Understand your portfolio's risk

The Risk page measures how much your portfolio moves, how it compares to a benchmark, how your holdings move together, and what a market shock could do to your value. By the end of this, you’ll know how to read every tile, the correlation matrix, and the stress tests.

Open the page

Select a portfolio or group from the sidebar selector.
Go to Performance → Risk. It works in group mode too.

The page opens on Last 1 Year. Use the date range bar to change the period.

Choose a benchmark for beta

In portfolio mode, the same benchmark selector as the Benchmark page lists the benchmarks configured for your portfolio. Click one to measure beta and the stress tests against it. If you haven’t set any, Metrifly uses the S&P 500 (SPY) by default.

In group mode there’s no selector — Metrifly uses the first benchmark configured across the group’s portfolios (or SPY if none are set), and shows it in the beta tile and the stress test caption.

Read the risk tiles

The tiles sit in two cards: Return & risk-adjusted and Tail risk.

Tile	What it shows
Ann. Return	Your time-weighted return over the selected range, compounded to a yearly rate.
Volatility	Annualised standard deviation of your daily returns — how much your portfolio’s value swings, on average, over a year.
Sharpe	Excess return per unit of volatility: (portfolio return − risk-free rate) ÷ standard deviation.
Sortino	Like Sharpe, but only penalises downside — days with negative returns — so it doesn’t punish upside swings.
Beta	Your sensitivity to the selected benchmark’s daily moves. 1.0 means you tend to move in line with it; above 1.0 means more volatile, below 1.0 less. Metrifly adds the benchmark’s previous-day move to the calculation (a Dimson beta), so a holding that trades after the benchmark’s market has closed is not mistaken for a low-beta one.
Max Drawdown	The largest peak-to-trough decline over the range, shown with the peak and trough months below.
VaR 95%	Value at Risk at 95% confidence: on a bad day — roughly 1 in 20 — you could lose at least this much, shown as a % and in your portfolio currency, based on your portfolio’s daily returns over this range.
VaR 99%	Value at Risk at 99% confidence: on a bad day — roughly 1 in 100 — you could lose at least this much, shown as a % and in your portfolio currency, based on your portfolio’s daily returns over this range.
CVaR 95%	Conditional Value at Risk: the average loss on those bad days (the worst 5% of trading days), a sense of how bad the tail can get beyond VaR 95%.

A tile shows a dash (—) when there isn’t enough history to calculate it yet.

Metrifly uses a 0% risk-free rate, so Sharpe is annualised return divided by volatility.

Read the correlation matrix

The matrix shows how closely each pair of your holdings’ daily returns moved together over the selected range, from -1 (opposite) to 1 (identical). Before comparing, Metrifly lines each holding’s returns up with the same global trading session: an ASX-listed fund’s Tuesday close reacts to Monday’s US session, so it is compared with that session rather than with Tuesday’s. Holdings on the same exchange are never shifted against each other.

Green — below 0.3, including negative values. These holdings moved mostly independently.
Amber — 0.3 to 0.7. Some tendency to move together.
Red — 0.7 and above. These holdings moved closely together, so they don’t diversify each other much.

The diagonal always reads 1.00 — a holding perfectly correlates with itself. A cell reads n/a when there are fewer than 20 overlapping trading days between the two holdings, or when one of them has a price that didn’t move over the range.

Stress tests

Each scenario estimates the effect of a market move on your portfolio, using your beta to the selected benchmark:

impact % = beta × market move
impact = current value × impact %
projected value = current value + impact

Scenario	Market move
Market crash	-20%
Correction	-10%
Flash crash	-5%
Rally	+10%

Troubleshooting

Problem	Fix
You see a “Risk analytics” upgrade card	This needs a paid plan. See Compare plans and pricing.
Tiles show a dash (—)	Not enough history yet for that metric — widen the date range.
Correlation cells show “n/a”	Fewer than 20 overlapping trading days between those two holdings, or one of them has a flat price series over the range. Session alignment can drop one day at either end of the range for holdings on different exchanges.
Stress test says “Beta unavailable for this range”	There isn’t enough overlapping history between your portfolio and the benchmark to calculate beta, so impacts can’t be estimated.
“Add at least two holdings to see correlations”	The correlation matrix needs at least two open positions.