Regional equity 100/0 (US + Europe + EM)
All equity, split by region. Note: no Japan/Pacific developed markets, so it is not a full global market portfolio.
This model portfolio is published for everyone. It is an example allocation, not a recommendation, and it has not been assessed against your circumstances. Compare it with the other model portfolios.
Target weights
- 60% US equity
- 25% Europe equity
- 15% Emerging markets
Historical risk statistics
Derived at build time from month-end prices of proxy ETFs (listed below), converted to each base currency, rebalanced monthly. CAGR = compound annual growth rate. Volatility = annualised standard deviation of monthly returns. Max drawdown = largest peak-to-trough fall in month-end value. These are historical facts about proxies, not forecasts, and they exclude trading costs and taxes.
| Base | Window (longest common) | CAGR | Volatility | Max drawdown | Worst calendar year | Best calendar year | Common window* |
|---|---|---|---|---|---|---|---|
| USD | 2012-06 – 2026-09 14.3 yrs · trough 2022-09 | 12.3% | 13.0% | -24.0% | -17.2% (2022) | 26.9% | 2019-03 → CAGR 13.3%, vol 14.8%, MDD -24.0% |
| EUR | 2012-06 – 2026-09 14.3 yrs · trough 2020-03 | 12.9% | 12.2% | -19.1% | -12.0% (2022) | 31.5% | 2017-12 → CAGR 12.3%, vol 13.0%, MDD -19.1% |
| GBP | 2012-06 – 2026-09 14.3 yrs · trough 2020-03 | 13.5% | 11.1% | -15.3% | -7.3% (2022) | 30.8% | 2017-12 → CAGR 11.9%, vol 11.5%, MDD -15.3% |
| SGD | 2012-06 – 2026-09 14.3 yrs · trough 2022-09 | 12.2% | 11.0% | -19.5% | -17.7% (2022) | 30.6% | 2019-03 → CAGR 12.5%, vol 12.1%, MDD -19.5% |
| CHF | 2012-06 – 2026-09 14.3 yrs · trough 2020-03 | 11.1% | 13.1% | -20.8% | -16.4% (2022) | 25.8% | 2018-05 → CAGR 9.8%, vol 14.2%, MDD -20.8% |
*Common window = the period over which every non-multi-asset portfolio has data in that base currency (USD from 2019-03, EUR from 2017-12, GBP from 2017-12, SGD from 2019-03, CHF from 2018-05). Use it for like-for-like comparison. Data: Yahoo Finance daily adjusted close prices via the open-source yfinance library, downloaded at build time. Only derived statistics are published. Last month-end used: 2026-09-30.
Proxies used for the statistics
| Building block | USD | EUR | GBP | SGD | CHF |
|---|---|---|---|---|---|
| US equity | iShares Core S&P 500 UCITS ETF (USD, LSE) CSPX.L | iShares Core S&P 500 UCITS ETF (USD, LSE) CSPX.L | iShares Core S&P 500 UCITS ETF (USD, LSE) CSPX.L | iShares Core S&P 500 UCITS ETF (USD, LSE) CSPX.L | iShares Core S&P 500 UCITS ETF (USD, LSE) CSPX.L |
| Europe equity | iShares Core MSCI Europe UCITS ETF (EUR, Euronext Amsterdam) IMAE.AS | iShares Core MSCI Europe UCITS ETF (EUR, Euronext Amsterdam) IMAE.AS | iShares Core MSCI Europe UCITS ETF (EUR, Euronext Amsterdam) IMAE.AS | iShares Core MSCI Europe UCITS ETF (EUR, Euronext Amsterdam) IMAE.AS | iShares Core MSCI Europe UCITS ETF (EUR, Euronext Amsterdam) IMAE.AS |
| Emerging markets | Vanguard FTSE Emerging Markets UCITS ETF Dist (USD, LSE), dividends reinvested VDEM.L | Vanguard FTSE Emerging Markets UCITS ETF Dist (USD, LSE), dividends reinvested VDEM.L | Vanguard FTSE Emerging Markets UCITS ETF Dist (USD, LSE), dividends reinvested VDEM.L | Vanguard FTSE Emerging Markets UCITS ETF Dist (USD, LSE), dividends reinvested VDEM.L | Vanguard FTSE Emerging Markets UCITS ETF Dist (USD, LSE), dividends reinvested VDEM.L |
ETF options for each building block
The base currency changes the statistics and which exchange line is shown first (for example SIX in CHF, Xetra in EUR, London in GBP or USD). It does not change the fund: every line of an ETF is the same fund. ETFs with no line trading in your base currency are still listed, marked, and placed after those that have one. Base, fund and trading currency explained.
For each slot we list every ETF in our curated list that matches your filters. The order is neutral: lowest TER first, then larger fund size, then longer track record. Being listed first is not a recommendation. Check the issuer documents (KID, prospectus) and your broker's availability before acting.
60% · US equity (S&P 500)
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| UBS Core S&P 500 UCITS ETF USD accIE00BD4TXW66 · UBS · Ireland | 0.03% | AccumulatingPhysical (full) | USD 4.5bnas of 2026-06-30 | 2025-08 | S5UU (LSE, USD)SP5AU (SIX, USD) · SP5AU (SIX, CHF) · BCFT (Xetra, EUR) · S5UA (LSE, GBP, quoted in pence) · UBSPX (Borsa Italiana, EUR) | |
| Xtrackers S&P 500 UCITS ETF 4CIE000Z9SJA06 · Xtrackers (DWS) · IrelandShare class launched 2022-06-08; the merged predecessor sub-fund launched 2015-02-27 (per DWS). | 0.03% | AccumulatingPhysical (full) | GBP 3.3bnas of 2026-10-19 | 2022-06 | XDPU (LSE, USD)XDPU (SIX, CHF) · XDPU (Xetra, EUR) · XDPP (LSE, GBP) · XUS (SGX, SGD) | |
| Xtrackers S&P 500 Swap II UCITS ETF 1CIE000HY30YW6 · Xtrackers (DWS) · Ireland | 0.04% | AccumulatingSynthetic (swap) | GBP 4.6bnas of 2026-10-20 | 2025-07 | X50U (Xetra, USD)X500 (SIX, CHF) · X500 (Xetra, EUR) | |
| Invesco S&P 500 UCITS ETF AccIE00B3YCGJ38 · Invesco · IrelandSwap fee 0.07% p.a. per factsheet, included in the swap return and not charged separately. | 0.05% | AccumulatingSynthetic (swap) | USD 59.0bnas of 2026-09-30 | 2010-05 | SPXS (LSE, USD)SPXS (SIX, USD) · P500 (Xetra, EUR) · SPXP (LSE, GBP, quoted in pence) | |
| Invesco S&P 500 UCITS ETF DistIE00BYML9W36 · Invesco · IrelandSwap fee 0.07% p.a. per factsheet, included in the swap return and not charged separately. | 0.05% | DistributingSynthetic (swap) | USD 59.0bnas of 2026-09-30 | 2015-10 | SPXD (LSE, USD)SPXD (SIX, USD) · D500 (Xetra, EUR) | |
| Amundi Core S&P 500 Swap UCITS ETF AccLU1135865084 · Amundi · LuxembourgSynthetic replication via swap (per factsheet). | 0.05% | AccumulatingSynthetic (swap) | USD 33.6bnas of 2026-09-30 | 2014-12 | SP5C (LSE, USD)SP5C (SIX, USD) · LYP5 (Xetra, EUR) · SP5L (LSE, GBP) · SP5C (Euronext Paris, EUR) · SP5C (Borsa Italiana, EUR) | |
| iShares Core S&P 500 UCITS ETF (Acc)IE00B5BMR087 · iShares · Ireland | 0.07% | AccumulatingPhysical | USD 158.8bnas of 2026-10-19 | 2010-05 | CSPX (LSE, USD)CSSPX (SIX, USD) · SXR8 (Xetra, EUR) · CSP1 (LSE, GBP, quoted in pence) · CSSPX (Borsa Italiana, EUR) · CSPX (Euronext AMS, EUR) | |
| Vanguard S&P 500 UCITS ETF (USD) DistributingIE00B3XXRP09 · Vanguard · Ireland | 0.07% | DistributingPhysical | USD 89.0bnas of 2026-10-21 | 2012-05 | VUSD (LSE, USD)VUSA (SIX, CHF) · VUSA (Xetra, EUR) · VUSA (LSE, GBP) · VUSA (Borsa Italiana, EUR) · VUSA (Euronext AMS, EUR) | |
| Vanguard S&P 500 UCITS ETF (USD) AccumulatingIE00BFMXXD54 · Vanguard · Ireland | 0.07% | AccumulatingPhysical | USD 89.0bnas of 2026-10-21 | 2019-05 | VUAA (LSE, USD)VUAA (Xetra, EUR) · VUAG (LSE, GBP) · VUAA (Borsa Italiana, EUR) | |
| Xtrackers S&P 500 Swap UCITS ETF 1DLU2009147757 · Xtrackers (DWS) · Luxembourg | 0.07% | DistributingSynthetic (swap) | GBP 6.7bnas of 2026-10-20 | 2022-06 | XSXD (LSE, USD)XSXD (Xetra, EUR) · XSXG (LSE, GBP) | |
| HSBC S&P 500 UCITS ETF (Dist)IE00B5KQNG97 · HSBC · Ireland | 0.09% | DistributingPhysical (full) | USD 10.5bnas of 2026-09-30 | 2010-05 | HSPD (LSE, USD)HSPX (SIX, USD) · H4ZF (Xetra, EUR) · HSPX (LSE, GBP, quoted in pence) · HHH (Euronext Paris, EUR) · HSPD (Borsa Italiana, EUR) | |
| HSBC S&P 500 UCITS ETF USD (Acc)IE000JZ473P7 · HSBC · Ireland | 0.09% | AccumulatingPhysical (full) | USD 10.5bnas of 2026-09-30 | 2022-06 | HSPA (LSE, USD)H4ZN (Xetra, EUR) · HSPS (LSE, GBP) · HSPA (Euronext Paris, EUR) · HSPA (Borsa Italiana, EUR) | |
| Xtrackers S&P 500 Swap UCITS ETF 1CLU0490618542 · Xtrackers (DWS) · Luxembourg | 0.15% | AccumulatingSynthetic (swap) | GBP 6.7bnas of 2026-10-20 | 2010-03 | XSPU (LSE, USD)XSPX (SIX, CHF) · D5BM (Xetra, EUR) · XSPX (LSE, GBP, quoted in pence) | |
| Invesco S&P 500 UCITS ETF EUR Hdg AccIE00BRKWGL70 · Invesco · IrelandSwap fee 0.40% p.a. per factsheet, included in the swap return and not charged separately. | 0.05% | Accumulating EUR-hedgedSynthetic (swap) | EUR 51.9bnas of 2026-09-30 | 2014-12 | E500 (SIX, EUR) no USD listing, trades in EUR on SIXE500 (Xetra, EUR) | |
| Amundi Core S&P 500 Swap UCITS ETF GBP Hedged DistLU1950341179 · Amundi · LuxembourgSynthetic replication via swap (per factsheet). | 0.05% | Distributing GBP-hedgedSynthetic (swap) | GBP 25.3bnas of 2026-09-30 | 2019-02 | SP5G (LSE, GBP) no USD listing, trades in GBP on LSE | |
| Xtrackers S&P 500 UCITS ETF 3C CHF HedgedIE00B8KMSQ34 · Xtrackers (DWS) · Ireland | 0.05% | Accumulating CHF-hedgedPhysical (full) | GBP 3.3bnas of 2026-10-20 | 2015-02 | XDPC (SIX, CHF) no USD listing, trades in CHF on SIX | |
| UBS Core S&P 500 UCITS ETF hCHF accIE00BD34DB16 · UBS · Ireland | 0.06% | Accumulating CHF-hedgedPhysical (full) | CHF 4.2bnas of 2026-09-30 | 2016-11 | SP500S (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Amundi Core S&P 500 Swap UCITS ETF CHF Hedged DistLU1302703878 · Amundi · LuxembourgSynthetic replication via swap (per factsheet). | 0.07% | Distributing CHF-hedgedSynthetic (swap) | CHF 28.0bnas of 2026-09-30 | 2016-04 | LYSPH (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Amundi Core S&P 500 Swap UCITS ETF EUR Hedged AccLU0959211326 · Amundi · LuxembourgSynthetic replication via swap (per factsheet). | 0.07% | Accumulating EUR-hedgedSynthetic (swap) | EUR 29.6bnas of 2026-09-30 | 2013-08 | SPHC (Euronext Paris, EUR) no USD listing, trades in EUR on Euronext ParisSPHC (Borsa Italiana, EUR) | |
| HSBC S&P 500 UCITS ETF CHF Hedged (Acc)IE000WMIYI33 · HSBC · Ireland | 0.10% | Accumulating CHF-hedgedPhysical (full) | USD 10.5bnas of 2026-09-30 | 2023-07 | HSPC (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Xtrackers S&P 500 Swap UCITS ETF 5C EUR HedgedLU2196472984 · Xtrackers (DWS) · Luxembourg | 0.20% | Accumulating EUR-hedgedSynthetic (swap) | GBP 6.7bnas of 2026-10-20 | 2021-09 | XS5E (Xetra, EUR) no USD listing, trades in EUR on Xetra |
25% · Developed Europe equity
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Amundi Core STOXX Europe 600 UCITS ETF AccLU0908500753 · Amundi · Luxembourg | 0.07% | AccumulatingPhysical | EUR 21.3bnas of 2026-09-30 | 2024-02 | MEUS (LSE, USD)LYP6 (Xetra, EUR) · MEUD (LSE, GBP, quoted in pence) · MEUD (Euronext Paris, EUR) · MEUD (Borsa Italiana, EUR) | |
| Vanguard FTSE Developed Europe UCITS ETF (EUR) DistributingIE00B945VV12 · Vanguard · Ireland | 0.10% | DistributingPhysical | EUR 7.8bnas of 2026-10-21 | 2013-05 | VEUD (LSE, USD)VEUR (SIX, CHF) · VGEU (Xetra, EUR) · VEUR (LSE, GBP) · VEUR (Borsa Italiana, EUR) · VEUR (Euronext AMS, EUR) | |
| Vanguard FTSE Developed Europe UCITS ETF (EUR) AccumulatingIE00BK5BQX27 · Vanguard · Ireland | 0.10% | AccumulatingPhysical | EUR 7.8bnas of 2026-10-21 | 2019-07 | VWCG (LSE, USD)VWCG (SIX, CHF) · VWCG (Xetra, EUR) · VEUA (LSE, GBP) · VWCG (Borsa Italiana, EUR) · VWCG (Euronext AMS, EUR) | |
| HSBC MSCI Europe UCITS ETF (Dist)IE00B5BD5K76 · HSBC · Ireland"Fund size" as stated on this class's HSBC factsheet; the two MSCI Europe class factsheets show different figures, so it may be class-level. | 0.10% | DistributingPhysical (full) | EUR 447mas of 2026-09-30 | 2010-06 | HMEU (SIX, USD)HMEU (SIX, EUR) · H4ZE (Xetra, EUR) · HMEU (LSE, GBP, quoted in pence) · HEU (Euronext Paris, EUR) · HMEU (Borsa Italiana, EUR) | |
| HSBC MSCI Europe UCITS ETF EUR (Acc)IE000ZQOIPB1 · HSBC · Ireland"Fund size" as stated on this class's HSBC factsheet; the two MSCI Europe class factsheets show different figures, so it may be class-level. | 0.10% | AccumulatingPhysical (full) | EUR 120mas of 2026-09-30 | 2022-07 | HMEA (LSE, USD)HMES (LSE, GBP) · HMEA (Borsa Italiana, EUR) · HMES (Euronext Paris, EUR) | |
| Amundi Core MSCI Europe UCITS ETF AccLU1437015735 · Amundi · Luxembourg | 0.12% | AccumulatingPhysical | EUR 8.3bnas of 2026-09-30 | 2016-06 | CEU2 (LSE, USD)CEU2 (Euronext AMS, USD) · CEU2 (Xetra, EUR) · CEG2 (LSE, GBP, quoted in pence) · CEU2 (Euronext Paris, EUR) · CEU2 (Borsa Italiana, EUR) | |
| Xtrackers MSCI Europe UCITS ETF 1CLU0274209237 · Xtrackers (DWS) · LuxembourgDWS lists the share-class currency as USD; the fund holds European equities in local currencies. | 0.12% | AccumulatingPhysical (full) | GBP 7.1bnas of 2026-10-20 | 2007-01 | XMED (LSE, USD)XMEU (SIX, CHF) · XMEU (Xetra, EUR) · XMEU (LSE, GBP, quoted in pence) | |
| Xtrackers MSCI Europe UCITS ETF 2C USD HedgedLU1184092051 · Xtrackers (DWS) · Luxembourg | 0.30% | Accumulating USD-hedgedPhysical (full) | GBP 7.1bnas of 2026-10-20 | 2015-02 | XEOU (LSE, USD)XEOU (SIX, USD) | |
| Amundi Prime Europe UCITS ETF AccLU2089238039 · Amundi · Luxembourg | 0.05% | AccumulatingPhysical | EUR 676mas of 2026-09-30 | 2019-01 | PRAE (Xetra, EUR) no USD listing, trades in EUR on XetraETFEU (Borsa Italiana, EUR) | |
| iShares Core MSCI Europe UCITS ETF EUR (Acc)IE00B4K48X80 · iShares · Ireland | 0.12% | AccumulatingPhysical (optimised) | EUR 15.9bnas of 2026-10-19 | 2009-09 | SMEA (LSE, GBP, quoted in pence) no USD listing, trades in GBP on LSEIMEA (SIX, CHF) · EUNK (Xetra, EUR) · SMEA (Borsa Italiana, EUR) · IMAE (Euronext AMS, EUR) | |
| Amundi Core MSCI Europe UCITS ETF DistLU1737652310 · Amundi · LuxembourgDistributing class listed alongside LU1437015735 in the same Amundi factsheet with the same fee; its own launch date is not stated there. | 0.12% | DistributingPhysical | EUR 8.3bnas of 2026-09-30 | n/a | CE2D (LSE, GBP, quoted in pence) no USD listing, trades in GBP on LSE10AI (Xetra, EUR) | |
| Xtrackers MSCI Europe UCITS ETF 1DLU1242369327 · Xtrackers (DWS) · LuxembourgDWS lists the share-class currency as USD; the fund holds European equities in local currencies. | 0.12% | DistributingPhysical (full) | GBP 7.1bnas of 2026-10-20 | 2015-09 | XIEE (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| Xtrackers Stoxx Europe 600 UCITS ETF 1CLU0328475792 · Xtrackers (DWS) · Luxembourg | 0.20% | AccumulatingPhysical (full) | GBP 4.8bnas of 2026-10-20 | 2009-01 | XSX6 (LSE, GBP, quoted in pence) no USD listing, trades in GBP on LSEXSX6 (Xetra, EUR) |
15% · Emerging-markets equity
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Invesco MSCI Emerging Markets UCITS ETF AccIE00B3DWVS88 · Invesco · IrelandFactsheet lists a swap fee of 0.00% p.a., charged directly to the fund. | 0.09% | AccumulatingSynthetic (swap) | USD 505mas of 2026-09-30 | 2010-04 | MXFS (LSE, USD)MXFS (SIX, USD) · EMSM (Xetra, EUR) · MXFP (LSE, GBP, quoted in pence) | |
| Amundi Prime Emerging Markets UCITS ETF AccLU2300295123 · Amundi · Luxembourg | 0.10% | AccumulatingPhysical | USD 2.1bnas of 2026-09-30 | 2021-09 | PRAM (LSE, USD)PRAM (Xetra, EUR) · PRAN (LSE, GBP) | |
| UBS Core MSCI EM UCITS ETF USD accLU0950674175 · UBS · LuxembourgTicker as listed on justETF/search; other listings: see issuer factsheet. | 0.15% | AccumulatingPhysical (optimised) | USD 12.6bnas of 2026-09-30 | 2018-06 | EMMUSC (SIX, USD) | |
| HSBC MSCI Emerging Markets UCITS ETF (Dist)IE00B5SSQT16 · HSBC · Ireland | 0.15% | DistributingPhysical (full) | USD 6.1bnas of 2026-09-30 | 2011-09 | HMEM (LSE, USD)HMEF (SIX, USD) · H410 (Xetra, EUR) · HMEF (LSE, GBP, quoted in pence) · HMEM (Borsa Italiana, EUR) | |
| HSBC MSCI Emerging Markets UCITS ETF USD (Acc)IE000KCS7J59 · HSBC · Ireland | 0.15% | AccumulatingPhysical (full) | USD 6.1bnas of 2026-09-30 | 2022-06 | HEMA (LSE, USD)H4Z3 (Xetra, EUR) · HEMC (LSE, GBP) · HEMA (Euronext Paris, EUR) · HEMA (Borsa Italiana, EUR) | |
| Vanguard FTSE Emerging Markets UCITS ETF (USD) DistributingIE00B3VVMM84 · Vanguard · Ireland | 0.17% | DistributingPhysical | USD 6.0bnas of 2026-10-21 | 2012-05 | VDEM (LSE, USD)VFEM (SIX, CHF) · VFEM (Xetra, EUR) · VFEM (LSE, GBP) · VFEM (Borsa Italiana, EUR) · VFEM (Euronext AMS, EUR) | |
| Vanguard FTSE Emerging Markets UCITS ETF (USD) AccumulatingIE00BK5BR733 · Vanguard · Ireland | 0.17% | AccumulatingPhysical | USD 6.0bnas of 2026-10-21 | 2019-09 | VFEA (LSE, USD)VFEA (SIX, CHF) · VFEA (Xetra, EUR) · VFEG (LSE, GBP) · VFEA (Borsa Italiana, EUR) | |
| iShares Core MSCI EM IMI UCITS ETF (Acc)IE00BKM4GZ66 · iShares · Ireland | 0.18% | AccumulatingPhysical (replicated) | USD 44.9bnas of 2026-10-19 | 2014-05 | EIMI (LSE, USD)EIMI (SIX, USD) · IS3N (Xetra, EUR) · EMIM (LSE, GBP, quoted in pence) · EIMI (Borsa Italiana, EUR) · EMIM (Euronext AMS, EUR) | |
| Xtrackers MSCI Emerging Markets UCITS ETF 1CIE00BTJRMP35 · Xtrackers (DWS) · Ireland | 0.18% | AccumulatingPhysical (sampled) | GBP 10.6bnas of 2026-10-20 | 2017-06 | XMME (LSE, USD)XMME (SIX, CHF) · XMME (Xetra, EUR) · XMMS (LSE, GBP, quoted in pence) | |
| Amundi Core MSCI Emerging Markets UCITS ETF USD DistLU2277591868 · Amundi · Luxembourg | 0.18% | DistributingPhysical | USD 11.3bnas of 2026-09-30 | 2021-02 | AEMU (LSE, USD) | |
| Amundi Core MSCI Emerging Markets UCITS ETF AccLU1437017350 · Amundi · Luxembourg | 0.18% | AccumulatingPhysical | EUR 9.9bnas of 2026-09-30 | 2016-06 | AEME (LSE, USD)AEME (Euronext AMS, USD) · AEME (SIX, CHF) · AEME (Euronext Paris, EUR) · AEME (Borsa Italiana, EUR) |
Rebalancing
Over time, the actual weights drift away from the targets as markets move. The statistics above assume a return to target weights every month. Many investors rebalance less often (for example once a year, or when a weight drifts by more than about 5 percentage points), or direct new contributions to the underweight fund. Each trade can trigger costs and, in some countries, taxes. Rules vary by country and tax residence; this is general information, not tax advice.