• Single-product investors are clients who invest in just one type of product within their portfolio (for example, only stocks).
• Multi-product investors, also referred to as multi-asset investors, are clients who invest across multiple product types (for example, a combination of stocks, ETFs, or other instruments).

Performance is measured as profit or loss over the year relative to the investor’s average total assets, providing a consistent basis for comparison.

A Smoother Ride Through Different Market Conditions

The differences become particularly visible during challenging market periods. In 2022, markets were difficult across the globe. Saxo’s data shows that:

• Single-asset investors experienced a deeper average decline.
• Multi-asset investors also faced losses, but the drawdown was meaningfully smaller.

This highlights an important point for less experienced investors:
when markets fall sharply, having exposure to more than one type of asset can help reduce the impact of extreme movements.

Participation When Markets Recover

In more positive market years, the data shows that multi-asset investors did not “miss out” on recovery phases.

• In 2023, 2024, and 2025, multi-product investors, on average, achieved higher annual performance figures than single-product investors.
• This suggests that diversification doesn’t necessarily mean giving up growth. A diversified portfolio can still allow participation when markets move upward, while helping manage downside risk.

Why This Matters for Investors

For investors who are not monitoring markets every day or adjusting positions frequently, diversification can play an important role in risk management rather than return maximisation.

Based on Saxo’s client data, spreading investments across different product types may help:

• Reduce the severity of losses in difficult market environments
• Smooth overall portfolio performance from year to year
• Lower the emotional stress that can come from large swings in portfolio value

This can be especially relevant for retail investors with limited market experience, where sharp losses may lead to emotional decision-making at the wrong time.

What multi-asset investing is - and isn’t

It’s important to be clear about what this data does not imply.

• Diversification does not eliminate risk
• Losses can still occur, even in diversified portfolios
• Past outcomes do not guarantee future results

What the data does show is that, historically, Saxo clients who spread their investments across multiple product types tended to experience more resilient outcomes over time, compared to those concentrated in a single product.

In Summary

Saxo’s client data over the past five years suggests that:

• Investing across multiple product types has historically been associated with more stable and often stronger outcomes
• Diversification may help soften the impact of difficult market years
• A multi-asset approach can support long-term investing by managing risk rather than relying on a single market outcome

For retail investors, understanding how different assets behave — and why spreading risk can matter — is a key step toward building confidence in navigating financial markets.