All Portfolios, ranked by M-squared

for period ending August 31, 2026

More ways to view this list of Portfolio Ingredients:
Ingredient Summary Page (Total Return with Maximum Drawdown Scatterplots)
by Return: Total Return (1, 3, 5, 10, 15, 20 years), Historical Return (past 5 years)
by Risk vs. Return: Risk vs. Return Compass, M-Squared, Alpha, Sharpe Ratio, Sortino Ratio, Treynor Ratio
by Volatility / Risk: Maximum Drawdown, Standard Deviation, Downside Deviation, Beta
by Peer Group: Global Asset Classes, Global Equities, Global Sectors

M-Squared is the Modigliani risk-adjusted performance, shown as an annual total return percent. It is derived from the Sharpe ratio, but M-Squared is in units of percent return. M-Squared inputs include standard deviation, the monthly total return, the risk-free rate (3-month T-bill), and the return of a benchmark equity portfolio (the S&P 500, represented by the SPY exchange-traded fund).

Sort by any column by clicking on the gray column heading.

        M-Squared   Total Return, annualized
Ingredient Name ID Peer Group Category 1 year 3 year 5 year 10 year 15 year 20 year   1 year 3 year 5 year 10 year 15 year 20 year
      Group average  
   
Agriculture DBA Global Asset Classes Commodities -9.6% -5.5% 2.1% -9.0% -15.3%     9.4% 15.0% 11.7% 5.4% 0.0%  
Industrial Metals DBB Global Asset Classes Commodities 10.3% -5.8% -5.8% -7.7% -13.2%     33.5% 17.2% 7.5% 8.4% 1.8%  
Oil DBO Global Asset Classes Commodities 0.6% -12.5% -2.9% -8.1% -14.1%     67.4% 14.7% 15.0% 11.7% -0.2%  
Invesco Commodity DBC Global Asset Classes Commodities: Broad 6.8% -9.6% -0.1% -6.1% -13.6% -9.1%   45.7% 13.3% 13.4% 9.9% 1.4% 2.3%
SPDR Gold Shares GLD Global Asset Classes Commodities: Prec Metals -4.7% 2.2% 5.6% -2.7% -9.9% -2.4%   28.4% 31.4% 19.2% 12.6% 5.7% 9.9%
AUStralia FXA Global Asset Classes Currency: AUS Dollar -5.8% -16.0% -14.7% -16.7% -17.9% -9.8%   10.8% 4.8% 0.4% 0.1% -1.6% 1.5%
CAN Canada Dollar FXC Global Asset Classes Currency: CAN Dollar -26.7% -25.8% -22.5% -19.3% -20.5% -13.6%   -0.6% 0.3% -1.0% -0.1% -2.0% -0.6%
CHF Swiss Franc FXF Global Asset Classes Currency: CHF Franc -26.8% -19.1% -12.9% -15.9% -17.6% -9.8%   -1.6% 2.7% 2.0% 1.1% -0.8% 1.6%
EUR Euro FXE Global Asset Classes Currency: EUR Euro -26.9% -17.8% -16.9% -17.9% -19.6% -12.9%   0.1% 3.7% 0.4% 0.3% -1.6% -0.3%
GBP UK Pound FXB Global Asset Classes Currency: GBP Pound -19.4% -15.5% -14.3% -15.8% -17.9% -14.3%   2.4% 4.9% 1.5% 1.1% -0.8% -0.9%
JPY Japan Yen FXY Global Asset Classes Currency: JPY Yen -43.6% -26.6% -26.0% -25.3% -24.2%     -8.4% -3.5% -7.7% -4.7% -5.2%  
USD US Dollar indx UUP Global Asset Classes Currency: USD index -9.9% -17.6% -5.9% -12.0% -10.6%     6.2% 3.8% 5.6% 3.0% 3.1%  
iShares MSCI EEM Global Asset Classes Equity: Emerging Mkts 3.8% -1.4% -5.5% -7.3% -10.5% -6.5%   37.0% 22.5% 7.6% 8.6% 5.3% 5.9%
Alerian US MLP AMLP Global Asset Classes Equity: MLP 4.7% -2.2% 6.0% -10.1% -11.0%     23.6% 19.8% 20.7% 7.4% 5.8%  
US Corp Med 5-10y IGIB Global Asset Classes Fixed Income -23.0% -13.0% -15.7% -12.5% -10.4%     2.1% 6.1% 0.9% 2.8% 3.0%  
Emerg Mkt Hi Yld EMHY Global Asset Classes Fixed Income -4.8% -0.2% -8.9% -10.7%       8.2% 12.2% 4.1% 4.0%    
Muni Hi Yield HYD Global Asset Classes Fixed Income -12.3% -17.8% -19.4% -14.9% -10.9%     5.5% 3.7% -1.0% 1.3% 3.2%  
US Treas 7-10yr IEF Global Asset Classes Fixed Income -27.4% -19.2% -21.2% -17.9% -14.0% -6.2%   0.2% 3.0% -1.7% 0.5% 1.5% 3.2%
Intl Treas IGOV Global Asset Classes Fixed Income -27.4% -18.8% -20.6% -19.6% -18.2%     -1.5% 2.6% -4.3% -1.5% -1.2%  
VanEck Intl Hi Yield IHY Global Asset Classes Fixed Income -15.8% -6.9% -12.7% -10.8%       4.0% 8.7% 2.0% 3.7%    
VanEck Intermed Muni ITM Global Asset Classes Fixed Income -18.0% -19.5% -19.1% -15.9% -11.6%     3.1% 3.1% -0.2% 1.4% 2.5%  
US Hi Yield JNK Global Asset Classes Fixed Income -7.5% -5.8% -10.4% -9.1% -7.9%     5.3% 8.3% 3.4% 4.5% 4.7%  
US Mort Backed MBB Global Asset Classes Fixed Income -19.5% -16.4% -18.1% -17.4% -14.3%     3.0% 4.5% 0.1% 1.1% 1.5%  
US Inflation Prot TIP Global Asset Classes Fixed Income -30.9% -18.4% -19.6% -14.0% -12.5% -5.5%   0.9% 3.8% 0.2% 2.3% 2.1% 3.3%
U.S. Agg Bond Market AGG Global Asset Classes Fixed Income: Aggregate -23.8% -17.3% -19.9% -16.7% -12.9% -5.3%   1.9% 4.1% -0.3% 1.4% 2.0% 3.0%
U.S. Total Bond Market BND Benchmark Benchmark -24.2% -17.3% -20.4% -16.7% -12.9% -5.1%   1.8% 4.1% -0.4% 1.4% 2.0% 3.1%
iShares Emerg EMB Global Asset Classes Fixed Income: Aggregate -11.2% -8.8% -13.6% -13.0% -10.6%     6.0% 8.8% 1.0% 2.5% 3.6%  
Invesco Emerg Mkt Sov Debt PCY Global Asset Classes Fixed Income: Aggregate -14.3% -12.2% -13.3% -14.2% -11.5%     5.0% 8.1% -0.2% 1.4% 3.2%  
T-Bill 1-3 Month BIL Global Asset Classes Fixed Income: Cash-like -13.1% -11.0% -36.9% -26.9% -23.3%     3.7% 4.5% 3.5% 2.3% 1.5%  
iShares Treas 20y+ TLT Global Asset Classes Fixed Income: Long-Term -22.1% -21.6% -21.9% -18.4% -14.0% -8.3%   -0.3% -1.1% -8.0% -2.4% 1.1% 2.9%
iSh Treas 1-3y SHY Global Asset Classes Fixed Income: Short-Term -37.7% -19.2% -28.8% -22.8% -19.1% -8.0%   2.3% 4.1% 1.8% 1.7% 1.3% 1.9%
ACWI (Global) ACWI Global Asset Classes Int'l Equity: Core 2.8% 0.9% -1.4% -2.1% -3.8%     22.3% 20.5% 10.9% 12.7% 11.2%  
Intl Dev Core EFA Global Asset Classes Int'l Equity: Lg Cap 3.5% -1.6% -3.3% -5.6% -7.3% -6.2%   21.5% 18.2% 9.3% 9.5% 7.9% 5.5%
iSh EAFE Growth EFG Global Asset Classes Int'l Equity: Lg Cap Gro -6.4% -9.1% -8.6% -7.3% -8.1% -6.3%   14.8% 12.6% 4.0% 8.1% 7.3% 5.3%
iSh EAFE Value EFV Global Asset Classes Int'l Equity: Lg Cap Val 10.4% 5.2% 2.3% -5.2% -7.5% -6.7%   28.3% 23.7% 14.6% 10.4% 8.1% 5.2%
Intl Dev Sm Cap SCZ Global Asset Classes Int'l Equity: Small Cap -2.8% -4.7% -7.3% -7.2% -7.4%     18.7% 17.3% 5.4% 8.5% 8.4%  
US Large Core IWB Global Asset Classes U.S. Equity: Lg / Mid -0.2% -0.5% -0.8% -0.5% -0.4% -0.2%   19.6% 20.6% 12.0% 15.0% 14.8% 11.2%
iSh Russell 3000 IWV Global Asset Classes U.S. Equity: Lg Cap 0.3% -0.9% -1.2% -0.9% -0.8% -0.6%   19.9% 20.4% 11.6% 14.7% 14.5% 11.0%
S&P 500 SPY Benchmark Benchmark 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%   20.2% 20.9% 12.7% 15.3% 15.0% 11.3%
iSh Russ 1000 Gro IWF Global Asset Classes U.S. Equity: Lg Cap Gro -11.6% -3.8% -2.3% 0.4% -0.2% 1.0%   10.6% 20.9% 11.7% 17.7% 16.7% 13.2%
Invecso QQQ QQQ Global Asset Classes U.S. Equity: Lg Cap Gro -3.0% -1.9% -0.9% 2.0% 1.3% 2.6%   26.3% 24.5% 14.2% 20.8% 19.7% 16.6%
iSh Russ 1000 Val IWD Global Asset Classes U.S. Equity: Lg Cap Val 15.9% -0.8% -0.6% -3.8% -2.8% -2.8%   29.5% 19.6% 11.6% 11.6% 12.4% 8.7%
iSh Russell IWC Global Asset Classes U.S. Equity: Micro Cap 9.0% -5.7% -6.7% -7.0% -6.5% -5.2%   37.5% 23.0% 6.6% 11.0% 11.7% 7.9%
iSh US Mid Core IWR Global Asset Classes U.S. Equity: Mid Cap 0.8% -5.7% -5.1% -4.8% -3.9% -2.4%   17.7% 16.7% 7.9% 11.5% 12.4% 9.9%
iSh US Mid Growth IWP Global Asset Classes U.S. Equity: Mid Cap Gro -21.5% -9.7% -8.5% -5.1% -4.6% -2.5%   -1.4% 13.9% 4.1% 11.9% 12.3% 10.2%
iSh US Mid Value IWS Global Asset Classes U.S. Equity: Mid Cap Val 8.8% -5.0% -3.7% -6.0% -4.5% -3.3%   24.3% 17.2% 9.3% 10.3% 11.8% 9.1%
iSh Russ 2000 IWM Global Asset Classes U.S. Equity: Sm Cap 3.2% -8.0% -6.5% -6.8% -6.3% -4.2%   26.3% 17.3% 6.7% 10.5% 11.3% 8.8%
iSh Russell 2000 IWO Global Asset Classes U.S. Equity: Sm Cap Gro -3.3% -8.9% -7.9% -6.9% -6.4% -3.9%   23.1% 16.9% 5.0% 10.6% 11.5% 9.4%
iSh Russ 2000 Val IWN Global Asset Classes U.S. Equity: Sm Cap Val 11.8% -7.5% -5.3% -7.4% -6.7% -5.0%   29.6% 17.6% 8.3% 9.9% 10.8% 7.8%
iShares Real Estate IYR Global Asset Classes U.S. Real Estate -12.8% -12.9% -10.8% -10.4% -8.5% -7.1%   7.6% 9.1% 1.4% 5.1% 7.3% 5.2%
Vanguard Real Estate VNQ Global Asset Classes U.S. Real Estate -11.8% -12.5% -10.7% -10.7% -8.4% -6.7%   8.6% 9.6% 1.5% 4.9% 7.7% 5.9%
Indonesia EIDO Global Equities Asia and Australia -32.4% -28.1% -17.7% -17.6% -16.9%     -26.0% -14.8% -6.8% -4.5% -4.1%  
New Zealand ENZL Global Equities Asia and Australia -11.2% -16.4% -14.8% -12.2% -9.7%     9.7% 4.6% -3.2% 3.1% 6.3%  
Philippines EPHE Global Equities Asia and Australia -23.8% -18.6% -13.9% -17.3% -13.9%     -6.7% 1.6% -2.6% -3.4% 0.9%  
Australia EWA Global Equities Asia and Australia -7.8% -8.5% -6.0% -7.9% -10.2% -6.4%   14.3% 14.4% 7.3% 8.4% 6.0% 6.4%
Hong Kong EWH Global Equities Asia and Australia -9.5% -10.6% -10.3% -11.2% -10.8% -6.6%   13.6% 13.1% 1.5% 4.4% 5.2% 5.8%
Japan EWJ Global Equities Asia and Australia 4.8% -1.0% -2.8% -5.5% -6.8% -6.7%   27.8% 19.3% 9.6% 9.1% 8.1% 4.6%
Malaysia EWM Global Equities Asia and Australia -0.0% -7.0% -7.8% -12.8% -14.0% -6.9%   18.4% 13.7% 4.8% 2.5% 1.0% 4.7%
Singapore EWS Global Equities Asia and Australia 13.4% 10.6% 1.4% -6.3% -9.8% -5.4%   26.8% 28.1% 13.5% 9.6% 6.1% 7.5%
Taiwan EWT Global Equities Asia and Australia 17.2% 2.5% 0.7% -0.9% -4.6% -2.8%   92.1% 40.6% 18.8% 19.2% 14.1% 11.8%
S Korea EWY Global Equities Asia and Australia 15.6% -4.0% -2.5% -6.7% -9.1% -5.9%   156.0% 46.0% 18.3% 14.5% 9.9% 8.7%
India INDY Global Equities Asia and Australia -26.9% -19.2% -13.0% -9.7% -10.7%     -7.0% 1.9% 0.7% 6.0% 5.4%  
China MCHI Global Equities Asia and Australia -25.9% -13.3% -12.3% -12.1% -12.3%     -9.1% 9.6% -2.8% 3.5% 3.4%  
Thailand THD Global Equities Asia and Australia 0.3% -16.1% -10.7% -12.8% -12.1%     31.1% 5.1% 1.3% 2.4% 3.4%  
Vietnam VNM Global Equities Asia and Australia -19.9% -14.7% -11.3% -12.3% -13.5%     -1.1% 8.0% -0.4% 3.1% 1.2%  
Poland EPOL Global Equities Europe 18.7% 5.4% -0.6% -7.1% -11.2%     44.9% 38.5% 18.0% 12.4% 5.6%  
Sweden EWD Global Equities Europe -4.0% -5.3% -7.4% -7.2% -8.6% -5.8%   19.3% 20.9% 5.6% 9.9% 8.3% 7.3%
Germany EWG Global Equities Europe -13.1% -4.6% -5.9% -8.5% -9.0% -6.8%   7.7% 19.0% 7.5% 7.9% 7.6% 5.7%
Italy EWI Global Equities Europe 8.2% 5.9% 2.6% -4.2% -8.6% -8.4%   26.0% 29.0% 17.9% 14.4% 9.0% 3.5%
Belgium EWK Global Equities Europe 0.4% -4.5% -5.6% -9.0% -7.7% -7.9%   21.4% 17.3% 7.2% 6.9% 8.3% 3.9%
Switzerland EWL Global Equities Europe -5.2% -9.1% -6.4% -5.2% -6.4% -4.1%   15.5% 13.0% 6.4% 9.8% 8.7% 7.4%
Netherlands EWN Global Equities Europe 4.5% -4.1% -5.8% -4.5% -5.9% -5.1%   35.1% 21.8% 7.8% 13.1% 11.5% 7.9%
Austria EWO Global Equities Europe 21.2% 11.3% 1.6% -4.2% -8.4% -7.6%   45.8% 36.2% 17.2% 14.9% 9.3% 5.1%
Spain EWP Global Equities Europe 26.2% 7.7% 5.8% -5.3% -9.4% -7.1%   34.7% 34.2% 21.1% 12.4% 7.7% 5.7%
France EWQ Global Equities Europe -9.3% -11.3% -6.0% -6.8% -8.6% -7.2%   10.8% 10.0% 7.0% 9.6% 7.8% 4.9%
UK EWU Global Equities Europe 3.0% 1.2% 0.3% -6.9% -8.7% -7.2%   20.6% 19.3% 12.3% 8.4% 6.7% 4.5%
EMU EZU Global Equities Europe 1.4% -2.6% -3.7% -6.3% -8.2% -7.1%   21.1% 19.5% 9.9% 10.3% 8.3% 5.1%
Greece GREK Global Equities Europe 3.6% 3.9% 8.7% -3.7%       36.0% 35.3% 27.6% 17.5%    
Norway NORW Global Equities Europe 3.1% -3.2% -4.2% -7.4% -10.7%     35.9% 22.8% 10.0% 10.2% 5.8%  
Israel EIS Global Equities Mideast and Africa 0.6% -0.2% -2.1% -6.2% -8.1%     31.6% 32.5% 12.9% 11.1% 8.6%  
S Africa EZA Global Equities Mideast and Africa -3.7% -1.7% -3.2% -9.3% -11.6% -7.0%   31.8% 28.7% 12.4% 8.1% 4.5% 6.0%
Turkey TUR Global Equities Mideast and Africa -10.1% -16.3% -3.2% -12.2% -13.5%     16.9% 4.7% 14.2% 3.3% 1.1%  
Canada EWC Global Equities North America 9.6% 1.7% -0.3% -4.6% -8.7% -5.7%   27.6% 23.3% 12.7% 11.6% 7.2% 6.8%
Mexico EWW Global Equities North America 2.3% -12.0% -2.8% -9.8% -11.7% -7.2%   28.1% 11.4% 12.1% 7.1% 4.2% 5.4%
SPDR S&P 1500 SPTM Global Equities North America 0.4% -0.6% -0.3% -0.4% -0.4% -0.3%   20.1% 20.4% 12.4% 15.0% 14.8% 11.2%
Argentina ARGT Global Equities South America -11.6% -8.1% 0.5% -6.0% -9.3%     19.3% 27.4% 22.8% 16.8% 10.5%  
Chile ECH Global Equities South America -2.2% -9.1% -3.6% -11.8% -14.7%     25.8% 15.7% 11.9% 4.1% -0.9%  
Peru EPU Global Equities South America 14.0% 7.5% 10.2% -4.8% -9.4%     73.7% 47.5% 33.4% 14.8% 8.4%  
Brazil EWZ Global Equities South America -3.0% -12.6% -6.2% -10.9% -13.8% -8.6%   27.2% 11.5% 7.8% 6.0% 0.3% 3.8%
Clean Energy ICLN Global Sectors Clean Energy -9.4% -16.7% -13.1% -9.5% -12.1%     21.5% 4.0% -4.5% 8.3% 4.0%  
Consumer Discretionary RXI Global Sectors Consumer Discretionary -18.6% -11.6% -8.2% -6.7% -5.5%     1.5% 10.0% 4.5% 9.6% 10.9%  
Consumer Staples KXI Global Sectors Consumer Staples -14.0% -13.5% -8.4% -8.9% -6.4%     6.6% 7.2% 4.4% 5.8% 7.6%  
Energy IXC Global Sectors Energy 5.0% -7.6% 4.9% -7.8% -10.2% -6.8%   43.3% 17.3% 23.6% 10.6% 6.8% 6.0%
Financials IXG Global Sectors Financials 0.1% 5.7% 1.0% -4.0% -5.5% -7.0%   18.9% 26.2% 14.2% 12.9% 11.4% 5.3%
Healthcare IXJ Global Sectors Healthcare 0.0% -12.5% -7.9% -5.4% -3.0% -1.9%   20.7% 8.6% 4.8% 9.1% 11.1% 8.6%
Industrials EXI Global Sectors Industrials -4.6% -3.1% -1.9% -4.4% -4.8%     18.5% 20.0% 11.6% 12.2% 11.6%  
Infrastructure IGF Global Sectors Infrastructure -7.8% -3.5% -2.0% -7.3% -7.3%     11.2% 16.6% 10.2% 8.0% 7.6%  
Materials MXI Global Sectors Materials 0.8% -9.0% -5.7% -5.8% -9.8%     30.4% 14.6% 7.7% 11.1% 6.5%  
Technology IXN Global Sectors Technology 2.5% -1.1% 1.4% 2.8% 0.9% 1.3%   49.4% 32.5% 19.4% 23.9% 20.8% 15.9%
Telecom IXP Global Sectors Telecommunications -18.5% -1.7% -5.8% -6.6% -6.9% -3.8%   1.5% 20.5% 7.2% 8.9% 8.4% 7.6%
Timber & Forestry WOOD Global Sectors Timber and Forestry -21.9% -19.5% -14.1% -10.3% -9.9%     -3.3% 0.5% -2.5% 5.6% 6.2%  
Global Utilities JXI Global Sectors Utilities -10.2% -6.2% -4.5% -5.9% -6.7%     10.7% 15.6% 8.2% 9.0% 8.0%  
Strategic 60-40 Portfolio s.6040 Benchmark Benchmark -2.3% -3.4% -4.8% -2.7% -1.6% 0.2%   12.7% 13.9% 6.9% 9.5% 9.7% 8.2%