Harry Browne Permanent Portfolio To EUR vs Davide Pisicchio Four Seasons Portfolio Portfolio Comparison

Simulation Settings
Period: January 1994 - May 2025 (~31 years)
Consolidated Returns as of 31 May 2025
Rebalancing: at every Jan 1st
Currency: EUR
Inflation: Eurozone
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Results
30 Years
All (since January 1994)
Inflation Adjusted:
Harry Browne Permanent Portfolio To EUR
1.00€
Initial Capital
June 1995
8.41€
Final Capital
May 2025
7.36%
Yearly Return
8.98%
Std Deviation
-19.62%
Max Drawdown
62months
Recovery Period
1.00€
Initial Capital
June 1995
4.58€
Final Capital
May 2025
5.20%
Yearly Return
8.98%
Std Deviation
-26.65%
Max Drawdown
113months
Recovery Period
1.00€
Initial Capital
January 1994
7.68€
Final Capital
May 2025
6.71%
Yearly Return
8.97%
Std Deviation
-19.62%
Max Drawdown
62months
Recovery Period
1.00€
Initial Capital
January 1994
4.02€
Final Capital
May 2025
4.53%
Yearly Return
8.97%
Std Deviation
-26.65%
Max Drawdown
113months
Recovery Period
Davide Pisicchio Four Seasons Portfolio
1.00€
Initial Capital
June 1995
8.98€
Final Capital
May 2025
7.59%
Yearly Return
7.10%
Std Deviation
-15.31%
Max Drawdown
57months
Recovery Period
1.00€
Initial Capital
June 1995
4.89€
Final Capital
May 2025
5.44%
Yearly Return
7.10%
Std Deviation
-20.41%
Max Drawdown
113months
Recovery Period
1.00€
Initial Capital
January 1994
9.07€
Final Capital
May 2025
7.27%
Yearly Return
7.09%
Std Deviation
-15.31%
Max Drawdown
57months
Recovery Period
1.00€
Initial Capital
January 1994
4.74€
Final Capital
May 2025
5.08%
Yearly Return
7.09%
Std Deviation
-20.41%
Max Drawdown
113months
Recovery Period

As of May 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio To EUR obtained a 7.36% compound annual return, with a 8.98% standard deviation. It suffered a maximum drawdown of -19.62% that required 62 months to be recovered.

As of May 2025, in the previous 30 Years, the Davide Pisicchio Four Seasons Portfolio obtained a 7.59% compound annual return, with a 7.10% standard deviation. It suffered a maximum drawdown of -15.31% that required 57 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
Weight
(%)		 Ticker Name
25.00
XD9U.DE
Xtrackers MSCI USA
25.00
IS04.DE
iShares USD Treasury Bond 20+yr
25.00
XFFE.DE
Xtrackers USD Overnight Rate Swap
25.00
PHAU
WisdomTree Physical Gold
Davide Pisicchio Four Seasons Portfolio
Weight
(%)		 Ticker Name
40.00
XD9U.DE
Xtrackers MSCI USA
30.00
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 May 31, 2025

Returns are calculated in EUR, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
RETURN COMPARISON
Period: 1 January 1994 - 31 May 2025 (~31 years)
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Return (%) as of May 31, 2025
YTD
(5M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~31Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne 		-1.62 0.53 -2.82 10.02 5.36 5.89 7.36 6.71
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_davide_pisicchio.webp Four Seasons Portfolio
Davide Pisicchio 		-1.30 2.32 -2.30 9.75 7.29 6.29 7.59 7.27
Return over 1 year are annualized.
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Capital Growth as of May 31, 2025

Harry Browne Permanent Portfolio To EUR: an investment of 1€, since June 1995, now would be worth 8.41€, with a total return of 741.03% (7.36% annualized).

Davide Pisicchio Four Seasons Portfolio: an investment of 1€, since June 1995, now would be worth 8.98€, with a total return of 798.34% (7.59% annualized).


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Harry Browne Permanent Portfolio To EUR: an investment of 1€, since January 1994, now would be worth 7.68€, with a total return of 668.31% (6.71% annualized).

Davide Pisicchio Four Seasons Portfolio: an investment of 1€, since January 1994, now would be worth 9.07€, with a total return of 806.61% (7.27% annualized).


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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 1994 - 31 May 2025 (~31 years)
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Permanent Portfolio To EUR Four Seasons Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 50%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 10.02 9.75
Infl. Adjusted Return (%) 7.92 7.65
DRAWDOWN
Deepest Drawdown Depth (%) -5.92 -6.18
Start to Recovery (months) 3* 4*
Longest Drawdown Depth (%) -5.92 -6.18
Start to Recovery (months) 3* 4*
Longest Negative Period (months) 6* 6
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 7.96 7.61
Sharpe Ratio 0.67 0.66
Sortino Ratio 0.90 0.91
Ulcer Index 2.37 2.47
Ratio: Return / Standard Deviation 1.26 1.28
Ratio: Return / Deepest Drawdown 1.69 1.58
Metrics calculated over the period 1 June 2024 - 31 May 2025
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Permanent Portfolio To EUR Four Seasons Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 50%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 5.36 7.29
Infl. Adjusted Return (%) 1.21 3.06
DRAWDOWN
Deepest Drawdown Depth (%) -7.78 -10.88
Start to Recovery (months) 18 25
Longest Drawdown Depth (%) -7.78 -10.88
Start to Recovery (months) 18 25
Longest Negative Period (months) 24 27
RISK INDICATORS
Standard Deviation (%) 6.63 6.98
Sharpe Ratio 0.41 0.67
Sortino Ratio 0.60 0.91
Ulcer Index 2.87 4.29
Ratio: Return / Standard Deviation 0.81 1.04
Ratio: Return / Deepest Drawdown 0.69 0.67
Metrics calculated over the period 1 June 2020 - 31 May 2025
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Permanent Portfolio To EUR Four Seasons Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 50%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 5.89 6.29
Infl. Adjusted Return (%) 3.31 3.70
DRAWDOWN
Deepest Drawdown Depth (%) -8.95 -10.88
Start to Recovery (months) 24 25
Longest Drawdown Depth (%) -8.95 -10.88
Start to Recovery (months) 24 25
Longest Negative Period (months) 34 27
RISK INDICATORS
Standard Deviation (%) 7.00 6.82
Sharpe Ratio 0.59 0.66
Sortino Ratio 0.86 0.91
Ulcer Index 3.35 3.35
Ratio: Return / Standard Deviation 0.84 0.92
Ratio: Return / Deepest Drawdown 0.66 0.58
Metrics calculated over the period 1 June 2015 - 31 May 2025
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Permanent Portfolio To EUR Four Seasons Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 50%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 7.36 7.59
Infl. Adjusted Return (%) 5.20 5.44
DRAWDOWN
Deepest Drawdown Depth (%) -19.62 -15.31
Start to Recovery (months) 62 57
Longest Drawdown Depth (%) -19.62 -15.31
Start to Recovery (months) 62 57
Longest Negative Period (months) 95 56
RISK INDICATORS
Standard Deviation (%) 8.98 7.10
Sharpe Ratio 0.57 0.75
Sortino Ratio 0.83 1.03
Ulcer Index 6.33 4.27
Ratio: Return / Standard Deviation 0.82 1.07
Ratio: Return / Deepest Drawdown 0.37 0.50
Metrics calculated over the period 1 June 1995 - 31 May 2025
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Permanent Portfolio To EUR Four Seasons Portfolio
Author Harry Browne Davide Pisicchio
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 50%
Commodities 25% 10%
PERFORMANCES
Annualized Return (%) 6.71 7.27
Infl. Adjusted Return (%) 4.53 5.08
DRAWDOWN
Deepest Drawdown Depth (%) -19.62 -15.31
Start to Recovery (months) 62 57
Longest Drawdown Depth (%) -19.62 -15.31
Start to Recovery (months) 62 57
Longest Negative Period (months) 95 56
RISK INDICATORS
Standard Deviation (%) 8.97 7.09
Sharpe Ratio 0.48 0.69
Sortino Ratio 0.71 0.95
Ulcer Index 6.56 4.37
Ratio: Return / Standard Deviation 0.75 1.02
Ratio: Return / Deepest Drawdown 0.34 0.47
Metrics calculated over the period 1 January 1994 - 31 May 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 June 1995 - 31 May 2025 (30 years)
Period: 1 January 1994 - 31 May 2025 (~31 years)

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Permanent Portfolio To EUR Four Seasons Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-19.62 62 Nov 2000
Dec 2005
-15.31 57 Sep 2000
May 2005
-12.21 25 Nov 2007
Nov 2009
-11.77 25 Aug 2012
Aug 2014
-10.88 25 Jan 2022
Jan 2024
-9.09 6 Jul 1998
Dec 1998
-8.95 24 Mar 2017
Feb 2019
-8.45 10 Apr 1998
Jan 1999
-7.99 15 Apr 2015
Jun 2016
-7.78 18 Aug 2022
Jan 2024
-7.76 31 Mar 2006
Sep 2008
-7.25 11 Feb 2009
Dec 2009
-7.02 5 Jul 2010
Nov 2010
-6.89 5 Feb 2020
Jun 2020
-6.77 9 Dec 2010
Aug 2011

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Permanent Portfolio To EUR Four Seasons Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-19.62 62 Nov 2000
Dec 2005
-15.31 57 Sep 2000
May 2005
-13.68 23 Jan 1994
Nov 1995
-12.21 25 Nov 2007
Nov 2009
-11.77 25 Aug 2012
Aug 2014
-10.88 25 Jan 2022
Jan 2024
-9.09 6 Jul 1998
Dec 1998
-8.95 24 Mar 2017
Feb 2019
-8.45 10 Apr 1998
Jan 1999
-8.38 18 Feb 1994
Jul 1995
-7.99 15 Apr 2015
Jun 2016
-7.78 18 Aug 2022
Jan 2024
-7.76 31 Mar 2006
Sep 2008
-7.25 11 Feb 2009
Dec 2009
-7.02 5 Jul 2010
Nov 2010

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 - 31 May 2025 (~31 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 Four Seasons Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 -1.62 -5.92 -1.30 -6.18
2024
 18.82 -1.22 17.28 -1.19
2023
 7.91 -2.31 11.68 -2.75
2022
 -6.75 -7.78 -10.88 -10.88
2021
 13.42 -2.77 15.06 -1.42
2020
 5.09 -4.16 8.68 -6.89
2019
 19.48 -1.66 18.53 -1.77
2018
 2.58 -3.35 -0.98 -4.66
2017
 -2.57 -7.94 2.75 -3.01
2016
 8.88 -3.37 7.95 -1.70
2015
 7.59 -7.99 5.52 -6.19
2014
 24.99 -0.27 15.26 -0.24
2013
 -5.86 -9.68 8.16 -2.70
2012
 3.97 -6.28 8.66 -1.77
2011
 15.07 -5.35 6.20 -1.88
2010
 21.94 -7.02 17.62 -2.09
2009
 5.56 -7.25 15.05 -3.91
2008
 4.93 -6.86 -9.37 -9.37
2007
 1.95 -2.74 2.89 -2.64
2006
 -0.46 -5.62 3.10 -3.66
2005
 24.69 -1.08 13.54 -1.37
2004
 -0.81 -5.48 3.73 -1.93
2003
 -5.47 -6.80 5.80 -2.99
2002
 -10.20 -14.05 -7.10 -10.48
2001
 5.23 -7.14 1.59 -7.49
2000
 9.47 -9.29 2.43 -7.50
1999
 22.38 -4.63 20.55 -3.73
1998
 3.21 -8.45 9.74 -9.09
1997
 22.27 -6.45 23.09 -4.50
1996
 7.08 -5.30 10.77 -4.03
1995
 13.42 -3.53 19.94 -0.54
1994
 -10.53 -13.47 -6.10 -8.38
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