Feb 6, 2006 – Oct 2, 2026, Rebalanced annually, DBC sets the start date
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Permanent Portfolio | $40,777 | +7.04% | −19.03% | 0.94 |
| All Weather | $37,324 | +6.59% | −23.78% | 0.83 |
Growth of $10,000
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Key metrics
| Return | Permanent Portfolio | All Weather |
|---|---|---|
| Final balance | $40,777 | $37,324 |
| Total return | +307.77% | +273.24% |
| CAGR | +7.04% | +6.59% |
| Calendar years | Permanent Portfolio | All Weather |
|---|---|---|
| Best year | +22.49% | +18.28% |
| Worst year | −13.85% | −19.23% |
| Positive years | 15 of 19 | 16 of 19 |
| Risk | Permanent Portfolio | All Weather |
|---|---|---|
| Max drawdown | −19.03% | −23.78% |
| Longest drawdown | 2.5 years | 3.8 years |
| Volatility (annualized) | 7.56% | 8.09% |
| Risk-adjusted | Permanent Portfolio | All Weather |
|---|---|---|
| Sharpe ratio | 0.94 | 0.83 |
| Sortino ratio | 1.34 | 1.18 |
| Calmar ratio | 0.37 | 0.28 |
Trailing returns
| Period | Permanent Portfolio | All Weather | Permanent Portfolio − All Weather |
|---|---|---|---|
| YTD | +0.53% | +3.33% | −2.80% |
| 1Y | +4.51% | +4.84% | −0.33% |
| 3Y | +14.94% | +11.33% | +3.62% |
| 5Y | +6.42% | +2.74% | +3.68% |
| 10Y | +6.70% | +5.33% | +1.37% |
| 15Y | +6.09% | +5.84% | +0.25% |
| 20Y | +7.10% | +6.67% | +0.43% |
Rolling returns
| Period | Permanent Portfolio median | All Weather median | More often ahead |
|---|---|---|---|
| 1Y | +7.92% | +8.33% | Permanent Portfolio 52% |
| 3Y | +6.26% | +6.37% | All Weather 57% |
| 5Y | +6.14% | +6.43% | All Weather 62% |
| 10Y | +6.37% | +6.97% | All Weather 76% |
Worst drawdowns · Permanent Portfolio
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −19.0% | Nov 2021 | Oct 2022 | May 2024 | 2.5 years |
| −14.1% | Mar 2008 | Nov 2008 | Aug 2009 | 1.4 years |
| −11.1% | Mar 2020 | Mar 2020 | Apr 2020 | 2 months |
| −8.0% | Jul 2016 | Dec 2016 | Aug 2017 | 1.1 years |
| −7.9% | Oct 2012 | Jun 2013 | Feb 2014 | 1.4 years |
| 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 |
Annual returns
| Year | Permanent Portfolio | All Weather | Permanent Portfolio − All Weather |
|---|---|---|---|
| 2017 | +10.87% | +11.75% | −0.88% |
| 2018 | −1.83% | −3.08% | +1.25% |
| 2019 | +16.51% | +18.28% | −1.77% |
| 2020 | +16.77% | +16.36% | +0.41% |
| 2021 | +4.05% | +8.16% | −4.10% |
| 2022 | −13.85% | −19.23% | +5.38% |
| 2023 | +11.42% | +9.96% | +1.46% |
| 2024 | +11.58% | +5.99% | +5.59% |
| 2025 | +22.49% | +13.42% | +9.08% |
| 2026to Oct 2 | +0.53% | +3.33% | −2.80% |
Holdings
About Permanent Portfolio vs All Weather
The Permanent Portfolio puts a quarter each in stocks, long-term Treasuries, short-term Treasuries and gold. All Weather has a little more in stocks, 30%, and much more in bonds, 55%, all of them longer term. It holds 7.5% in gold and 7.5% in commodities, against the Permanent Portfolio's 25% in gold.
The Permanent Portfolio returned 7.0% a year from Feb 2006 to Oct 2026, against 6.6% for All Weather. Both fell furthest in 2021–2022, the Permanent Portfolio by 19.0% and All Weather by 23.8%. The Permanent Portfolio beat All Weather in 10 of 19 full years, but All Weather was ahead in 76% 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 Feb 6, 2006, when DBC's prices begin.