How consistent is my outperformance or underperformance?
A performance question asks what a portfolio has actually returned. The answer keeps the money you paid in apart from the money the investments made, which is why a time-weighted and a money-weighted return can differ so much on the same account.
Worked through on a sample portfolio. The figures below are that portfolio’s, not yours.
Here’s how your portfolio’s performance compares to the HSBC MSCI World UCITS ETF across available periods. The table shows each period, your portfolio total return (time-weighted return), the benchmark return, and the difference (your out-/underperformance). I sort by most recent first.
| Period | Portfolio TWR (%) | Benchmark return (%) | Relative (pp) |
|---|---|---|---|
| 2026-01-01 to 2026-09-10 | 5,28 | 11,16 | -5,88 |
| 2025-12-31 to 2026-09-10 | 5,42 | 11,16 | -5,74 |
| 2024-12-31 to 2025-12-31 | 1,33 | 7,91 | -6,58 |
| 2023-12-31 to 2024-12-31 | 24,96 | 21,62 | +3,34 |
| 2022-12-31 to 2023-12-31 | -16,57 | -15,20 | -1,37 |
| 2021-05-12 to 2021-12-31 | 2,83 | 20,06 | -17,23 |
| 2021-05-12 to 2026-09-10 (overall) | 45,20 | 75,79 | -30,59 |
What this shows
- Recent periods (most of 2025–2026 and 2024–2025) show consistent underperformance versus the benchmark by roughly -5,7 to -6,6 percentage points.
- You had a clear outperformance in 2024 (2023-12-31 to 2024-12-31) of +3,34 pp.
- Longer windows show larger underperformance versus the benchmark (the full history is -30,59 pp).
- Shorter, volatile periods (2022 and the initial 2021 slice) show mixed results with one modest underperformance and one large underperformance in late 2021.
Interpretation in one line
- Outperformance has been intermittent; recent multi-period results show persistent underperformance of around -5 to -6 pp, with one strong year (2024) where you outperformed by +3,34 pp.
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Related questions
See this for your own portfolio
The assistant answers the same question about your own holdings, with your figures and today’s prices. Import from your broker, or open the demo portfolio and ask it there.