Komaris is a browser-based quantitative risk analysis tool made available by Komaris. The tool applies statistical methods to publicly available market data in order to produce portfolio risk indicators, including but not limited to regime classifications, loss estimates, stress projections, and position-level attribution figures. Komaris is offered on a tiered basis comprising a free tier accessible without registration and paid subscription tiers (Pro and Pro Live) which require the creation of a user account and payment of a recurring fee. By accessing or using the tool, the user acknowledges having read and accepted these terms in their entirety.

The service is intended solely for individuals aged 18 years or older who are legally able to enter into a binding contract under the laws of their jurisdiction. By accessing or using the service, the user represents and warrants that they meet this requirement. Where the user accesses the service on behalf of an organisation, the user further represents that they have authority to bind that organisation to these terms.

Access to paid tiers requires the creation of a user account through our authentication provider. The user is responsible for maintaining the confidentiality of account credentials and for all activity occurring under the account. Subscriptions are billed on a recurring basis through our payment provider and may be cancelled at any time through the user's billing portal. Cancellation takes effect at the end of the current billing period. Komaris does not issue refunds for partial billing periods except where required by applicable law.

The outputs produced by Komaris are statistical estimates derived from quantitative models. They are made available exclusively for informational and educational purposes. Nothing contained in or generated by this tool constitutes financial advice, investment advice, portfolio management, or any other form of regulated financial service within the meaning of Directive 2014/65/EU (MiFID II), the United States Investment Advisers Act of 1940, or any other applicable national or supranational legislation. Komaris does not hold authorisation as an investment firm, credit institution, registered investment adviser, or portfolio manager, and does not act in any such capacity in making this tool available. Past market behaviour, historical regimes, and simulated stress scenarios are not indicative of future performance or future market conditions. Users are solely responsible for any investment or financial decision they make, and are strongly advised to seek the counsel of a qualified and regulated financial professional before acting on any information derived from this tool.

To the maximum extent permitted by applicable law, Komaris expressly disclaims all liability, whether in contract, tort, negligence, or otherwise, for any direct, indirect, incidental, consequential, or special loss or damage arising from or in connection with the use of, inability to use, or reliance upon Komaris or any output it produces. This disclaimer applies without limitation to losses resulting from inaccuracies in underlying market data, model limitations, service interruptions, or the user's own interpretation and application of results.

Komaris is provided on an "as is" and "as available" basis, without warranty of any kind, whether express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, accuracy, or non-infringement. Komaris makes no representation that the service will be uninterrupted, error-free, or that defects will be corrected. Komaris reserves the right, at its sole discretion, to modify, suspend, or permanently discontinue the service or any feature thereof at any time, with reasonable notice provided to active subscribers where commercially feasible.

All intellectual property rights in and to Komaris, including without limitation the underlying risk models, software architecture, visual design, content, trademarks, and branding, are and shall remain the exclusive property of Komaris. No licence, right, or interest in any such intellectual property is granted to the user by virtue of access to or use of this tool, save for the limited, revocable, non-exclusive, non-transferable right to use the tool for personal or internal informational purposes in accordance with these terms. Any reproduction, modification, distribution, reverse engineering, public redistribution, or resale of any element of this tool, in whole or in part, is strictly prohibited without the prior written consent of Komaris.

The user agrees to use Komaris solely in accordance with applicable law and these terms. Without limiting the foregoing, the user shall not: use the tool for any unlawful, fraudulent, or deceptive purpose; deploy automated scripts, bots, crawlers, or other means of systematic data extraction; attempt to circumvent, disable, or interfere with any security, authentication, or access control mechanism; share account credentials with third parties or transfer a subscription to another person without authorisation; introduce malicious code, viruses, or other harmful components; or represent outputs generated by the tool as the product of professional or regulated financial analysis.

Komaris relies on a number of independent third-party service providers in order to deliver its functionality. These include TradingView for market data widgets, Financial Modeling Prep for historical price and reference data, Clerk for user authentication and account management, Stripe for payment processing and subscription billing, and SnapTrade for read-only brokerage account integration available to Pro Live subscribers. Each of these providers operates under its own terms of service and privacy policy. Komaris cannot guarantee the accuracy, availability, or data practices of any third-party provider, and users are directed to consult the policies of those providers separately.

The Live Brokerage Sync feature available to Pro Live subscribers operates exclusively through SnapTrade and is strictly read-only. Komaris does not, at any time, hold, store, or have access to brokerage credentials. Komaris is not authorised to and does not place trades, transfer funds, or take any other action on the user's brokerage account. Brokerage positions retrieved through SnapTrade are used solely to populate the user's portfolio analysis at the time of the user's request and are not retained by Komaris between sessions.

Komaris shall not be liable for any delay, interruption, or failure in the performance of the service resulting from events beyond its reasonable control. Such events include, without limitation, acts of God, natural disasters, pandemics, acts of war or terrorism, civil disturbance, governmental or regulatory action, failures or outages of public or private telecommunications networks, internet service providers, cloud infrastructure, or third-party data and integration providers including those identified in section 9. The occurrence of any such event shall not constitute a breach of these terms.

These Terms of Use are governed by and shall be construed in accordance with the laws of France, without regard to its conflict of law provisions. Any dispute arising out of or in connection with these terms or the use of Komaris that cannot be resolved amicably shall be submitted to the exclusive jurisdiction of the competent courts of Paris, France. The foregoing shall not affect any mandatory consumer protection rights granted to users by the laws of their country of residence.

Komaris reserves the right to amend these Terms of Use at any time. Material amendments will be communicated to active subscribers by email where commercially feasible. Amendments take effect upon publication on this page. The user's continued use of the service following publication of any amendment shall constitute acceptance of the revised terms. Users are encouraged to review these terms periodically.

Think of VaR as a worst-case estimate for a normal bad day. When Komaris shows a Historical VaR 95% of −1.3%, it means: based on your portfolio's actual return history, on 95 out of 100 trading days your loss stayed within −1.3%. The remaining 5 days out of 100 — the genuinely bad days — were worse than that. VaR does not tell you how bad those worst days were. It simply draws a line and says: on 95% of days, you stayed above this.

CVaR answers the question VaR leaves open: on those worst 5% of days, how bad was it on average? If your VaR is −1.3% and your CVaR is −1.9%, it means that on your worst days — the ones beyond the VaR line — your portfolio lost −1.9% on average. CVaR is always a larger loss than VaR. A big gap between the two is a signal that your portfolio has some extreme outlier days hiding in the tail.

A breach is simply a day when your actual loss exceeded the VaR threshold. By definition, this should happen around 5% of trading days — roughly 13 days per year. Komaris counts how many breaches occurred in the past year and compares to that baseline. More breaches than expected (shown in red) may mean the model is underestimating your real risk — common with volatile or concentrated portfolios. Fewer breaches (shown in green) means the model is being cautious. Around 13 is healthy.

Each bar is one trading day. Green bars are days your portfolio went up, red bars are days it went down. The orange line is your VaR 95% threshold — any red bar dipping below it is a breach. Pro users also see the VaR line move over time, reflecting how your portfolio's risk level has changed — it rises during volatile periods and falls during calmer ones. Use the zoom controls to focus on any specific period of time.

Markets go through distinct phases — periods of calm growth, periods of stress, and periods of recovery. Komaris detects which phase the market is currently in and adjusts the risk estimates accordingly. During stressful market phases, historical volatility and correlations tend to be elevated, meaning your real risk is higher than a long-term average would suggest. The Regime-Adjusted VaR reflects this — it gives you a more current picture of your exposure rather than an average across all historical conditions.

The 1-day VaR tells you about your daily risk, but what about over a week or a month? The forecast extends this estimate forward across three horizons — 1 day, 1 week, and 1 month. Risk naturally grows with time: a bad day can turn into a bad week. The SPY figures shown alongside each number indicate the same estimate for the S&P 500, giving you an immediate sense of whether your portfolio takes more or less risk than the broad US market.

This section shows how much each of your positions is responsible for your portfolio's total risk. It is not simply proportional to your position size — a smaller position in a highly volatile or correlated asset can contribute more risk than a larger position in a stable one. Use this to identify which holdings are driving your downside exposure, and to understand where reducing a position would have the most impact on your overall risk level.

This section shows how long the current market phase has been running and how long similar phases have lasted historically. It is designed to provide context — market stress periods have always come to an end, and understanding where we are in a historical cycle can help you make more informed decisions. The statistics shown (average duration, shortest, longest) are based on S&P 500 historical data. They do not predict when the current phase will end — they simply show what has happened in the past.

VaR is a useful tool but it has limits. It does not tell you how bad losses get beyond the threshold — only that they occur. It is based on historical data which may not reflect future conditions. Correlations between assets can shift dramatically during market crises, precisely when you need diversification the most. All numbers in this tab are backward-looking estimates and do not constitute a guarantee, prediction, or financial advice. When in doubt, speak with a qualified financial adviser.

The data controller within the meaning of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 (the "General Data Protection Regulation" or "GDPR") is Tom Girard, sole proprietor (Entrepreneur Individuel) operating under the French micro-entrepreneur regime under the trade name Komaris (SIREN 991 207 515), with principal place of business at 4 Rue Clément Ader, 87100 Limoges, France. All data protection enquiries may be addressed to support@komaris.io.

Komaris was designed around a single principle: the only data we keep is the data we need to keep. Most retail investing platforms generate revenue by retaining and monetising user data. We made a different choice. The free tier is accessible without registration. Paid tiers (Pro and Pro Live) require a user account solely in order to manage subscriptions and to enable account-bound features such as live brokerage synchronisation. The portfolio data that users analyse through the tool, including tickers, weights, and analysis outputs, is processed in-memory at the time of analysis and is not persisted to Komaris' servers. The architecture of the tool reflects a deliberate policy of data minimisation consistent with the principles set out in Article 5 of the GDPR.

Komaris is not intended for use by individuals under the age of 18 and does not knowingly collect personal data from minors. Where Komaris becomes aware that personal data has been collected from a minor, such data will be promptly and irreversibly deleted. Parents or guardians who believe a minor has provided personal data to Komaris may contact support@komaris.io for immediate removal.

Komaris processes the following categories of personal data, each strictly limited to the purpose for which it is collected. (a) Account data: where the user creates an account in order to access paid tiers, the email address, name, and authentication identifier are processed through our authentication provider for the purpose of identifying the user and securing access to the account. (b) Subscription data: where the user purchases a Pro or Pro Live subscription, billing identifiers and subscription status are processed through our payment provider for the purpose of managing the subscription. Komaris does not see, store, or process payment card details. (c) Brokerage connection data: where a Pro Live user voluntarily connects a brokerage account, an opaque connection identifier is processed by our brokerage integration provider in order to enable read-only retrieval of positions at the user's request. (d) Contact data: where the user voluntarily submits a message through the Contact Us form, the name, email address, and message content are processed solely to enable a response.

For the avoidance of doubt, Komaris does not collect, store, log, or otherwise persist the following categories of information. (a) Portfolio composition data including tickers, weights, or asset classes entered by the user, which is processed in-memory at the time of analysis and discarded once the analysis session ends. (b) Risk analysis outputs or results generated during a session, which are presented to the user and not retained. (c) Brokerage account credentials, which are handled exclusively by the brokerage integration provider and are never accessible to Komaris. (d) IP addresses for the purpose of user profiling or tracking. (e) Device fingerprints, advertising identifiers, or behavioural analytics of any kind.

Komaris processes personal data on the following legal bases under Article 6 of the GDPR. Account data and subscription data are processed on the basis of performance of a contract pursuant to Article 6(1)(b), namely the contractual relationship arising from the user's subscription to a paid tier. Brokerage connection data is processed on the basis of consent pursuant to Article 6(1)(a), expressed when the user voluntarily initiates a brokerage connection. Contact form data is processed on the basis of legitimate interest pursuant to Article 6(1)(f), namely the legitimate interest of Komaris in responding to user enquiries.

Komaris does not deploy tracking cookies, advertising cookies, or analytics cookies. The tool does set strictly necessary functional cookies and equivalent client-side storage where required for the operation of the service, including authentication session cookies set by our authentication provider when the user is signed in, payment session cookies set by our payment provider during a checkout flow, and transient session storage used to maintain the operational state of the tool during an active session. These functional storage mechanisms are not used for tracking, profiling, or advertising.

Komaris relies on the following third-party processors in order to deliver its functionality. Clerk, Inc. provides user authentication and account management for paid tiers. Stripe, Inc. provides payment processing and subscription billing for paid tiers; payment card details are submitted directly to Stripe and never transit through Komaris' infrastructure. SnapTrade, operated by Passiv Technologies Inc., provides read-only brokerage account integration for Pro Live subscribers; brokerage credentials are submitted directly to SnapTrade and are never accessible to Komaris. TradingView, Inc. and Financial Modeling Prep provide market data widgets and historical price data, which is publicly available reference data and does not involve transmission of user-identifiable information by Komaris in the course of a standard portfolio analysis session. Each of these providers operates under its own privacy policy. Users are encouraged to consult the policies of those providers for further information.

Certain of the third-party processors identified in section 8 are established in or transfer personal data to jurisdictions outside the European Economic Area, including the United States. Where such transfers occur, they are effected on the basis of the safeguards required by Chapter V of the GDPR, which may include Standard Contractual Clauses adopted by the European Commission or, where applicable, the EU-US Data Privacy Framework.

Account data is retained for the duration of the user's account and for a reasonable period thereafter to comply with legal and accounting obligations. Subscription and billing records are retained in accordance with applicable accounting and tax law, typically a period of ten years under French law. Contact form submissions are retained for a period not exceeding twelve months from the date of submission. Brokerage connection identifiers are retained only for as long as the user maintains an active connection and are deleted upon disconnection.

Users located within the European Economic Area are entitled to exercise the following rights in respect of any personal data processed by Komaris, subject to the conditions and limitations set out in the GDPR: the right of access (Article 15); the right to rectification (Article 16); the right to erasure (Article 17); the right to restriction of processing (Article 18); the right to data portability (Article 20); the right to object to processing (Article 21); and the right to lodge a complaint with a competent supervisory authority, in particular the Commission Nationale de l'Informatique et des Libertés (CNIL) in France. Users may also withdraw consent at any time where processing is based on consent. Requests to exercise any of the foregoing rights should be directed to support@komaris.io. Komaris undertakes to respond within thirty calendar days of receipt of a valid request.

Komaris implements appropriate technical and organisational measures to protect personal data processed through its service against unauthorised access, accidental loss, destruction, or disclosure. These measures include encryption of data in transit, restricted administrative access on a need-to-know basis, and reliance on third-party processors that maintain industry-standard security certifications.

Komaris reserves the right to modify this Privacy Policy at any time in response to changes in applicable law, regulatory guidance, or its data processing practices. The effective date appearing at the head of this document will be updated accordingly. Material changes will be communicated to users with active accounts where commercially feasible. Continued use of the service following any modification shall constitute acknowledgment of the revised policy.