Am I outperforming because of skill or because of higher risk?

You’re outperforming on returns but your portfolio also carries above-average risk — so both factors matter. Below I use your portfolio figures to show how return and risk compare.

Metric	Value
Time-weighted return (since 12/05/2021) (%)	45,97
Money-weighted return (since 12/05/2021) (%)	11,25
Benchmark return (same period) (%)	75,79
Excess vs benchmark (points)	-30,59
Annualized volatility (portfolio) (%)	16,36%
Annualized volatility (holdings window) (%)	8,85
Sharpe ratio	0,52
Sortino ratio	0,72
Max drawdown (%)	-25,49%

What this means (plain):

• Your portfolio’s time-weighted return is +45,97% since 12/05/2021, but the benchmark shown returned +75,79% over the same period, so the portfolio has underperformed that benchmark by -30,59 percentage points.
• Your portfolio volatility (annualized) is 16,36%. The holdings-based recent window reports an annualized volatility of 8,85% (different windows/measurement methods explain the gap). Volatility shows you’ve taken meaningful risk exposure.
• Risk-adjusted measures: Sharpe 0,52 and Sortino 0,72 indicate positive but moderate risk-adjusted performance — returns are not extremely large relative to volatility.
• Concentration and individual drivers: a few holdings contribute most volatility (top contributors include Apple Inc., Microsoft Corp. and Deutsche Lufthansa AG in your data). Crypto and some single stocks also add to portfolio volatility.

Bottom line: your returns are positive, but on a plain comparison to the benchmark you have not outperformed it. Risk and concentration are significant drivers of your portfolio’s behaviour, and your risk-adjusted ratios show modest performance once volatility is accounted for.