SelfWealth's own index, the SW200 which allows investors to compare the performance of their portfolios directly with other users of the community, has outperformed the ASX200.
The SW200 takes the top 200 stocks by weight, from the top 200 portfolios by performance from the time they joined the SelfWealth online community of investors and allows users to compare with their own portfolio performance.
"It doesn't make much sense to compare yourself as an individual with 200 other companies," SelfWealth managing director Andrew Ward said.
Ward explained that this prompted the idea of putting together a "crowd-source benchmark index".
According to Ward, the Commonwealth Bank was the most popular stock among SelfWealth investors and was weighted at 10.15% of the SW200 index.
It is followed by BHP Billiton, which was weighted at 8.81% and cash, which was the third highest weighting of the SW200, with a weight of 5.78%.
SelfWealth is a Melbourne-based business that has six employees and about 500 users. It was founded last November and it is an online community that allows investors to compare their portfolios with other users, the market and professionals for a monthly fee.