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

Simulation Settings
Period: January 1871 - May 2025 (~154 years)
Consolidated Returns as of 31 May 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
(Change Settings)
The minimum date range must be at least 12 months. 'Date To' cannot be beyond May 2025.
Reset settings
Close
Results
30 Years
All (since January 1871)
Inflation Adjusted:
Stocks/Bonds 60/40 Portfolio
1.00$
Initial Capital
June 1995
10.74$
Final Capital
May 2025
8.23%
Yearly Return
9.67%
Std Deviation
-30.55%
Max Drawdown
36months
Recovery Period
1.00$
Initial Capital
June 1995
5.09$
Final Capital
May 2025
5.58%
Yearly Return
9.67%
Std Deviation
-31.69%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
January 1871
93.9K$
Final Capital
May 2025
7.70%
Yearly Return
10.20%
Std Deviation
-62.03%
Max Drawdown
83months
Recovery Period
1.00$
Initial Capital
January 1871
3.7K$
Final Capital
May 2025
5.46%
Yearly Return
10.20%
Std Deviation
-52.05%
Max Drawdown
71months
Recovery Period
Harry Browne Permanent Portfolio
1.00$
Initial Capital
June 1995
7.24$
Final Capital
May 2025
6.82%
Yearly Return
6.65%
Std Deviation
-15.92%
Max Drawdown
27months
Recovery Period
1.00$
Initial Capital
June 1995
3.43$
Final Capital
May 2025
4.20%
Yearly Return
6.65%
Std Deviation
-23.09%
Max Drawdown
58months*
Recovery Period
* in progress
1.00$
Initial Capital
January 1871
6.5K$
Final Capital
May 2025
5.85%
Yearly Return
5.81%
Std Deviation
-30.61%
Max Drawdown
46months
Recovery Period
1.00$
Initial Capital
January 1871
254.13$
Final Capital
May 2025
3.65%
Yearly Return
5.81%
Std Deviation
-45.48%
Max Drawdown
182months
Recovery Period

As of May 2025, in the previous 30 Years, the Stocks/Bonds 60/40 Portfolio obtained a 8.23% compound annual return, with a 9.67% standard deviation. It suffered a maximum drawdown of -30.55% that required 36 months to be recovered.

As of May 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio obtained a 6.82% 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.
Mastering Etf Investing
Mastering ETF Investing
Build wealth
with Lazy Portfolios and Passive Investing
Set your goal
Use top metrics to evaluate
Join the passive investing strategy
Exclusive new asset allocations in EUR and USD
Buy now
English book
Buy now
Italian book

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
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
Test Your Asset Allocation
Evaluate your portfolio strategy in 7 different currencies
Try the Backtest Tool

Portfolio Returns as of May 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 1871 - 31 May 2025 (~154 years)
Swipe left to see all data
Return (%) as of May 31, 2025
YTD
(5M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~154Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_us_author.webp Stocks/Bonds 60/40
-- Market Benchmark 		1.22 3.33 -1.37 10.16 8.81 8.04 8.23 7.70
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio
Harry Browne 		6.92 0.68 4.23 14.58 5.60 6.17 6.82 5.85
Return over 1 year are annualized.
Explore All Lazy Portfolios
Tailored Portfolios for every Investment Strategy

Capital Growth as of May 31, 2025

Stocks/Bonds 60/40 Portfolio: an investment of 1$, since June 1995, now would be worth 10.74$, with a total return of 973.95% (8.23% annualized).

Harry Browne Permanent Portfolio: an investment of 1$, since June 1995, now would be worth 7.24$, with a total return of 624.11% (6.82% annualized).


Loading data
Please wait
Stocks/Bonds 60/40 Portfolio: an investment of 1$, since January 1871, now would be worth 93915.10$, with a total return of 9391409.53% (7.70% annualized).

Harry Browne Permanent Portfolio: an investment of 1$, since January 1871, now would be worth 6530.49$, with a total return of 652949.35% (5.85% annualized).


Loading data
Please wait
Readings that may interest you

Portfolio Metrics as of May 31, 2025

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

METRIC COMPARISON
Period: 1 June 2024 - 31 May 2025 (1 year)
Period: 1 June 2020 - 31 May 2025 (5 years)
Period: 1 June 2015 - 31 May 2025 (10 years)
Period: 1 June 1995 - 31 May 2025 (30 years)
Period: 1 January 1871 - 31 May 2025 (~154 years)
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 60% 25%
Fixed Income 40% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 10.16 14.58
Infl. Adjusted Return (%) 7.60 11.92
DRAWDOWN
Deepest Drawdown Depth (%) -4.56 -2.51
Start to Recovery (months) 6* 2
Longest Drawdown Depth (%) -4.56 -0.13
Start to Recovery (months) 6* 2
Longest Negative Period (months) 7 3
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 8.09 4.78
Sharpe Ratio 0.67 2.07
Sortino Ratio 0.89 2.52
Ulcer Index 1.97 0.70
Ratio: Return / Standard Deviation 1.26 3.05
Ratio: Return / Deepest Drawdown 2.23 5.80
Metrics calculated over the period 1 June 2024 - 31 May 2025
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 60% 25%
Fixed Income 40% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 8.81 5.60
Infl. Adjusted Return (%) 4.00 0.93
DRAWDOWN
Deepest Drawdown Depth (%) -20.69 -15.92
Start to Recovery (months) 26 27
Longest Drawdown Depth (%) -20.69 -15.92
Start to Recovery (months) 26 27
Longest Negative Period (months) 34 40
RISK INDICATORS
Standard Deviation (%) 11.58 8.42
Sharpe Ratio 0.54 0.35
Sortino Ratio 0.72 0.49
Ulcer Index 7.71 5.91
Ratio: Return / Standard Deviation 0.76 0.66
Ratio: Return / Deepest Drawdown 0.43 0.35
Metrics calculated over the period 1 June 2020 - 31 May 2025
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 60% 25%
Fixed Income 40% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 8.04 6.17
Infl. Adjusted Return (%) 4.82 3.01
DRAWDOWN
Deepest Drawdown Depth (%) -20.69 -15.92
Start to Recovery (months) 26 27
Longest Drawdown Depth (%) -20.69 -15.92
Start to Recovery (months) 26 27
Longest Negative Period (months) 34 40
RISK INDICATORS
Standard Deviation (%) 10.48 7.27
Sharpe Ratio 0.60 0.60
Sortino Ratio 0.79 0.85
Ulcer Index 5.81 4.48
Ratio: Return / Standard Deviation 0.77 0.85
Ratio: Return / Deepest Drawdown 0.39 0.39
Metrics calculated over the period 1 June 2015 - 31 May 2025
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 60% 25%
Fixed Income 40% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 8.23 6.82
Infl. Adjusted Return (%) 5.58 4.20
DRAWDOWN
Deepest Drawdown Depth (%) -30.55 -15.92
Start to Recovery (months) 36 27
Longest Drawdown Depth (%) -21.56 -15.92
Start to Recovery (months) 41 27
Longest Negative Period (months) 110 40
RISK INDICATORS
Standard Deviation (%) 9.67 6.65
Sharpe Ratio 0.62 0.68
Sortino Ratio 0.81 0.95
Ulcer Index 6.91 3.20
Ratio: Return / Standard Deviation 0.85 1.03
Ratio: Return / Deepest Drawdown 0.27 0.43
Metrics calculated over the period 1 June 1995 - 31 May 2025
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Author Harry Browne
ASSET ALLOCATION
Stocks 60% 25%
Fixed Income 40% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 7.70 5.85
Infl. Adjusted Return (%) 5.46 3.65
DRAWDOWN
Deepest Drawdown Depth (%) -62.03 -30.61
Start to Recovery (months) 83 46
Longest Drawdown Depth (%) -62.03 -14.17
Start to Recovery (months) 83 53
Longest Negative Period (months) 154 80
RISK INDICATORS
Standard Deviation (%) 10.20 5.81
Sharpe Ratio 0.36 0.32
Sortino Ratio 0.50 0.47
Ulcer Index 9.20 3.52
Ratio: Return / Standard Deviation 0.75 1.01
Ratio: Return / Deepest Drawdown 0.12 0.19
Metrics calculated over the period 1 January 1871 - 31 May 2025
Mastering Etf Investing
Mastering ETF Investing
Build wealth
with Lazy Portfolios and Passive Investing
Buy now
English book
Buy now
Italian book

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 June 1995 - 31 May 2025 (30 years)
Period: 1 January 1871 - 31 May 2025 (~154 years)

Loading data
Please wait
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-30.55 36 Nov 2007
Oct 2010
-21.56 41 Sep 2000
Jan 2004
-20.69 26 Jan 2022
Feb 2024
-15.92 27 Jan 2022
Mar 2024
-12.63 18 Mar 2008
Aug 2009
-12.29 6 Feb 2020
Jul 2020
-10.18 5 Jul 1998
Nov 1998
-9.00 9 May 2011
Jan 2012
-8.38 7 Sep 2018
Mar 2019
-6.98 13 Aug 2016
Aug 2017
-6.86 17 Oct 2012
Feb 2014
-6.73 15 Feb 2015
Apr 2016
-5.43 19 Sep 2000
Mar 2002
-5.35 5 Apr 2000
Aug 2000
-5.34 4 Jul 1998
Oct 1998

Loading data
Please wait
Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-62.03 83 Sep 1929
Jul 1936
-31.73 71 Mar 1937
Jan 1943
-30.61 46 Sep 1929
Jun 1933
-30.55 36 Nov 2007
Oct 2010
-27.28 37 Jan 1973
Jan 1976
-21.56 41 Sep 2000
Jan 2004
-20.69 26 Jan 2022
Feb 2024
-19.17 17 Sep 1987
Jan 1989
-18.96 28 Apr 1876
Jul 1878
-18.76 26 Dec 1968
Jan 1971
-17.90 23 Oct 1906
Aug 1908
-16.37 28 Feb 1893
May 1895
-16.01 25 Oct 1902
Oct 1904
-15.92 27 Jan 2022
Mar 2024
-14.17 53 Mar 1937
Jul 1941

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 - 31 May 2025 (~154 years)


Head To Head (Ptf 1 vs Ptf 2):
US Inflation Adjusted:

Loading data
Please wait

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.

Swipe left to see all data
Stocks/Bonds 60/40 Permanent Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 1.22 -4.02 6.92 0.00
2024
 14.84 -3.62 11.90 -2.51
2023
 17.79 -7.48 11.55 -5.68
2022
 -16.95 -20.69 -12.53 -15.92
2021
 14.66 -3.24 4.21 -4.43
2020
 15.70 -12.29 16.10 -3.30
2019
 21.94 -3.41 16.17 -1.10
2018
 -3.17 -8.38 -1.76 -4.25
2017
 14.15 0.00 10.97 -0.83
2016
 8.71 -2.95 5.54 -6.98
2015
 0.44 -5.24 -3.06 -6.73
2014
 9.85 -1.50 9.40 -2.62
2013
 19.23 -2.27 -2.08 -6.04
2012
 11.13 -3.54 6.41 -1.83
2011
 3.75 -9.00 11.11 -1.85
2010
 12.93 -7.13 13.92 -0.53
2009
 18.79 -11.70 7.85 -6.22
2008
 -19.44 -22.19 0.87 -12.63
2007
 5.99 -3.07 12.69 -1.20
2006
 11.12 -2.03 10.94 -2.12
2005
 4.74 -2.34 8.91 -1.25
2004
 9.37 -2.68 6.83 -4.20
2003
 20.04 -1.99 13.32 -2.34
2002
 -8.98 -13.74 5.85 -4.02
2001
 -3.21 -11.68 -0.52 -4.13
2000
 -1.79 -8.27 2.40 -3.23
1999
 13.98 -3.76 5.17 -3.54
1998
 17.39 -10.18 10.09 -5.34
1997
 22.37 -3.12 7.19 -2.33
1996
 14.01 -3.33 5.08 -2.02
1995
 28.74 -0.20 18.11 0.00
1994
 -1.16 -6.47 -1.37 -3.63
1993
 10.25 -1.36 12.00 -0.99
1992
 8.32 -1.65 3.57 -1.77
1991
 25.53 -2.86 11.72 -0.88
1990
 -0.19 -8.52 1.11 -4.53
1989
 22.33 -1.36 12.90 -1.18
1988
 13.33 -2.24 4.39 -1.50
1987
 2.18 -19.17 7.42 -5.78
1986
 14.79 -5.58 17.64 -1.28
1985
 27.66 -2.15 20.47 -2.05
1984
 7.32 -6.58 2.22 -3.58
1983
 15.69 -2.85 3.46 -2.83
1982
 24.75 -4.29 23.27 -5.51
1981
 1.27 -8.82 -5.34 -9.88
1980
 21.05 -9.57 13.65 -11.38
1979
 16.69 -6.65 39.77 -4.50
1978
 5.53 -7.92 12.78 -5.31
1977
 -1.60 -4.89 6.43 -2.00
1976
 21.38 -1.34 11.22 -2.75
1975
 25.64 -8.13 6.98 -7.00
1974
 -14.41 -20.38 12.43 -11.15
1973
 -9.12 -9.87 15.65 -6.85
1972
 11.66 -1.45 18.84 -1.56
1971
 14.37 -5.73 12.86 -1.09
1970
 9.77 -11.52 7.89 -4.68
1969
 -7.02 -8.24 -6.38 -8.20
1968
 9.19 -3.30 9.27 -1.10
1967
 16.22 -2.87 6.11 -1.37
1966
 -3.25 -9.79 -0.04 -3.86
1965
 8.81 -2.63 4.59 -0.95
1964
 11.40 -0.78 6.00 -0.25
1963
 13.34 -1.77 6.05 -0.74
1962
 -3.49 -12.63 -0.23 -4.93
1961
 16.69 -2.07 6.50 -1.00
1960
 5.77 -4.00 5.64 -1.14
1959
 6.99 -3.96 2.72 -1.85
1958
 25.76 -0.76 9.97 -0.31
1957
 -2.53 -7.55 0.57 -2.86
1956
 4.48 -5.10 1.35 -2.43
1955
 15.12 -1.72 6.24 -0.67
1954
 31.48 -2.16 14.12 -0.94
1953
 1.85 -4.96 -0.87 -4.16
1952
 9.07 -2.48 3.37 -1.26
1951
 12.47 -3.94 4.37 -1.85
1950
 18.15 -3.45 7.47 -1.53
1949
 13.74 -2.42 6.13 -1.15
1948
 2.46 -6.51 1.16 -2.70
1947
 2.12 -3.61 3.61 -1.52
1946
 -3.48 -13.30 -0.66 -5.77
1945
 24.98 -2.30 12.40 -0.87
1944
 13.65 -0.91 5.95 -0.36
1943
 17.73 -5.22 8.33 -2.35
1942
 10.55 -7.45 5.04 -3.00
1941
 -5.16 -8.44 -1.49 -3.80
1940
 -2.58 -14.56 -0.01 -6.09
1939
 2.64 -8.45 1.75 -3.29
1938
 18.78 -15.43 8.45 -6.59
1937
 -20.16 -23.31 -8.65 -10.20
1936
 22.00 -4.48 10.39 -1.85
1935
 29.34 -5.09 12.79 -1.85
1934
 4.30 -9.46 5.72 -3.27
1933
 35.51 -12.66 28.60 -5.74
1932
 -0.28 -25.51 2.17 -10.03
1931
 -27.30 -34.34 -12.64 -16.23
1930
 -13.91 -22.76 -4.39 -9.07
1929
 -5.08 -21.42 -0.83 -9.26
1928
 22.84 -2.72 10.25 -1.14
1927
 22.12 -2.70 11.58 -1.05
1926
 8.76 -5.17 5.78 -1.79
1925
 16.74 -3.95 8.98 -1.51
1924
 19.37 -1.79 10.18 -0.44
1923
 4.71 -7.60 3.65 -2.70
1922
 19.63 -2.80 9.97 -1.17
1921
 11.31 -5.11 8.74 -1.62
1920
 -8.32 -9.02 -1.56 -2.72
1919
 12.66 -4.87 6.55 -2.10
1918
 12.74 -2.11 7.63 -0.71
1917
 -11.87 -11.87 -4.88 -4.88
1916
 6.29 -1.98 4.56 -0.66
1915
 21.19 -1.32 10.27 -0.48
1914
 -0.68 -11.08 1.02 -3.96
1913
 -1.31 -4.21 0.91 -1.08
1912
 4.90 -2.48 3.57 -0.83
1911
 3.72 -5.85 2.86 -2.33
1910
 -0.39 -6.05 0.96 -1.93
1909
 10.23 -1.46 5.56 -0.47
1908
 28.22 -1.72 13.65 -0.55
1907
 -14.66 -16.56 -5.24 -5.97
1906
 0.65 -6.03 1.58 -1.96
1905
 13.00 -3.42 6.99 -1.27
1904
 21.60 -1.44 10.35 -0.56
1903
 -9.42 -14.64 -2.87 -5.48
1902
 5.32 -4.68 3.72 -1.71
1901
 12.37 -5.10 6.40 -2.12
1900
 14.00 -2.99 7.28 -1.02
1899
 2.03 -5.60 2.46 -1.66
1898
 19.40 -4.72 9.71 -2.16
1897
 14.52 -2.89 7.76 -0.96
1896
 3.55 -8.59 3.16 -3.48
1895
 2.99 -6.94 2.81 -2.88
1894
 4.58 -2.96 3.47 -0.91
1893
 -9.41 -16.37 -2.22 -6.13
1892
 4.50 -1.55 3.62 -0.58
1891
 13.47 -3.11 6.97 -1.39
1890
 -3.23 -7.81 -0.21 -2.89
1889
 5.21 -1.48 4.74 -0.41
1888
 4.16 -2.40 3.54 -0.99
1887
 0.17 -6.26 1.07 -2.41
1886
 7.45 -2.95 5.01 -0.83
1885
 20.12 -1.12 10.08 -0.41
1884
 -5.85 -9.42 -0.61 -3.78
1883
 -1.59 -3.70 0.77 -1.33
1882
 3.39 -3.65 3.35 -1.31
1881
 1.51 -6.38 2.94 -1.91
1880
 18.01 -5.21 9.92 -1.87
1879
 30.75 -0.79 14.82 -0.23
1878
 12.34 -0.38 6.08 -0.22
1877
 0.79 -10.85 1.31 -4.59
1876
 -5.64 -9.33 -1.26 -2.91
1875
 5.80 -2.06 6.22 -0.40
1874
 8.29 -2.74 5.61 -0.80
1873
 0.18 -11.04 1.85 -4.51
1872
 7.40 -2.81 6.24 -0.91
1871
 10.46 -3.08 6.83 -1.19
Mastering Etf Investing
Mastering ETF Investing
Build wealth
with Lazy Portfolios and Passive Investing
Buy now
English book
Buy now
Italian book