July 2026 was a choppy month for global markets, and SqSave's five reference portfolios moved with them. Every risk class finished the month modestly negative — a result we report here plainly, alongside the year-to-date and since-inception numbers that give it proper context.
Methodology notes before we begin
Time-Weighted Return (TWR) = (Ending NAV / Starting NAV) − 1 for the stated period. Volatility = annualized standard deviation of daily returns (×√252). Sharpe Ratio = (annualized mean daily return × 252 − risk-free rate) / annualized volatility, with a 0% risk-free rate assumed throughout. Maximum Drawdown = largest peak-to-trough NAV decline within the stated period, with the peak reset at the start of that period (i.e. not carried over from an earlier high). All figures are SGD, calculated from Pivot Fintech's verified reference-portfolio NAV series. Past performance is not indicative of future returns.
July 2026: A Down Month, Reported Plainly
All five reference portfolios posted negative Time-Weighted Returns for the month, ranging from -0.85% (Conservative) to -1.56% (Balanced). Volatility and Sharpe Ratio figures below are calculated from a single month of daily data and should be read as indicative rather than statistically robust — 21 trading days is a small sample for either metric.
| Reference Portfolio Risk Class1 | TWR | Volatility (Ann.) | Max Drawdown | Sharpe Ratio |
|---|---|---|---|---|
| Conservative | -0.85% | 9.89% | -3.33% | -0.65 |
| Balanced | -1.56% | 12.62% | -4.32% | -0.95 |
| Growth | -1.17% | 14.65% | -4.62% | -0.58 |
| Aggressive | -1.53% | 13.88% | -4.81% | -0.84 |
| Very Aggressive | -1.44% | 14.78% | -4.92% | -0.72 |
| Period: 30 June 2026 (baseline NAV) to 31 July 2026. 21 trading-day observations. Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026. | ||||
Volatility rose in line with equity exposure — Conservative's 9.89% annualized volatility versus Very Aggressive's 14.78% — exactly the ordering a properly risk-scaled system should produce, even in a difficult month. Growth's Sharpe Ratio (-0.58) was the least negative of the four higher-equity sleeves, reflecting a comparatively smaller loss for its volatility level.
Year-to-Date to 31 July 2026
Zooming out to the full seven months of 2026 tells a materially different story. Every risk class remains solidly positive year-to-date, despite July's pullback.
| Reference Portfolio Risk Class1 | TWR | Volatility (Ann.) | Max Drawdown | Sharpe Ratio |
|---|---|---|---|---|
| Conservative | +4.07% | 12.63% | -7.92% | 0.44 |
| Balanced | +8.25% | 12.90% | -8.83% | 0.80 |
| Growth | +4.40% | 17.02% | -12.72% | 0.39 |
| Aggressive | +7.87% | 15.56% | -12.69% | 0.66 |
| Very Aggressive | +7.65% | 15.30% | -11.89% | 0.65 |
| Period: 1 January 2026 (baseline NAV) to 31 July 2026. 211 trading-day observations. Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026. | ||||
The March 2026 correction — which took every portfolio into negative YTD territory at one point — remains the dominant driver of this year's Maximum Drawdown figures, not July's pullback. Balanced leads year-to-date with a +8.25% return and the year's best risk-adjusted result (Sharpe 0.80), while Aggressive and Very Aggressive are close behind at +7.87% and +7.65% respectively.
Since Inception (2 May 2019) to 31 July 2026
The full seven-year-plus history — spanning the 2020 COVID crash, the 2022 bear market, and the March 2026 correction — is the fairest test of the SqSave algorithm's design.
| Reference Portfolio Risk Class1 | TWR | Volatility (Ann.) | Max Drawdown | Sharpe Ratio |
|---|---|---|---|---|
| Conservative | +66.84% | 10.58% | -22.38% | 0.51 |
| Balanced | +89.35% | 12.17% | -24.30% | 0.56 |
| Growth | +53.06% | 12.72% | -25.79% | 0.38 |
| Aggressive | +69.96% | 13.54% | -28.06% | 0.44 |
| Very Aggressive | +68.04% | 14.82% | -31.09% | 0.41 |
| Period: 2 May 2019 (inception NAV) to 31 July 2026. 2,647 trading-day observations. Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026. | ||||
Since inception, Balanced leads all five sleeves with a cumulative +89.35% return at a Sharpe Ratio of 0.56 — the best risk-adjusted result of the group, consistent with its performance in every other period shown in this article. Maximum Drawdown scales sensibly with equity exposure across the full history, from -22.38% (Conservative, 30% equity) to -31.09% (Very Aggressive, 90% equity) — both figures reflect the deepest points of the 2020 and 2022 drawdowns, not a single recent event.
Reading July Alongside the Longer Record
A single down month is not, on its own, informative about anything except that markets moved against risk assets in July. What matters is whether it changes the shape of the longer-term picture — and on this data, it does not. Every portfolio remains meaningfully positive year-to-date, and the since-inception Sharpe Ratios and drawdown profile are unchanged in character from what we have reported in prior periods.
We report down months the same way we report up months: plainly, with the same four metrics, and without reaching for a narrative. The three-year and since-inception track record is what the SqSave algorithm is designed to be judged on — not any single month in isolation.
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Create AccountImportant Disclaimer & Sources
SqSave portfolio performance is reported by Pivot Fintech Pte. Ltd., is denominated in SGD, and reflects the reference-portfolio NAV series as verified through 31 July 2026. Time-Weighted Return is calculated as (Ending NAV / Starting NAV) − 1 for each stated period; this equals the portfolio's Absolute Return because the NAV series is a unitized price index with no external cash flows. Volatility is the annualized standard deviation of daily returns (×√252 trading days). Sharpe Ratio assumes a 0% risk-free rate and is calculated as (mean daily return × 252 − risk-free rate) / annualized volatility. Maximum Drawdown is the largest peak-to-trough NAV decline within each stated period, with the peak reset at the start of that period. Figures based on a single calendar month (the July 2026 table) are statistically less reliable than annual or multi-year figures due to the small number of observations; they are provided for transparency and should not be used in isolation to judge portfolio quality. 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 or a recommendation to buy or sell any investment product. Investors should consider their own circumstances and seek independent advice where appropriate.
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.
