Portfolio X-ray
Two fund global stock portfolio with strong US tilt low costs and balanced factor exposures
Report created on Oct 2, 2026Risk profile
4/7
Diversification profile
3/5
The starting point
Positions
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SP State Street® SPDR® Portfolio S&P 500® ETF
SPYM - US78464A8541 70.00% -
VE Vanguard FTSE Developed Markets Index Fund ETF Shares
VEA - US9219438580 30.00%
This portfolio is very simple: two broad stock index ETFs, with about 70% in a US large‑cap fund and 30% in a developed international fund. That means every dollar is invested in shares of large, established companies across advanced economies. A two‑fund setup like this is easy to understand and track, which many people find reassuring. It also tends to behave a lot like the global stock market, but with a clear lean toward the US. Overall, the structure is straightforward, transparent, and anchored in widely used building blocks rather than niche or specialized strategies.
Backtest and Monte Carlo forecast
How this exact mix would have done against benchmarks, and the range of outcomes ahead.
Analyze my own portfolio — freeAsset classes
- Stocks 100%
All of this portfolio is in stocks, with no bonds or cash-like assets in the core allocation. That means it fully rides the ups and downs of equity markets rather than mixing in stabilizers that usually move differently. A 100% equity stance typically offers higher long‑term growth potential than mixed stock‑bond portfolios, but also more pronounced swings, especially during market stress. Compared with balanced multi‑asset benchmarks that include bonds, this structure is more growth‑oriented by design. The lack of other asset classes makes performance easier to interpret: returns and risk come almost entirely from how global developed‑market companies are valued and how their earnings evolve.
Sectors
- Technology 33%
- Financials 15%
- Industrials 11%
- Health Care 9%
- Consumer Discretionary 8%
- Telecommunications 8%
- Consumer Staples 5%
- Energy 4%
- Basic Materials 3%
- Utilities 2%
- Real Estate 2%
Sector exposure is tilted toward technology at about 33%, with financials, industrials, health care, and consumer sectors making up much of the rest. This distribution is broadly similar to major developed‑market benchmarks, where tech and related industries have grown in weight as certain large companies expanded. A tech‑heavy allocation often benefits in periods when innovation and growth expectations are rewarded, but it can be more sensitive to interest rate shifts or regulatory headlines. The presence of every major sector, including energy, utilities, and real estate, helps avoid an overly narrow economic bet, so the portfolio still reflects a wide slice of business activity.
Regions
- North America 73%
- Europe Developed 15%
- Japan 6%
- Asia Developed 3%
- Australasia 2%
Geographically, about 73% of the exposure is in North America, with most of the rest spread across developed Europe, Japan, and other advanced Asia-Pacific markets. That’s a clear US and North America tilt compared with some global indices where the US share is somewhat lower, though still dominant. This concentration means portfolio results are strongly tied to North American economic conditions, company earnings, and currency movements. At the same time, having around a quarter of the portfolio outside North America introduces diversification benefits: different regions can move on distinct political cycles, monetary policies, and sector mixes, which can sometimes soften shocks located in a single region.
Market capitalization
- Mega-cap 47%
- Large-cap 33%
- Mid-cap 18%
- Small-cap 2%
By market capitalization, nearly half the portfolio sits in mega‑cap companies, with most of the rest in large and mid‑caps, and only a small slice in small‑caps. Market cap simply measures a company’s size in the stock market, like its “weight class.” This pattern closely mirrors broad developed‑market indices that are naturally dominated by the biggest global firms. Larger companies often have more diversified revenues and established businesses, which can make them somewhat steadier than smaller, more speculative firms. The modest mid‑cap exposure adds some growth potential without turning the portfolio into a small‑cap‑heavy structure, keeping its behavior broadly in line with mainstream equity benchmarks.
True holdings
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NV NVIDIA Corporation 5.81%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
-
AA Apple Inc. 5.08%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
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MS Microsoft Corporation 3.99%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
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AM Amazon.com Inc 2.56%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
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GO Alphabet Inc Class A 2.11%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
-
AV Broadcom Inc 1.79%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
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ME Meta Platforms Inc. 1.72%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
-
GO Alphabet Inc Class C 1.69%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
-
MU Micron Technology Inc 1.27%
Part of fund(s):- State Street® SPDR® Portfolio S&P 500® ETF
-
TS Tesla Inc 1.05%
Part of fund(s):- LS 1x Tesla Tracker ETP Securities GBP
- State Street® SPDR® Portfolio S&P 500® ETF
- Top 10 total 27.08%
Looking through the ETFs’ top holdings, several big names appear prominently, including NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta, Micron, and Tesla. These positions together represent a meaningful chunk of the portfolio because they are top constituents in both US and global developed funds. When the same company sits at the top of multiple index funds, it creates hidden overlap: the portfolio looks diversified by fund count but is more concentrated by underlying company. Since only the top‑10 ETF holdings are captured, actual overlap is likely higher, so the real influence of these large firms on overall performance is understated in this snapshot.
Factors
Factor exposures are broadly neutral across value, size, momentum, quality, yield, and low volatility, all sitting around the 40–60% “market‑like” band. Factors are like underlying traits—such as cheapness, recent performance, or stability—that research has tied to long‑run behavior. A neutral profile means the portfolio doesn’t strongly lean into or away from any one factor; it behaves much like a generic developed‑market index. This can be helpful if the goal is to mirror the broad market rather than bet on specific styles. It also means performance will largely be driven by the general direction of equities rather than distinct factor cycles like value vs. growth or high‑yield vs. low‑yield phases.
Risk contribution
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State Street® SPDR® Portfolio S&P 500® ETF
Weight: 70.00% 72.3% -
Vanguard FTSE Developed Markets Index Fund ETF Shares
Weight: 30.00% 27.7%
Risk contribution shows how much each holding drives the portfolio’s overall ups and downs, which can differ from its weight. Here, the US ETF is 70% of assets but contributes about 72% of total risk, while the international ETF is 30% of assets and about 28% of risk. That near‑one‑for‑one relationship suggests both funds have similar volatility and are reasonably correlated. There’s no single holding whose risk share wildly exceeds its size, so concentration is more about having only two positions than about one especially volatile component. In practice, this means day‑to‑day moves will mostly feel like the US market with a noticeable, but smaller, pull from other developed markets.
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, the current mix sits on or very close to the efficient frontier. The efficient frontier represents the best possible return for each risk level using only the existing holdings in different proportions. The current Sharpe ratio—a measure of return per unit of risk—is 0.61, compared with 0.83 for the mathematically optimal blend and 0.69 for the minimum‑volatility mix. Since the actual allocation is already on or near that curve, the two‑fund structure is using these ingredients efficiently. Any improvement in risk‑adjusted return from reweighting alone would likely be modest, as the portfolio is already well‑positioned relative to what its components can deliver.
Dividends
- Vanguard FTSE Developed Markets Index Fund ETF Shares 2.40%
- State Street® SPDR® Portfolio S&P 500® ETF 1.00%
- Weighted yield (per year) 1.42%
The overall dividend yield is about 1.42%, combining roughly 1.00% from the US fund and 2.40% from the developed‑ex‑US fund. Dividend yield is the yearly cash payout as a percentage of the current price, like rental income from a property. In a portfolio that’s entirely in stocks, most of the long‑term return usually comes from price growth, with dividends as a smaller but steady contributor. International developed markets typically yield a bit more than the US, which is visible here. Over time, reinvesting these dividends can meaningfully add to total returns, even if they don’t dominate the headline growth of the portfolio.
Ongoing product costs
- Vanguard FTSE Developed Markets Index Fund ETF Shares 0.03%
- State Street® SPDR® Portfolio S&P 500® ETF 0.02%
- Weighted costs total (per year) 0.02%
The total expense ratio (TER) of the portfolio is very low at about 0.02%, with the US ETF at 0.02% and the international ETF at 0.03%. TER is the annual fee charged by the funds, taken directly out of returns, similar to a small service charge. Costs at this level are impressively low and align with best‑in‑class passive index products. Over long periods, even small fee differences compound, so keeping expenses minimal helps more of the portfolio’s gross return show up in your actual results. From a cost perspective, this portfolio structure is a genuine strength and supports efficient long‑term compounding.
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