Luum vs Wealthfolio

Wealthfolio is a free, open-source, local-first investment tracker. Luum is a hosted, paid, Canada-first analytics product. Comparing them is less about features than about which set of trade-offs you actually want to own, and for a meaningful number of people Wealthfolio is the right answer. This page is written by Luum, so weigh it accordingly.

The short version

Wealthfolio fits better if you want your financial data on your own machine and nowhere else, you are comfortable installing and updating software yourself, and paying nothing matters more than anything below.

Luum fits better if you want Canadian tax mechanics handled as first-class concepts, registered accounts, and adjusted cost base pooled the way the CRA actually pools it, and you would rather the tool keep itself current than keep it current yourself.

What Wealthfolio does well, and it is a lot

Wealthfolio is free and open source. The code is public, so the claim "no hidden trackers" is one you can verify rather than take on trust, which is not true of Luum or of any other hosted product in this category, ours included. It runs on macOS, Windows and Linux, on iPhone and iPad, and self-hosted through Docker. Data stays on your devices by default, its own framing is that "Your financial history stays on your devices instead of becoming dependent on another cloud platform." No account is required to use it.

Feature-wise it is not a toy: performance tracking, net worth, allocation, spending analysis, goal projections, contribution-limit monitoring, multi-currency, and retirement planning with Monte Carlo simulation. Data comes in by manual entry or CSV, and an optional paid subscription called Wealthfolio Connect adds automatic brokerage imports and encrypted sync between devices.

If your reaction to that list is "that is everything I need and I would rather own my data", stop reading. That is a coherent position and Wealthfolio serves it better than we do.

Where Luum is different

Canadian tax mechanics are the product, not a locale setting. Luum tracks adjusted cost base with the average-cost method across accounts and across years of partial sales, because the CRA pools identical property per taxpayer rather than per account, explained here. Registered account types are first-class rather than tags: gains inside a TFSA, RRSP or FHSA are excluded from your capital gains view because that is what they are. As of September 8, 2026, Wealthfolio's site does not describe Canadian tax or adjusted cost base reporting. That is a statement about their site on that date, and since the project is open source, it is one you can go and check properly.

Targets and drift. You set an allocation by asset class, region and sector, and Luum measures how far the real portfolio has moved from it, then computes the trades that would close the gap. Luum never places a trade, no order path exists.

Look-through and instrument analysis. Luum resolves your ETFs to their underlying holdings, so overlapping funds cannot hide a concentration, and Ticker Scores rank what you hold on five measured dimensions as an input to your decision rather than a signal.

Diagnostics, projections and peer context. On the Wealth tier, Luum quantifies blended risk from beta, volatility and maximum drawdown, scores concentration with the Herfindahl-Hirschman Index across asset class, sector, geography and individual holding, compounds each fund's real management expense ratio over ten, twenty and thirty years, and detects pairwise overlap between two funds you own. Its Monte Carlo projection runs ten thousand simulated paths from your actual allocation using the correlations between its asset classes, on the capital market assumptions published annually by FP Canada and the Institute of Financial Planning for long-horizon projections, and states whether you are on track against your goal and what the gap is in today's dollars. Your blended cost, concentration and return are compared against anonymised aggregates of users with similar risk profiles, goals and horizons.

The rest of the Canadian record. Realised gains are reported across every reportable account together, with registered accounts excluded, and the year's dispositions export as a T5008-style CSV. On the Investor tier and above, TFSA and RRSP contribution room is drawn down from the figure on your notice of assessment, flagging when you are near the limit and, separately, when you are over it.

Market context you would otherwise go elsewhere for. Watchlists with optional price alerts, exchange-wide movers and 52-week highs and lows across the TSX, NYSE and NASDAQ, an IPO calendar, and an AI that explains the numbers on your own screen in plain language, grounded in your real data and unable to invent a figure.

It is hosted, and that is a trade, not a feature. Nothing to install, nothing to update, read-only brokerage connections that keep themselves current, and your data stored in Canada, at the cost of it not being on your own machine. That is precisely the thing Wealthfolio declines to do, on purpose. Whichever of those sentences you nodded at is your answer.

Where they differ

Compared on	Wealthfolio	Luum
Cost	Free and open source; paid Connect add-on	Paid. See the pricing page
Where data lives	On your devices by default	Hosted, stored in Canada
Source code	Public and inspectable	Closed
Install and updates	Yours to run	Nothing to install
Platforms	macOS, Windows, Linux, iOS, Docker	Web, any modern browser
Brokerage sync	Via the paid Connect add-on	Read-only (Snaptrade), included
Canadian tax context	Not described on their site	Registered account types are first-class
Adjusted cost base	Not described on their site	Average-cost pool across accounts and partial sales
Targets and drift	Goal projections	Targets by asset class, region and sector, plus drift
ETF look-through	Not described on their site	Yes, MERs included

Where this leaves you

The split here is unusually clean, and it is about where the data lives rather than about what gets computed. If having the file on your own machine is the thing you are optimising for, that is what Wealthfolio is built to do and no hosted product will match it.

If the thing you keep failing to answer is a Canadian tax question, what is my real cost base across two brokerages, what actually happens to it when a fund pays return of capital, then that is what Luum is for, and it is the part a general-purpose tracker in any country is least likely to have built. If you are weighing that against keeping it in a spreadsheet instead, Luum vs your spreadsheet is the closer comparison.

Common questions

Is Wealthfolio free?

Yes, and it is open source. That is a real advantage rather than a caveat, and it is the reason the comparison exists: the choice is between a free local-first tool you run yourself and a hosted service that syncs and maintains itself.

Where is my data stored in each?

Wealthfolio keeps data on your own machine, which is the strongest privacy position available and means you are responsible for backups. Luum is hosted, with data stored in Canada, and the connection to your brokerage is read-only.

Which should I choose if I do not want a cloud service at all?

Wealthfolio, straightforwardly. If keeping financial data off someone else's infrastructure is the requirement, a local-first tool is the right answer and no hosted product can match it on that axis.