federicocaruso.com · analisi 2026-07-05

Ivy Portfolio (SMA 10 mesi) con la fiscalità italiana

Periodo 2003-05 → 2026-07. Capitale iniziale 50,000 €. Costi IBKR, tasse in dichiarativo.

Equity line: Ivy SMA, Blend 40/60, VWCE, Ivy SMA lordo (diagnostica)

Metriche

StrategiaCAGR nettoVolatilitàSharpeMax DDPeggior annoRecupero (mesi)Liquidazione netta
Ivy SMA4.9%7.4%0.69-15.5%-10.8%72149,534 €
Blend 40/607.8%10.0%0.81-32.8%-22.2%42242,740 €
VWCE9.4%13.4%0.74-49.8%-37.6%69304,805 €

Costo di costi+tasse: 2.21% di CAGR l'anno (lordo 7.1% → netto 4.9%).

Drawdown Rolling 3 anni
StrategiaRolling 3a minmedianamax
Ivy SMA-4.4%4.8%12.1%
Blend 40/60-10.7%7.8%17.1%
VWCE-17.7%10.3%21.2%
Rendimenti annuali
AnnoIvy SMABlend 40/60VWCE
20035.5%11.0%14.7%
20046.1%5.9%5.8%
200520.4%24.1%26.6%
2006-3.4%3.1%7.5%
2007-2.9%-2.8%-2.7%
20081.0%-22.2%-37.6%
20099.7%20.7%28.1%
201021.3%21.6%21.7%
2011-3.2%-4.3%-5.0%
20122.5%9.8%14.6%
20137.4%13.4%17.4%
201415.3%16.7%17.6%
2015-3.2%4.2%9.1%
20164.5%8.9%11.8%
2017-0.9%5.1%9.1%
2018-2.4%-4.5%-6.0%
201910.6%21.8%29.3%
2020-3.8%1.8%5.5%
202132.6%29.7%27.7%
2022-10.8%-12.4%-13.4%
20234.4%12.2%17.4%
202410.4%18.3%23.6%
2025-6.0%2.3%7.9%
20269.8%12.4%14.1%

Da dove vengono i rendimenti

Contributi per asset

Tasse pagate per anno (Ivy SMA)

AnnoImposta 26%IVAFE
20030 €106 €
2004846 €114 €
2005249 €136 €
20062,103 €135 €
20072,283 €131 €
2008123 €128 €
2009329 €141 €
2010748 €172 €
20114,208 €173 €
20121,852 €173 €
2013318 €182 €
2014580 €210 €
20156,303 €215 €
20161,938 €215 €
2017859 €211 €
2018844 €206 €
2019992 €228 €
20201,861 €221 €
2021178 €289 €
20227,857 €273 €
20230 €269 €
2024462 €298 €
20254,264 €287 €
2026394 €307 €

Diagnostica USD lorda

Run diagnostica in USD lordo: CAGR 6.5%, max drawdown -12.4%.

Ultimi ribilanciamenti

Log completo in trades_ivy-sma200.csv.

date asset side qty price value cost tax
2024-10-31 US_EQ SELL 3.965456 787.306594 3122.029801 5.497624 234.774296
2024-11-30 COMMOD BUY 147.914955 192.307097 28445.095607 25.756076 0.000000
2025-03-31 US_EQ SELL 36.614260 784.041494 28707.098774 25.965679 2136.659481
2025-03-31 REIT SELL 59.769466 498.974189 29823.420787 26.858737 898.446273
2025-04-30 INTL_EQ SELL 86.319411 349.966890 30208.935828 27.167149 1084.814763
2025-04-30 TREASURY SELL 141.667751 190.028426 26920.899696 24.536720 143.790790
2025-04-30 COMMOD SELL 147.914955 174.650400 25833.406091 23.666725 0.000000
2025-05-31 INTL_EQ BUY 76.217710 368.959771 28121.268962 25.497015 0.000000
2025-07-31 US_EQ BUY 33.562418 839.366837 28171.181032 25.536945 0.000000
2025-10-31 TREASURY BUY 151.009786 192.176580 29020.544275 26.216435 0.000000
2025-10-31 COMMOD BUY 151.910207 191.037488 29020.544275 26.216435 0.000000
2025-11-30 REIT BUY 54.700213 477.976626 26145.423097 23.916338 0.000000
2025-12-31 TREASURY SELL 151.009786 189.362847 28595.643078 25.876514 0.000000
2025-12-31 REIT SELL 54.700213 459.743764 25148.081662 23.118465 0.000000
2026-01-31 INTL_EQ SELL 9.851176 430.153579 4237.518422 6.390015 156.736046
2026-02-28 COMMOD SELL 14.154701 211.887278 2999.201001 5.399361 0.000000
2026-02-28 TREASURY BUY 146.148145 192.672863 28158.781445 25.527025 0.000000
2026-02-28 REIT BUY 56.961087 494.351199 28158.781445 25.527025 0.000000
2026-03-31 US_EQ SELL 33.562418 866.598264 29085.133584 26.268107 237.627663
2026-03-31 COMMOD SELL 20.053717 250.874050 5030.957301 7.024766 0.000000
2026-04-30 TREASURY SELL 146.148145 189.550117 27702.397977 25.161918 0.000000
2026-04-30 US_EQ BUY 32.327434 940.878374 30416.183131 27.332947 0.000000
2026-05-31 TREASURY BUY 161.415136 190.447702 30741.141839 27.592913 0.000000
2026-06-30 COMMOD BUY 2.336004 233.025204 544.347762 3.435478 0.000000

Assunzioni

Questo contenuto ha finalità esclusivamente informative e didattiche e non costituisce consulenza finanziaria, raccomandazione personalizzata né sollecitazione all'investimento. I rendimenti passati e i risultati di backtest non sono indicativi di risultati futuri. Le assunzioni fiscali riflettono un caso specifico (regime dichiarativo) e possono non applicarsi alla tua situazione. Strategia originale: mebfaber.com. Replica, codice e verifiche: Federico Caruso. Vedi anche le note legali.