Portfolio Visualizer alternative: backtests in euros, with taxes

In short

Portfolio Visualizer is a widely used tool for backtests, optimisation and Monte Carlo. It calculates in US dollars and knows US taxes in its Monte Carlo simulation. Paperball calculates in euros on daily prices of ETFs, funds and stocks, with costs, distributions and the tax mechanics of 8 countries.

What Paperball calculates differently

In euros, day by day: every price is converted on its day at the reference rate of a central bank. Return, volatility and drawdown include the exchange rate movement from the point of view of a euro investor.
With taxes: taxes on capital gains and distributions according to the mechanics of 8 countries, for Germany with partial exemption (Teilfreistellung), saver's allowance (Sparer-Pauschbetrag) and advance lump-sum tax (Vorabpauschale).
All allocations: Paperball calculates every allocation of your securities in fixed steps, each in five rebalancing variants, and sorts them by metrics such as the Sharpe, Sortino or Calmar ratio.
Monte Carlo from real months: 10,000 paths from pieces of real monthly returns, with savings plan, withdrawal and tax — or every starting year of the price history in its real order.

What Portfolio Visualizer additionally offers

Portfolio Visualizer describes factor analyses, tactical allocation models, a fund screener and optimisations such as Black-Litterman on its website. Paperball does not offer factor analyses or tactical models.

Four tools side by side

Feature	Paperball	Portfolio Visualizer	testfolio	Curvo Backtest
Monte Carlo	Pieces of real monthly returns drawn anew (block bootstrap), 10,000 paths; also every starting year of the price history in its real order	Historical, statistical or specified returns; bootstrap with single months, years or blocks of years	Block bootstrap; limited in the free account	Monthly returns from a normal distribution, 600 paths
Searching or comparing allocations	Every allocation of the selected securities in fixed steps, each in five rebalancing variants	Optimisation, including efficient frontier and Black-Litterman	Optimiser and efficient frontier	Compare several allocations side by side
Savings plan and withdrawals	In the backtest and in Monte Carlo; withdrawal as a fixed amount adjusted for inflation or as a percentage	Fixed contributions and withdrawals or a fixed percentage; in Monte Carlo further withdrawal rules	Contributions and withdrawals with annual growth and inflation adjustment	Regular contributions
Taxes	Tax mechanics of 8 countries in the backtest and in Monte Carlo, for Germany including the advance lump-sum tax (Vorabpauschale)	In Monte Carlo: US taxes (federal and state)	Turnover and tax reporting for tactical strategies (paid plan)	Belgian transaction tax
Calculation currency	Euro; every price converted at the reference rate of its day	US dollar	Selectable: USD, CAD, EUR, JPY, GBP, AUD, CHF	Euro, pound or franc
Price data	Daily prices of the securities; in Monte Carlo also market indices with a long history: equities since 1871, bonds since 1956, gold since 1960	Monthly or annual values; asset classes from 1972	ETFs, stocks, funds, simulated series and your own series	Monthly values of the indices behind the funds, partly from 1970; fund costs included
Interface languages	11, including German	English	English	Nine, including German
Connection to AI assistants (MCP)	Yes	Not described on the website	Yes	Yes
Free to use	Free account with starter credits, then credits per run; calculators without an account	Yes, without signing in, with limited history	Free account; some tools limited	Yes, without an account

Information as of 25 Oct 2026. The information on the other tools comes from their websites and may have changed since.

Portfolio Visualizer, testfolio and Curvo are offerings of other companies; Paperball is not affiliated with them. The comparison describes features and does not rate any of the tools.

Sources of the information

Frequently asked questions

Is Portfolio Visualizer available in German?

The Portfolio Visualizer website is in English. Paperball's interface is available in these languages: Dansk, Deutsch, English, Español, Français, Italiano, Nederlands, Norsk, Polski, Português and Svenska.

Can I test European ETFs with Paperball?

Yes. You search for securities by ISIN or name and calculate them in euros. Paperball converts prices in other currencies for each day at the reference rate of a central bank.

Is Paperball free?

The account is permanently free and comes with starter credits; after that, backtests, Monte Carlo simulations and updates cost credits, bought separately or by subscription. The calculators on the public pages need no account. What the plans include is shown on the pricing page.

Read on

Calculate your own allocation

Choose your securities — Paperball calculates every allocation over the past, in euros, with costs, distributions and taxes.

More about the portfolio backtester