Bill Bernstein Coward's Portfolio vs Merrill Lynch Edge Select Moderate Portfolio Portfolio Comparison

Simulation Settings

Period: January 1985 - May 2025 (~40 years)
Consolidated Returns as of 31 May 2025

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

(Change Settings)

Results

30 Years
(1995/06 - 2025/05)

All Data
(1985/01 - 2025/05)

Inflation Adjusted:

Bill Bernstein Coward's Portfolio

1.00$
Invested Capital
June 1995
7.72$
Final Capital
May 2025
7.05%
Yearly Return
9.14%
Std Deviation
-32.68%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
June 1995
3.66$
Final Capital
May 2025
4.42%
Yearly Return
9.14%
Std Deviation
-33.80%
Max Drawdown
42months
Recovery Period

1.00$
Invested Capital
January 1985
28.62$
Final Capital
May 2025
8.65%
Yearly Return
9.15%
Std Deviation
-32.68%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
January 1985
9.42$
Final Capital
May 2025
5.71%
Yearly Return
9.15%
Std Deviation
-33.80%
Max Drawdown
42months
Recovery Period

Merrill Lynch Edge Select Moderate Portfolio

1.00$
Invested Capital
June 1995
8.46$
Final Capital
May 2025
7.38%
Yearly Return
8.97%
Std Deviation
-29.58%
Max Drawdown
30months
Recovery Period

1.00$
Invested Capital
June 1995
4.01$
Final Capital
May 2025
4.74%
Yearly Return
8.97%
Std Deviation
-30.74%
Max Drawdown
36months
Recovery Period

1.00$
Invested Capital
January 1985
33.78$
Final Capital
May 2025
9.10%
Yearly Return
9.13%
Std Deviation
-29.58%
Max Drawdown
30months
Recovery Period

1.00$
Invested Capital
January 1985
11.11$
Final Capital
May 2025
6.14%
Yearly Return
9.13%
Std Deviation
-30.74%
Max Drawdown
36months
Recovery Period

As of May 2025, in the previous 30 Years, the Bill Bernstein Coward's Portfolio obtained a 7.05% compound annual return, with a 9.14% standard deviation. It suffered a maximum drawdown of -32.68% that required 38 months to be recovered.

As of May 2025, in the previous 30 Years, the Merrill Lynch Edge Select Moderate Portfolio obtained a 7.38% compound annual return, with a 8.97% standard deviation. It suffered a maximum drawdown of -29.58% that required 30 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.

Resources & Extras

Mastering ETF Investing

Build wealth
with Lazy Portfolios and Passive Investing

Set your goal
Use top metrics to evaluate
Join the passive investing strategy

Exclusive new asset allocations in EUR and USD

Buy now
English book

Buy now
Italian book

Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Bill Bernstein Coward's Portfolio

Weight (%)	Ticker	Name
15.00	VV	Vanguard Large-Cap
10.00	IJS	iShares S&P Small-Cap 600 Value
10.00	VTV	Vanguard Value
5.00	EEM	iShares MSCI Emerging Markets
5.00	IJR	iShares Core S&P Small-Cap
5.00	VGK	Vanguard FTSE Europe
5.00	VPL	Vanguard FTSE Pacific
5.00	VNQ	Vanguard Real Estate
40.00	SHY	iShares 1-3 Year Treasury Bond

Merrill Lynch Edge Select Moderate Portfolio

Weight (%)	Ticker	Name
19.00	VUG	Vanguard Growth
13.00	VEU	Vanguard FTSE All-World ex-US
12.00	VTV	Vanguard Value
5.00	EEM	iShares MSCI Emerging Markets
2.00	IJS	iShares S&P Small-Cap 600 Value
2.00	IJT	iShares S&P Small-Cap 600 Growth
14.00	IEI	iShares 3-7 Year Treasury Bond
14.00	LQD	iShares Investment Grade Corporate Bond
11.00	MBB	iShares MBS
4.00	HYG	iShares iBoxx $ High Yield Corporate Bond
2.00	BIL	SPDR Blmbg Barclays 1-3 Mth T-Bill
2.00	BNDX	Vanguard Total International Bond

Test Your Asset Allocation

Evaluate your portfolio strategy in 7 different currencies

Try the Backtest Tool

Portfolio Returns as of May 31, 2025

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
(1995/06 - 2025/05)

All Data
(1985/01 - 2025/05)

Inflation Adjusted:

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Coward's Portfolio Bill Bernstein	1 $	7.72 $	672.10%	7.05%
Edge Select Moderate Merrill Lynch	1 $	8.46 $	746.39%	7.38%
	Jun 1995	May 2025

Loading data
Please wait

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Coward's Portfolio Bill Bernstein	1 $	3.66 $	266.23%	4.42%
Edge Select Moderate Merrill Lynch	1 $	4.01 $	301.47%	4.74%
	Jun 1995	May 2025

Loading data
Please wait

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Coward's Portfolio Bill Bernstein	1 $	28.62 $	2 762.35%	8.65%
Edge Select Moderate Merrill Lynch	1 $	33.78 $	3 278.28%	9.10%
	Jan 1985	May 2025

Loading data
Please wait

Swipe left to see all data

	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Coward's Portfolio Bill Bernstein	1 $	9.42 $	841.73%	5.71%
Edge Select Moderate Merrill Lynch	1 $	11.11 $	1 011.47%	6.14%
	Jan 1985	May 2025

Loading data
Please wait

Swipe left to see all data

		Return (%) as of May 31, 2025
		YTD (5M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~40Y)
	Coward's Portfolio Bill Bernstein	1.80	2.53	-1.25	7.42	7.84	5.86	7.05	8.65
	Edge Select Moderate Merrill Lynch	3.54	2.86	1.33	10.02	7.38	6.55	7.38	9.10
Returns over 1 year are annualized.

Explore All Lazy Portfolios

Tailored Portfolios for every Investment Strategy

USD

CAD

EUR

Readings that may interest you

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 1985 - 31 May 2025 (~40 years)

1 Year

5 Years

10 Years

30 Years

All (1985/01 - 2025/05)

Swipe left to see all data

	Coward's Portfolio	Edge Select Moderate
Author	Bill Bernstein	Merrill Lynch
ASSET ALLOCATION
Stocks	60%	53%
Fixed Income	40%	47%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	7.42	10.02
Infl. Adjusted (%)	4.93	7.47
DRAWDOWN
Deepest Drawdown Depth (%)	-3.68	-2.14
Start to Recovery (months)	6*	3
Longest Drawdown Depth (%)	-3.68	-2.14
Start to Recovery (months)	6*	3
Longest Negative Period (months)	8	7
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%)	7.04	6.34
Sharpe Ratio	0.39	0.84
Sortino Ratio	0.52	1.05
Ulcer Index	1.75	1.11
Ratio: Return / Standard Deviation	1.05	1.58
Ratio: Return / Deepest Drawdown	2.02	4.68
Metrics calculated over the period 1 June 2024 - 31 May 2025

Swipe left to see all data

	Coward's Portfolio	Edge Select Moderate
Author	Bill Bernstein	Merrill Lynch
ASSET ALLOCATION
Stocks	60%	53%
Fixed Income	40%	47%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	7.84	7.38
Infl. Adjusted (%)	3.08	2.64
DRAWDOWN
Deepest Drawdown Depth (%)	-15.87	-20.56
Start to Recovery (months)	26	27
Longest Drawdown Depth (%)	-15.87	-20.56
Start to Recovery (months)	26	27
Longest Negative Period (months)	32	35
RISK INDICATORS
Standard Deviation (%)	9.77	10.56
Sharpe Ratio	0.54	0.45
Sortino Ratio	0.74	0.61
Ulcer Index	5.18	7.40
Ratio: Return / Standard Deviation	0.80	0.70
Ratio: Return / Deepest Drawdown	0.49	0.36
Metrics calculated over the period 1 June 2020 - 31 May 2025

Swipe left to see all data

	Coward's Portfolio	Edge Select Moderate
Author	Bill Bernstein	Merrill Lynch
ASSET ALLOCATION
Stocks	60%	53%
Fixed Income	40%	47%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	5.86	6.55
Infl. Adjusted (%)	2.71	3.38
DRAWDOWN
Deepest Drawdown Depth (%)	-15.87	-20.56
Start to Recovery (months)	26	27
Longest Drawdown Depth (%)	-15.87	-20.56
Start to Recovery (months)	26	27
Longest Negative Period (months)	32	35
RISK INDICATORS
Standard Deviation (%)	9.33	9.49
Sharpe Ratio	0.44	0.50
Sortino Ratio	0.58	0.67
Ulcer Index	4.49	5.63
Ratio: Return / Standard Deviation	0.63	0.69
Ratio: Return / Deepest Drawdown	0.37	0.32
Metrics calculated over the period 1 June 2015 - 31 May 2025

Swipe left to see all data

	Coward's Portfolio	Edge Select Moderate
Author	Bill Bernstein	Merrill Lynch
ASSET ALLOCATION
Stocks	60%	53%
Fixed Income	40%	47%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	7.05	7.38
Infl. Adjusted (%)	4.42	4.74
DRAWDOWN
Deepest Drawdown Depth (%)	-32.68	-29.58
Start to Recovery (months)	38	30
Longest Drawdown Depth (%)	-32.68	-15.42
Start to Recovery (months)	38	38
Longest Negative Period (months)	61	52
RISK INDICATORS
Standard Deviation (%)	9.14	8.97
Sharpe Ratio	0.52	0.57
Sortino Ratio	0.68	0.75
Ulcer Index	5.82	5.96
Ratio: Return / Standard Deviation	0.77	0.82
Ratio: Return / Deepest Drawdown	0.22	0.25
Metrics calculated over the period 1 June 1995 - 31 May 2025

Swipe left to see all data

	Coward's Portfolio	Edge Select Moderate
Author	Bill Bernstein	Merrill Lynch
ASSET ALLOCATION
Stocks	60%	53%
Fixed Income	40%	47%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	8.65	9.10
Infl. Adjusted (%)	5.71	6.14
DRAWDOWN
Deepest Drawdown Depth (%)	-32.68	-29.58
Start to Recovery (months)	38	30
Longest Drawdown Depth (%)	-32.68	-15.42
Start to Recovery (months)	38	38
Longest Negative Period (months)	61	52
RISK INDICATORS
Standard Deviation (%)	9.15	9.13
Sharpe Ratio	0.60	0.65
Sortino Ratio	0.78	0.86
Ulcer Index	5.33	5.41
Ratio: Return / Standard Deviation	0.95	1.00
Ratio: Return / Deepest Drawdown	0.26	0.31
Metrics calculated over the period 1 January 1985 - 31 May 2025

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 1985 - 31 May 2025 (~40 years)

30 Years
(1995/06 - 2025/05)

Chart Table

Loading data
Please wait

Swipe left to see all data

Coward's Portfolio			Edge Select Moderate
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-32.68	38	Nov 2007 Dec 2010
			-29.58	30	Nov 2007 Apr 2010
			-20.56	27	Jan 2022 Mar 2024
-15.87	26	Jan 2022 Feb 2024
			-15.42	38	Sep 2000 Oct 2003
-14.45	11	Jan 2020 Nov 2020
-12.22	11	May 2011 Mar 2012
-12.10	30	Feb 2001 Jul 2003
-11.37	8	May 1998 Dec 1998
			-10.96	6	Feb 2020 Jul 2020
			-9.65	10	May 2011 Feb 2012
-8.41	8	Sep 2018 Apr 2019
			-7.97	5	Jul 1998 Nov 1998
			-7.17	7	Sep 2018 Mar 2019
			-6.44	14	May 2015 Jun 2016

Loading data
Please wait

Swipe left to see all data

Coward's Portfolio			Edge Select Moderate
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-32.68	38	Nov 2007 Dec 2010
			-29.58	30	Nov 2007 Apr 2010
			-20.56	27	Jan 2022 Mar 2024
-16.51	17	Sep 1987 Jan 1989
-15.87	26	Jan 2022 Feb 2024
			-15.42	38	Sep 2000 Oct 2003
			-15.26	16	Sep 1987 Dec 1988
-14.45	11	Jan 2020 Nov 2020
-12.22	11	May 2011 Mar 2012
-12.10	30	Feb 2001 Jul 2003
-11.37	8	May 1998 Dec 1998
			-10.96	6	Feb 2020 Jul 2020
			-10.40	7	Aug 1990 Feb 1991
-10.13	7	Aug 1990 Feb 1991
			-9.65	10	May 2011 Feb 2012

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 - 31 May 2025 (~40 years)

Rolling Period:

Coward's Portfolio
Edge Select Moderate

Head To Head (Ptf 1 vs Ptf 2):

US Inflation Adjusted:

Loading data
Please wait

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.

Swipe left to see all data

	Coward's Portfolio		Edge Select Moderate
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2025	1.80	-2.63	3.54	-2.02
2024	8.86	-2.99	10.50	-2.94
2023	11.70	-6.86	16.31	-7.35
2022	-10.59	-15.87	-16.06	-20.56
2021	13.60	-2.35	9.66	-2.75
2020	7.17	-14.45	13.88	-10.96
2019	16.66	-3.85	19.44	-3.06
2018	-4.86	-8.41	-4.47	-7.17
2017	11.81	-0.17	15.00	0.00
2016	9.49	-3.00	7.31	-2.51
2015	-1.25	-6.03	-1.02	-6.05
2014	5.28	-2.42	6.15	-2.15
2013	16.34	-2.03	12.89	-2.80
2012	10.41	-5.08	11.74	-4.35
2011	-1.01	-12.22	1.36	-9.65
2010	11.88	-7.73	11.88	-5.89
2009	17.30	-13.54	21.52	-11.06
2008	-19.19	-21.50	-18.62	-22.60
2007	5.00	-3.66	8.20	-2.71
2006	14.37	-2.55	12.10	-2.46
2005	7.03	-2.57	6.80	-2.45
2004	11.54	-3.15	10.27	-2.82
2003	22.81	-2.92	21.24	-1.84
2002	-5.87	-11.66	-5.21	-10.16
2001	-0.24	-9.23	-2.83	-10.45
2000	3.08	-4.74	-1.46	-6.21
1999	13.21	-2.57	14.10	-2.41
1998	8.14	-11.37	14.87	-7.97
1997	15.36	-2.99	14.53	-4.08
1996	13.57	-2.72	10.99	-2.45
1995	20.52	-1.13	22.46	-0.02
1994	-0.79	-5.43	-0.46	-5.84
1993	18.11	-2.29	17.25	-2.24
1992	8.20	-1.49	4.97	-2.63
1991	26.60	-3.17	28.12	-3.00
1990	-2.79	-10.13	-1.02	-10.40
1989	22.00	-1.82	23.35	-0.80
1988	15.53	-1.90	14.65	-2.43
1987	2.17	-16.51	4.00	-15.26
1986	18.48	-3.70	21.58	-4.43
1985	27.16	-1.60	29.83	-1.40

Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of May 31, 2025

Portfolio Metrics as of May 31, 2025

Drawdowns

Rolling Returns

Yearly Returns