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

Simulation Settings
Period: January 1871 - June 2025 (~155 years)
Consolidated Returns as of 30 June 2025
Initial Amount: 1$
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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The minimum date range must be at least 12 months. 'Date To' cannot be beyond June 2025.
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Results
30 Years
(1995/07 - 2025/06)
All Data
(1871/01 - 2025/06)
Inflation Adjusted:
Stocks/Bonds 40/60 Portfolio
1.00$
Invested Capital
July 1995
7.69$
Final Capital
June 2025
7.04%
Yearly Return
7.03%
Std Deviation
-19.17%
Max Drawdown
25months
Recovery Period
1.00$
Invested Capital
July 1995
3.66$
Final Capital
June 2025
4.42%
Yearly Return
7.03%
Std Deviation
-24.11%
Max Drawdown
46months*
Recovery Period
* in progress
1.00$
Invested Capital
January 1871
24.91 K$
Final Capital
June 2025
6.77%
Yearly Return
7.38%
Std Deviation
-43.68%
Max Drawdown
73months
Recovery Period
1.00$
Invested Capital
January 1871
969.36$
Final Capital
June 2025
4.55%
Yearly Return
7.38%
Std Deviation
-45.57%
Max Drawdown
108months
Recovery Period
Harry Browne Permanent Portfolio
1.00$
Invested Capital
July 1995
7.29$
Final Capital
June 2025
6.85%
Yearly Return
6.65%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Invested Capital
July 1995
3.46$
Final Capital
June 2025
4.23%
Yearly Return
6.65%
Std Deviation
-23.09%
Max Drawdown
59months
Recovery Period
1.00$
Invested Capital
January 1871
6.66 K$
Final Capital
June 2025
5.86%
Yearly Return
5.81%
Std Deviation
-30.61%
Max Drawdown
46months
Recovery Period
1.00$
Invested Capital
January 1871
259.30$
Final Capital
June 2025
3.66%
Yearly Return
5.81%
Std Deviation
-45.48%
Max Drawdown
182months
Recovery Period

As of June 2025, in the previous 30 Years, the Stocks/Bonds 40/60 Portfolio obtained a 7.04% compound annual return, with a 7.03% standard deviation. It suffered a maximum drawdown of -19.17% that required 25 months to be recovered.

As of June 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 6.85% compound annual return, with a 6.65% standard deviation. It suffered a maximum drawdown of -15.92% that required 27 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.

Stocks/Bonds 40/60 Portfolio
Weight
(%)		 Ticker Name
40.00
VTI
Vanguard Total Stock Market
60.00
BND
Vanguard Total Bond Market
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
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Portfolio Returns as of Jun 30, 2025

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
Return Comparison
Capital Growth
30 Years
(1995/07 - 2025/06)
All Data
(1871/01 - 2025/06)
Inflation Adjusted:
Swipe left to see all data
Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Stocks/Bonds 40/60
 1 $ 7.69 $ 669.49% 7.04%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 7.29 $ 628.85% 6.85%
Jul 1995 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Stocks/Bonds 40/60
 1 $ 3.66 $ 265.71% 4.42%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 3.46 $ 246.40% 4.23%
Jul 1995 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Stocks/Bonds 40/60
 1 $ 24 909.78 $ 2 490 878.39% 6.77%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 6 663.35 $ 666 234.64% 5.86%
Jan 1871 Jun 2025

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Initial Amount $ Final Amount $ Total Return (%) Annualized (%)
Stocks/Bonds 40/60
 1 $ 969.36 $ 96 835.79% 4.55%
Harry Browne Permanent Portfolio
Harry Browne 		1 $ 259.30 $ 25 830.24% 3.66%
Jan 1871 Jun 2025

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Return (%) as of Jun 30, 2025
YTD
(6M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~155Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_us_author.webp Stocks/Bonds 40/60
-- Market Benchmark 		4.65 2.96 4.65 9.91 5.91 6.36 7.04 6.77
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne 		9.09 2.03 9.09 15.44 5.74 6.58 6.85 5.86
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 1871 - 30 June 2025 (~155 years)
1 Year
5 Years
10 Years
30 Years
All (1871/01 - 2025/06)
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Stocks/Bonds 40/60 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 9.91 15.44
Infl. Adjusted (%) 7.30 12.70
DRAWDOWN
Deepest Drawdown Depth (%) -2.59 -2.51
Start to Recovery (months) 7 2
Longest Drawdown Depth (%) -2.59 -0.13
Start to Recovery (months) 7 2
Longest Negative Period (months) 7 3
RISK INDICATORS
Standard Deviation (%) 6.62 4.86
Sharpe Ratio 0.80 2.22
Sortino Ratio 1.02 2.69
Ulcer Index 1.32 0.70
Ratio: Return / Standard Deviation 1.50 3.18
Ratio: Return / Deepest Drawdown 3.83 6.14
Metrics calculated over the period 1 July 2024 - 30 June 2025
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Stocks/Bonds 40/60 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 5.91 5.74
Infl. Adjusted (%) 1.33 1.17
DRAWDOWN
Deepest Drawdown Depth (%) -18.63 -15.92
Start to Recovery (months) 30 27
Longest Drawdown Depth (%) -18.63 -15.92
Start to Recovery (months) 30 27
Longest Negative Period (months) 38 40
RISK INDICATORS
Standard Deviation (%) 9.46 8.44
Sharpe Ratio 0.34 0.36
Sortino Ratio 0.46 0.50
Ulcer Index 7.38 5.91
Ratio: Return / Standard Deviation 0.63 0.68
Ratio: Return / Deepest Drawdown 0.32 0.36
Metrics calculated over the period 1 July 2020 - 30 June 2025
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Stocks/Bonds 40/60 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 6.36 6.58
Infl. Adjusted (%) 3.22 3.43
DRAWDOWN
Deepest Drawdown Depth (%) -18.63 -15.92
Start to Recovery (months) 30 27
Longest Drawdown Depth (%) -18.63 -15.92
Start to Recovery (months) 30 27
Longest Negative Period (months) 38 40
RISK INDICATORS
Standard Deviation (%) 8.09 7.25
Sharpe Ratio 0.56 0.66
Sortino Ratio 0.75 0.92
Ulcer Index 5.39 4.44
Ratio: Return / Standard Deviation 0.79 0.91
Ratio: Return / Deepest Drawdown 0.34 0.41
Metrics calculated over the period 1 July 2015 - 30 June 2025
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Stocks/Bonds 40/60 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 7.04 6.85
Infl. Adjusted (%) 4.42 4.23
DRAWDOWN
Deepest Drawdown Depth (%) -19.17 -15.92
Start to Recovery (months) 25 27
Longest Drawdown Depth (%) -8.59 -15.92
Start to Recovery (months) 33 27
Longest Negative Period (months) 50 40
RISK INDICATORS
Standard Deviation (%) 7.03 6.65
Sharpe Ratio 0.68 0.69
Sortino Ratio 0.90 0.96
Ulcer Index 4.21 3.20
Ratio: Return / Standard Deviation 1.00 1.03
Ratio: Return / Deepest Drawdown 0.37 0.43
Metrics calculated over the period 1 July 1995 - 30 June 2025
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Stocks/Bonds 40/60 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 6.77 5.86
Infl. Adjusted (%) 4.55 3.66
DRAWDOWN
Deepest Drawdown Depth (%) -43.68 -30.61
Start to Recovery (months) 73 46
Longest Drawdown Depth (%) -43.68 -14.17
Start to Recovery (months) 73 53
Longest Negative Period (months) 85 80
RISK INDICATORS
Standard Deviation (%) 7.38 5.81
Sharpe Ratio 0.38 0.32
Sortino Ratio 0.53 0.48
Ulcer Index 5.44 3.52
Ratio: Return / Standard Deviation 0.92 1.01
Ratio: Return / Deepest Drawdown 0.16 0.19
Metrics calculated over the period 1 January 1871 - 30 June 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 July 1995 - 30 June 2025 (30 years)
Period: 1 January 1871 - 30 June 2025 (~155 years)
30 Years
(1995/07 - 2025/06)

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Stocks/Bonds 40/60 Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-19.17 25 Nov 2007
Nov 2009
-18.63 30 Jan 2022
Jun 2024
-15.92 27 Jan 2022
Mar 2024
-12.63 18 Mar 2008
Aug 2009
-8.59 33 Sep 2000
May 2003
-8.09 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
-6.25 5 Jul 1998
Nov 1998
-5.43 19 Sep 2000
Mar 2002
-5.36 7 Sep 2018
Mar 2019
-5.34 4 Jul 1998
Oct 1998
-4.76 7 Jun 2011
Dec 2011
-4.43 5 Jan 2021
May 2021

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Stocks/Bonds 40/60 Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-43.68 73 Sep 1929
Sep 1935
-30.61 46 Sep 1929
Jun 1933
-21.33 53 Mar 1937
Jul 1941
-19.17 25 Nov 2007
Nov 2009
-18.63 30 Jan 2022
Jun 2024
-17.04 29 Jan 1973
May 1975
-15.92 27 Jan 2022
Mar 2024
-14.17 53 Mar 1937
Jul 1941
-13.08 14 Sep 1987
Oct 1988
-12.84 24 Dec 1968
Nov 1970
-12.63 18 Mar 2008
Aug 2009
-11.68 21 Dec 1980
Aug 1982
-11.62 22 Oct 1906
Jul 1908
-11.38 5 Feb 1980
Jun 1980
-11.15 10 Apr 1974
Jan 1975

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 1871 - 30 June 2025 (~155 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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Stocks/Bonds 40/60 Permanent Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 4.65 -2.35 9.09 0.00
2024
 10.35 -3.23 11.90 -2.51
2023
 13.66 -6.58 11.55 -5.68
2022
 -15.67 -18.63 -12.53 -15.92
2021
 9.15 -2.56 4.21 -4.43
2020
 13.04 -8.09 16.10 -3.30
2019
 17.57 -1.77 16.17 -1.10
2018
 -2.15 -5.36 -1.76 -4.25
2017
 10.63 0.00 10.97 -0.83
2016
 6.64 -1.57 5.54 -6.98
2015
 0.48 -3.41 -3.06 -6.73
2014
 8.51 -1.20 9.40 -2.62
2013
 12.12 -1.84 -2.08 -6.04
2012
 8.47 -2.11 6.41 -1.83
2011
 5.14 -4.76 11.11 -1.85
2010
 10.69 -3.96 13.92 -0.53
2009
 13.74 -8.68 7.85 -6.22
2008
 -10.67 -14.39 0.87 -12.63
2007
 6.30 -1.93 12.69 -1.20
2006
 8.84 -1.40 10.94 -2.12
2005
 3.96 -1.77 8.91 -1.25
2004
 7.66 -2.46 6.83 -4.20
2003
 14.68 -1.08 13.32 -2.34
2002
 -3.23 -6.97 5.85 -4.02
2001
 0.67 -5.62 -0.52 -4.13
2000
 2.61 -4.51 2.40 -3.23
1999
 9.07 -2.57 5.17 -3.54
1998
 14.45 -6.25 10.09 -5.34
1997
 18.06 -2.41 7.19 -2.33
1996
 10.53 -2.15 5.08 -2.02
1995
 25.22 0.00 18.11 0.00
1994
 -1.66 -5.98 -1.37 -3.63
1993
 10.06 -1.23 12.00 -0.99
1992
 7.93 -1.27 3.57 -1.77
1991
 22.10 -1.98 11.72 -0.88
1990
 2.76 -5.70 1.11 -4.53
1989
 19.43 -1.12 12.90 -1.18
1988
 11.34 -1.71 4.39 -1.50
1987
 1.97 -13.08 7.42 -5.78
1986
 14.89 -4.37 17.64 -1.28
1985
 25.86 -1.17 20.47 -2.05
1984
 9.88 -5.84 2.22 -3.58
1983
 12.20 -2.64 3.46 -2.83
1982
 26.88 -2.17 23.27 -5.51
1981
 3.99 -6.81 -5.34 -9.88
1980
 14.99 -8.39 13.65 -11.38
1979
 12.91 -6.34 39.77 -4.50
1978
 4.07 -5.90 12.78 -5.31
1977
 -0.72 -3.59 6.43 -2.00
1976
 18.84 -1.06 11.22 -2.75
1975
 19.54 -5.93 6.98 -7.00
1974
 -7.71 -13.50 12.43 -11.15
1973
 -4.59 -5.73 15.65 -6.85
1972
 8.68 -1.10 18.84 -1.56
1971
 12.75 -5.80 12.86 -1.09
1970
 12.26 -8.78 7.89 -4.68
1969
 -5.38 -7.12 -6.38 -8.20
1968
 7.09 -3.10 9.27 -1.10
1967
 10.63 -2.31 6.11 -1.37
1966
 -0.51 -7.40 -0.04 -3.86
1965
 6.11 -1.52 4.59 -0.95
1964
 8.90 -0.46 6.00 -0.25
1963
 9.44 -1.27 6.05 -0.74
1962
 -0.42 -8.22 -0.23 -4.93
1961
 11.57 -1.78 6.50 -1.00
1960
 8.19 -2.58 5.64 -1.14
1959
 4.09 -3.21 2.72 -1.85
1958
 16.24 -0.74 9.97 -0.31
1957
 1.17 -4.90 0.57 -2.86
1956
 2.47 -3.96 1.35 -2.43
1955
 9.83 -0.87 6.24 -0.67
1954
 21.93 -1.61 14.12 -0.94
1953
 2.45 -4.06 -0.87 -4.16
1952
 6.80 -2.08 3.37 -1.26
1951
 8.33 -2.81 4.37 -1.85
1950
 12.06 -2.45 7.47 -1.53
1949
 10.62 -1.47 6.13 -1.15
1948
 2.50 -4.32 1.16 -2.70
1947
 1.27 -2.13 3.61 -1.52
1946
 -2.08 -9.26 -0.66 -5.77
1945
 18.36 -1.37 12.40 -0.87
1944
 9.86 -0.57 5.95 -0.36
1943
 12.64 -3.58 8.33 -2.35
1942
 7.47 -5.00 5.04 -3.00
1941
 -2.69 -6.19 -1.49 -3.80
1940
 -0.28 -10.39 -0.01 -6.09
1939
 2.79 -5.09 1.75 -3.29
1938
 13.98 -10.41 8.45 -6.59
1937
 -12.81 -15.42 -8.65 -10.20
1936
 16.17 -2.94 10.39 -1.85
1935
 20.86 -2.56 12.79 -1.85
1934
 5.30 -5.32 5.72 -3.27
1933
 24.67 -9.11 28.60 -5.74
1932
 3.90 -15.57 2.17 -10.03
1931
 -18.89 -24.29 -12.64 -16.23
1930
 -6.69 -13.91 -4.39 -9.07
1929
 -1.97 -13.91 -0.83 -9.26
1928
 14.91 -1.98 10.25 -1.14
1927
 16.51 -1.80 11.58 -1.05
1926
 7.41 -3.13 5.78 -1.79
1925
 12.21 -2.63 8.98 -1.51
1924
 15.54 -0.89 10.18 -0.44
1923
 4.38 -4.74 3.65 -2.70
1922
 14.92 -1.92 9.97 -1.17
1921
 11.92 -3.20 8.74 -1.62
1920
 -5.48 -5.80 -1.56 -2.72
1919
 9.18 -3.41 6.55 -2.10
1918
 10.02 -1.24 7.63 -0.71
1917
 -8.47 -8.47 -4.88 -4.88
1916
 5.41 -1.10 4.56 -0.66
1915
 16.21 -0.82 10.27 -0.48
1914
 1.71 -6.40 1.02 -3.96
1913
 0.41 -2.35 0.91 -1.08
1912
 3.79 -1.64 3.57 -0.83
1911
 3.85 -3.88 2.86 -2.33
1910
 1.13 -3.45 0.96 -1.93
1909
 7.30 -0.82 5.56 -0.47
1908
 22.62 -0.76 13.65 -0.55
1907
 -9.88 -10.61 -5.24 -5.97
1906
 0.68 -4.20 1.58 -1.96
1905
 8.89 -2.45 6.99 -1.27
1904
 16.35 -1.04 10.35 -0.56
1903
 -5.56 -9.38 -2.87 -5.48
1902
 3.88 -3.25 3.72 -1.71
1901
 8.86 -3.45 6.40 -2.12
1900
 10.62 -1.73 7.28 -1.02
1899
 1.22 -3.83 2.46 -1.66
1898
 14.49 -5.07 9.71 -2.16
1897
 11.63 -1.44 7.76 -0.96
1896
 3.73 -6.81 3.16 -3.48
1895
 2.01 -5.62 2.81 -2.88
1894
 5.09 -1.63 3.47 -0.91
1893
 -4.70 -11.05 -2.22 -6.13
1892
 3.70 -1.24 3.62 -0.58
1891
 10.78 -2.88 6.97 -1.39
1890
 -1.74 -5.18 -0.21 -2.89
1889
 4.31 -1.08 4.74 -0.41
1888
 4.61 -1.96 3.54 -0.99
1887
 0.60 -4.61 1.07 -2.41
1886
 5.22 -2.17 5.01 -0.83
1885
 15.19 -0.95 10.08 -0.41
1884
 -2.59 -7.14 -0.61 -3.78
1883
 0.38 -2.52 0.77 -1.33
1882
 3.29 -2.59 3.35 -1.31
1881
 2.17 -4.53 2.94 -1.91
1880
 13.77 -3.35 9.92 -1.87
1879
 21.48 -0.68 14.82 -0.23
1878
 10.38 -0.17 6.08 -0.22
1877
 1.75 -6.47 1.31 -4.59
1876
 -1.36 -5.59 -1.26 -2.91
1875
 6.03 -1.68 6.22 -0.40
1874
 10.10 -1.40 5.61 -0.80
1873
 1.53 -9.21 1.85 -4.51
1872
 5.54 -3.01 6.24 -0.91
1871
 7.90 -2.38 6.83 -1.19
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