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 |
|---|---|---|---|---|---|---|---|
| 🥇 | Defensive seat A gold-heavy ETF portfolio blending 50% precious metals with global value, energy, and dividend equities plus bonds for inflation-proof diversification. | 7 | 1.80 | 17.88% | -9.91% | 10.58% | 5.3y |
| 🥈 | arga test balanced This diversified ETF portfolio blends 49% physical gold for stability with 35% global equities for growth, plus 11% EUR corporate bonds. It offers a balanced mix across precious metals, stocks, bonds | 7 | 1.63 | 17.57% | -10.81% | 11.00% | 5.3y |
| 🥉 | Roa 4.2 bt proxy Diversified portfolio blending commodities, equities, bonds, crypto, and leveraged ETFs for multi-asset exposure and growth potential. | 7 | 1.61 | 24.79% | -15.41% | 12.04% | 6.5y |
| 4 | UDE Turc Diversified ETF portfolio: 50% Gold, 25% Asia Pacific equities, and 25% European energy sector stocks for strategic global exposure. | 3 | 1.54 | 16.73% | -10.84% | 12.21% | 5.9y |
| 5 | test2 — Max Sharpe strategy Max Sharpe portfolio blending leveraged US stocks, gold, volatility, commodities, and Euro bonds for strategic diversification. | 5 | 1.48 | 14.12% | -9.52% | 10.38% | 7.3y |
| 6 | Roa 3.2.2 goldx2 bt proxy Diversified portfolio blending global momentum stocks, managed futures, Bitcoin, reinsurance bonds, and commodities for multi-asset growth. | 6 | 1.45 | 22.82% | -15.69% | 12.43% | 6.5y |
| 7 | Quiet hedged Diversified ETF portfolio split evenly across money market, global commodities, and European bank equities for balance, yield, and growth. | 3 | 1.45 | 17.28% | -11.91% | 10.25% | 5.1y |
| 8 | Crypto Basket Crypto-focused portfolio with 72% Bitcoin, 18% Solana, and 10% Ethereum for high-growth digital asset exposure. | 3 | 1.45 | 113.07% | -78.07% | 58.55% | 6.5y |
| 9 | Direxion 22 Leveraged ETF portfolio mixing global equities, emerging markets, gold miners, and real estate with bull and bear positions for aggressive growth. | 9 | 1.38 | 65.33% | -47.27% | 106.95% | 13y |
| 10 | MF - alavancado 10k A leveraged ETF portfolio pairing 3X bull and bear funds across global stocks, emerging markets, gold miners, and real estate for aggressive traders. | 9 | 1.38 | 65.33% | -47.27% | 106.95% | 13y |
| 11 | 07 Hedge für Zinsänderungsrisiko Diversified ETF portfolio blending 75% Euro bonds, 15% broad commodities, and 10% European bank equities for a balanced multi-asset strategy. | 3 | 1.36 | 7.57% | -5.55% | 4.10% | 5.1y |
| 12 | Relax&Breathe Diversified portfolio led by managed futures ETF with global utilities, infrastructure, and tech stocks for all-weather returns. | 25 | 1.31 | 18.31% | -13.96% | 10.15% | 5.7y |
| 13 | ARGA Dividend + gold + World Diversified global ETF portfolio targeting dividend income with 60% equities, 15% gold, and 5% bonds for balanced growth and stability. | 7 | 1.31 | 16.85% | -12.89% | 9.92% | 5.3y |
| 14 | poertoflio copy 2 Diversified dividend-focused ETF portfolio blending global and European equities with gold and bonds for income and stability. | 7 | 1.31 | 16.85% | -12.89% | 9.92% | 5.3y |
| 15 | xyz - Low volatility funds // - - - Global equity portfolio with 25% frontier markets exposure for diversified growth across developed and emerging economies. | 4 | 1.29 | 19.59% | -15.22% | 11.42% | 6y |
| 16 | HEAVY ROTATION MAX SHARPE NO ENERGY OR RESOUCES Diversified ETF portfolio blending commodities, managed futures, US tech, and gold producers for max Sharpe growth with no energy exposure. | 4 | 1.26 | 19.53% | -15.45% | 13.77% | 7.4y |
| 17 | Big Tech Max Balanced Tech-focused ETF portfolio pairing US and global technology stocks with gold, commodities, and managed futures hedges for growth with downside protection. | 8 | 1.25 | 17.34% | -13.89% | 9.51% | 7.4y |
| 18 | conservative global Conservative global ETF portfolio blending gold, short-term US Treasuries, and worldwide stocks for stability and diversified growth. | 3 | 1.23 | 12.83% | -10.41% | 11.01% | 5.3y |
| 19 | Elia Testa - Con oro fisico Diversified ETF portfolio blending 47% global equities, 33% physical gold, and 20% aggregate bonds for balanced growth and protection in any market. | 4 | 1.22 | 13.08% | -10.70% | 9.17% | 5.4y |
| 20 | My Accelerated Weird Portfolio Tweak off the 'The Accelerated Weird Portfolio (Minimum risk)', by also adding 5% of Bitcoin | 5 | 1.20 | 14.20% | -11.81% | 10.14% | 6.3y |
| 21 | test Diversified ETF portfolio blending global stocks, European small caps, gold, and bonds for balanced growth across key asset classes. | 5 | 1.19 | 14.02% | -11.76% | 10.21% | 6y |
| 22 | HEAVY ROTATION Diversified ETF portfolio blending 60% global equities with 40% commodities, spanning tech, energy, gold, mining, and emerging markets for balanced growth. (148 characters) | 7 | 1.18 | 17.57% | -14.93% | 16.21% | 6.5y |
| 23 | Holy Ark A diversified ETF portfolio blending global stocks, bonds, crypto, and commodities for balanced growth across major asset classes. | 8 | 1.15 | 22.69% | -19.76% | 12.41% | 5.1y |
| 24 | Tech Growth max Sharpe Tech-heavy ETF portfolio blending global equities, gold, commodities, and bonds for growth with a hedge against market volatility. | 10 | 1.14 | 19.66% | -17.29% | 12.11% | 5.2y |
| 25 | Big Tech Max Sharpe Tech-heavy ETF portfolio blending global equities, gold, short hedges, and commodities for growth with downside protection across market cycles. | 10 | 1.11 | 19.05% | -17.16% | 11.49% | 5.2y |
🎲 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: 19 Oct 2026, 22:03
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.