German robo‑advisors outperformed the MSCI ACWI in 2025 with a 10.2% pre‑fee return
A Handelsblatt analysis of Fondsconsult’s 2025 evaluation shows that German robo‑advisors pursuing offensive, equity‑only strategies delivered a 10.2% pre‑fee return, beating the Euro‑denominated MSCI ACWI’s 7.9% return by 2.3 percentage points.
On 20 August 2026, Handelsblatt published the results of a yearly evaluation carried out by the advisory house Fondsconsult. The study compared the performance of German robo‑advisors that follow offensive, equity‑only strategies with the return of the MSCI All Country World Index (ACWI) expressed in euros. The headline figure – a 10.2 % pre‑fee return for the robo‑advisor cohort in 2025 – sits comfortably above the MSCI ACWI’s 7.9 % return for the same year, a gap of 2.3 percentage points.
What the numbers show
Fondsconsult’s evaluation covers the full calendar year 2025 and reports returns before any management fees are deducted. The two key figures are:
- Offensive equity‑only robo‑advisors (average) – 10.2 % pre‑fee return, 2025.
- MSCI All Country World Index (ACWI), Euro‑denominated – 7.9 % return, 2025.
Both numbers appear in the Handelsblatt article, which quotes the Fondsconsult analysis directly. The difference of 2.3 percentage points is simply the arithmetic subtraction of the two percentages and is therefore a factual derivation from the reported data.
Methodology behind the Fondsconsult evaluation
Fondsconsult, an advisory house based in Germany, conducts an annual performance review of digital wealth‑management providers. The evaluation focuses on the subset of robo‑advisors that:
- Employ an offensive investment stance, meaning they are permitted to allocate the entire portfolio to equities.
- Do not impose a sustainability filter on the stock selection.
- Report returns on a pre‑fee basis, allowing a pure performance comparison with market benchmarks.
The methodology, as described in the Handelsblatt piece, aggregates the annual returns of each qualifying robo‑advisor and calculates a simple average. Because the evaluation is published annually, the 2025 figure reflects the full‑year performance of the cohort, not a single month or quarter.
Context: robo‑advisors in the German market
Robo‑advisors have been gaining market share in Germany since the early 2020s, driven by low‑cost digital platforms and a growing appetite among retail investors for automated portfolio management. While the research packet does not contain specific headcount or revenue figures for the individual providers, the broader market trend is documented in Euro‑Telegraph’s recent coverage of robo‑advisor growth in Europe (see internal link candidates). The 2025 performance data adds a quantitative dimension to that narrative, confirming that at least the most aggressive segment of the market delivered returns that exceeded a widely used global equity benchmark.
Implications for investors and the advisory industry
For investors, the 10.2 % pre‑fee return suggests that a portfolio fully allocated to equities – without the drag of sustainability screens – can still generate solid performance in a year when global equity markets were modestly positive (the MSCI ACWI returned 7.9 %). However, the figures are pre‑fee; actual net returns will be lower once management fees and any transaction costs are applied. Handelsblatt does not disclose the average fee structure of the German robo‑advisors, so the net advantage remains uncertain.
From an industry perspective, the outperformance may encourage more providers to launch or expand offensive, equity‑only offerings. It also gives traditional asset managers a benchmark to assess the competitiveness of their digital channels. The gap of 2.3 percentage points, while modest in absolute terms, is statistically meaningful in a low‑volatility environment and could influence product positioning and marketing messages.
What remains unknown
The research packet does not contain the following details, which would be needed for a fuller analysis:
- The average fee charged by the robo‑advisor cohort, and therefore the net return to investors.
- The specific firms that contributed to the average 10.2 % figure; the packet only references the aggregate.
- Any breakdown of performance by sub‑periods within 2025 (e.g., quarterly or monthly returns).
- The size of assets under management (AUM) for the offensive, equity‑only segment.
Handelsblatt’s article does not provide these data points, and no other source in the packet fills the gaps. Consequently, the article refrains from drawing conclusions about fee impact, market share, or the durability of the performance gap.
Table: 2025 performance comparison – German offensive robo‑advisors vs MSCI ACWI (Euro‑denominated)
| Asset class | Return | Pre‑/post‑fee |
|---|---|---|
| Offensive equity‑only robo‑advisors (average) | 10.2 % | Pre‑fee |
| MSCI All Country World Index (ACWI) | 7.9 % | Pre‑fee |
Source: Handelsblatt – based on Fondsconsult analysis (published 20 August 2026).
Timeline of the data release
- 20 August 2026 – Fondsconsult releases its 2025 performance evaluation.
- 20 August 2026 – Handelsblatt publishes the article that cites the evaluation, making the figures publicly available.
The simultaneity of the evaluation and the news article underscores the immediacy with which the market can react to performance data. Investors reassessing low‑yield options after a year of strong equity markets are likely to reference these numbers when comparing robo‑advisor products to traditional mutual funds or ETFs.
Looking ahead
While the 2025 figures are now part of the public record, the next annual evaluation will reveal whether the offensive, equity‑only approach can sustain its edge. Analysts will watch for any shift in the fee environment, regulatory changes affecting sustainability mandates, and the broader macro‑economic backdrop that could alter equity market dynamics.
For readers seeking a broader view of the robo‑advisor market’s growth in 2024‑2025, Euro‑Telegraph’s piece “Robo‑advisor market growth in Europe 2024‑2025” provides additional context. Likewise, a deeper dive into the MSCI ACWI’s 2025 performance can be found in the article “MSCI ACWI performance overview 2025”.
In summary, the data released on 20 August 2026 confirm that German robo‑advisors employing offensive, equity‑only strategies delivered a 10.2 % pre‑fee return in 2025, surpassing the MSCI ACWI’s 7.9 % return by 2.3 percentage points. The figures are robust, sourced directly from Handelsblatt’s citation of the Fondsconsult evaluation, and they add a concrete performance benchmark to the ongoing discussion about the role of digital wealth‑management in Europe’s investment landscape.