Bill Bernstein Coward's Portfolio: ETF allocation and returns

Data Source: from January 1976 to June 2024 (~49 years)
Consolidated Returns as of 30 June 2024
Live Update: Jul 15 2024, 10:00AM Eastern Time
Currency: USD
PORTFOLIO • LIVE PERFORMANCE (USD currency)
0.17%
1 Day
Jul 15 2024, 10:00AM Eastern Time
2.65%
Current Month
July 2024

The Bill Bernstein Coward's Portfolio can be implemented with 9 ETFs. This portfolio has a high risk, indicating it can undergo considerable value changes. It is appropriate for investors with a high risk tolerance who are aiming for higher returns and can handle notable drawdowns.

The asset allocation is the following: 60% on the Stock Market, 40% on Fixed Income, 0% on Commodities. In general, bonds are useful for mitigating overall portfolio risk, especially if they are issued by national entities or highly reliable companies. This portfolio has a 40% allocation to bonds, leading to its classification as high risk.

In the last 30 Years, the Bill Bernstein Coward's Portfolio obtained a 7.19% compound annual return, with a 9.11% standard deviation. It suffered a maximum drawdown of -32.68% that required 38 months to be recovered.

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Asset Allocation and ETFs

The Bill Bernstein Coward's Portfolio has the following asset allocation:

60% Stocks
40% Fixed Income
0% Commodities

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The Bill Bernstein Coward's Portfolio can be implemented with the following ETFs:

Weight
(%)
ETF
Ticker
ETF
Currency
ETF Name Investment Themes (Orig.Currency)
15.00
VV
USD Vanguard Large-Cap Equity, U.S., Large Cap (USD)
10.00
IJS
USD iShares S&P Small-Cap 600 Value Equity, U.S., Small Cap, Value (USD)
10.00
VTV
USD Vanguard Value Equity, U.S., Large Cap, Value (USD)
5.00
EEM
USD iShares MSCI Emerging Markets Equity, Emerging Markets, Large Cap (USD)
5.00
IJR
USD iShares Core S&P Small-Cap Equity, U.S., Small Cap (USD)
5.00
VGK
USD Vanguard FTSE Europe Equity, Developed Europe, Large Cap (USD)
5.00
VPL
USD Vanguard FTSE Pacific Equity, Developed Asia Pacific, Large Cap (USD)
5.00
VNQ
USD Vanguard Real Estate Real Estate, U.S. (USD)
40.00
SHY
USD iShares 1-3 Year Treasury Bond Bond, U.S., Short Term (USD)

Most of Lazy Portfolios are made of common components (asset classes), very simple and well defined. For a more complete view, find out the most common ETFs you can use to build your portfolio.

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Portfolio and ETF Returns as of Jun 30, 2024

The Bill Bernstein Coward's Portfolio guaranteed the following returns.

Returns are calculated in USD, assuming: July 2024 return is calculated on the hypothesis of a newly built portfolio, with the starting asset allocation.
BILL BERNSTEIN COWARD'S PORTFOLIO
Consolidated returns as of 30 June 2024
Live Update: Jul 15 2024, 10:00AM Eastern Time
Swipe left to see all data
  Chg (%) Return (%) Return (%) as of Jun 30, 2024
  1 Day Time ET(*) Jul 2024 1M 6M 1Y 5Y 10Y 30Y MAX
(~49Y)
Bill Bernstein Coward's Portfolio 0.17 2.65 0.53 3.70 9.75 5.98 5.53 7.19 9.67
US Inflation Adjusted return 0.58 2.28 6.58 1.74 2.64 4.54 5.83
Components
VV
USD Vanguard Large-Cap 0.39 09:58AM, Jul 15 2024 3.27 3.71 15.21 24.96 14.91 12.72 10.84 11.73
IJS
USD iShares S&P Small-Cap 600 Value 0.96 10:00AM, Jul 15 2024 5.32 -2.71 -4.82 3.99 7.22 6.99 10.32 14.41
VTV
USD Vanguard Value 0.26 10:00AM, Jul 15 2024 2.69 0.15 8.66 15.85 10.51 9.88 9.63 11.87
EEM
USD iShares MSCI Emerging Markets -0.72 10:00AM, Jul 15 2024 3.76 2.62 6.65 10.45 2.14 2.05 4.99 7.51
IJR
USD iShares Core S&P Small-Cap 1.01 10:00AM, Jul 15 2024 5.39 -2.37 -0.81 8.56 7.99 8.18 10.14 13.00
VGK
USD Vanguard FTSE Europe -0.53 10:00AM, Jul 15 2024 3.54 -2.95 5.71 11.76 7.41 4.42 7.18 9.40
VPL
USD Vanguard FTSE Pacific -0.19 10:00AM, Jul 15 2024 4.09 0.17 3.67 9.55 5.17 4.54 2.61 7.91
VNQ
USD Vanguard Real Estate 0.30 10:00AM, Jul 15 2024 4.73 1.88 -3.21 4.62 2.95 5.28 8.82 11.70
SHY
USD iShares 1-3 Year Treasury Bond -0.01 10:00AM, Jul 15 2024 0.70 0.54 1.09 4.29 0.86 0.97 3.10 5.32
Returns over 1 year are annualized | Available data source: since Jan 1976
(*) Eastern Time (ET - America/New York)
US Inflation is updated to Jun 2024. Current inflation (annualized) is 1Y: 2.98% , 5Y: 4.17% , 10Y: 2.81% , 30Y: 2.53%
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In 2023, the Bill Bernstein Coward's Portfolio granted a 2.71% dividend yield. If you are interested in getting periodic income, please refer to the Bill Bernstein Coward's Portfolio: Dividend Yield page.

Capital Growth as of Jun 30, 2024

An investment of 1$, since July 1994, now would be worth 8.02$, with a total return of 701.84% (7.19% annualized).

The Inflation Adjusted Capital now would be 3.79$, with a net total return of 278.83% (4.54% annualized).

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An investment of 1$, since January 1976, now would be worth 87.95$, with a total return of 8694.80% (9.67% annualized).

The Inflation Adjusted Capital now would be 15.62$, with a net total return of 1462.03% (5.83% annualized).

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Portfolio Metrics as of Jun 30, 2024

Metrics of Bill Bernstein Coward's Portfolio, updated as of 30 June 2024, provide a comprehensive overview of the portfolio's performance and risk characteristics.

These metrics include detailed data on returns, volatility, drawdowns and other key performance indicators. By examining them, you can gain insights into how the portfolio has performed over various time periods and understand its risk profile.

Metrics are calculated based on monthly returns, assuming:
BILL BERNSTEIN COWARD'S PORTFOLIO
Advanced Metrics
Data Source: 1 January 1976 - 30 June 2024 (~49 years)
Swipe left to see all data
Metrics as of Jun 30, 2024
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
(~49Y)
Investment Return (%) 0.53 0.36 3.70 9.75 2.15 5.98 5.53 6.22 7.19 9.67
Infl. Adjusted Return (%)
0.58 0.10 2.28 6.58 -2.69 1.74 2.64 3.57 4.54 5.83
US Inflation (%) -0.06 0.26 1.40 2.98 4.97 4.17 2.81 2.56 2.53 3.63
Returns / Inflation rates over 1 year are annualized.
DRAWDOWN
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Deepest Drawdown Depth (%) -6.86 -15.87 -15.87 -15.87 -32.68 -32.68 -32.68
Start to Recovery (# months)
5 26 26 26 38 38 38
Start (yyyy mm) 2023 08 2022 01 2022 01 2022 01 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 9 9 9 16 16 16
Bottom (yyyy mm) 2023 10 2022 09 2022 09 2022 09 2009 02 2009 02 2009 02
Bottom to End (# months) 2 17 17 17 22 22 22
End (yyyy mm) 2023 12 2024 02 2024 02 2024 02 2010 12 2010 12 2010 12
Longest Drawdown Depth (%)
same

same

same

same

same

same

same
Start to Recovery (# months)
Start (yyyy mm) 2023 08 2022 01 2022 01 2022 01 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 9 9 9 16 16 16
Bottom (yyyy mm) 2023 10 2022 09 2022 09 2022 09 2009 02 2009 02 2009 02
Bottom to End (# months) 2 17 17 17 22 22 22
End (yyyy mm) 2023 12 2024 02 2024 02 2024 02 2010 12 2010 12 2010 12
Longest negative period (# months)
4 29 32 32 56 61 61
Period Start (yyyy mm) 2023 07 2021 07 2021 03 2017 08 2004 07 2004 02 2004 02
Period End (yyyy mm) 2023 10 2023 11 2023 10 2020 03 2009 02 2009 02 2009 02
Annualized Return (%) -12.62 -0.80 -0.43 -0.06 -0.61 -0.23 -0.23
Deepest Drawdown Depth (%) -7.74 -21.24 -21.40 -21.40 -33.80 -33.80 -33.80
Start to Recovery (# months)
5 34* 37* 37* 42 42 42
Start (yyyy mm) 2023 08 2021 09 2021 06 2021 06 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 13 16 16 16 16 16
Bottom (yyyy mm) 2023 10 2022 09 2022 09 2022 09 2009 02 2009 02 2009 02
Bottom to End (# months) 2 21 21 21 26 26 26
End (yyyy mm) 2023 12 - - - 2011 04 2011 04 2011 04
Longest Drawdown Depth (%)
same

same

same

same

same

same

same
Start to Recovery (# months)
Start (yyyy mm) 2023 08 2021 09 2021 06 2021 06 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 13 16 16 16 16 16
Bottom (yyyy mm) 2023 10 2022 09 2022 09 2022 09 2009 02 2009 02 2009 02
Bottom to End (# months) 2 21 21 21 26 26 26
End (yyyy mm) 2023 12 - - - 2011 04 2011 04 2011 04
Longest negative period (# months)
5 36* 52 72 72 118 118
Period Start (yyyy mm) 2023 07 2021 07 2019 07 2017 11 2017 11 1999 05 1999 05
Period End (yyyy mm) 2023 11 2024 06 2023 10 2023 10 2023 10 2009 02 2009 02
Annualized Return (%) -0.78 -2.69 -0.78 -0.01 -0.01 -0.02 -0.02
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
1Y 3Y 5Y 10Y 20Y 30Y MAX
Standard Deviation (%) 9.83 10.62 10.87 9.19 9.47 9.11 9.26
Sharpe Ratio 0.45 -0.08 0.37 0.45 0.51 0.54 0.61
Sortino Ratio 0.65 -0.11 0.49 0.61 0.66 0.70 0.81
Ulcer Index 2.59 6.55 5.82 4.46 6.63 5.82 4.95
Ratio: Return / Standard Deviation 0.99 0.20 0.55 0.60 0.66 0.79 1.04
Ratio: Return / Deepest Drawdown 1.42 0.14 0.38 0.35 0.19 0.22 0.30
Positive Months (%)
58.33 52.77 61.66 65.00 65.83 66.66 67.86
Positive Months 7 19 37 78 158 240 395
Negative Months 5 17 23 42 82 120 187
LONG TERM RETURNS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Best 10 Years Return (%) - Annualized 5.53 9.63 9.87 16.82
Worst 10 Years Return (%) - Annualized 4.66 3.22 3.22
Best 10 Years Return (%) - Annualized 2.64 7.73 7.73 12.20
Worst 10 Years Return (%) - Annualized 1.91 0.61 0.61
TIMEFRAMES
Inflation Adjusted:
Inflation Adjusted:
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
··· Over the latest 30Y
Best Rolling Return (%) - Annualized 35.58 17.41 14.18 9.87 8.07 7.19
Worst Rolling Return (%) - Annualized -27.56 -6.78 -0.51 3.22 5.16
Positive Periods (%) 80.2 92.3 99.6 100.0 100.0 100.0
Best Rolling Return (%) - Annualized 32.72 14.74 11.88 7.73 5.62 4.54
Worst Rolling Return (%) - Annualized -27.57 -8.76 -3.07 0.61 3.02
Positive Periods (%) 73.6 81.8 95.0 100.0 100.0 100.0
95% VaR - Value at Risk (%) - Cumulative
3.71 5.65 6.91 8.65 2.95 0.00 0.00 0.00
95% CVaR - Conditional Value at Risk (%) 4.80 7.54 9.58 16.33 8.19 0.00 0.00 0.00
99% VaR - Value at Risk (%) - Cumulative
5.50 8.75 11.30 22.94 14.32 0.00 0.00 0.00
99% CVaR - Conditional Value at Risk (%) 6.64 10.73 14.09 25.88 20.27 0.51 0.00 0.00
Short term VaRs: analytical | 1+ year VaRs: historical data
Safe Withdrawal Rate (%) 84.65 28.40 17.89 10.21 6.53 6.94
Perpetual Withdrawal Rate (%) --- --- --- 0.72 2.94 5.11
% based on initial capital, inflation-adj. monthly withdrawals afterwards | Credits: BestRetirementPortfolio.com
··· All available data (Jan 1976 - Jun 2024)
Best Rolling Return (%) - Annualized 44.40 25.24 23.24 16.82 14.36 12.13
Worst Rolling Return (%) - Annualized -27.56 -6.78 -0.51 3.22 5.16 6.65
Positive Periods (%) 84.9 95.4 99.8 100.0 100.0 100.0
Best Rolling Return (%) - Annualized 40.91 21.57 19.48 12.20 9.83 7.65
Worst Rolling Return (%) - Annualized -27.57 -8.76 -3.07 0.61 3.02 4.02
Positive Periods (%) 75.8 87.7 97.1 100.0 100.0 100.0
95% VaR - Value at Risk (%) - Cumulative
3.59 5.19 5.92 5.28 0.00 0.00 0.00 0.00 0.00
95% CVaR - Conditional Value at Risk (%) 4.70 7.12 8.64 12.22 5.33 0.00 0.00 0.00 0.00
99% VaR - Value at Risk (%) - Cumulative
5.41 8.35 10.39 20.16 7.84 0.00 0.00 0.00 0.00
99% CVaR - Conditional Value at Risk (%) 6.57 10.36 13.23 23.59 16.67 0.00 0.00 0.00 0.00
Short term VaRs: analytical | 1+ year VaRs: historical data
Safe Withdrawal Rate (%) 84.65 28.40 17.89 10.21 6.53 6.39
Perpetual Withdrawal Rate (%) --- --- --- 0.72 2.94 4.53
% based on initial capital, inflation-adj. monthly withdrawals afterwards | Credits: BestRetirementPortfolio.com
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
  • Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
  • Longest negative period: it's the maximum period for which an overall negative return has been observed.
  • Standard Deviation: it's a measure of the dispersion of returns around the mean.
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
  • Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
  • Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
  • Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
  • Value at Risk (VaR): it's an evaluation of a cumulative worst-case loss (in absolute value), associated with a probability (95%-99%) and a time horizon. For short term, it's calculated based on the expected return and standard deviation, assuming a normal distribution of monthly returns. For long term is retrieved by the historical rolling return data.
  • Conditional Value at Risk (CVaR): it represents the average expected loss if that worst-case threshold (95%-99%) is ever crossed.
  • Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
    For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
  • Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.
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Portfolio Components Correlation

Correlation measures to what degree the returns of two assets move in relation to each other. It is a statistical measure that describes the extent to which the returns of one asset are related to the returns of another asset.

COMPONENTS MONTHLY CORRELATIONS
Monthly correlations as of 30 June 2024
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Terms and Definitions
Correlation values range between -1 and +1
  • A correlation of +1 indicates that the returns of the two assets move in perfect synchrony; when one asset's returns go up, the other asset's returns also go up by the same percentage, and vice versa. This perfect positive correlation implies that the assets perform similarly in different market conditions.
  • A correlation of -1 indicates a perfect inverse relationship between the returns of the two assets. When one asset's returns go up, the other asset's returns go down by the same percentage. This perfect negative correlation suggests that the assets move in opposite directions, providing a diversification benefit by reducing overall portfolio risk.
  • A correlation of 0 means that there is no linear relationship between the returns of the two assets. The returns of one asset do not predict the returns of the other.
Learn about historical correlations here: see how the main asset classes relate to each other.

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.

BILL BERNSTEIN COWARD'S PORTFOLIO
Drawdown periods
Drawdown periods - Inflation Adjusted
Data Source: 1 July 1994 - 30 June 2024 (30 Years)
Data Source: 1 January 1976 - 30 June 2024 (~49 years)
Inflation Adjusted:

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Rolling Returns

( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

BILL BERNSTEIN COWARD'S PORTFOLIO
Annualized Rolling Returns
Annualized Rolling Returns - Inflation Adjusted
Data Source: 1 July 1994 - 30 June 2024 (30 Years)
Data Source: 1 January 1976 - 30 June 2024 (~49 years)
Inflation Adjusted:

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If you need a deeper detail about rolling returns, please refer to the Bill Bernstein Coward's Portfolio: Rolling Returns page.

Seasonality

In which months is it better to invest in Bill Bernstein Coward's Portfolio?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.

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For further information about the seasonality, check the Asset Class Seasonality page.

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the Bill Bernstein Coward's Portfolio over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

BILL BERNSTEIN COWARD'S PORTFOLIO
Monthly Returns Distribution
Data Source: 1 July 1994 - 30 June 2024 (30 Years)
Data Source: 1 January 1976 - 30 June 2024 (~49 years)
240 Positive Months (67%) - 120 Negative Months (33%)
395 Positive Months (68%) - 187 Negative Months (32%)

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Investment Returns, up to December 2005, have been derived using the historical series of equivalent ETFs / Assets, instead of the actual ETFs of the portfolio.
You can find additional information on extended Data Sources here.

In particular, the series derived from equivalent datasets are:
  • Vanguard Large-Cap (VV), up to December 2004
  • iShares S&P Small-Cap 600 Value (IJS), up to December 2000
  • Vanguard Value (VTV), up to December 2004
  • iShares MSCI Emerging Markets (EEM), up to December 2003
  • iShares Core S&P Small-Cap (IJR), up to December 2000
  • Vanguard FTSE Europe (VGK), up to December 2005
  • Vanguard FTSE Pacific (VPL), up to December 2005
  • Vanguard Real Estate (VNQ), up to December 2004
  • iShares 1-3 Year Treasury Bond (SHY), up to December 2002

Portfolio efficiency

The following portfolios granted a higher return over 30 Years and a less severe drawdown at the same time.

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In the following table, you can compare the current portfolio with a list of famous portfolios. Metrics are calculated over the last 30 Years.

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The first official book of
Build wealth
with Lazy Portfolios and Passive Investing