Two numbers most people skip
Almost everyone looks at the return. But two portfolios can earn the same return and feel completely different to own. These two numbers show the difference.
The worst fall you would have sat through. It measures the biggest drop from a high point to the lowest point after it.
Example: a drawdown of −6.8% means S$100,000 at the peak would have dipped to about S$93,200 at the bottom. Smaller is better.
How much return you got for each bump along the way. It divides the return by the ups and downs (volatility) it took to earn it.
Think of two drivers reaching the same city in the same time. One drove smoothly, the other kept slamming the brakes. Same arrival, very different ride. The smooth driver has the higher Sharpe. Bigger is better.
The one-year scorecard
Every SqSave portfolio over the 12 months from 30 Sep 2025 to 30 Sep 2026, in Singapore dollars.
| SqSave Reference Portfolio1 | Return1 | Max drawdown1 | Sharpe Ratio1 |
|---|---|---|---|
| Conservative 30/70 equity/bonds | +7.1% | −6.3% | 0.67 |
| Balanced 40/60 equity/bonds | +13.2% | −6.8% | 1.17 |
| Growth 60/40 equity/bonds | +9.1% | −11.2% | 0.62 |
| Aggressive 80/20 equity/bonds | +13.9% | −10.6% | 1.01 |
| Very Aggressive 90/10 equity/bonds | +11.9% | −9.8% | 0.89 |
| Return is the total over the period, net of SqSave annual management fees. Sharpe Ratio assumes a 0% risk-free rate. | |||
How the portfolios handled the dip
The biggest test of the last twelve months was the early-2026 sell-off. Balanced fell 6.8% from 30 Jan 2026 to 29 Mar 2026 and was back at a new high 20 days after the low.
A single dip weighs heavily in a short window. Balanced's Sharpe Ratio is 1.17 over the last year and 1.59 over three years, for the period ending 30 Sep 2026. That is why we also show the three-year view.
Above shows how far each SqSave reference portfolio sat below its previous high over the last year, to 30 September 2026. 0% level refers to new high point reached. Each portfolio's worst fall: Conservative −6.3% (Mar–Mar 2026); Balanced −6.8% (Jan–Mar 2026); Growth −11.2% (Jan–Mar 2026); Aggressive −10.6% (Jan–Mar 2026); Very Aggressive −9.8% (Jan–Mar 2026).
First, what is a benchmark?
A benchmark is a yardstick. It answers one simple question: what would a plain, low-cost, set-and-forget equity and bond mix of well-known funds have earned over the same period?
If a SqSave portfolio beats its benchmark, the extra is what the algorithm added. If it falls behind, you could have done as well with the simple mix. That is why we show it, including the periods where SqSave is behind.
The three building blocks
US equities
The Vanguard Total Stock Market ETF holds the whole US equity market in one fund: thousands of companies, from the biggest household names to small firms.
Equities (also called stocks or shares) mean owning a slice of companies. They have grown the most over time, but they swing the most.
Emerging-market equities
The iShares MSCI Emerging Markets ETF holds the equities of companies in fast-growing economies such as China, India, Taiwan, South Korea and Brazil.
Higher growth potential, and usually a bumpier ride than US equities.
International bonds
The Vanguard Total International Bond ETF holds bonds issued outside the US by governments and companies, with currency swings hedged back to US dollars.
Bonds (fixed income) are loans that pay interest. They usually move less than equities and cushion the falls.
The mix for each portfolio
The more equities in the mix, the bigger the potential gains and the bigger the swings. So the Conservative benchmark is mostly bonds, and the Very Aggressive benchmark holds the most equities.
| SqSave Risk Category | US equities VTI |
Emerging-market equities EEM |
Bonds BNDX |
Total equities |
|---|---|---|---|---|
| Conservative | 10.9% | 19.0% | 70.1% | 29.9% |
| Balanced | 15.6% | 26.1% | 58.3% | 41.7% |
| Growth | 19.1% | 27.6% | 53.3% | 46.7% |
| Aggressive | 22.3% | 32.9% | 44.8% | 55.2% |
| Very Aggressive | 24.7% | 37.6% | 37.7% | 62.3% |
| The benchmark is a reference point, not an exact twin. In the higher-risk portfolios it holds fewer equities than the SqSave portfolio itself (for example 62% in the Very Aggressive benchmark, against 90% in the SqSave Very Aggressive portfolio), which makes it a steadier yardstick. | ||||
SqSave vs its benchmark, last twelve months
Both are measured the same way: daily, in Singapore dollars, with dividends and interest included. Higher return is better, a smaller max drawdown is better, and a higher Sharpe Ratio is better.
| SqSave Risk Category | Return SqSave1 |
Return Benchmark1 |
Max drawdown SqSave1 |
Max drawdown Benchmark1 |
Sharpe SqSave1 |
Sharpe Benchmark1 |
|---|---|---|---|---|---|---|
| Conservative | +7.1% | +5.3% | −6.3% | −4.8% | 0.67 | 0.81 |
| Balanced | +13.2% | +8.1% | −6.8% | −5.2% | 1.17 | 0.98 |
| Growth | +9.1% | +9.0% | −11.2% | −5.5% | 0.62 | 1.03 |
| Aggressive | +13.9% | +11.0% | −10.6% | −6.2% | 1.01 | 1.09 |
| Very Aggressive | +11.9% | +12.8% | −9.8% | −6.9% | 0.89 | 1.13 |
| Highlighted = better of the two. Benchmark = the fixed mix of VTI, EEM and BNDX shown above, held from 30 Sep 2025 to 30 Sep 2026 without rebalancing, with dividends and interest included, converted to Singapore dollars. | ||||||
Over the last year, SqSave earned more than its benchmark in four of the five reference portfolios (the benchmark was ahead in Very Aggressive). Balanced returned +13.2% against +8.1%. The trade-off was bigger swings: SqSave's worst fall was deeper than the benchmark's in all five portfolios (Balanced −6.8% against −5.2%). The Sharpe Ratio shows whether the extra return was worth the extra risk. SqSave is ahead in Balanced and behind in Conservative, Growth, Aggressive and Very Aggressive. In the dip from late February to late March 2026, measured over each benchmark's own peak-to-low dates, SqSave fell more than its benchmark in four of the five portfolios.
How SqSave compares with digital peers
The table below compares SqSave's returns over the rolling one year to 30 September 2026 against three comparable Singapore-based digital robo-advisors across equivalent risk classes. Where competitors do not offer a matching risk class, the cell is marked ‘—’.
| Reference Portfolio (Equity/Fixed Income Mix) | SqSave1 | Competitor 12 | Competitor 22 | Competitor 32 |
|---|---|---|---|---|
| Conservative (30/80) | 7.08% | 1.76% | 0.83% | 1.68% |
| Balanced (40/60) | 13.19% | 2.50% | 2.78% | 5.85% |
| Growth (60/40) | 9.12% | 4.97% | 6.58% | 9.87% |
| Aggressive (80/20) | 13.93% | 9.65% | — | 13.68% |
| Very Aggressive (90/10)† | 11.88% | 11.36% | 10.40% | 17.40% |
Notes:
- Portfolio returns are inclusive of ETF expense ratios and net of SqSave annual 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.
- Performance numbers for peers are estimates.
Competitor 2's closest classes for Balanced and Growth are 50/50 and 70/30. † SqSave has no all-equity (100/0) portfolio. For Very Aggressive (90/10), the competitor figures shown are their all-equity (100/0) portfolios, the closest in asset allocation. Past performance is not indicative of future returns.
The competitive gap is most striking at the lower end of the risk spectrum. For Conservative investors, SqSave's 7.08% return is about 4 times that of the best-performing peer (1.76%). For Balanced portfolios, SqSave's 13.19% compares to a peer range of 2.50%–5.85%, a lead of more than 7.3 percentage points over the best. In Aggressive, SqSave's 13.93% is ahead of both competitors that offer the class (9.65% and 13.68%), though the lead over Competitor 3 is narrow.
SqSave leads in three of the four directly comparable risk classes
We include the classes where competitors are ahead. In Growth, SqSave returned 9.12%, behind Competitor 3 (9.87%), a gap of 0.75 percentage points. In Very Aggressive (90/10), SqSave returned 11.88%, ahead of Competitor 1 and Competitor 2 but behind Competitor 3 (17.40%), whose nearest class is all-equity (100/0).
Start your SqSave portfolio today
SqSave is built for medium to long-term investing: stay invested through the dips, and let compounding do the work. Find the portfolio that fits how much of a ride you can stomach.
Create AccountDisclaimer. This commentary is provided by Pivot Fintech Pte. Ltd. for informational purposes only and does not constitute financial advice, an offer, or a solicitation to buy or sell any investment product. Past performance is not indicative of future results. All investments carry risk, including the possible loss of principal. SqSave reference portfolios are managed according to each investor's stated risk profile and investment objectives. Competitor performance figures may not be directly comparable on a like-for-like basis. Investors should consider their own financial circumstances before making any investment decision.
1Notes: SqSave returns are in SGD, inclusive of ETF expense ratios and net of SqSave annual management fees, calculated from Pivot Fintech verified reference-portfolio daily NAVs to 30 September 2026, with the USD NAV converted to SGD at daily USD/SGD closing rates; the one-year period runs from 30 Sep 2025. Max Drawdown is the largest fall from a previous high in the daily SGD NAV during the period. Sharpe Ratio is the annualised return divided by annualised volatility of weekly returns, assuming a 0% risk-free rate; a higher risk-free rate would give lower figures. Benchmark Returns: using fixed-weight mixes of VTI, EEM and BNDX per the weights shown, held from the start of the period without rebalancing, calculated from daily adjusted closing prices in USD (dividends and interest reinvested) converted to SGD at daily USD/SGD closing rates. Benchmark max drawdowns and Sharpe Ratios use the same daily method and period as SqSave. SqSave reference portfolios are shown with their equity/fixed income mix. Pivot Fintech Pte. Ltd. (SqSave.com) holds a Capital Markets Services licence (CMS100806) regulated by the Monetary Authority of Singapore.
