---
title: "Combined level"
description: "The Combined level is the tier of settings belonging to a Combined itself — how capital is split across its member strategies, refreshed, and de-risked."
canonical_url: "https://fincanva.com/glossary/combined-level"
last_updated: "2026-10-06"
md_url: "https://fincanva.com/glossary/combined-level.md"
---

# Combined level

The Combined level is the tier of settings that belongs to a [Combined](/glossary/combined) itself rather than to any strategy inside it — the layer that decides how capital is split across member strategies, how often that split is reset, and how the whole Combined de-risks. Every [member strategy](/glossary/strategy-in-a-combined) keeps its own settings one level below.

**Also seen as:** Combined-level allocation, Combined-level risk, Combined-level rebalance

The app names its controls after it: **Combined rebalance**, **Combined allocation**, and **Combined risk**, grouped under "Combined — splits capital across strategies".

## How does Fincanva handle it?

- [Combined allocation](/glossary/combined-weighting) offers the methods the [allocation method](/glossary/allocation-and-allocation-method) table marks for a Combined — among them [Equal weights](/glossary/equal-weights), Fixed weights, [Ranking-based](/glossary/ranking-based), Inverse volatility, Risk parity, [MPT (Markowitz)](/glossary/mpt-markowitz) and the risk-focused methods such as [Min CVaR](/glossary/min-cvar). Methods that exist only inside a single strategy, such as Market cap or [Hierarchical risk parity](/glossary/hierarchical-risk-parity), are not offered at the Combined level.
- With [**Fixed weights**](/glossary/fixed-weights) you type a weight per member in the table of the **Strategies** card, and the Allocation card shows them read-only under "Strategy weights"; the raw weights need not add up to 100, because they are normalized.
- [**Invested portion**](/glossary/invested-portion) sets the share of capital the Combined deploys; whatever is not deployed stays as cash.
- **Combined risk** switches the whole Combined to its [Risk-Off](/glossary/risk-on-and-risk-off) allocation when its conditions are met — it does not pause or stop the Combined. See [risk conditions](/glossary/risk-condition).
- The Combined level has no instruments and no position exits of its own; those exist only inside member strategies.

## What settings live at the Combined level?

Four groups live at the Combined level, and only these four: **Strategies** (which strategies are members, and their weights), **Combined rebalance** (how often the capital split is reset — see [rebalance](/glossary/rebalance)), **Combined allocation** ("How capital is split across strategies"), and **Combined risk** ("De-risk the whole Combined when markets turn"). Everything else — the instruments, the per-instrument weighting, the position exits — belongs to each member [strategy](/glossary/strategy), not to the Combined.

## How do the Combined level and the strategy level differ?

They are two independent layers, applied one after the other: the Combined level splits capital *across* member strategies, and each member's own allocation then weights instruments *inside* its share. Fincanva applies both and never collapses them into one. So changing a member's own allocation does not change how much capital that member receives, and changing the Combined allocation does not change what any member holds.

## What does it look like in practice?

A Combined holds three member strategies and starts from 30,000. Its Combined allocation is **Equal weights**, so the Combined level hands each member an equal third — 10,000 each. What happens to each 10,000 is decided one level down: the first member weights its five stocks equally at 2,000 apiece, the second uses [Inverse volatility](/glossary/inverse-volatility) across its holdings, and the third holds a single ETP for its whole 10,000. Switch the Combined allocation to [**Risk parity**](/glossary/risk-parity) and the three shares stop being equal, but each member's internal weighting is untouched — the two levels moved independently.

Fincanva is for education and illustration only. It is not personalised financial advice, and past or simulated results do not predict future ones. [Read the Terms Addendum](https://fincanva.com/terms/addendum#section-3)