David Swensen Lazy Portfolio vs Davide Pisicchio Pepperoni Portfolio Portfolio Comparison

Simulation Settings
Period: July 1985 - April 2025 (~40 years)
Consolidated Returns as of 30 April 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
All (since July 1985)
Inflation Adjusted:
David Swensen Lazy Portfolio
1.00$
Initial Capital
May 1995
10.33$
Final Capital
April 2025
8.09%
Yearly Return
10.90%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
May 1995
4.90$
Final Capital
April 2025
5.44%
Yearly Return
10.90%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period
1.00$
Initial Capital
July 1985
31.78$
Final Capital
April 2025
9.07%
Yearly Return
10.74%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
July 1985
10.69$
Final Capital
April 2025
6.13%
Yearly Return
10.74%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period
Davide Pisicchio Pepperoni Portfolio
1.00$
Initial Capital
May 1995
13.65$
Final Capital
April 2025
9.10%
Yearly Return
10.28%
Std Deviation
-30.37%
Max Drawdown
30months
Recovery Period
1.00$
Initial Capital
May 1995
6.48$
Final Capital
April 2025
6.43%
Yearly Return
10.28%
Std Deviation
-31.52%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
July 1985
41.09$
Final Capital
April 2025
9.78%
Yearly Return
10.42%
Std Deviation
-30.37%
Max Drawdown
30months
Recovery Period
1.00$
Initial Capital
July 1985
13.82$
Final Capital
April 2025
6.81%
Yearly Return
10.42%
Std Deviation
-31.52%
Max Drawdown
38months
Recovery Period

As of April 2025, in the previous 30 Years, the David Swensen Lazy Portfolio obtained a 8.09% compound annual return, with a 10.90% standard deviation. It suffered a maximum drawdown of -40.89% that required 38 months to be recovered.

As of April 2025, in the previous 30 Years, the Davide Pisicchio Pepperoni Portfolio obtained a 9.10% compound annual return, with a 10.28% standard deviation. It suffered a maximum drawdown of -30.37% 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.
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Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

David Swensen Lazy Portfolio
Weight
(%)		 ETF
Ticker		 Name
30.00
VTI
Vanguard Total Stock Market
20.00
VNQ
Vanguard Real Estate
15.00
VEU
Vanguard FTSE All-World ex-US
5.00
EEM
iShares MSCI Emerging Markets
15.00
IEI
iShares 3-7 Year Treasury Bond
15.00
TIP
iShares TIPS Bond
Davide Pisicchio Pepperoni Portfolio
Weight
(%)		 ETF
Ticker		 Name
50.00
VTI
Vanguard Total Stock Market
10.00
QQQ
Invesco QQQ Trust
30.00
IEI
iShares 3-7 Year Treasury Bond
5.00
BSV
Vanguard Short-Term Bond
5.00
CWB
SPDR Bloomberg Convertible Securities ETF
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Portfolio Returns as of Apr 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
Period: 1 July 1985 - 30 April 2025 (~40 years)
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Return (%) as of Apr 30, 2025
YTD
(4M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~40Y)
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_david_swensen.webp Lazy Portfolio
David Swensen 		1.23 -0.04 0.60 11.66 8.15 6.22 8.09 9.07
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_davide_pisicchio.webp Pepperoni Portfolio
Davide Pisicchio 		-2.05 0.32 0.40 10.98 10.06 8.75 9.10 9.78
Return over 1 year are annualized.
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Capital Growth as of Apr 30, 2025

David Swensen Lazy Portfolio: an investment of 1$, since May 1995, now would be worth 10.33$, with a total return of 932.95% (8.09% annualized).

Davide Pisicchio Pepperoni Portfolio: an investment of 1$, since May 1995, now would be worth 13.65$, with a total return of 1264.79% (9.10% annualized).


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David Swensen Lazy Portfolio: an investment of 1$, since July 1985, now would be worth 31.78$, with a total return of 3078.36% (9.07% annualized).

Davide Pisicchio Pepperoni Portfolio: an investment of 1$, since July 1985, now would be worth 41.09$, with a total return of 4009.23% (9.78% annualized).


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Portfolio Metrics as of Apr 30, 2025

The following metrics, updated as of 30 April 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON
Period: 1 May 2024 - 30 April 2025 (1 year)
Period: 1 May 2020 - 30 April 2025 (5 years)
Period: 1 May 2015 - 30 April 2025 (10 years)
Period: 1 May 1995 - 30 April 2025 (30 years)
Period: 1 July 1985 - 30 April 2025 (~40 years)
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Lazy Portfolio Pepperoni Portfolio
Author David Swensen Davide Pisicchio
ASSET ALLOCATION
Stocks 70% 60%
Fixed Income 30% 40%
Commodities 0% 0%
PERFORMANCES
Annualized Return (%) 11.66 10.98
Infl. Adjusted Return (%) 9.39 8.73
DRAWDOWN
Deepest Drawdown Depth (%) -3.50 -4.33
Start to Recovery (months) 5* 5*
Longest Drawdown Depth (%) -3.50 -4.33
Start to Recovery (months) 5* 5*
Longest Negative Period (months) 7* 7*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 7.80 7.95
Sharpe Ratio 0.88 0.78
Sortino Ratio 1.09 1.03
Ulcer Index 1.53 1.77
Ratio: Return / Standard Deviation 1.49 1.38
Ratio: Return / Deepest Drawdown 3.33 2.53
Metrics calculated over the period 1 May 2024 - 30 April 2025
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Lazy Portfolio Pepperoni Portfolio
Author David Swensen Davide Pisicchio
ASSET ALLOCATION
Stocks 70% 60%
Fixed Income 30% 40%
Commodities 0% 0%
PERFORMANCES
Annualized Return (%) 8.15 10.06
Infl. Adjusted Return (%) 3.46 5.29
DRAWDOWN
Deepest Drawdown Depth (%) -22.43 -20.30
Start to Recovery (months) 31 24
Longest Drawdown Depth (%) -22.43 -20.30
Start to Recovery (months) 31 24
Longest Negative Period (months) 34 31
RISK INDICATORS
Standard Deviation (%) 12.08 11.53
Sharpe Ratio 0.47 0.65
Sortino Ratio 0.62 0.87
Ulcer Index 8.71 7.38
Ratio: Return / Standard Deviation 0.67 0.87
Ratio: Return / Deepest Drawdown 0.36 0.50
Metrics calculated over the period 1 May 2020 - 30 April 2025
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Lazy Portfolio Pepperoni Portfolio
Author David Swensen Davide Pisicchio
ASSET ALLOCATION
Stocks 70% 60%
Fixed Income 30% 40%
Commodities 0% 0%
PERFORMANCES
Annualized Return (%) 6.22 8.75
Infl. Adjusted Return (%) 3.05 5.51
DRAWDOWN
Deepest Drawdown Depth (%) -22.43 -20.30
Start to Recovery (months) 31 24
Longest Drawdown Depth (%) -22.43 -20.30
Start to Recovery (months) 31 24
Longest Negative Period (months) 34 31
RISK INDICATORS
Standard Deviation (%) 11.03 10.43
Sharpe Ratio 0.41 0.67
Sortino Ratio 0.54 0.90
Ulcer Index 6.67 5.58
Ratio: Return / Standard Deviation 0.56 0.84
Ratio: Return / Deepest Drawdown 0.28 0.43
Metrics calculated over the period 1 May 2015 - 30 April 2025
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Lazy Portfolio Pepperoni Portfolio
Author David Swensen Davide Pisicchio
ASSET ALLOCATION
Stocks 70% 60%
Fixed Income 30% 40%
Commodities 0% 0%
PERFORMANCES
Annualized Return (%) 8.09 9.10
Infl. Adjusted Return (%) 5.44 6.43
DRAWDOWN
Deepest Drawdown Depth (%) -40.89 -30.37
Start to Recovery (months) 38 30
Longest Drawdown Depth (%) -40.89 -27.58
Start to Recovery (months) 38 52
Longest Negative Period (months) 62 110
RISK INDICATORS
Standard Deviation (%) 10.90 10.28
Sharpe Ratio 0.53 0.66
Sortino Ratio 0.69 0.88
Ulcer Index 7.44 7.97
Ratio: Return / Standard Deviation 0.74 0.89
Ratio: Return / Deepest Drawdown 0.20 0.30
Metrics calculated over the period 1 May 1995 - 30 April 2025
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Lazy Portfolio Pepperoni Portfolio
Author David Swensen Davide Pisicchio
ASSET ALLOCATION
Stocks 70% 60%
Fixed Income 30% 40%
Commodities 0% 0%
PERFORMANCES
Annualized Return (%) 9.07 9.78
Infl. Adjusted Return (%) 6.13 6.81
DRAWDOWN
Deepest Drawdown Depth (%) -40.89 -30.37
Start to Recovery (months) 38 30
Longest Drawdown Depth (%) -40.89 -27.58
Start to Recovery (months) 38 52
Longest Negative Period (months) 62 110
RISK INDICATORS
Standard Deviation (%) 10.74 10.42
Sharpe Ratio 0.56 0.64
Sortino Ratio 0.72 0.85
Ulcer Index 6.77 7.30
Ratio: Return / Standard Deviation 0.84 0.94
Ratio: Return / Deepest Drawdown 0.22 0.32
Metrics calculated over the period 1 July 1985 - 30 April 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 May 1995 - 30 April 2025 (30 years)
Period: 1 July 1985 - 30 April 2025 (~40 years)

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Lazy Portfolio Pepperoni Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-40.89 38 Nov 2007
Dec 2010
-30.37 30 Nov 2007
Apr 2010
-27.58 52 Sep 2000
Dec 2004
-22.43 31 Jan 2022
Jul 2024
-20.30 24 Jan 2022
Dec 2023
-14.66 7 Feb 2020
Aug 2020
-12.40 10 May 2011
Feb 2012
-11.28 9 Apr 1998
Dec 1998
-11.02 5 Feb 2020
Jun 2020
-10.67 33 Sep 2000
May 2003
-10.34 5 Jul 1998
Nov 1998
-9.19 9 May 2011
Jan 2012
-8.99 7 Sep 2018
Mar 2019
-8.18 7 Sep 2018
Mar 2019
-7.44 5 May 2010
Sep 2010

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Lazy Portfolio Pepperoni Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-40.89 38 Nov 2007
Dec 2010
-30.37 30 Nov 2007
Apr 2010
-27.58 52 Sep 2000
Dec 2004
-22.43 31 Jan 2022
Jul 2024
-20.39 20 Sep 1987
Apr 1989
-20.30 24 Jan 2022
Dec 2023
-16.20 16 Sep 1987
Dec 1988
-14.66 7 Feb 2020
Aug 2020
-12.63 14 Jan 1990
Feb 1991
-12.40 10 May 2011
Feb 2012
-11.28 9 Apr 1998
Dec 1998
-11.02 5 Feb 2020
Jun 2020
-10.67 33 Sep 2000
May 2003
-10.40 7 Jul 1990
Jan 1991
-10.34 5 Jul 1998
Nov 1998

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 July 1985 - 30 April 2025 (~40 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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Lazy Portfolio Pepperoni Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 1.23 -1.98 -2.05 -4.33
2024
 9.78 -3.79 15.70 -3.41
2023
 14.13 -8.59 20.76 -6.74
2022
 -17.86 -22.43 -17.18 -20.30
2021
 17.34 -3.57 14.87 -3.34
2020
 10.56 -14.66 20.34 -11.02
2019
 21.27 -2.73 22.31 -4.02
2018
 -5.67 -8.18 -2.24 -8.99
2017
 13.94 0.00 15.08 0.00
2016
 7.74 -3.13 8.09 -3.14
2015
 -0.95 -6.84 1.62 -5.28
2014
 9.97 -3.50 9.59 -1.45
2013
 10.89 -4.57 20.87 -1.93
2012
 13.49 -4.74 11.47 -4.20
2011
 2.21 -12.40 3.09 -9.19
2010
 15.37 -7.79 13.52 -7.44
2009
 24.86 -16.73 21.83 -10.48
2008
 -25.53 -30.78 -20.17 -21.81
2007
 5.59 -4.67 7.90 -2.58
2006
 17.84 -2.82 10.36 -2.45
2005
 8.97 -2.65 4.46 -3.49
2004
 16.10 -5.90 9.37 -2.77
2003
 26.85 -1.91 23.03 -1.45
2002
 -3.41 -9.34 -10.25 -14.70
2001
 -1.71 -9.38 -6.11 -16.04
2000
 3.13 -5.95 -3.51 -11.09
1999
 12.70 -3.25 22.27 -4.08
1998
 8.13 -11.28 23.32 -10.34
1997
 15.35 -3.79 21.61 -4.27
1996
 15.04 -2.41 16.37 -3.88
1995
 20.31 -1.03 30.13 0.00
1994
 -2.86 -8.21 -1.32 -7.18
1993
 20.71 -3.68 11.18 -1.59
1992
 5.36 -3.21 8.95 -2.23
1991
 29.05 -3.46 29.82 -3.60
1990
 -6.06 -12.63 -1.07 -10.40
1989
 21.59 -1.39 22.21 -1.22
1988
 15.34 -2.25 12.50 -3.12
1987
 2.49 -16.20 3.08 -20.39
1986
 23.31 -3.94 13.89 -5.71
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Mastering ETF Investing
Build wealth
with Lazy Portfolios and Passive Investing
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English book
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Italian book