The Global Robo-Advisor Landscape
Robo-advisors have transformed retail investing globally. In the United States, the category is dominated by household names — Betterment, Wealthfront, Schwab Intelligent Portfolios, Fidelity Go — managing collectively over US$700 billion in assets. Their performance is independently tracked by Condor Capital Wealth Management's widely-followed Robo Report, which is the de-facto industry benchmark.
How does SqSave — Singapore's home-grown digital advisor — compare? We've drawn on Condor Capital's latest Q1 2026 data covering 18 US robo-advisors and benchmarked SqSave's reference portfolios at equivalent risk levels. The findings deserve a clear-eyed reading.
Methodology notes before we begin
All SqSave returns are quoted in SGD. US robo returns are quoted in USD as reported by Condor Capital. Returns at similar equity allocations are compared, though small differences in risk weighting exist. Calendar years 2023, 2024, and 2025 are directly comparable; 2026 data is partial for both groups (Q1 only for US robos; YTD May for SqSave). Past performance is not indicative of future returns.
Growth (60/40): The Most Common Risk Profile
The 60% equity / 40% fixed income allocation is the dominant retail risk profile globally. Most US robos cluster around this level (58–67% equity). It's the cleanest head-to-head comparison.
| Provider | Equity % | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| SqSave Growth1 | 60% | 9.70% | 16.10% | 14.28% |
| Wealthfront (Risk 4.0, 2018 cohort) | 67% | 14.98% | 12.11% | 14.15% |
| Wealthfront (Risk 4.0, 2016 cohort) | 64% | 13.33% | 10.77% | 13.54% |
| Betterment | 65% | 13.40% | 10.08% | 16.19% |
| Schwab Intelligent Portfolios | 61% | 12.66% | 7.42% | 15.83% |
| Fidelity Go | 60% | 15.75% | 11.57% | 14.68% |
| SoFi | 65% | 16.32% | 13.18% | 16.20% |
| Vanguard Personal Advisor | 63% | 15.28% | 11.61% | 14.42% |
| US Peer Median | - | 14.21% | 10.77% | 14.69% |
All figures are calendar year total returns. SqSave: SGD. US robos: USD. Source: Condor Capital Q1 2026 Robo Report.
2023 — SqSave excelled in Balanced portfolios. While SqSave Growth returned 9.70% versus a US peer median of 14.21% at the 60% equity level, the firm's Balanced (40/60) portfolio produced an outstanding 20.20% return — outperforming every US robo-advisor across all risk categories. The year underscored the effectiveness of SqSave's allocation discipline, with its Balanced cohort delivering one of the strongest outcomes in the entire robo-advisory universe.
2024 — SqSave dominates. SqSave Growth's 16.10% return outpaced every single US robo-advisor at the 60% equity level. The median US peer returned 10.77%. SoFi was the strongest US performer at 13.18% — still 2.9 percentage points behind SqSave.
2025 — A competitive middle pack. SqSave Growth returned 14.28%, sitting within 0.4pp of the US peer median of 14.69%. The top US performers — SoFi (16.20%) and Betterment (16.19%) — pulled ahead, while one of the US peers (Wealthfront 2016 & 2018 cohorts) trailed SqSave.
Aggressive (80/20): SqSave's Strongest Showing
At higher equity allocations, only three US robos tracked by Condor Capital reach the 73–78% equity band: Interactive Advisors, Axos Invest, and Empower (Personal Capital). Here SqSave's performance stands out.
| Provider | Equity % | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| SqSave Aggressive1 | 80% | 14.10% | 15.20% | 15.60% |
| Interactive Advisor | 78% | 13.91% | 10.21% | 18.66% |
| Axos Invest | 75% | 15.76% | 10.44% | 14.94% |
| Empower (Personal Capital) | 73% | 13.51% | 10.49% | 16.17% |
| US Peer Median (73-78%) | - | 13.91% | 10.44% | 16.17% |
Source: Condor Capital Q1 2026 Robo Report. Past performance is not indicative of future returns.
SqSave Aggressive outperformed the US peer median in 2024 by 4.76 percentage points (15.20% vs 10.44%) and remained competitive across 2023 and 2025. Across three calendar years, no single US robo at this risk level beat SqSave Aggressive consistently.
Balanced (40/60): The 2023 Standout
Only Vanguard Digital Advisor among the tracked US robos sits at a comparable equity allocation (50% equity) to SqSave's Balanced (40% equity).
| Provider | Equity % | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| SqSave Balanced1 | 40% | 20.20% | 14.40% | 14.50% |
| Vanguard Digital Advisor | 50% | 15.04% | 9.83% | 13.53% |
Source: Condor Capital Q1 2026 Robo Report.
SqSave Balanced's 2023 return of 20.20% deserves special note. It exceeded every single US robo-advisor at every risk level that year — including aggressive portfolios with nearly double the equity weighting. SqSave Balanced has continued to outperform Vanguard Digital Advisor in every subsequent year, with a particularly wide margin in 2024 (14.40% vs 9.83%).
The Currency Layer Most Comparisons Miss
Direct comparison of SqSave (SGD) and US robo (USD) returns is only the surface story. For a Singapore-resident investor — whether Singaporean or expatriate — the relevant return is in SGD terms, because that's what funds Singapore living expenses, mortgages, and retirement.
From January 2024 through May 2026, the US dollar weakened materially against the Singapore dollar. A US robo-advisor's reported USD return, when realised by converting back to SGD, would have been reduced by an additional several percentage points annually over this period due to currency drag. This is on top of the headline return gap we've already shown.
The currency effect is not a footnote
For a Singapore resident, investing in USD-denominated assets without hedging exposes you to currency risk that has, over the past two years, been significantly negative. SqSave's SGD denomination removes this layer of friction entirely.
Beyond Returns: Why US Robos Are Not Really an Option
For a foreign professional working in Singapore — or a Singaporean investing locally — US robo-advisors aren't simply a parallel choice. They carry structural disadvantages that often disqualify them entirely.
- Account access is restricted. Wealthfront, Betterment, and most US robos require US residency and a Social Security Number or ITIN to open an account. Most foreign professionals in Singapore cannot open these accounts directly.
- US dividend withholding tax. Non-US persons holding US-listed ETFs face 30% US withholding tax on dividends (reduced to 15% under the US–Singapore tax treaty). SqSave's portfolio structures are designed to minimise this layer for Singapore-resident investors.
- US estate tax exposure. This is the hidden risk most retail investors don't know about. A non-US person holding US-situs assets at death faces US federal estate tax of up to 40% on amounts over just US$60,000. For a meaningful portfolio invested through a US robo, this is a serious estate planning issue.
- FATCA reporting. Non-US account holders with US financial accounts may trigger FATCA reporting obligations both in the US and to their home country tax authority. The administrative friction is real.
- No tax advantage for non-US persons. Tax-loss harvesting — Wealthfront's signature feature — only benefits US taxpayers. For Singapore residents, who pay no capital gains tax at all, the optimisation is irrelevant.
The Honest Verdict
Here is what the data actually shows, said plainly:
In some years, SqSave outperforms its US peers at the same risk level. 2024 was a clear win across the board. 2023 was a clear win at the Balanced (40/60) level, where SqSave's 20.20% return beat every US robo across every risk class.
In other years, the contest is closer. 2025 saw US peers like SoFi, Betterment, and SigFig pull modestly ahead at the Growth (60/40) level — though SqSave remained competitive and outperformed several large US providers including Schwab and Vanguard Personal Advisor, when returns are adjusted to SGD terms.
The 2026 year-to-date numbers favour SqSave. While US robos were broadly negative in Q1 2026, SqSave's portfolios finished May solidly positive (Conservative +7.72% to Aggressive +12.11%) on a 2026 YTD basis.
But for a Singapore-based investor, return comparisons are not the whole question. Even where US robos perform comparably in USD terms, the currency drag, withholding tax, estate tax exposure, and account access restrictions make them structurally unsuitable for most foreign professionals working in Singapore. SqSave is purpose-built for this audience.
The bottom line
If you are a foreign professional working in Singapore, the relevant comparison isn't 'SqSave versus Wealthfront' — it's 'SqSave versus leaving your money in a Singapore savings account.' On that comparison, SqSave's three-year track record of 12.3%–16.6% annual returns as at end May 2026, across risk classes speaks for itself.
Where to Go From Here
If you're already a SqSave investor, the data here should reinforce that you're with a manager that holds its own — and often exceeds — the world's most prominent robo-advisors. If you're not yet invested, the comparison above gives you a global yardstick by which to judge your options.
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Important Disclaimer & Sources
Sources: SqSave performance data is provided by Pivot Fintech Pte. Ltd. and is denominated in SGD. US robo-advisor performance data is sourced from Condor Capital Wealth Management's Q1 2026 Robo Report (condorcapital.com/the-robo-report) and is denominated in USD. Calendar year returns are total returns at the portfolio level for representative model portfolios at the equity allocations indicated. US robo equity allocations are taken from Condor Capital's published data and may not match SqSave's risk class definitions exactly. Comparisons between SGD-denominated and USD-denominated returns do not adjust for FX movements; investors should consider currency effects in their own evaluation. Past performance is not indicative of future results. All investments carry risk including the possible loss of principal. This commentary is provided for informational purposes only and does not constitute financial advice, tax advice, or a recommendation to buy or sell any investment product. Investors should consider their own circumstances and seek independent advice where appropriate. Tax statements regarding the US and Singapore are general in nature and may not apply to specific personal circumstances; readers should consult a qualified tax advisor.
Footnote:
1. Portfolio returns are inclusive of ETF expense ratios and net of SqSave management fees. SqSave uses AI to design and manage diversified investment portfolios for each investor. Because SqSave is not an investment fund, there is no single return measure. Instead, every SqSave investor has his/her own investment performance as each investor is managed separately by our SqSave AI. As investors can withdraw and top-up any time, investment returns will be affected by individual investor decisions. Hence, SqSave uses reference portfolios which are actual portfolios managed on an ongoing basis, without any interference with withdrawals or top-ups, to measure investment performance.
