Vanguard LifeStrategy Conservative Growth To EUR Portfolio vs Harry Browne Permanent Portfolio To EUR Bond Hedged Portfolio Comparison

Simulation Settings
Period: July 1987 - July 2025 (~38 years)
Consolidated Returns as of 31 July 2025
Initial Amount: 1€
Rebalancing: at every Jan 1st
Currency: EUR
Inflation: Eurozone
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Results
30 Years
(1995/08 - 2025/07)
All Data
(1987/07 - 2025/07)
Inflation Adjusted:
Vanguard LifeStrategy Conservative Growth To EUR Portfolio
1.00€
Invested Capital
August 1995
5.87€
Final Capital
July 2025
6.08%
Yearly Return
6.35%
Std Deviation
-17.16%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
August 1995
3.20€
Final Capital
July 2025
3.95%
Yearly Return
6.35%
Std Deviation
-22.66%
Max Drawdown
43months*
Recovery Period
* in progress
1.00€
Invested Capital
July 1987
10.27€
Final Capital
July 2025
6.31%
Yearly Return
6.73%
Std Deviation
-17.16%
Max Drawdown
26months
Recovery Period
1.00€
Invested Capital
July 1987
4.41€
Final Capital
July 2025
3.97%
Yearly Return
6.73%
Std Deviation
-22.66%
Max Drawdown
43months*
Recovery Period
* in progress
Harry Browne Permanent Portfolio To EUR Bond Hedged
1.00€
Invested Capital
August 1995
7.16€
Final Capital
July 2025
6.78%
Yearly Return
6.38%
Std Deviation
-10.65%
Max Drawdown
27months
Recovery Period
1.00€
Invested Capital
August 1995
3.90€
Final Capital
July 2025
4.64%
Yearly Return
6.38%
Std Deviation
-19.24%
Max Drawdown
37months
Recovery Period
1.00€
Invested Capital
July 1987
11.54€
Final Capital
July 2025
6.63%
Yearly Return
6.62%
Std Deviation
-11.36%
Max Drawdown
19months
Recovery Period
1.00€
Invested Capital
July 1987
4.96€
Final Capital
July 2025
4.29%
Yearly Return
6.62%
Std Deviation
-19.24%
Max Drawdown
37months
Recovery Period

As of July 2025, in the previous 30 Years, the Vanguard LifeStrategy Conservative Growth To EUR Portfolio obtained a 6.08% compound annual return, with a 6.35% standard deviation. It suffered a maximum drawdown of -17.16% that required 26 months to be recovered.

As of July 2025, in the previous 30 Years, the Harry Browne Permanent Portfolio To EUR Bond Hedged obtained a 6.78% compound annual return, with a 6.38% standard deviation. It suffered a maximum drawdown of -10.65% 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.

Vanguard LifeStrategy Conservative Growth To EUR Portfolio
Weight
(%)		 Ticker Name
20.00
EUNL.DE
iShares Core MSCI World
20.00
IUSQ.DE
iShares MSCI ACWI
20.00
EUNA.DE
iShares Core Global Aggregate Bond EUR Hedged
15.00
VDTE.DE
Vanguard USD Treasury Bond Eur Hedged
10.00
VDCE.DE
Vanguard USD Corporate Bond EUR Hedged
10.00
XGLE.DE
Xtrackers II Eurozone Government Bond
5.00
EUN5.DE
iShares Core EUR Corporate Bond
Harry Browne Permanent Portfolio To EUR Bond Hedged
Weight
(%)		 Ticker Name
25.00
XD9U.DE
Xtrackers MSCI USA
25.00
IUSV.DE
iShares USD Treasury Bond 20+yr EUR Hedged
25.00
PR1H.DE
Amundi US Treasury Bond 0-1Y EUR Hedged
25.00
PHAU
WisdomTree Physical Gold
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Portfolio Returns as of Jul 31, 2025

Returns are calculated in EUR, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
Return Comparison
Capital Growth
30 Years
(1995/08 - 2025/07)
All Data
(1987/07 - 2025/07)
Inflation Adjusted:
Swipe left to see all data
Initial Amount € Final Amount € Total Return (%) Annualized (%)
Vanguard LifeStrategy Conservative Growth To EUR
Vanguard 		1 € 5.87 € 487.03% 6.08%
Harry Browne Permanent Portfolio To EUR Bond Hedged
Harry Browne 		1 € 7.16 € 616.36% 6.78%
Aug 1995 Jul 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Vanguard LifeStrategy Conservative Growth To EUR
Vanguard 		1 € 3.20 € 219.84% 3.95%
Harry Browne Permanent Portfolio To EUR Bond Hedged
Harry Browne 		1 € 3.90 € 290.31% 4.64%
Aug 1995 Jul 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Vanguard LifeStrategy Conservative Growth To EUR
Vanguard 		1 € 10.27 € 926.82% 6.31%
Harry Browne Permanent Portfolio To EUR Bond Hedged
Harry Browne 		1 € 11.54 € 1 054.45% 6.63%
Jul 1987 Jul 2025

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Initial Amount € Final Amount € Total Return (%) Annualized (%)
Vanguard LifeStrategy Conservative Growth To EUR
Vanguard 		1 € 4.41 € 340.79% 3.97%
Harry Browne Permanent Portfolio To EUR Bond Hedged
Harry Browne 		1 € 4.96 € 395.58% 4.29%
Jul 1987 Jul 2025

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Return (%) as of Jul 31, 2025
YTD
(7M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~38Y)
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_vanguard.webp LifeStrategy Conservative Growth
Vanguard 		1.74 1.85 -0.18 5.57 4.35 4.28 6.08 6.31
https://www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_harry_browne.webp Permanent Portfolio • Bond Hedged
Harry Browne 		4.03 2.17 0.79 9.58 4.44 5.75 6.78 6.63
Returns over 1 year are annualized.
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Portfolio Metrics as of Jul 31, 2025

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

METRIC COMPARISON
Period: 1 August 2024 - 31 July 2025 (1 year)
Period: 1 August 2020 - 31 July 2025 (5 years)
Period: 1 August 2015 - 31 July 2025 (10 years)
Period: 1 August 1995 - 31 July 2025 (30 years)
Period: 1 July 1987 - 31 July 2025 (~38 years)
1 Year
5 Years
10 Years
30 Years
All (1987/07 - 2025/07)
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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Author Vanguard Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 5.57 9.58
Infl. Adjusted (%) 3.45 7.39
DRAWDOWN
Deepest Drawdown Depth (%) -4.66 -2.03
Start to Recovery (months) 6* 5
Longest Drawdown Depth (%) -4.66 -2.03
Start to Recovery (months) 6* 5
Longest Negative Period (months) 7 5
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 6.30 5.21
Sharpe Ratio 0.16 0.97
Sortino Ratio 0.22 1.36
Ulcer Index 1.93 1.01
Ratio: Return / Standard Deviation 0.88 1.84
Ratio: Return / Deepest Drawdown 1.19 4.71
Metrics calculated over the period 1 August 2024 - 31 July 2025
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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Author Vanguard Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 4.35 4.44
Infl. Adjusted (%) 0.18 0.26
DRAWDOWN
Deepest Drawdown Depth (%) -14.45 -10.65
Start to Recovery (months) 31 27
Longest Drawdown Depth (%) -14.45 -10.65
Start to Recovery (months) 31 27
Longest Negative Period (months) 35 39
RISK INDICATORS
Standard Deviation (%) 7.27 6.18
Sharpe Ratio 0.22 0.27
Sortino Ratio 0.30 0.38
Ulcer Index 6.62 4.47
Ratio: Return / Standard Deviation 0.60 0.72
Ratio: Return / Deepest Drawdown 0.30 0.42
Metrics calculated over the period 1 August 2020 - 31 July 2025
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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Author Vanguard Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 4.28 5.75
Infl. Adjusted (%) 1.64 3.07
DRAWDOWN
Deepest Drawdown Depth (%) -14.45 -10.65
Start to Recovery (months) 31 27
Longest Drawdown Depth (%) -14.45 -4.33
Start to Recovery (months) 31 30
Longest Negative Period (months) 36 39
RISK INDICATORS
Standard Deviation (%) 6.62 5.93
Sharpe Ratio 0.37 0.66
Sortino Ratio 0.49 0.98
Ulcer Index 4.89 3.41
Ratio: Return / Standard Deviation 0.65 0.97
Ratio: Return / Deepest Drawdown 0.30 0.54
Metrics calculated over the period 1 August 2015 - 31 July 2025
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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Author Vanguard Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 6.08 6.78
Infl. Adjusted (%) 3.95 4.64
DRAWDOWN
Deepest Drawdown Depth (%) -17.16 -10.65
Start to Recovery (months) 26 27
Longest Drawdown Depth (%) -13.08 -4.33
Start to Recovery (months) 51 30
Longest Negative Period (months) 50 45
RISK INDICATORS
Standard Deviation (%) 6.35 6.38
Sharpe Ratio 0.60 0.71
Sortino Ratio 0.81 1.01
Ulcer Index 4.63 2.94
Ratio: Return / Standard Deviation 0.96 1.06
Ratio: Return / Deepest Drawdown 0.35 0.64
Metrics calculated over the period 1 August 1995 - 31 July 2025
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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Author Vanguard Harry Browne
ASSET ALLOCATION
Stocks 40% 25%
Fixed Income 60% 50%
Commodities 0% 25%
PERFORMANCES
Annualized Return (%) 6.31 6.63
Infl. Adjusted (%) 3.97 4.29
DRAWDOWN
Deepest Drawdown Depth (%) -17.16 -11.36
Start to Recovery (months) 26 19
Longest Drawdown Depth (%) -13.08 -4.33
Start to Recovery (months) 51 30
Longest Negative Period (months) 50 45
RISK INDICATORS
Standard Deviation (%) 6.73 6.62
Sharpe Ratio 0.50 0.56
Sortino Ratio 0.68 0.80
Ulcer Index 4.75 3.26
Ratio: Return / Standard Deviation 0.94 1.00
Ratio: Return / Deepest Drawdown 0.37 0.58
Metrics calculated over the period 1 July 1987 - 31 July 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 August 1995 - 31 July 2025 (30 years)
Period: 1 July 1987 - 31 July 2025 (~38 years)
30 Years
(1995/08 - 2025/07)

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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-17.16 26 Nov 2007
Dec 2009
-14.45 31 Jan 2022
Jul 2024
-13.08 51 Sep 2000
Nov 2004
-10.65 27 Jan 2022
Mar 2024
-7.77 22 Oct 2012
Jul 2014
-7.76 7 Feb 2020
Aug 2020
-7.61 24 Apr 2002
Mar 2004
-6.86 7 Jul 1998
Jan 1999
-6.61 15 Apr 2015
Jun 2016
-6.43 16 Apr 2015
Jul 2016
-5.70 6 Jul 1998
Dec 1998
-5.68 18 Sep 2000
Feb 2002
-5.03 6 Aug 1997
Jan 1998
-4.84 6 Sep 2018
Feb 2019
-4.71 11 Feb 2008
Dec 2008

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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-17.16 26 Nov 2007
Dec 2009
-14.45 31 Jan 2022
Jul 2024
-13.08 51 Sep 2000
Nov 2004
-12.81 19 Sep 1989
Mar 1991
-11.44 10 Sep 1987
Jun 1988
-11.36 19 Sep 1989
Mar 1991
-10.73 18 Aug 1987
Jan 1989
-10.65 27 Jan 2022
Mar 2024
-9.25 22 Feb 1994
Nov 1995
-7.77 22 Oct 2012
Jul 2014
-7.76 7 Feb 2020
Aug 2020
-7.61 24 Apr 2002
Mar 2004
-7.06 18 Feb 1994
Jul 1995
-6.86 7 Jul 1998
Jan 1999
-6.61 15 Apr 2015
Jun 2016

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 July 1987 - 31 July 2025 (~38 years)


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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LifeStrategy Conservative Growth To EUR Permanent Portfolio To EUR Bond Hedged
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 1.74 -4.66 4.03 -2.03
2024
 10.69 -1.91 14.93 -1.69
2023
 10.36 -4.32 8.57 -3.46
2022
 -14.45 -14.45 -10.65 -10.65
2021
 10.70 -1.53 8.84 -3.08
2020
 5.50 -7.76 9.90 -2.49
2019
 16.45 -1.39 16.52 -1.15
2018
 -3.36 -4.84 -0.77 -2.37
2017
 4.32 -0.73 3.12 -3.25
2016
 5.97 -1.87 6.63 -4.33
2015
 3.96 -6.43 1.83 -6.61
2014
 12.51 0.00 17.15 -0.36
2013
 7.49 -2.38 -3.97 -7.05
2012
 8.90 -0.44 5.11 -3.49
2011
 2.72 -2.94 13.54 -2.83
2010
 11.27 -0.90 18.53 -3.31
2009
 14.23 -5.44 6.94 -2.88
2008
 -11.20 -11.76 3.35 -4.71
2007
 2.56 -1.52 6.35 -1.48
2006
 4.17 -3.32 3.60 -2.85
2005
 11.89 -1.55 16.26 -1.16
2004
 5.94 -1.33 3.12 -3.05
2003
 7.99 -1.84 3.38 -3.15
2002
 -6.07 -8.30 -1.24 -7.20
2001
 -0.89 -6.92 2.34 -3.62
2000
 2.44 -4.89 4.26 -5.07
1999
 17.21 -2.68 13.14 -4.28
1998
 10.70 -5.70 6.06 -6.86
1997
 17.33 -5.03 13.92 -3.95
1996
 12.22 -2.87 5.68 -3.90
1995
 13.76 -0.86 15.58 -0.36
1994
 -6.47 -8.78 -5.18 -7.06
1993
 23.57 -0.65 19.16 -3.75
1992
 9.16 -4.77 12.08 -4.33
1991
 16.52 -3.07 14.68 -1.82
1990
 -5.90 -8.58 -5.09 -9.33
1989
 10.18 -4.91 10.70 -2.49
1988
 17.49 -1.70 8.79 -3.47
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