Data Source: from January 2014 to December 2022 (~9 years)
Consolidated Returns as of 31 December 2022
Category: Stocks
ETF: Global X MSCI Portugal ETF (PGAL)

In the last 5 Years, the Global X MSCI Portugal ETF (PGAL) ETF obtained a -0.40% compound annual return, with a 21.48% standard deviation.

In 2022, the ETF granted a 2.51% dividend yield. If you are interested in getting periodic income, please refer to the Global X MSCI Portugal ETF (PGAL) ETF: Dividend Yield page.

The ETF is related to the following investment themes:

  • Asset Class: Equity
  • Size: Multi Cap
  • Style: Value
  • Region: Developed Europe
  • Country: Portugal

Historical Returns as of Dec 31, 2022

Historical returns and Metrics of Global X MSCI Portugal ETF (PGAL) ETF.

Returns and metrics are calculated based on monthly returns, assuming:
  • No fees or capital gain taxes
  • the reinvestment of dividends
GLOBAL X MSCI PORTUGAL ETF (PGAL) ETF
Portfolio Metrics
Data Source: 1 January 2014 - 31 December 2022 (~9 years)
Swipe left to see all data
Metrics as of Dec 31, 2022
1M 3M 6M 1Y 3Y 5Y MAX
(~9Y)
Portfolio
Return (%)
-0.79 15.50 -3.64 -5.48 -1.17 -0.40 -1.85
US Inflation (%) -0.31 0.00 0.16 6.45 4.92 3.78 2.72
Infl. Adjusted
Return (%)
-0.48 15.50 -3.80 -11.21 -5.80 -4.03 -4.45
Returns / Inflation rates over 1 year are annualized.
RISK INDICATORS
Standard Deviation (%) 23.75 25.52 21.48 20.88
Sharpe Ratio -0.29 -0.07 -0.07 -0.28
Sortino Ratio -0.41 -0.10 -0.10 -0.40
MAXIMUM DRAWDOWN
Drawdown Depth (%) -21.26 -25.99 -31.01 -47.58
Start (yyyy mm) 2022 06 2020 01 2018 08 2014 05
Bottom (yyyy mm) 2022 09 2020 03 2020 03 2016 02
Start to Bottom (# months) 4 3 20 22
Start to Recovery (# months) in progress
> 7
15
34
> 104
ROLLING PERIOD RETURNS - Annualized
Best Return (%) 42.64 11.24 7.45
Worst Return (%) -35.18 -15.49 -6.52
% Positive Periods 43% 63% 63%
MONTHS
Positive 0 2 3 5 18 33 56
Negative 1 1 3 7 18 27 52
% Positive 0% 67% 50% 42% 50% 55% 52%
WITHDRAWAL RATES (WR)
Safe WR (%) 30.93 18.40 7.99
Perpetual WR (%) 0.00 0.00 0.00
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the ETF
  • Standard Deviation: it's a measure of the dispersion of returns around the mean
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the ETF. It's calculated by dividing the excess return of the ETF over the risk-free rate by the ETF standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the ETF. It's a modification of the Sharpe Ratio (same formula but the denominator is the ETF downside standard deviation).
  • Maximum Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.
  • Rolling Returns: returns over a time frame (best, worst, % of positive returns).
  • Pos./Neg. Months: number of months with positive/negative return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the original portfolio balance that can be withdrawn at the end of each year with inflation adjustment, without the portfolio running out of money (dollar amount withdrawal).
  • Perpetual Withdrawal Rate (PWR): it's the percentage of portfolio balance that can be withdrawn at the end of each year, while retaining the inflation adjusted portfolio balance (percentage withdrawal).

Correlations as of Dec 31, 2022

Monthly correlations of Global X MSCI Portugal ETF (PGAL) ETF vs the main Asset Classes, over different timeframes.

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1.

If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.

Asset correlations are calculated based on monthly returns.

Columns are sortable (click on table header to sort).

GLOBAL X MSCI PORTUGAL ETF (PGAL) ETF
Monthly correlations as of 31 December 2022
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Correlation vs PGAL
 
Asset Class 1 Year 5 Years Since
Jan 2014
US Total Stock Market
VTI
0.79
0.78
0.67
US Large Cap
SPY
0.81
0.78
0.67
US Small Cap
IJR
0.76
0.79
0.60
US REITs
VNQ
0.76
0.67
0.48
US Technology
QQQ
0.73
0.65
0.59
Preferred Stocks
PFF
0.69
0.67
0.56
EAFE Stocks
EFA
0.86
0.89
0.84
World All Countries
VT
0.85
0.85
0.77
Emerging Markets
EEM
0.67
0.72
0.67
Europe
VGK
0.85
0.89
0.86
Pacific
VPL
0.83
0.82
0.74
Latin America
FLLA
0.60
0.69
0.60
US Total Bond Market
BND
0.68
0.31
0.22
Long Term Treasuries
TLT
0.50
-0.07
-0.12
US Cash
BIL
0.04
-0.17
-0.06
TIPS
TIP
0.69
0.40
0.31
Invest. Grade Bonds
LQD
0.74
0.52
0.41
High Yield Bonds
HYG
0.71
0.68
0.61
International Bonds
BNDX
0.59
0.26
0.15
Emerg. Market Bonds
EMB
0.75
0.68
0.58
Gold
GLD
0.35
0.25
0.14
Commodities
DBC
0.51
0.64
0.54

Capital Growth as of Dec 31, 2022

Capital growth, returns, stats are calculated assuming a reinvestment of dividends.

If you are interested in getting periodic income, please refer to the Global X MSCI Portugal ETF (PGAL) ETF: Dividend Yield page.

An investment of 1000$, since January 2018, now would be worth 980.10$, with a total return of -1.99% (-0.40% annualized).

The Inflation Adjusted Capital now would be 814.08$, with a net total return of -18.59% (-4.03% annualized).
An investment of 1000$, since January 2014, now would be worth 845.16$, with a total return of -15.48% (-1.85% annualized).

The Inflation Adjusted Capital now would be 663.63$, with a net total return of -33.64% (-4.45% annualized).

Drawdowns

Worst drawdowns since January 2018.

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Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-31.01% Aug 2018 Mar 2020 20 May 2021 14 34
-25.00% Jun 2021 Sep 2022 16 in progress 3 19
-4.89% Feb 2018 Feb 2018 1 Jun 2018 4 5

Worst drawdowns since January 2014.

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Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months
-47.58% May 2014 Feb 2016 22 in progress 82 104

Rolling Returns ( more details)

Global X MSCI Portugal ETF (PGAL) ETF: annualized rolling and average returns

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Rolling
Period
Return (*) Negative
Periods
Average (%) Best (%) Worst (%)
1 Year
-0.13 42.64
Nov 2020 - Oct 2021
-35.18
Apr 2014 - Mar 2015
56.70%
2 Years
1.27 20.41
Jul 2016 - Jun 2018
-26.02
Mar 2014 - Feb 2016
41.18%
3 Years
1.39 11.24
Feb 2015 - Jan 2018
-15.49
Mar 2014 - Feb 2017
36.99%
5 Years
1.39 7.45
Jun 2016 - May 2021
-6.52
Jun 2014 - May 2019
36.73%
7 Years
0.77 4.29
Jan 2015 - Dec 2021
-3.77
Apr 2014 - Mar 2021
36.00%
(*) Annualized rolling and average returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the Global X MSCI Portugal ETF (PGAL) ETF: Rolling Returns page.

Seasonality

Global X MSCI Portugal ETF (PGAL) ETF: in which months is it better to invest?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.

For further information about the seasonality, check the Asset Class Seasonality page.
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
1.15
40%
-2.63
40%
-1.41
80%
1.41
80%
3.90
80%
-1.95
40%
0.16
60%
-0.82
40%
-4.88
20%
0.80
60%
4.18
60%
2.00
60%
 Capital Growth on monthly avg returns
100
101.15
98.49
97.10
98.47
102.31
100.32
100.48
99.65
94.79
95.55
99.55
101.54
Best 7.0
2019
1.4
2021
6.9
2022
6.7
2020
9.2
2022
3.1
2019
2.5
2020
5.8
2021
2.4
2019
7.1
2022
20.2
2020
8.8
2020
Worst -3.8
2022
-8.5
2020
-18.4
2020
-6.2
2022
-5.2
2019
-7.6
2021
-2.9
2019
-5.0
2022
-13.8
2022
-8.6
2018
-7.0
2021
-3.2
2018
Monthly Seasonality over the period Jan 2018 - Dec 2022
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
-0.01
44%
0.50
56%
2.09
89%
1.82
89%
2.54
56%
-3.03
22%
0.08
56%
-1.29
44%
-3.54
22%
0.17
44%
0.27
33%
0.72
67%
 Capital Growth on monthly avg returns
100
99.99
100.49
102.59
104.46
107.12
103.87
103.95
102.61
98.97
99.14
99.41
100.12
Best 7.0
2019
11.5
2015
13.3
2016
6.7
2020
11.3
2017
3.1
2019
6.7
2016
5.8
2021
5.3
2017
7.1
2022
20.2
2020
8.8
2020
Worst -5.1
2016
-8.5
2020
-18.4
2020
-6.2
2022
-5.2
2019
-7.6
2021
-10.4
2014
-6.1
2015
-13.8
2022
-8.7
2014
-7.0
2021
-13.3
2014
Monthly Seasonality over the period Jan 2014 - Dec 2022

Monthly/Yearly Returns

Global X MSCI Portugal ETF (PGAL) ETF data source starts from January 2014: let's focus on monthly and yearly returns.

We are providing two different views:
  • Histogram: it shows the distribution of the returns recorded so far
  • Plain Table: it shows the detailed monthly and yearly returns
MONTHLY RETURNS HISTOGRAM
Jan 2014 - Dec 2022
56 Positive Months (52%) - 52 Negative Months (48%)
MONTHLY RETURNS TABLE
Jan 2014 - Dec 2022
(Scroll down to see all data)
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Yearly Return(%)
Monthly Return(%)
Year Total Infl.Adj Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022
-5.48 -11.21 -3.8 -1.3 6.9 -6.2 9.2 -5.6 1.8 -5.0 -13.8 7.1 8.7 -0.8
2021
+2.64 -4.11 -3.2 1.4 2.6 2.1 8.9 -7.6 -2.7 5.8 -3.3 5.9 -7.0 1.2
2020
-0.50 -1.83 -0.8 -8.5 -18.4 6.7 6.5 -0.9 2.5 2.4 -7.7 -5.8 20.2 8.8
2019
+14.39 +11.83 7.0 0.2 0.1 2.4 -5.2 3.1 -2.9 -3.2 2.4 5.4 0.9 4.0
2018
-11.24 -12.91 6.6 -4.9 1.7 2.1 0.1 1.3 2.0 -4.2 -2.0 -8.6 -1.9 -3.2
2017
+31.61 +28.89 -1.0 2.6 8.5 1.3 11.3 -2.7 4.5 1.2 5.3 -0.4 -2.6 0.8
2016
-3.92 -5.87 -5.1 -6.7 13.3 1.5 -1.8 -6.8 6.7 0.4 -1.9 -0.4 -6.4 5.4
2015
+2.34 +1.60 0.2 11.5 0.0 6.3 -3.0 -5.0 -0.9 -6.1 -4.0 6.9 -5.6 3.6
2014
-33.37 -33.87 0.1 10.2 4.1 0.3 -3.0 -3.0 -10.4 -3.0 -6.9 -8.7 -3.9 -13.3
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