Ahead of SPY at 3 of 60 month-ends.
Same starting value · dividends reinvested
Selected allocation CAGR +4.2%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
Sandwich Portfolio
9 ETFs · Intermediate-term bonds · Fixed income · International equity
View holdings
Intermediate-term bonds · Fixed income · International equity · U.S. short-term Treasuries · U.S. small & mid cap · REITs & real estate · U.S. large cap · Emerging markets
Where this allocation comes from
Bob Clyatt · Work Less, Live More · 2005
Also known as: Bob Clyatt Sandwich Portfolio
A retiree's mix of US large and small caps, international, international small and emerging stocks, intermediate bonds, international bonds, REITs and cash.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| S&P 500 | 20% | VOO |
| US small-cap blend | 8% | VIOO |
| International stocks (ex-US) | 6% | VXUS |
| International small caps | 10% | SCZ |
| Emerging-market stocks | 6% | VWO |
| US intermediate-term bonds | 30% | BIV |
| International Treasuries (unhedged) | 11% | BWX |
| US REITs | 5% | VNQ |
| Cash (US Treasury bills) | 4% | SHV |
Clyatt's Vanguard index funds map to ETFs on the same indexes. His two active funds map to their benchmark ETF (SCZ for international small caps) and unhedged international bonds (BWX). VXUS listed in January 2011, so history starts then.
Source: workless-livemore.com portfoliocharts.com
Lifolio is not affiliated with or endorsed by the people or organizations cited. Figures are historical simulations under Lifolio's standard conditions. Sources checked 2026-11-01.
- $10,000 lump sum
- Monthly rebalancing
- Dividends reinvested
- Benchmark: SPY
- No taxes or fees
- $10,000 became
- $12,253 SPY alone: $17,597 −$5,344 vs SPY
- Annual return
- +4.2% SPY +12.0% -7.8pp vs SPY
- Max drawdown (month-end)
- -21.7% SPY -23.9% +2.2pp vs SPY Regained 22 mo after the low
- Below the high at period end
- -2.1% 2026-10
Key points for this allocation
- By asset class: equities 50% · bonds 45% · real estate 5%.
- Its dividend yield over the last 12 months was 2.8%; the results reinvest dividends.
- During the Bear Market (2022) it returned -18.7%, while SPY returned -19.7%.
Overview ⌄
Compare allocations
The same holdings at different splits. Pick a row to update everything below.
Exploration on Lifolio; these counts do not establish investment performance or preference.
Growth
Starting from $10,000, shown with SPY over the same window. Shaded bands mark major market crises.
Declines and recoveries
Month-end decline from the previous high. Closer to 0% means a smaller fall.
The deepest fall was -21.7%, regained 22 months after the low.
Values below 0% are loss periods
Calendar-year returns
Only years with all twelve months. The table also lists the deepest fall within each year (the in-year low).
Of 4 complete years: 1 with a loss, 1 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +14.3% | +17.7% | -1.3% |
| 2024 | +6.9% | +24.9% | -3.4% |
| 2023 | +12.6% | +26.2% | -8.3% |
| 2022 | -16.2% | -18.2% | -21.7% |
Depending on when you bought
Every month in the window taken as a start, held one, three or five years.
Observed windows overlap and are not independent samples. These shares are not probabilities of future gains.
Holdings
Holdings of the selected split and what each one is.
- BIVVanguard Intermediate-Term Bond Index Fund ETF Shares 30%
- VOOVanguard S&P 500 ETF 20%
A Vanguard ETF tracking the S&P 500 Index.
- BWXState Street SPDR Bloomberg International Treasury Bond ETF 11%
- SCZiShares MSCI EAFE Small-Cap ETF 10%
- VIOOVanguard S&P Small-Cap 600 Index Fund ETF Shares 8%
- VWOVanguard FTSE Emerging Markets Index Fund ETF Shares 6%
- VXUSVanguard Total International Stock Index Fund ETF Shares 6%
An ETF investing in equity markets outside the U.S.
- VNQVanguard Real Estate Index Fund ETF Shares 5%
An ETF investing in U.S. real estate equities.
- SHViShares 0–1 Year Treasury Bond ETF 4%
An ETF investing in short-term U.S. Treasury securities.
Questions & methodology
Review calculation settings and how to interpret the selected allocation.
What does the Sandwich Portfolio hold?
Vanguard Intermediate-Term Bond Index Fund ETF Shares (BIV) Vanguard S&P 500 ETF (VOO): A Vanguard ETF tracking the S&P 500 Index. State Street SPDR Bloomberg International Treasury Bond ETF (BWX) iShares MSCI EAFE Small-Cap ETF (SCZ) Vanguard S&P Small-Cap 600 Index Fund ETF Shares (VIOO) Vanguard FTSE Emerging Markets Index Fund ETF Shares (VWO) Vanguard Total International Stock Index Fund ETF Shares (VXUS): An ETF investing in equity markets outside the U.S. Vanguard Real Estate Index Fund ETF Shares (VNQ): An ETF investing in U.S. real estate equities. iShares 0–1 Year Treasury Bond ETF (SHV): An ETF investing in short-term U.S. Treasury securities.
What were the return and risk of the Sandwich Portfolio?
From 2021-10-29 to 2026-10-30, the annualized return was +4.2%, maximum drawdown was -21.7%, and Sharpe ratio was 0.07.
How did it compare with holding SPY alone?
From 2021-10-29 to 2026-10-30, the annual return was +4.2% for this split and +12.0% for SPY. Over the same window the maximum drawdown was -21.7% for this split and -23.9% for SPY.
How far did the Sandwich Portfolio fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -21.7%, from a high in 2021-12 to a low in 2022-09. It regained the old high 22 months after the low.
How many losing years did the Sandwich Portfolio have?
1 of 4 complete calendar years ended with a loss. The worst was 2022 (-16.2%).
Are dividends, taxes and exchange rates included?
Dividends are reinvested and results are in USD. Taxes, currency moves against your home currency and trading fees are not included. These results use US-listed ETFs; Korea-listed ETFs such as KODEX and TIGER can be added in the backtest.
The server calculates portfolio examples and actual user allocations with the same period, starting balance and settings. Validated metrics and their supporting charts are shown together.
Price data through: 2026-10-30