United Kingdom · Our Portfolios compared
Pennine, a medium-risk portfolio, vs UK stocks (ISF)
Pennine is the middle of our five UK portfolios: five funds built to swing about 7% in a typical year. UK stocks (ISF) is the UK stock market in a single fund. Here are the two side by side: how much each grew, and how far each fell on the way.
At a glance
Closing prices to November 2, 2026 · updated after every trading day
Since January 2018, Pennine grew 7.4% a year against 7.5% for UK stocks (ISF). Its worst fall was 11.4% against 24.8%, and it swung 8.6% in a typical year against 12.3%.
UK stocks (ISF) grew more; Pennine fell less. Over the last 5 years, Pennine grew 9.8% a year and UK stocks (ISF) 12.0%.
Since January 2018
| Portfolio or fund | Growth per year | Worst fall | Yearly swing |
|---|---|---|---|
| PennineRisk 3 of 5 | +7.4% | -11.4% | 8.6% |
| UK stocks (ISF)The fund on its own, dividends reinvested | +7.5% | -24.8% | 12.3% |
The last 5 years
| Portfolio or fund | Growth per year | Worst fall | Yearly swing |
|---|---|---|---|
| PennineRisk 3 of 5 | +9.8% | -11.3% | 9.4% |
| UK stocks (ISF)The fund on its own, dividends reinvested | +12.0% | -7.9% | 10.1% |
Growth per year is the average yearly return; worst fall is the deepest drop from a high; yearly swing is how much the value typically moves in a year (volatility). Complete months only, dividends reinvested, after trading costs.
Growth since January 2018
Gain or loss each year
| Year | Pennine | UK stocks (ISF) |
|---|---|---|
| 2018 | -1.3% | -9.0% |
| 2019 | +9.5% | +17.0% |
| 2020 | +3.6% | -12.5% |
| 2021 | +5.8% | +17.7% |
| 2022 | -1.3% | +4.9% |
| 2023 | +2.7% | +7.6% |
| 2024 | +11.6% | +9.4% |
| 2025 | +21.5% | +25.9% |
| 2026 to November 2 | +15.9% | +10.5% |
Where these figures come from
The portfolios' results before November 3, 2026 come from a walk-forward test: each December their five funds were chosen from earlier prices only, then held for the next year. The 2026 portfolios were built on November 3, 2026 from prices up to December 31, 2025, and from then on they are recorded as they happen.
UK stocks (ISF) is the fund's own record, dividends reinvested.
What each portfolio holds is part of Pro. See the portfolios on Our Portfolios. A risk level describes how much a portfolio swings, not who should own it: this is research we publish for every reader alike, not advice for your situation.
For educational and informational purposes only, not financial, investment, tax, or legal advice. Backtests are hypothetical; past performance does not guarantee future results.