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Monthly Report: September 2026
Net Asset Value - USD / EUR denomination
All statistics are calculated using Robuxio Equities (Robuxio EQ).
Benchmark: S&P 500 (SPY) and 60/40 balanced portfolio.
First month of live ETI trading
From September 2026, Robuxio Equities reports the live, executed performance of the ETI. All trading and execution costs and ETI fees are included in the reported results. The ETI's last-traded price can fluctuate independently of underlying performance because trades may occur at either side of the bid-ask spread.
Portfolio base currency: USD.
1. Performance in September 2026
Robuxio Equities returned -3.0% in September 2026, compared to -0.3% for the S&P 500 and -1.2% for the 60/40 benchmark. NAV value. After fees. USD denomination.
2. Performance YTD
Year to date, Robuxio Equities returned +4.9%, compared to +12.7% for the S&P 500 and +6.3% for the 60/40 benchmark. NAV value. After fees. USD denomination.
3. Performance - 3 Years
Over the trailing three years, Robuxio Equities returned +94.2%, compared to +85.0% for the S&P 500 and +52.9% for the 60/40 benchmark. NAV value. After fees. USD denomination.
4. Volatility
Annualized volatility in September: Robuxio EQ 11.9%, S&P 500 10.8%, 60/40 8.0%.
How We Calculate Rolling Volatility
For each day t, we take the previous 30 daily returns:
ri = (Balancei - Balancei-1) / Balancei-1
Daily Vol = StdDev(r1, r2, ..., r30)
Annualized Vol = Daily Vol × √252
Standard deviation is calculated using the population formula (dividing by N, not N-1). Annualization uses √252 to account for 252 trading days in traditional financial markets.
5. Rolling Correlation
30-day rolling correlation between Robuxio EQ and benchmarks.
Average YTD correlation: Robuxio EQ vs S&P 500 +0.69.
6. The Numbers
Key metrics across Robuxio EQ and benchmarks - Net Asset Value, USD denomination.
September 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| Robuxio Equities | -3.0% | -4.4% | 11.9% |
| S&P 500 | -0.3% | -2.5% | 10.8% |
| 60/40 Portfolio | -1.2% | -2.0% | 8.0% |
January 2018 to September 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) | Sharpe |
|---|---|---|---|---|---|
| Robuxio Equities | +787% | 28.4% | -8.2% | 12.4% | 2.08 |
| S&P 500 | +224% | 14.4% | -33.7% | 19.0% | 0.81 |
| 60/40 Portfolio | +119% | 9.4% | -21.7% | 12.0% | 0.81 |
NAV value. After fees. USD denomination.
7. September 2026 Monthly Review
September marked the start of live ETI trading for Robuxio Equities, with capital deployed in stages and full allocation reached during the second half of the month. The portfolio returned -3.0% net, compared with -0.3% for the S&P 500 and -1.2% for the 60/40 benchmark. NAV value. After fees. While the S&P 500 was close to flat in US dollar terms, most stocks, bonds and precious metals declined, and gains were concentrated in large technology names. The portfolio was up about 1.4% for the month on 22 September before giving back those gains in the final days.
Several strategies behaved as intended in this environment. In equity mean reversion, short-term dip buying in the index and in individual stocks added to returns. In tactical allocation, the crypto positions were a clear contributor as crypto assets rallied, and in crisis hedging, short positions in overbought stocks helped offset the cost of weekend index hedges. The main headwinds came from bond dip-buying positions and from short-horizon momentum signals in the largest technology stocks, where sharp day-to-day rotation left little follow-through. Real assets trend gave back slightly as gold reversed. Sleeve contributions ranged from about -0.1% for real assets trend and crisis hedging, and -0.2% for short-term tactical, to about -0.9% each for equity mean reversion, equity momentum and tactical allocation.
The bond positions buy short-term dips in long-dated Treasuries, which tend to retrace. In September yields rose steadily and dips kept extending. In the simulated history since 2018, phases of persistent rate rises, such as 2022, have been the main periods when these signals detract.
First Month of Live Trading
From September, Robuxio Equities reports the live, executed performance of the ETI. All trading and execution costs and ETI fees are included in the reported results, and the first month's figures also include the effects of the initial deployment of client capital, which are spread across the sleeves.
The ETI's last-traded price can fluctuate independently of underlying performance because trades may occur at either side of the bid-ask spread.
Year-to-Date Performance
Year to date, the portfolio remains positive with lower realized risk than the S&P 500, in a year in which large technology stocks have led the index:
| Metric | Portfolio | S&P 500 | 60/40 |
|---|---|---|---|
| Return (net) | +4.9% | +12.7% | +6.3% |
| Annualized volatility | 10.2% | 13.2% | 9.2% |
| Sharpe ratio (ann.) | 0.7 | 1.3 | 0.9 |
| Max drawdown | -7.1% | -8.9% | -5.9% |
Year to date, Robuxio Equities returned +4.9% versus +12.7% for the S&P 500 and +6.3% for the 60/40 benchmark, with annualized volatility of 10.2% versus 13.2% for the index and a maximum drawdown of -7.1% versus -8.9%. The year-to-date Sharpe ratio stands at 0.7 versus 1.3 for the S&P 500. Over the trailing three years, the portfolio remains ahead of both benchmarks, at +94.2% versus +85.0% for the S&P 500 and +52.9% for the 60/40 portfolio.
For further information, please refer to the following resources:
Pavel Kycek
CEO & Co-Founder, Robuxio
Price disclaimer
The price shown in Robuxio materials may differ from the price quoted on Börse Stuttgart. This is because the tradable ETI price is affected by the product's bid-ask spread.
For the current executable bid and ask prices of the ETI, please refer to Börse Stuttgart.
Performance data prior to September 2026 is based on backtested results and does not represent actual trading. Backtested performance is hypothetical and has inherent limitations. Past performance does not guarantee future results.
For informational purposes only. This is not investment advice or an offer to invest. Past performance is not indicative of future results. All investments involve risk, including possible loss of capital. Full product documentation and risk disclosures will be provided prior to launch.