Apr 10, 2007 – Oct 2, 2026, Rebalanced annually, BND sets the start date
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| All Weather | $34,516 | +6.57% | −23.78% | 0.82 |
| 60/40 | $45,070 | +8.04% | −33.93% | 0.73 |
Growth of $10,000
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Key metrics
| Return | All Weather | 60/40 |
|---|---|---|
| Final balance | $34,516 | $45,070 |
| Total return | +245.16% | +350.70% |
| CAGR | +6.57% | +8.04% |
| Calendar years | All Weather | 60/40 |
|---|---|---|
| Best year | +18.28% | +21.93% |
| Worst year | −19.23% | −19.45% |
| Positive years | 15 of 18 | 15 of 18 |
| Risk | All Weather | 60/40 |
|---|---|---|
| Max drawdown | −23.78% | −33.93% |
| Longest drawdown | 3.8 years | 2.5 years |
| Volatility (annualized) | 8.20% | 11.60% |
| Risk-adjusted | All Weather | 60/40 |
|---|---|---|
| Sharpe ratio | 0.82 | 0.73 |
| Sortino ratio | 1.17 | 1.02 |
| Calmar ratio | 0.28 | 0.24 |
Trailing returns
| Period | All Weather | 60/40 | All Weather − 60/40 |
|---|---|---|---|
| YTD | +3.33% | +7.16% | −3.82% |
| 1Y | +4.84% | +8.67% | −3.82% |
| 3Y | +11.33% | +15.42% | −4.09% |
| 5Y | +2.74% | +7.37% | −4.63% |
| 10Y | +5.33% | +9.48% | −4.15% |
| 15Y | +5.84% | +9.97% | −4.13% |
Rolling returns
| Period | All Weather median | 60/40 median | More often ahead |
|---|---|---|---|
| 1Y | +7.82% | +10.56% | 60/40 65% |
| 3Y | +6.73% | +9.08% | 60/40 78% |
| 5Y | +5.99% | +8.74% | 60/40 88% |
| 10Y | +6.65% | +8.77% | 60/40 93% |
Worst drawdowns · All Weather
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −23.8% | Nov 2021 | Oct 2022 | Aug 2025 | 3.8 years |
| −14.5% | May 2008 | Nov 2008 | Dec 2008 | 7 months |
| −14.1% | Dec 2008 | Mar 2009 | Sep 2009 | 9 months |
| −14.0% | Mar 2020 | Mar 2020 | Jun 2020 | 3 months |
| −8.5% | Feb 2015 | Jan 2016 | Jun 2016 | 1.3 years |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −33.9% | Oct 2007 | Mar 2009 | Apr 2010 | 2.5 years |
| −21.8% | Feb 2020 | Mar 2020 | Jul 2020 | 5 months |
| −21.6% | Dec 2021 | Oct 2022 | Feb 2024 | 2.2 years |
| −12.1% | Sep 2018 | Dec 2018 | Mar 2019 | 6 months |
| −11.6% | Dec 2024 | Apr 2025 | Jun 2025 | 7 months |
Annual returns
| Year | All Weather | 60/40 | All Weather − 60/40 |
|---|---|---|---|
| 2017 | +11.75% | +14.33% | −2.58% |
| 2018 | −3.08% | −3.09% | +0.01% |
| 2019 | +18.28% | +21.93% | −3.66% |
| 2020 | +16.36% | +15.73% | +0.63% |
| 2021 | +8.16% | +14.66% | −6.51% |
| 2022 | −19.23% | −16.96% | −2.27% |
| 2023 | +9.96% | +17.89% | −7.93% |
| 2024 | +5.99% | +14.84% | −8.85% |
| 2025 | +13.42% | +13.09% | +0.32% |
| 2026to Oct 2 | +3.33% | +7.16% | −3.82% |
Holdings
About All Weather vs 60/40
The 60/40 holds 60% in US stocks and 40% in the broad US bond market. All Weather turns that around: 30% in stocks and 55% in long and intermediate Treasuries, with 15% in gold and commodities. Long Treasuries rise and fall more with interest rates than the 60/40's bond fund does.
All Weather returned 6.6% a year from Apr 2007 to Oct 2026, against 8.0% for the 60/40. All Weather fell furthest in 2021–2022, by 23.8%, and the 60/40 in 2007–2009, by 33.9%. The 60/40 beat All Weather in 11 of 18 full years and in 93% of rolling 10-year periods.
Daily closes with dividends reinvested and fund fees included, before taxes and trading costs. Both rebalance once a year. The comparison starts on Apr 10, 2007, when BND's prices begin.