Altria Group, Inc.

ISIN US02209S1033

WKN 200417

Market cap (in EUR)

82,415 m

Country

United States

Sector

Consumer Non-Cyclicals

Dividend yield

7.21%

Overview

Quote

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Description

Altria Group, Inc. is a holding company, which engages in the manufacture and sale of cigarettes in the United States. It operates through the following segments: Smokeable Products, Oral Tobacco Products, and All Other. The Smokeable Products segment consists of cigarettes manufactured and sold by PM USA, and machine-made large cigars and pipe tobacco manufactured and sold by Middleton. The Oral Tobacco Products segment includes MST and snus products manufactured and sold by USSTC, and oral nicotine pouches manufactured and sold by Helix. The All Other segment refers to the financial results of NJOY, Helix ROW, and the IQOS System heated tobacco business. The company was founded in 1919 and is headquartered in Richmond, VA.

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Consumer Non-Cyclicals Food and Tobacco Production Tobacco Production United States

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Financials

Key metrics

Market capitalisation, EUR	82,415 m
EPS, EUR	4.75
P/B ratio	-
P/E ratio	11.0
Dividend yield	7.21%

Income statement (2024)

Revenue, EUR	18,900 m
Net income, EUR	10,387 m
Profit margin	54.96%

What ETF is Altria Group, Inc. in?

There are 191 ETFs which contain Altria Group, Inc.. All of these ETFs are listed in the table below. The ETF with the largest weighting of Altria Group, Inc. is the Xtrackers MSCI USA Consumer Staples UCITS ETF 1D.

ETF	Weight	Investment focus	Fund size (in m EUR)
UBS MSCI USA Select Factor Mix UCITS ETF hEUR acc	0.46%	Equity United States Multi-Factor Strategy	9
JPMorgan US Hedged Equity Laddered Overlay Active UCITS ETF USD (Acc)	0.17%	Equity United States Buffer Alternative Investments	6
UBS Core MSCI World UCITS ETF USD acc	0.12%	Equity World	5,403
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.09%	Equity World Equal Weighted	9
UBS Core MSCI World UCITS ETF hCHF acc	0.12%	Equity World	690
UBS Factor MSCI USA Low Volatility UCITS ETF USD dis	0.71%	Equity United States Low Volatility/Risk Weighted	34
Xtrackers Portfolio UCITS ETF 1C	0.02%	Equity World Multi-Asset Strategy	671
Invesco MSCI World Equal Weight UCITS ETF Acc	0.07%	Equity World Equal Weighted	725
iShares Core MSCI World UCITS ETF USD (Dist)	0.12%	Equity World	507
Xtrackers S&P 500 Equal Weight UCITS ETF 1C	0.20%	Equity United States Equal Weighted	7,264
Invesco FTSE RAFI All World 3000 UCITS ETF	0.21%	Equity World Fundamental/Quality	138
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.09%	Equity World	5
SPDR S&P 500 UCITS ETF (Acc)	0.16%	Equity United States	11,480
UBS MSCI USA NSL UCITS ETF USD acc	0.16%	Equity United States	2,758
UBS Factor MSCI USA Low Volatility UCITS ETF hEUR acc	0.71%	Equity United States Low Volatility/Risk Weighted	5
Amundi Prime All Country World UCITS ETF Acc	0.13%	Equity World	814
UBS Core MSCI World UCITS ETF USD dis	0.12%	Equity World	1,294
BNP Paribas Easy MSCI World UCITS ETF USD Acc	0.12%	Equity World	26
BNP Paribas Easy S&P 500 II UCITS ETF EUR (Acc)	0.17%	Equity United States	126
UBS MSCI World UCITS ETF USD dis	0.12%	Equity World	1,331
Vanguard FTSE Developed World UCITS ETF Acc	0.11%	Equity World	4,770
iShares S&P 500 3% Capped UCITS ETF USD (Acc)	0.20%	Equity United States	322
HSBC Multi-Factor Worldwide Equity UCITS ETF USD	0.67%	Equity World Multi-Factor Strategy	782
Xtrackers S&P 500 Equal Weight UCITS ETF 2D	0.20%	Equity United States Equal Weighted	364
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	34
iShares MSCI ACWI UCITS ETF USD (Dist)	0.11%	Equity World	0
SPDR MSCI All Country World Investable Market UCITS ETF (Acc)	0.12%	Equity World	3,934
UBS MSCI USA Value UCITS ETF USD dis	0.36%	Equity United States Value	427
Amundi Core MSCI USA UCITS ETF Acc	0.18%	Equity United States	2,648
JPMorgan Global Equity Premium Income Active UCITS ETF USD (dist)	0.15%	Equity World Covered Call Alternative Investments	1,132
iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)	1.17%	Equity United States Low Volatility/Risk Weighted	57
SPDR S&P 500 UCITS ETF (Dist)	0.16%	Equity United States	15,096
SPDR MSCI World UCITS ETF	0.11%	Equity World	13,776
Franklin U.S. Equity UCITS ETF	0.89%	Equity United States Multi-Factor Strategy	58
SPDR S&P Developed Quality Aristocrats UCITS ETF USD Unhedged (Acc)	0.65%	Equity World Fundamental/Quality	44
iShares S&P 500 Equal Weight UCITS ETF EUR Hedged (Acc)	0.17%	Equity United States Equal Weighted	58
SPDR MSCI All Country World Investable Market UCITS ETF (Dist)	0.12%	Equity World	71
Goldman Sachs ActiveBeta® Paris-Aligned Sustainable US Large Cap Equity UCITS ETF CLASS USD (Acc.)	0.23%	Equity United States Multi-Factor Strategy	153
Deka MSCI World UCITS ETF Distribution	0.12%	Equity World	4,305
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.11%	Equity World	348
iShares S&P 500 CHF Hedged UCITS ETF (Acc)	0.17%	Equity United States	856
Vanguard FTSE Developed World UCITS ETF Distributing	0.11%	Equity World	3,479
Invesco FTSE RAFI US 1000 UCITS ETF	0.38%	Equity United States Fundamental/Quality	569
Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.15%	Equity North America	2,107
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.13%	Equity World	24
JPMorgan US Equity Premium Income Active UCITS ETF USD (dist)	0.22%	Equity United States Covered Call Alternative Investments	223
HSBC S&P 500 UCITS ETF USD	0.16%	Equity United States	6,999
JPMorgan Global Equity Multi-Factor UCITS ETF USD (Dist)	0.26%	Equity World Multi-Factor Strategy	0
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	14
Xtrackers S&P 500 Equal Weight UCITS ETF 2C EUR Hedged	0.20%	Equity United States Equal Weighted	1,080
UBS MSCI USA ex Mega Cap UCITS ETF USD acc	0.28%	Equity United States	2
SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.11%	Equity World	65
UBS Core MSCI USA UCITS ETF EUR Hedged acc	0.16%	Equity United States	488
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.13%	Equity World	317
JPMorgan Global Equity Premium Income Active UCITS ETF USD (acc)	0.15%	Equity World Covered Call Alternative Investments	73
SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.11%	Equity World	247
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.09%	Equity World	32
Xtrackers MSCI World UCITS ETF 1D	0.13%	Equity World	4,438
JPMorgan US Equity Premium Income Active UCITS ETF USD (acc)	0.22%	Equity United States Covered Call Alternative Investments	24
BNP Paribas Easy MSCI World UCITS ETF EUR Acc	0.12%	Equity World	33
First Trust US Momentum UCITS ETF Class A Accumulation	0.69%	Equity United States Momentum	66
Invesco FTSE All-World UCITS ETF Acc	0.09%	Equity World	2,141
Xtrackers S&P 500 UCITS ETF 1C - EUR Hedged	0.19%	Equity United States	568
Vanguard S&P 500 UCITS ETF (USD) Accumulating	0.16%	Equity United States	25,501
UBS Core MSCI USA UCITS ETF USD acc	0.16%	Equity United States	2,034
Xtrackers S&P 500 UCITS ETF 1D - EUR Hedged	0.19%	Equity United States	47
Deka S&P 500 UCITS ETF	0.16%	Equity United States	93
Invesco S&P 500 Equal Weight UCITS ETF Dist	0.19%	Equity United States Equal Weighted	279
First Trust Global Equity Income UCITS ETF Dist	0.90%	Equity World Fundamental/Quality	35
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.12%	Equity World	673
UBS MSCI USA Select Factor Mix UCITS ETF USD acc	0.46%	Equity United States Multi-Factor Strategy	92
Amundi Core MSCI World UCITS ETF USD Dist	0.13%	Equity World	1,309
Amundi MSCI USA Ex Mega Cap UCITS ETF Acc	0.44%	Equity United States	34
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	186
SPDR S&P 500 Low Volatility UCITS ETF	0.94%	Equity United States Low Volatility/Risk Weighted	91
Amundi Core MSCI USA UCITS ETF Dist	0.18%	Equity United States	772
Vanguard FTSE All-World High Dividend Yield UCITS ETF Distributing	0.26%	Equity World Dividend	6,505
Amundi Core S&P 500 UCITS ETF UCITS ETF Acc	0.19%	Equity United States	7
HSBC PLUS USA Equity Quant Active UCITS ETF USD Acc	0.51%	Equity United States Multi-Factor Strategy	73
iShares Russell 1000 Value UCITS ETF USD (Acc)	0.33%	Equity United States Value	240
Vanguard FTSE North America UCITS ETF (USD) Distributing	0.15%	Equity North America	2,472
Xtrackers MSCI World Consumer Staples UCITS ETF 1C	2.57%	Equity World Consumer Staples	722
Xtrackers S&P 500 UCITS ETF 4C	0.19%	Equity United States	907
UBS Core S&P 500 UCITS ETF hGBP dis	0.16%	Equity United States	62
iShares Core S&P 500 UCITS ETF USD (Dist)	0.16%	Equity United States	17,351
First Trust US Equity Income UCITS ETF GBP Hedged Distributing	2.76%	Equity United States Dividend	0
Xtrackers Portfolio Income UCITS ETF 1D	0.03%	Equity World Multi-Asset Strategy	59
Invesco S&P 500 High Dividend Low Volatility UCITS ETF	2.90%	Equity United States Low Volatility/Risk Weighted	272
iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc)	1.17%	Equity United States Low Volatility/Risk Weighted	1,238
Invesco S&P 500 Equal Weight UCITS ETF Acc	0.19%	Equity United States Equal Weighted	641
iShares MSCI World UCITS ETF (Dist)	0.11%	Equity World	7,353
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.09%	Equity World Multi-Asset Strategy	867
iShares S&P 500 Consumer Staples Sector UCITS ETF	3.48%	Equity United States Consumer Staples	519
First Trust Global Equity Income UCITS ETF Acc	0.90%	Equity World Fundamental/Quality	6
JPMorgan US Hedged Equity Laddered Overlay Active UCITS ETF USD (Dist)	0.17%	Equity United States Buffer Alternative Investments	5
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.12%	Equity World	1,529
First Trust US Large Cap Core AlphaDEX UCITS ETF Dist	0.15%	Equity United States Multi-Factor Strategy	34
Amundi Prime Global UCITS ETF Acc	0.13%	Equity World	1,018
iShares S&P 500 EUR Hedged UCITS ETF (Acc)	0.17%	Equity United States	7,980
SPDR S&P 500 EUR Hedged UCITS ETF	0.16%	Equity United States	2,441
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.10%	Equity World	26,864
UBS MSCI USA Select Factor Mix UCITS ETF USD dis	0.46%	Equity United States Multi-Factor Strategy	29
Deka MSCI USA Large Cap UCITS ETF	0.18%	Equity United States Large Cap	128
HSBC MSCI World UCITS ETF USD (Acc)	0.12%	Equity World	1,434
Xtrackers MSCI USA UCITS ETF 1D	0.19%	Equity United States	247
HSBC MSCI World UCITS ETF USD	0.12%	Equity World	12,461
UBS Core S&P 500 UCITS ETF hEUR acc	0.16%	Equity United States	254
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.02%	Equity World Multi-Factor Strategy	147
BNP Paribas Easy S&P 500 II UCITS ETF EUR Hedged (Acc)	0.17%	Equity United States	58
iShares MSCI North America UCITS ETF	0.16%	Equity North America	1,088
BNP Paribas Easy S&P 500 II UCITS ETF USD (Dist)	0.17%	Equity United States	0
L&G Global Equity UCITS ETF	0.14%	Equity World Social/Environmental	940
Invesco Global Enhanced Equity UCITS ETF Acc	0.31%	Equity World Multi-Factor Strategy	267
Vanguard FTSE All-World High Dividend Yield UCITS ETF Acc	0.26%	Equity World Dividend	1,421
Xtrackers MSCI USA Consumer Staples UCITS ETF 1D	4.00%	Equity United States Consumer Staples	133
JPMorgan BetaBuilders US Equity UCITS ETF (Dist)	0.16%	Equity United States	2
UBS Core MSCI World UCITS ETF hGBP dis	0.12%	Equity World	93
iShares MSCI ACWI UCITS ETF USD (Acc)	0.11%	Equity World	21,475
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.09%	Equity World Multi-Asset Strategy	64
HSBC S&P 500 UCITS ETF USD (Acc)	0.16%	Equity United States	452
Xtrackers MSCI USA UCITS ETF 1C	0.19%	Equity United States	9,099
UBS Core MSCI World UCITS ETF hEUR acc	0.12%	Equity World	304
HSBC PLUS World Equity Quant Active UCITS ETF USD Acc	0.55%	Equity World Multi-Factor Strategy	619
UBS Core MSCI USA UCITS ETF EUR Hedged dis	0.16%	Equity United States	325
UBS MSCI USA Select Factor Mix UCITS ETF hCHF acc	0.46%	Equity United States Multi-Factor Strategy	24
Vanguard S&P 500 UCITS ETF (USD) Distributing	0.16%	Equity United States	42,606
SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.11%	Equity World	969
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.14%	Equity World	17
iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	0.17%	Equity United States Equal Weighted	3,230
iShares S&P 500 Equal Weight UCITS ETF USD (Dist)	0.17%	Equity United States Equal Weighted	17
UBS Core MSCI USA UCITS ETF CHF Hedged acc	0.16%	Equity United States	466
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.02%	Equity World Multi-Factor Strategy	786
L&G S&P 100 Equal Weight UCITS ETF USD Acc	0.96%	Equity United States Large Cap	19
Amundi Core MSCI World UCITS ETF Acc	0.13%	Equity World	11,849
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.12%	Equity World	4,845
Deka MSCI USA UCITS ETF	0.16%	Equity United States	385
SPDR S&P Global Dividend Aristocrats UCITS ETF	2.44%	Equity World Dividend	1,216
Invesco FTSE All-World UCITS ETF Dist	0.09%	Equity World	182
iShares Edge MSCI USA Momentum Factor UCITS ETF USD (Dist)	0.81%	Equity United States Momentum	10
First Trust US Equity Income UCITS ETF Acc	2.76%	Equity United States Dividend	28
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.17%	Equity United States Low Volatility/Risk Weighted	98
JPMorgan BetaBuilders US Equity UCITS ETF (Acc)	0.16%	Equity United States	71
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	85
First Trust US Large Cap Core AlphaDEX UCITS ETF Acc	0.15%	Equity United States Multi-Factor Strategy	86
HSBC PLUS World Equity Income Quant Active UCITS ETF USD Dist	0.70%	Equity World Dividend	123
Xtrackers S&P 500 UCITS ETF 3C CHF hedged	0.19%	Equity United States	62
UBS Core MSCI USA UCITS ETF hGBP acc	0.16%	Equity United States	53
iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	0.44%	Equity World Momentum	3,008
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.06%	Equity World Multi-Asset Strategy	663
SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF USD	3.47%	Equity United States Consumer Staples	211
SPDR MSCI World Consumer Staples UCITS ETF	2.20%	Equity World Consumer Staples	112
Invesco S&P 500 Low Volatility UCITS ETF Acc	0.94%	Equity United States Low Volatility/Risk Weighted	19
Amundi Prime Global UCITS ETF Dist	0.13%	Equity World	1,002
SPDR S&P 500 Quality Aristocrats UCITS ETF USD Unhedged (Acc)	1.21%	Equity United States Fundamental/Quality	568
iShares Core MSCI World UCITS ETF USD (Acc)	0.12%	Equity World	108,749
Xtrackers MSCI World UCITS ETF 1C	0.13%	Equity World	16,116
Invesco Global Enhanced Equity UCITS ETF EUR PfHdg Acc	0.31%	Equity World Multi-Factor Strategy	0
First Trust US Equity Income UCITS ETF Dist	2.76%	Equity United States Dividend	297
Xtrackers MSCI North America High Dividend Yield UCITS ETF 1C	0.92%	Equity North America Dividend	109
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.12%	Equity World	455
iShares Core S&P 500 UCITS ETF USD (Acc)	0.16%	Equity United States	114,171
iShares Dow Jones US Select Dividend UCITS ETF (DE)	2.29%	Equity United States Dividend	339
iShares S&P 500 3% Capped UCITS ETF USD (Dist)	0.20%	Equity United States	1
BNP Paribas Easy S&P 500 II UCITS ETF USD (Acc)	0.17%	Equity United States	89
L&G US Equity UCITS ETF	0.19%	Equity United States Social/Environmental	999
SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.11%	Equity World	667
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.13%	Equity World	21
UBS Core S&P 500 UCITS ETF USD acc	0.16%	Equity United States	889
Amundi Prime All Country World UCITS ETF Dist	0.13%	Equity World	2,634
UBS Core MSCI USA UCITS ETF USD dis	0.16%	Equity United States	1,172
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.10%	Equity World	18,720
First Trust Value Line® Dividend Index UCITS ETF Acc	0.38%	Equity United States Dividend	6
iShares Edge MSCI USA Momentum Factor UCITS ETF	0.81%	Equity United States Momentum	490
SPDR MSCI All Country World UCITS ETF (Acc)	0.11%	Equity World	7,209
Xtrackers MSCI World Momentum UCITS ETF 1C	0.52%	Equity World Momentum	1,552
Xtrackers MSCI USA UCITS ETF 3C CHF Hedged	0.19%	Equity United States	266
iShares MSCI USA UCITS ETF (Acc)	0.16%	Equity United States	2,750
JPMorgan Global Equity Multi-Factor UCITS ETF Accumulating	0.26%	Equity World Multi-Factor Strategy	187
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.20%	Equity World	13
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.09%	Equity World	15
Invesco US Enhanced Equity UCITS ETF Acc	0.53%	Equity United States Multi-Factor Strategy	49
Finanzen.net MSCI World UCITS ETF Acc	0.13%	Equity World	13
Xtrackers S&P 500 UCITS ETF 4D	0.19%	Equity United States	1
UBS Core S&P 500 UCITS ETF USD dis	0.16%	Equity United States	1,044
Franklin US Dividend Tilt UCITS ETF (Dis)	0.59%	Equity United States Dividend	3
Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	0.19%	Equity United States	517
UBS Core S&P 500 UCITS ETF hCHF acc	0.16%	Equity United States	498
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.06%	Equity World Multi-Asset Strategy	87
L&G S&P 100 UCITS ETF USD Acc	0.27%	Equity United States Large Cap	3
Xtrackers MSCI USA UCITS ETF 2C EUR Hedged	0.19%	Equity United States	526
UBS MSCI USA UCITS ETF USD dis	0.16%	Equity United States	446

Order fees

Here you can find information about different brokers that allow you to trade stocks. Select your preferred order volume to compare the fees charged by the respective brokers.

Order volume:

Order fee	Stock savings plans
0.99€	3000	View offer*
0.00€	2587	View offer*
1.00€	2500	View offer*
0.00€	500	View offer*
0.00€	2500	View offer*

Show all offers

Source: justETF Research; As of 1/2026; *Affiliate link
— The offers are sorted in the following way: 1. Rating 2. Order fee 3. Number of stock savings plans. The number of stock savings plans is rounded.
— No guarantee can be given for the completeness and correctness of the information listed. The information provided by the online brokers is decisive. In addition to the indicated broker fees, additional costs (e.g. spreads, gratuities and product costs) may apply.

Savings plan offers

Here you can find information about the savings plan availability for the stock. You can use the table to compare savings plan offers for the selected savings rate.

Select your savings amount:

Execution fee	Account fee
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€

Show all offers

Source: justETF Research; As of 1/2026; *Affiliate link
- The offers are sorted in the following way: 1. Rating 2. Execution fee 3. Number of stock savings plans. The number of stock savings plans is rounded.
- No guarantee can be given for the completeness and correctness of the information listed. The information provided by the online brokers is decisive. In addition to the indicated broker fees, additional costs (e.g. spreads, gratuities and product costs) may apply.

Performance

Returns overview

YTD	-0.24%
1 month	-3.32%
3 months	-12.88%
6 months	-2.43%
1 year	-4.44%
3 years	+13.03%
5 years	+46.61%
Since inception (MAX)	-0.29%
2025	-2.02%
2024	+37.74%
2023	-15.12%
2022	+2.54%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).