Most investors think they’re diversified.
Until they run a Portfolio X-Ray—and realize they’re holding the same tech stocks five different ways.
Morningstar’s Portfolio X-Ray tool gives you a clear, visual breakdown of your entire portfolio, across all accounts.
Let’s walk through how it works—and why it might be the most eye-opening tool you’ll ever use.
TLDR: What Portfolio X-Ray Shows You
- Complete asset allocation across all your holdings
- Sector and geographic exposure
- Hidden overlaps between funds and ETFs
- Fees, risk levels, and diversification gaps
- Dividend yield and style box breakdown
Read our review and learn how you can get an exclusive discount here.
1. Aggregate All Your Holdings in One Place
No more guessing what’s where.
Morningstar lets you add investments from brokerage accounts, retirement accounts, mutual funds, and even individual stocks or ETFs.
Once they’re in the system, you’ll see everything in one clean dashboard—organized by asset class, region, and sector.
2. Identify Overlap and Concentration Risk
Ever own multiple funds and think you’re diversified—only to realize they all hold Apple?
Portfolio X-Ray reveals:
- Fund and ETF holdings overlap
- Overweight sectors (like tech or energy)
- Concentration in specific stocks or asset classes
It’s like shining a flashlight into your portfolio’s blind spots.
3. Analyze Allocation and Style
X-Ray breaks your holdings into the Morningstar Style Box:
- Large, Mid, Small cap
- Growth, Blend, Value
You can also see how much you’re invested in:
- U.S. vs. International
- Bonds vs. Stocks
- Cash vs. Equities
This helps you decide if your mix matches your goals—or if you’re unknowingly off balance.
TRENDING DEAL:
Disclaimers:
The Annual Percentage Yield (APY) is accurate as of 10/3/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:Option 1Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.The average daily balance of your Axos ONE® Checking account is at least $1,500.Option 2Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.The average daily balance of your Axos ONE® Checking account is at least $5,000.If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.The Axos ONE® Savings account will earn a promotional rate of up to 4.51% APY for the statement cycle in which the requirements are met.The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account. Show Less
4. Evaluate Fees, Yield, and Risk
Don’t stop at performance.
Morningstar shows:
- Fund expense ratios and fee drag
- Portfolio yield (dividends + interest)
- Risk metrics like standard deviation and beta
Now you’re not just looking at returns—you’re seeing the cost of those returns.
5. Monitor Progress and Make Adjustments
This isn’t a one-and-done report. Portfolio X-Ray helps you:
- Compare your current allocation to a target mix
- Rebalance when you drift too far off course
- Track performance and income over time
Think of it as your portfolio’s GPS—keeping you on track, even when markets get choppy.
The Cost? Practically Pays for Itself
Let’s talk cost.
Morningstar Premium runs about $34.95/month or $249/year if you go annual (get $50 off with this exclusive offer).
Think about it: one solid insight from a Morningstar analyst could help you dodge a costly mistake or catch a breakout stock early. That alone can cover the subscription—and then some.
If you’re serious about building long-term wealth, this isn’t an expense.
It’s an investment in making smarter decisions.
Key Takeaways
- Portfolio X-Ray shows you the full picture—allocation, overlap, risk, and more
- It helps you catch problems most investors miss
- Use it to rebalance, optimize, and stay aligned with your goals
- It’s one of the most powerful tools in Morningstar Premium
If you’re tired of wondering whether your portfolio is really working for you—
X-Ray it.
Because the more clearly you see your investments, the smarter your next move becomes.
[GET AN EXCLUSIVE AT MORNINGSTAR]
Here are additional investment research tools to check out. I’ve always been a big fan of Seeking Alpha. But Morningstar has it’s advantages.
Discover more from MoneysMyLife
Subscribe to get the latest posts sent to your email.
