Morningstar’s X-Ray made “what do I really own?” a standard check, and it is being retired on several non-US sites. Here are four alternatives, ranked on how well they show what your portfolio is exposed to, including in a crash. Checked in October 2026.
Exent is the best alternative for investors who hold stocks and ETFs and want to know how the portfolio would behave in a selloff. X-Ray opens each fund and lists what is inside. Exent measures what matters when markets fall: which holdings move together, and what the current mix would have lost in past crashes.
| # | Tool | Overlap / concentration | Crash or stress test | How holdings get in | Price (Oct 2026) |
|---|---|---|---|---|---|
| 1 | Exent | Correlation clusters and position concentration | Crash replays: 2008, 2018, 2020, 2022, 2025 | Screenshot, CSV, Excel, PDF or Google Sheet; no login | $1.95 3-day trial, then $59/month |
| 2 | Empower Personal Dashboard | Allocation view | Stress test in Portfolio Analysis | Account linking | Free (advisory services sold separately) |
| 3 | Portfolio Visualizer | Not the focus | Historical backtests | Manual or CSV/Excel | Free; Basic $30/mo, Pro $55/mo, billed yearly |
| 4 | Simply Wall St | Not the focus | Not advertised | Broker sync or AI transaction import | Free (1 portfolio, 10 holdings); paid plans yearly |
Prices as of October 2026 from each vendor’s site: Portfolio Visualizer, Empower, Simply Wall St. Plans change; check before you buy.
A list of what you own is a starting point. The useful question is whether the portfolio works as a system. We ranked each tool on:
Exent ranks first because it covers all five. The others cover some of them.
You upload a screenshot of your holdings from any broker, or a CSV, Excel, PDF or Google Sheet; there is no brokerage login. In about a minute Exent runs 16 checks. It measures concentration and groups holdings that move together into correlation clusters, so two ETFs and three stocks that are really one bet show up as one. It does this from price behavior rather than by opening each fund’s holdings list.
It then replays today’s holdings through 2008, 2018, 2020, 2022 and 2025 (how this works is in our portfolio stress test guide), compares the portfolio with a risk-matched benchmark, and reports Sharpe, Sortino and Calmar ratios and drawdown. It also shows what Wall Street analysts and company insiders are doing on the stocks you hold, and a what-if simulator lets you test a change before you trade. See Exent vs Morningstar.
2. Empower Personal Dashboard is free and includes a Portfolio Analysis tool with allocation, a benchmark comparison and a stress test. It works from linked accounts, and Empower is paid for referrals to its advisory service, which its own disclosures describe as a conflict of interest. See Exent vs Empower.
3. Portfolio Visualizer offers backtesting, Monte Carlo simulation, efficient frontier optimization and factor regression on tickers and weights you type in; the free tier backtests up to 15 assets. See Portfolio Visualizer alternatives.
4. Simply Wall St scores single companies with its Snowflake graphic, and its portfolio view tracks returns and dividends, with broker sync and AI transaction import. The free plan allows one portfolio of up to 10 holdings.
Morningstar X-Ray looks through your funds to show what they hold. According to Morningstar’s Investor product page, it lays out asset allocation, sector weightings and fees, and a separate tool, Stock Intersection, shows where several funds hold the same companies. In the US it sits inside Morningstar Investor ($249 a year or $34.95 a month, 7-day trial). Outside the US, Morningstar announced in 2025 that it would retire X-Ray and Instant X-Ray on several regional sites (see its membership update notice), which is a big reason people search for alternatives.
Whichever tool you use, a useful check answers these questions. Our guides on how to analyze your stock portfolio and ETF overlap walk through them.
Exent ranks first for stock and ETF investors: it shows correlation clusters, replays the portfolio through five past crashes and compares it with a risk-matched benchmark, from a screenshot with no brokerage login. Empower, Portfolio Visualizer and Simply Wall St are the other options covered here.
In the US, X-Ray is part of Morningstar Investor, a paid subscription of $249 a year or $34.95 a month as of October 2026, with a 7-day free trial. Morningstar announced in 2025 that X-Ray and Instant X-Ray would be retired on several of its non-US sites.
Yes. Exent reads a screenshot, CSV, Excel, PDF or Google Sheet of your holdings without any brokerage login, and Portfolio Visualizer accepts typed holdings or a CSV.
Fund overlap is when two or more funds hold the same companies, so you own more of those companies than the number of funds suggests. Overlapping holdings also tend to move together, which is what a correlation check picks up.
No. Exent does not list each fund’s holdings. It measures overlap from how holdings move together, groups them into correlation clusters, and adds crash replays and a risk-matched benchmark.
Upload a screenshot of your holdings and get concentration, overlap, crash exposure and a risk-matched benchmark in about a minute.
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.