Portfolio X-Ray
Six equity funds usually means owning the same twenty companies six times. Blend up to 10 funds and see the portfolio you actually hold — which stocks arrive through several funds at once, your real sector exposure, and how much diversification the extra funds genuinely bought you.
How the blend is calculated
Every holding is weighted twice: by its share of the fund that holds it, and by that fund's share of your money. A stock at 8% of a fund that is a quarter of your portfolio contributes 2%. Where several funds hold the same company, those contributions add up — which is how duplicated exposure becomes visible.
The diversification figure is the one number here that cannot be taken from the funds themselves. Portfolio volatility is always lower than the average of its parts when those parts do not move in lockstep, so we rebuild your portfolio's own month-by-month history and measure it, then compare that against the weighted average of the individual funds. Averaging the funds' published volatilities would hide the entire effect.
Risk figures use only the months every fund in your blend has data for. Adding a recently-launched fund shortens that window for the whole portfolio — the page always states the window it used, because a ten-year risk number measured over eighteen months would be worse than none.
Holdings are a monthly disclosure, so the blend reflects each fund's last published portfolio rather than live positions. Comparing just two funds? The overlap tool gives a pairwise view.
Portfolio X-Ray FAQs
What does the Portfolio X-Ray show me?
The portfolio you actually hold, rather than the list of funds you bought. It adds up every fund’s holdings, weighted by how much of your money sits in each fund, so you can see which companies reach you through several funds at once, your true sector exposure, and how concentrated the whole thing really is.
How is this different from the overlap tool?
Overlap compares funds two at a time and takes up to four. With six funds that is fifteen separate percentages to interpret. The X-Ray takes up to ten funds and blends them into one portfolio view, which answers a different question: not "how similar are these two funds" but "what do I own, and how much of it".
What does the diversification figure mean?
It is how much the ups and downs shrink because you hold several funds instead of one. A portfolio is always steadier than the average of its parts unless those parts move in lockstep — so a small number means your funds are close to duplicates of each other, and the extra funds are not doing the job you bought them for. It is measured from your funds’ combined month-by-month history, not averaged from their published volatility figures, because averaging would hide the effect completely.
Why do the risk figures cover a shorter period than my oldest fund?
Because a portfolio only has a history for the months when every fund in it has one. Adding a recently launched fund shortens that shared window for the whole blend. The page always states the window it used — quoting a ten-year risk figure that was actually measured over eighteen months would be worse than showing nothing.
Is the holdings data live?
No. Fund houses disclose portfolios monthly, so the blend reflects each fund’s last published holdings. It is the right level of detail for judging structure and overlap, and the wrong one for reacting to this week’s market.