Last updated: March 2026
For years, I watched the same ritual play out in my own home. My wife kept her savings in savings accounts, and every year I'd see her complain about the pitiful interest rates. Every year, she'd switch from one bank to another trying to squeeze out an extra 0.1%. An endless cycle.
No matter how often I told her it was pointless and that she should invest in the stock market, she never wanted to. Until 2024. When rates started falling again, that was the last straw. With the pragmatism that defines her, she said: "If you find me a way to invest easily, without opening another account, I'll do it."
The solution was right in front of me.
Neon Invest: the ideal entry point
My wife already had a Neon account, opened on my recommendation. All she had to do was activate Neon Invest with a single tap. No new onboarding process, no unfamiliar interface.
I don't use Neon Invest myself — the platform is too expensive for my active investing style. But for a passive approach, as I had in mind for her, it's exactly the right tool. Admittedly, an Interactive Brokers or Saxo account would have been more optimal. But she had set the terms, and I wanted to respect them.
There was still one significant challenge: Neon offers a limited list of instruments (stocks and ETFs). The goal was to build a high-performing portfolio within those constraints.
The brief: getting as close as possible to PP 2.x
My intellectual starting point was clear. I knew that the Permanent Portfolio 2.x (PP 2.x) that I had analysed in detail is a simple, robust, and historically strong allocation. The goal: replicate it as closely as possible using ETFs available on Neon.
The PP 2.x is built on five components. From the Neon list at the time, I initially found three:
- iShares NASDAQ 100 ETF (CSNDX) — for tech equity growth
- Invesco Physical Gold ETC (SGLD) — as a safe haven
- UBS ETF SXI Real Estate® Funds (SRECHA / SRFCHA) — for Swiss real estate
A few months later, a fourth arrived:
- SPDR S&P US Health Care Select Sector UCITS ETF (SXLV) — for defensive equities
Four out of five. More than enough to build something solid, allocated as follows:
- CSNDX: 33.3%
- SGLD: 19%
- SRECHA: 33.3%
- SXLV: 14.3%
The backtest: the numbers speak
I backtested this allocation. Here are the results from April 2011 to February 2026, compared against the Swiss benchmark (EWL):
Overall performance (since 06/04/2011)
| Metric | Neon Portfolio | MSCI Switzerland |
|---|---|---|
| Total return (%) | 386.73 | 193.31 |
| Annualised return (%) | 11.21 | 7.49 |
| Max Drawdown (%) | -22.34 | -29.33 |
| Standard deviation (%) | 8.55 | 11.89 |
| Sharpe ratio | 1.22 | 0.58 |
| Sortino ratio | 1.67 | 0.78 |
| Annualised alpha (%) | 7.24 | — |
Source: Portfolio123 — period 06/04/2011 to 23/02/2026 — rebalancing every 26 weeks
3-year trailing performance
| Metric | Neon Portfolio | MSCI Switzerland |
|---|---|---|
| Total return (%) | 64.17 | 28.68 |
| Annualised return (%) | 17.97 | 8.77 |
| Max Drawdown (%) | -12.86 | -15.16 |
| Sharpe ratio | 2.06 | 0.47 |
| Sortino ratio | 2.81 | 0.71 |
| Annualised alpha (%) | 13.24 | — |
35-month period, rebalancing every 26 weeks
The numbers are striking. Over 15 years, the Neon portfolio delivers a CAGR of 11.21% with a Sharpe ratio of 1.22. It doubles the Swiss benchmark's return while absorbing a smaller maximum drawdown (-22.3% vs -29.3% for the EWL). Over 3 years, the risk-adjusted figures are even more impressive.
Asset correlation: the key to resilience
What makes this portfolio particularly robust is the low correlation between its components:
| QQQ | XLV | GLD | SRFCHA | |
|---|---|---|---|---|
| QQQ | — | 0.72 | 0.16 | 0.10 |
| XLV | 0.72 | — | 0.18 | 0.12 |
| GLD | 0.16 | 0.18 | — | 0.03 |
| SRFCHA | 0.10 | 0.12 | 0.03 | — |
Gold and Swiss real estate have virtually no correlation with the Nasdaq or the healthcare sector. When one suffers, the others hold firm. That's precisely the principle behind the PP 2.x — and it works.
Neon portfolio vs PP 2.x: an honest comparison
Here's the truth: the Neon portfolio is not identical to the PP 2.x, and it makes no claim to be. The main differences:
- 4 ETFs instead of 5 — risk is less diversified across components
- Heavier Nasdaq weighting — which partly explains the slightly higher CAGR in some periods, but also a slightly larger drawdown
- Slightly better Sharpe ratio over the long term — an advantage for the Neon portfolio
- Slightly larger max drawdown — a drawback of the Neon portfolio
My conclusion: if you have a Neon account, the Neon portfolio is an excellent option. But I have a slight preference for the PP 2.x, as diversification across 5 independent components offers additional resilience that is particularly valuable during unexpected crises.
How she invested: the DCA method
I explained how to buy the ETFs, but above all how to rebalance the portfolio regularly — a point that is often overlooked but crucial for maintaining target weightings and benefiting from the automatic "sell high, buy cheap" effect.
I also encouraged her to invest her savings gradually through DCA (dollar-cost averaging), for two reasons: to get comfortable with market fluctuations, and to avoid panicking at the first sign of volatility. A first market crash can permanently put off a beginner investor. Gradual entry is the antidote.
After nearly two years, she's very happy with the results. She sometimes tells me: "I'm making more money on my Neon portfolio with less capital than on everything else." She should really say she's making money where she was losing it before… but I won't split hairs.
What I remind her regularly, from experience: be prepared to lose money too, even with a portfolio designed for resilience. Markets correct. What matters is not panicking and staying the course — or even using the dip to add to positions.
Conclusion: the best brokerage is the one you actually use
My wife's story reminded me of something essential: perfect is the enemy of good. An Interactive Brokers account is theoretically superior to Neon Invest. But if practical friction stops you from investing at all, what's the point?
Neon Invest — with its reasonable fees for a passive approach, its simple interface, and its integration into an existing current account — allowed my wife to take the plunge. Two years on, her portfolio is performing remarkably well, with a risk-adjusted return that many professional fund managers would envy.
If you're already a Neon customer and want to invest simply, the portfolio described here — inspired by the Permanent Portfolio 2.x — is a serious option worth considering. Do your own research, backtest the allocations that suit you, and above all: start.
Time in the market always beats waiting for the right moment.
Frequently asked questions
Is Neon Invest suitable for beginners?
Yes, Neon Invest is particularly well suited to beginners. Activation takes a single tap in the Neon app, with no new account to open. The interface is simple, the instrument list is curated (which avoids choice paralysis), and fees are transparent. These are exactly the reasons I recommended it to my wife for her first steps in the stock market.
Which ETFs are available on Neon Invest?
Neon Invest offers a selection of around sixty ETFs covering the main asset classes: global equities, Swiss equities, emerging markets, specific sectors (tech, healthcare, energy), real estate, commodities, gold, and bonds. Some ETFs benefit from 0% transaction fees through the Neon investment plan. The full list is available at the bottom of this article.
Is Neon Invest cheaper than Interactive Brokers or Saxo?
For an active investor making many transactions, Interactive Brokers remains unbeatable on fees. But for a passive approach with few transactions (semi-annual rebalancing, monthly DCA), the cost difference is marginal — and more than offset by the simplicity and low friction at entry. The best broker is the one you actually use.
What allocation should I choose for a passive portfolio on Neon?
The portfolio described in this article — inspired by the Permanent Portfolio 2.x — is built on four ETFs: Nasdaq 100 (CSNDX, 33.3%), S&P US Health Care (SXLV, 14.3%), physical gold (SGLD, 19%), and Swiss real estate (SRFCHA, 33.3%). This combination delivered an annualised return of 11.21% with a Sharpe ratio of 1.22 and a maximum drawdown of -22.3% over 15 years. The low correlation between assets is the key to its resilience.
Is the Neon portfolio risky?
All stock market investments carry a risk of capital loss. That said, this portfolio is designed for resilience through diversification across weakly correlated assets: when the Nasdaq corrects, gold and Swiss real estate cushion the blow. Over 15 years, its maximum drawdown was -22.3%, lower than the -29.3% of the Swiss market. It's not a risk-free portfolio, but it's one designed to weather crises without panic.
Going further: ETFs available on Neon Invest
If you want to build your own portfolio, here is the list of ETFs available on Neon Invest at the time of writing. This list evolves regularly — check directly in the app for the most up-to-date version.
| Neon name | Full name | ISIN | Acc./Dist. | 0% fees* |
|---|---|---|---|---|
| AI & Big Data | Xtrackers AI & Big Data UCITS ETF | IE00BGV5VN51 | Acc. | ✅ |
| Asia Pacific Dividend | iShares Asia Pacific Dividend UCITS ETF USD | IE00B14X4T88 | Dist. | — |
| Automation & Robotics | iShares Automation & Robotics UCITS ETF | IE00BYZK4552 | Acc. | — |
| Battery Solutions | WisdomTree Battery Solutions UCITS ETF USD Acc | IE00BKLF1R75 | Acc. | — |
| Biotech (US) | Invesco NASDAQ Biotech UCITS ETF Acc | IE00BQ70R696 | Acc. | — |
| Biotech and Genomics | WisdomTree BioRevolution UCITS ETF USD Acc | IE000O8KMPM1 | Acc. | — |
| Blockchain Ecosystem | Invesco CoinShares Global Blockchain UCITS ETF Acc | IE00BGBN6P67 | Acc. | — |
| China | iShares MSCI China A UCITS ETF | IE00BQT3WG13 | Acc. | — |
| China Technology | Invesco MSCI China Technology All Shares UCITS ETF Acc | IE00BM8QS095 | Acc. | — |
| Clean Energy (Dist.) | iShares Global Clean Energy UCITS ETF USD | IE00B1XNHC34 | Dist. | — |
| Clean Energy (Invesco) | Invesco Global Clean Energy UCITS ETF Acc | IE00BLRB0242 | Acc. | — |
| Clean Energy (Xtrackers) | Xtrackers MSCI Global SDG 7 Clean Energy UCITS ETF 1C | IE000JZYIUN0 | Acc. | ✅ |
| Cloud Computing | WisdomTree Cloud Computing UCITS ETF USD Acc | IE00BJGWQN72 | Acc. | — |
| Commodities (Amundi) | Lyxor Thomson Reuters Core Commodity CRB ETF | LU1829218749 | Acc. | — |
| Commodities (WisdomTree) | WisdomTree Enhanced Commodity UCITS ETF | IE00BYMLZY74 | Acc. | ✅ |
| Cybersecurity | WisdomTree Cybersecurity UCITS ETF USD Acc | IE00BLPK3577 | Acc. | — |
| Defense Europe | WisdomTree Europe Defence UCITS ETF | IE0002Y8CX98 | Acc. | — |
| Defense Global | VanEck Defense UCITS ETF | IE000YYE6WK5 | Acc. | — |
| Developed Asia Pacific ex Japan | Vanguard FTSE Dev Asia Pacific ex Japan UCITS ETF Acc | IE00BK5BQZ41 | Acc. | — |
| Developed Markets (ESG Paris) | Invesco MSCI World ESG Climate Paris Aligned UCITS ETF Acc | IE000V93BNU0 | Acc. | ✅ |
| Digitalisation | iShares Digitalisation UCITS ETF | IE00BYZK4883 | Acc. | — |
| Dow Jones Industrial Average | iShares Dow Jones Industrial Average UCITS ETF USD A | IE00B53L4350 | Acc. | — |
| Emerging Markets (iShares) | iShares Core MSCI Emerging Markets IMI UCITS ETF USD | IE00BKM4GZ66 | Acc. | — |
| Emerging Markets (Vanguard) | Vanguard FTSE Emerging Markets UCITS ETF USD Dis | IE00B3VVMM84 | Dist. | — |
| Emerging Markets ESG Paris | Invesco MSCI EM ESG Climate Paris Aligned UCITS ETF Acc | IE000PJL7R74 | Acc. | ✅ |
| EURO STOXX 50 | iShares Core EURO STOXX 50 UCITS ETF | IE00B53L3W79 | Acc. | — |
| Europe Real Estate (ex UK) | SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF | IE00BSJCQV56 | Acc. | — |
| Europe Stocks Top 600 | Invesco STOXX Europe 600 UCITS ETF Acc | IE00B60SWW18 | Acc. | — |
| Eurozone Stocks (Swisscanto ESG) | Swisscanto ESGen SDG Index Equity EMU UCITS ETF | IE000KIQ3DT5 | Acc. | ✅** |
| Financials Global | SPDR MSCI World Financials UCITS ETF | IE00BYTRR970 | Acc. | — |
| Fintech | Xtrackers MSCI Fintech Innovation UCITS ETF 1C | IE000YDOORK7 | Acc. | — |
| Global Dividend Aristocrats | SPDR S&P Global Dividend Aristocrats UCITS ETF | IE00B9CQXS71 | Dist. | — |
| Global High Dividend Yield | Vanguard FTSE All-World High Dividend Yield UCITS ETF Dist. | IE00B8GKDB10 | Dist. | — |
| Global High Yield Corporate Bond (ESG) | Invesco Global High Yield Corporate Bond ESG UCITS ETF Acc | IE0001VDDL68 | Acc. | ✅ |
| Global Infrastructure | iShares Global Infrastructure UCITS ETF USD | IE00B1FZS467 | Dist. | — |
| Global Real Estate | SPDR Dow Jones Global Real Estate UCITS ETF | IE00B8GF1M35 | Dist. | — |
| Global Stocks (FTSE) | Invesco FTSE All-World UCITS ETF Acc | IE000716YHJ7 | Acc. | ✅ |
| Global Stocks (FTSE, Dist.) | Vanguard FTSE All-World UCITS ETF (USD) Distributing | IE00B3RBWM25 | Dist. | — |
| Global Stocks (MSCI ACWI) | iShares MSCI ACWI UCITS ETF | IE00B6R52259 | Acc. | — |
| Global Stocks (MSCI World) | Xtrackers MSCI World UCITS ETF 1C | IE00BJ0KDQ92 | Acc. | — |
| Global Stocks (Swisscanto ESG) | Swisscanto ESGen SDG Index Equity World UCITS ETF | IE000ZI3FFP9 | Acc. | ✅** |
| Gold (ZKB) | ZKB Gold ETF AA CHF | CH0139101593 | Dist. | ** |
| Gold ETC | Invesco Physical Gold ETC | IE00B579F325 | Acc. | — |
| Gold Miners | VanEck Vectors Junior Gold Miners UCITS ETF Acc | IE00BQQP9G91 | Acc. | — |
| Health Care Global | iShares MSCI World Health Care Sector ESG UCITS ETF | IE00BJ5JNZ06 | Dist. | — |
| Healthcare Innovation | iShares Healthcare Innovation UCITS ETF USD | IE00BYZK4776 | Acc. | — |
| Hydrogen Companies | Invesco Hydrogen Economy UCITS ETF Acc | IE00053WDH64 | Acc. | — |
| India | Franklin FTSE India UCITS ETF | IE00BHZRQZ17 | Acc. | — |
| Megatrends | WisdomTree Megatrends UCITS ETF | IE0000902GT6 | Acc. | ✅ |
| Nasdaq 100 (CHF Hedged) | Invesco Nasdaq-100 UCITS ETF CHF Hedged | IE00BYVTMT69 | Acc. | — |
| Nasdaq 100 (iShares, Acc.) | iShares NASDAQ 100 UCITS ETF USD Acc | IE00B53SZB19 | Acc. | — |
| Nasdaq 100 (Xtrackers) | Xtrackers Nasdaq 100 UCITS ETF 1C | IE00BMFKG444 | Acc. | ✅ |
| Nasdaq Equal Weight | Invesco NASDAQ-100 Equal Weight UCITS ETF Acc | IE000L2SA8K5 | Acc. | — |
| S&P 500 (iShares, Acc.) | iShares Core S&P 500 UCITS ETF USD | IE00B5BMR087 | Acc. | — |
| S&P 500 (Vanguard, Dist.) | Vanguard S&P 500 UCITS ETF USD Dist | IE00B3XXRP09 | Dist. | — |
| S&P 500 (Xtrackers) | Xtrackers S&P 500 UCITS ETF 4C | IE000Z9SJA06 | Acc. | ✅ |
| S&P 500 Information Tech | iShares S&P 500 Information Technology Sector UCITS ETF USD | IE00B3WJKG14 | Acc. | — |
| Semiconductors Global | iShares MSCI Global Semiconductors UCITS ETF USD | IE000I8KRLL9 | Acc. | — |
| Small Caps | iShares MSCI World Small Cap UCITS ETF | IE00BF4RFH31 | Acc. | — |
| Swiss Dividend | iShares Swiss Dividend ETF (CH) | CH0237935637 | Dist. | — |
| Swiss Market Index (SMI) | UBS ETF SMI | CH0017142719 | Dist. | — |
| Swiss Performance Index (SPI, Acc.) | UBS LFS Core SPI ETF CHF Acc | CH1416135338 | Acc. | — |
| Swiss Performance Index (SPI, Dist.) | UBS ETF CH SPI-A | CH0131872431 | Dist. | — |
| Swiss Real Estate (SXI) | UBS ETF (CH) SXI Real Estate Funds (CHF) | CH0105994401 | Dist. | — |
| Swiss Stocks (Swisscanto ESG) | Swisscanto (CH) ESGen SDG Index Equity Switzerland ETF | CH1408319130 | Dist. | ✅** |
| Technology Global (ESG) | Invesco S&P World Information Technology ESG UCITS ETF Acc | IE000Q0IU5T1 | Acc. | — |
| U.S. Dividend Aristocrats | SPDR S&P U.S. Dividend Aristocrats UCITS ETF | IE00B6YX5D40 | Dist. | — |
| U.S. Health Care | SPDR S&P US Health Care Select Sector UCITS ETF Acc | IE00BWBXM617 | Acc. | — |
| U.S. Technology | SPDR S&P US Technology Select Sector UCITS ETF Acc | IE00BWBXM948 | Acc. | — |
| Uranium | Global X Uranium UCITS ETF USD Acc | IE000NDWFGA5 | Acc. | — |
| US Stocks (Swisscanto ESG) | Swisscanto ESGen SDG Index Equity USA UCITS ETF | IE00035F1RO6 | Acc. | ✅** |
| Video Gaming & ESports | VanEck Vectors Video Gaming and eSports UCITS ETF Acc | IE00BYWQWR46 | Acc. | — |
| Wind Energy | Invesco Wind Energy UCITS ETF Acc | IE0008RX29L5 | Acc. | — |
| World Momentum | iShares Edge MSCI World Momentum UCITS ETF | IE00BP3QZ825 | Acc. | — |
| World Technology | SPDR MSCI World Technology UCITS ETF | IE00BYTRRD19 | Acc. | — |
✅ = 0% fees via the Neon investment plan — ** = 0% fees until 30.06.2026 — Source: Neon
Sources and data
- Portfolio123 — backtests for the Neon portfolio and EWL benchmark, period 06/04/2011–23/02/2026: portfolio123.com
- Neon — ETF list and investment plan conditions: neon-free.ch
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All stock market investments carry a risk of capital loss. Past performance is not indicative of future results.
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