Harry Browne Permanent Portfolio vs Bogleheads Three Funds Portfolio Portfolio Comparison

Simulation Settings
Period: January 1970 - May 2025 (~55 years)
Consolidated Returns as of 31 May 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
All (since January 1970)
Inflation Adjusted:
Harry Browne Permanent Portfolio
1.00$
Initial Capital
June 1995
7.24$
Final Capital
May 2025
6.82%
Yearly Return
6.65%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Initial Capital
June 1995
3.43$
Final Capital
May 2025
4.20%
Yearly Return
6.65%
Std Deviation
-23.09%
Max Drawdown
58months*
Recovery Period
* in progress
1.00$
Initial Capital
January 1970
96.04$
Final Capital
May 2025
8.59%
Yearly Return
7.41%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Initial Capital
January 1970
11.29$
Final Capital
May 2025
4.47%
Yearly Return
7.41%
Std Deviation
-23.09%
Max Drawdown
58months*
Recovery Period
* in progress
Bogleheads Three Funds Portfolio
1.00$
Initial Capital
June 1995
10.08$
Final Capital
May 2025
8.01%
Yearly Return
12.43%
Std Deviation
-43.68%
Max Drawdown
42months
Recovery Period
1.00$
Initial Capital
June 1995
4.78$
Final Capital
May 2025
5.35%
Yearly Return
12.43%
Std Deviation
-44.61%
Max Drawdown
63months
Recovery Period
1.00$
Initial Capital
January 1970
159.62$
Final Capital
May 2025
9.59%
Yearly Return
12.52%
Std Deviation
-43.68%
Max Drawdown
42months
Recovery Period
1.00$
Initial Capital
January 1970
18.77$
Final Capital
May 2025
5.43%
Yearly Return
12.52%
Std Deviation
-44.62%
Max Drawdown
124months
Recovery Period

As of May 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 6.82% compound annual return, with a 6.65% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 months to be recovered.

As of May 2025, in the previous 30 Years, the Bogleheads Three Funds Portfolio obtained a 8.01% compound annual return, with a 12.43% standard deviation. It suffered a maximum drawdown of -43.68% that required 42 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
Weight
(%)		 Ticker Name
25.00
VTI
Vanguard Total Stock Market
25.00
BIL
SPDR Blmbg Barclays 1-3 Mth T-Bill
25.00
TLT
iShares 20+ Year Treasury Bond
25.00
GLD
SPDR Gold Trust
Bogleheads Three Funds Portfolio
Weight
(%)		 Ticker Name
50.00
VTI
Vanguard Total Stock Market
30.00
VEU
Vanguard FTSE All-World ex-US
20.00
BND
Vanguard Total Bond Market
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Portfolio Returns as of May 31, 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 January 1970 - 31 May 2025 (~55 years)
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Return (%) as of May 31, 2025
YTD
(5M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~55Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne 		6.92 0.68 4.23 14.58 5.60 6.17 6.82 8.59
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_bogleheads.webp Three Funds
Bogleheads 		4.88 4.31 2.07 11.93 10.68 8.23 8.01 9.59
Return over 1 year are annualized.
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Capital Growth as of May 31, 2025

Harry Browne Permanent Portfolio: an investment of 1$, since June 1995, now would be worth 7.24$, with a total return of 624.11% (6.82% annualized).

Bogleheads Three Funds Portfolio: an investment of 1$, since June 1995, now would be worth 10.08$, with a total return of 908.05% (8.01% annualized).


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Harry Browne Permanent Portfolio: an investment of 1$, since January 1970, now would be worth 96.04$, with a total return of 9503.96% (8.59% annualized).

Bogleheads Three Funds Portfolio: an investment of 1$, since January 1970, now would be worth 159.62$, with a total return of 15861.74% (9.59% 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 1970 - 31 May 2025 (~55 years)
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Permanent Portfolio Three Funds
Author Harry Browne Bogleheads
ASSET ALLOCATION
Stocks 25% 80%
Fixed Income 50% 20%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 14.58 11.93
Infl. Adjusted Return (%) 11.92 9.33
DRAWDOWN
Deepest Drawdown Depth (%) -2.51 -2.75
Start to Recovery (months) 2 3
Longest Drawdown Depth (%) -0.13 -2.68
Start to Recovery (months) 2 3
Longest Negative Period (months) 3 7
RISK INDICATORS
Standard Deviation (%) 4.78 7.96
Sharpe Ratio 2.07 0.91
Sortino Ratio 2.52 1.17
Ulcer Index 0.70 1.36
Ratio: Return / Standard Deviation 3.05 1.50
Ratio: Return / Deepest Drawdown 5.80 4.33
Metrics calculated over the period 1 June 2024 - 31 May 2025
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Permanent Portfolio Three Funds
Author Harry Browne Bogleheads
ASSET ALLOCATION
Stocks 25% 80%
Fixed Income 50% 20%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 5.60 10.68
Infl. Adjusted Return (%) 0.93 5.79
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -23.18
Start to Recovery (months) 27 26
Longest Drawdown Depth (%) -15.92 -23.18
Start to Recovery (months) 27 26
Longest Negative Period (months) 40 34
RISK INDICATORS
Standard Deviation (%) 8.42 13.06
Sharpe Ratio 0.35 0.62
Sortino Ratio 0.49 0.84
Ulcer Index 5.91 7.90
Ratio: Return / Standard Deviation 0.66 0.82
Ratio: Return / Deepest Drawdown 0.35 0.46
Metrics calculated over the period 1 June 2020 - 31 May 2025
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Permanent Portfolio Three Funds
Author Harry Browne Bogleheads
ASSET ALLOCATION
Stocks 25% 80%
Fixed Income 50% 20%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 6.17 8.23
Infl. Adjusted Return (%) 3.01 5.01
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -23.18
Start to Recovery (months) 27 26
Longest Drawdown Depth (%) -15.92 -23.18
Start to Recovery (months) 27 26
Longest Negative Period (months) 40 34
RISK INDICATORS
Standard Deviation (%) 7.27 12.41
Sharpe Ratio 0.60 0.52
Sortino Ratio 0.85 0.69
Ulcer Index 4.48 6.43
Ratio: Return / Standard Deviation 0.85 0.66
Ratio: Return / Deepest Drawdown 0.39 0.36
Metrics calculated over the period 1 June 2015 - 31 May 2025
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Permanent Portfolio Three Funds
Author Harry Browne Bogleheads
ASSET ALLOCATION
Stocks 25% 80%
Fixed Income 50% 20%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 6.82 8.01
Infl. Adjusted Return (%) 4.20 5.35
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -43.68
Start to Recovery (months) 27 42
Longest Drawdown Depth (%) -15.92 -33.38
Start to Recovery (months) 27 57
Longest Negative Period (months) 40 118
RISK INDICATORS
Standard Deviation (%) 6.65 12.43
Sharpe Ratio 0.68 0.46
Sortino Ratio 0.95 0.60
Ulcer Index 3.20 10.83
Ratio: Return / Standard Deviation 1.03 0.64
Ratio: Return / Deepest Drawdown 0.43 0.18
Metrics calculated over the period 1 June 1995 - 31 May 2025
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Permanent Portfolio Three Funds
Author Harry Browne Bogleheads
ASSET ALLOCATION
Stocks 25% 80%
Fixed Income 50% 20%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 8.59 9.59
Infl. Adjusted Return (%) 4.47 5.43
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -43.68
Start to Recovery (months) 27 42
Longest Drawdown Depth (%) -15.92 -33.38
Start to Recovery (months) 27 57
Longest Negative Period (months) 40 118
RISK INDICATORS
Standard Deviation (%) 7.41 12.52
Sharpe Ratio 0.56 0.41
Sortino Ratio 0.82 0.56
Ulcer Index 3.08 9.21
Ratio: Return / Standard Deviation 1.16 0.77
Ratio: Return / Deepest Drawdown 0.54 0.22
Metrics calculated over the period 1 January 1970 - 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 1970 - 31 May 2025 (~55 years)

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Permanent Portfolio Three Funds
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-43.68 42 Nov 2007
Apr 2011
-33.38 57 Apr 2000
Dec 2004
-23.18 26 Jan 2022
Feb 2024
-17.01 7 Jan 2020
Jul 2020
-15.92 27 Jan 2022
Mar 2024
-15.77 17 May 2011
Sep 2012
-12.63 18 Mar 2008
Aug 2009
-12.46 5 Jul 1998
Nov 1998
-10.53 15 Feb 2018
Apr 2019
-9.88 14 Jun 2015
Jul 2016
-6.98 13 Aug 2016
Aug 2017
-6.86 17 Oct 2012
Feb 2014
-6.73 15 Feb 2015
Apr 2016
-5.43 19 Sep 2000
Mar 2002
-5.34 4 Jul 1998
Oct 1998

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Permanent Portfolio Three Funds
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-43.68 42 Nov 2007
Apr 2011
-34.07 37 Jan 1973
Jan 1976
-33.38 57 Apr 2000
Dec 2004
-23.18 26 Jan 2022
Feb 2024
-19.21 17 Sep 1987
Jan 1989
-17.24 12 Jan 1970
Dec 1970
-17.01 7 Jan 2020
Jul 2020
-15.92 27 Jan 2022
Mar 2024
-15.77 17 May 2011
Sep 2012
-15.31 14 Jan 1990
Feb 1991
-14.03 23 Dec 1980
Oct 1982
-12.63 18 Mar 2008
Aug 2009
-12.46 5 Jul 1998
Nov 1998
-11.68 21 Dec 1980
Aug 1982
-11.38 5 Feb 1980
Jun 1980

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 1970 - 31 May 2025 (~55 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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Permanent Portfolio Three Funds
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 6.92 0.00 4.88 -2.75
2024
 11.90 -2.51 13.85 -3.44
2023
 11.55 -5.68 18.86 -8.74
2022
 -12.53 -15.92 -17.06 -23.18
2021
 4.21 -4.43 14.95 -3.53
2020
 16.10 -3.30 15.39 -17.01
2019
 16.17 -1.10 23.65 -4.68
2018
 -1.76 -4.25 -6.89 -10.53
2017
 10.97 -0.83 19.54 0.00
2016
 5.54 -6.98 8.39 -4.82
2015
 -3.06 -6.73 -1.14 -8.74
2014
 9.40 -2.62 6.07 -3.01
2013
 -2.08 -6.04 20.56 -2.36
2012
 6.41 -1.83 14.53 -7.09
2011
 11.11 -1.85 -2.14 -15.77
2010
 13.92 -0.53 13.50 -9.82
2009
 7.85 -6.22 26.45 -15.70
2008
 0.87 -12.63 -30.15 -33.07
2007
 12.69 -1.20 8.73 -4.35
2006
 10.94 -2.12 16.69 -3.08
2005
 8.91 -1.25 8.30 -3.34
2004
 6.83 -4.20 13.49 -2.83
2003
 13.32 -2.34 28.27 -3.88
2002
 5.85 -4.02 -13.11 -18.90
2001
 -0.52 -4.13 -9.84 -18.61
2000
 2.40 -3.23 -7.69 -11.84
1999
 5.17 -3.54 20.73 -2.88
1998
 10.09 -5.34 18.03 -12.46
1997
 7.19 -2.33 17.15 -4.61
1996
 5.08 -2.02 12.60 -3.77
1995
 18.11 0.00 22.72 -1.03
1994
 -1.37 -3.63 2.31 -4.84
1993
 12.00 -0.99 16.23 -4.16
1992
 3.57 -1.77 1.54 -4.66
1991
 11.72 -0.88 22.09 -4.27
1990
 1.11 -4.53 -8.74 -15.31
1989
 12.90 -1.18 20.64 -2.08
1988
 4.39 -1.50 17.83 -3.20
1987
 7.42 -5.78 10.76 -19.21
1986
 17.64 -1.28 29.32 -4.89
1985
 20.47 -2.05 35.27 -2.34
1984
 2.22 -3.58 4.95 -7.57
1983
 3.46 -2.83 19.49 -2.98
1982
 23.27 -5.51 16.05 -10.52
1981
 -5.34 -9.88 -1.38 -10.40
1980
 13.65 -11.38 24.15 -10.43
1979
 39.77 -4.50 15.99 -7.03
1978
 12.78 -5.31 13.84 -7.76
1977
 6.43 -2.00 3.33 -3.91
1976
 11.22 -2.75 16.66 -2.66
1975
 6.98 -7.00 29.64 -10.48
1974
 12.43 -11.15 -18.66 -25.61
1973
 15.65 -6.85 -11.64 -12.71
1972
 18.84 -1.56 21.03 -1.21
1971
 12.86 -1.09 20.20 -5.15
1970
 7.89 -4.68 1.50 -17.24
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