Ahead of SPY at 11 of 60 month-ends.
Same starting value · dividends reinvested
Selected allocation CAGR +6.4%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
Golden Ratio Portfolio
6 ETFs · Multi-asset · Gold · U.S. short-term Treasuries
View holdings
Multi-asset · Gold · U.S. short-term Treasuries · U.S. long-term Treasuries · U.S. small & mid cap · U.S. growth
Where this allocation comes from
Frank Vasquez (Risk Parity Radio) · Risk Parity Radio sample portfolio · 2024
Also known as: Frank Vasquez Golden Ratio Portfolio · Risk Parity Radio Golden Ratio
Large-cap growth 21, small-cap value 21, long-term Treasuries 26, gold 16, managed futures 10 and cash 6, built to spread risk evenly.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| US large-cap growth | 21% | VUG |
| US small-cap value | 21% | VIOV |
| US long-term Treasuries | 26% | VGLT |
| Gold | 16% | GLD |
| Managed futures | 10% | DBMF |
| Cash (US Treasury bills) | 6% | SHV |
The December 2024 revision. Uses Vasquez's own VUG, VIOV, VGLT and DBMF; gold uses GLD, which holds the same bullion as his GLDM. DBMF listed in May 2019, so history starts then.
Source: riskparityradio.com portfoliocharts.com lazyportfolioetf.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
- $13,627 SPY alone: $17,597 −$3,970 vs SPY
- Annual return
- +6.4% SPY +12.0% -5.6pp vs SPY
- Max drawdown (month-end)
- -18.0% SPY -23.9% +6.0pp vs SPY Regained 18 mo after the low
- Below the high at period end
- -2.8% 2026-10
Key points for this allocation
- By asset class: equities 42% · bonds 32% · commodities 16% · mixed assets 10%.
- Its dividend yield over the last 12 months was 2.4%; the results reinvest dividends.
- During the Bear Market (2022) it returned -14.5%, 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 -18.0%, regained 18 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, 2 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +17.9% | +17.7% | -2.5% |
| 2024 | +11.8% | +24.9% | -3.1% |
| 2023 | +15.2% | +26.2% | -8.4% |
| 2022 | -15.5% | -18.2% | -18.0% |
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.
- VGLTVanguard Long-Term Treasury Index Fund ETF Shares 26%
- VIOVVanguard S&P Small-Cap 600 Value Index Fund ETF Shares 21%
- VUGVanguard Morningstar Growth ETF 21%
- GLDSPDR Gold Shares 16%
An investment product providing exposure to gold prices.
- DBMFiMGP DBi Managed Futures Strategy ETF 10%
- SHViShares 0–1 Year Treasury Bond ETF 6%
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 Golden Ratio Portfolio hold?
Vanguard Long-Term Treasury Index Fund ETF Shares (VGLT) Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares (VIOV) Vanguard Morningstar Growth ETF (VUG) SPDR Gold Shares (GLD): An investment product providing exposure to gold prices. iMGP DBi Managed Futures Strategy ETF (DBMF) 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 Golden Ratio Portfolio?
From 2021-10-29 to 2026-10-30, the annualized return was +6.4%, maximum drawdown was -18.0%, and Sharpe ratio was 0.27.
How did it compare with holding SPY alone?
From 2021-10-29 to 2026-10-30, the annual return was +6.4% for this split and +12.0% for SPY. Over the same window the maximum drawdown was -18.0% for this split and -23.9% for SPY.
How far did the Golden Ratio Portfolio fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -18.0%, from a high in 2021-12 to a low in 2022-09. It regained the old high 18 months after the low.
How many losing years did the Golden Ratio Portfolio have?
1 of 4 complete calendar years ended with a loss. The worst was 2022 (-15.5%).
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