10-year Treasury Portfolio vs Bill Bernstein Sheltered Sam 40/60 Portfolio Portfolio Comparison

Simulation Settings
Period: January 1985 - June 2025 (~41 years)
Consolidated Returns as of 30 June 2025
Initial Amount: 1$
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
(1995/07 - 2025/06)
All Data
(1985/01 - 2025/06)
Inflation Adjusted:
10-year Treasury Portfolio
1.00$
Invested Capital
July 1995
3.85$
Final Capital
June 2025
4.60%
Yearly Return
6.75%
Std Deviation
-23.19%
Max Drawdown
59months*
Recovery Period
* in progress
1.00$
Invested Capital
July 1995
1.83$
Final Capital
June 2025
2.04%
Yearly Return
6.75%
Std Deviation
-35.52%
Max Drawdown
61months*
Recovery Period
* in progress
1.00$
Invested Capital
January 1985
12.46$
Final Capital
June 2025
6.43%
Yearly Return
7.21%
Std Deviation
-23.19%
Max Drawdown
59months*
Recovery Period
* in progress
1.00$
Invested Capital
January 1985
4.10$
Final Capital
June 2025
3.54%
Yearly Return
7.21%
Std Deviation
-35.52%
Max Drawdown
61months*
Recovery Period
* in progress
Bill Bernstein Sheltered Sam 40/60 Portfolio
1.00$
Invested Capital
July 1995
6.32$
Final Capital
June 2025
6.34%
Yearly Return
6.46%
Std Deviation
-22.05%
Max Drawdown
29months
Recovery Period
1.00$
Invested Capital
July 1995
3.00$
Final Capital
June 2025
3.73%
Yearly Return
6.46%
Std Deviation
-23.34%
Max Drawdown
36months
Recovery Period
1.00$
Invested Capital
January 1985
21.52$
Final Capital
June 2025
7.87%
Yearly Return
6.65%
Std Deviation
-22.05%
Max Drawdown
29months
Recovery Period
1.00$
Invested Capital
January 1985
7.08$
Final Capital
June 2025
4.95%
Yearly Return
6.65%
Std Deviation
-23.34%
Max Drawdown
36months
Recovery Period

As of June 2025, in the previous 30 Years, the 10-year Treasury Portfolio obtained a 4.60% compound annual return, with a 6.75% standard deviation. It suffered a maximum drawdown of -23.19% which has been ongoing for 59 months and is still in progress.

As of June 2025, in the previous 30 Years, the Bill Bernstein Sheltered Sam 40/60 Portfolio obtained a 6.34% compound annual return, with a 6.46% standard deviation. It suffered a maximum drawdown of -22.05% that required 29 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.

Weight
(%)
Ticker Name
100.00
IEF
iShares 7-10 Year Treasury Bond
Weight
(%)
Ticker Name
10.00
VTV
Vanguard Value
8.00
VV
Vanguard Large-Cap
6.00
IJS
iShares S&P Small-Cap 600 Value
4.00
VNQ
Vanguard Real Estate
2.80
EFV
iShares MSCI EAFE Value
2.00
EEM
iShares MSCI Emerging Markets
2.00
IJR
iShares Core S&P Small-Cap
2.00
VGK
Vanguard FTSE Europe
2.00
VPL
Vanguard FTSE Pacific
36.00
SHY
iShares 1-3 Year Treasury Bond
24.00
TIP
iShares TIPS Bond
1.20
GLTR
Aberdeen Standard Physical Precious Metals Basket Shares
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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
(1985/01 - 2025/06)
Inflation Adjusted:
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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
10-year Treasury
1 $ 3.85 $ 285.23% 4.60%
Bill Bernstein Sheltered Sam 40/60
Bill Bernstein
1 $ 6.32 $ 531.95% 6.34%

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
10-year Treasury
1 $ 1.83 $ 83.08% 2.04%
Bill Bernstein Sheltered Sam 40/60
Bill Bernstein
1 $ 3.00 $ 200.34% 3.73%

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
10-year Treasury
1 $ 12.46 $ 1 145.63% 6.43%
Bill Bernstein Sheltered Sam 40/60
Bill Bernstein
1 $ 21.52 $ 2 052.35% 7.87%

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
10-year Treasury
1 $ 4.10 $ 309.82% 3.54%
Bill Bernstein Sheltered Sam 40/60
Bill Bernstein
1 $ 7.08 $ 608.14% 4.95%

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Return (%) as of Jun 30, 2025
YTD
(6M)
1M 6M 1Y 5Y 10Y 30Y MAX
(~41Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_us_author.webp 10-year Treasury
-- Market Benchmark
5.24 1.60 5.24 6.14 -2.55 1.17 4.60 6.43
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_bernstein.webp Sheltered Sam 40/60
Bill Bernstein
4.84 1.96 4.84 8.91 5.89 4.92 6.34 7.87
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 1985 - 30 June 2025 (~41 years)
1 Year
5 Years
10 Years
30 Years
All (1985/01 - 2025/06)
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10-year Treasury Sheltered Sam 40/60
Author Bill Bernstein
ASSET ALLOCATION
Stocks 0% 38.8%
Fixed Income 100% 60%
Commodities 0% 1.2%
PERFORMANCES
Annualized Return (%) 6.14 8.91
Infl. Adjusted (%) 3.62 6.32
DRAWDOWN
Deepest Drawdown Depth (%) -4.61 -2.49
Start to Recovery (months) 7 6
Longest Drawdown Depth (%) -4.61 -2.49
Start to Recovery (months) 7 6
Longest Negative Period (months) 8 7
RISK INDICATORS
Standard Deviation (%) 6.33 5.43
Sharpe Ratio 0.24 0.79
Sortino Ratio 0.29 0.99
Ulcer Index 2.13 0.91
Ratio: Return / Standard Deviation 0.97 1.64
Ratio: Return / Deepest Drawdown 1.33 3.58
Metrics calculated over the period 1 July 2024 - 30 June 2025
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10-year Treasury Sheltered Sam 40/60
Author Bill Bernstein
ASSET ALLOCATION
Stocks 0% 38.8%
Fixed Income 100% 60%
Commodities 0% 1.2%
PERFORMANCES
Annualized Return (%) -2.55 5.89
Infl. Adjusted (%) -6.77 1.30
DRAWDOWN
Deepest Drawdown Depth (%) -23.19 -13.86
Start to Recovery (months) 59* 27
Longest Drawdown Depth (%) -23.19 -13.86
Start to Recovery (months) 59* 27
Longest Negative Period (months) 60* 34
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 7.51 7.56
Sharpe Ratio -0.70 0.42
Sortino Ratio -0.99 0.57
Ulcer Index 14.06 4.69
Ratio: Return / Standard Deviation -0.34 0.78
Ratio: Return / Deepest Drawdown -0.11 0.42
Metrics calculated over the period 1 July 2020 - 30 June 2025
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10-year Treasury Sheltered Sam 40/60
Author Bill Bernstein
ASSET ALLOCATION
Stocks 0% 38.8%
Fixed Income 100% 60%
Commodities 0% 1.2%
PERFORMANCES
Annualized Return (%) 1.17 4.92
Infl. Adjusted (%) -1.82 1.82
DRAWDOWN
Deepest Drawdown Depth (%) -23.19 -13.86
Start to Recovery (months) 59* 27
Longest Drawdown Depth (%) -23.19 -13.86
Start to Recovery (months) 59* 27
Longest Negative Period (months) 103 34
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 6.59 6.76
Sharpe Ratio -0.10 0.46
Sortino Ratio -0.14 0.61
Ulcer Index 10.32 3.63
Ratio: Return / Standard Deviation 0.18 0.73
Ratio: Return / Deepest Drawdown 0.05 0.35
Metrics calculated over the period 1 July 2015 - 30 June 2025
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10-year Treasury Sheltered Sam 40/60
Author Bill Bernstein
ASSET ALLOCATION
Stocks 0% 38.8%
Fixed Income 100% 60%
Commodities 0% 1.2%
PERFORMANCES
Annualized Return (%) 4.60 6.34
Infl. Adjusted (%) 2.04 3.73
DRAWDOWN
Deepest Drawdown Depth (%) -23.19 -22.05
Start to Recovery (months) 59* 29
Longest Drawdown Depth (%) -23.19 -22.05
Start to Recovery (months) 59* 29
Longest Negative Period (months) 126 50
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 6.75 6.46
Sharpe Ratio 0.35 0.63
Sortino Ratio 0.49 0.82
Ulcer Index 6.49 3.58
Ratio: Return / Standard Deviation 0.68 0.98
Ratio: Return / Deepest Drawdown 0.20 0.29
Metrics calculated over the period 1 July 1995 - 30 June 2025
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10-year Treasury Sheltered Sam 40/60
Author Bill Bernstein
ASSET ALLOCATION
Stocks 0% 38.8%
Fixed Income 100% 60%
Commodities 0% 1.2%
PERFORMANCES
Annualized Return (%) 6.43 7.87
Infl. Adjusted (%) 3.54 4.95
DRAWDOWN
Deepest Drawdown Depth (%) -23.19 -22.05
Start to Recovery (months) 59* 29
Longest Drawdown Depth (%) -23.19 -22.05
Start to Recovery (months) 59* 29
Longest Negative Period (months) 126 50
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 7.21 6.65
Sharpe Ratio 0.45 0.71
Sortino Ratio 0.65 0.93
Ulcer Index 5.86 3.31
Ratio: Return / Standard Deviation 0.89 1.18
Ratio: Return / Deepest Drawdown 0.28 0.36
Metrics calculated over the period 1 January 1985 - 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 1985 - 30 June 2025 (~41 years)
30 Years
(1995/07 - 2025/06)

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10-year Treasury Sheltered Sam 40/60
Drawdown
(%)
Recovery
(#Months)
From
To
Drawdown
(%)
Recovery
(#Months)
From
To
-23.19 59* Aug 2020
In progress
-22.05 29 Nov 2007
Mar 2010
-13.86 27 Jan 2022
Mar 2024
-9.34 23 Oct 1998
Aug 2000
-8.88 8 Jan 2020
Aug 2020
-7.60 19 May 2013
Nov 2014
-7.18 34 Aug 2016
May 2019
-6.90 10 Feb 1996
Nov 1996
-6.70 9 May 2011
Jan 2012
-6.65 18 Jan 2009
Jun 2010
-6.60 9 Nov 2001
Jul 2002
-6.16 7 May 1998
Nov 1998
-5.68 7 Jun 2003
Dec 2003
-5.31 7 Sep 2018
Mar 2019
-4.92 12 Jun 2002
May 2003

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10-year Treasury Sheltered Sam 40/60
Drawdown
(%)
Recovery
(#Months)
From
To
Drawdown
(%)
Recovery
(#Months)
From
To
-23.19 59* Aug 2020
In progress
-22.05 29 Nov 2007
Mar 2010
-13.86 27 Jan 2022
Mar 2024
-10.87 11 Mar 1987
Jan 1988
-10.59 13 Sep 1987
Sep 1988
-10.14 19 Nov 1993
May 1995
-9.34 23 Oct 1998
Aug 2000
-8.88 8 Jan 2020
Aug 2020
-7.60 19 May 2013
Nov 2014
-7.18 34 Aug 2016
May 2019
-6.90 10 Feb 1996
Nov 1996
-6.70 9 May 2011
Jan 2012
-6.65 18 Jan 2009
Jun 2010
-6.60 9 Nov 2001
Jul 2002
-6.25 6 Aug 1990
Jan 1991

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 - 30 June 2025 (~41 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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10-year Treasury Sheltered Sam 40/60
Year Return
(%)
Drawdown
(%)
Return
(%)
Drawdown
(%)
2025
5.24 -1.24 4.84 -1.01
2024
-0.63 -4.61 6.82 -2.49
2023
3.65 -8.82 8.44 -5.04
2022
-15.19 -16.91 -9.58 -13.86
2021
-3.33 -5.73 10.41 -1.84
2020
10.01 -2.02 6.86 -8.88
2019
8.03 -2.59 13.26 -1.99
2018
0.99 -3.19 -3.23 -5.31
2017
2.55 -1.90 8.02 0.00
2016
1.00 -6.50 7.40 -1.39
2015
1.51 -4.25 -1.30 -4.40
2014
9.07 -1.05 4.59 -2.20
2013
-6.09 -7.60 8.28 -2.44
2012
3.66 -2.67 8.32 -2.56
2011
15.64 -1.29 2.93 -6.70
2010
9.37 -4.30 9.51 -4.76
2009
-6.59 -6.65 13.63 -9.86
2008
17.91 -4.15 -12.39 -16.39
2007
10.37 -1.85 6.56 -1.57
2006
2.52 -2.87 10.60 -1.50
2005
2.64 -3.19 5.58 -1.56
2004
4.12 -4.85 9.83 -3.47
2003
5.29 -5.68 17.61 -1.29
2002
15.45 -4.13 1.50 -4.92
2001
5.40 -5.21 2.61 -3.56
2000
17.28 -1.12 8.29 -1.66
1999
-7.83 -8.11 6.55 -2.35
1998
14.64 -1.61 8.39 -6.16
1997
11.97 -2.02 13.48 -2.09
1996
0.00 -6.90 9.71 -1.62
1995
25.55 -1.23 20.24 -0.33
1994
-7.19 -9.56 -2.11 -5.82
1993
12.97 -2.55 16.30 -1.70
1992
7.23 -4.02 8.42 -1.15
1991
18.91 -0.54 21.34 -2.03
1990
7.70 -4.48 0.80 -6.25
1989
17.84 -2.30 18.45 -0.62
1988
6.90 -4.60 11.96 -1.41
1987
-2.64 -10.87 3.16 -10.59
1986
21.35 -3.93 18.58 -2.98
1985
29.85 -3.33 25.27 -0.84
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