Harry Browne Permanent Portfolio with Bitcoin vs Harry Browne Permanent Portfolio Portfolio Comparison

Simulation Settings

Period: January 2011 - February 2026 (~15 years)
Consolidated Returns as of 28 February 2026

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

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Results

All Data
(2011/01 - 2026/02)

Inflation Adjusted:

Harry Browne Permanent Portfolio with Bitcoin

1.00$
Invested Capital
January 2011
11.39$
Final Capital
February 2026
17.40%
Yearly Return
35.65%
Std Deviation
-37.49%
Max Drawdown
29months
Recovery Period

1.00$
Invested Capital
January 2011
7.67$
Final Capital
February 2026
14.38%
Yearly Return
35.65%
Std Deviation
-38.14%
Max Drawdown
29months
Recovery Period

Harry Browne Permanent Portfolio

1.00$
Invested Capital
January 2011
2.84$
Final Capital
February 2026
7.12%
Yearly Return
7.00%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period

1.00$
Invested Capital
January 2011
1.91$
Final Capital
February 2026
4.36%
Yearly Return
7.00%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period

As of February 2026, over the analyzed timeframe, the Harry Browne Permanent Portfolio with Bitcoin obtained a 17.40% compound annual return, with a 35.65% standard deviation. It suffered a maximum drawdown of -37.49% that required 29 months to be recovered.

As of February 2026, over the analyzed timeframe, the Harry Browne Permanent Portfolio obtained a 7.12% compound annual return, with a 7.00% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 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 with Bitcoin

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
23.00	GLD	SPDR Gold Trust
2.00	^BTC	Bitcoin

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

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Portfolio Returns as of Feb 28, 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 - 2026/02)

Inflation Adjusted:

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio with Bitcoin Harry Browne	1 $	11.39 $	1 039.27%	17.40%
Permanent Portfolio Harry Browne	1 $	2.84 $	183.84%	7.12%
	Jan 2011	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio with Bitcoin Harry Browne	1 $	7.67 $	666.85%	14.38%
Permanent Portfolio Harry Browne	1 $	1.91 $	91.05%	4.36%
	Jan 2011	Feb 2026

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		Return (%) as of Feb 28, 2026
		YTD (2M)	1M	6M	1Y	5Y	10Y	MAX (~15Y)
	Permanent Portfolio with Bitcoin Harry Browne	6.16	2.98	15.32	23.63	9.30	11.59	17.40
	Permanent Portfolio Harry Browne	7.07	3.42	17.33	25.68	9.17	8.21	7.12
Returns over 1 year are annualized.

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Portfolio Metrics as of Feb 28, 2026

The following metrics, updated as of 28 February 2026, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 March 2025 - 28 February 2026 (1 year)

Period: 1 March 2021 - 28 February 2026 (5 years)

Period: 1 March 2016 - 28 February 2026 (10 years)

Period: 1 January 2011 - 28 February 2026 (~15 years)

1 Year

5 Years

10 Years

All (2011/01 - 2026/02)

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	Permanent Portfolio with Bitcoin	Permanent Portfolio
Author	Harry Browne	Harry Browne
ASSET ALLOCATION
Stocks	25%	25%
Fixed Income	50%	50%
Commodities	25%	25%
PERFORMANCES
Annualized Return (%)	23.63	25.68
Infl. Adjusted (%)	20.73	22.74
DRAWDOWN
Deepest Drawdown Depth (%)	0.00	0.00
Start to Recovery (months)
Longest Drawdown Depth (%)	0.00	0.00
Start to Recovery (months)
Longest Negative Period (months)	0	0
RISK INDICATORS
Standard Deviation (%)	4.63	5.00
Sharpe Ratio	4.23	4.33
Sortino Ratio	7.10	7.00
Ulcer Index	0.00	0.00
Ratio: Return / Standard Deviation	5.11	5.13
Ratio: Return / Deepest Drawdown	---	---
Metrics calculated over the period 1 March 2025 - 28 February 2026

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	Permanent Portfolio with Bitcoin	Permanent Portfolio
Author	Harry Browne	Harry Browne
ASSET ALLOCATION
Stocks	25%	25%
Fixed Income	50%	50%
Commodities	25%	25%
PERFORMANCES
Annualized Return (%)	9.30	9.17
Infl. Adjusted (%)	4.65	4.52
DRAWDOWN
Deepest Drawdown Depth (%)	-16.89	-15.92
Start to Recovery (months)	27	27
Longest Drawdown Depth (%)	-16.89	-15.92
Start to Recovery (months)	27	27
Longest Negative Period (months)	32	32
RISK INDICATORS
Standard Deviation (%)	8.67	8.33
Sharpe Ratio	0.70	0.71
Sortino Ratio	0.95	0.96
Ulcer Index	6.15	5.83
Ratio: Return / Standard Deviation	1.07	1.10
Ratio: Return / Deepest Drawdown	0.55	0.58
Metrics calculated over the period 1 March 2021 - 28 February 2026

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	Permanent Portfolio with Bitcoin	Permanent Portfolio
Author	Harry Browne	Harry Browne
ASSET ALLOCATION
Stocks	25%	25%
Fixed Income	50%	50%
Commodities	25%	25%
PERFORMANCES
Annualized Return (%)	11.59	8.21
Infl. Adjusted (%)	8.05	4.78
DRAWDOWN
Deepest Drawdown Depth (%)	-16.89	-15.92
Start to Recovery (months)	27	27
Longest Drawdown Depth (%)	-16.89	-15.92
Start to Recovery (months)	27	27
Longest Negative Period (months)	39	40
RISK INDICATORS
Standard Deviation (%)	8.49	7.38
Sharpe Ratio	1.12	0.83
Sortino Ratio	1.63	1.16
Ulcer Index	4.57	4.43
Ratio: Return / Standard Deviation	1.36	1.11
Ratio: Return / Deepest Drawdown	0.69	0.52
Metrics calculated over the period 1 March 2016 - 28 February 2026

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	Permanent Portfolio with Bitcoin	Permanent Portfolio
Author	Harry Browne	Harry Browne
ASSET ALLOCATION
Stocks	25%	25%
Fixed Income	50%	50%
Commodities	25%	25%
PERFORMANCES
Annualized Return (%)	17.40	7.12
Infl. Adjusted (%)	14.38	4.36
DRAWDOWN
Deepest Drawdown Depth (%)	-37.49	-15.92
Start to Recovery (months)	29	27
Longest Drawdown Depth (%)	-23.85	-15.92
Start to Recovery (months)	45	27
Longest Negative Period (months)	46	40
RISK INDICATORS
Standard Deviation (%)	35.65	7.00
Sharpe Ratio	0.45	0.82
Sortino Ratio	1.35	1.17
Ulcer Index	13.23	3.96
Ratio: Return / Standard Deviation	0.49	1.02
Ratio: Return / Deepest Drawdown	0.46	0.45
Metrics calculated over the period 1 January 2011 - 28 February 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 March 2016 - 28 February 2026 (10 years)

Period: 1 January 2011 - 28 February 2026 (~15 years)

Chart Table

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Permanent Portfolio with Bitcoin			Permanent Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-37.49	29	Jul 2011 Nov 2013
-23.85	45	Dec 2013 Aug 2017
-16.89	27	Jan 2022 Mar 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
-4.63	14	Feb 2018 Mar 2019
			-4.43	5	Jan 2021 May 2021
			-4.25	13	Feb 2018 Feb 2019
			-3.30	4	Sep 2020 Dec 2020
-2.86	2	Sep 2021 Oct 2021
			-2.73	2	Sep 2021 Oct 2021
-2.67	3	Sep 2020 Nov 2020
			-2.62	4	Sep 2014 Dec 2014

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 - 28 February 2026 (~15 years)

Rolling Period:

Permanent Portfolio with Bitcoin
Permanent 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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	Permanent Portfolio with Bitcoin		Permanent Portfolio
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	6.16	0.00	7.07	0.00
2025	20.89	0.00	22.29	0.00
2024	13.79	-2.56	11.90	-2.51
2023	14.40	-5.74	11.55	-5.68
2022	-13.80	-16.89	-12.53	-15.92
2021	5.48	-2.86	4.21	-4.43
2020	21.66	-2.67	16.10	-3.30
2019	17.66	-1.61	16.17	-1.10
2018	-3.19	-4.63	-1.76	-4.25
2017	38.10	-1.36	10.97	-0.83
2016	7.85	-6.08	5.54	-6.98
2015	-2.15	-6.28	-3.06	-6.73
2014	8.31	-2.83	9.40	-2.62
2013	122.23	-23.85	-2.08	-6.04
2012	9.90	-1.72	6.41	-1.83
2011	40.38	-37.49	11.11	-1.85

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Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Feb 28, 2026

Portfolio Metrics as of Feb 28, 2026

Drawdowns

Rolling Returns

Yearly Returns