Developed World ex-US 20/80 Portfolio vs Harry Browne Permanent Portfolio Portfolio Comparison

Simulation Settings

Period: January 1985 - February 2026 (~41 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

30 Years
(1996/03 - 2026/02)

All Data
(1985/01 - 2026/02)

Inflation Adjusted:

Developed World ex-US 20/80 Portfolio

1.00$
Invested Capital
March 1996
4.69$
Final Capital
February 2026
5.28%
Yearly Return
5.20%
Std Deviation
-16.80%
Max Drawdown
43months
Recovery Period

1.00$
Invested Capital
March 1996
2.22$
Final Capital
February 2026
2.70%
Yearly Return
5.20%
Std Deviation
-25.20%
Max Drawdown
62months*
Recovery Period
* in progress

1.00$
Invested Capital
January 1985
17.90$
Final Capital
February 2026
7.26%
Yearly Return
5.77%
Std Deviation
-16.80%
Max Drawdown
43months
Recovery Period

1.00$
Invested Capital
January 1985
5.78$
Final Capital
February 2026
4.35%
Yearly Return
5.77%
Std Deviation
-25.20%
Max Drawdown
62months*
Recovery Period
* in progress

Harry Browne Permanent Portfolio

1.00$
Invested Capital
March 1996
8.08$
Final Capital
February 2026
7.21%
Yearly Return
6.74%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period

1.00$
Invested Capital
March 1996
3.83$
Final Capital
February 2026
4.58%
Yearly Return
6.74%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period

1.00$
Invested Capital
January 1985
22.33$
Final Capital
February 2026
7.84%
Yearly Return
6.40%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period

1.00$
Invested Capital
January 1985
7.21$
Final Capital
February 2026
4.92%
Yearly Return
6.40%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period

As of February 2026, in the previous 30 Years, the Developed World ex-US 20/80 Portfolio obtained a 5.28% compound annual return, with a 5.20% standard deviation. It suffered a maximum drawdown of -16.80% that required 43 months to be recovered.

As of February 2026, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 7.21% compound annual return, with a 6.74% 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.

Developed World ex-US 20/80 Portfolio

Weight (%)	Ticker	Name
20.00	VEA	Vanguard FTSE Developed Markets
80.00	BNDX	Vanguard Total International Bond

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

30 Years
(1996/03 - 2026/02)

All Data
(1985/01 - 2026/02)

Inflation Adjusted:

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Developed World ex-US 20/80	1 $	4.69 $	368.50%	5.28%
Permanent Portfolio Harry Browne	1 $	8.08 $	707.89%	7.21%
	Mar 1996	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Developed World ex-US 20/80	1 $	2.22 $	122.30%	2.70%
Permanent Portfolio Harry Browne	1 $	3.83 $	283.33%	4.58%
	Mar 1996	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Developed World ex-US 20/80	1 $	17.90 $	1 690.49%	7.26%
Permanent Portfolio Harry Browne	1 $	22.33 $	2 132.97%	7.84%
	Jan 1985	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Developed World ex-US 20/80	1 $	5.78 $	478.25%	4.35%
Permanent Portfolio Harry Browne	1 $	7.21 $	621.15%	4.92%
	Jan 1985	Feb 2026

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		Return (%) as of Feb 28, 2026
		YTD (2M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~41Y)
	Developed World ex-US 20/80 -- Market Benchmark	4.13	2.48	6.91	11.32	2.89	3.93	5.28	7.26
	Permanent Portfolio Harry Browne	7.07	3.42	17.33	25.68	9.17	8.21	7.21	7.84
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 March 1996 - 28 February 2026 (30 years)

Period: 1 January 1985 - 28 February 2026 (~41 years)

1 Year

5 Years

10 Years

30 Years

All (1985/01 - 2026/02)

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	Developed World ex-US 20/80	Permanent Portfolio
Author		Harry Browne
ASSET ALLOCATION
Stocks	20%	25%
Fixed Income	80%	50%
Commodities	0%	25%
PERFORMANCES
Annualized Return (%)	11.32	25.68
Infl. Adjusted (%)	9.00	23.06
DRAWDOWN
Deepest Drawdown Depth (%)	-0.94	0.00
Start to Recovery (months)	2
Longest Drawdown Depth (%)	-0.94	0.00
Start to Recovery (months)	2
Longest Negative Period (months)	1	0
RISK INDICATORS
Standard Deviation (%)	3.30	5.00
Sharpe Ratio	2.21	4.33
Sortino Ratio	2.97	7.00
Ulcer Index	0.28	0.00
Ratio: Return / Standard Deviation	3.43	5.13
Ratio: Return / Deepest Drawdown	12.06	---
Metrics calculated over the period 1 March 2025 - 28 February 2026

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	Developed World ex-US 20/80	Permanent Portfolio
Author		Harry Browne
ASSET ALLOCATION
Stocks	20%	25%
Fixed Income	80%	50%
Commodities	0%	25%
PERFORMANCES
Annualized Return (%)	2.89	9.17
Infl. Adjusted (%)	-1.44	4.58
DRAWDOWN
Deepest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Negative Period (months)	44	32
RISK INDICATORS
Standard Deviation (%)	6.63	8.33
Sharpe Ratio	-0.05	0.71
Sortino Ratio	-0.07	0.96
Ulcer Index	7.04	5.83
Ratio: Return / Standard Deviation	0.44	1.10
Ratio: Return / Deepest Drawdown	0.17	0.58
Metrics calculated over the period 1 March 2021 - 28 February 2026

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	Developed World ex-US 20/80	Permanent Portfolio
Author		Harry Browne
ASSET ALLOCATION
Stocks	20%	25%
Fixed Income	80%	50%
Commodities	0%	25%
PERFORMANCES
Annualized Return (%)	3.93	8.21
Infl. Adjusted (%)	0.66	4.81
DRAWDOWN
Deepest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Negative Period (months)	59	40
RISK INDICATORS
Standard Deviation (%)	5.50	7.38
Sharpe Ratio	0.33	0.83
Sortino Ratio	0.44	1.16
Ulcer Index	5.07	4.43
Ratio: Return / Standard Deviation	0.71	1.11
Ratio: Return / Deepest Drawdown	0.23	0.52
Metrics calculated over the period 1 March 2016 - 28 February 2026

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	Developed World ex-US 20/80	Permanent Portfolio
Author		Harry Browne
ASSET ALLOCATION
Stocks	20%	25%
Fixed Income	80%	50%
Commodities	0%	25%
PERFORMANCES
Annualized Return (%)	5.28	7.21
Infl. Adjusted (%)	2.70	4.58
DRAWDOWN
Deepest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Negative Period (months)	59	40
RISK INDICATORS
Standard Deviation (%)	5.20	6.74
Sharpe Ratio	0.59	0.74
Sortino Ratio	0.79	1.03
Ulcer Index	3.73	3.20
Ratio: Return / Standard Deviation	1.02	1.07
Ratio: Return / Deepest Drawdown	0.31	0.45
Metrics calculated over the period 1 March 1996 - 28 February 2026

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	Developed World ex-US 20/80	Permanent Portfolio
Author		Harry Browne
ASSET ALLOCATION
Stocks	20%	25%
Fixed Income	80%	50%
Commodities	0%	25%
PERFORMANCES
Annualized Return (%)	7.26	7.84
Infl. Adjusted (%)	4.35	4.92
DRAWDOWN
Deepest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Drawdown Depth (%)	-16.80	-15.92
Start to Recovery (months)	43	27
Longest Negative Period (months)	59	40
RISK INDICATORS
Standard Deviation (%)	5.77	6.40
Sharpe Ratio	0.71	0.73
Sortino Ratio	1.00	1.02
Ulcer Index	3.40	2.84
Ratio: Return / Standard Deviation	1.26	1.23
Ratio: Return / Deepest Drawdown	0.43	0.49
Metrics calculated over the period 1 January 1985 - 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 1996 - 28 February 2026 (30 years)

Period: 1 January 1985 - 28 February 2026 (~41 years)

30 Years
(1996/03 - 2026/02)

Chart Table

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Developed World ex-US 20/80			Permanent Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-16.80	43	Aug 2021 Feb 2025
			-15.92	27	Jan 2022 Mar 2024
-15.55	18	Mar 2008 Aug 2009
			-12.63	18	Mar 2008 Aug 2009
-7.46	22	Dec 1996 Sep 1998
			-6.98	13	Aug 2016 Aug 2017
			-6.86	17	Oct 2012 Feb 2014
			-6.73	15	Feb 2015 Apr 2016
-5.99	6	Feb 2020 Jul 2020
			-5.43	19	Sep 2000 Mar 2002
			-5.34	4	Jul 1998 Oct 1998
-4.48	8	May 2013 Dec 2013
			-4.43	5	Jan 2021 May 2021
			-4.25	13	Feb 2018 Feb 2019
			-4.20	7	Apr 2004 Oct 2004

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Developed World ex-US 20/80			Permanent Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-16.80	43	Aug 2021 Feb 2025
			-15.92	27	Jan 2022 Mar 2024
-15.55	18	Mar 2008 Aug 2009
			-12.63	18	Mar 2008 Aug 2009
-7.46	22	Dec 1996 Sep 1998
-7.02	7	Jan 1990 Jul 1990
			-6.98	13	Aug 2016 Aug 2017
			-6.86	17	Oct 2012 Feb 2014
			-6.73	15	Feb 2015 Apr 2016
-6.51	18	Feb 1994 Jul 1995
-6.31	5	Aug 1990 Dec 1990
-5.99	6	Feb 2020 Jul 2020
			-5.78	17	Sep 1987 Jan 1989
			-5.43	19	Sep 2000 Mar 2002
			-5.34	4	Jul 1998 Oct 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 - 28 February 2026 (~41 years)

Rolling Period:

Developed World ex-US 20/80
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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	Developed World ex-US 20/80		Permanent Portfolio
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	4.13	0.00	7.07	0.00
2025	9.33	-0.94	22.29	0.00
2024	3.48	-1.82	11.90	-2.51
2023	10.62	-3.65	11.55	-5.68
2022	-13.28	-15.82	-12.53	-15.92
2021	0.51	-1.64	4.21	-4.43
2020	5.67	-5.99	16.10	-3.30
2019	10.82	-0.13	16.17	-1.10
2018	-0.71	-1.97	-1.76	-4.25
2017	7.20	-0.28	10.97	-0.83
2016	4.23	-2.76	5.54	-6.98
2015	0.88	-3.06	-3.06	-6.73
2014	5.80	-0.91	9.40	-2.62
2013	3.72	-4.48	-2.08	-6.04
2012	11.34	-1.93	6.41	-1.83
2011	4.42	-2.68	11.11	-1.85
2010	8.49	-1.80	13.92	-0.53
2009	17.74	-4.20	7.85	-6.22
2008	-10.01	-15.55	0.87	-12.63
2007	6.22	-0.75	12.69	-1.20
2006	7.61	-0.62	10.94	-2.12
2005	6.71	-1.16	8.91	-1.25
2004	8.93	-1.18	6.83	-4.20
2003	10.88	-0.98	13.32	-2.34
2002	4.31	-1.24	5.85	-4.02
2001	4.28	-1.41	-0.52	-4.13
2000	4.50	-1.64	2.40	-3.23
1999	7.82	-2.07	5.17	-3.54
1998	16.99	-0.92	10.09	-5.34
1997	-4.15	-6.74	7.19	-2.33
1996	4.66	-1.36	5.08	-2.02
1995	17.78	-0.82	18.11	0.00
1994	-3.88	-6.31	-1.37	-3.63
1993	19.11	-1.94	12.00	-0.99
1992	6.56	-4.18	3.57	-1.77
1991	19.03	-1.69	11.72	-0.88
1990	0.80	-7.02	1.11	-4.53
1989	11.45	-2.33	12.90	-1.18
1988	12.16	-0.98	4.39	-1.50
1987	8.87	-2.58	7.42	-5.78
1986	25.77	-3.32	17.64	-1.28
1985	31.17	-2.24	20.47	-2.05

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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