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: 50% Gold, 25% Asia Pacific equities, and 25% European energy sector stocks for strategic global exposure. | 3 | 1.62 | 17.53% | -10.84% | 12.14% | 5.5y |
| 🥈 | test2 — Max Sharpe strategy Max Sharpe portfolio blending leveraged US stocks, gold, volatility, commodities, and Euro bonds for strategic diversification. | 5 | 1.55 | 14.76% | -9.52% | 10.37% | 6.9y |
| 🥉 | My Accelerated Weird Portfolio Tweak off the 'The Accelerated Weird Portfolio (Minimum risk)', by also adding 5% of Bitcoin | 5 | 1.22 | 14.39% | -11.81% | 10.23% | 5.9y |
| 4 | Rebuild from War Invest in global infrastructure rebuilding with this diversified portfolio of energy, construction, and industrial leaders from Europe and Asia. | 5 | 1.14 | 26.57% | -23.35% | 22.52% | 5.6y |
| 5 | Semic90+QDVE10 Tech-focused ETF portfolio with 91% global equities and 9% gold for growth and diversification in a single investment. | 3 | 1.08 | 36.45% | -33.73% | 27.72% | 5.5y |
| 6 | Analysis_BWB Semiconductor-focused ETF portfolio blending concentrated tech exposure with diversified global equities for aggressive growth. | 2 | 1.07 | 37.86% | -35.32% | 33.09% | 6.8y |
| 7 | Phase 2 test proxy Tech-focused ETF portfolio with 100% equity allocation across global semiconductor, US tech, and quantum computing sectors. | 3 | 1.06 | 33.99% | -32.03% | 25.98% | 5.5y |
| 8 | Gold Bonds Inflation-proof ETF portfolio: 57% gold for hedging & 43% short-term bonds for stability. Diversified across USD & GBP assets. | 4 | 1.03 | 11.12% | -10.78% | 10.70% | 7.3y |
| 9 | 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 | 1.03 | 18.94% | -18.39% | 13.92% | 6.8y |
| 10 | cto balanced Diversified global equity ETF portfolio focused on energy, AI, semiconductors, US tech, Europe, and broad world market exposure for growth. | 6 | 1.03 | 25.02% | -24.31% | 17.79% | 5.5y |
| 11 | cto 2 A tech and energy-focused ETF portfolio with global equity diversification across US, Europe, and semiconductor/AI sectors. | 6 | 1.02 | 26.03% | -25.60% | 18.21% | 5.5y |
| 12 | Tillväxt baby Tech-focused ETF portfolio with 70% semiconductors and 30% IT sector for targeted growth in high-innovation markets. | 2 | 1.02 | 34.27% | -33.75% | 27.67% | 5.5y |
| 13 | Browne usa Diversified ETF portfolio with equal 33% allocations to US stocks, short-term US Treasury bonds, and gold for balanced growth and stability. | 3 | 1.01 | 12.13% | -12.01% | 8.13% | 5.7y |
| 14 | Growth Portfolio A globally diversified ETF portfolio with 85% equities, featuring core Vanguard world exposure plus targeted tech stocks and a EUR money market allocation. | 5 | 1.01 | 23.10% | -22.95% | 17.20% | 5y |
| 15 | clone A concentrated ETF portfolio for tech growth, blending a 90% semiconductor fund with a 10% global equity ETF for core diversification. | 2 | 1.00 | 35.98% | -35.88% | 29.06% | 5.5y |
| 16 | CARTERA PERMANENTE EMU - JAPON Comprehensive permanent ETF portfolio for Eurozone and Japan markets, offering annual rebalancing and diversified exposure for EUR-based growth. | 7 | 0.97 | 7.93% | -8.16% | 6.18% | 5.6y |
| 17 | Global Stocks + Gold + Bitcoin Diversified global ETF portfolio blending gold, Bitcoin, and worldwide equities for EUR-based growth with annual rebalancing. | 5 | 0.95 | 36.29% | -38.11% | 24.83% | 10.6y |
| 18 | cto gemini Diversified ETF portfolio targeting global tech, energy, infrastructure, and Asia equities, plus commodities for balanced growth. | 8 | 0.93 | 23.20% | -24.93% | 16.44% | 5.5y |
| 19 | ETF A diversified ETF portfolio in euros with a simple buy-and-hold strategy for long-term, low-maintenance investing. | 5 | 0.92 | 15.24% | -16.50% | 12.42% | 5.8y |
| 20 | P1 Diversified global portfolio with 60% world stocks, 20% hedged global bonds, and 20% physical gold for balanced growth and stability. | 3 | 0.87 | 11.48% | -13.15% | 9.17% | 5y |
| 21 | 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 | 0.86 | 14.32% | -16.64% | 11.69% | 6y |
| 22 | 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 | 0.85 | 16.89% | -19.91% | 13.91% | 5.9y |
| 23 | US ETFs A diversified US and global tech ETF portfolio targeting growth through S&P 500, Nasdaq 100, semiconductors, and AI. | 4 | 0.84 | 22.12% | -26.29% | 18.33% | 5.5y |
| 24 | LS80 / VALW A diversified portfolio blending Vanguard's 80% equity fund with a global value ETF for growth and stability in global markets. | 2 | 0.84 | 10.71% | -12.75% | 10.16% | 5.7y |
| 25 | Tech-diversification Diversified global equity ETF portfolio targeting US growth, tech, and value stocks for long-term capital appreciation. | 4 | 0.83 | 19.33% | -23.27% | 16.26% | 5.5y |
🎲 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: 03 Jun 2026, 05:05
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.