Multi-asset ETF portfolio analysis: see how every asset class works together.

A multi-asset portfolio is only as good as the way its parts move together. MEDGE Capital measures it across stocks, bonds, gold, commodities, indices and currencies: correlations, drawdowns, rebalancing with real costs, regimes, hedges, optimization and stress scenarios on the exact ETFs you hold.

Correlation matrix across any stock, ETF, index or spot commodity, up to 12 at a time
Backtests with five rebalancing policies and transaction costs in basis points
Hedging tools: 19 hedges and 4 mixes tested on your portfolio in six recent crises

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Last updated 24 October 2026

Who it’s for

Investors who build portfolios from ETFs across asset classes: equities, government and corporate bonds, gold, commodities.
Followers of lazy portfolios such as 60/40, All Weather, Permanent or Golden Butterfly who want to test their own version.
Investors deciding how often to rebalance, how much to hold in bonds or gold, or whether a hedge is worth its cost.

Who it’s not for

Bottom-up stock pickers who need deep company fundamentals: MEDGE focuses on portfolio-level analytics.
Investors in unlisted funds, real estate or private assets without daily prices.
Anyone who needs everything converted into a single base currency.

Step by step

How MEDGE Capital helps etf and multi-asset investors, situation by situation.

01Free plan

Checking that the asset classes really diversify

Stocks and bonds fell together in 2022. Gold and commodities behave differently in different decades. Diversification is a measurement, not a label.

In MEDGE

1Open Tools → Correlation matrix and start from a ready set such as “Asset classes”, “Stocks vs bonds”, “Commodities” or “World regions”, or add your own tickers.
2Switch the window between 1, 3, 5 and 10 years to see how relationships change over time.
3In the analyzer, the Analysis tab shows rolling correlation as an animated heatmap, so you can watch diversification come and go.

What you get

Which assets actually offset each other in your window, and when they stopped doing it.

Open the correlation matrix

SPYVWCETLTGLDOil

SPY1.000.93-0.210.080.31

VWCE0.931.00-0.150.120.34

TLT-0.21-0.151.000.27-0.18

GLD0.080.120.271.000.22

Oil0.310.34-0.180.221.00

Illustrative preview, not a real portfolio.

02Free plan

How deep can it fall, and how long to recover?

Average return is the easy number. What decides whether you hold on is the deepest fall and how many months it takes to get back.

In MEDGE

1Compute the portfolio in the analyzer: the Overview tab shows the maximum drawdown and the underwater chart.
2In Backtesting → Period Analysis, jump straight to the worst month, quarter or year, or pick one of 15 crisis and rally presets.
3Regime Summary splits the history into bear, neutral and bull markets, or calm, normal and turbulent volatility, and shows the portfolio against its benchmark in each.

What you get

The worst case your portfolio has already lived through, the recovery time and the kind of market that causes it.

Deepest fall

-7.1%

Months to recover

Worst month

−8.9%

Illustrative preview, not a real portfolio.

03Free plan

Rebalancing: how often, and at what cost?

Monthly, yearly or only when weights drift? Each policy changes return, risk and costs, and the right answer depends on your assets.

In MEDGE

1In Backtesting, set “Rebalancing” to none, monthly, quarterly, yearly or threshold, with a band in percentage points.
2Set the transaction cost in basis points and press “Run backtest”.
3Read the summary strip: rebalances, turnover per year, costs paid and cost drag; then “Rebalancing policies compared” and “Weight drift”.

What you get

The rebalancing rule that fits your portfolio, with its real cost in return.

Max drawdown

−24.1%

−16.8%

Volatility

15.2%

11.4%

CAGR

8.9%

7.6%

CurrentQQQ → 10%, +10% bonds

Illustrative preview, not a real portfolio.

04From Essential

Choosing the mix: bonds, gold, how much of each

You want a starting allocation grounded in numbers, and to see how it compares with well-known portfolios.

In MEDGE

1Open the Preset Portfolios tab: your portfolio against 12 standard ones, from 60/40 and Three-Fund to All Weather, Permanent and Golden Butterfly, with strengths and weaknesses for each.
2In Optimization, choose one of 12 objectives (for example Min CVaR 95%, Risk Parity or Max Sharpe) to get optimized weights and their equity curve.
3Enter the optimized weights as a second portfolio (the analyzer holds up to 8) and compare the two in the Compare tab.

What you get

An allocation you can defend, compared with the classics and with an optimized version of your own assets.

Lazy portfolios with live returns

Max SharpeMin CVaRRisk ParityMax Diversification

VWCE

45% → 38%

QQQ

25% → 14%

AGGH

20% → 31%

SGLD

10% → 17%

CurrentMin CVaR, same constraints

Illustrative preview, not a real portfolio.

05Free plan

Is a hedge worth what it costs?

Treasuries, gold, VIX futures, managed futures, defensive sectors: each protects differently, and some cost more in normal years than they save in crises.

In MEDGE

1Open Hedging tools and pick your saved portfolio or an example, the history and the hedge size (5%, 10% or 20%).
2Read the crisis test across six recent sell-offs, from Q4 2018 to the 2025 tariff shock.
3Sort every hedge by result, fall avoided, cost, correlation or behaviour in your worst fall; each gets a verdict: “Would have helped”, “Protected, at a high cost”, “Small effect” or “Did not help”.
4Build your own mix of up to 5 hedges and see how much to hedge on the 0–30% size curve.

What you get

Which protection fits your portfolio, at which size, and what it costs when markets are calm.

10% hedgeIn crisesPer yearVerdict

TLT · long Treasuries+4.1−0.6Would have helped

GLD · gold+2.3+0.2Would have helped

XLU · utilities+0.6−0.2Small effect

VIXY · VIX futures+3.2−7.8Protected, at a high cost

Points saved in past crises vs points lost per year in normal markets.

Illustrative preview, not a real portfolio.

06From Essential

Testing the next shock, asset class by asset class

An oil spike, a dollar surge or a rate shock moves each asset class differently. You want the net effect on your mix.

In MEDGE

1In Backtesting → Stress Lab, apply a ready scenario such as “Oil supply shock”, “Dollar surge” or “Reflation & rotation”.
2Fine-tune shocks on commodities, rates and credit, currencies and equity benchmarks.
3See the expected move, the hardest-hit holding and the best cushion, then check “What holds up in this scenario”, inside and outside your portfolio.

What you get

The net effect of a macro shock on your exact mix, and which assets would cushion it.

Scenario · Nasdaq −20%, rates +1pt−7.9%

QQQ30%

−5.4%

VWCE35%

−3.9%

SGLD10%

+0.6%

AGGH25%

+0.8%

Contribution of each holding to the scenario loss, in portfolio points.

Illustrative preview, not a real portfolio.

Feature map

Every MEDGE feature etf and multi-asset investors use, and the plan that unlocks it.

Feature	The question it answers	Plan
Correlation matrix	Do my asset classes really offset each other?	Free
Backtesting with rebalancing	Which rebalancing rule, and what does it cost?	Free
Period analysis and regimes	How did the mix behave in crises, bear and bull markets?	Free
Preset Portfolios	How does my mix compare with 60/40, All Weather and 10 others?	Free
Hedging tools	Which hedge helps, at what size and cost?	Free
Markets sections	What are indices, sectors, bonds, commodities, forex, crypto and ETFs doing now?	Free
Optimization	Which weights minimise CVaR or balance risk?	Essential+
Stress Lab	What does an oil, rate or dollar shock do to my mix?	Essential+
Analysis tab	Rolling risk, rolling correlation, distribution and Monte Carlo.	Essential+
Portfolio Exposure	What does the portfolio behave like: equities, bonds, gold, commodities?	Plus+

What MEDGE does not do

Worth knowing before you decide.

No conversion into a single base currency: each ETF is analysed in its listing currency.
Optimization is long-only, with weights between 0% and 100% and no custom constraints.
Hedging tools test US-listed hedges priced in dollars.
Analytics, not advice: MEDGE does not recommend allocations.

FAQ

MEDGE Capital for etf and multi-asset investors: questions.

What tools visualize risk across a multi-asset portfolio?

A multi-asset view needs correlations between holdings, drawdown history, tail-risk measures such as VaR and CVaR, and each holding’s contribution to total risk. MEDGE Capital shows all four for stocks, ETFs, bond ETFs, indices and commodities, plus stress scenarios on 45 benchmarks. The correlation matrix and backtests are free.

How do I find the best rebalancing frequency?

In the backtesting lab, run the same portfolio with no rebalancing, monthly, quarterly, yearly or threshold rebalancing and your transaction cost. MEDGE shows turnover, costs paid and cost drag for each, and compares the policies side by side.

Can I test hedges like gold, Treasuries or VIX on my portfolio?

Yes. Hedging tools test 19 popular hedges and 4 ready mixes at 5%, 10% or 20% of your portfolio, in six recent crises, and give each a verdict that weighs protection against the cost in normal years. It is free.

Which optimization objectives are available?

Twelve: Max Sharpe, Max Sortino, Min CVaR 95%, Min CVaR 99%, Min Volatility, Max Return, Max Calmar, Min Drawdown, Min Ulcer Index, Max Omega, Max Rachev and Risk Parity. Optimization is included from the Essential plan.

Go deeper

MEDGE for other investors

Start with your own portfolio, free.

Paste your tickers and weights. Backtests, attribution and regimes work on the Free plan with no time limit; upgrade only when you need the features above.

Analyse my portfolio free See pricing

MEDGE Capital is an analytics tool, not investment advice. Past performance is not indicative of future results. Full disclaimer.