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

Simulation Settings
Period: January 1871 - June 2025 (~155 years)
Consolidated Returns as of 30 June 2025
Initial Amount: 1$
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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The minimum date range must be at least 12 months. 'Date To' cannot be beyond June 2025.
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Results
30 Years
(1995/07 - 2025/06)
All Data
(1871/01 - 2025/06)
Inflation Adjusted:
Ray Dalio All Weather Portfolio
1.00$
Invested Capital
July 1995
8.45$
Final Capital
June 2025
7.37%
Yearly Return
7.45%
Std Deviation
-20.58%
Max Drawdown
42months
Recovery Period
1.00$
Invested Capital
July 1995
4.01$
Final Capital
June 2025
4.74%
Yearly Return
7.45%
Std Deviation
-27.85%
Max Drawdown
46months*
Recovery Period
* in progress
1.00$
Invested Capital
January 1871
13.09 K$
Final Capital
June 2025
6.33%
Yearly Return
6.56%
Std Deviation
-37.02%
Max Drawdown
68months
Recovery Period
1.00$
Invested Capital
January 1871
509.51$
Final Capital
June 2025
4.12%
Yearly Return
6.56%
Std Deviation
-47.73%
Max Drawdown
124months
Recovery Period
Harry Browne Permanent Portfolio
1.00$
Invested Capital
July 1995
7.29$
Final Capital
June 2025
6.85%
Yearly Return
6.65%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Invested Capital
July 1995
3.46$
Final Capital
June 2025
4.23%
Yearly Return
6.65%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period
1.00$
Invested Capital
January 1871
6.66 K$
Final Capital
June 2025
5.86%
Yearly Return
5.81%
Std Deviation
-30.61%
Max Drawdown
46months
Recovery Period
1.00$
Invested Capital
January 1871
259.30$
Final Capital
June 2025
3.66%
Yearly Return
5.81%
Std Deviation
-45.48%
Max Drawdown
182months
Recovery Period

As of June 2025, in the previous 30 Years, the Ray Dalio All Weather Portfolio obtained a 7.37% compound annual return, with a 7.45% standard deviation. It suffered a maximum drawdown of -20.58% that required 42 months to be recovered.

As of June 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 6.85% compound annual return, with a 6.65% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 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.

Ray Dalio All Weather Portfolio
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
7.50
DBC
Invesco DB Commodity Tracking
7.50
GLD
SPDR Gold Trust
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 Jun 30, 2025

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
Return Comparison
Capital Growth
30 Years
(1995/07 - 2025/06)
All Data
(1871/01 - 2025/06)
Inflation Adjusted:
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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Ray Dalio All Weather Portfolio
Ray Dalio 		1 $ 8.45 $ 744.53% 7.37%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 7.29 $ 628.85% 6.85%
Jul 1995 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Ray Dalio All Weather Portfolio
Ray Dalio 		1 $ 4.01 $ 301.37% 4.74%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 3.46 $ 246.40% 4.23%
Jul 1995 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Ray Dalio All Weather Portfolio
Ray Dalio 		1 $ 13 092.92 $ 1 309 191.88% 6.33%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 6 663.35 $ 666 234.64% 5.86%
Jan 1871 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Ray Dalio All Weather Portfolio
Ray Dalio 		1 $ 509.51 $ 50 850.76% 4.12%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 259.30 $ 25 830.24% 3.66%
Jan 1871 Jun 2025

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Return (%) as of Jun 30, 2025
YTD
(6M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~155Y)
http://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_ray_dalio.webp All Weather Portfolio
Ray Dalio 		5.58 3.08 5.58 8.88 3.14 5.41 7.37 6.33
http://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne 		9.09 2.03 9.09 15.44 5.74 6.58 6.85 5.86
Returns over 1 year are annualized.
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Portfolio Metrics as of Jun 30, 2025

The following metrics, updated as of 30 June 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON
Period: 1 July 2024 - 30 June 2025 (1 year)
Period: 1 July 2020 - 30 June 2025 (5 years)
Period: 1 July 2015 - 30 June 2025 (10 years)
Period: 1 July 1995 - 30 June 2025 (30 years)
Period: 1 January 1871 - 30 June 2025 (~155 years)
1 Year
5 Years
10 Years
30 Years
All (1871/01 - 2025/06)
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All Weather Portfolio Permanent Portfolio
Author Ray Dalio Harry Browne
ASSET ALLOCATION
Stocks 30% 25%
Fixed Income 55% 50%
Commodities 15% 25%
PERFORMANCES
Annualized Return (%) 8.88 15.44
Infl. Adjusted (%) 6.30 12.70
DRAWDOWN
Deepest Drawdown Depth (%) -3.45 -2.51
Start to Recovery (months) 3 2
Longest Drawdown Depth (%) -1.94 -0.13
Start to Recovery (months) 4 2
Longest Negative Period (months) 8 3
RISK INDICATORS
Standard Deviation (%) 7.03 4.86
Sharpe Ratio 0.60 2.22
Sortino Ratio 0.76 2.69
Ulcer Index 1.43 0.70
Ratio: Return / Standard Deviation 1.26 3.18
Ratio: Return / Deepest Drawdown 2.57 6.14
Metrics calculated over the period 1 July 2024 - 30 June 2025
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All Weather Portfolio Permanent Portfolio
Author Ray Dalio Harry Browne
ASSET ALLOCATION
Stocks 30% 25%
Fixed Income 55% 50%
Commodities 15% 25%
PERFORMANCES
Annualized Return (%) 3.14 5.74
Infl. Adjusted (%) -1.33 1.17
DRAWDOWN
Deepest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Negative Period (months) 45 40
RISK INDICATORS
Standard Deviation (%) 10.40 8.44
Sharpe Ratio 0.04 0.36
Sortino Ratio 0.06 0.50
Ulcer Index 9.55 5.91
Ratio: Return / Standard Deviation 0.30 0.68
Ratio: Return / Deepest Drawdown 0.15 0.36
Metrics calculated over the period 1 July 2020 - 30 June 2025
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All Weather Portfolio Permanent Portfolio
Author Ray Dalio Harry Browne
ASSET ALLOCATION
Stocks 30% 25%
Fixed Income 55% 50%
Commodities 15% 25%
PERFORMANCES
Annualized Return (%) 5.41 6.58
Infl. Adjusted (%) 2.30 3.43
DRAWDOWN
Deepest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Negative Period (months) 46 40
RISK INDICATORS
Standard Deviation (%) 8.45 7.25
Sharpe Ratio 0.42 0.66
Sortino Ratio 0.58 0.92
Ulcer Index 6.92 4.44
Ratio: Return / Standard Deviation 0.64 0.91
Ratio: Return / Deepest Drawdown 0.26 0.41
Metrics calculated over the period 1 July 2015 - 30 June 2025
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All Weather Portfolio Permanent Portfolio
Author Ray Dalio Harry Browne
ASSET ALLOCATION
Stocks 30% 25%
Fixed Income 55% 50%
Commodities 15% 25%
PERFORMANCES
Annualized Return (%) 7.37 6.85
Infl. Adjusted (%) 4.74 4.23
DRAWDOWN
Deepest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Drawdown Depth (%) -20.58 -15.92
Start to Recovery (months) 42 27
Longest Negative Period (months) 46 40
RISK INDICATORS
Standard Deviation (%) 7.45 6.65
Sharpe Ratio 0.68 0.69
Sortino Ratio 0.92 0.96
Ulcer Index 4.46 3.20
Ratio: Return / Standard Deviation 0.99 1.03
Ratio: Return / Deepest Drawdown 0.36 0.43
Metrics calculated over the period 1 July 1995 - 30 June 2025
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All Weather Portfolio Permanent Portfolio
Author Ray Dalio Harry Browne
ASSET ALLOCATION
Stocks 30% 25%
Fixed Income 55% 50%
Commodities 15% 25%
PERFORMANCES
Annualized Return (%) 6.33 5.86
Infl. Adjusted (%) 4.12 3.66
DRAWDOWN
Deepest Drawdown Depth (%) -37.02 -30.61
Start to Recovery (months) 68 46
Longest Drawdown Depth (%) -37.02 -14.17
Start to Recovery (months) 68 53
Longest Negative Period (months) 84 80
RISK INDICATORS
Standard Deviation (%) 6.56 5.81
Sharpe Ratio 0.35 0.32
Sortino Ratio 0.50 0.48
Ulcer Index 4.57 3.52
Ratio: Return / Standard Deviation 0.96 1.01
Ratio: Return / Deepest Drawdown 0.17 0.19
Metrics calculated over the period 1 January 1871 - 30 June 2025
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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 July 1995 - 30 June 2025 (30 years)
Period: 1 January 1871 - 30 June 2025 (~155 years)
30 Years
(1995/07 - 2025/06)

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All Weather Portfolio Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-20.58 42 Jan 2022
Jun 2025
-15.92 27 Jan 2022
Mar 2024
-12.63 18 Mar 2008
Aug 2009
-11.57 9 Jan 2009
Sep 2009
-11.38 6 Jul 2008
Dec 2008
-6.98 13 Aug 2016
Aug 2017
-6.86 17 Oct 2012
Feb 2014
-6.73 15 Feb 2015
Apr 2016
-6.66 17 Feb 2015
Jun 2016
-6.42 13 Aug 2016
Aug 2017
-5.43 19 Sep 2000
Mar 2002
-5.34 4 Jul 1998
Oct 1998
-5.29 9 May 2013
Jan 2014
-4.83 4 Jul 1998
Oct 1998
-4.76 6 Apr 2004
Sep 2004

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All Weather Portfolio Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-37.02 68 Sep 1929
Apr 1935
-30.61 46 Sep 1929
Jun 1933
-20.58 42 Jan 2022
Jun 2025
-17.43 37 Mar 1937
Mar 1940
-15.92 27 Jan 2022
Mar 2024
-14.17 53 Mar 1937
Jul 1941
-12.98 25 Dec 1968
Dec 1970
-12.63 18 Mar 2008
Aug 2009
-12.31 21 Dec 1980
Aug 1982
-11.68 21 Dec 1980
Aug 1982
-11.57 9 Jan 2009
Sep 2009
-11.38 5 Feb 1980
Jun 1980
-11.38 6 Jul 2008
Dec 2008
-11.15 10 Apr 1974
Jan 1975
-11.04 11 Mar 1974
Jan 1975

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 1871 - 30 June 2025 (~155 years)


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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All Weather Portfolio Permanent Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 5.58 -1.94 9.09 0.00
2024
 6.36 -3.73 11.90 -2.51
2023
 9.95 -9.25 11.55 -5.68
2022
 -18.39 -20.58 -12.53 -15.92
2021
 8.27 -3.74 4.21 -4.43
2020
 15.88 -3.68 16.10 -3.30
2019
 17.93 -0.83 16.17 -1.10
2018
 -3.02 -4.71 -1.76 -4.25
2017
 11.55 -0.49 10.97 -0.83
2016
 6.50 -6.42 5.54 -6.98
2015
 -3.23 -6.66 -3.06 -6.73
2014
 12.89 -2.52 9.40 -2.62
2013
 1.71 -5.29 -2.08 -6.04
2012
 7.02 -1.33 6.41 -1.83
2011
 15.64 -2.00 11.11 -1.85
2010
 12.88 -0.69 13.92 -0.53
2009
 2.71 -11.57 7.85 -6.22
2008
 2.38 -11.38 0.87 -12.63
2007
 11.88 -1.20 12.69 -1.20
2006
 6.93 -1.71 10.94 -2.12
2005
 8.55 -2.99 8.91 -1.25
2004
 9.41 -4.76 6.83 -4.20
2003
 13.96 -4.74 13.32 -2.34
2002
 7.77 -1.56 5.85 -4.02
2001
 -2.77 -4.61 -0.52 -4.13
2000
 10.15 -2.26 2.40 -3.23
1999
 6.28 -3.79 5.17 -3.54
1998
 11.05 -4.83 10.09 -5.34
1997
 13.54 -2.89 7.19 -2.33
1996
 8.27 -2.11 5.08 -2.02
1995
 27.44 0.00 18.11 0.00
1994
 -3.28 -6.83 -1.37 -3.63
1993
 12.02 -1.98 12.00 -0.99
1992
 6.76 -2.23 3.57 -1.77
1991
 17.98 -1.86 11.72 -0.88
1990
 3.85 -5.51 1.11 -4.53
1989
 20.45 -1.14 12.90 -1.18
1988
 10.59 -1.93 4.39 -1.50
1987
 3.47 -8.78 7.42 -5.78
1986
 20.56 -3.75 17.64 -1.28
1985
 28.68 -2.13 20.47 -2.05
1984
 8.03 -6.61 2.22 -3.58
1983
 7.06 -3.16 3.46 -2.83
1982
 31.65 -3.13 23.27 -5.51
1981
 -3.74 -11.76 -5.34 -9.88
1980
 10.35 -10.89 13.65 -11.38
1979
 19.26 -6.57 39.77 -4.50
1978
 7.24 -3.43 12.78 -5.31
1977
 2.14 -2.83 6.43 -2.00
1976
 15.78 -1.12 11.22 -2.75
1975
 12.93 -5.16 6.98 -7.00
1974
 1.78 -11.04 12.43 -11.15
1973
 6.67 -2.66 15.65 -6.85
1972
 14.50 0.00 18.84 -1.56
1971
 14.60 -3.81 12.86 -1.09
1970
 10.73 -7.59 7.89 -4.68
1969
 -7.07 -8.33 -6.38 -8.20
1968
 5.61 -2.31 9.27 -1.10
1967
 4.93 -2.43 6.11 -1.37
1966
 -0.21 -6.05 -0.04 -3.86
1965
 4.08 -1.14 4.59 -0.95
1964
 7.34 -0.33 6.00 -0.25
1963
 6.73 -1.03 6.05 -0.74
1962
 0.34 -6.12 -0.23 -4.93
1961
 7.57 -1.53 6.50 -1.00
1960
 8.59 -1.47 5.64 -1.14
1959
 1.91 -2.83 2.72 -1.85
1958
 9.85 -0.95 9.97 -0.31
1957
 1.56 -3.70 0.57 -2.86
1956
 0.45 -3.72 1.35 -2.43
1955
 6.44 -0.66 6.24 -0.67
1954
 17.99 -1.18 14.12 -0.94
1953
 0.83 -4.42 -0.87 -4.16
1952
 4.21 -1.76 3.37 -1.26
1951
 4.78 -2.55 4.37 -1.85
1950
 9.14 -1.91 7.47 -1.53
1949
 8.58 -0.97 6.13 -1.15
1948
 1.89 -3.09 1.16 -2.70
1947
 1.53 -1.94 3.61 -1.52
1946
 -0.92 -7.07 -0.66 -5.77
1945
 15.78 -0.88 12.40 -0.87
1944
 7.97 -0.39 5.95 -0.36
1943
 9.97 -2.77 8.33 -2.35
1942
 6.45 -3.58 5.04 -3.00
1941
 -1.20 -4.99 -1.49 -3.80
1940
 1.87 -7.70 -0.01 -6.09
1939
 2.79 -3.74 1.75 -3.29
1938
 10.37 -7.91 8.45 -6.59
1937
 -10.07 -12.18 -8.65 -10.20
1936
 14.42 -2.08 10.39 -1.85
1935
 16.55 -1.39 12.79 -1.85
1934
 8.27 -3.11 5.72 -3.27
1933
 23.55 -7.04 28.60 -5.74
1932
 5.54 -10.85 2.17 -10.03
1931
 -17.79 -21.07 -12.64 -16.23
1930
 -5.90 -10.68 -4.39 -9.07
1929
 -1.20 -10.34 -0.83 -9.26
1928
 11.11 -1.64 10.25 -1.14
1927
 14.04 -1.26 11.58 -1.05
1926
 6.53 -2.18 5.78 -1.79
1925
 10.80 -1.86 8.98 -1.51
1924
 13.10 -0.48 10.18 -0.44
1923
 4.44 -3.38 3.65 -2.70
1922
 12.65 -1.45 9.97 -1.17
1921
 9.83 -2.12 8.74 -1.62
1920
 -5.55 -5.68 -1.56 -2.72
1919
 5.81 -2.69 6.55 -2.10
1918
 7.85 -0.84 7.63 -0.71
1917
 -7.65 -7.65 -4.88 -4.88
1916
 7.39 -0.65 4.56 -0.66
1915
 14.08 -0.61 10.27 -0.48
1914
 0.88 -4.99 1.02 -3.96
1913
 -0.05 -2.01 0.91 -1.08
1912
 3.48 -1.15 3.57 -0.83
1911
 3.28 -2.93 2.86 -2.33
1910
 0.15 -3.13 0.96 -1.93
1909
 6.57 -0.53 5.56 -0.47
1908
 16.74 -0.51 13.65 -0.55
1907
 -8.40 -8.70 -5.24 -5.97
1906
 0.59 -3.33 1.58 -1.96
1905
 7.83 -1.78 6.99 -1.27
1904
 12.56 -0.84 10.35 -0.56
1903
 -4.67 -7.60 -2.87 -5.48
1902
 3.24 -2.40 3.72 -1.71
1901
 6.47 -2.76 6.40 -2.12
1900
 8.45 -1.38 7.28 -1.02
1899
 2.72 -2.13 2.46 -1.66
1898
 11.99 -4.26 9.71 -2.16
1897
 9.70 -0.85 7.76 -0.96
1896
 2.87 -5.53 3.16 -3.48
1895
 2.80 -4.23 2.81 -2.88
1894
 4.58 -1.05 3.47 -0.91
1893
 -4.72 -9.21 -2.22 -6.13
1892
 3.45 -0.93 3.62 -0.58
1891
 7.45 -2.60 6.97 -1.39
1890
 -1.50 -4.15 -0.21 -2.89
1889
 5.38 -0.71 4.74 -0.41
1888
 4.41 -1.57 3.54 -0.99
1887
 -0.36 -4.08 1.07 -2.41
1886
 5.02 -1.39 5.01 -0.83
1885
 11.99 -0.98 10.08 -0.41
1884
 -1.97 -5.63 -0.61 -3.78
1883
 0.14 -2.08 0.77 -1.33
1882
 3.24 -1.91 3.35 -1.31
1881
 3.46 -3.20 2.94 -1.91
1880
 12.13 -2.30 9.92 -1.87
1879
 17.34 -0.47 14.82 -0.23
1878
 7.44 -0.16 6.08 -0.22
1877
 1.94 -4.81 1.31 -4.59
1876
 -0.20 -3.96 -1.26 -2.91
1875
 7.61 -1.41 6.22 -0.40
1874
 7.35 -1.45 5.61 -0.80
1873
 1.49 -7.70 1.85 -4.51
1872
 5.32 -2.48 6.24 -0.91
1871
 8.01 -1.75 6.83 -1.19
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