Harry Browne Permanent Portfolio vs Tyler Golden Butterfly Portfolio Portfolio Comparison

Simulation Settings

Period: January 1927 - February 2026 (~99 years)
Consolidated Returns as of 28 February 2026

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

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Results

30 Years
(1996/03 - 2026/02)

All Data
(1927/01 - 2026/02)

Inflation Adjusted:

Harry Browne Permanent Portfolio

1.00$
Invested Capital
March 1996
8.08$
Final Capital
February 2026
7.21%
Yearly Return
6.74%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period

1.00$
Invested Capital
March 1996
3.83$
Final Capital
February 2026
4.58%
Yearly Return
6.74%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period

1.00$
Invested Capital
January 1927
708.02$
Final Capital
February 2026
6.84%
Yearly Return
6.85%
Std Deviation
-30.61%
Max Drawdown
46months
Recovery Period

1.00$
Invested Capital
January 1927
38.38$
Final Capital
February 2026
3.75%
Yearly Return
6.85%
Std Deviation
-24.75%
Max Drawdown
114months
Recovery Period

Tyler Golden Butterfly Portfolio

1.00$
Invested Capital
March 1996
10.47$
Final Capital
February 2026
8.14%
Yearly Return
7.88%
Std Deviation
-17.79%
Max Drawdown
30months
Recovery Period

1.00$
Invested Capital
March 1996
4.97$
Final Capital
February 2026
5.49%
Yearly Return
7.88%
Std Deviation
-23.47%
Max Drawdown
51months
Recovery Period

1.00$
Invested Capital
January 1927
3.48 K$
Final Capital
February 2026
8.57%
Yearly Return
8.80%
Std Deviation
-48.31%
Max Drawdown
70months
Recovery Period

1.00$
Invested Capital
January 1927
188.85$
Final Capital
February 2026
5.43%
Yearly Return
8.80%
Std Deviation
-34.73%
Max Drawdown
44months
Recovery Period

As of February 2026, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 7.21% compound annual return, with a 6.74% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 months to be recovered.

As of February 2026, in the previous 30 Years, the Tyler Golden Butterfly Portfolio obtained a 8.14% compound annual return, with a 7.88% standard deviation. It suffered a maximum drawdown of -17.79% that required 30 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.

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

Tyler Golden Butterfly Portfolio

Weight (%)	Ticker	Name
20.00	IJS	iShares S&P Small-Cap 600 Value
20.00	VTI	Vanguard Total Stock Market
20.00	SHY	iShares 1-3 Year Treasury Bond
20.00	TLT	iShares 20+ Year Treasury Bond
20.00	GLD	SPDR Gold Trust

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Portfolio Returns as of Feb 28, 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
(1996/03 - 2026/02)

All Data
(1927/01 - 2026/02)

Inflation Adjusted:

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	8.08 $	707.89%	7.21%
Golden Butterfly Tyler	1 $	10.47 $	947.31%	8.14%
	Mar 1996	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	3.83 $	283.33%	4.58%
Golden Butterfly Tyler	1 $	4.97 $	396.93%	5.49%
	Mar 1996	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	708.02 $	70 701.61%	6.84%
Golden Butterfly Tyler	1 $	3 483.87 $	348 286.64%	8.57%
	Jan 1927	Feb 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Permanent Portfolio Harry Browne	1 $	38.38 $	3 737.88%	3.75%
Golden Butterfly Tyler	1 $	188.85 $	18 784.67%	5.43%
	Jan 1927	Feb 2026

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		Return (%) as of Feb 28, 2026
		YTD (2M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~99Y)
	Permanent Portfolio Harry Browne	7.07	3.42	17.33	25.68	9.17	8.21	7.21	6.84
	Golden Butterfly Tyler	7.29	3.06	16.61	24.66	8.41	8.73	8.14	8.57
Returns over 1 year are annualized.

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Portfolio Metrics as of Feb 28, 2026

The following metrics, updated as of 28 February 2026, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 March 2025 - 28 February 2026 (1 year)

Period: 1 March 2021 - 28 February 2026 (5 years)

Period: 1 March 2016 - 28 February 2026 (10 years)

Period: 1 March 1996 - 28 February 2026 (30 years)

Period: 1 January 1927 - 28 February 2026 (~99 years)

1 Year

5 Years

10 Years

30 Years

All (1927/01 - 2026/02)

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	Permanent Portfolio	Golden Butterfly
Author	Harry Browne	Tyler
ASSET ALLOCATION
Stocks	25%	40%
Fixed Income	50%	40%
Commodities	25%	20%
PERFORMANCES
Annualized Return (%)	25.68	24.66
Infl. Adjusted (%)	23.06	22.06
DRAWDOWN
Deepest Drawdown Depth (%)	0.00	-0.53
Start to Recovery (months)		3
Longest Drawdown Depth (%)	0.00	-0.53
Start to Recovery (months)		3
Longest Negative Period (months)	0	2
RISK INDICATORS
Standard Deviation (%)	5.00	5.53
Sharpe Ratio	4.33	3.73
Sortino Ratio	7.00	5.39
Ulcer Index	0.00	0.20
Ratio: Return / Standard Deviation	5.13	4.46
Ratio: Return / Deepest Drawdown	---	46.78
Metrics calculated over the period 1 March 2025 - 28 February 2026

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	Permanent Portfolio	Golden Butterfly
Author	Harry Browne	Tyler
ASSET ALLOCATION
Stocks	25%	40%
Fixed Income	50%	40%
Commodities	25%	20%
PERFORMANCES
Annualized Return (%)	9.17	8.41
Infl. Adjusted (%)	4.58	3.86
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Negative Period (months)	32	35
RISK INDICATORS
Standard Deviation (%)	8.33	9.87
Sharpe Ratio	0.71	0.53
Sortino Ratio	0.96	0.71
Ulcer Index	5.83	6.40
Ratio: Return / Standard Deviation	1.10	0.85
Ratio: Return / Deepest Drawdown	0.58	0.47
Metrics calculated over the period 1 March 2021 - 28 February 2026

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	Permanent Portfolio	Golden Butterfly
Author	Harry Browne	Tyler
ASSET ALLOCATION
Stocks	25%	40%
Fixed Income	50%	40%
Commodities	25%	20%
PERFORMANCES
Annualized Return (%)	8.21	8.73
Infl. Adjusted (%)	4.81	5.31
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Negative Period (months)	40	39
RISK INDICATORS
Standard Deviation (%)	7.38	8.63
Sharpe Ratio	0.83	0.77
Sortino Ratio	1.16	1.05
Ulcer Index	4.43	4.74
Ratio: Return / Standard Deviation	1.11	1.01
Ratio: Return / Deepest Drawdown	0.52	0.49
Metrics calculated over the period 1 March 2016 - 28 February 2026

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	Permanent Portfolio	Golden Butterfly
Author	Harry Browne	Tyler
ASSET ALLOCATION
Stocks	25%	40%
Fixed Income	50%	40%
Commodities	25%	20%
PERFORMANCES
Annualized Return (%)	7.21	8.14
Infl. Adjusted (%)	4.58	5.49
DRAWDOWN
Deepest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Drawdown Depth (%)	-15.92	-17.79
Start to Recovery (months)	27	30
Longest Negative Period (months)	40	39
RISK INDICATORS
Standard Deviation (%)	6.74	7.88
Sharpe Ratio	0.74	0.75
Sortino Ratio	1.03	1.01
Ulcer Index	3.20	3.58
Ratio: Return / Standard Deviation	1.07	1.03
Ratio: Return / Deepest Drawdown	0.45	0.46
Metrics calculated over the period 1 March 1996 - 28 February 2026

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	Permanent Portfolio	Golden Butterfly
Author	Harry Browne	Tyler
ASSET ALLOCATION
Stocks	25%	40%
Fixed Income	50%	40%
Commodities	25%	20%
PERFORMANCES
Annualized Return (%)	6.84	8.57
Infl. Adjusted (%)	3.75	5.43
DRAWDOWN
Deepest Drawdown Depth (%)	-30.61	-48.31
Start to Recovery (months)	46	70
Longest Drawdown Depth (%)	-14.17	-23.45
Start to Recovery (months)	53	71
Longest Negative Period (months)	68	74
RISK INDICATORS
Standard Deviation (%)	6.85	8.80
Sharpe Ratio	0.51	0.59
Sortino Ratio	0.75	0.83
Ulcer Index	4.24	6.87
Ratio: Return / Standard Deviation	1.00	0.97
Ratio: Return / Deepest Drawdown	0.22	0.18
Metrics calculated over the period 1 January 1927 - 28 February 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 March 1996 - 28 February 2026 (30 years)

Period: 1 January 1927 - 28 February 2026 (~99 years)

30 Years
(1996/03 - 2026/02)

Chart Table

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Permanent Portfolio			Golden Butterfly
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-17.79	30	Jan 2022 Jun 2024
-15.92	27	Jan 2022 Mar 2024
			-14.81	19	Mar 2008 Sep 2009
-12.63	18	Mar 2008 Aug 2009
			-9.44	8	May 1998 Dec 1998
			-7.16	5	Feb 2020 Jun 2020
-6.98	13	Aug 2016 Aug 2017
			-6.86	12	Jun 2002 May 2003
-6.86	17	Oct 2012 Feb 2014
-6.73	15	Feb 2015 Apr 2016
			-6.37	8	Sep 2018 Apr 2019
			-6.25	14	Feb 2015 Mar 2016
-5.43	19	Sep 2000 Mar 2002
-5.34	4	Jul 1998 Oct 1998
			-4.99	11	Feb 2001 Dec 2001

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Permanent Portfolio			Golden Butterfly
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-48.31	70	Sep 1929 Jun 1935
-30.61	46	Sep 1929 Jun 1933
			-23.45	71	Mar 1937 Jan 1943
			-17.79	30	Jan 2022 Jun 2024
			-17.05	22	May 1969 Feb 1971
-15.92	27	Jan 2022 Mar 2024
			-14.87	10	Apr 1974 Jan 1975
			-14.81	19	Mar 2008 Sep 2009
-14.17	53	Mar 1937 Jul 1941
			-13.73	5	Feb 1980 Jun 1980
-12.63	18	Mar 2008 Aug 2009
-11.68	21	Dec 1980 Aug 1982
-11.38	5	Feb 1980 Jun 1980
-11.15	10	Apr 1974 Jan 1975
			-10.93	17	Sep 1987 Jan 1989

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 1927 - 28 February 2026 (~99 years)

Rolling Period:

Permanent Portfolio
Golden Butterfly

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		Golden Butterfly
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	7.07	0.00	7.29	0.00
2025	22.29	0.00	19.30	-0.53
2024	11.90	-2.51	10.73	-3.42
2023	11.55	-5.68	11.98	-8.08
2022	-12.53	-15.92	-13.35	-17.79
2021	4.21	-4.43	9.35	-2.45
2020	16.10	-3.30	13.93	-7.16
2019	16.17	-1.10	18.03	-1.83
2018	-1.76	-4.25	-4.03	-6.37
2017	10.97	-0.83	10.96	-0.32
2016	5.54	-6.98	10.82	-3.36
2015	-3.06	-6.73	-3.71	-6.25
2014	9.40	-2.62	9.13	-3.27
2013	-2.08	-6.04	6.26	-3.84
2012	6.41	-1.83	8.84	-2.43
2011	11.11	-1.85	8.86	-3.00
2010	13.92	-0.53	16.54	-2.77
2009	7.85	-6.22	10.77	-10.16
2008	0.87	-12.63	-4.18	-13.53
2007	12.69	-1.20	9.58	-2.06
2006	10.94	-2.12	12.44	-2.71
2005	8.91	-1.25	8.04	-1.76
2004	6.83	-4.20	9.88	-4.36
2003	13.32	-2.34	18.85	-2.72
2002	5.85	-4.02	3.15	-6.86
2001	-0.52	-4.13	2.71	-4.99
2000	2.40	-3.23	6.88	-3.64
1999	5.17	-3.54	4.24	-3.38
1998	10.09	-5.34	8.03	-9.44
1997	7.19	-2.33	13.09	-2.50
1996	5.08	-2.02	8.18	-2.60
1995	18.11	0.00	21.86	-0.40
1994	-1.37	-3.63	-1.98	-4.64
1993	12.00	-0.99	14.50	-1.37
1992	3.57	-1.77	9.15	-1.58
1991	11.72	-0.88	19.14	-1.63
1990	1.11	-4.53	-2.51	-7.94
1989	12.90	-1.18	14.78	-0.89
1988	4.39	-1.50	9.18	-1.64
1987	7.42	-5.78	5.10	-10.93
1986	17.64	-1.28	17.75	-2.42
1985	20.47	-2.05	25.09	-1.93
1984	2.22	-3.58	3.75	-4.68
1983	3.46	-2.83	11.13	-2.46
1982	23.27	-5.51	28.31	-5.34
1981	-5.34	-9.88	-1.23	-8.50
1980	13.65	-11.38	15.59	-13.73
1979	39.77	-4.50	38.92	-6.53
1978	12.78	-5.31	13.30	-7.41
1977	6.43	-2.00	7.87	-1.53
1976	11.22	-2.75	20.55	-2.29
1975	6.98	-7.00	16.99	-8.68
1974	12.43	-11.15	5.51	-14.87
1973	15.65	-6.85	7.22	-5.95
1972	18.84	-1.56	17.32	-1.70
1971	12.86	-1.09	14.13	-3.04
1970	7.89	-4.68	8.32	-8.47
1969	-6.38	-8.20	-9.95	-11.26
1968	9.27	-1.10	14.16	-1.16
1967	6.11	-1.37	15.73	-1.53
1966	-0.04	-3.86	-1.43	-6.81
1965	4.59	-0.95	9.98	-1.26
1964	6.00	-0.25	9.63	-0.39
1963	6.05	-0.74	9.52	-1.19
1962	-0.23	-4.93	-2.25	-8.47
1961	6.50	-1.00	11.32	-1.53
1960	5.64	-1.14	4.68	-2.33
1959	2.72	-1.85	5.78	-2.67
1958	9.97	-0.31	21.04	-0.09
1957	0.57	-2.86	-1.90	-5.44
1956	1.35	-2.43	2.40	-3.74
1955	6.24	-0.67	9.05	-1.20
1954	14.12	-0.94	24.09	-1.32
1953	-0.87	-4.16	-1.25	-5.95
1952	3.37	-1.26	5.01	-1.97
1951	4.37	-1.85	5.62	-3.17
1950	7.47	-1.53	15.80	-2.07
1949	6.13	-1.15	8.87	-1.60
1948	1.16	-2.70	0.60	-4.83
1947	3.61	-1.52	3.73	-2.27
1946	-0.66	-5.77	-2.14	-9.34
1945	12.40	-0.87	23.40	-1.03
1944	5.95	-0.36	13.20	-0.29
1943	8.33	-2.35	18.24	-2.65
1942	5.04	-3.00	8.95	-4.55
1941	-1.49	-3.80	-1.87	-5.56
1940	-0.01	-6.09	-0.80	-9.89
1939	1.75	-3.29	-0.30	-6.03
1938	8.45	-6.59	14.14	-10.34
1937	-8.65	-10.20	-15.74	-17.75
1936	10.39	-1.85	19.77	-2.63
1935	12.79	-1.85	19.44	-3.22
1934	5.72	-3.27	5.81	-5.68
1933	28.60	-5.74	45.52	-6.98
1932	2.17	-10.03	2.29	-16.27
1931	-12.64	-16.23	-20.79	-25.80
1930	-4.39	-9.07	-10.68	-16.78
1929	-0.83	-9.26	-3.62	-14.87
1928	10.25	-1.14	13.65	-2.02
1927	11.58	-1.05	16.03	-1.81

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Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Feb 28, 2026

Portfolio Metrics as of Feb 28, 2026

Drawdowns

Rolling Returns

Yearly Returns