Stocks/Bonds 60/40 Portfolio vs David Swensen Lazy Portfolio Portfolio Comparison

Simulation Settings

Period: January 1985 - March 2026 (~41 years)
Consolidated Returns as of 31 March 2026

Initial Amount: 1$

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

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Results

30 Years
(1996/04 - 2026/03)

All Data
(1985/01 - 2026/03)

Inflation Adjusted:

Stocks/Bonds 60/40 Portfolio

1.00$
Invested Capital
April 1996
10.08$
Final Capital
March 2026
8.01%
Yearly Return
9.70%
Std Deviation
-30.55%
Max Drawdown
36months
Recovery Period

1.00$
Invested Capital
April 1996
4.79$
Final Capital
March 2026
5.36%
Yearly Return
9.70%
Std Deviation
-31.69%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
January 1985
40.86$
Final Capital
March 2026
9.41%
Yearly Return
9.73%
Std Deviation
-30.55%
Max Drawdown
36months
Recovery Period

1.00$
Invested Capital
January 1985
13.16$
Final Capital
March 2026
6.45%
Yearly Return
9.73%
Std Deviation
-31.69%
Max Drawdown
38months
Recovery Period

David Swensen Lazy Portfolio

1.00$
Invested Capital
April 1996
9.96$
Final Capital
March 2026
7.96%
Yearly Return
10.95%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
April 1996
4.73$
Final Capital
March 2026
5.31%
Yearly Return
10.95%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period

1.00$
Invested Capital
January 1985
41.95$
Final Capital
March 2026
9.48%
Yearly Return
10.67%
Std Deviation
-40.89%
Max Drawdown
38months
Recovery Period

1.00$
Invested Capital
January 1985
13.51$
Final Capital
March 2026
6.52%
Yearly Return
10.67%
Std Deviation
-41.86%
Max Drawdown
40months
Recovery Period

As of March 2026, in the previous 30 Years, the Stocks/Bonds 60/40 Portfolio obtained a 8.01% compound annual return, with a 9.70% standard deviation. It suffered a maximum drawdown of -30.55% that required 36 months to be recovered.

As of March 2026, in the previous 30 Years, the David Swensen Lazy Portfolio obtained a 7.96% compound annual return, with a 10.95% standard deviation. It suffered a maximum drawdown of -40.89% that required 38 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.

Stocks/Bonds 60/40 Portfolio

Weight (%)	Ticker	Name
60.00	VTI	Vanguard Total Stock Market
40.00	BND	Vanguard Total Bond Market

David Swensen Lazy Portfolio

Weight (%)	Ticker	Name
30.00	VTI	Vanguard Total Stock Market
20.00	VNQ	Vanguard Real Estate
15.00	VEU	Vanguard FTSE All-World ex-US
5.00	EEM	iShares MSCI Emerging Markets
15.00	IEI	iShares 3-7 Year Treasury Bond
15.00	TIP	iShares TIPS Bond

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Portfolio Returns as of Mar 31, 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
(1996/04 - 2026/03)

All Data
(1985/01 - 2026/03)

Inflation Adjusted:

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Stocks/Bonds 60/40	1 $	10.08 $	908.01%	8.01%
Lazy Portfolio David Swensen	1 $	9.96 $	895.93%	7.96%
	Apr 1996	Mar 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Stocks/Bonds 60/40	1 $	4.79 $	378.55%	5.36%
Lazy Portfolio David Swensen	1 $	4.73 $	372.81%	5.31%
	Apr 1996	Mar 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Stocks/Bonds 60/40	1 $	40.86 $	3 985.73%	9.41%
Lazy Portfolio David Swensen	1 $	41.95 $	4 095.32%	9.48%
	Jan 1985	Mar 2026

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	Initial Amount $	Final Amount $	Total Return (%)	Annualized (%)
Stocks/Bonds 60/40	1 $	13.16 $	1 215.99%	6.45%
Lazy Portfolio David Swensen	1 $	13.51 $	1 251.29%	6.52%
	Jan 1985	Mar 2026

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		Return (%) as of Mar 31, 2026
		YTD (3M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~41Y)
	Stocks/Bonds 60/40 -- Market Benchmark	-2.39	-3.69	-0.57	12.40	6.77	9.01	8.01	9.41
	Lazy Portfolio David Swensen	-0.36	-4.95	1.12	12.55	5.78	7.58	7.96	9.48
Returns over 1 year are annualized.

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Portfolio Metrics as of Mar 31, 2026

The following metrics, updated as of 31 March 2026, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 April 2025 - 31 March 2026 (1 year)

Period: 1 April 2021 - 31 March 2026 (5 years)

Period: 1 April 2016 - 31 March 2026 (10 years)

Period: 1 April 1996 - 31 March 2026 (30 years)

Period: 1 January 1985 - 31 March 2026 (~41 years)

1 Year

5 Years

10 Years

30 Years

All (1985/01 - 2026/03)

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	Stocks/Bonds 60/40	Lazy Portfolio
Author		David Swensen
ASSET ALLOCATION
Stocks	60%	70%
Fixed Income	40%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	12.40	12.55
Infl. Adjusted (%)	9.71	9.85
DRAWDOWN
Deepest Drawdown Depth (%)	-3.69	-4.95
Start to Recovery (months)	1*	1*
Longest Drawdown Depth (%)	-0.26	-0.04
Start to Recovery (months)	2	2
Longest Negative Period (months)	6*	4*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%)	6.47	7.22
Sharpe Ratio	1.30	1.18
Sortino Ratio	1.66	1.39
Ulcer Index	1.03	1.37
Ratio: Return / Standard Deviation	1.92	1.74
Ratio: Return / Deepest Drawdown	3.36	2.53
Metrics calculated over the period 1 April 2025 - 31 March 2026

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	Stocks/Bonds 60/40	Lazy Portfolio
Author		David Swensen
ASSET ALLOCATION
Stocks	60%	70%
Fixed Income	40%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	6.77	5.78
Infl. Adjusted (%)	2.33	1.38
DRAWDOWN
Deepest Drawdown Depth (%)	-20.69	-22.43
Start to Recovery (months)	26	31
Longest Drawdown Depth (%)	-20.69	-22.43
Start to Recovery (months)	26	31
Longest Negative Period (months)	31	34
RISK INDICATORS
Standard Deviation (%)	11.11	11.71
Sharpe Ratio	0.31	0.21
Sortino Ratio	0.42	0.28
Ulcer Index	7.71	8.72
Ratio: Return / Standard Deviation	0.61	0.49
Ratio: Return / Deepest Drawdown	0.33	0.26
Metrics calculated over the period 1 April 2021 - 31 March 2026

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	Stocks/Bonds 60/40	Lazy Portfolio
Author		David Swensen
ASSET ALLOCATION
Stocks	60%	70%
Fixed Income	40%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	9.01	7.58
Infl. Adjusted (%)	5.58	4.20
DRAWDOWN
Deepest Drawdown Depth (%)	-20.69	-22.43
Start to Recovery (months)	26	31
Longest Drawdown Depth (%)	-20.69	-22.43
Start to Recovery (months)	26	31
Longest Negative Period (months)	34	34
RISK INDICATORS
Standard Deviation (%)	10.28	10.79
Sharpe Ratio	0.67	0.51
Sortino Ratio	0.88	0.66
Ulcer Index	5.76	6.56
Ratio: Return / Standard Deviation	0.88	0.70
Ratio: Return / Deepest Drawdown	0.44	0.34
Metrics calculated over the period 1 April 2016 - 31 March 2026

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	Stocks/Bonds 60/40	Lazy Portfolio
Author		David Swensen
ASSET ALLOCATION
Stocks	60%	70%
Fixed Income	40%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	8.01	7.96
Infl. Adjusted (%)	5.36	5.31
DRAWDOWN
Deepest Drawdown Depth (%)	-30.55	-40.89
Start to Recovery (months)	36	38
Longest Drawdown Depth (%)	-21.56	-40.89
Start to Recovery (months)	41	38
Longest Negative Period (months)	110	62
RISK INDICATORS
Standard Deviation (%)	9.70	10.95
Sharpe Ratio	0.60	0.52
Sortino Ratio	0.78	0.68
Ulcer Index	6.91	7.44
Ratio: Return / Standard Deviation	0.83	0.73
Ratio: Return / Deepest Drawdown	0.26	0.19
Metrics calculated over the period 1 April 1996 - 31 March 2026

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	Stocks/Bonds 60/40	Lazy Portfolio
Author		David Swensen
ASSET ALLOCATION
Stocks	60%	70%
Fixed Income	40%	30%
Commodities	0%	0%
PERFORMANCES
Annualized Return (%)	9.41	9.48
Infl. Adjusted (%)	6.45	6.52
DRAWDOWN
Deepest Drawdown Depth (%)	-30.55	-40.89
Start to Recovery (months)	36	38
Longest Drawdown Depth (%)	-21.56	-40.89
Start to Recovery (months)	41	38
Longest Negative Period (months)	110	62
RISK INDICATORS
Standard Deviation (%)	9.73	10.67
Sharpe Ratio	0.64	0.59
Sortino Ratio	0.84	0.76
Ulcer Index	6.25	6.66
Ratio: Return / Standard Deviation	0.97	0.89
Ratio: Return / Deepest Drawdown	0.31	0.23
Metrics calculated over the period 1 January 1985 - 31 March 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 April 1996 - 31 March 2026 (30 years)

Period: 1 January 1985 - 31 March 2026 (~41 years)

30 Years
(1996/04 - 2026/03)

Chart Table

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Stocks/Bonds 60/40			Lazy Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-40.89	38	Nov 2007 Dec 2010
-30.55	36	Nov 2007 Oct 2010
			-22.43	31	Jan 2022 Jul 2024
-21.56	41	Sep 2000 Jan 2004
-20.69	26	Jan 2022 Feb 2024
			-14.66	7	Feb 2020 Aug 2020
			-12.40	10	May 2011 Feb 2012
-12.29	6	Feb 2020 Jul 2020
			-11.28	9	Apr 1998 Dec 1998
			-10.67	33	Sep 2000 May 2003
-10.18	5	Jul 1998 Nov 1998
-9.00	9	May 2011 Jan 2012
-8.38	7	Sep 2018 Mar 2019
			-8.18	7	Sep 2018 Mar 2019
			-6.84	16	Mar 2015 Jun 2016

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Stocks/Bonds 60/40			Lazy Portfolio
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
			-40.89	38	Nov 2007 Dec 2010
-30.55	36	Nov 2007 Oct 2010
			-22.43	31	Jan 2022 Jul 2024
-21.56	41	Sep 2000 Jan 2004
-20.69	26	Jan 2022 Feb 2024
-19.17	17	Sep 1987 Jan 1989
			-16.20	16	Sep 1987 Dec 1988
			-14.66	7	Feb 2020 Aug 2020
			-12.63	14	Jan 1990 Feb 1991
			-12.40	10	May 2011 Feb 2012
-12.29	6	Feb 2020 Jul 2020
			-11.28	9	Apr 1998 Dec 1998
			-10.67	33	Sep 2000 May 2003
-10.18	5	Jul 1998 Nov 1998
-9.00	9	May 2011 Jan 2012

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 1985 - 31 March 2026 (~41 years)

Rolling Period:

Stocks/Bonds 60/40
Lazy Portfolio

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 60/40		Lazy Portfolio
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2026	-2.39	-3.69	-0.36	-4.95
2025	13.09	-4.02	14.39	-1.98
2024	14.84	-3.62	9.78	-3.79
2023	17.79	-7.48	14.13	-8.59
2022	-16.95	-20.69	-17.86	-22.43
2021	14.66	-3.24	17.34	-3.57
2020	15.70	-12.29	10.56	-14.66
2019	21.94	-3.41	21.27	-2.73
2018	-3.17	-8.38	-5.67	-8.18
2017	14.15	0.00	13.94	0.00
2016	8.71	-2.95	7.74	-3.13
2015	0.44	-5.24	-0.95	-6.84
2014	9.85	-1.50	9.97	-3.50
2013	19.23	-2.27	10.89	-4.57
2012	11.13	-3.54	13.49	-4.74
2011	3.75	-9.00	2.21	-12.40
2010	12.93	-7.13	15.37	-7.79
2009	18.79	-11.70	24.86	-16.73
2008	-19.44	-22.19	-25.53	-30.78
2007	5.99	-3.07	5.59	-4.67
2006	11.12	-2.03	17.84	-2.82
2005	4.74	-2.34	8.97	-2.65
2004	9.37	-2.68	16.10	-5.90
2003	20.04	-1.99	26.85	-1.91
2002	-8.98	-13.74	-3.41	-9.34
2001	-3.21	-11.68	-1.71	-9.38
2000	-1.79	-8.27	3.13	-5.95
1999	13.98	-3.76	12.70	-3.25
1998	17.39	-10.18	8.13	-11.28
1997	22.37	-3.12	15.35	-3.79
1996	14.01	-3.33	15.04	-2.41
1995	28.74	-0.20	20.31	-1.03
1994	-1.16	-6.47	-2.86	-8.21
1993	10.25	-1.36	20.71	-3.68
1992	8.32	-1.65	5.36	-3.21
1991	25.53	-2.86	29.05	-3.46
1990	-0.19	-8.52	-6.06	-12.63
1989	22.33	-1.36	21.59	-1.39
1988	13.33	-2.24	15.34	-2.25
1987	2.18	-19.17	2.49	-16.20
1986	14.79	-5.58	23.31	-3.94
1985	27.66	-2.15	29.41	-1.92

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Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Mar 31, 2026

Portfolio Metrics as of Mar 31, 2026

Drawdowns

Rolling Returns

Yearly Returns