Robo‐managers offer automated asset management; however, their overall performance is highly debated. We analyze 15 robo‐managers from Germany, the United States and the United Kingdom by conducting a comprehensive qualitative and quantitative study. The qualitative comparison shows considerable differences between the various robo‐managers, not only across but also within countries. The quantitative evaluation utilizes different measures to evaluate the performance of the robo‐manager sample. Our results indicate that each country has one particularly favourable robo‐manager. Furthermore, we find that the costs and characteristics of rebalancing measures have only a small effect on performance.