Data Source: from January 1994 to September 2021

Last Update: 30 September 2021

The David Swensen Lazy Portfolio is exposed for 70% on the Stock Market.

It's a High Risk portfolio and it can be replicated with 6 ETFs.

In the last 10 years, the portfolio obtained a 9.75% compound annual return, with a 9.22% standard deviation.

In the last 25 years, a 8.43% compound annual return, with a 10.81% standard deviation.

In 2020, the portfolio granted a 2.03% dividend yield. If you are interested in getting periodic income, please refer to the David Swensen Lazy Portfolio: Dividend Yield page.

Asset Allocation and ETFs

The David Swensen Lazy Portfolio has the following asset allocation:

70% Stocks
30% Fixed Income
0% Commodities

The David Swensen Lazy Portfolio can be replicated with the following ETFs:

Weight Ticker ETF Name Investment Themes
30.00 % VTI Vanguard Total Stock Market Equity, U.S., Large Cap
20.00 % VNQ Vanguard Real Estate Real Estate, U.S.
15.00 % VEU Vanguard FTSE All-World ex-US Equity, Global ex-US, Large Cap
5.00 % EEM iShares MSCI Emerging Markets Equity, Emerging Markets, Large Cap
15.00 % IEI iShares 3-7 Year Treasury Bond Bond, U.S., Intermediate-Term
15.00 % TIP iShares TIPS Bond Bond, U.S., All-Term
Most of Lazy Portfolios are made of common components (asset classes), very simple and well defined. For a more complete view, find out the most common ETFs you can use to build your portfolio.

Portfolio and ETF Returns

The David Swensen Lazy Portfolio guaranteed the following returns.

DAVID SWENSEN LAZY PORTFOLIO RETURNS (%)
Last Update: 30 September 2021
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1M 3M 6M 1Y 3Y(*) 5Y(*) 10Y(*) 20Y(*) 25Y(*)
David Swensen Lazy Portfolio -3.57 -0.56 +5.88 +20.75 +10.90 +9.51 +9.75 +8.63 +8.43
Components
VTI
Vanguard Total Stock Market
-4.46 -0.03 +8.10 +32.16 +16.05 +16.88 +16.60 +10.07 +9.79
VNQ
Vanguard Real Estate
-5.68 +0.62 +12.29 +33.49 +11.96 +7.52 +11.52 +10.37 +10.07
VEU
Vanguard FTSE All-World ex-US
-3.33 -3.26 +1.87 +23.82 +8.34 +9.04 +7.99 +7.18 +5.40
EEM
iShares MSCI Emerging Markets
-3.87 -8.65 -5.14 +15.96 +7.76 +8.29 +5.81 +10.20 +6.12
IEI
iShares 3-7 Year Treasury Bond
-0.82 -0.10 +0.57 -1.82 +4.52 +2.09 +2.02 +3.87 +4.74
TIP
iShares TIPS Bond
-0.78 +1.71 +4.97 +4.88 +7.23 +4.13 +2.97 +4.99 +5.88
(*) annualized
Portfolio returns are calculated assuming:
  • a rebalancing of the components at the beginning of each year (i.e. at every January 1st)
  • the reinvestment of dividends

If you are interested in getting periodic income, please refer to the David Swensen Lazy Portfolio: Dividend Yield page.

Historical Returns

David Swensen Lazy Portfolio - Historical returns and stats.

DAVID SWENSEN LAZY PORTFOLIO
Last Update: 30 September 2021
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Period Returns
Sep 2021
Standard
Deviation *
Max
Drawdown
Months
Pos - Neg
1M
-3.57%
-3.57%
Sep 2021 - Sep 2021
0 - 1
3M
-0.56%
-3.57%
Sep 2021 - Sep 2021
2 - 1
6M
+5.88%
-3.57%
Sep 2021 - Sep 2021
5 - 1
YTD
+10.04%
-3.57%
Sep 2021 - Sep 2021
8 - 1
1Y
+20.75%
9.30%
-3.57%
Sep 2021 - Sep 2021
10 - 2
3Y
+10.90%
annualized
12.26%
-14.65%
Feb 2020 - Mar 2020
28 - 8
5Y
+9.51%
annualized
9.96%
-14.65%
Feb 2020 - Mar 2020
48 - 12
10Y
+9.75%
annualized
9.22%
-14.65%
Feb 2020 - Mar 2020
87 - 33
20Y
+8.63%
annualized
11.00%
-40.88%
Nov 2007 - Feb 2009
167 - 73
25Y
+8.43%
annualized
10.81%
-40.88%
Nov 2007 - Feb 2009
204 - 96
MAX
01 Jan 1994
+8.44%
annualized
10.48%
-40.88%
Nov 2007 - Feb 2009
228 - 105
* Annualized St.Dev. of monthly returns

Best Classic Portfolios, with High Risk, ordered by 25 Years annualized return.

25 Years Stats
% Allocation
Portfolio Return Drawdown Stocks Bonds Comm.
Yale Endowment
David Swensen
+8.94% -39.46% 70 30 0 Compare
Simple Path to Wealth
JL Collins
+8.92% -38.54% 75 25 0 Compare
Talmud Portfolio
Roger Gibson
+8.85% -40.18% 66.67 33.33 0 Compare
Late Sixties and Beyond
Burton Malkiel
+8.64% -41.80% 71 29 0 Compare
Lazy Portfolio
David Swensen
+8.43% -40.88% 70 30 0

See all portfolios

Capital Growth

Time Range:

Drawdowns

Time Range:

Rolling Returns ( more details)

David Swensen Lazy Portfolio: annualized rolling and average returns

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Return (*) Negative
Periods
Rolling Period Average Best Worst
1 Year
+9.20% +48.80%
Mar 2009 - Feb 2010
-35.77%
Mar 2008 - Feb 2009
17.08%
2 Years
+8.69% +34.03%
Mar 2009 - Feb 2011
-19.80%
Mar 2007 - Feb 2009
10.65%
3 Years
+8.43% +23.62%
Mar 2009 - Feb 2012
-9.57%
Mar 2006 - Feb 2009
8.72%
5 Years
+8.12% +17.95%
Mar 2009 - Feb 2014
-1.29%
Mar 2004 - Feb 2009
0.73%
7 Years
+7.94% +12.97%
Mar 2009 - Feb 2016
+2.61%
Mar 2002 - Feb 2009
0.00%
10 Years
+8.07% +11.76%
Mar 2009 - Feb 2019
+3.38%
Mar 1999 - Feb 2009
0.00%
15 Years
+7.79% +9.34%
Feb 2003 - Jan 2018
+5.58%
Mar 1994 - Feb 2009
0.00%
20 Years
+7.95% +9.29%
Dec 1994 - Nov 2014
+6.35%
Apr 2000 - Mar 2020
0.00%

* Annualized rolling and average returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the David Swensen Lazy Portfolio: Rolling Returns page.

Seasonality and Yearly/Monthly Returns

David Swensen Lazy Portfolio Seasonality: in which months is it better to invest?

In the table below, the average monthly return is represented.

Below each return, it's also mentioned the probability of obtaining a positive monthly result (Win %).

Both the Average Return and the Gain Frequency are useful to get an idea of what happened in the past.

Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Win %
0.50
64%
0.02
64%
0.83
75%
1.88
86%
0.46
64%
0.48
68%
1.08
68%
0.07
64%
0.15
57%
0.43
63%
1.19
67%
1.64
81%
Best
Year
6.9
2019
3.5
2014
6.7
2009
10.3
2009
5.5
2009
3.9
2019
6.8
2009
4.4
2009
5.8
2010
8.6
2011
7.8
2020
6.0
2008
Worst
Year
-8.5
2009
-9.0
2009
-10.6
2020
-5.9
2004
-5.3
2010
-5.9
2008
-4.6
2002
-9.1
1998
-7.0
2011
-16.8
2008
-6.5
2008
-5.0
2018
Statistics calculated for the period Jan 1994 - Sep 2021

For further information about the seasonality, check the Asset Class Seasonality page.

Monthly Returns of David Swensen Lazy Portfolio

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Months
Year Return Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021
+10.04% 0.1 1.6 2.2 3.9 1.1 1.4 1.5 1.6 -3.6
2020
+10.56% 0.0 -4.5 -10.6 7.1 2.8 2.2 3.8 3.1 -1.9 -1.5 7.8 3.4
2019
+21.27% 6.9 1.3 2.0 1.8 -2.7 3.9 0.4 0.2 1.2 1.6 1.0 2.1
2018
-5.67% 1.7 -4.0 0.3 0.1 1.3 0.6 1.6 1.3 -0.7 -4.8 2.2 -5.0
2017
+13.94% 1.7 2.2 0.2 1.0 0.9 0.7 1.8 0.5 0.8 1.0 1.5 1.0
2016
+7.74% -2.9 -0.2 6.3 0.1 0.5 2.2 3.1 -0.8 0.2 -2.3 -0.2 1.8
2015
-0.95% 1.3 1.6 -0.3 0.1 -0.2 -2.2 1.4 -4.8 -1.0 4.7 -0.3 -1.0
2014
+9.97% -0.9 3.5 0.3 1.2 2.0 1.4 -0.8 2.4 -3.5 3.4 1.2 -0.5
2013
+10.89% 2.6 0.4 1.9 2.7 -2.0 -2.3 3.0 -3.2 3.8 3.1 -0.2 0.8
2012
+13.49% 4.8 2.0 1.5 0.4 -4.7 3.4 1.1 1.2 1.2 -0.6 0.7 2.1
2011
+2.21% 1.3 2.5 0.2 3.6 -0.4 -1.4 0.1 -4.3 -7.0 8.6 -1.2 0.9
2010
+15.37% -2.9 2.3 5.2 2.4 -5.3 -2.6 6.2 -1.8 5.8 3.3 -1.4 4.1
2009
+24.86% -8.5 -9.0 6.7 10.3 5.5 -1.0 6.8 4.4 4.5 -2.3 5.0 2.2
2008
-25.53% -2.6 -0.8 1.0 3.4 0.7 -5.9 -0.3 0.2 -5.4 -16.8 -6.5 6.0
2007
+5.59% 2.5 -0.7 0.6 2.1 1.4 -2.1 -2.1 2.0 3.8 2.9 -3.2 -1.5
2006
+17.84% 4.2 0.1 1.8 0.6 -2.8 1.1 1.5 2.4 1.2 3.4 3.0 0.3
2005
+8.97% -2.7 2.2 -1.8 0.6 2.3 1.7 3.1 -0.1 1.5 -2.5 3.0 1.5
2004
+16.10% 2.3 1.8 1.3 -5.9 2.2 1.6 -1.4 2.6 1.2 2.6 3.6 3.4
2003
+26.85% -1.9 0.2 0.0 5.1 5.2 1.5 1.4 1.9 1.7 3.6 1.8 3.8
2002
-3.41% -0.7 0.6 3.0 -0.3 0.4 -1.9 -4.6 1.3 -4.4 1.1 3.2 -0.7
2001
-1.71% 2.5 -4.4 -3.1 4.2 0.5 0.2 -0.9 -1.0 -4.9 1.3 3.3 1.2
2000
+3.13% -2.3 1.5 3.6 -1.5 -1.4 3.4 0.8 1.9 -1.5 -2.0 -2.6 3.6
1999
+12.70% 0.6 -2.6 2.5 5.0 -1.6 2.1 -1.6 -0.5 -1.2 2.4 1.9 5.2
1998
+8.13% 0.4 3.4 2.8 -0.1 -1.6 1.0 -1.7 -9.1 4.1 3.9 3.4 2.3
1997
+15.35% 1.5 0.3 -2.0 1.3 4.3 3.8 4.4 -3.8 5.3 -3.3 1.5 1.6
1996
+15.04% 1.7 -0.2 0.4 1.2 1.0 0.6 -2.4 1.6 3.2 1.6 4.4 1.2
1995
+20.31% -0.4 1.6 1.8 1.9 3.4 1.3 2.3 0.4 2.1 -1.0 2.5 2.8
1994
-2.86% 3.8 -2.3 -4.6 0.7 0.2 -1.2 1.9 2.4 -2.5 0.2 -3.1 2.0

* Note:
Portofolio Returns, up to December 2007, are simulated. They have been calculated using the historical series of equivalent ETFs / Assets, instead of the actual ETFs of the portfolio.

In particular, it has been used:

  • VTI - Vanguard Total Stock Market: simulated historical serie, up to December 2001
  • VNQ - Vanguard Real Estate: simulated historical serie, up to December 2004
  • VEU - Vanguard FTSE All-World ex-US: simulated historical serie, up to December 2007
  • EEM - iShares MSCI Emerging Markets: simulated historical serie, up to December 2003
  • IEI - iShares 3-7 Year Treasury Bond: simulated historical serie, up to December 2007
  • TIP - iShares TIPS Bond: simulated historical serie, up to December 2003
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