Top 25 Portfolios by Calmar Ratio
The best downside risk-adjusted UCITS ETF portfolios ranked by Calmar ratio, filtered to only include portfolios with at least 5 years of backtest data. A higher Calmar ratio means better returns relative to the worst drawdown experienced — helping you find portfolios that deliver performance without deep declines.
Compare annualized returns, maximum drawdown, and volatility alongside Calmar ratios. All portfolios use EU-domiciled UCITS ETFs with real historical data.
| Rank | Portfolio | Assets | Calmar Ratio | Ann. Return | Max Drawdown | Volatility | Data |
|---|---|---|---|---|---|---|---|
| 🥇 | UDE Turc Diversified ETF portfolio blending 50% gold with 50% Asian and European energy equities, rebalanced quarterly for EUR investors. | 3 | 1.62 | 17.61% | -10.84% | 12.14% | 5.4y |
| 🥈 | My Accelerated Weird Portfolio Tweak off the 'The Accelerated Weird Portfolio (Minimum risk)', by also adding 5% of Bitcoin | 5 | 1.24 | 14.61% | -11.81% | 10.26% | 5.8y |
| 🥉 | Rebuild from War Invest in global infrastructure rebuilding with this diversified portfolio of energy, construction, and industrial leaders from Europe and Asia. | 5 | 1.23 | 28.68% | -23.30% | 22.27% | 5.5y |
| 4 | CARTERA PERMANENTE EMU - JAPON Comprehensive permanent ETF portfolio for Eurozone and Japan markets, offering annual rebalancing and diversified exposure for EUR-based growth. | 7 | 1.00 | 8.20% | -8.16% | 6.12% | 5.5y |
| 5 | Max Sharpe Core Portfolio A diversified ETF portfolio blending global tech, gold, bonds, and value stocks for a balanced core allocation designed for risk-adjusted returns. | 5 | 0.99 | 18.26% | -18.39% | 13.90% | 6.7y |
| 6 | Global Stocks + Gold + Bitcoin Diversified global ETF portfolio blending gold, Bitcoin, and worldwide equities for EUR-based growth with annual rebalancing. | 5 | 0.96 | 36.55% | -38.11% | 24.93% | 10.5y |
| 7 | Analysis_BWB Semiconductor-focused ETF portfolio blending concentrated tech exposure with diversified global equities for aggressive growth. | 2 | 0.93 | 32.99% | -35.32% | 33.02% | 6.7y |
| 8 | ETF A diversified ETF portfolio in euros with a simple buy-and-hold strategy for long-term, low-maintenance investing. | 5 | 0.87 | 14.33% | -16.50% | 12.40% | 5.7y |
| 9 | Tillväxt baby Tech-focused ETF portfolio with 70% semiconductors and 30% IT sector for targeted growth in high-innovation markets. | 2 | 0.84 | 28.30% | -33.70% | 27.48% | 5.4y |
| 10 | Steady Income with Growth Mix (Trade Republic) Balanced ETF portfolio combining 40% dividend-paying stocks, emerging markets, and gold for steady income plus growth. Trade Republic ready. | 4 | 0.82 | 13.69% | -16.64% | 11.69% | 5.9y |
| 11 | CARTERA PERMANENTE ACTUAL EMU Diversified EUR-based portfolio with small caps exposure, annual rebalancing strategy for long-term wealth building and portfolio stability. | 5 | 0.82 | 8.68% | -10.63% | 6.34% | 5.5y |
| 12 | Perfecta III de Alex Morian Explore the Perfecta III portfolio: A diversified global ETF strategy with annual rebalancing, blending stocks, gold, and Bitcoin for EUR investors. | 5 | 0.81 | 16.21% | -19.91% | 13.92% | 5.8y |
| 13 | Harry Browne Permanent Portfolio A classic for all seasons with stocks, bonds, cash, and gold in perfect balance. Built to weather any economy and keep your wealth steady through thick and thin | 4 | 0.79 | 9.11% | -11.51% | 11.79% | 7.1y |
| 14 | CARTERA PERMANENTE EU-UK Diversified EU-UK permanent portfolio strategy with annual rebalancing for long-term wealth building and portfolio stability across Eurozone and UK markets. | 6 | 0.78 | 7.31% | -9.32% | 6.04% | 5.6y |
| 15 | World + Canada Global diversified ETF portfolio combining world markets with Canadian exposure in EUR. Balanced international investment strategy for long-term growth. | 5 | 0.78 | 14.99% | -19.29% | 14.12% | 5.8y |
| 16 | LS80 / VALW A diversified portfolio blending Vanguard's 80% equity fund with a global value ETF for growth and stability in global markets. | 2 | 0.77 | 9.79% | -12.75% | 10.18% | 5.6y |
| 17 | World + India + Canada Global ETF portfolio spanning US, Europe, Japan, emerging markets, India and Canada in EUR for diversified international exposure. | 6 | 0.73 | 14.64% | -19.94% | 14.05% | 5.8y |
| 18 | PUT European equity portfolio using a defensive put-writing ETF strategy to generate income while managing downside risk in volatile markets. | 1 | 0.72 | 7.31% | -10.09% | 13.17% | 5.5y |
| 19 | Last portfolio Diversified EUR-based investment portfolio designed for long-term wealth building with strategic asset allocation and minimal maintenance requirements. | 6 | 0.72 | 14.72% | -20.58% | 14.25% | 5.8y |
| 20 | CARTERA PERMANENTE EU-USA Balanced EU-USA ETF portfolio with 25% gold and cash allocation, diversified bonds and equities, annual rebalancing for stability and growth. | 8 | 0.71 | 7.76% | -10.90% | 6.62% | 6.2y |
| 21 | Moje A diversified ETF portfolio for growth: 75% S&P 500, 20% semiconductors, and 5% Bitcoin for strategic market exposure. | 3 | 0.71 | 18.46% | -26.05% | 15.45% | 5.2y |
| 22 | 111 Explore a diversified ETF portfolio with a focus on high-growth and high-dividend investments, designed for steady growth and passive income in EUR. | 3 | 0.71 | 15.76% | -22.24% | 14.64% | 5.9y |
| 23 | CARTERA PERMANENTE EMU - PRIME Sin Small Caps Balanced Euro ETF portfolio with 25% each in cash, bonds, gold, and equities. Annual rebalancing for diversified protection and stability. | 4 | 0.69 | 7.32% | -10.56% | 6.69% | 6.2y |
| 24 | TEST TECH UCITS Invest in top US tech stocks with this ETF portfolio. Get diversified exposure to the S&P 500 Information Technology sector for focused growth. | 1 | 0.69 | 23.17% | -33.46% | 22.86% | 10.4y |
| 25 | GROWTH Growth portfolio focused on US tech stocks via a single S&P 500 technology sector ETF for targeted, high-growth potential. | 1 | 0.69 | 23.17% | -33.46% | 22.86% | 10.4y |
🎲 Just for fun! These rankings look at how well strategies held up during their worst moments. Not to base any decisions on, but definitely interesting to see which ones kept their cool.
Last updated: 23 Apr 2026, 23:51
Frequently Asked Questions
What is the Calmar Ratio?
The Calmar ratio measures downside risk-adjusted returns by dividing a portfolio's annualized return by its maximum drawdown. A Calmar ratio above 0.5 is generally considered good, while above 1.0 means the portfolio's annual returns exceed its worst peak-to-trough decline.
How is the Calmar Ratio different from the Sharpe Ratio?
The Sharpe ratio uses volatility (all price fluctuations) as its measure of risk, while the Calmar ratio uses maximum drawdown (the worst decline from peak to trough). The Calmar ratio is particularly useful for investors who care more about avoiding large losses than overall volatility — it focuses on the worst-case scenario rather than average variability.
What do the max drawdown and volatility columns show?
Max drawdown shows the largest peak-to-trough decline during the backtest period, representing the worst-case scenario an investor would have experienced. Volatility is the annualized standard deviation of returns — a measure of how much a portfolio's value fluctuates day to day.
Can I request new features or suggest improvements?
Absolutely! We welcome feature requests and suggestions from our community. Whether you'd like to see new ETF data sources, additional portfolio metrics, or enhanced backtesting capabilities, we'd love to hear from you. Please contact us with your ideas.