Harry Browne Permanent Portfolio To EUR Hedged vs Davide Pisicchio Margherita Portfolio Portfolio Comparison

Simulation Settings
Period: January 1994 - June 2025 (~32 years)
Consolidated Returns as of 30 June 2025
Initial Amount: 1€
Rebalancing: at every Jan 1st
Currency: EUR
Inflation: Eurozone
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Results
30 Years
(1995/07 - 2025/06)
All Data
(1994/01 - 2025/06)
Inflation Adjusted:
Harry Browne Permanent Portfolio To EUR Hedged
1.00€
Invested Capital
July 1995
5.57€
Final Capital
June 2025
5.89%
Yearly Return
6.54%
Std Deviation
-17.37%
Max Drawdown
32months
Recovery Period
1.00€
Invested Capital
July 1995
3.03€
Final Capital
June 2025
3.77%
Yearly Return
6.54%
Std Deviation
-25.93%
Max Drawdown
58months*
Recovery Period
* in progress
1.00€
Invested Capital
January 1994
6.14€
Final Capital
June 2025
5.93%
Yearly Return
6.43%
Std Deviation
-17.37%
Max Drawdown
32months
Recovery Period
1.00€
Invested Capital
January 1994
3.20€
Final Capital
June 2025
3.76%
Yearly Return
6.43%
Std Deviation
-25.93%
Max Drawdown
58months*
Recovery Period
* in progress
Davide Pisicchio Margherita Portfolio
1.00€
Invested Capital
July 1995
7.21€
Final Capital
June 2025
6.81%
Yearly Return
5.69%
Std Deviation
-10.54%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
July 1995
3.93€
Final Capital
June 2025
4.67%
Yearly Return
5.69%
Std Deviation
-18.08%
Max Drawdown
42months*
Recovery Period
* in progress
1.00€
Invested Capital
January 1994
7.39€
Final Capital
June 2025
6.56%
Yearly Return
5.71%
Std Deviation
-10.54%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
January 1994
3.85€
Final Capital
June 2025
4.38%
Yearly Return
5.71%
Std Deviation
-18.08%
Max Drawdown
42months*
Recovery Period
* in progress

As of June 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio To EUR Hedged obtained a 5.89% compound annual return, with a 6.54% standard deviation. It suffered a maximum drawdown of -17.37% that required 32 months to be recovered.

As of June 2025, in the previous 30 Years, the Davide Pisicchio Margherita Portfolio obtained a 6.81% compound annual return, with a 5.69% 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.

Harry Browne Permanent Portfolio To EUR Hedged
Weight
(%)		 Ticker Name
25.00
XD9E.DE
Xtrackers MSCI USA EUR Hedged
25.00
IUSV.DE
iShares USD Treasury Bond 20+yr EUR Hedged
25.00
PR1H.DE
Amundi US Treasury Bond 0-1Y EUR Hedged
25.00
GBSE
WisdomTree Physical Gold EUR Hedged
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 Jun 30, 2025

Returns are calculated in EUR, 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
(1994/01 - 2025/06)
Inflation Adjusted:
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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Harry Browne Permanent Portfolio To EUR Hedged
Harry Browne 		1 € 5.57 € 456.89% 5.89%
Davide Pisicchio Margherita Portfolio
Davide Pisicchio 		1 € 7.21 € 621.27% 6.81%
Jul 1995 Jun 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Harry Browne Permanent Portfolio To EUR Hedged
Harry Browne 		1 € 3.03 € 203.47% 3.77%
Davide Pisicchio Margherita Portfolio
Davide Pisicchio 		1 € 3.93 € 293.04% 4.67%
Jul 1995 Jun 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Harry Browne Permanent Portfolio To EUR Hedged
Harry Browne 		1 € 6.14 € 513.74% 5.93%
Davide Pisicchio Margherita Portfolio
Davide Pisicchio 		1 € 7.39 € 638.98% 6.56%
Jan 1994 Jun 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Harry Browne Permanent Portfolio To EUR Hedged
Harry Browne 		1 € 3.20 € 220.09% 3.76%
Davide Pisicchio Margherita Portfolio
Davide Pisicchio 		1 € 3.85 € 285.42% 4.38%
Jan 1994 Jun 2025

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Return (%) as of Jun 30, 2025
YTD
(6M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~32Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio • Hedged
Harry Browne 		7.72 1.55 7.72 12.29 3.75 4.57 5.89 5.93
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_davide_pisicchio.webp Margherita Portfolio
Davide Pisicchio 		0.82 0.42 0.82 7.27 5.52 5.38 6.81 6.56
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 1994 - 30 June 2025 (~32 years)
1 Year
5 Years
10 Years
30 Years
All (1994/01 - 2025/06)
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Permanent Portfolio To EUR Hedged Margherita Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 30%
Fixed Income 50% 60%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 12.29 7.27
Infl. Adjusted (%) 10.09 5.17
DRAWDOWN
Deepest Drawdown Depth (%) -2.52 -3.51
Start to Recovery (months) 2 5*
Longest Drawdown Depth (%) -0.17 -3.51
Start to Recovery (months) 2 5*
Longest Negative Period (months) 3 7*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 4.68 5.27
Sharpe Ratio 1.63 0.50
Sortino Ratio 2.03 0.70
Ulcer Index 0.70 1.44
Ratio: Return / Standard Deviation 2.62 1.38
Ratio: Return / Deepest Drawdown 4.87 2.07
Metrics calculated over the period 1 July 2024 - 30 June 2025
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Permanent Portfolio To EUR Hedged Margherita Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 30%
Fixed Income 50% 60%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 3.75 5.52
Infl. Adjusted (%) -0.32 1.38
DRAWDOWN
Deepest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Negative Period (months) 46 30
RISK INDICATORS
Standard Deviation (%) 8.04 5.80
Sharpe Ratio 0.13 0.49
Sortino Ratio 0.18 0.67
Ulcer Index 7.35 4.30
Ratio: Return / Standard Deviation 0.47 0.95
Ratio: Return / Deepest Drawdown 0.22 0.52
Metrics calculated over the period 1 July 2020 - 30 June 2025
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Permanent Portfolio To EUR Hedged Margherita Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 30%
Fixed Income 50% 60%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 4.57 5.38
Infl. Adjusted (%) 1.99 2.78
DRAWDOWN
Deepest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Negative Period (months) 46 30
RISK INDICATORS
Standard Deviation (%) 6.93 5.44
Sharpe Ratio 0.40 0.65
Sortino Ratio 0.55 0.91
Ulcer Index 5.55 3.20
Ratio: Return / Standard Deviation 0.66 0.99
Ratio: Return / Deepest Drawdown 0.26 0.51
Metrics calculated over the period 1 July 2015 - 30 June 2025
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Permanent Portfolio To EUR Hedged Margherita Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 30%
Fixed Income 50% 60%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 5.89 6.81
Infl. Adjusted (%) 3.77 4.67
DRAWDOWN
Deepest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Drawdown Depth (%) -17.37 -6.64
Start to Recovery (months) 32 36
Longest Negative Period (months) 46 37
RISK INDICATORS
Standard Deviation (%) 6.54 5.69
Sharpe Ratio 0.55 0.80
Sortino Ratio 0.77 1.11
Ulcer Index 3.73 2.51
Ratio: Return / Standard Deviation 0.90 1.20
Ratio: Return / Deepest Drawdown 0.34 0.65
Metrics calculated over the period 1 July 1995 - 30 June 2025
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Permanent Portfolio To EUR Hedged Margherita Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 30%
Fixed Income 50% 60%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 5.93 6.56
Infl. Adjusted (%) 3.76 4.38
DRAWDOWN
Deepest Drawdown Depth (%) -17.37 -10.54
Start to Recovery (months) 32 26
Longest Drawdown Depth (%) -17.37 -6.64
Start to Recovery (months) 32 36
Longest Negative Period (months) 46 37
RISK INDICATORS
Standard Deviation (%) 6.43 5.71
Sharpe Ratio 0.55 0.73
Sortino Ratio 0.76 1.01
Ulcer Index 3.65 2.71
Ratio: Return / Standard Deviation 0.92 1.15
Ratio: Return / Deepest Drawdown 0.34 0.62
Metrics calculated over the period 1 January 1994 - 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 1994 - 30 June 2025 (~32 years)
30 Years
(1995/07 - 2025/06)

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Permanent Portfolio To EUR Hedged Margherita Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-17.37 32 Jan 2022
Aug 2024
-11.56 17 Mar 2008
Jul 2009
-10.54 26 Jan 2022
Feb 2024
-7.35 17 Aug 2016
Dec 2017
-7.29 17 Feb 2015
Jun 2016
-7.00 17 Oct 2012
Feb 2014
-6.72 5 Jul 1998
Nov 1998
-6.64 36 Sep 2000
Aug 2003
-6.52 17 Feb 2018
Jun 2019
-6.24 20 Sep 2000
Apr 2002
-5.88 19 Jan 2008
Jul 2009
-5.53 5 Jul 1998
Nov 1998
-5.01 15 Apr 2015
Jun 2016
-4.75 11 Sep 2020
Jul 2021
-4.68 4 Feb 2020
May 2020

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Permanent Portfolio To EUR Hedged Margherita Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-17.37 32 Jan 2022
Aug 2024
-11.56 17 Mar 2008
Jul 2009
-10.54 26 Jan 2022
Feb 2024
-7.50 16 Feb 1994
May 1995
-7.35 17 Aug 2016
Dec 2017
-7.29 17 Feb 2015
Jun 2016
-7.00 17 Oct 2012
Feb 2014
-6.72 5 Jul 1998
Nov 1998
-6.64 36 Sep 2000
Aug 2003
-6.52 17 Feb 2018
Jun 2019
-6.24 20 Sep 2000
Apr 2002
-5.88 19 Jan 2008
Jul 2009
-5.53 5 Jul 1998
Nov 1998
-5.01 15 Apr 2015
Jun 2016
-4.75 11 Sep 2020
Jul 2021

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 - 30 June 2025 (~32 years)


Head To Head (Ptf 1 vs Ptf 2):
Eurozone 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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Permanent Portfolio To EUR Hedged Margherita Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 7.72 0.00 0.82 -3.51
2024
 9.91 -2.52 14.06 -1.14
2023
 9.13 -6.02 9.67 -2.46
2022
 -14.70 -17.37 -10.54 -10.54
2021
 3.53 -4.66 10.92 -1.28
2020
 14.16 -3.56 8.30 -4.68
2019
 12.94 -1.43 15.30 -1.15
2018
 -4.41 -6.52 -0.94 -3.28
2017
 8.87 -0.72 2.06 -2.41
2016
 4.33 -7.35 6.54 -0.91
2015
 -4.19 -7.29 4.41 -5.01
2014
 9.21 -2.63 12.62 -0.36
2013
 -2.23 -6.30 5.17 -3.05
2012
 6.80 -1.77 7.46 -1.56
2011
 11.94 -1.81 6.67 -1.22
2010
 14.49 -0.49 15.74 -1.30
2009
 8.62 -5.99 12.37 -3.00
2008
 2.55 -11.56 -4.48 -5.49
2007
 11.18 -1.46 4.21 -1.82
2006
 8.29 -2.55 2.79 -3.17
2005
 7.34 -1.41 11.45 -1.26
2004
 7.20 -4.14 3.63 -2.32
2003
 14.31 -2.22 5.22 -2.12
2002
 7.18 -3.83 -2.29 -6.58
2001
 -0.29 -4.25 2.95 -4.48
2000
 0.02 -3.72 4.01 -4.95
1999
 2.56 -4.54 15.55 -3.15
1998
 8.96 -5.53 9.13 -6.72
1997
 5.94 -2.42 18.91 -3.55
1996
 4.19 -2.41 8.55 -2.98
1995
 17.75 0.00 18.91 -0.28
1994
 0.19 -2.97 -5.43 -7.50
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