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Two global index funds in a trench coat pretending to be a diversified strategy

Report created on Apr 25, 2026

Risk profile Info

4/7
Balanced
Less risk More risk

Diversification profile Info

3/5
Moderately Diversified
Less diversification More diversification

Positions

This portfolio is basically three flavors of the same ice cream: global stocks, US stocks, and… more global stocks with an EM value side quest. Forty percent S&P 500 plus forty percent ACWI is like ordering a combo meal where the burger and the “side” are the same burger. The structure screams “I like indexes but also duplication.” The only remotely distinctive piece is the 20% emerging markets value tilt, which is doing all the heavy lifting in terms of personality while the other two just overlap each other. Overall, it’s simple and not insane, but there’s a lot of effort going into recreating something very close to a plain global equity fund.

Growth Info

Historically, this thing has absolutely flown, turning €1,000 into €1,672 in less than three years and beating both the US and global market by over 3% a year. CAGR — the “average speed” of your money — sits at 23.03%, which is frankly absurd and very much a child of its time. The catch: it didn’t do this smoothly. A -21.66% drawdown in two months is a reminder that rockets also come with turbulence. And the fact that 90% of gains came from just 22 days says this ride is dominated by a handful of lucky lightning strikes. Past data here is yesterday’s weather: fun to admire, useless as prophecy.

Projection Info

The Monte Carlo projection takes that spicy past and throws it into a thousand simulated futures, like rerolling the same dice over and over. Median outcome of €2,784 from €1,000 over 15 years sounds decent, but the possible range from roughly €1,000 to nearly €7,800 is the market’s way of saying “anything can happen.” An 8.15% annualized result across simulations reflects an equity-heavy profile, not magic. The 75.9% chance of a positive return is nice, but that also means about one in four futures end up flat or worse. Simulations are basically financial fan fiction — useful to set expectations, but not binding reality.

Asset classes Info

  • Stocks
    100%

Asset classes: 100% stocks, 0% anything else. This is a one-trick pony proudly pretending bonds, cash, and alternatives are urban legends. For something labeled “Balanced,” the asset mix is more “equity maximalist with vibes.” Being all-in on stocks is like building a house with only glass — looks great when the sun is out, less fun in a hailstorm. There’s no built-in cushion here; the portfolio lives and dies entirely by equity markets. The trade-off is simple: high potential returns, but when the market decides to have a tantrum, there’s nowhere to hide in this structure.

Sectors Info

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

Sector-wise, this is tech-flavored global capitalism. Technology at 31% is a clear addiction, with the rest of the economy playing backup band: financials at 15%, consumer discretionary at 10%, and everything else trailing. This isn’t wildly out of line with broad indexes, but it means the portfolio’s mood swings are heavily tied to whether high-growth, high-expectation companies keep delivering. When tech sneezes, this portfolio catches the flu. The lower slices — utilities, real estate, staples — are too small to provide any real defensive ballast. The sector mix says “growth first, resilience later… maybe.”

Regions Info

  • North America
    67%
  • Asia Developed
    12%
  • Asia Emerging
    8%
  • Europe Developed
    6%
  • Latin America
    3%
  • Japan
    2%
  • Africa/Middle East
    1%
  • Europe Emerging
    1%
  • Australasia
    1%

Geographically, this is “America and friends.” With 67% in North America, the rest of the world is basically supporting cast: Asia developed and emerging together barely crack 20%, Europe limps in with mid-single digits, and everything else is token. It’s a textbook US-dominance portfolio piggybacking on how big and profitable those companies are, but it also hardwires a bet that US leadership just continues forever. That might work out, but it’s hardly neutral. The global spread is technically broad, yet the actual economic story is still largely “if the US stumbles, this portfolio trips face-first with it.”

Market capitalization Info

  • Mega-cap
    49%
  • Large-cap
    35%
  • Mid-cap
    15%

Market cap exposure is firmly parked in Big Business Land: 49% mega-cap, 35% large-cap, and a token 15% mid-cap. This is like going to a music festival and only watching the headliners while ignoring the entire side stage. The portfolio leans hard into the giants that already dominate indexes and headlines, which keeps it tied closely to mainstream market moves. The upside is stability relative to smaller, more chaotic companies, but the trade-off is less exposure to potential up-and-comers. The size mix basically says: “If it’s not already huge and famous, it barely matters here.”

True holdings Info

  • NVIDIA Corporation
    4.91%
    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
    4.32%
    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
    3.12%
    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.
    2.67%
    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
  • Amazon.com Inc
    2.34%
    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
    1.93%
    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
    1.66%
    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
    1.59%
    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
  • Meta Platforms Inc.
    1.45%
    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
    1.21%
    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 25.18%

The look-through holdings table is a hall of fame of the usual suspects: Nvidia, Apple, Microsoft, TSMC, Amazon, Alphabet, Meta, Tesla. These show up via multiple ETFs, meaning overlap is baked in even though coverage only sees top-10s. Hidden concentration is real: when the same handful of mega-caps appear everywhere, the portfolio is less diversified under the hood than the ETF labels suggest. You’re not just holding “global stocks”; you’re holding the same stars in different wrappers. If any of these darlings faceplant, the pain will echo across several layers at once, not just one tidy position.

Risk contribution Info

  • SPDR S&P 500 UCITS ETF USD Acc EUR
    Weight: 40.00%
    41.4%
  • SSgA SPDR ETFs Europe I Public Limited Company - SPDR MSCI ACWI UCITS ETF
    Weight: 40.00%
    38.9%
  • iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc) USD
    Weight: 20.00%
    19.8%

Risk contribution is surprisingly egalitarian: the S&P 500 chunk contributes 41.38% of risk, ACWI 38.85%, and EM value 19.78% — almost exactly their weights. That’s unusual; normally something is punching above its weight and hogging the volatility spotlight. Here, each ETF is doing about the amount of damage you’d expect. The flip side is that there’s no sleeper hero or villain — the portfolio lives as a three-legged stool. If one leg wobbles badly, the whole structure feels it. The message: the diversification across funds is more cosmetic than transformational in risk terms.

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 section quietly exposes the main joke: the S&P 500 and ACWI positions move almost identically. High correlation means they dance in near-perfect sync — different tickers, same song. Holding both is like owning two copies of the same album and insisting it’s a diverse music collection. In a big selloff, they’ll head south together, so the apparent spread across funds doesn’t actually spread the pain. Correlation doesn’t care about branding; it just measures how often things go up and down together, and these two are basically glued at the hip.

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.

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Risk vs. return optimization politely calls this portfolio inefficient. With a Sharpe ratio of 1.28, it’s sitting below the efficient frontier by 1.68 percentage points at its current risk level. Translation: using the same three funds but smarter weights, the math says you could have squeezed more return for this amount of volatility. The max-Sharpe mix reaches 1.76, and even the minimum-variance portfolio beats your Sharpe at similar risk. Being below the frontier is like running with a weighted backpack for no reason — same effort, less distance. The inefficiency isn’t catastrophic, just mildly facepalm-worthy.

Ongoing product costs Info

  • 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) 0.14%

Costs are the one area where this portfolio basically refuses to be dumb. A total TER of 0.14% is refreshingly sane, especially with a 0.03% core S&P 500 piece doing a lot of the heavy lifting. Even the “expensive” EM value slice at 0.40% isn’t outrageous for a more specialized tilt. This isn’t a fee disaster; it’s actually quite efficient. If anything, the comedy is that such a cheap setup is used to hold two heavily overlapping broad funds. Fees are under control — the main waste here isn’t money paid to providers, it’s the redundant structure.

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