed.

Regions Info

  • North America
    75%
  • Asia Developed
    7%
  • Europe Developed
    7%
  • Asia Emerging
    5%
  • Japan
    2%
  • Latin America
    2%
  • Africa/Middle East
    1%
  • Australasia
    1%

Geographically, this is “America and some cameos.” About 75% sits in North America, with tiny slivers scattered across Europe, Asia, and the rest of the world. It’s the financial version of claiming to be “well-travelled” because there’s a Toronto airport layover and a weekend in London on the calendar. The global label on funds like ACWI gives the appearance of broad reach, but the underlying reality is US dominance. That can work brilliantly when the US continues to dominate, and feel very awkward if leadership ever rotates elsewhere. The rest of the world is basically a guest star rather than a co‑lead.

Market capitalization Info

  • Mega-cap
    49%
  • Large-cap
    35%
  • Mid-cap
    16%

Market-cap breakdown is a shrine to the giants: 49% mega-cap, 35% large-cap, and only 16% mid-cap. This is the classic “biggest kids get the most food” index approach. Smaller companies are almost an afterthought here. It’s not wrong, it’s just extremely safe-feeling in a crowd-following way — the portfolio mostly owns the companies everyone already knows, at sizes dictated by market popularity, not any kind of intentional balance. That works great when the mega-caps keep winning, but it also means the portfolio’s fate is welded to the mood swings of a small group of enormous firms rather than the broader business universe.

True holdings Info

  • NVIDIA Corporation
    5.52%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Apple Inc
    4.85%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Microsoft Corporation
    3.51%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Amazon.com Inc
    2.63%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Alphabet Inc Class A
    2.17%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Broadcom Inc
    1.87%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Alphabet Inc Class C
    1.79%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Taiwan Semiconductor Manufacturing Co. Ltd.
    1.71%
    Part of fund(s):
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
  • Meta Platforms Inc.
    1.63%
    Part of fund(s):
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Tesla Inc
    1.36%
    Part of fund(s):
    • LS 1x Tesla Tracker ETP Securities GBP
    • SPDR S&P 500 UCITS ETF USD Acc EUR
    • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
  • Top 10 total 27.04%

The look-through holdings confirm the obvious: this portfolio is basically a love letter to the usual tech mega-stars. NVIDIA, Apple, Microsoft, Amazon, Alphabet (twice), Meta, Tesla, TSMC, Broadcom — the entire top 10 is a greatest-hits playlist of recent market darlings. And they show up via multiple ETFs, so the concentration is sneakier than it looks. Remember, this only covers about 30% of the portfolio; the overlap underneath is almost certainly even heavier. It’s less a diversified portfolio and more a fan club for a dozen global titans, with everything else functioning as background extras. If those names ever go sideways at the same time, the “hidden” concentration stops being hidden very fast.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 45.00%
    47.2%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 45.00%
    43.7%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 10.00%
    9.1%

Risk contribution is almost boringly proportional: each of the three positions pulls risk roughly in line with its weight. The S&P 500 ETF is 45% of the portfolio and contributes about 47% of risk; ACWI is 45% and gives 44%; EM value is 10% and adds 9%. Risk contribution basically shows which holdings are causing the portfolio’s mood swings, not just who sits where on the pie chart. Here, nothing is wildly punching above its weight — but that’s partly because the holdings are so similar. It’s a tidy, well-behaved trio, but also a reminder that all the drama comes from the same broad equity engine, just painted three slightly different colours.

Redundant positions Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    High correlation

The correlation stats hilariously spell out what the structure already suggests: the S&P 500 ETF and the ACWI ETF move almost identically. Correlation is just a fancy word for how often things go up and down together; these two are basically synchronized swimmers. Owning both at 45% each doesn’t create diversification, it just adds paperwork. When markets drop, these two aren’t taking turns cushioning each other — they’re holding hands and jumping off the same cliff. It’s a portfolio that looks split on the surface but behaves like one big bet underneath, with the EM value fund as a small, slightly different-but-still-equity flavour on the side.

Risk vs. return

This chart shows the Efficient Frontier, calculated using your current assets with different allocation combinations. It highlights the best balance between risk and return based on historical data. "Efficient" portfolios maximize returns for a given risk or minimize risk for a given return. Portfolios below the curve are less efficient. This is informational and not a recommendation to buy or sell any assets.

Click on the colored dots to explore allocations.

On the risk–return chart, this portfolio is politely underperforming its potential. The Sharpe ratio — think “return per unit of stress” — is 1.19, while the optimal mix using the exact same ingredients hits 1.76. Even the minimum variance version is sharper at 1.43. Being 3.12 percentage points below the efficient frontier at this risk level is like running the same race in the same shoes but choosing to carry a backpack full of rocks. The holdings themselves aren’t the problem; the weights are just not pulling their weight. It’s an inefficient configuration of otherwise perfectly serviceable building blocks.

Ongoing product costs Info

  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.45%
  • Weighted costs total (per year) 0.24%

Costs are the one area where this portfolio doesn’t embarrass itself. A total TER of 0.24% is perfectly decent, especially given that two of the three funds aren’t exactly bargain-bin choices on their own (0.40% and 0.45% TER). It’s like somehow ending up with mid-tier pricing despite picking a couple of slightly pricey menu items. Still, for what is essentially a dressed-up global equity index clone, any basis points above rock-bottom are money paid for style rather than substance. Fees aren’t killing this portfolio, but they’re not doing it any favours either — just quietly nibbling in the background every year.

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