Frank Vasquez Golden Ratio Portfolio vs Davide Pisicchio Margherita Portfolio Portfolio Comparison

Simulation Settings
Period: January 1994 - May 2025 (~31 years)
Consolidated Returns as of 31 May 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
(1995/06 - 2025/05)
All Data
(1994/01 - 2025/05)
Inflation Adjusted:
Frank Vasquez Golden Ratio Portfolio
1.00$
Invested Capital
June 1995
12.90$
Final Capital
May 2025
8.90%
Yearly Return
9.41%
Std Deviation
-23.37%
Max Drawdown
31months
Recovery Period
1.00$
Invested Capital
June 1995
6.12$
Final Capital
May 2025
6.22%
Yearly Return
9.41%
Std Deviation
-27.40%
Max Drawdown
45months*
Recovery Period
* in progress
1.00$
Invested Capital
January 1994
13.94$
Final Capital
May 2025
8.75%
Yearly Return
9.29%
Std Deviation
-23.37%
Max Drawdown
31months
Recovery Period
1.00$
Invested Capital
January 1994
6.36$
Final Capital
May 2025
6.07%
Yearly Return
9.29%
Std Deviation
-27.40%
Max Drawdown
45months*
Recovery Period
* in progress
Davide Pisicchio Margherita Portfolio
1.00€
Invested Capital
June 1995
7.16€
Final Capital
May 2025
6.78%
Yearly Return
5.70%
Std Deviation
-10.54%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
June 1995
3.90€
Final Capital
May 2025
4.64%
Yearly Return
5.70%
Std Deviation
-18.08%
Max Drawdown
41months*
Recovery Period
* in progress
1.00€
Invested Capital
January 1994
7.30€
Final Capital
May 2025
6.53%
Yearly Return
5.73%
Std Deviation
-10.54%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
January 1994
3.81€
Final Capital
May 2025
4.35%
Yearly Return
5.73%
Std Deviation
-18.08%
Max Drawdown
41months*
Recovery Period
* in progress

As of May 2025, in the previous 30 Years, the Frank Vasquez Golden Ratio Portfolio obtained a 8.90% compound annual return, with a 9.41% standard deviation. It suffered a maximum drawdown of -23.37% that required 31 months to be recovered.

As of May 2025, in the previous 30 Years, the Davide Pisicchio Margherita Portfolio obtained a 6.78% compound annual return, with a 5.70% standard deviation. It suffered a maximum drawdown of -10.54% that required 26 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.

Frank Vasquez Golden Ratio Portfolio
Weight
(%)		 Ticker Name
21.00
IJS
iShares S&P Small-Cap 600 Value
21.00
VUG
Vanguard Growth
10.00
VNQ
Vanguard Real Estate
26.00
TLT
iShares 20+ Year Treasury Bond
6.00
BIL
SPDR Blmbg Barclays 1-3 Mth T-Bill
16.00
GLD
SPDR Gold Trust
Davide Pisicchio Margherita Portfolio
Weight
(%)		 Ticker Name
30.00
XD9U.DE
Xtrackers MSCI USA
40.00
CBUE.DE
iShares USD Treasury Bond 3-7yr Eur Hedged
5.00
IBCI.DE
iShares Euro Inflation Linked Government Bond
5.00
PR1H.DE
Amundi US Treasury Bond 0-1Y EUR Hedged
5.00
VDCE.DE
Vanguard USD Corporate Bond EUR Hedged
5.00
ZPRC.DE
SPDR Refinitiv Global Convertible Bond
10.00
PHAU
WisdomTree Physical Gold
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Portfolio Returns as of May 31, 2025

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
RETURN COMPARISON
Period: 1 January 1994 - 31 May 2025 (~31 years)
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Return (%) as of May 31, 2025
YTD
(5M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~31Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_frank_vasquez.webp Golden Ratio Portfolio
Frank Vasquez 		2.09 1.80 -1.78 11.45 6.94 7.24 8.90 8.75
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_davide_pisicchio.webp Margherita Portfolio
Davide Pisicchio 		-0.46 1.56 -1.47 8.97 5.48 5.02 6.78 6.53
Return over 1 year are annualized.
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Capital Growth as of May 31, 2025

Frank Vasquez Golden Ratio Portfolio: an investment of 1$, since June 1995, now would be worth 12.90$, with a total return of 1189.80% (8.90% annualized).

Davide Pisicchio Margherita Portfolio: an investment of 1€, since June 1995, now would be worth 7.16€, with a total return of 615.86% (6.78% annualized).


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Frank Vasquez Golden Ratio Portfolio: an investment of 1$, since January 1994, now would be worth 13.94$, with a total return of 1294.24% (8.75% annualized).

Davide Pisicchio Margherita Portfolio: an investment of 1€, since January 1994, now would be worth 7.30€, with a total return of 629.54% (6.53% annualized).


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Portfolio Metrics as of May 31, 2025

The following metrics, updated as of 31 May 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON
Period: 1 June 2024 - 31 May 2025 (1 year)
Period: 1 June 2020 - 31 May 2025 (5 years)
Period: 1 June 2015 - 31 May 2025 (10 years)
Period: 1 June 1995 - 31 May 2025 (30 years)
Period: 1 January 1994 - 31 May 2025 (~31 years)
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Golden Ratio Portfolio Margherita Portfolio
Author Frank Vasquez Davide Pisicchio
ASSET ALLOCATION
Stocks 52% 30%
Fixed Income 32% 60%
Commodities 16% 10%
PERFORMANCES
Annualized Return (%)
11.45
8.97
Infl. Adjusted Return (%) 8.86 6.89
DRAWDOWN
Deepest Drawdown Depth (%)
-3.79
-4.34
Start to Recovery (months) 6*
4*
Longest Drawdown Depth (%)
-3.79
-4.34
Start to Recovery (months) 6*
4*
Longest Negative Period (months) 7
6*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 8.00
5.94
Sharpe Ratio
0.84
0.72
Sortino Ratio
1.11
0.99
Ulcer Index 1.89
1.78
Ratio: Return / Standard Deviation 1.43
1.51
Ratio: Return / Deepest Drawdown
3.02
2.06
Metrics calculated over the period 1 June 2024 - 31 May 2025
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Golden Ratio Portfolio Margherita Portfolio
Author Frank Vasquez Davide Pisicchio
ASSET ALLOCATION
Stocks 52% 30%
Fixed Income 32% 60%
Commodities 16% 10%
PERFORMANCES
Annualized Return (%)
6.94
5.48
Infl. Adjusted Return (%) 2.22 1.32
DRAWDOWN
Deepest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Negative Period (months) 39
30
RISK INDICATORS
Standard Deviation (%) 12.52
5.85
Sharpe Ratio 0.35
0.49
Sortino Ratio 0.48
0.67
Ulcer Index 9.47
4.32
Ratio: Return / Standard Deviation 0.55
0.94
Ratio: Return / Deepest Drawdown 0.30
0.52
Metrics calculated over the period 1 June 2020 - 31 May 2025
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Golden Ratio Portfolio Margherita Portfolio
Author Frank Vasquez Davide Pisicchio
ASSET ALLOCATION
Stocks 52% 30%
Fixed Income 32% 60%
Commodities 16% 10%
PERFORMANCES
Annualized Return (%)
7.24
5.02
Infl. Adjusted Return (%) 4.04 2.46
DRAWDOWN
Deepest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Negative Period (months) 39
30
RISK INDICATORS
Standard Deviation (%) 10.68
5.52
Sharpe Ratio 0.51
0.58
Sortino Ratio 0.70
0.82
Ulcer Index 6.98
3.24
Ratio: Return / Standard Deviation 0.68
0.91
Ratio: Return / Deepest Drawdown 0.31
0.48
Metrics calculated over the period 1 June 2015 - 31 May 2025
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Golden Ratio Portfolio Margherita Portfolio
Author Frank Vasquez Davide Pisicchio
ASSET ALLOCATION
Stocks 52% 30%
Fixed Income 32% 60%
Commodities 16% 10%
PERFORMANCES
Annualized Return (%)
8.90
6.78
Infl. Adjusted Return (%) 6.22 4.64
DRAWDOWN
Deepest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Drawdown Depth (%) -23.37
-6.64
Start to Recovery (months)
31
36
Longest Negative Period (months) 43
37
RISK INDICATORS
Standard Deviation (%) 9.41
5.70
Sharpe Ratio 0.70
0.79
Sortino Ratio 0.93
1.10
Ulcer Index 5.11
2.52
Ratio: Return / Standard Deviation 0.95
1.19
Ratio: Return / Deepest Drawdown 0.38
0.64
Metrics calculated over the period 1 June 1995 - 31 May 2025
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Golden Ratio Portfolio Margherita Portfolio
Author Frank Vasquez Davide Pisicchio
ASSET ALLOCATION
Stocks 52% 30%
Fixed Income 32% 60%
Commodities 16% 10%
PERFORMANCES
Annualized Return (%)
8.75
6.53
Infl. Adjusted Return (%) 6.07 4.35
DRAWDOWN
Deepest Drawdown Depth (%) -23.37
-10.54
Start to Recovery (months) 31
26
Longest Drawdown Depth (%) -23.37
-6.64
Start to Recovery (months)
31
36
Longest Negative Period (months) 43
37
RISK INDICATORS
Standard Deviation (%) 9.29
5.73
Sharpe Ratio 0.69
0.73
Sortino Ratio 0.91
1.01
Ulcer Index 5.05
2.72
Ratio: Return / Standard Deviation 0.94
1.14
Ratio: Return / Deepest Drawdown 0.37
0.62
Metrics calculated over the period 1 January 1994 - 31 May 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 June 1995 - 31 May 2025 (30 years)
Period: 1 January 1994 - 31 May 2025 (~31 years)

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Golden Ratio Portfolio Margherita Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-23.37 31 Jan 2022
Jul 2024
-22.00 25 Nov 2007
Nov 2009
-10.54 26 Jan 2022
Feb 2024
-9.45 6 Jul 1998
Dec 1998
-8.81 5 Feb 2020
Jun 2020
-8.43 8 Sep 2018
Apr 2019
-7.18 14 Feb 2015
Mar 2016
-6.92 12 Jun 2002
May 2003
-6.72 5 Jul 1998
Nov 1998
-6.64 36 Sep 2000
Aug 2003
-6.32 11 Feb 2001
Dec 2001
-5.88 19 Jan 2008
Jul 2009
-5.63 6 Apr 2004
Sep 2004
-5.36 9 Aug 2016
Apr 2017
-5.01 15 Apr 2015
Jun 2016

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Golden Ratio Portfolio Margherita Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-23.37 31 Jan 2022
Jul 2024
-22.00 25 Nov 2007
Nov 2009
-10.54 26 Jan 2022
Feb 2024
-9.45 6 Jul 1998
Dec 1998
-8.81 5 Feb 2020
Jun 2020
-8.43 8 Sep 2018
Apr 2019
-7.50 16 Feb 1994
May 1995
-7.18 14 Feb 2015
Mar 2016
-6.92 12 Jun 2002
May 2003
-6.72 5 Jul 1998
Nov 1998
-6.64 36 Sep 2000
Aug 2003
-6.32 11 Feb 2001
Dec 2001
-5.88 19 Jan 2008
Jul 2009
-5.72 14 Feb 1994
Mar 1995
-5.63 6 Apr 2004
Sep 2004

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 1994 - 31 May 2025 (~31 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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Golden Ratio Portfolio Margherita Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
2.09
-2.22 -0.46 -4.34
2024
 11.37 -4.10
14.04
-1.14
2023
17.08
-10.36 9.67 -2.46
2022
 -20.13 -23.37
-10.54
-10.54
2021
14.34
-3.32 10.92 -1.28
2020
17.24
-8.81 8.30 -4.68
2019
22.38
-1.76 15.30 -1.15
2018
 -4.62 -8.43
-0.94
-3.28
2017
13.17
-0.33 2.06 -2.41
2016
10.34
-5.36 6.54 -0.91
2015
 -2.70 -7.18
4.41
-5.01
2014
14.23
-3.74 12.62 -0.36
2013
7.30
-4.75 5.17 -3.05
2012
10.90
-2.33 7.46 -1.56
2011
11.26
-2.79 6.67 -1.22
2010
18.67
-3.89 15.74 -1.30
2009
13.48
-13.85 12.37 -3.00
2008
 -8.15 -17.41
-4.48
-5.49
2007
7.64
-3.47 4.21 -1.82
2006
13.61
-2.41 2.79 -3.17
2005
 8.77 -1.99
11.45
-1.26
2004
12.41
-5.63 3.63 -2.32
2003
21.02
-2.05 5.22 -2.12
2002
0.98
-6.92 -2.29 -6.58
2001
 2.44 -6.32
2.95
-4.48
2000
7.18
-5.00 4.01 -4.95
1999
 4.50 -3.81
15.55
-3.15
1998
10.22
-9.45 9.13 -6.72
1997
 17.46 -2.58
18.91
-3.55
1996
12.12
-2.18 8.55 -2.98
1995
23.89
-0.24 18.91 -0.28
1994
-2.19
-5.72 -5.43 -7.50
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