Bob Clyatt Sandwich Portfolio vs David Swensen Lazy Portfolio Portfolio Comparison

Simulation Settings

Period: January 1985 - May 2025 (~40 years)
Consolidated Returns as of 31 May 2025

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

(Change Settings)

Results

30 Years
(1995/06 - 2025/05)

All Data
(1985/01 - 2025/05)

Inflation Adjusted:

Bob Clyatt Sandwich Portfolio

1.00$
Invested Capital
June 1995
8.07$
Final Capital
May 2025
7.21%
Yearly Return
8.32%
Std Deviation
-28.96%
Max Drawdown
30months
Recovery Period

1.00$
Invested Capital
June 1995
3.83$
Final Capital
May 2025
4.58%
Yearly Return
8.32%
Std Deviation
-30.13%
Max Drawdown
36months
Recovery Period

1.00$
Invested Capital
January 1985
30.95$
Final Capital
May 2025
8.86%
Yearly Return
8.65%
Std Deviation
-28.96%
Max Drawdown
30months
Recovery Period

1.00$
Invested Capital
January 1985
10.18$
Final Capital
May 2025
5.91%
Yearly Return
8.65%
Std Deviation
-30.13%
Max Drawdown
36months
Recovery Period

David Swensen Lazy Portfolio

1.00$
Invested Capital
June 1995
10.26$
Final Capital
May 2025
8.07%
Yearly Return
10.90%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
June 1995
4.87$
Final Capital
May 2025
5.42%
Yearly Return
10.90%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period

1.00$
Invested Capital
January 1985
38.28$
Final Capital
May 2025
9.44%
Yearly Return
10.73%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
January 1985
12.59$
Final Capital
May 2025
6.47%
Yearly Return
10.73%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period

As of May 2025, in the previous 30 Years, the Bob Clyatt Sandwich Portfolio obtained a 7.21% compound annual return, with a 8.32% standard deviation. It suffered a maximum drawdown of -28.96% that required 30 months to be recovered.

As of May 2025, in the previous 30 Years, the David Swensen Lazy Portfolio obtained a 8.07% compound annual return, with a 10.90% standard deviation. It suffered a maximum drawdown of -40.89% that required 38 months to be recovered.

Disclaimer: The simulations on this website are provided in good faith but should NOT be taken as investment advice. We are not liable for any errors or actions based on this information. The authors of the website are not affiliated with the portfolio creators, who are the sole owners of their intellectual property. The translation of asset allocations into ETFs is based on the interpretation of LazyPortfolioETF.com and may not exactly reflect the original intent of the portfolio creators. Content is for informational, educational, illustrative, and entertainment purposes only.

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Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Bob Clyatt Sandwich Portfolio

Weight (%)	Ticker	Name
20.00	VV	Vanguard Large-Cap
10.00	SCZ	iShares MSCI EAFE Small-Cap
8.00	IJR	iShares Core S&P Small-Cap
6.00	EEM	iShares MSCI Emerging Markets
6.00	VEU	Vanguard FTSE All-World ex-US
5.00	VNQ	Vanguard Real Estate
41.00	IEI	iShares 3-7 Year Treasury Bond
4.00	BIL	SPDR Blmbg Barclays 1-3 Mth T-Bill

David Swensen Lazy Portfolio

Weight (%)	Ticker	Name
30.00	VTI	Vanguard Total Stock Market
20.00	VNQ	Vanguard Real Estate
15.00	VEU	Vanguard FTSE All-World ex-US
5.00	EEM	iShares MSCI Emerging Markets
15.00	IEI	iShares 3-7 Year Treasury Bond
15.00	TIP	iShares TIPS Bond

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Portfolio Returns as of May 31, 2025

Returns are calculated in USD, assuming:

no fees or capital gain taxes.
rebalancing: at every Jan 1^st.
dividend reinvestment, when applicable.

Return Comparison

Capital Growth

30 Years
(1995/06 - 2025/05)

All Data
(1985/01 - 2025/05)

Inflation Adjusted:

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sandwich Portfolio Bob Clyatt	1 $	8.07 $	707.48%	7.21%
Lazy Portfolio David Swensen	1 $	10.26 $	925.87%	8.07%
	Jun 1995	May 2025

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sandwich Portfolio Bob Clyatt	1 $	3.83 $	283.01%	4.58%
Lazy Portfolio David Swensen	1 $	4.87 $	386.60%	5.42%
	Jun 1995	May 2025

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sandwich Portfolio Bob Clyatt	1 $	30.95 $	2 994.77%	8.86%
Lazy Portfolio David Swensen	1 $	38.28 $	3 727.54%	9.44%
	Jan 1985	May 2025

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sandwich Portfolio Bob Clyatt	1 $	10.18 $	918.20%	5.91%
Lazy Portfolio David Swensen	1 $	12.59 $	1 159.28%	6.47%
	Jan 1985	May 2025

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		Return (%) as of May 31, 2025
		YTD (5M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~40Y)
	Sandwich Portfolio Bob Clyatt	4.10	2.55	1.46	9.20	6.26	5.46	7.21	8.86
	Lazy Portfolio David Swensen	3.98	2.72	0.34	10.81	8.12	6.53	8.07	9.44
Returns over 1 year are annualized.

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Portfolio Metrics as of May 31, 2025

The following metrics, updated as of 31 May 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 June 2024 - 31 May 2025 (1 year)

Period: 1 June 2020 - 31 May 2025 (5 years)

Period: 1 June 2015 - 31 May 2025 (10 years)

Period: 1 June 1995 - 31 May 2025 (30 years)

Period: 1 January 1985 - 31 May 2025 (~40 years)

1 Year

5 Years

10 Years

30 Years

All (1985/01 - 2025/05)

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	Sandwich Portfolio	Lazy Portfolio
Author	Bob Clyatt	David Swensen
ASSET ALLOCATION
Stocks	55%	70%
Fixed Income	45%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	9.20	10.81
Infl. Adjusted (%)	6.66	8.24
DRAWDOWN
Deepest Drawdown Depth (%)	-2.54	-3.50
Start to Recovery (months)	6	6
Longest Drawdown Depth (%)	-2.54	-3.50
Start to Recovery (months)	6	6
Longest Negative Period (months)	7	7
RISK INDICATORS
Standard Deviation (%)	6.36	7.58
Sharpe Ratio	0.71	0.81
Sortino Ratio	0.89	0.99
Ulcer Index	1.16	1.53
Ratio: Return / Standard Deviation	1.45	1.43
Ratio: Return / Deepest Drawdown	3.62	3.09
Metrics calculated over the period 1 June 2024 - 31 May 2025

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	Sandwich Portfolio	Lazy Portfolio
Author	Bob Clyatt	David Swensen
ASSET ALLOCATION
Stocks	55%	70%
Fixed Income	45%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	6.26	8.12
Infl. Adjusted (%)	1.57	3.35
DRAWDOWN
Deepest Drawdown Depth (%)	-19.10	-22.43
Start to Recovery (months)	31	31
Longest Drawdown Depth (%)	-19.10	-22.43
Start to Recovery (months)	31	31
Longest Negative Period (months)	36	34
RISK INDICATORS
Standard Deviation (%)	9.68	12.07
Sharpe Ratio	0.38	0.46
Sortino Ratio	0.51	0.61
Ulcer Index	7.24	8.71
Ratio: Return / Standard Deviation	0.65	0.67
Ratio: Return / Deepest Drawdown	0.33	0.36
Metrics calculated over the period 1 June 2020 - 31 May 2025

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	Sandwich Portfolio	Lazy Portfolio
Author	Bob Clyatt	David Swensen
ASSET ALLOCATION
Stocks	55%	70%
Fixed Income	45%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	5.46	6.53
Infl. Adjusted (%)	2.32	3.36
DRAWDOWN
Deepest Drawdown Depth (%)	-19.10	-22.43
Start to Recovery (months)	31	31
Longest Drawdown Depth (%)	-19.10	-22.43
Start to Recovery (months)	31	31
Longest Negative Period (months)	36	34
RISK INDICATORS
Standard Deviation (%)	8.66	11.05
Sharpe Ratio	0.42	0.43
Sortino Ratio	0.57	0.57
Ulcer Index	5.48	6.66
Ratio: Return / Standard Deviation	0.63	0.59
Ratio: Return / Deepest Drawdown	0.29	0.29
Metrics calculated over the period 1 June 2015 - 31 May 2025

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	Sandwich Portfolio	Lazy Portfolio
Author	Bob Clyatt	David Swensen
ASSET ALLOCATION
Stocks	55%	70%
Fixed Income	45%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	7.21	8.07
Infl. Adjusted (%)	4.58	5.42
DRAWDOWN
Deepest Drawdown Depth (%)	-28.96	-40.89
Start to Recovery (months)	30	38
Longest Drawdown Depth (%)	-19.10	-40.89
Start to Recovery (months)	31	38
Longest Negative Period (months)	50	62
RISK INDICATORS
Standard Deviation (%)	8.32	10.90
Sharpe Ratio	0.59	0.53
Sortino Ratio	0.78	0.69
Ulcer Index	5.20	7.44
Ratio: Return / Standard Deviation	0.87	0.74
Ratio: Return / Deepest Drawdown	0.25	0.20
Metrics calculated over the period 1 June 1995 - 31 May 2025

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	Sandwich Portfolio	Lazy Portfolio
Author	Bob Clyatt	David Swensen
ASSET ALLOCATION
Stocks	55%	70%
Fixed Income	45%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	8.86	9.44
Infl. Adjusted (%)	5.91	6.47
DRAWDOWN
Deepest Drawdown Depth (%)	-28.96	-40.89
Start to Recovery (months)	30	38
Longest Drawdown Depth (%)	-19.10	-40.89
Start to Recovery (months)	31	38
Longest Negative Period (months)	50	62
RISK INDICATORS
Standard Deviation (%)	8.65	10.73
Sharpe Ratio	0.66	0.59
Sortino Ratio	0.87	0.76
Ulcer Index	4.84	6.72
Ratio: Return / Standard Deviation	1.02	0.88
Ratio: Return / Deepest Drawdown	0.31	0.23
Metrics calculated over the period 1 January 1985 - 31 May 2025

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

DRAWDOWN COMPARISON

Period: 1 June 1995 - 31 May 2025 (30 years)

Period: 1 January 1985 - 31 May 2025 (~40 years)

30 Years
(1995/06 - 2025/05)

Chart Table

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Sandwich Portfolio			Lazy Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-40.89	38	Nov 2007 Dec 2010
-28.96	30	Nov 2007 Apr 2010
			-22.43	31	Jan 2022 Jul 2024
-19.10	31	Jan 2022 Jul 2024
			-14.66	7	Feb 2020 Aug 2020
			-12.40	10	May 2011 Feb 2012
			-11.28	9	Apr 1998 Dec 1998
-10.75	7	Jan 2020 Jul 2020
			-10.67	33	Sep 2000 May 2003
-9.56	10	May 2011 Feb 2012
-9.04	7	May 1998 Nov 1998
			-8.18	7	Sep 2018 Mar 2019
-7.14	8	Sep 2018 Apr 2019
-6.93	15	Feb 2001 Apr 2002
			-6.84	16	Mar 2015 Jun 2016

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Sandwich Portfolio			Lazy Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-40.89	38	Nov 2007 Dec 2010
-28.96	30	Nov 2007 Apr 2010
			-22.43	31	Jan 2022 Jul 2024
-19.10	31	Jan 2022 Jul 2024
			-16.20	16	Sep 1987 Dec 1988
-15.85	16	Sep 1987 Dec 1988
			-14.66	7	Feb 2020 Aug 2020
			-12.63	14	Jan 1990 Feb 1991
			-12.40	10	May 2011 Feb 2012
			-11.28	9	Apr 1998 Dec 1998
-10.75	7	Jan 2020 Jul 2020
			-10.67	33	Sep 2000 May 2003
-10.22	7	Aug 1990 Feb 1991
-9.56	10	May 2011 Feb 2012
-9.04	7	May 1998 Nov 1998

Rolling Returns

By selecting the 'Rolling Period', the chart and data will update. To study a different date range, change the Simulation Settings.

You can explore the Rolling Returns for a single portfolio, or check the return differential, by switching on "Head To Head" toggle.

Rolling Returns Comparison

Annualized Rolling Returns Chart

Rolling Returns Chart - Inflation Adjusted

Time Period: 1 January 1985 - 31 May 2025 (~40 years)

Rolling Period:

Sandwich Portfolio
Lazy Portfolio

Head To Head (Ptf 1 vs Ptf 2):

US Inflation Adjusted:

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Yearly Returns

For each year, the following table provides the return and intra-year drawdown. The highlighted returns represent the highest values for that specific year.

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	Sandwich Portfolio		Lazy Portfolio
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2025	4.10	-1.31	3.98	-1.98
2024	7.81	-2.86	9.78	-3.79
2023	12.05	-7.10	14.13	-8.59
2022	-14.72	-19.10	-17.86	-22.43
2021	9.88	-2.74	17.34	-3.57
2020	10.59	-10.75	10.56	-14.66
2019	16.81	-2.79	21.27	-2.73
2018	-4.77	-7.14	-5.67	-8.18
2017	13.38	0.00	13.94	0.00
2016	6.63	-2.20	7.74	-3.13
2015	0.48	-4.93	-0.95	-6.84
2014	4.84	-2.58	9.97	-3.50
2013	12.69	-2.58	10.89	-4.57
2012	10.59	-4.32	13.49	-4.74
2011	0.70	-9.56	2.21	-12.40
2010	13.17	-5.67	15.37	-7.79
2009	19.04	-11.95	24.86	-16.73
2008	-16.79	-19.50	-25.53	-30.78
2007	7.88	-3.03	5.59	-4.67
2006	13.86	-2.63	17.84	-2.82
2005	8.69	-1.97	8.97	-2.65
2004	13.13	-3.88	16.10	-5.90
2003	24.10	-1.44	26.85	-1.91
2002	-0.29	-6.62	-3.41	-9.34
2001	0.13	-6.93	-1.71	-9.38
2000	2.38	-4.69	3.13	-5.95
1999	12.00	-2.74	12.70	-3.25
1998	9.62	-9.04	8.13	-11.28
1997	10.10	-3.38	15.35	-3.79
1996	10.04	-2.63	15.04	-2.41
1995	19.39	-0.52	20.31	-1.03
1994	-2.75	-6.91	-2.86	-8.21
1993	20.08	-2.13	20.71	-3.68
1992	6.13	-1.86	5.36	-3.21
1991	26.12	-3.31	29.05	-3.46
1990	-2.55	-10.22	-6.06	-12.63
1989	23.52	-0.93	21.59	-1.39
1988	14.83	-2.22	15.34	-2.25
1987	2.90	-15.85	2.49	-16.20
1986	22.03	-4.12	23.31	-3.94
1985	29.14	-1.30	29.41	-1.92

Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of May 31, 2025

Portfolio Metrics as of May 31, 2025

Drawdowns

Rolling Returns

Yearly Returns