Six benchmarks at 40% stocks, side by side
The six ETFIQ benchmarks that hold 40% stocks, one per family, on the same rows: five portfolios, with Strategic 40 as the reference column. Every figure is the benchmark’s own, dated; the period returns, risk and drawdowns cover the common period, Sep 30, 2016 to Sep 30, 2026, the longest window all six publish.
Over 10 years to Sep 30, 2026, 4 of 5 ETFIQ benchmarks at 40% stocks beat Strategic 40’s +5.68% a year, hypothetical.
One sentence, recomputed every trading night. A benchmark is a rule, not a recommendation.
Comparison grid
Six benchmarks at 40% stocks · common period Sep 30, 2016 to Sep 30, 2026Eight row groups: facts, period returns, calendar years, risk, drawdowns, exposures, costs, rule. Each benchmark keeps one colour on every chart and header, its name always in text; the reference is last, in grey. Exposures are percent of the portfolio, seen through each fund’s filings. First column sticky; the table scrolls in its own box.
| Tax-aware 40 | Factor 40 | Income 40 | Tactical 40 | Thematic 40 | Strategic 40, the reference | |
|---|---|---|---|---|---|---|
| Facts | ||||||
| Band | 30 to 50 | 30 to 50 | 30 to 50 | 30 to 50 | 30 to 50 | 30 to 50 |
| Stock share | 39.60% | 39.92% | 39.95% | 39.60% | 40.00% | 39.60% |
| Fee | 0.04% | 0.07% | 0.15% | 0.11% | 0.24% | 0.04% |
| History | tracked from Oct 2026 | tracked from Oct 2026 | tracked from Oct 2026 | tracked from Oct 2026 | tracked from Oct 2026 | tracked from Oct 2026 |
| As of | Oct 7, 2026 | Oct 7, 2026 | Oct 7, 2026 | Oct 7, 2026 | Oct 7, 2026 | Oct 7, 2026 |
| Period returns · common period | ||||||
| 1 year* | +5.06% | +7.70% | +5.75% | +7.17% | +5.06% | +5.27% |
| 3 years, annualised* | +9.99% | +11.43% | +9.96% | +8.50% | +12.82% | +10.82% |
| Common period, annualised* | +5.91% | +6.13% | +5.75% | +4.99% | +7.17% | +5.68% |
| Calendar years | ||||||
| 2026 to Oct 7, 2026* | +3.03% | +6.90% | +3.90% | +5.78% | +3.62% | +3.93% |
| 2025* | +10.94% | +10.99% | +9.44% | +10.46% | +20.04% | +13.13% |
| 2024* | +7.22% | +8.01% | +10.24% | +6.35% | +5.31% | +7.23% |
| 2023* | +12.36% | +10.02% | +9.12% | +0.56% | +14.03% | +12.05% |
| 2022* | −11.86% | −13.88% | −9.48% | −3.33% | −17.41% | −14.84% |
| 2021* | +7.81% | +7.17% | +9.94% | +4.84% | +4.99% | +5.92% |
| 2020* | +10.34% | +11.02% | +4.89% | +11.56% | +25.03% | +11.92% |
| 2019* | +15.03% | +16.61% | +15.67% | +7.91% | +15.98% | +15.87% |
| 2018* | −3.19% | −1.86% | −3.22% | −1.20% | −4.79% | −3.78% |
| 2017* | +12.36% | +11.09% | +9.75% | +10.69% | +13.91% | +11.52% |
| Risk · common period | ||||||
| Volatility* | 8.04% | 8.07% | 7.59% | 5.08% | 9.93% | 7.93% |
| Sharpe on T-bills* | 0.45 | 0.47 | 0.45 | 0.49 | 0.50 | 0.42 |
| Beta to the reference* | 0.99 | 1.00 | 0.90 | 0.45 | 1.20 | not published |
| Down capture* | 99.26% | 100.14% | 87.43% | 53.49% | 114.54% | not published |
| Drawdowns | ||||||
| Maximum drawdown* | −21.93% | −18.95% | −21.21% | −8.51% | −24.13% | −20.32% |
| Dates* | Feb 19 to Mar 19, 2020 | Nov 2021 to Oct 2022 | Feb 20 to Mar 23, 2020 | Nov 2021 to Mar 2023 | Nov 2021 to Oct 2022 | Nov 2021 to Oct 2022 |
| Worst month* | −8.00% (Mar 2020) | −6.55% (Mar 2020) | −9.99% (Mar 2020) | −3.67% (Feb 2023) | −7.19% (Apr 2022) | −6.49% (Mar 2020) |
| Exposures | ||||||
| Stocks | 39.60% | 39.92% | 39.95% | 39.60% | 40.00% | 39.60% |
| Preferred shares | 0.10% | 0.00% | 0.00% | 0.10% | 0.00% | 0.10% |
| Bonds | 59.36% | 59.17% | 59.07% | 59.74% | 59.17% | 59.17% |
| Funds | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Other, including cash | 0.94% | 0.91% | 0.98% | 0.56% | 0.83% | 1.12% |
| U.S. stocks | 24.64% | 38.51% | 19.95% | 24.64% | not published | 24.64% |
| Non-U.S. stocks | 14.96% | 1.41% | 0.00% | 14.96% | not published | 14.96% |
| Municipal bonds | 59.36% | not published | not published | not published | not published | not published |
| Government bonds | not published | 41.50% | 20.75% | not published | 41.50% | 41.50% |
| Corporate bonds | not published | 15.98% | 7.99% | not published | 15.98% | 15.98% |
| Costs | ||||||
| Fund fees, weighted | 0.04% | 0.07% | 0.15% | 0.11% | 0.24% | 0.04% |
| A year on $10,000 | $4 | $7 | $15 | $11 | $24 | $4 |
| Rule | ||||||
| Rebalance | monthly | monthly | monthly | monthly, by trend test | quarterly; themes yearly | monthly |
| Holdings | 2 ETFs | 7 ETFs | 5 ETFs | 2 ETFs | 41 ETFs | 3 ETFs |
| Change log | none since 2015 | none since 2013 | none since 2013 | 48 changes since 2010 | 13 changes since 2011 | none since 2010 |
*Hypothetical: the figures in the row start before Oct 5, 2026, when the tracked record starts (ETFIQ froze the rules on Oct 3, 2026), so they apply today’s rule and funds to earlier prices. Not published: the reference’s beta and down capture. Strategic 40 is measured against itself. Not published: Thematic 40’s U.S. stocks, Thematic 40’s Non-U.S. stocks. No held fund with stocks publishes a US share of its stocks. Not published: Factor 40’s municipal bonds, Income 40’s municipal bonds, Tactical 40’s municipal bonds, Thematic 40’s municipal bonds. No held fund with bonds publishes a municipal share of its bonds. Not published: Tax-aware 40’s government bonds, Tactical 40’s government bonds. No held fund with bonds publishes a government share of its bonds. Not published: Tax-aware 40’s corporate bonds, Tactical 40’s corporate bonds. No held fund with bonds publishes a corporate share of its bonds.
Overlap matrix
Books May 29 to Oct 7, 2026Pairwise weight overlap in percent of the portfolio: for each pair, the smaller of the two shares of every security both hold, added up, matched by the books' row key. A holding with no security id cannot be matched, so each figure is a floor; the share of each portfolio matched: Tax-aware 40 88.48%; Factor 40 37.81%; Income 40 35.01%; Tactical 40 28.59%; Thematic 40 48.28%; Strategic 40 58.10%. Ink flips to dark above 50%.
Holdings matrix
Top 10 securities across the six · May 29 to Oct 7, 2026| Security | Tax-aware | Factor | Income | Tactical | Thematic | Strategic | Held by |
|---|---|---|---|---|---|---|---|
| NVIDIA CORP | 1.73% | · | · | 1.73% | 0.24% | 1.73% | 4 of 6 |
| Apple Inc | 1.54% | · | · | 1.54% | 0.06% | 1.54% | 4 of 6 |
| Microsoft Corp | 1.26% | · | · | 1.26% | 0.10% | 1.26% | 4 of 6 |
| Broadcom Inc. | 0.58% | · | 1.39% | 0.58% | 0.13% | 0.58% | 5 of 6 |
| Amazon.com, Inc. | 0.85% | · | · | 0.85% | 0.23% | 0.85% | 4 of 6 |
| Alphabet Inc. (Class A) | 0.67% | · | · | 0.67% | 0.10% | 0.67% | 4 of 6 |
| MKTLIQ | 0.24% | 0.36% | 0.20% | 0.24% | 0.36% | 0.60% | 6 of 6 |
| JPMorgan Chase & Co | 0.32% | · | 0.77% | 0.32% | 0.01% | 0.32% | 5 of 6 |
| Alphabet Inc. (Class C) | 0.53% | · | · | 0.53% | 0.10% | 0.53% | 4 of 6 |
| Meta Platforms, Inc. (Class A) | 0.42% | · | · | 0.42% | 0.26% | 0.42% | 4 of 6 |
The six through each stress window
Published list · prices to each window’s endThe windows are found, never chosen, by the stress windows rule, version 1: every fall of VT of 10% or more and of AGG of 5% or more since Jan 4, 2010, from its peak close to its trough close. One small chart per window, all six on one scale from $10,000, and the table of return over the window in percent and in dollars with the maximum drawdown inside it. A window outside a benchmark’s history shows the gap, never a number. *Hypothetical: the window starts before Oct 5, 2026.
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −8.64% | $9,136 | −8.71% |
| Factor | −6.59% | $9,341 | −6.74% |
| Income | −7.10% | $9,290 | −7.36% |
| Tactical | −1.76% | $9,824 | −2.17% |
| Thematic | −8.95% | $9,105 | −8.95% |
| Strategic | −6.26% | $9,374 | −6.39% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −16.68% | $8,332 | −17.27% |
| Factor | −18.60% | $8,140 | −18.76% |
| Income | −13.97% | $8,603 | −14.98% |
| Tactical | −2.79% | $9,721 | −5.11% |
| Thematic | −23.28% | $7,672 | −23.28% |
| Strategic | −19.87% | $8,013 | −19.92% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −3.21% | $9,679 | −17.27% |
| Factor | −7.15% | $9,285 | −18.95% |
| Income | +0.48% | $10,048 | −14.98% |
| Tactical | +9.23% | $10,923 | −5.11% |
| Thematic | −7.60% | $9,240 | −24.13% |
| Strategic | −9.36% | $9,064 | −20.32% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −16.43% | $8,357 | −16.43% |
| Factor | −13.99% | $8,601 | −13.99% |
| Income | −14.74% | $8,526 | −14.74% |
| Tactical | −5.29% | $9,471 | −5.29% |
| Thematic | −15.71% | $8,429 | −15.71% |
| Strategic | −14.18% | $8,582 | −14.18% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −20.08% | $7,992 | −21.93% |
| Factor | −16.08% | $8,392 | −16.71% |
| Income | −21.19% | $7,881 | −21.21% |
| Tactical | −4.05% | $9,595 | −6.74% |
| Thematic | −15.30% | $8,470 | −18.41% |
| Strategic | −15.18% | $8,482 | −16.62% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | −7.32% | $9,268 | −7.32% |
| Factor | −6.43% | $9,357 | −7.66% |
| Income | −6.94% | $9,306 | −7.40% |
| Tactical | −3.54% | $9,646 | −5.27% |
| Thematic | −8.65% | $9,135 | −8.65% |
| Strategic | −8.05% | $9,195 | −8.05% |
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | no history | ||
| Factor | −3.93% | $9,607 | −4.36% |
| Income | −5.30% | $9,470 | −5.68% |
| Tactical | −5.30% | $9,470 | −6.40% |
| Thematic | −10.72% | $8,928 | −12.21% |
| Strategic | −7.04% | $9,296 | −7.10% |
Not shown where the window starts before a history: Tax-aware 40 (from Aug 25, 2015). A window is never cut to fit.
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | no history | ||
| Factor | no history | ||
| Income | no history | ||
| Tactical | −0.57% | $9,943 | −4.19% |
| Thematic | −0.58% | $9,942 | −5.50% |
| Strategic | −2.45% | $9,755 | −5.69% |
Not shown where the window starts before a history: Tax-aware 40 (from Aug 25, 2015), Factor 40 (from Jul 18, 2013) and Income 40 (from Jun 24, 2013). A window is never cut to fit.
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | no history | ||
| Factor | no history | ||
| Income | no history | ||
| Tactical | −2.31% | $9,769 | −6.29% |
| Thematic | −6.78% | $9,322 | −7.51% |
| Strategic | −7.18% | $9,282 | −7.26% |
Not shown where the window starts before a history: Tax-aware 40 (from Aug 25, 2015), Factor 40 (from Jul 18, 2013) and Income 40 (from Jun 24, 2013). A window is never cut to fit.
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | no history | ||
| Factor | no history | ||
| Income | no history | ||
| Tactical | no history | ||
| Thematic | no history | ||
| Strategic | −5.41% | $9,459 | −5.46% |
Not shown where the window starts before a history: Tax-aware 40 (from Aug 25, 2015), Factor 40 (from Jul 18, 2013), Income 40 (from Jun 24, 2013), Tactical 40 (from Nov 1, 2010) and Thematic 40 (from Jan 3, 2011). A window is never cut to fit.
| Member | Return | On $10,000 | Max DD |
|---|---|---|---|
| Tax-aware | no history | ||
| Factor | no history | ||
| Income | no history | ||
| Tactical | no history | ||
| Thematic | no history | ||
| Strategic | −3.65% | $9,635 | −3.90% |
Not shown where the window starts before a history: Tax-aware 40 (from Aug 25, 2015), Factor 40 (from Jul 18, 2013), Income 40 (from Jun 24, 2013), Tactical 40 (from Nov 1, 2010) and Thematic 40 (from Jan 3, 2011). A window is never cut to fit.
Common period Sep 30, 2016 to Sep 30, 2026, the longest window all six publish. Every portfolio keeps its colour on every chart and header; names are always in text.
Questions people ask about the benchmarks at 40% stocks
- What does this page compare?
- The six ETFIQ benchmarks that hold 40% stocks: Tax-aware 40, Factor 40, Income 40, Tactical 40 and Thematic 40, and Strategic 40 as the reference. Each is a written rule over broad, low-cost ETFs; none is a fund or a recommendation.
- Why is Strategic 40 the reference?
- ETFIQ measures every benchmark outside the strategic family against ETFIQ Strategic at the same stock share, so beta, the captures and the difference in return on each benchmark’s own page are against Strategic 40.
- How is the overlap measured?
- For each pair, the weight the two hold in the same securities: for every security both hold through their funds’ published books, the smaller of its two shares, added up. A holding with no security id cannot be matched, so the figure is a floor.
- Why are the returns hypothetical?
- ETFIQ froze the rules on Oct 3, 2026. Returns before Oct 5, 2026 apply today’s rule and funds to earlier prices, which is look-ahead; returns from that date are tracked. The price source does not carry funds that closed before 2016, so nothing here is free of survivorship bias.
ETFIQ, Six ETFIQ benchmarks at 40% stocks, compared, data as of Oct 7, 2026. https://etfiq.com/
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data. Figures before Oct 5, 2026 are hypothetical.
Computed by ETFIQ from Tiingo daily prices. Data sourced by Tiingo.