Ahead of SPY at 5 of 60 month-ends.
Same starting value · dividends reinvested
Selected allocation CAGR +4.8%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
Golden Ratio Portfolio (2020 original)
7 ETFs · Gold · REITs & real estate · U.S. short-term Treasuries
View holdings
Gold · REITs & real estate · U.S. short-term Treasuries · U.S. long-term Treasuries · Low-volatility equity · U.S. small & mid cap · U.S. growth
Where this allocation comes from
Frank Vasquez (Risk Parity Radio) · Risk Parity Radio sample portfolio · 2020
Also known as: Golden Ratio Portfolio original version
Large growth, small value and low-volatility stocks at 14% each, long Treasuries 26, gold 16, global REITs 10 and cash 6: the mix before the 2024 revision.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| US large-cap growth | 14% | VUG |
| US small-cap value | 14% | VIOV |
| US low-volatility stocks | 14% | USMV |
| US long-term Treasuries | 26% | TLT |
| Gold | 16% | GLD |
| Global REITs | 10% | REET |
| Cash (US Treasury bills) | 6% | SHV |
Uses Vasquez's own VUG, VIOV, USMV, TLT and REET. REET listed in July 2014, so history starts then.
Source: riskparityradio.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
- $12,660 SPY alone: $17,597 −$4,937 vs SPY
- Annual return
- +4.8% SPY +12.0% -7.1pp vs SPY
- Max drawdown (month-end)
- -22.2% SPY -23.9% +1.7pp vs SPY Regained 22 mo after the low
- Below the high at period end
- -2.9% 2026-10
Key points for this allocation
- By asset class: equities 42% · bonds 32% · commodities 16% · real estate 10%.
- Its dividend yield over the last 12 months was 2.3%; the results reinvest dividends.
- During the Bear Market (2022) it returned -18.4%, 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 -22.2%, 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, 0 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +16.1% | +17.7% | -1.4% |
| 2024 | +10.2% | +24.9% | -4.3% |
| 2023 | +14.2% | +26.2% | -9.5% |
| 2022 | -18.5% | -18.2% | -22.2% |
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.
- TLTiShares 20+ Year Treasury Bond ETF 26%
An ETF investing in U.S. Treasury bonds with maturities over 20 years.
- GLDSPDR Gold Shares 16%
An investment product providing exposure to gold prices.
- USMViShares MSCI USA Min Vol Factor ETF 14%
- VIOVVanguard S&P Small-Cap 600 Value Index Fund ETF Shares 14%
- VUGVanguard Morningstar Growth ETF 14%
- REETiShares Global REIT 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 (2020 original) hold?
iShares 20+ Year Treasury Bond ETF (TLT): An ETF investing in U.S. Treasury bonds with maturities over 20 years. SPDR Gold Shares (GLD): An investment product providing exposure to gold prices. iShares MSCI USA Min Vol Factor ETF (USMV) Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares (VIOV) Vanguard Morningstar Growth ETF (VUG) iShares Global REIT ETF (REET) 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 (2020 original)?
From 2021-10-29 to 2026-10-30, the annualized return was +4.8%, maximum drawdown was -22.2%, and Sharpe ratio was 0.13.
How did it compare with holding SPY alone?
From 2021-10-29 to 2026-10-30, the annual return was +4.8% for this split and +12.0% for SPY. Over the same window the maximum drawdown was -22.2% for this split and -23.9% for SPY.
How far did the Golden Ratio Portfolio (2020 original) fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -22.2%, 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 Golden Ratio Portfolio (2020 original) have?
1 of 4 complete calendar years ended with a loss. The worst was 2022 (-18.5%).
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