Combined weighting is how a Combined splits its capital across the strategies inside it — a layer of allocation that sits above, and is independent of, how each of those strategies weights its own instruments. The editor titles it Combined allocation and describes it as "How capital is split across strategies".
Also seen as: Combined allocation, strategy-level allocation, multi-strategy weighting
How does Fincanva handle it?
- The Combined's default method is Equal weights: capital split evenly across the member strategies.
- Every weight you type across a Combined — a Fixed weights weight, a Static weight or a rotation weight — accepts any number from 0 to 999, decimals included. A negative is not accepted: a Combined cannot be short one of its own strategies.
- If the weights invest nothing — every Fixed weights weight at 0 or, under Ranking-based, every static weight of a strategy that does not rotate and every rotation weight at 0 — the allocation still saves, the totals line reads "Invests nothing" in place of a number, and the yellow "invests nothing" warning is raised as it is for a single strategy. It clears as soon as any member strategy in use gets a non-zero weight.
- Weighting belongs to the allocation profile, so a Combined with a Risk-Off allocation can weight its strategies one way in Risk-On and another way in Risk-Off.
- How the two layers are combined into the final positions is part of the engine and is not published; what is documented is that both layers apply and neither overrides the other.
What are the two independent weighting layers?
A Combined applies two allocation layers and never merges them into one. The Combined layer decides what share of capital each member strategy receives. Inside each member strategy, that strategy's own allocation method then decides how its share is spread across instruments. The layers do not interact: a member strategy keeps exactly the same internal weighting whether the Combined hands it 10% of capital or 40%, and changing a member's internal method leaves the Combined's split untouched.
Which weighting schemes can a Combined use?
Every allocation method marked for a Combined: Equal weights, Fixed weights, Ranking-based, Inverse volatility, Risk parity, MPT (Markowitz), Max diversification, Min MAD, Min CVaR and Scenario CVaR, Conditional drawdown at risk, Entropic value at risk, Robust worst case and Stochastic programming. Not offered here: Floating, Market cap, Min correlation, Mimicking and Beta neutral, which weight instruments rather than strategies, and the three group-based methods — Hierarchical risk parity, Hierarchical equal risk contribution and Nested clustered optimization.
Two of them produce the schemes people usually mean by "combined weighting":
- Fixed weights — you set a weight per strategy in the Strategies table and it stays there, whatever the strategies do.
- Ranking-based — the member strategies are ranked each period and paid by rank position, with fixed exceptions you nominate. Its ranking metric defaults to Price Change, from four: Price Change, Average Momentum, Volatility and Sharpe ratio. P/E Ratio is not available at this level; it exists only inside a single strategy.
What are strategy roles, static weight and rank weight?
Under Ranking-based, every member strategy takes one of two roles, set per strategy in the Strategies table:
- static — Rotate is off. The strategy is held every period at the fixed Static weight you gave it, whatever its rank. A newly added strategy starts static with a weight of 1.
- rotating — Rotate is on. The strategy joins the ranking pool, and its weight comes from where it ranks that period.
The editor summarises the split under Strategy roles as "{rotating} rotating · {staticCount} static", noting "Rotate and static weights are configured per strategy". Switching Rotate on and back off keeps the Static weight you typed: while a strategy rotates it is simply not used — nor checked against the 0 to 999 range, so a value you cannot see never stops a save.
The rotating strategies share one Rotation weights curve — "Relative weight given to each rotating rank, top to bottom — any number from 0 to 999, decimals allowed." — labelled Rank 1, Rank 2 and so on, normalised to 100% like the rank-tier weights inside a strategy. There is one slot per rotating strategy, and a newly opened slot starts at 1. A rotating strategy's rank weight is whichever slot matches its rank that period: the slots stay put while the strategies move between them.
What does it look like in practice?
A Combined holds three strategies — A, B and C — and rebalances monthly.
Under Equal weights, each receives a third of capital every period. Under Fixed weights, you type 50, 30 and 20, and those shares hold whatever the three strategies do. Under Ranking-based, you mark A as static with a Static weight of 20 and switch Rotate on for B and C. That leaves two rotation slots: you give Rank 1 a weight of 60 and Rank 2 a weight of 20. The raw total is 100, so A is held at 20% every period, whichever of B and C ranks higher on the chosen metric takes 60%, and the other takes 20%. Next month the ranking flips: B and C swap slots, their weights swap with them, and A's 20% does not move.