Ray Dalio All Weather Portfolio To EUR Bond Hedged vs Davide Pisicchio Four Seasons 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 1^st

Currency: EUR

Inflation: Eurozone

(Change Settings)

Results

30 Years
(1995/07 - 2025/06)

All Data
(1994/01 - 2025/06)

Inflation Adjusted:

Ray Dalio All Weather Portfolio To EUR Bond Hedged

1.00€
Invested Capital
July 1995
8.19€
Final Capital
June 2025
7.26%
Yearly Return
7.10%
Std Deviation
-18.77%
Max Drawdown
38months
Recovery Period

1.00€
Invested Capital
July 1995
4.46€
Final Capital
June 2025
5.11%
Yearly Return
7.10%
Std Deviation
-28.01%
Max Drawdown
42months*
Recovery Period
* in progress

1.00€
Invested Capital
January 1994
8.46€
Final Capital
June 2025
7.01%
Yearly Return
7.14%
Std Deviation
-18.77%
Max Drawdown
38months
Recovery Period

1.00€
Invested Capital
January 1994
4.41€
Final Capital
June 2025
4.82%
Yearly Return
7.14%
Std Deviation
-28.01%
Max Drawdown
42months*
Recovery Period
* in progress

Davide Pisicchio Four Seasons Portfolio

1.00€
Invested Capital
July 1995
9.04€
Final Capital
June 2025
7.61%
Yearly Return
7.10%
Std Deviation
-15.31%
Max Drawdown
57months
Recovery Period

1.00€
Invested Capital
July 1995
4.92€
Final Capital
June 2025
5.46%
Yearly Return
7.10%
Std Deviation
-20.41%
Max Drawdown
113months
Recovery Period

1.00€
Invested Capital
January 1994
9.17€
Final Capital
June 2025
7.29%
Yearly Return
7.08%
Std Deviation
-15.31%
Max Drawdown
57months
Recovery Period

1.00€
Invested Capital
January 1994
4.78€
Final Capital
June 2025
5.09%
Yearly Return
7.08%
Std Deviation
-20.41%
Max Drawdown
113months
Recovery Period

As of June 2025, in the previous 30 Years, the Ray Dalio All Weather Portfolio To EUR Bond Hedged obtained a 7.26% compound annual return, with a 7.10% standard deviation. It suffered a maximum drawdown of -18.77% that required 38 months to be recovered.

As of June 2025, in the previous 30 Years, the Davide Pisicchio Four Seasons Portfolio obtained a 7.61% 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.

Ray Dalio All Weather Portfolio To EUR Bond Hedged

Weight (%)	Ticker	Name
30.00	XD9U.DE	Xtrackers MSCI USA
40.00	IUSV.DE	iShares USD Treasury Bond 20+yr EUR Hedged
15.00	CBUE.DE	iShares USD Treasury Bond 3-7yr Eur Hedged
7.50	PHAU	WisdomTree Physical Gold
7.50	UIQK.DE	UBS CMCI Composite SF

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 Jun 30, 2025

Returns are calculated in EUR, assuming:

no fees or capital gain taxes.
rebalancing: at every Jan 1^st.
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 (%)
All Weather Portfolio To EUR Bond Hedged Ray Dalio	1 €	8.19 €	718.71%	7.26%
Four Seasons Portfolio Davide Pisicchio	1 €	9.04 €	803.77%	7.61%
	Jul 1995	Jun 2025

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	Initial Amount €	Final Amount €	Total Return (%)	Annualized (%)
All Weather Portfolio To EUR Bond Hedged Ray Dalio	1 €	4.46 €	346.14%	5.11%
Four Seasons Portfolio Davide Pisicchio	1 €	4.92 €	392.49%	5.46%
	Jul 1995	Jun 2025

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	Initial Amount €	Final Amount €	Total Return (%)	Annualized (%)
All Weather Portfolio To EUR Bond Hedged Ray Dalio	1 €	8.46 €	745.52%	7.01%
Four Seasons Portfolio Davide Pisicchio	1 €	9.17 €	817.05%	7.29%
	Jan 1994	Jun 2025

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	Initial Amount €	Final Amount €	Total Return (%)	Annualized (%)
All Weather Portfolio To EUR Bond Hedged Ray Dalio	1 €	4.41 €	340.98%	4.82%
Four Seasons Portfolio Davide Pisicchio	1 €	4.78 €	378.29%	5.09%
	Jan 1994	Jun 2025

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		Return (%) as of Jun 30, 2025
		YTD (6M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~32Y)
	All Weather Portfolio • Bond Hedged Ray Dalio	-0.71	1.02	-0.71	3.04	2.18	4.50	7.26	7.01
	Four Seasons Portfolio Davide Pisicchio	-0.17	0.49	-0.17	7.26	7.28	6.68	7.61	7.29
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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	All Weather Portfolio To EUR Bond Hedged	Four Seasons Portfolio
Author	Ray Dalio	Davide Pisicchio
ASSET ALLOCATION
Stocks	30%	40%
Fixed Income	55%	50%
Commodities	15%	10%
PERFORMANCES
Annualized Return (%)	3.04	7.26
Infl. Adjusted (%)	1.03	5.16
DRAWDOWN
Deepest Drawdown Depth (%)	-4.85	-5.56
Start to Recovery (months)	4*	5*
Longest Drawdown Depth (%)	-4.85	-5.56
Start to Recovery (months)	4*	5*
Longest Negative Period (months)	9*	7*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%)	6.71	6.89
Sharpe Ratio	-0.24	0.38
Sortino Ratio	-0.33	0.53
Ulcer Index	2.37	2.31
Ratio: Return / Standard Deviation	0.45	1.05
Ratio: Return / Deepest Drawdown	0.63	1.31
Metrics calculated over the period 1 July 2024 - 30 June 2025

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	All Weather Portfolio To EUR Bond Hedged	Four Seasons Portfolio
Author	Ray Dalio	Davide Pisicchio
ASSET ALLOCATION
Stocks	30%	40%
Fixed Income	55%	50%
Commodities	15%	10%
PERFORMANCES
Annualized Return (%)	2.18	7.28
Infl. Adjusted (%)	-1.83	3.07
DRAWDOWN
Deepest Drawdown Depth (%)	-18.77	-10.88
Start to Recovery (months)	38	25
Longest Drawdown Depth (%)	-18.77	-10.88
Start to Recovery (months)	38	25
Longest Negative Period (months)	45	27
RISK INDICATORS
Standard Deviation (%)	8.30	6.94
Sharpe Ratio	-0.06	0.66
Sortino Ratio	-0.08	0.90
Ulcer Index	8.64	4.27
Ratio: Return / Standard Deviation	0.26	1.05
Ratio: Return / Deepest Drawdown	0.12	0.67
Metrics calculated over the period 1 July 2020 - 30 June 2025

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	All Weather Portfolio To EUR Bond Hedged	Four Seasons Portfolio
Author	Ray Dalio	Davide Pisicchio
ASSET ALLOCATION
Stocks	30%	40%
Fixed Income	55%	50%
Commodities	15%	10%
PERFORMANCES
Annualized Return (%)	4.50	6.68
Infl. Adjusted (%)	1.92	4.05
DRAWDOWN
Deepest Drawdown Depth (%)	-18.77	-10.88
Start to Recovery (months)	38	25
Longest Drawdown Depth (%)	-18.77	-10.88
Start to Recovery (months)	38	25
Longest Negative Period (months)	45	27
RISK INDICATORS
Standard Deviation (%)	7.13	6.73
Sharpe Ratio	0.38	0.72
Sortino Ratio	0.54	1.00
Ulcer Index	6.25	3.30
Ratio: Return / Standard Deviation	0.63	0.99
Ratio: Return / Deepest Drawdown	0.24	0.61
Metrics calculated over the period 1 July 2015 - 30 June 2025

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	All Weather Portfolio To EUR Bond Hedged	Four Seasons Portfolio
Author	Ray Dalio	Davide Pisicchio
ASSET ALLOCATION
Stocks	30%	40%
Fixed Income	55%	50%
Commodities	15%	10%
PERFORMANCES
Annualized Return (%)	7.26	7.61
Infl. Adjusted (%)	5.11	5.46
DRAWDOWN
Deepest Drawdown Depth (%)	-18.77	-15.31
Start to Recovery (months)	38	57
Longest Drawdown Depth (%)	-18.77	-15.31
Start to Recovery (months)	38	57
Longest Negative Period (months)	45	56
RISK INDICATORS
Standard Deviation (%)	7.10	7.10
Sharpe Ratio	0.70	0.75
Sortino Ratio	1.00	1.03
Ulcer Index	4.08	4.27
Ratio: Return / Standard Deviation	1.02	1.07
Ratio: Return / Deepest Drawdown	0.39	0.50
Metrics calculated over the period 1 July 1995 - 30 June 2025

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	All Weather Portfolio To EUR Bond Hedged	Four Seasons Portfolio
Author	Ray Dalio	Davide Pisicchio
ASSET ALLOCATION
Stocks	30%	40%
Fixed Income	55%	50%
Commodities	15%	10%
PERFORMANCES
Annualized Return (%)	7.01	7.29
Infl. Adjusted (%)	4.82	5.09
DRAWDOWN
Deepest Drawdown Depth (%)	-18.77	-15.31
Start to Recovery (months)	38	57
Longest Drawdown Depth (%)	-18.77	-15.31
Start to Recovery (months)	38	57
Longest Negative Period (months)	45	56
RISK INDICATORS
Standard Deviation (%)	7.14	7.08
Sharpe Ratio	0.65	0.69
Sortino Ratio	0.92	0.95
Ulcer Index	4.26	4.36
Ratio: Return / Standard Deviation	0.98	1.03
Ratio: Return / Deepest Drawdown	0.37	0.48
Metrics calculated over the period 1 January 1994 - 30 June 2025

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)

Chart Table

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All Weather Portfolio To EUR Bond Hedged			Four Seasons Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-18.77	38	Jan 2022 Feb 2025
			-15.31	57	Sep 2000 May 2005
			-12.21	25	Nov 2007 Nov 2009
			-10.88	25	Jan 2022 Jan 2024
			-9.09	6	Jul 1998 Dec 1998
-7.18	11	Jan 2009 Nov 2009
-6.98	15	Apr 2015 Jun 2016
			-6.89	5	Feb 2020 Jun 2020
-6.53	33	Sep 2000 May 2003
			-6.19	8	Apr 2015 Nov 2015
-6.18	6	Jul 1998 Dec 1998
			-5.56	5*	Feb 2025 In progress
-5.25	8	Mar 2006 Oct 2006
-5.15	4	Sep 2008 Dec 2008
-4.85	4*	Mar 2025 In progress

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All Weather Portfolio To EUR Bond Hedged			Four Seasons Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-18.77	38	Jan 2022 Feb 2025
			-15.31	57	Sep 2000 May 2005
			-12.21	25	Nov 2007 Nov 2009
			-10.88	25	Jan 2022 Jan 2024
-10.20	16	Feb 1994 May 1995
			-9.09	6	Jul 1998 Dec 1998
			-8.38	18	Feb 1994 Jul 1995
-7.18	11	Jan 2009 Nov 2009
-6.98	15	Apr 2015 Jun 2016
			-6.89	5	Feb 2020 Jun 2020
-6.53	33	Sep 2000 May 2003
			-6.19	8	Apr 2015 Nov 2015
-6.18	6	Jul 1998 Dec 1998
			-5.56	5*	Feb 2025 In progress
-5.25	8	Mar 2006 Oct 2006

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)

Rolling Period:

All Weather Portfolio To EUR Bond Hedged
Four Seasons Portfolio

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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	All Weather Portfolio To EUR Bond Hedged		Four Seasons Portfolio
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2025	-0.71	-4.85	-0.17	-5.56
2024	9.20	-2.72	17.29	-1.19
2023	7.27	-7.13	11.68	-2.75
2022	-16.88	-16.88	-10.88	-10.88
2021	12.42	-2.13	15.06	-1.42
2020	10.90	-2.94	8.68	-6.89
2019	17.78	-1.22	18.53	-1.77
2018	-2.31	-3.64	-0.98	-4.66
2017	4.53	-2.25	2.75	-3.01
2016	6.21	-4.34	7.95	-1.70
2015	2.08	-6.98	5.52	-6.19
2014	20.10	-0.33	15.26	-0.24
2013	-0.32	-4.83	8.16	-2.70
2012	6.15	-3.34	8.66	-1.77
2011	17.77	-2.26	6.20	-1.88
2010	16.92	-1.67	17.62	-2.09
2009	1.78	-7.18	15.05	-3.91
2008	4.85	-5.15	-9.37	-9.37
2007	6.17	-1.43	2.89	-2.64
2006	0.34	-5.25	3.10	-3.66
2005	14.91	-2.39	13.54	-1.37
2004	6.00	-3.63	3.73	-1.93
2003	4.84	-3.02	5.80	-2.99
2002	1.90	-5.26	-7.10	-10.48
2001	-0.36	-4.85	1.59	-7.49
2000	11.76	-3.47	2.43	-7.50
1999	14.06	-2.99	20.55	-3.73
1998	7.34	-6.18	9.74	-9.09
1997	20.09	-3.44	23.09	-4.50
1996	8.83	-3.82	10.77	-4.03
1995	24.94	-0.50	19.94	-0.54
1994	-6.66	-10.20	-6.10	-8.38

Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Jun 30, 2025

Portfolio Metrics as of Jun 30, 2025

Drawdowns

Rolling Returns

Yearly Returns