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Symphonies
Exhibit 3 | ADAPTIVE ASSET ALLOCATION
Today’s Change
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A symphony is an automated trading strategy — Learn more about symphonies here

About

A monthly trend-following rotation. It ranks 10 broad ETFs by 6‑month performance, buys the top 5 equally, and replaces them as leadership changes—shifting among global stocks, Treasuries, real estate, gold, and commodities.
NutHow it works
Once a month the strategy looks at 10 ETFs: US stocks (SPY), Europe (VGK), Japan (EWJ), emerging markets (EEM), US real estate (VNQ), global real estate ex‑US (VNQI), long and 7–10 yr US Treasuries (TLT, IEF), gold (GLD), and broad commodities (DBC). It ranks them by the last ~6 months’ price change and buys the top 5, 20% each. If leadership shifts next month, it sells what fell out and buys the new leaders. This lets it lean into what’s working—stocks, bonds, gold/commodities, or real estate.
CheckmarkValue prop
Stronger risk-adjusted performance and downside protection than the S&P 500. OOS Sharpe 1.37 vs 1.31, Calmar 1.65, max drawdown 9.95% vs 18.76%, beta ~0.55. Raw return is lower (16.41% vs 21.38%), but risk is clearly controlled and diversified.
1M
3M
6M
YTD
1Y
3Y
Max
www.composer.trade
Performance
Compared to selected benchmarks
AlphaBetaR2R
SPY
0.020.440.480.69
Performance Metrics
Cumulative ReturnAnnualized ReturnTrailing 1M ReturnTrailing 3M ReturnSharpe Ratio
SPY
553.35%13.51%0.54%-0.34%0.82
Exhibit 3 | ADAPTIVE ASSET ALLOCATION
209.41%7.93%1.24%7.31%0.74
Initial Investment
$10,000.00
Final Value
$30,941.01
Regulatory Fees
$20.10
Total Slippage
$117.87
Invest in this strategy
OOS Start Date
Oct 28, 2022
Trading Setting
Monthly
Type
Stocks
Category
Multi-asset, momentum, trend-following, global rotation, equities, bonds, commodities, real estate, monthly rebalance
Tickers in this symphonyThis symphony trades 10 assets in total
Ticker
Type
DBC
Invesco DB Commodity Index Tracking Fund
Stocks
EEM
iShares MSCI Emerging Markets ETF
Stocks
EWJ
iShares MSCI Japan ETF
Stocks
GLD
SPDR Gold Trust, SPDR Gold Shares
Stocks
IEF
iShares 7-10 Year Treasury Bond ETF
Stocks
SPY
State Street SPDR S&P 500 ETF Trust
Stocks
TLT
iShares 20+ Year Treasury Bond ETF
Stocks
VGK
Vanguard FTSE Europe ETF
Stocks
VNQ
Vanguard Real Estate ETF
Stocks
VNQI
Vanguard Global ex-U.S. Real Estate ETF
Stocks

FAQ

A Composer symphony is an automated trading strategy that executes trades based on parameters of your choice. Some symphonies are similar to holding one ETF in normal conditions and rotating to a different ETF when market conditions shift, for example a 5% drop in the S&P 500, while others use complex rules with dozens of triggers. However, complex doesn’t always mean better. A simple, well-structured symphony can be just as effective as an intricate one. Learn more about how symphonies work here.

"Exhibit 3 | ADAPTIVE ASSET ALLOCATION" is currently performing the same as yesterday today. Performance updates in real time during market hours.

"Exhibit 3 | ADAPTIVE ASSET ALLOCATION" is currently allocated toEEM, VGK, DBC, EWJandGLD. Holdings automatically adjust as market conditions change based on the strategy's rules.

Year-to-date, "Exhibit 3 | ADAPTIVE ASSET ALLOCATION" has returned 15.70%. You can adjust the performance chart above to view returns across different time horizons.

The maximum drawdown for "Exhibit 3 | ADAPTIVE ASSET ALLOCATION" is 9.95%. The maximum drawdown measures the largest peak-to-trough decline. It's an important metric to evaluate risk and the strategy's behavior during market stress.

To invest in "Exhibit 3 | ADAPTIVE ASSET ALLOCATION", simply click the Invest button on this page. You'll need to open an account with Composer if you don't have one yet, then you can start investing. Composer will automatically execute the trades for you based on the strategy's rules. Composer also supports trading individual stocks, ETFs, and options.