Harry Browne Permanent Portfolio vs Stocks/Bonds 40/60 Momentum Portfolio Portfolio Comparison

Simulation Settings
Period: January 1982 - January 2025 (~43 years)
Consolidated Returns as of 31 January 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
All (since January 1982)
Inflation Adjusted:
Harry Browne Permanent Portfolio
1.00$
Initial Capital
February 1995
7.49$
Final Capital
January 2025
6.94%
Yearly Return
6.67%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Initial Capital
February 1995
3.53$
Final Capital
January 2025
4.30%
Yearly Return
6.67%
Std Deviation
-23.09%
Max Drawdown
54months*
Recovery Period
* in progress
1.00$
Initial Capital
January 1982
22.83$
Final Capital
January 2025
7.53%
Yearly Return
6.64%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Initial Capital
January 1982
6.73$
Final Capital
January 2025
4.52%
Yearly Return
6.64%
Std Deviation
-23.09%
Max Drawdown
54months*
Recovery Period
* in progress
Stocks/Bonds 40/60 Momentum Portfolio
1.00$
Initial Capital
February 1995
11.28$
Final Capital
January 2025
8.41%
Yearly Return
7.08%
Std Deviation
-21.11%
Max Drawdown
35months
Recovery Period
1.00$
Initial Capital
February 1995
5.32$
Final Capital
January 2025
5.73%
Yearly Return
7.08%
Std Deviation
-27.85%
Max Drawdown
39months*
Recovery Period
* in progress
1.00$
Initial Capital
January 1982
55.88$
Final Capital
January 2025
9.79%
Yearly Return
7.46%
Std Deviation
-21.11%
Max Drawdown
35months
Recovery Period
1.00$
Initial Capital
January 1982
16.48$
Final Capital
January 2025
6.72%
Yearly Return
7.46%
Std Deviation
-27.85%
Max Drawdown
39months*
Recovery Period
* in progress

As of January 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 6.94% compound annual return, with a 6.67% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 months to be recovered.

As of January 2025, in the previous 30 Years, the Stocks/Bonds 40/60 Momentum Portfolio obtained a 8.41% compound annual return, with a 7.08% standard deviation. It suffered a maximum drawdown of -21.11% that required 35 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
(%)
ETF
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
Stocks/Bonds 40/60 Momentum Portfolio
Weight
(%)
ETF
Ticker
Name
40.00
MTUM
iShares Edge MSCI USA Momentum Fctr
60.00
BND
Vanguard Total Bond Market
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Portfolio Returns as of Jan 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 1982 - 31 January 2025 (~43 years)
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Return (%) as of Jan 31, 2025
YTD
(1M)
1M 6M 1Y 5Y 10Y 30Y MAX
(~43Y)
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne
2.67 2.67 5.62 15.50 5.64 5.39 6.94 7.53
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_us_author.webp Stocks/Bonds 40/60 Momentum
-- Market Benchmark
2.72 2.72 6.60 14.64 4.67 6.36 8.41 9.79
Return over 1 year are annualized.
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Capital Growth as of Jan 31, 2025

Harry Browne Permanent Portfolio: an investment of 1$, since February 1995, now would be worth 7.49$, with a total return of 649.39% (6.94% annualized).

Stocks/Bonds 40/60 Momentum Portfolio: an investment of 1$, since February 1995, now would be worth 11.28$, with a total return of 1027.90% (8.41% annualized).


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Harry Browne Permanent Portfolio: an investment of 1$, since January 1982, now would be worth 22.83$, with a total return of 2182.61% (7.53% annualized).

Stocks/Bonds 40/60 Momentum Portfolio: an investment of 1$, since January 1982, now would be worth 55.88$, with a total return of 5488.50% (9.79% annualized).


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Portfolio Metrics as of Jan 31, 2025

The following metrics, updated as of 31 January 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON
Period: 1 February 2024 - 31 January 2025 (1 year)
Period: 1 February 2020 - 31 January 2025 (5 years)
Period: 1 February 2015 - 31 January 2025 (10 years)
Period: 1 February 1995 - 31 January 2025 (30 years)
Period: 1 January 1982 - 31 January 2025 (~43 years)
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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Author Harry Browne
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 60%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 15.50 14.64
Infl. Adjusted Return (%) 12.07 11.23
DRAWDOWN
Deepest Drawdown Depth (%) -2.51 -3.77
Start to Recovery (months) 2 3
Longest Drawdown Depth (%) -1.77 -3.77
Start to Recovery (months) 2 3
Longest Negative Period (months) 3 3
RISK INDICATORS
Standard Deviation (%) 6.09 8.38
Sharpe Ratio 1.71 1.14
Sortino Ratio 2.09 1.38
Ulcer Index 0.85 1.38
Ratio: Return / Standard Deviation 2.55 1.75
Ratio: Return / Deepest Drawdown 6.17 3.88
Metrics calculated over the period 1 February 2024 - 31 January 2025
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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Author Harry Browne
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 60%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 5.64 4.67
Infl. Adjusted Return (%) 1.31 0.38
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Negative Period (months) 40 45
RISK INDICATORS
Standard Deviation (%) 8.67 10.30
Sharpe Ratio 0.37 0.22
Sortino Ratio 0.53 0.30
Ulcer Index 5.91 10.18
Ratio: Return / Standard Deviation 0.65 0.45
Ratio: Return / Deepest Drawdown 0.35 0.22
Metrics calculated over the period 1 February 2020 - 31 January 2025
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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Author Harry Browne
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 60%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 5.39 6.36
Infl. Adjusted Return (%) 2.20 3.15
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Negative Period (months) 40 46
RISK INDICATORS
Standard Deviation (%) 7.32 8.19
Sharpe Ratio 0.51 0.58
Sortino Ratio 0.73 0.76
Ulcer Index 4.70 7.31
Ratio: Return / Standard Deviation 0.74 0.78
Ratio: Return / Deepest Drawdown 0.34 0.30
Metrics calculated over the period 1 February 2015 - 31 January 2025
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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Author Harry Browne
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 60%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 6.94 8.41
Infl. Adjusted Return (%) 4.30 5.73
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Negative Period (months) 40 46
RISK INDICATORS
Standard Deviation (%) 6.67 7.08
Sharpe Ratio 0.70 0.86
Sortino Ratio 0.97 1.13
Ulcer Index 3.20 5.25
Ratio: Return / Standard Deviation 1.04 1.19
Ratio: Return / Deepest Drawdown 0.44 0.40
Metrics calculated over the period 1 February 1995 - 31 January 2025
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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Author Harry Browne
ASSET ALLOCATION
Stocks 25% 40%
Fixed Income 50% 60%
Commodities 25% 0%
PERFORMANCES
Annualized Return (%) 7.53 9.79
Infl. Adjusted Return (%) 4.52 6.72
DRAWDOWN
Deepest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Drawdown Depth (%) -15.92 -21.11
Start to Recovery (months) 27 35
Longest Negative Period (months) 40 46
RISK INDICATORS
Standard Deviation (%) 6.64 7.46
Sharpe Ratio 0.59 0.83
Sortino Ratio 0.85 1.11
Ulcer Index 2.85 4.67
Ratio: Return / Standard Deviation 1.13 1.31
Ratio: Return / Deepest Drawdown 0.47 0.46
Metrics calculated over the period 1 January 1982 - 31 January 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 February 1995 - 31 January 2025 (30 years)
Period: 1 January 1982 - 31 January 2025 (~43 years)

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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Drawdown
(%)
Recovery
(#Months)
From
To
Drawdown
(%)
Recovery
(#Months)
From
To
-21.11 35 Nov 2021
Sep 2024
-20.54 30 Nov 2007
Apr 2010
-15.92 27 Jan 2022
Mar 2024
-12.63 18 Mar 2008
Aug 2009
-8.48 28 Feb 2001
May 2003
-7.10 4 Feb 2020
May 2020
-6.98 13 Aug 2016
Aug 2017
-6.86 17 Oct 2012
Feb 2014
-6.73 15 Feb 2015
Apr 2016
-5.89 6 Oct 2018
Mar 2019
-5.43 19 Sep 2000
Mar 2002
-5.34 4 Jul 1998
Oct 1998
-4.43 5 Jan 2021
May 2021
-4.25 13 Feb 2018
Feb 2019
-4.20 7 Apr 2004
Oct 2004

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Permanent Portfolio Stocks/Bonds 40/60 Momentum
Drawdown
(%)
Recovery
(#Months)
From
To
Drawdown
(%)
Recovery
(#Months)
From
To
-21.11 35 Nov 2021
Sep 2024
-20.54 30 Nov 2007
Apr 2010
-15.92 27 Jan 2022
Mar 2024
-13.77 19 Sep 1987
Mar 1989
-12.63 18 Mar 2008
Aug 2009
-8.48 28 Feb 2001
May 2003
-7.10 4 Feb 2020
May 2020
-6.98 13 Aug 2016
Aug 2017
-6.86 17 Oct 2012
Feb 2014
-6.73 15 Feb 2015
Apr 2016
-6.28 7 Feb 1984
Aug 1984
-5.91 13 Feb 1994
Feb 1995
-5.89 6 Oct 2018
Mar 2019
-5.78 17 Sep 1987
Jan 1989
-5.51 8 Jan 1982
Aug 1982

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 1982 - 31 January 2025 (~43 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 Stocks/Bonds 40/60 Momentum
Year Return
(%)
Drawdown
(%)
Return
(%)
Drawdown
(%)
2025
2.67 0.00 2.72 0.00
2024
11.90 -2.51 13.98 -3.77
2023
11.55 -5.68 6.90 -5.19
2022
-12.53 -15.92 -15.17 -19.48
2021
4.21 -4.43 4.23 -2.38
2020
16.10 -3.30 16.57 -7.10
2019
16.17 -1.10 16.20 -0.81
2018
-1.76 -4.25 -0.73 -5.89
2017
10.97 -0.83 17.14 0.00
2016
5.54 -6.98 3.51 -3.61
2015
-3.06 -6.73 3.91 -2.95
2014
9.40 -2.62 9.34 -1.49
2013
-2.08 -6.04 12.57 -1.74
2012
6.41 -1.83 7.87 -2.05
2011
11.11 -1.85 7.13 -3.62
2010
13.92 -0.53 10.93 -3.48
2009
7.85 -6.22 9.16 -9.41
2008
0.87 -12.63 -12.27 -15.80
2007
12.69 -1.20 11.21 -0.82
2006
10.94 -2.12 6.78 -1.50
2005
8.91 -1.25 9.09 -0.93
2004
6.83 -4.20 9.22 -2.12
2003
13.32 -2.34 12.78 -1.27
2002
5.85 -4.02 0.04 -5.36
2001
-0.52 -4.13 -1.88 -6.89
2000
2.40 -3.23 2.99 -3.33
1999
5.17 -3.54 15.71 -1.69
1998
10.09 -5.34 24.65 -4.13
1997
7.19 -2.33 20.41 -2.69
1996
5.08 -2.02 14.08 -1.52
1995
18.11 0.00 27.84 0.00
1994
-1.37 -3.63 -2.03 -5.91
1993
12.00 -0.99 11.10 -0.87
1992
3.57 -1.77 6.01 -2.11
1991
11.72 -0.88 23.91 -1.79
1990
1.11 -4.53 5.79 -5.29
1989
12.90 -1.18 25.29 -1.01
1988
4.39 -1.50 7.24 -2.95
1987
7.42 -5.78 1.86 -13.77
1986
17.64 -1.28 18.14 -4.37
1985
20.47 -2.05 26.30 -0.74
1984
2.22 -3.58 8.68 -6.28
1983
3.46 -2.83 9.91 -2.81
1982
23.27 -5.51 30.86 -1.48
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