Harry Browne Permanent Portfolio vs Ray Dalio All Weather Portfolio with Bitcoin Portfolio Comparison

Simulation Settings

Period: January 2011 - March 2026 (~15 years)
Consolidated Returns as of 31 March 2026

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

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Results

All Data
(2011/01 - 2026/03)

Inflation Adjusted:

Harry Browne Permanent Portfolio

1.00$
Invested Capital
January 2011
2.69$
Final Capital
March 2026
6.70%
Yearly Return
7.14%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period

1.00$
Invested Capital
January 2011
1.79$
Final Capital
March 2026
3.91%
Yearly Return
7.14%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period

Ray Dalio All Weather Portfolio with Bitcoin

1.00$
Invested Capital
January 2011
10.13$
Final Capital
March 2026
16.40%
Yearly Return
35.23%
Std Deviation
-36.76%
Max Drawdown
28months
Recovery Period

1.00$
Invested Capital
January 2011
6.76$
Final Capital
March 2026
13.35%
Yearly Return
35.23%
Std Deviation
-37.42%
Max Drawdown
29months
Recovery Period

As of March 2026, over the analyzed timeframe, the Harry Browne Permanent Portfolio obtained a 6.70% compound annual return, with a 7.14% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 months to be recovered.

As of March 2026, over the analyzed timeframe, the Ray Dalio All Weather Portfolio with Bitcoin obtained a 16.40% compound annual return, with a 35.23% standard deviation. It suffered a maximum drawdown of -36.76% that required 28 months to be recovered.

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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.

Resources & Extras

Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Harry Browne Permanent Portfolio

Weight (%)	Ticker	Name
25.00	VTI	Vanguard Total Stock Market
25.00	BIL	SPDR Blmbg Barclays 1-3 Mth T-Bill
25.00	TLT	iShares 20+ Year Treasury Bond
25.00	GLD	SPDR Gold Trust

Ray Dalio All Weather Portfolio with Bitcoin

Weight (%)	Ticker	Name
30.00	VTI	Vanguard Total Stock Market
40.00	TLT	iShares 20+ Year Treasury Bond
15.00	IEI	iShares 3-7 Year Treasury Bond
6.50	DBC	Invesco DB Commodity Tracking
6.50	GLD	SPDR Gold Trust
2.00	^BTC	Bitcoin

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Portfolio Returns as of Mar 31, 2026

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

All Data
(2011/01 - 2026/03)

Inflation Adjusted:

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	2.69 $	168.81%	6.70%
All Weather Portfolio with Bitcoin Ray Dalio	1 $	10.13 $	912.76%	16.40%
	Jan 2011	Mar 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	1.79 $	79.38%	3.91%
All Weather Portfolio with Bitcoin Ray Dalio	1 $	6.76 $	575.85%	13.35%
	Jan 2011	Mar 2026

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		Return (%) as of Mar 31, 2026
		YTD (3M)	1M	6M	1Y	5Y	10Y	MAX (~15Y)
	Permanent Portfolio Harry Browne	1.40	-5.30	5.62	18.06	8.10	7.48	6.70
	All Weather Portfolio with Bitcoin Ray Dalio	0.89	-3.11	2.05	10.88	4.34	9.27	16.40
Returns over 1 year are annualized.

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Portfolio Metrics as of Mar 31, 2026

The following metrics, updated as of 31 March 2026, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 April 2025 - 31 March 2026 (1 year)

Period: 1 April 2021 - 31 March 2026 (5 years)

Period: 1 April 2016 - 31 March 2026 (10 years)

Period: 1 January 2011 - 31 March 2026 (~15 years)

1 Year

5 Years

10 Years

All (2011/01 - 2026/03)

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	Permanent Portfolio	All Weather Portfolio with Bitcoin
Author	Harry Browne	Ray Dalio
ASSET ALLOCATION
Stocks	25%	30%
Fixed Income	50%	55%
Commodities	25%	15%
PERFORMANCES
Annualized Return (%)	18.06	10.88
Infl. Adjusted (%)	14.25	7.29
DRAWDOWN
Deepest Drawdown Depth (%)	-5.30	-3.11
Start to Recovery (months)	1*	1*
Longest Drawdown Depth (%)	-5.30	-0.48
Start to Recovery (months)	1*	2
Longest Negative Period (months)	2*	2
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%)	8.54	6.08
Sharpe Ratio	1.65	1.13
Sortino Ratio	2.01	1.49
Ulcer Index	1.47	0.91
Ratio: Return / Standard Deviation	2.12	1.79
Ratio: Return / Deepest Drawdown	3.41	3.49
Metrics calculated over the period 1 April 2025 - 31 March 2026

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	Permanent Portfolio	All Weather Portfolio with Bitcoin
Author	Harry Browne	Ray Dalio
ASSET ALLOCATION
Stocks	25%	30%
Fixed Income	50%	55%
Commodities	25%	15%
PERFORMANCES
Annualized Return (%)	8.10	4.34
Infl. Adjusted (%)	3.43	-0.17
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-21.82
Start to Recovery (months)	27	37
Longest Drawdown Depth (%)	-15.92	-21.82
Start to Recovery (months)	27	37
Longest Negative Period (months)	31	42
RISK INDICATORS
Standard Deviation (%)	8.73	10.69
Sharpe Ratio	0.55	0.10
Sortino Ratio	0.73	0.14
Ulcer Index	5.86	9.76
Ratio: Return / Standard Deviation	0.93	0.41
Ratio: Return / Deepest Drawdown	0.51	0.20
Metrics calculated over the period 1 April 2021 - 31 March 2026

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	Permanent Portfolio	All Weather Portfolio with Bitcoin
Author	Harry Browne	Ray Dalio
ASSET ALLOCATION
Stocks	25%	30%
Fixed Income	50%	55%
Commodities	25%	15%
PERFORMANCES
Annualized Return (%)	7.48	9.27
Infl. Adjusted (%)	4.02	5.74
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-21.82
Start to Recovery (months)	27	37
Longest Drawdown Depth (%)	-15.92	-21.82
Start to Recovery (months)	27	37
Longest Negative Period (months)	40	42
RISK INDICATORS
Standard Deviation (%)	7.62	9.73
Sharpe Ratio	0.70	0.73
Sortino Ratio	0.97	1.04
Ulcer Index	4.45	7.05
Ratio: Return / Standard Deviation	0.98	0.95
Ratio: Return / Deepest Drawdown	0.47	0.42
Metrics calculated over the period 1 April 2016 - 31 March 2026

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	Permanent Portfolio	All Weather Portfolio with Bitcoin
Author	Harry Browne	Ray Dalio
ASSET ALLOCATION
Stocks	25%	30%
Fixed Income	50%	55%
Commodities	25%	15%
PERFORMANCES
Annualized Return (%)	6.70	16.40
Infl. Adjusted (%)	3.91	13.35
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-36.76
Start to Recovery (months)	27	28
Longest Drawdown Depth (%)	-15.92	-23.49
Start to Recovery (months)	27	44
Longest Negative Period (months)	40	43
RISK INDICATORS
Standard Deviation (%)	7.14	35.23
Sharpe Ratio	0.75	0.43
Sortino Ratio	1.05	1.24
Ulcer Index	3.97	12.64
Ratio: Return / Standard Deviation	0.94	0.47
Ratio: Return / Deepest Drawdown	0.42	0.45
Metrics calculated over the period 1 January 2011 - 31 March 2026

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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 April 2016 - 31 March 2026 (10 years)

Period: 1 January 2011 - 31 March 2026 (~15 years)

Chart Table

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Permanent Portfolio			All Weather Portfolio with Bitcoin
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-36.76	28	Jul 2011 Oct 2013
			-23.49	44	Dec 2013 Jul 2017
			-21.82	37	Nov 2021 Nov 2024
-15.92	27	Jan 2022 Mar 2024
-6.98	13	Aug 2016 Aug 2017
-6.86	17	Oct 2012 Feb 2014
-6.73	15	Feb 2015 Apr 2016
-5.30	1*	Mar 2026 In progress
			-4.85	7	Sep 2018 Mar 2019
-4.43	5	Jan 2021 May 2021
-4.25	13	Feb 2018 Feb 2019
			-3.51	3	Dec 2024 Feb 2025
-3.30	4	Sep 2020 Dec 2020
			-3.11	1*	Mar 2026 In progress
			-2.97	4	Aug 2020 Nov 2020

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 2011 - 31 March 2026 (~15 years)

Rolling Period:

Permanent Portfolio
All Weather Portfolio with Bitcoin

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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	Permanent Portfolio		All Weather Portfolio with Bitcoin
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	1.40	-5.30	0.89	-3.11
2025	22.29	0.00	12.41	-1.84
2024	11.90	-2.51	8.49	-4.22
2023	11.55	-5.68	12.99	-8.52
2022	-12.53	-15.92	-19.86	-21.79
2021	4.21	-4.43	9.09	-2.65
2020	16.10	-3.30	21.78	-2.97
2019	16.17	-1.10	19.48	-1.39
2018	-1.76	-4.25	-4.35	-4.85
2017	10.97	-0.83	38.75	-1.04
2016	5.54	-6.98	8.71	-5.80
2015	-3.06	-6.73	-2.16	-6.22
2014	9.40	-2.62	12.06	-2.72
2013	-2.08	-6.04	125.82	-23.49
2012	6.41	-1.83	10.54	-1.68
2011	11.11	-1.85	45.03	-36.76

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Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Mar 31, 2026

Portfolio Metrics as of Mar 31, 2026

Drawdowns

Rolling Returns

Yearly Returns