David Swensen Yale Endowment To EUR Portfolio: ETF allocation and returns

Simulation Settings

Period: January 1985 - May 2026 (~41 years)
Consolidated Returns as of 31 May 2026

Initial Amount: 1€

Rebalancing: at every Jan 1^st

Currency: EUR

Inflation: Eurozone

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The David Swensen Yale Endowment To EUR Portfolio can be implemented with 6 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 portfolio asset allocation is: 70% on the Stock Market, 30% 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 30% allocation to bonds, leading to its classification as high risk.

As of May 2026, in the previous 30 Years, the David Swensen Yale Endowment To EUR Portfolio obtained a 8.19% compound annual return, with a 10.97% standard deviation. It suffered a maximum drawdown of -35.20% that required 46 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.

Asset Allocation and ETFs

To effectively implement the asset allocation of the David Swensen Yale Endowment To EUR Portfolio, investors can utilize the following selection of ETFs. These ETFs have been chosen specifically for their ability to represent each asset class within the portfolio and facilitate ease of management.

          70% Stocks
        
          30% Fixed Income
        
          0% Commodities

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Weight (%)	ETF Ticker	ETF Currency	ETF Name	Investment Themes (Orig.Currency)
30.00	EUNL.DE	EUR	iShares Core MSCI World	Equity, Developed Markets, Large Cap (Mix)
20.00	IQQ7.DE	EUR	iShares US Property Yield	Real Estate, U.S. (USD)
15.00	XD9U.DE	EUR	Xtrackers MSCI USA	Equity, U.S., Large Cap (USD)
5.00	IS3N.DE	EUR	iShares Core MSCI Emerg. Markets	Equity, Emerging Markets, Large Cap (USD)
15.00	SXRL.DE	EUR	iShares USD Treasury Bond 3-7yr	Bond, U.S., Intermediate-Term (USD)
15.00	IUST.DE	EUR	iShares USD TIPS	Bond, U.S., All-Term (USD)

Most Lazy Portfolios consist of common, well-defined asset classes.
For a more complete view, discover the most popular ETFs used to build these portfolios.

Portfolio and ETF Returns as of May 31, 2026

Returns are calculated in EUR, assuming:

no fees or capital gain taxes.
rebalancing: at every January 1^st. How do returns change with different rebalancing strategies?
dividend reinvestment, when applicable.
the actual Eurozone Inflation rates.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Capital Growth

Inflation Adj:

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			Chg (%)		Return (%)	Return (%) as of May 31, 2026
			1 Day	Time ET^(*)	---	YTD (5M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~41Y)
Investment Return			---		---	9.43	3.32	8.57	16.61	8.26	8.19	8.19	8.19
Eurozone Inflation Adjusted Return						6.80	3.23	5.78	13.07	3.78	5.22	6.00	5.89
Component Returns
EUNL.DE	EUR	iShares Core MSCI World	---	0	---	10.62	5.46	10.73	24.28	13.07	12.63	8.25	8.76
IQQ7.DE	EUR	iShares US Property Yield	---	0	---	15.07	0.92	11.76	11.42	5.15	4.28	8.53	7.38
XD9U.DE	EUR	Xtrackers MSCI USA	---	0	---	10.87	6.41	10.40	25.80	14.52	14.72	10.56	10.44
IS3N.DE	EUR	iShares Core MSCI Emerg. Markets	---	0	---	25.96	8.46	26.20	48.35	8.86	10.09	6.96	8.59
SXRL.DE	EUR	iShares USD Treasury Bond 3-7yr	---	0	---	-0.20	-0.07	-0.15	3.58	0.44	1.46	3.80	4.01
IUST.DE	EUR	iShares USD TIPS	---	0	---	2.21	0.70	0.33	2.06	1.95	2.22	5.33	5.37
Returns over 1 year are annualized
(*) Eastern Time (ET - America/New York)
The live monthly return is calculated by assuming, for each asset, the weight defined by the base asset allocation.
Eurozone Inflation is updated to May 2026. Inflation (annualized) is 1Y: 3.13% , 5Y: 4.33% , 10Y: 2.82% , 30Y: 2.06%

Components correlation, as of 31 May 2026

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Learn about historical correlations here: see how the main asset classes relate to each other.

Readings that may interest you

Portfolio Metrics as of May 31, 2026

Metrics are calculated based on monthly returns, assuming:

no fees or capital gain taxes.
rebalancing: at every January 1^st. How do returns change with different rebalancing strategies?
dividend reinvestment, when applicable.
the actual Eurozone Inflation rates.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Advanced Metrics

1 January 1985 - 31 May 2026 (~41 years)

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	Metrics as of May 31, 2026
	YTD (5M)	1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX (~41Y)
Investment Return (%)	9.43	3.32	5.72	8.57	16.61	12.04	8.26	8.19	7.68	8.19	8.19
Growth of 1€	1.09	1.03	1.06	1.09	1.17	1.41	1.49	2.20	4.39	10.59	26.05
Infl. Adjusted Return (%)	6.80	3.23	3.24	5.78	13.07	9.27	3.78	5.22	5.43	6.00	5.89
Eurozone Inflation (%)	2.46	0.09	2.40	2.63	3.13	2.53	4.33	2.82	2.13	2.06	2.17
Returns / Inflation rates over 1 year are annualized.
DRAWDOWN Inflation Adjusted: Inflation Adjusted:				Current	1Y	3Y	5Y	10Y	20Y	30Y	MAX
Deepest Drawdown Depth (%)				0.00	-3.26	-9.66	-13.29	-14.29	-35.20	-35.20	-35.20
Start to Recovery (# months)					2	9	26	12	46	46	46
Start (yyyy mm)					2026 03	2025 02	2022 01	2020 02	2007 02	2007 02	2007 02
Start to Bottom (# months)					1	3	12	2	25	25	25
Bottom (yyyy mm)					2026 03	2025 04	2022 12	2020 03	2009 02	2009 02	2009 02
Bottom to End (# months)					1	6	14	10	21	21	21
End (yyyy mm)					2026 04	2025 10	2024 02	2021 01	2010 11	2010 11	2010 11
Longest Drawdown Depth (%)					-0.92	same	same	-13.29	same	-27.71	-27.71
Start to Recovery (# months)					4	same	same	26	same	50	50
Start (yyyy mm)					2025 11	2025 02	2022 01	2022 01	2007 02	2001 06	2001 06
Start to Bottom (# months)					2	3	12	12	25	22	22
Bottom (yyyy mm)					2025 12	2025 04	2022 12	2022 12	2009 02	2003 03	2003 03
Bottom to End (# months)					2	6	14	14	21	28	28
End (yyyy mm)					2026 02	2025 10	2024 02	2024 02	2010 11	2005 07	2005 07
Longest negative period (# months)					5	14	28	28	56	114	114
Start (yyyy mm)					2025 11	2025 02	2021 07	2021 07	2007 02	2000 05	2000 05
End (yyyy mm)					2026 03	2026 03	2023 10	2023 10	2011 09	2009 10	2009 10
Annualized Return (%)					-1.87	-0.37	-0.20	-0.20	-0.55	-0.23	-0.23
Adjusting for units held makes the drawdown reflect real performance, just like in the no-cash-flow case.
Deepest Drawdown Depth (%)				0.00	-4.47	-11.10	-21.25	-21.25	-38.15	-38.15	-38.15
Start to Recovery (# months)					2	13	35	35	60	60	60
Start (yyyy mm)					2026 03	2025 02	2022 01	2022 01	2007 02	2007 02	2007 02
Start to Bottom (# months)					1	3	22	22	25	25	25
Bottom (yyyy mm)					2026 03	2025 04	2023 10	2023 10	2009 02	2009 02	2009 02
Bottom to End (# months)					1	10	13	13	35	35	35
End (yyyy mm)					2026 04	2026 02	2024 11	2024 11	2012 01	2012 01	2012 01
Longest Drawdown Depth (%)					-0.62	same	same	same	same	-31.60	-31.60
Start to Recovery (# months)					2	same	same	same	same	72	72
Start (yyyy mm)					2025 06	2025 02	2022 01	2022 01	2007 02	2000 11	2000 11
Start to Bottom (# months)					1	3	22	22	25	29	29
Bottom (yyyy mm)					2025 06	2025 04	2023 10	2023 10	2009 02	2003 03	2003 03
Bottom to End (# months)					1	10	13	13	35	43	43
End (yyyy mm)					2025 07	2026 02	2024 11	2024 11	2012 01	2006 10	2006 10
Longest negative period (# months)					5	16	51	51	63	140	140
Start (yyyy mm)					2025 11	2024 12	2022 01	2022 01	2006 07	1997 08	1997 08
End (yyyy mm)					2026 03	2026 03	2026 03	2026 03	2011 09	2009 03	2009 03
Annualized Return (%)					-4.65	-2.57	-0.49	-0.49	-0.14	-0.05	-0.05
Adjusting for units held makes the drawdown reflect real performance, just like in the no-cash-flow case.
RISK INDICATORS					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Standard Deviation (%)					7.97	9.19	10.32	9.91	10.41	10.97	11.70
Sharpe Ratio					1.60	0.80	0.47	0.61	0.59	0.54	0.43
Sortino Ratio					2.26	1.07	0.65	0.82	0.81	0.73	0.58
Ulcer Index					0.95	2.90	5.59	4.76	8.43	9.32	9.34
Ratio: Return / Standard Deviation					2.08	1.31	0.80	0.83	0.74	0.75	0.70
Ratio: Return / Deepest Drawdown					5.10	1.25	0.62	0.57	0.22	0.23	0.23
Positive Months (%)					66.66	66.66	58.33	58.33	60.83	61.66	60.16
Positive Months					8	24	35	70	146	222	299
Negative Months					4	12	25	50	94	138	198
LONG TERM RETURNS Inflation Adjusted: Inflation Adjusted:					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Best 10 Years Return (%) - Annualized								8.19	12.43	12.43	18.34
Worst 10 Years Return (%) - Annualized								8.19	6.27	0.95	0.95
Best 10 Years Return (%) - Annualized								5.22	10.97	10.97	15.57
Worst 10 Years Return (%) - Annualized								5.22	3.65	-1.17	-1.17
TIMEFRAMES Inflation Adjusted: Inflation Adjusted:		1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX
··· As of May 2026 - Over the previous 30Y
Best Rolling Return (%) - Annualized					51.47	21.08	18.73	12.43	8.67	8.19
Worst Rolling Return (%) - Annualized					-26.38	-11.85	-2.35	0.95	4.86	8.19
Positive Periods (%)					78.7	83.0	97.6	100.0	100.0	100.0
Best Rolling Return (%) - Annualized					49.25	19.65	16.78	10.97	6.89	6.00
Worst Rolling Return (%) - Annualized					-28.08	-13.65	-4.35	-1.17	3.21	6.00
Positive Periods (%)					73.3	78.7	87.0	91.7	100.0	100.0
95% VaR - Value at Risk (%) - Cumulative		4.50	6.90	8.51	15.51	16.49	0.00	0.00	0.00
95% CVaR - Conditional Value at Risk (%)		5.82	9.18	11.73	20.28	21.21	1.06	0.00	0.00
99% VaR - Value at Risk (%) - Cumulative		6.66	10.64	13.80	23.82	23.72	3.36	0.00	0.00
99% CVaR - Conditional Value at Risk (%)		8.03	13.02	17.16	25.32	31.07	10.57	0.00	0.00
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					83.15	26.44	16.45	8.42	5.22	7.73
Perpetual Withdrawal Rate (%)					---	---	---	---	2.45	6.38
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com
··· All available data (Jan 1985 - May 2026)
Best Rolling Return (%) - Annualized					54.82	27.07	22.46	18.34	10.12	9.31
Worst Rolling Return (%) - Annualized					-26.38	-11.85	-2.35	0.95	4.86	7.29
Positive Periods (%)					76.1	85.9	98.4	100.0	100.0	100.0
Best Rolling Return (%) - Annualized					49.67	24.52	20.56	15.57	7.78	7.32
Worst Rolling Return (%) - Annualized					-29.21	-13.65	-4.35	-1.17	3.21	5.10
Positive Periods (%)					70.9	81.6	90.1	94.7	100.0	100.0
95% VaR - Value at Risk (%) - Cumulative		4.84	7.48	9.31	15.77	14.47	0.00	0.00	0.00	0.00
95% CVaR - Conditional Value at Risk (%)		6.24	9.90	12.75	20.53	19.49	0.00	0.00	0.00	0.00
99% VaR - Value at Risk (%) - Cumulative		7.14	11.46	14.95	23.82	20.85	2.85	0.00	0.00	0.00
99% CVaR - Conditional Value at Risk (%)		8.61	14.00	18.54	25.23	27.26	8.21	0.00	0.00	0.00
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					83.15	26.44	16.45	8.42	5.22	6.26
Perpetual Withdrawal Rate (%)					---	---	---	---	2.45	5.19
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com

Terms and Definitions

Annualized Portfolio Return: the annualized geometric mean return of the portfolio. When cashflows are involved, it is calculated using the Money-Weighted Rate of Return (MWRR), based on the Modified Dietz formula.
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. When cashflows are involved, portfolio values are normalized by the invested capital (i.e. owned quotes) at each time step: this isolates the effect of market performance from capital contributions, avoiding misleading drawdowns caused by large inflows that artificially lift portfolio value and, as a result, the drawdowns match the ones without cash flows.
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.

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.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Drawdown periods

Inflation Adj:

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Rolling Return Analysis

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.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Annualized Rolling Returns — Over Time & Distribution

The values shown for the rolling periods represent key statistical points: the minimum, maximum, median, and two user-defined percentiles. The lower and upper percentiles (default: 15th and 85th) can be adjusted using the inputs above. They give insight into the distribution of the data, while the median represents the middle value.

Holding Periods and Returns

Holding periods are based on rolling periods: each rolling window represents the return an investor would have achieved by holding the investment for a fixed period (e.g., 10, 20, or 30 years) starting from different dates.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Annualized Rolling Returns

Inflation Adj:

Percentiles: – Changes pending. Click 'Update' to refresh

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Time to Target

What it shows: Months to reach your target capital from each historical entry point, accounting for your initial investment and periodic contributions.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Time to reach your Target Capital

Monthly Returns and Seasonality

This section provides a visual/tabular representation of the performance variability in the David Swensen Yale Endowment To EUR Portfolio over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

DAVID SWENSEN YALE ENDOWMENT TO EUR PORTFOLIO

Monthly Returns Distribution

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Monthly Seasonality Analysis

41 full years are available for analysis


Avg Return (%)
Win Count
Loss Count
Win %
Worst Return (%)
Best Return (%)

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

Methodology

Returns, up to July 2014, 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:

iShares Core MSCI World (EUNL.DE), up to October 2009
iShares US Property Yield (IQQ7.DE), up to November 2006
Xtrackers MSCI USA (XD9U.DE), up to May 2014
iShares Core MSCI Emerg. Markets (IS3N.DE), up to July 2014
iShares USD Treasury Bond 3-7yr (SXRL.DE), up to May 2014
iShares USD TIPS (IUST.DE), up to May 2014

Portfolio efficiency

Compare David Swensen Yale Endowment To EUR Portfolio performance and efficiency against top portfolios to identify strengths and areas for improvement.

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			Allocation
			Stocks	Bonds	Comm	Ann. Return▾	Standard Deviation	Ulcer Index	Deepest Drawdown	Longest Drawdown	Longest Neg.Period	Avg Rank

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			Allocation
			Stocks	Bonds	Comm	Ann. Return▾	Standard Deviation	Ulcer Index	Deepest Drawdown	Longest Drawdown	Longest Neg.Period	Avg Rank

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			Allocation
			Stocks	Bonds	Comm	Ann. Return▾	Standard Deviation	Ulcer Index	Deepest Drawdown	Longest Drawdown	Longest Neg.Period	Avg Rank

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	Drawdown period			Recovery period		Total
Drawdown▴	Start	Bottom	#Months	End	#Months	#Months	Ulcer Index

Drawdown Analysis			Occurrencies (End of Month)			Cumulative
Phase	Frequency	Range	#Num	Every (Avg)	Frequency	Range	Frequency

	Drawdown period			Recovery period		Total
Drawdown▴	Start	Bottom	#Months	End	#Months	#Months	Ulcer Index

Drawdown Analysis			Occurrencies (End of Month)			Cumulative
Phase	Frequency	Range	#Num	Every (Avg)	Frequency	Range	Frequency

	Drawdown period			Recovery period		Total
Drawdown▴	Start	Bottom	#Months	End	#Months	#Months	Ulcer Index

	Intra Year Stats		Monthly Return (%)
Year	Return	Drawdown	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec

Table of contents

Asset Allocation and ETFs

Portfolio and ETF Returns as of May 31, 2026

Portfolio Metrics as of May 31, 2026

Drawdowns

Rolling Return Analysis

Holding Periods and Returns

Time to Target

Monthly Returns and Seasonality

Portfolio efficiency