Lazy portfolios compared: returns, risk and backtests
Ten well-known portfolios you can build with a few ETFs, tested over the same years: return, volatility, maximum drawdown and worst year. Updated daily.
Data updated October 2026
| Portfolio | CAGR | Volatility | Max drawdown | Sharpe | Worst year |
|---|---|---|---|---|---|
| Permanent Portfolio | +27.9% | 84.3% | −17.5% | 0.45 | 2022: −12.5% |
| Golden Butterfly Portfolio | +26.3% | 66.6% | −19.5% | 0.48 | 2022: −13.3% |
| 100% Stocks | +16.5% | 17.2% | −25.4% | 0.82 | 2022: −19.5% |
| Warren Buffett 90/10 Portfolio | +15.7% | 15.0% | −22.5% | 0.86 | 2022: −16.7% |
| All Weather Portfolio | +12.7% | 26.4% | −23.8% | 0.45 | 2022: −19.2% |
| Core Four Portfolio | +11.4% | 13.0% | −24.4% | 0.68 | 2022: −18.0% |
| 60/40 Portfolio | +9.9% | 11.0% | −21.6% | 0.66 | 2022: −17.0% |
| Three-Fund Portfolio | +9.0% | 10.4% | −22.3% | 0.61 | 2022: −16.3% |
| David Swensen Portfolio | +8.7% | 11.5% | −24.1% | 0.54 | 2022: −18.4% |
| Coffeehouse Portfolio | +8.0% | 10.6% | −20.1% | 0.52 | 2022: −14.1% |
Backtest with total-return ETF prices (dividends reinvested), rebalanced to target weights on the first trading day of each year. No fees, taxes or currency effects; first and last years are partial. Past results do not predict future returns.
Growth of $10,000, all portfolios
Permanent PortfolioGolden Butterfly Portfolio100% StocksWarren Buffett 90/10 PortfolioAll Weather PortfolioCore Four Portfolio60/40 PortfolioThree-Fund PortfolioDavid Swensen PortfolioCoffeehouse Portfolio