A world tracker wearing an S&P 500 costume and calling it diversification
Report created on May 3, 2026Risk profile
4/7
Diversification profile
3/5
Positions
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SP SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
SPYY - IE00B44Z5B48 70.00% -
SP SPDR S&P 500 UCITS ETF USD Acc EUR
SPYL - IE000XZSV718 20.00% -
5M iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
5MVL - IE00BG0SKF03 10.00%
This portfolio is basically one global index fund with a strong urge to buy more of the same thing twice. Seventy percent in ACWI, then 20% in an S&P 500 clone, then 10% in an EM value factor fund pretending to be “different.” Structurally, it’s like ordering the sampler platter and then adding two extra portions of the same dish. On paper it screams “balanced and diversified,” but under the hood it’s mostly a world tracker with a booster shot of US large caps. The overall shape is clean and simple, but simplicity here drifts into redundancy rather than genuine strategic variety.
Growth
Historically, this thing has ridden the recent wave pretty hard: €1,000 became €1,624 with a spicy 21.37% CAGR. CAGR — compound annual growth rate — is basically your average speed on a road trip, ignoring the potholes. You beat both the US and global benchmarks by a couple of percent a year, which is solid… but very much a “rising tide lifts all boats” story. Max drawdown hit about -21.5%, so it definitely knows how to drop too. And those 20 days making up 90% of returns? That’s classic equity roulette — miss a handful of big days and the magic trick suddenly looks less impressive. Past data is helpful, not holy.
Projection
The Monte Carlo projection — think “1,000 alternate timelines for your money” — is less glamorous than recent history. Median outcome takes €1,000 to about €2,736 over 15 years, with a wide range from “barely above cash” to “nice champagne.” An annualized 7.92% across simulations is far more down-to-earth than that 21% backtest glow. The model is basically saying: yes, this is an equity-heavy portfolio; no, the last couple of years aren’t your new normal. And in 5% of cases you end up roughly flat after 15 years, which is the market’s way of reminding everyone that risk isn’t just a line on a chart.
Asset classes
- Stocks 100%
Asset class breakdown is easy: 100% stocks, 0% everything else. Balanced risk rating, unbalanced reality. This is an “all gas, no brakes” setup dressed up with a polite risk score of 4/7. Having only equities is like building a house out of only glass: nice light when things are good, lots of sweeping when something hits it. No bonds, no cash bucket, no diversifiers — just pure equity beta everywhere. It’s straightforward and honest about what it is, but calling this “balanced” is doing some heavy marketing lifting. When volatility shows up, there’s nowhere in here that’s designed to stay calm.
Sectors
- Technology 30%
- Financials 16%
- Industrials 10%
- Consumer Discretionary 10%
- Telecommunications 8%
- Health Care 8%
- Energy 5%
- Consumer Staples 5%
- Basic Materials 4%
- Utilities 3%
- Real Estate 2%
Sector mix looks like a tech-led popularity contest: 30% technology, then financials and industrials trying to stay relevant. The rest are sprinkled in just enough to be listed but not enough to really matter. Tech at 30% isn’t insane by modern index standards, but it does mean the portfolio’s mood is heavily tied to that one corner of the market. If the big growth names sneeze, this thing catches a cold. The lower weights in boring-but-steady sectors mean it’s more “growth party” than “steady compounder.” When a single style drives the bus, the ride is great until that sector decides to take a detour.
Regions
- North America 66%
- Europe Developed 10%
- Asia Developed 9%
- Asia Emerging 7%
- Japan 4%
- Latin America 2%
- Africa/Middle East 1%
- Australasia 1%
Geographically, this is basically a North America fan club with a few tokens from everywhere else. About 66% in North America, then thin slices of Europe, Asia, and the rest just to avoid embarrassment. The global ETF plus the extra S&P 500 allocation means “world” here largely translates to “US with some side characters.” It’s a classic home-of-the-benchmark bias: follow the global index, then add more of the biggest chunk for good measure. When the US leads, this looks genius; when it lags, this suddenly becomes a very expensive way of discovering that overconcentration can hurt in stereo.
Market capitalization
- Mega-cap 50%
- Large-cap 35%
- Mid-cap 15%
Market cap tilt is unapologetically big and boring: 50% mega-cap, 35% large-cap, 15% mid-cap, and absolutely no visible love for small caps. This is basically a who’s-who of the corporate giants, with minimal space for anything scrappy or up-and-coming. That’s fine if the goal is to hug mainstream indexes, but it does mean relying heavily on a few enormous companies to drag the whole thing along. When mega-caps dominate, the portfolio behaves more like a handful of titans with a supporting cast, not a broad market orchestra. Stability is decent, but the chance of discovering the next breakout story is pretty minimal.
True holdings
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NV NVIDIA Corporation 4.81%
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
-
AA Apple Inc 4.23%
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
-
MS Microsoft Corporation 3.01%
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
-
AM Amazon.com Inc 2.27%
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
-
23 Taiwan Semiconductor Manufacturing Co. Ltd. 2.09%
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
-
GO Alphabet Inc Class A 1.89%
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
-
AV Broadcom Inc 1.60%
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
-
GO Alphabet Inc Class C 1.58%
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
-
ME Meta Platforms Inc. 1.42%
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
-
TS Tesla Inc 1.19%
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 24.09%
Look-through holdings are screaming hidden concentration. NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla — it’s like you bought the “Top Ten Buzzword Stocks” package three times over via different wrappers. With only top-10 data, overlap is almost certainly worse than it looks, but even this partial view shows the same giants showing up everywhere. Owning multiple index funds that all worship the same mega-caps doesn’t diversify company risk; it just rebrands it. This isn’t a collection of hundreds of independent bets — it’s one very loud bet that the current tech-dominated leadership will keep running the show indefinitely.
Risk contribution
-
SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
Weight: 70.00% 69.3% -
SPDR S&P 500 UCITS ETF USD Acc EUR
Weight: 20.00% 21.1% -
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
Weight: 10.00% 9.6%
Risk contribution is at least honest: the 70% global ETF delivers about 69% of the risk, the 20% S&P 500 slightly overpunches at 21%, and the EM value fund is almost perfectly proportional. Risk contribution tells you who’s actually shaking the portfolio, not just who looks big on paper. Here, all three positions act about as expected, but that just means all your risk is tied to three highly overlapping equity bets. No sneaky small holding blowing things up — just a straightforward “if global and US stocks are ugly, everything is ugly together” setup. It’s tidy, but brutally one-dimensional.
Redundant positions
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High correlationSSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETFSPDR S&P 500 UCITS ETF USD Acc EUR
The correlation section might as well just say, “Yes, you doubled up.” The S&P 500 ETF and the global ACWI ETF move almost identically, which is exactly what you’d expect when the US is the biggest chunk of the global index. Correlation is just a fancy way of saying “these things dance in sync,” and these two are basically doing a mirror routine. Buying both doesn’t add meaningful diversification; it just amplifies the same market rhythm. In a downturn, there’s no offsetting effect — your “different” funds are likely all reacting to the same bad news at the same time.
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 efficient frontier, this portfolio is politely but clearly underachieving. With a Sharpe ratio of 1.2 when the optimal mix of the same ingredients hits 1.76, it’s leaving a noticeable chunk of risk-adjusted return on the table. The efficient frontier is just the curve showing the best possible return you could get for each level of risk using only your existing stuff. You’re about 2 percentage points below that line at your current risk level — basically paying for a 13.6% volatility ride but not getting the best payout it could deliver. The ingredients are fine; the recipe is lazy.
Ongoing product costs
- iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD 0.40%
- SPDR S&P 500 UCITS ETF USD Acc EUR 0.03%
- SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF 0.12%
- Weighted costs total (per year) 0.13%
Costs are the one area where this portfolio accidentally looks like it knows exactly what it’s doing. A blended TER of 0.13% is impressively low — you’ve basically bought the cheap seats with the same view as everyone else. The only mildly pricey bit is the 0.40% EM value ETF, which is like ordering a slightly fancier side dish in an otherwise budget meal. Given how tiny its weight is, the overall fee impact is minimal. Fees are under control — you must have clicked the right ETFs by accident while chasing the big, familiar tickers.
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