Is there a free alternative to Morningstar X-Ray?

What is Morningstar X-Ray?

X-Ray is Morningstar's portfolio look-through report. Morningstar's own product page describes it as laying out a portfolio's overall asset allocation, sector weightings and fees, and describes a companion tool, Stock Intersection, as uncovering concentrated positions so you can see how much any one security can affect you. Both sit inside Morningstar Investor, which that page prices at $249 a year or $34.95 a month after a seven-day free trial, and which lets you either link accounts or enter holdings by hand. Those details were read from Morningstar's own pages on September 14, 2026; a subscription price is the kind of fact that moves, so check it there rather than here.

What does PortLens do?

When a SEC N-PORT filing resolves, PortLens explodes the fund into the equity positions that source lists, multiplies each company's weight by the fund's weight in the portfolio, and adds up exposure to the same company across the resolved funds and directly held shares. Three funds that look different on a statement come back as the single concentrated position they are. On top of that sit effective holdings, top-ten concentration, a dominant sector, a diversification score, portfolio beta against the S&P 500 total return, and a weighted expense ratio — all free. A signed-out scan supports up to 20 typed holdings, and every figure is documented on the methodology page.

PortLens sets no per-fund ceiling of its own on how many constituents it reads from a filing. It opens up a fund's shares company by company and names its bonds, cash and derivatives by type, with no fixed-income analysis; nor does every fund always resolve — most often international listings, and certain UCITS funds that file no US holdings report. An unresolved fund contributes no underlying companies. Below roughly three quarters reported look-through coverage, the concentration figures understate what is really there.

What does each one measure?

What does neither of them do?

Neither tool places an order, holds money, or knows anything about your circumstances. PortLens in particular collects no objectives, horizon or loss capacity, runs the same models for everybody, and is not an investment adviser — which is why nothing it outputs is a recommendation, and why it publishes no tax content of any kind. It also holds no real-time data.

If the specific thing you came for is two funds side by side rather than a whole portfolio, the ETF overlap checker answers that directly, and VOO vs VTI is a worked example with its own numbers and as-of date. For what a look-through report contains and what happened to the free Instant X-Ray, see what a portfolio X-Ray shows.

Where Morningstar X-Ray does more than PortLens

Morningstar Investor is a broader product and reports several things PortLens has no answer to at all. Its own description of X-Ray leads with overall asset allocation — the stock, bond and cash mix of a whole portfolio — and PortLens covers only part of that: it names the bonds and cash inside your funds by type, with no fixed-income analysis. Morningstar also links accounts, so holdings arrive and stay current on their own, where PortLens is manual entry every time. And a subscription carries Morningstar's ratings and research, which is a different product category rather than a feature PortLens has a smaller version of.

If what you want is the whole X-Ray report, PortLens is not a replacement for it. If what you want is the look-through — which companies the available sources identify across your funds, and how much they add up to — that is the part PortLens does for free.

How do I look through my own portfolio?

Enter tickers and share counts; PortLens calculates the position weights. It runs free and without an account for up to 20 typed holdings; a longer list takes a free account. A scan shows how much of your money it could open up into companies; a fund counts as opened even when its published list is partial. The fund-cost figure names any fund with no published fee rather than counting it as free. What each figure means and how it is computed is on the methodology page. All investing involves risk, including possible loss of principal, and past performance does not guarantee future results.

Key takeaways

• X-Ray is not gone; it is part of a paid subscription, priced by Morningstar at $249 a year or $34.95 a month with a seven-day trial as of September 14, 2026.
• The overlapping capability is look-through: both explode funds into the companies inside them, and both report a weighted fund cost.
• PortLens does that half free and without an account for up to 20 holdings. Its look-through coverage figure is an upper bound on what it saw through, not a measure of completeness.
• Morningstar does more: asset allocation across stocks, bonds and cash, account linking, and its own ratings and research. PortLens names the bonds and cash inside your funds but offers no fixed-income analysis, links no accounts and publishes no ratings.

Other comparisons

• Is there a free alternative to ETF Research Center’s Fund Overlap?
• Is there a free alternative to Portfolio Visualizer?
• Is there a free alternative to Sharesight?
• Is there a free alternative to Empower Personal Dashboard?