Attribution in Model Portfolios

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Attribution explains why a model portfolio outperformed or underperformed its benchmark over a selected period.

Unlike Contribution, which shows which holdings drove the portfolio's overall return, Attribution separates performance relative to the benchmark into allocation, selection, and interaction effects. This helps you evaluate the decisions behind the portfolio's results and explain them to clients.

Open Attribution

Open a model portfolio, select the Returns Analysis tab, then select Attribution from the toolbar. Use the time range picker to choose the period you want to analyze.

Attribution factors in all rebalances and allocation changes during the period, using the portfolio's weights throughout the period rather than only its weights at the end. For the most accurate results, make sure the portfolio's historical allocation periods reflect when its holdings or target weights changed.

Set a benchmark

Attribution uses the benchmark assigned to the model portfolio, shown at the top of the page.

Any equity ETF can be used as the benchmark. Koyfin uses the ETF's historical constituents during the selected period, so the analysis reflects how the ETF was actually constructed over time rather than only its current holdings. Eligible model portfolios can also be used as benchmarks.

Understand the results

Summary cards show the portfolio return, benchmark return, active return, and the primary drivers of relative performance.

The table breaks the results down by group:

  • Allocation effect shows whether overweighting or underweighting a group helped or hurt performance relative to the benchmark.
  • Selection effect shows whether the holdings selected within a group outperformed or underperformed the corresponding benchmark holdings.
  • Interaction effect measures the combined impact of allocation and selection decisions, such as overweighting a sector in which the portfolio's holdings also outperformed the benchmark's.
  • Total effect combines the allocation, selection, and interaction effects.

The interaction effect is always included in the calculation. Use the settings at the top of the page to show or hide it as a separate column. When hidden, it is included in the selection effect, and the total effect remains unchanged.

Expand a group to see the individual holdings behind its results.

Fees and reconciliation

The combined effects may not exactly equal the portfolio's active return. Fees & Reconciliation accounts for benchmark expenses and differences between the benchmark's reported return and the calculated return of its underlying holdings.

Other

The Other group includes holdings that could not be mapped to the selected grouping, such as cash, custom securities, or funds without the required classification data.

Choose how holdings are grouped

The grouping determines how the portfolio and benchmark are divided before the effects are calculated. Changing it may change the allocation, selection, and interaction effects, but not the portfolio's overall active return. Choose the grouping that best matches the portfolio's holdings.

Portfolios of individual stocks

Use Sector and Industry. Holdings are grouped by their GICS sector and industry classifications. When an equity ETF is the benchmark, Koyfin looks through the ETF and compares the portfolio's stocks with the benchmark's historical constituents.

Any ETFs or mutual funds in the portfolio are not decomposed into their underlying stocks and will appear in Other.

Portfolios of ETFs and mutual funds

Use Asset Class and Classification. Funds are analyzed using their assigned asset classes and classifications rather than being decomposed into their underlying holdings, which gives a more meaningful comparison for fund-based and multi-asset portfolios.

Generate an AI Summary

Select AI Summary below the toolbar to generate a written explanation of the analysis on screen. The summary reflects the selected benchmark, time period, grouping, and results. Changing the time period generates a new summary. Refreshing the page clears it.

Plan availability

  • Attribution is included with Advisor Pro.
  • Advisor Core users can preview Attribution through September 17, 2026.