A rising tide lifts all boats. The real measure of an investment manager is not how high they ride in the boom — it is how little water they take on when the tide turns.
In a bull market, almost every fund manager looks good. Equity indices rise. Bond yields cooperate. Even portfolios constructed with little discipline deliver returns that, on paper, appear competitive. This is the comfortable illusion of a rising market.
The genuine test of an investment process arrives somewhere else: in the corrections, the drawdowns, and the bear markets that punctuate every long-term investing journey. It is in these moments that a manager either reveals discipline — or reveals that the performance was simply borrowed from the market direction.
This is why, at SqSave, we have always preferred to evaluate performance over a rolling three-year horizon — and on a risk-for-risk basis against comparable peers.
A note on this update
This article was originally published in June 2026. Following a correction and re-validation of the SqSave reference-portfolio NAV series (completed August 2026), every SqSave figure below has been recalculated from the corrected data. The rankings and conclusions in this version supersede the earlier version in full. The corrected data strengthens, rather than weakens, the findings of the original analysis — SqSave portfolios now occupy the top three positions of the global leaderboard, up from three of the top four in the earlier version.
SqSave Sweeps The Global Top Three.
Top 5 of 25 portfolios ranked by 3-year cumulative return, 2023–2025.
Only one US robo (SoFi) breaks into the global top five. SqSave Conservative also ranks #7 of 25 — all five SqSave sleeves sit in the top seven. Source: Condor Capital Q1 2026 Robo Report (US robos, USD); SqSave: Pivot Fintech verified NAV, Aug 2026 (SGD).
Three Years Should Revert to Trend
Markets are cyclical. They rise, they fall, they recover, and over time — net of these cycles — they trend upward. The historical record is consistent on this point: the great majority of bear markets and corrections revert to trend within three years or less.
The arithmetic of compounding is unforgiving: if you fall less, you have less to climb back. A portfolio that drops 10% and recovers 11% ends marginally up. A portfolio that drops 30% needs 43% just to break even.
SqSave is Designed to Manage the Downside
The SqSave investment algorithm is built around a single, rigorously enforced principle: the cost of avoiding the worst of a drawdown is less than the cost of suffering it.
When market signals indicate elevated risk, SqSave adjusts portfolio weightings in a measured, rules-based way. It does not predict crashes. It does not move to cash on a hunch. But it does respond to changing market conditions in a way that historically reduces drawdown depth, leaving investors with more capital to participate in the eventual recovery.
Thus, SqSave may not always lead in the strongest bull years — but over a full three-year cycle, riding out both the gains and the losses, it is likely to be superior.
The 3-Year Record: SqSave vs America's Robo-Advisors
To test our investment philosophy against a meaningful global benchmark, we compared SqSave's five reference portfolios over calendar years 2023, 2024, and 2025 with twenty US robo-advisors tracked by Condor Capital Wealth Management's widely-followed Robo Report — the de-facto industry benchmark for digital advisory performance in the United States.
The comparison is meaningful because it spans a full market cycle. 2022 had been a bear market for both equities and bonds. 2023 was a sharp recovery year. 2024 delivered strong returns across most asset classes. 2025 was more muted, with mid-teens equity returns in most developed markets. In aggregate, the three years tested every part of an investment process — drawdown protection, recovery capture, and steady compounding.
The leaderboard below ranks all twenty-five portfolios — five SqSave reference portfolio risk classes and twenty US robo-advisors — by their three-year cumulative returns.
| # | Portfolio | Equity | 3-Yr Cum. | Avg Annual | CAGR |
|---|---|---|---|---|---|
| 1 | SqSave Balanced1 | 40% | 63.92% | 18.00% | 17.91% |
| 2 | SqSave Very Aggressive1 | 90% | 62.92% | 17.69% | 17.67% |
| 3 | SqSave Aggressive1 | 80% | 58.20% | 16.60% | 16.52% |
| 4 | SoFi | 65% | 52.98% | 15.23% | 15.22% |
| 5 | SqSave Growth1 | 60% | 51.09% | 14.83% | 14.75% |
| 6 | Interactive Advisors | 78% | 48.97% | 14.26% | 14.21% |
| 7 | SqSave Conservative1 | 20% | 48.84% | 14.20% | 14.18% |
| 8 | Wells Fargo Intuitive | 65% | 48.72% | 14.15% | 14.14% |
| 9 | Citizens SpeciFi | 62% | 48.58% | 14.15% | 14.11% |
| 10 | Fidelity Go | 60% | 48.10% | 14.00% | 13.99% |
| 11 | SigFig | 64% | 47.74% | 13.92% | 13.89% |
| 12 | Vanguard Personal Advisor | 63% | 47.22% | 13.77% | 13.76% |
| 13 | Wealthfront (2018 cohort) | 67% | 47.14% | 13.75% | 13.74% |
| 14 | Axos Invest | 75% | 46.95% | 13.71% | 13.69% |
| 15 | Citi Wealth Builder | 66% | 46.16% | 13.51% | 13.49% |
| 16 | Empower (Personal Capital) | 73% | 45.70% | 13.39% | 13.37% |
| 17 | Betterment | 65% | 45.04% | 13.22% | 13.20% |
| 18 | E*Trade Core | 67% | 44.69% | 13.12% | 13.10% |
| 19 | Vanguard Digital Advisor | 50% | 43.44% | 12.80% | 12.77% |
| 20 | Ally Invest | 58% | 43.36% | 12.79% | 12.75% |
| 21 | Merrill Guided | 62% | 42.56% | 12.56% | 12.55% |
| 22 | Wealthfront (2016 cohort) | 64% | 42.53% | 12.55% | 12.54% |
| 23 | Schwab Domestic | 57% | 41.05% | 12.17% | 12.15% |
| 24 | Schwab Intelligent | 61% | 40.18% | 11.97% | 11.92% |
| 25 | Acorns | 64% | 40.13% | 11.92% | 11.91% |
Cumulative = total compounded return over 2023–2025. Average Annual = arithmetic mean of the three annual returns. CAGR = compound annual growth rate. SqSave: SGD. US robos: USD. Source: Condor Capital Q1 2026 Robo Report; SqSave: Pivot Fintech verified NAV, Aug 2026.
Reading the Leaderboard
Four SqSave reference portfolios occupy four of the top five positions:
- SqSave Balanced (40/60) ranks #1 out of 25. A three-year cumulative return of 63.92% — exceeding every US robo-advisor on the list, including those carrying more than double the equity weighting.
- SqSave Very Aggressive (90/10) ranks #2. A cumulative 62.92% return. No directly comparable US robo exists at this risk class, but the absolute result stands on its own merit.
- SqSave Aggressive (80/20) ranks #3. A cumulative 58.20%, ahead of every directly comparable US robo at the 73–78% equity band — Interactive Advisors, Axos Invest, and Empower (Personal Capital) — by 9 to 13 percentage points.
- SqSave Growth (60/40) ranks #5. A cumulative 51.09%, trailing only SoFi among directly comparable US robos in the most populous risk band.
The single most important data point
SqSave Balanced delivered the highest 3-year compounded return of any portfolio in this 25-portfolio comparison — at only 40% equity allocation. Every US robo-advisor it outperformed carried between 50% and 78% equity. On a risk-adjusted basis, this is the standout finding of the analysis.
Comparing Apples-to-Apples
Comparing investment managers is harder than it looks. The temptation is to lump all portfolios together and rank them by absolute return. This is the wrong approach. A portfolio holding 90% equities should naturally outperform one holding 20% equities in a rising market — but that does not make the first manager better than the second. It only means they took more risk.
The professionally correct comparison is risk-for-risk: measure each portfolio only against peers carrying a similar equity / fixed income mix. This is the methodology we adopt below.
Portfolios are grouped into five equity bands. Within each band, the three-year cumulative return for 2023–2025 is calculated and ranked.
Band 1 — SqSave Conservative (≤30% Equity)
Performs remarkably well against US robos carrying two to four times more equity risk.
| # | Portfolio | Eq % | 2023 | 2024 | 2025 | 3-Yr Cum. | Avg Annual |
|---|---|---|---|---|---|---|---|
| 1 | SqSave Conservative1 | 30% | 14.12% | 11.55% | 16.92% | 48.84% | 14.20% |
All figures: calendar year total returns. SqSave: SGD. Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026.
None of the twenty US robo-advisors tracked by Condor Capital offer a portfolio at this conservative an equity allocation. The lowest-equity US robo on record — Vanguard Digital Advisor at 50% equity — sits at almost double the equity exposure of SqSave Conservative.
SqSave Conservative is suitable for investors prioritising capital preservation with modest equity participation.
Read on a risk-adjusted basis, SqSave Conservative's three-year compounded return of 48.84% — an average annual 14.20% with only 30% equity exposure — is remarkable. It exceeds the absolute cumulative returns of nine US robos carrying between two and four times the equity risk.
Band 2 — SqSave Balanced (31–55% Equity)
Beats Vanguard Digital Advisor by a widening margin.
| # | Portfolio | Eq % | 2023 | 2024 | 2025 | 3-Yr Cum. | Avg Annual |
|---|---|---|---|---|---|---|---|
| 1 | SqSave Balanced1 | 40% | 21.56% | 11.29% | 21.17% | 63.92% | 18.00% |
| 2 | Vanguard Digital Advisor | 50% | 15.04% | 9.83% | 13.53% | 43.44% | 12.80% |
Source: Condor Capital Q1 2026 Robo Report. SqSave: SGD, verified NAV Aug 2026. US robo: USD.
Only one US robo-advisor — Vanguard Digital Advisor — falls within this band. SqSave Balanced (40% equity) outperforms it by a substantial margin in cumulative terms (63.92% vs 43.44%, a 20.48 percentage point lead), and does so while carrying 10 percentage points less equity than Vanguard Digital. By any reasonable standard, this is a clean and decisive win.
The 2023 and 2025 results are particularly notable: SqSave Balanced returned 21.56% and 21.17% in those years respectively, each exceeding every US robo at every risk level we track. 2024 was the softer year of the three (11.29%), still ahead of Vanguard Digital's 9.83% but by a narrower margin — a reminder that even the strongest sleeve does not lead by the same distance every year.
Band 3 — SqSave Growth (56–70% Equity)
Ranks second of seventeen in the most populous band of the US robo universe — trailing only SoFi.
| # | Portfolio | Eq % | 2023 | 2024 | 2025 | 3-Yr Cum. | Avg Annual |
|---|---|---|---|---|---|---|---|
| 1 | SoFi | 65% | 16.32% | 13.18% | 16.20% | 52.98% | 15.23% |
| 2 | SqSave Growth1 | 60% | 10.95% | 12.55% | 20.99% | 51.09% | 14.83% |
| 3 | Wells Fargo Intuitive | 65% | 15.53% | 12.24% | 14.69% | 48.72% | 14.15% |
| 4 | Citizens SpeciFi | 62% | 15.13% | 10.06% | 17.26% | 48.58% | 14.15% |
| 5 | Fidelity Go | 60% | 15.75% | 11.57% | 14.68% | 48.10% | 14.00% |
| 6 | SigFig | 64% | 14.21% | 10.92% | 16.62% | 47.74% | 13.92% |
| 7 | Vanguard Personal | 63% | 15.28% | 11.61% | 14.42% | 47.22% | 13.77% |
| 8 | Wealthfront (2018) | 67% | 14.98% | 12.11% | 14.15% | 47.14% | 13.75% |
| 9 | Citi Wealth Builder | 66% | 12.82% | 10.90% | 16.82% | 46.16% | 13.51% |
| 10 | Betterment | 65% | 13.40% | 10.08% | 16.19% | 45.04% | 13.22% |
| 11 | E*Trade Core | 67% | 13.85% | 10.55% | 14.96% | 44.69% | 13.12% |
| 12 | Ally Invest | 58% | 13.91% | 8.86% | 15.61% | 43.36% | 12.79% |
| 13 | Merrill Guided | 62% | 14.39% | 10.17% | 13.12% | 42.56% | 12.56% |
| 14 | Wealthfront (2016) | 64% | 13.33% | 10.77% | 13.54% | 42.53% | 12.55% |
| 15 | Schwab Domestic | 57% | 14.36% | 9.10% | 13.05% | 41.05% | 12.17% |
| 16 | Schwab Intelligent | 61% | 12.66% | 7.42% | 15.83% | 40.18% | 11.97% |
| 17 | Acorns | 64% | 12.81% | 9.64% | 13.30% | 40.13% | 11.92% |
Source: Condor Capital Q1 2026 Robo Report. The most populous band in the US robo universe.
In the Growth band, SqSave Growth ranks second of seventeen — trailing only SoFi (52.98% vs 51.09%, a gap of 1.89 percentage points).
The result is driven by an outstanding 2025: SqSave Growth's 20.99% that year was the single highest return recorded anywhere in this band, offsetting a challenging 2023 in which its 10.95% was the band's weakest result. 2024 was a strong middle year, beaten only by SoFi.
We acknowledge the 2023 result honestly: the algorithm's risk-managed posture coming out of the 2022 bear market cost the 60%-equity sleeve real upside during a sharp recovery year — the same posture did not have the same effect on the 40% or 80% equity sleeves that year. No investment philosophy is universally superior across every market regime in every risk band simultaneously.
What this data does show is that a three-year framework does exactly what it is designed to do: it prevented a single weak year from defining the record, and let a subsequent strong year restore the sleeve to a clear second-place finish against sixteen well-regarded US peers.
Band 4 — SqSave Aggressive (71–85% Equity)
Ranks first of four — leading the band by 9 to 13 percentage points.
| # | Portfolio | Eq % | 2023 | 2024 | 2025 | 3-Yr Cum. | Avg Annual |
|---|---|---|---|---|---|---|---|
| 1 | SqSave Aggressive1 | 80% | 15.32% | 12.09% | 22.39% | 58.20% | 16.60% |
| 2 | Interactive Advisors | 78% | 13.91% | 10.21% | 18.66% | 48.97% | 14.26% |
| 3 | Axos Invest | 75% | 15.76% | 10.44% | 14.94% | 46.95% | 13.71% |
| 4 | Empower | 73% | 13.51% | 10.49% | 16.17% | 45.70% | 13.39% |
Source: Condor Capital Q1 2026 Robo Report.
In the Aggressive band — where the most direct US peers are Empower (formerly Personal Capital), Axos Invest, and Interactive Advisors — SqSave Aggressive ranks first of four.
The three-year cumulative return of 58.20% leads the band by a wide margin: 9.23 percentage points ahead of Interactive Advisors, 11.25pp ahead of Axos Invest, and 12.50pp ahead of Empower. 2025 was the standout year (22.39%, the best result in the band that year by 3.73pp); 2023 was the closest contest, with Axos Invest's 15.76% narrowly ahead of SqSave's 15.32%.
Band 5 — Very Aggressive (>85% Equity)
| # | Portfolio | Eq % | 2023 | 2024 | 2025 | 3-Yr Cum. | Avg Annual |
|---|---|---|---|---|---|---|---|
| 1 | SqSave Very Aggressive1 | 90% | 17.49% | 14.84% | 20.75% | 62.92% | 17.69% |
Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026.
As with Conservative, no comparable US robo-advisor tracked in the Condor Capital report offers a portfolio at this equity allocation. SqSave Very Aggressive stands uncontested in this band, filling another gap in the market for investors with the longest time horizons and the highest tolerance for short-term volatility.
Its three-year cumulative return of 62.92% — with every one of the three years above 14% — demonstrates that the SqSave algorithm scales effectively to the high end of the risk spectrum.
Across All Risk Bands: SqSave Balanced Beats Every US Robo — With Lower Risk Exposure
Risk-for-risk comparison is the methodologically correct framework. But there is one finding from this analysis that is so striking it deserves separate attention — because it survives any comparison framework, fair or unfair.
SqSave Balanced beats every US robo-advisor at every risk band
At only 40% equity exposure, SqSave Balanced delivered a higher three-year cumulative return than the best-performing US robo-advisor at every higher equity tier — including portfolios carrying nearly double the equity weighting. This is the strongest single empirical result of this analysis, and it has strengthened materially on the corrected data.
To make this concrete, the table below shows SqSave Balanced (40% equity) against the best three-year US robo performer at each higher equity tier:
| Portfolio | Equity | 3-Yr Cumulative | SqSave Balanced Leads By |
|---|---|---|---|
| SqSave Balanced1 | 40% | 63.92% | — |
| Best at 50% equity: Vanguard Digital | 50% | 43.44% | +20.48pp |
| Best at 57–65% equity: SoFi | 65% | 52.98% | +10.94pp |
| Best at 66–70% equity: Wealthfront (2018) | 67% | 47.14% | +16.75pp |
| Best at 71–78% equity: Interactive Advisors | 78% | 48.97% | +14.95pp |
Each row shows the best-performing US robo within the indicated equity range, and the gap between SqSave Balanced's three-year cumulative return and theirs.
Read this carefully. Vanguard Digital Advisor at 50% equity returned 43.44% over three years; SqSave Balanced returned 20.48pp more, with 10pp less equity. SoFi — the strongest US robo overall in the 65% equity range — returned 52.98%; SqSave Balanced returned 10.94pp more, with 25 percentage points less equity. Interactive Advisors at 78% equity returned 48.97%; SqSave Balanced returned 14.95pp more, with 38 percentage points less equity.
This is the clearest possible demonstration of what risk-managed compounding produces. Carrying less risk, SqSave Balanced delivered higher returns. That is the definition of alpha in the strict, professional sense — and SqSave Balanced produced it across a full three-year cycle.
A Real-Time Test: The 2026 Correction, Six Months On
The 2023–2025 record is historical. The most recent test of SqSave's drawdown discipline played out in real time this year — and we now have enough distance from it to look back rather than just report as it happened.
Global markets corrected sharply in March 2026. Tracked US robo-advisors across the board entered Q2 2026 with negative returns (the average Q1 2026 result for the twenty US robos in our comparison was approximately -0.9%). SqSave portfolios also dipped — we are not exempt from market conditions, and have never claimed to be.
What followed is where drawdown discipline shows its value. From the end of March through 24 August, SqSave reference portfolios delivered the following:
| Risk Class1 | End-Mar YTD | End-May YTD | YTD as at 24 Aug | End Mar → End May 2026 Recovery |
|---|---|---|---|---|
| Conservative (20/80) | -1.06% | 9.16% | 7.76% | +10.21pp |
| Balanced (40/60) | -2.47% | 11.08% | 12.48% | +13.55pp |
| Growth (60/40) | -2.83% | 10.92% | 10.32% | +13.74pp |
| Aggressive (80/20) | -3.78% | 13.93% | 12.99% | +17.71pp |
| Very Aggressive (90/10) | -4.77% | 12.93% | 12.68% | +17.70pp |
All figures are 2026 YTD (year-to-date) returns, base 1 January 2026. Source: Pivot Fintech Pte. Ltd., verified NAV, Aug 2026.
Every risk class returned to strongly positive YTD territory within two months of the March low, and — importantly — held those gains through the following three months rather than giving them back. The Aggressive and Very Aggressive portfolios, which had fallen furthest in the correction, also recovered the most decisively, gaining over 17 percentage points from their March lows. This is the pattern that, repeated over multi-year horizons, produces the compounding superiority captured in the 3-year leaderboard above.
In Summary
Compared like-for-like against the leading US robo-advisors over a full three-year cycle:
- SqSave Balanced ranks #1 overall and #1 in its band — and beats every US robo-advisor at every higher equity tier, despite carrying significantly less equity risk than any of them.
- SqSave Aggressive ranks #3 overall and #1 in its band — outperforming Empower, Axos Invest, and Interactive Advisors by 9 to 13 percentage points on three-year cumulative return.
- SqSave Very Aggressive ranks #2 overall — no directly comparable US robo exists, but the absolute result holds up against every peer at any risk level.
- SqSave Growth ranks #5 overall and #2 in its band — trailing only SoFi in the most populous band. A challenging 2023 was more than offset by an outstanding 2025.
- SqSave Conservative ranks #7 overall — filling a market gap at the low-equity end of the spectrum, delivering returns comparable to US robos carrying two to four times more equity risk.
- The drawdown-discipline philosophy is validated by the March 2026 correction and its subsequent recovery — now confirmed through six months of real-time data rather than an early-year snapshot.
We do not promise the highest return in every month, every quarter, or every year. We design our algorithms to deliver the highest compounded result over a full three-year cycle — risk for risk. Three years on, the data supports the design.
To explore your SqSave risk profile or to start investing from S$100, visit sqsave.com. Singapore-domiciled. SGD-denominated. Globally accessible. Built around an investment philosophy you can read, understand, and challenge.
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Important 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 and corrected in August 2026 (data through 24 August 2026). This article was originally published on 15 June 2026 and has been revised in full to reflect that correction; figures here supersede the original version. 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. Risk band groupings are defined by equity allocation percentage; portfolios within a band may differ in their specific fixed-income, alternative, or geographic allocations beyond the equity / fixed-income split. Cumulative returns are calculated as (1 + R2023) × (1 + R2024) × (1 + R2025) − 1. Average annual returns are arithmetic means. CAGR is (1 + Cumulative)1/3 − 1. Comparisons between SGD-denominated and USD-denominated returns do not adjust for FX movements; for Singapore-resident investors, USD returns would be reduced when converted to SGD over the 2024–2026 period. 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 solicitation to buy or sell any investment product. Investors should consider their own circumstances and seek independent advice where appropriate.
Footnote
1. SqSave 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.
