{"url":"https://etfiq.com/models/compare/moderately-conservative/","section":"models","title":"Six ETFIQ benchmarks at 40% stocks, compared | ETFIQ","description":"Over 10 years to Sep 30, 2026, 4 of 5 ETFIQ benchmarks at 40% stocks beat Strategic 40\u2019s +5.68% a year, hypothetical.","as_of":"Oct 7, 2026","structured_data":[{"@type":"ItemList","name":"ETFIQ benchmarks at 40% stocks","numberOfItems":6,"itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ Tax-Aware, 40% stocks","url":"https://etfiq.com/benchmarks/tax-aware-40/"},{"@type":"ListItem","position":2,"name":"ETFIQ Factor, 40% stocks","url":"https://etfiq.com/benchmarks/factor-40/"},{"@type":"ListItem","position":3,"name":"ETFIQ Income, 40% stocks","url":"https://etfiq.com/benchmarks/income-40/"},{"@type":"ListItem","position":4,"name":"ETFIQ Tactical, from 40% stocks","url":"https://etfiq.com/benchmarks/tactical-40/"},{"@type":"ListItem","position":5,"name":"ETFIQ Thematic, 40% stocks","url":"https://etfiq.com/benchmarks/thematic-40/"},{"@type":"ListItem","position":6,"name":"ETFIQ Strategic, 40% stocks","url":"https://etfiq.com/benchmarks/strategic-40/"}]},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What does this page compare?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Why is Strategic 40 the reference?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s own page are against Strategic 40."}},{"@type":"Question","name":"How is the overlap measured?","acceptedAnswer":{"@type":"Answer","text":"For each pair, the weight the two hold in the same securities: for every security both hold through their funds\u2019 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."}},{"@type":"Question","name":"Why are the returns hypothetical?","acceptedAnswer":{"@type":"Answer","text":"ETFIQ froze the rules on Oct 3, 2026. Returns before Oct 5, 2026 apply today\u2019s 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."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ETF Models","item":"https://etfiq.com/models/"},{"@type":"ListItem","position":3,"name":"Moderately conservative, 40% stocks","item":"https://etfiq.com/models/compare/moderately-conservative/"}]},{"@type":"WebPage","name":"Six ETFIQ benchmarks at 40% stocks, compared","description":"Over 10 years to Sep 30, 2026, 4 of 5 ETFIQ benchmarks at 40% stocks beat Strategic 40\u2019s +5.68% a year, hypothetical.","url":"https://etfiq.com/models/compare/moderately-conservative/","dateModified":"2026-10-08","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":12752,"truncated":false,"content":"ETFIQ / ETF Models / Moderately conservative, 40% stocks \n \n Rebuilt every trading night. Figures as of Oct 7, 2026; trailing windows end at the last month end, Sep 30, 2026.\n Six benchmarks at 40% stocks, side by side\n 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\u2019s 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.\n \n Over 10 years to Sep 30, 2026, 4 of 5 ETFIQ benchmarks at 40% stocks beat Strategic 40\u2019s +5.68% a year, hypothetical.\n *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\u2019s rule and funds to earlier prices.\n Compare at another stock share\n Conservative, 20% stocks Moderately conservative, 40% stocks Moderate, 60% stocks Moderately aggressive, 80% stocks Aggressive, 95% stocks The six benchmarks\n ETFIQ Tax-Aware, 40% stocks ETFIQ Factor, 40% stocks ETFIQ Income, 40% stocks ETFIQ Tactical, from 40% stocks ETFIQ Thematic, 40% stocks ETFIQ Strategic, 40% stocks Comparison grid\n Eight row groups: facts, period returns, calendar years, risk, drawdowns, exposures, costs and rule; the period, risk and drawdown rows over Sep 30, 2016 to Sep 30, 2026. Data sourced by Tiingo .\n Six ETFIQ benchmarks at 40% stocks, as of Oct 7, 2026. Data sourced by Tiingo. Figure Tax-aware 40 Factor 40 Income 40 Tactical 40 Thematic 40 Strategic 40, the reference \n Band 30 to 50 30 to 50 30 to 50 30 to 50 30 to 50 30 to 50 \n Stock share 39.60% 39.92% 39.95% 39.60% 40.00% 39.60% \n Fee 0.04% 0.07% 0.15% 0.11% 0.24% 0.04% \n 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 \n As of Oct 7, 2026 Oct 7, 2026 Oct 7, 2026 Oct 7, 2026 Oct 7, 2026 Oct 7, 2026 \n 1 year* +5.06% +7.70% +5.75% +7.17% +5.06% +5.27% \n 3 years, annualised* +9.99% +11.43% +9.96% +8.50% +12.82% +10.82% \n Common period, annualised* +5.91% +6.13% +5.75% +4.99% +7.17% +5.68% \n 2026 to Oct 7, 2026* +3.03% +6.90% +3.90% +5.78% +3.62% +3.93% \n 2025* +10.94% +10.99% +9.44% +10.46% +20.04% +13.13% \n 2024* +7.22% +8.01% +10.24% +6.35% +5.31% +7.23% \n 2023* +12.36% +10.02% +9.12% +0.56% +14.03% +12.05% \n 2022* \u221211.86% \u221213.88% \u22129.48% \u22123.33% \u221217.41% \u221214.84% \n 2021* +7.81% +7.17% +9.94% +4.84% +4.99% +5.92% \n 2020* +10.34% +11.02% +4.89% +11.56% +25.03% +11.92% \n 2019* +15.03% +16.61% +15.67% +7.91% +15.98% +15.87% \n 2018* \u22123.19% \u22121.86% \u22123.22% \u22121.20% \u22124.79% \u22123.78% \n 2017* +12.36% +11.09% +9.75% +10.69% +13.91% +11.52% \n Volatility* 8.04% 8.07% 7.59% 5.08% 9.93% 7.93% \n Sharpe on T-bills* 0.45 0.47 0.45 0.49 0.50 0.42 \n Beta to the reference* 0.99 1.00 0.90 0.45 1.20 not published \n Down capture* 99.26% 100.14% 87.43% 53.49% 114.54% not published \n Maximum drawdown* \u221221.93% \u221218.95% \u221221.21% \u22128.51% \u221224.13% \u221220.32% \n 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 \n Worst month* \u22128.00% (Mar 2020) \u22126.55% (Mar 2020) \u22129.99% (Mar 2020) \u22123.67% (Feb 2023) \u22127.19% (Apr 2022) \u22126.49% (Mar 2020) \n Stocks 39.60% 39.92% 39.95% 39.60% 40.00% 39.60% \n Preferred shares 0.10% 0.00% 0.00% 0.10% 0.00% 0.10% \n Bonds 59.36% 59.17% 59.07% 59.74% 59.17% 59.17% \n Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% \n Other, including cash 0.94% 0.91% 0.98% 0.56% 0.83% 1.12% \n U.S. stocks 24.64% 38.51% 19.95% 24.64% not published 24.64% \n Non-U.S. stocks 14.96% 1.41% 0.00% 14.96% not published 14.96% \n Municipal bonds 59.36% not published not published not published not published not published \n Government bonds not published 41.50% 20.75% not published 41.50% 41.50% \n Corporate bonds not published 15.98% 7.99% not published 15.98% 15.98% \n Fund fees, weighted 0.04% 0.07% 0.15% 0.11% 0.24% 0.04% \n A year on $10,000 $4 $7 $15 $11 $24 $4 \n Rebalance monthly monthly monthly monthly, by trend test quarterly; themes yearly monthly \n Holdings 2 ETFs 7 ETFs 5 ETFs 2 ETFs 41 ETFs 3 ETFs \n Change log none since 2015 none since 2013 none since 2013 48 changes since 2010 13 changes since 2011 none since 2010 \n\n Overlap matrix\n Pairwise weight overlap in percent of the portfolio, matched by the books' row key; a floor.\n Overlap between the six, books as of May 29 to Oct 7, 2026. Figure Tax-aware 40 Factor 40 Income 40 Tactical 40 Thematic 40 Strategic 40, the reference \n Tax-aware 40 \u00b7 2.95 8.53 28.58 5.24 28.58 \n Factor 40 2.95 \u00b7 17.13 2.95 31.65 32.93 \n Income 40 8.53 17.13 \u00b7 8.57 16.73 23.45 \n Tactical 40 28.58 2.95 8.57 \u00b7 5.24 28.58 \n Thematic 40 5.24 31.65 16.73 5.24 \u00b7 35.21 \n Strategic 40 28.58 32.93 23.45 28.58 35.21 \u00b7 \n\n Holdings matrix\n The largest securities across the six, by the sum of their shares; percent of each portfolio.\n Top 10 securities across the six, books as of May 29, 2026. Security Tax-aware 40 Factor 40 Income 40 Tactical 40 Thematic 40 Strategic 40, the reference Held by \n NVIDIA CORP 1.73% \u00b7 \u00b7 1.73% 0.24% 1.73% 4 of 6 \n Apple Inc 1.54% \u00b7 \u00b7 1.54% 0.06% 1.54% 4 of 6 \n Microsoft Corp 1.26% \u00b7 \u00b7 1.26% 0.10% 1.26% 4 of 6 \n Broadcom Inc. 0.58% \u00b7 1.39% 0.58% 0.13% 0.58% 5 of 6 \n Amazon.com, Inc. 0.85% \u00b7 \u00b7 0.85% 0.23% 0.85% 4 of 6 \n Alphabet Inc. (Class A) 0.67% \u00b7 \u00b7 0.67% 0.10% 0.67% 4 of 6 \n MKTLIQ 0.24% 0.36% 0.20% 0.24% 0.36% 0.60% 6 of 6 \n JPMorgan Chase & Co 0.32% \u00b7 0.77% 0.32% 0.01% 0.32% 5 of 6 \n Alphabet Inc. (Class C) 0.53% \u00b7 \u00b7 0.53% 0.10% 0.53% 4 of 6 \n Meta Platforms, Inc. (Class A) 0.42% \u00b7 \u00b7 0.42% 0.26% 0.42% 4 of 6 \n\n The six through each stress window\n The windows are found by a written rule from VT\u2019s and AGG\u2019s daily total returns; a window outside a benchmark\u2019s history shows no figure. Data sourced by Tiingo .\n Stress windows to Oct 7, 2026. Data sourced by Tiingo. Window Benchmark Return On $10,000 Max drawdown \n Feb 18 to Apr 8, 2025* Tax-aware 40 \u22128.64% $9,136 \u22128.71% \n Feb 18 to Apr 8, 2025* Factor 40 \u22126.59% $9,341 \u22126.74% \n Feb 18 to Apr 8, 2025* Income 40 \u22127.10% $9,290 \u22127.36% \n Feb 18 to Apr 8, 2025* Tactical 40 \u22121.76% $9,824 \u22122.17% \n Feb 18 to Apr 8, 2025* Thematic 40 \u22128.95% $9,105 \u22128.95% \n Feb 18 to Apr 8, 2025* Strategic 40 \u22126.26% $9,374 \u22126.39% \n Nov 8, 2021 to Oct 12, 2022* Tax-aware 40 \u221216.68% $8,332 \u221217.27% \n Nov 8, 2021 to Oct 12, 2022* Factor 40 \u221218.60% $8,140 \u221218.76% \n Nov 8, 2021 to Oct 12, 2022* Income 40 \u221213.97% $8,603 \u221214.98% \n Nov 8, 2021 to Oct 12, 2022* Tactical 40 \u22122.79% $9,721 \u22125.11% \n Nov 8, 2021 to Oct 12, 2022* Thematic 40 \u221223.28% $7,672 \u221223.28% \n Nov 8, 2021 to Oct 12, 2022* Strategic 40 \u221219.87% $8,013 \u221219.92% \n Aug 4, 2020 to Oct 20, 2022* Tax-aware 40 \u22123.21% $9,679 \u221217.27% \n Aug 4, 2020 to Oct 20, 2022* Factor 40 \u22127.15% $9,285 \u221218.95% \n Aug 4, 2020 to Oct 20, 2022* Income 40 +0.48% $10,048 \u221214.98% \n Aug 4, 2020 to Oct 20, 2022* Tactical 40 +9.23% $10,923 \u22125.11% \n Aug 4, 2020 to Oct 20, 2022* Thematic 40 \u22127.60% $9,240 \u221224.13% \n Aug 4, 2020 to Oct 20, 2022* Strategic 40 \u22129.36% $9,064 \u221220.32% \n Mar 6 to Mar 18, 2020* Tax-aware 40 \u221216.43% $8,357 \u221216.43% \n Mar 6 to Mar 18, 2020* Factor 40 \u221213.99% $8,601 \u221213.99% \n Mar 6 to Mar 18, 2020* Income 40 \u221214.74% $8,526 \u221214.74% \n Mar 6 to Mar 18, 2020* Tactical 40 \u22125.29% $9,471 \u22125.29% \n Mar 6 to Mar 18, 2020* Thematic 40 \u221215.71% $8,429 \u221215.71% \n Mar 6 to Mar 18, 2020* Strategic 40 \u221214.18% $8,582 \u221214.18% \n Feb 12 to Mar 23, 2020* Tax-aware 40 \u221220.08% $7,992 \u221221.93% \n Feb 12 to Mar 23, 2020* Factor 40 \u221216.08% $8,392 \u221216.71% \n Feb 12 to Mar 23, 2020* Income 40 \u221221.19% $7,881 \u221221.21% \n Feb 12 to Mar 23, 2020* Tactical 40 \u22124.05% $9,595 \u22126.74% \n Feb 12 to Mar 23, 2020* Thematic 40 \u221215.30% $8,470 \u221218.41% \n Feb 12 to Mar 23, 2020* Strategic 40 \u221215.18% $8,482 \u221216.62% \n Jan 26 to Dec 24, 2018* Tax-aware 40 \u22127.32% $9,268 \u22127.32% \n Jan 26 to Dec 24, 2018* Factor 40 \u22126.43% $9,357 \u22127.66% \n Jan 26 to Dec 24, 2018* Income 40 \u22126.94% $9,306 \u22127.40% \n Jan 26 to Dec 24, 2018* Tactical 40 \u22123.54% $9,646 \u22125.27% \n Jan 26 to Dec 24, 2018* Thematic 40 \u22128.65% $9,135 \u22128.65% \n Jan 26 to Dec 24, 2018* Strategic 40 \u22128.05% $9,195 \u22128.05% \n May 21, 2015 to Feb 11, 2016* Tax-aware 40 not published not published not published \n May 21, 2015 to Feb 11, 2016* Factor 40 \u22123.93% $9,607 \u22124.36% \n May 21, 2015 to Feb 11, 2016* Income 40 \u22125.30% $9,470 \u22125.68% \n May 21, 2015 to Feb 11, 2016* Tactical 40 \u22125.30% $9,470 \u22126.40% \n May 21, 2015 to Feb 11, 2016* Thematic 40 \u221210.72% $8,928 \u221212.21% \n May 21, 2015 to Feb 11, 2016* Strategic 40 \u22127.04% $9,296 \u22127.10% \n May 2 to Sep 5, 2013* Tax-aware 40 not published not published not published \n May 2 to Sep 5, 2013* Factor 40 not published not published not published \n May 2 to Sep 5, 2013* Income 40 not published not published not published \n May 2 to Sep 5, 2013* Tactical 40 \u22120.57% $9,943 \u22124.19% \n May 2 to Sep 5, 2013* Thematic 40 \u22120.58% $9,942 \u22125.50% \n May 2 to Sep 5, 2013* Strategic 40 \u22122.45% $9,755 \u22125.69% \n Apr 29 to Oct 3, 2011* Tax-aware 40 not published not published not published \n Apr 29 to Oct 3, 2011* Factor 40 not published not published not published \n Apr 29 to Oct 3, 2011* Income 40 not published not published not published \n Apr 29 to Oct 3, 2011* Tactical 40 \u22122.31% $9,769 \u22126.29% \n Apr 29 to Oct 3, 2011* Thematic 40 \u22126.78% $9,322 \u22127.51% \n Apr 29 to Oct 3, 2011* Strategic 40 \u22127.18% $9,282 \u22127.26% \n Apr 14 to Jun 7, 2010* Tax-aware 40 not published not published not published \n Apr 14 to Jun 7, 2010* Factor 40 not published not published not published \n Apr 14 to Jun 7, 2010* Income 40 not published not published not published \n Apr 14 to Jun 7, 2010* Tactical 40 not published not published not published \n Apr 14 to Jun 7, 2010* Thematic 40 not published not published not published \n Apr 14 to Jun 7, 2010* Strategic 40 \u22125.41% $9,459 \u22125.46% \n Jan 11 to Feb 8, 2010* Tax-aware 40 not published not published not published \n Jan 11 to Feb 8, 2010* Factor 40 not published not published not published \n Jan 11 to Feb 8, 2010* Income 40 not published not published not published \n Jan 11 to Feb 8, 2010* Tactical 40 not published not published not published \n Jan 11 to Feb 8, 2010* Thematic 40 not published not published not published \n Jan 11 to Feb 8, 2010* Strategic 40 \u22123.65% $9,635 \u22123.90% \n\n Questions people ask\n 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\u2019s 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\u2019 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\u2019s 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. Total returns are market price with distributions reinvested, net of each fund\u2019s own fees, with nothing else deducted. The price source does not carry funds that closed before 2016, so nothing here is free of survivorship bias. Data sourced by Tiingo .\n Where these figures came from\n Data sourced by Tiingo U.S. Treasury daily bill rates, for the Sharpe ratio Where to next\n Every benchmark How the benchmarks are built ETF Models Look a portfolio through ETFIQ is an independent publisher of exchange-traded fund data. It is not a fund issuer, broker-dealer or investment adviser, takes no payment from issuers, and makes no recommendations.\n \n Cite this page. ETFIQ, Six ETFIQ benchmarks at 40% stocks, compared, data as of Oct 7, 2026. https://etfiq.com/models/compare/moderately-conservative/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Six ETFIQ benchmarks at 40% stocks, compared, data as of Oct 7, 2026. https://etfiq.com/models/compare/moderately-conservative/ APA ETFIQ. (Oct 7, 2026). Six ETFIQ benchmarks at 40% stocks, compared. Retrieved from https://etfiq.com/models/compare/moderately-conservative/ Markdown [Six ETFIQ benchmarks at 40% stocks, compared (ETFIQ, Oct 7, 2026)](https://etfiq.com/models/compare/moderately-conservative/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Six ETFIQ benchmarks at 40% stocks, compared, data as of Oct 7, 2026. https://etfiq.com/ models/ compare/ moderately-conservative/"}