Bill Bernstein Sheltered Sam 90/10 Portfolio vs Stocks/Bonds 80/20 Portfolio Portfolio Comparison

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: USD

Inflation: US

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Results

30 Years
(1996/06 - 2026/05)

All Data
(1985/01 - 2026/05)

Inflation Adjusted:

Bill Bernstein Sheltered Sam 90/10 Portfolio

1.00$
Invested Capital
June 1996
13.24$
Final Capital
May 2026
8.99%
Yearly Return
13.89%
Std Deviation
-50.12%
Max Drawdown
42months
Recovery Period

1.00$
Invested Capital
June 1996
6.23$
Final Capital
May 2026
6.29%
Yearly Return
13.89%
Std Deviation
-50.94%
Max Drawdown
65months
Recovery Period

1.00$
Invested Capital
January 1985
72.71$
Final Capital
May 2026
10.90%
Yearly Return
13.43%
Std Deviation
-50.12%
Max Drawdown
42months
Recovery Period

1.00$
Invested Capital
January 1985
23.07$
Final Capital
May 2026
7.87%
Yearly Return
13.43%
Std Deviation
-50.94%
Max Drawdown
65months
Recovery Period

Stocks/Bonds 80/20 Portfolio

1.00$
Invested Capital
June 1996
14.55$
Final Capital
May 2026
9.33%
Yearly Return
12.69%
Std Deviation
-41.09%
Max Drawdown
39months
Recovery Period

1.00$
Invested Capital
June 1996
6.84$
Final Capital
May 2026
6.62%
Yearly Return
12.69%
Std Deviation
-42.07%
Max Drawdown
53months
Recovery Period

1.00$
Invested Capital
January 1985
68.12$
Final Capital
May 2026
10.73%
Yearly Return
12.50%
Std Deviation
-41.09%
Max Drawdown
39months
Recovery Period

1.00$
Invested Capital
January 1985
21.61$
Final Capital
May 2026
7.70%
Yearly Return
12.50%
Std Deviation
-42.07%
Max Drawdown
53months
Recovery Period

As of May 2026, in the previous 30 Years, the Bill Bernstein Sheltered Sam 90/10 Portfolio obtained a 8.99% compound annual return, with a 13.89% standard deviation. It suffered a maximum drawdown of -50.12% that required 42 months to be recovered.

As of May 2026, in the previous 30 Years, the Stocks/Bonds 80/20 Portfolio obtained a 9.33% compound annual return, with a 12.69% standard deviation. It suffered a maximum drawdown of -41.09% that required 39 months to be recovered.

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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

Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Bill Bernstein Sheltered Sam 90/10 Portfolio

Weight (%)	Ticker	Name
22.50	VTV	Vanguard Value
18.00	VV	Vanguard Large-Cap
13.50	IJS	iShares S&P Small-Cap 600 Value
9.00	VNQ	Vanguard Real Estate
6.30	EFV	iShares MSCI EAFE Value
4.50	EEM	iShares MSCI Emerging Markets
4.50	IJR	iShares Core S&P Small-Cap
4.50	VGK	Vanguard FTSE Europe
4.50	VPL	Vanguard FTSE Pacific
6.00	SHY	iShares 1-3 Year Treasury Bond
4.00	TIP	iShares TIPS Bond
2.70	GLTR	Aberdeen Standard Physical Precious Metals Basket Shares

Stocks/Bonds 80/20 Portfolio

Weight (%)	Ticker	Name
80.00	VTI	Vanguard Total Stock Market
20.00	BND	Vanguard Total Bond Market

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Portfolio Returns as of May 31, 2026

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
(1996/06 - 2026/05)

All Data
(1985/01 - 2026/05)

Inflation Adjusted:

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sheltered Sam 90/10 Bill Bernstein	1 $	13.24 $	1 223.52%	8.99%
Stocks/Bonds 80/20	1 $	14.55 $	1 354.62%	9.33%
	Jun 1996	May 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sheltered Sam 90/10 Bill Bernstein	1 $	6.23 $	522.57%	6.29%
Stocks/Bonds 80/20	1 $	6.84 $	584.24%	6.62%
	Jun 1996	May 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sheltered Sam 90/10 Bill Bernstein	1 $	72.71 $	7 170.69%	10.90%
Stocks/Bonds 80/20	1 $	68.12 $	6 711.54%	10.73%
	Jan 1985	May 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Sheltered Sam 90/10 Bill Bernstein	1 $	23.07 $	2 207.00%	7.87%
Stocks/Bonds 80/20	1 $	21.61 $	2 061.31%	7.70%
	Jan 1985	May 2026

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		Return (%) as of May 31, 2026
		YTD (5M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~41Y)
	Sheltered Sam 90/10 Bill Bernstein	11.73	2.56	13.03	28.50	9.26	10.85	8.99	10.90
	Stocks/Bonds 80/20 -- Market Benchmark	9.27	4.25	9.18	24.76	10.44	12.50	9.33	10.73
Returns over 1 year are annualized.

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Portfolio Metrics as of May 31, 2026

The following metrics, updated as of 31 May 2026, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 June 2025 - 31 May 2026 (1 year)

Period: 1 June 2021 - 31 May 2026 (5 years)

Period: 1 June 2016 - 31 May 2026 (10 years)

Period: 1 June 1996 - 31 May 2026 (30 years)

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

1 Year

5 Years

10 Years

30 Years

All (1985/01 - 2026/05)

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	Sheltered Sam 90/10	Stocks/Bonds 80/20
Author	Bill Bernstein
ASSET ALLOCATION
Stocks	87.3%	80%
Fixed Income	10%	20%
Commodities	2.7%	0%
PERFORMANCES
Annualized Return (%)	28.50	24.76
Infl. Adjusted (%)	23.93	20.33
DRAWDOWN
Deepest Drawdown Depth (%)	-5.44	-4.45
Start to Recovery (months)	2	3
Longest Drawdown Depth (%)	-5.44	-4.45
Start to Recovery (months)	2	3
Longest Negative Period (months)	2	6
RISK INDICATORS
Standard Deviation (%)	9.96	10.18
Sharpe Ratio	2.47	2.05
Sortino Ratio	3.09	2.96
Ulcer Index	1.51	1.23
Ratio: Return / Standard Deviation	2.86	2.43
Ratio: Return / Deepest Drawdown	5.24	5.57
Metrics calculated over the period 1 June 2025 - 31 May 2026

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	Sheltered Sam 90/10	Stocks/Bonds 80/20
Author	Bill Bernstein
ASSET ALLOCATION
Stocks	87.3%	80%
Fixed Income	10%	20%
Commodities	2.7%	0%
PERFORMANCES
Annualized Return (%)	9.26	10.44
Infl. Adjusted (%)	4.69	5.82
DRAWDOWN
Deepest Drawdown Depth (%)	-20.42	-22.75
Start to Recovery (months)	24	25
Longest Drawdown Depth (%)	-20.42	-22.75
Start to Recovery (months)	24	25
Longest Negative Period (months)	30	29
RISK INDICATORS
Standard Deviation (%)	13.49	13.62
Sharpe Ratio	0.43	0.52
Sortino Ratio	0.59	0.69
Ulcer Index	6.22	8.13
Ratio: Return / Standard Deviation	0.69	0.77
Ratio: Return / Deepest Drawdown	0.45	0.46
Metrics calculated over the period 1 June 2021 - 31 May 2026

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	Sheltered Sam 90/10	Stocks/Bonds 80/20
Author	Bill Bernstein
ASSET ALLOCATION
Stocks	87.3%	80%
Fixed Income	10%	20%
Commodities	2.7%	0%
PERFORMANCES
Annualized Return (%)	10.85	12.50
Infl. Adjusted (%)	7.28	8.87
DRAWDOWN
Deepest Drawdown Depth (%)	-22.65	-22.75
Start to Recovery (months)	11	25
Longest Drawdown Depth (%)	-20.42	-22.75
Start to Recovery (months)	24	25
Longest Negative Period (months)	37	30
RISK INDICATORS
Standard Deviation (%)	13.55	13.01
Sharpe Ratio	0.64	0.79
Sortino Ratio	0.84	1.05
Ulcer Index	5.76	6.27
Ratio: Return / Standard Deviation	0.80	0.96
Ratio: Return / Deepest Drawdown	0.48	0.55
Metrics calculated over the period 1 June 2016 - 31 May 2026

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	Sheltered Sam 90/10	Stocks/Bonds 80/20
Author	Bill Bernstein
ASSET ALLOCATION
Stocks	87.3%	80%
Fixed Income	10%	20%
Commodities	2.7%	0%
PERFORMANCES
Annualized Return (%)	8.99	9.33
Infl. Adjusted (%)	6.29	6.62
DRAWDOWN
Deepest Drawdown Depth (%)	-50.12	-41.09
Start to Recovery (months)	42	39
Longest Drawdown Depth (%)	-50.12	-33.33
Start to Recovery (months)	42	59
Longest Negative Period (months)	102	122
RISK INDICATORS
Standard Deviation (%)	13.89	12.69
Sharpe Ratio	0.49	0.56
Sortino Ratio	0.63	0.74
Ulcer Index	9.89	10.40
Ratio: Return / Standard Deviation	0.65	0.74
Ratio: Return / Deepest Drawdown	0.18	0.23
Metrics calculated over the period 1 June 1996 - 31 May 2026

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	Sheltered Sam 90/10	Stocks/Bonds 80/20
Author	Bill Bernstein
ASSET ALLOCATION
Stocks	87.3%	80%
Fixed Income	10%	20%
Commodities	2.7%	0%
PERFORMANCES
Annualized Return (%)	10.90	10.73
Infl. Adjusted (%)	7.87	7.70
DRAWDOWN
Deepest Drawdown Depth (%)	-50.12	-41.09
Start to Recovery (months)	42	39
Longest Drawdown Depth (%)	-50.12	-33.33
Start to Recovery (months)	42	59
Longest Negative Period (months)	102	122
RISK INDICATORS
Standard Deviation (%)	13.43	12.50
Sharpe Ratio	0.58	0.60
Sortino Ratio	0.74	0.79
Ulcer Index	8.87	9.30
Ratio: Return / Standard Deviation	0.81	0.86
Ratio: Return / Deepest Drawdown	0.22	0.26
Metrics calculated over the period 1 January 1985 - 31 May 2026

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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 1996 - 31 May 2026 (30 years)

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

30 Years
(1996/06 - 2026/05)

Chart Table

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Sheltered Sam 90/10			Stocks/Bonds 80/20
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-50.12	42	Nov 2007 Apr 2011
			-41.09	39	Nov 2007 Jan 2011
			-33.33	59	Sep 2000 Jul 2005
			-22.75	25	Jan 2022 Jan 2024
-22.65	11	Jan 2020 Nov 2020
-21.79	33	Feb 2001 Oct 2003
-20.42	24	Jan 2022 Dec 2023
-17.83	11	May 2011 Mar 2012
-17.68	12	May 1998 Apr 1999
			-16.53	6	Feb 2020 Jul 2020
			-13.95	5	Jul 1998 Nov 1998
			-13.35	10	May 2011 Feb 2012
-11.79	8	Sep 2018 Apr 2019
			-11.32	7	Oct 2018 Apr 2019
-9.22	13	Jun 2015 Jun 2016

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Sheltered Sam 90/10			Stocks/Bonds 80/20
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-50.12	42	Nov 2007 Apr 2011
			-41.09	39	Nov 2007 Jan 2011
			-33.33	59	Sep 2000 Jul 2005
			-24.55	20	Sep 1987 Apr 1989
-23.28	17	Sep 1987 Jan 1989
			-22.75	25	Jan 2022 Jan 2024
-22.65	11	Jan 2020 Nov 2020
-21.79	33	Feb 2001 Oct 2003
-20.42	24	Jan 2022 Dec 2023
-17.83	11	May 2011 Mar 2012
-17.68	12	May 1998 Apr 1999
			-16.53	6	Feb 2020 Jul 2020
-15.69	14	Jan 1990 Feb 1991
			-13.95	5	Jul 1998 Nov 1998
			-13.35	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 2026 (~41 years)

Rolling Period:

Sheltered Sam 90/10
Stocks/Bonds 80/20

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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	Sheltered Sam 90/10		Stocks/Bonds 80/20
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	11.73	-5.44	9.27	-4.45
2025	18.33	-3.63	15.10	-6.18
2024	11.59	-4.65	19.32	-3.99
2023	14.38	-9.69	21.92	-8.32
2022	-12.09	-20.42	-18.23	-22.75
2021	21.12	-3.42	20.16	-3.88
2020	7.74	-22.65	18.36	-16.53
2019	23.13	-5.49	26.30	-4.97
2018	-7.66	-11.79	-4.19	-11.32
2017	16.40	-0.25	17.68	0.00
2016	13.70	-4.40	10.77	-4.34
2015	-2.36	-9.00	0.40	-7.05
2014	8.20	-3.50	11.20	-2.23
2013	22.71	-2.88	26.34	-2.66
2012	15.32	-7.26	13.79	-5.21
2011	-1.13	-17.83	2.36	-13.35
2010	16.61	-11.68	15.18	-10.23
2009	25.94	-20.63	23.84	-14.71
2008	-32.87	-36.25	-28.21	-30.13
2007	3.28	-6.37	5.68	-4.17
2006	20.79	-3.44	13.41	-2.63
2005	10.17	-3.80	5.53	-3.41
2004	17.49	-4.53	11.08	-2.95
2003	33.96	-4.59	25.40	-3.13
2002	-10.94	-19.49	-14.73	-20.47
2001	-3.78	-15.07	-7.09	-17.69
2000	3.21	-6.55	-6.18	-12.05
1999	15.58	-3.98	18.90	-5.12
1998	8.73	-17.68	20.33	-13.95
1997	19.08	-4.29	26.68	-3.85
1996	17.88	-4.19	17.49	-4.78
1995	24.96	-2.05	32.26	-0.70
1994	-1.28	-6.92	-0.67	-6.95
1993	24.08	-2.86	10.44	-2.06
1992	9.51	-2.08	8.71	-2.02
1991	30.09	-4.21	28.96	-3.69
1990	-9.73	-15.69	-3.13	-12.23
1989	25.02	-3.04	25.22	-2.00
1988	19.40	-2.48	15.32	-2.84
1987	3.64	-23.28	2.40	-24.55
1986	24.84	-4.63	14.68	-6.76
1985	33.45	-2.68	29.47	-3.45

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Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of May 31, 2026

Portfolio Metrics as of May 31, 2026

Drawdowns

Rolling Returns

Yearly Returns