Which positions caused most of the gap versus my benchmark?
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 are the holdings that contributed most to the difference versus your benchmark over the full period (2021-05-12 to 2026-09-10). The table lists each asset and its contribution to portfolio value change (owned value change) during the period — the largest positive contributors are likely the main reason you lagged or led the benchmark.
| Asset | Owned value change (€, change) |
|---|---|
| Apple Inc. | 10.344,37 |
| iShares Core MSCI World UCITS ETF | 7.378,68 |
| Microsoft Corp. | 5.789,71 |
| MasterCard Inc. | 3.974,69 |
| Bitcoin | 1.873,36 |
| Gold | 2.774,88 |
| SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 1.798,25 |
| iShares Core MSCI EM IMI UCITS ETF USD (Acc) | 1.385,25 |
| Deutsche Lufthansa AG | 533,66 |
| Ethereum | -1.496,29 |
What this means: the biggest positive owned-value contributions came from Apple Inc., iShares Core MSCI World UCITS ETF and Microsoft Corp., while Ethereum was the main negative contributor in the period. The benchmark returned +75,79% over the same period, producing an excess return of -30,59 percentage points for your portfolio; the items above are the largest individual moves that explain that gap.
This page in other languages
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.