Larry Portfolio
Jan 11, 2007 – Nov 12, 2026, Rebalanced annually, IEI starts Jan 11, 2007
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Larry Portfolio | $23,218 | +4.34% | −16.71% | 0.79 |
| S&P 500 | $76,341 | +10.79% | −55.19% | 0.62 |
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Larry Portfolio | $23,218 | +4.34% | −16.71% | 0.79 |
| S&P 500 | $76,341 | +10.79% | −55.19% | 0.62 |
| Larry Portfolio | S&P 500 | |
|---|---|---|
| Final balance | $23,218 | $76,341 |
| CAGR | +4.34% | +10.79% |
| Max drawdown | −16.71% | −55.19% |
| Sharpe ratio | 0.79 | 0.62 |
Loading the growth chart…
Growth of $10,000
Key metrics
| Return | Larry Portfolio | S&P 500 |
|---|---|---|
| Final balance | $23,218 | $76,341 |
| Total return | +132.18% | +663.41% |
| CAGR | +4.34% | +10.79% |
| Calendar years | Larry Portfolio | S&P 500 |
|---|---|---|
| Best year | +10.70% | +32.31% |
| Worst year | −10.97% | −36.80% |
| Positive years | 15 of 18 | 15 of 18 |
| Risk | Larry Portfolio | S&P 500 |
|---|---|---|
| Max drawdown | −16.71% | −55.19% |
| Longest drawdown | 4 years | 4.9 years |
| Volatility (daily, annualized) | 5.55% | 19.55% |
| Risk-adjusted | Larry Portfolio | S&P 500 |
|---|---|---|
| Sharpe ratio | 0.79 | 0.62 |
| Sortino ratio | 1.14 | 0.88 |
| Calmar ratio | 0.26 | 0.20 |
Annual returns
| Year | Larry Portfolio | S&P 500 |
|---|---|---|
| 2017 | +7.11% | +21.71% |
| 2018 | −3.34% | −4.57% |
| 2019 | +10.45% | +31.22% |
| 2020 | +5.83% | +18.33% |
| 2021 | +3.55% | +28.73% |
| 2022 | −10.97% | −18.18% |
| 2023 | +7.17% | +26.18% |
| 2024 | +2.88% | +24.89% |
| 2025 | +10.70% | +17.72% |
| 2026 to Nov 12 | +2.63% | +11.89% |
Worst drawdowns
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −16.7% | Jun 2021 | Sep 2022 | Jun 2025 | 4 years |
| −12.3% | Apr 2008 | Mar 2009 | Aug 2009 | 1.4 years |
| −9.1% | Jan 2020 | Mar 2020 | Jun 2020 | 5 months |
| −5.6% | Jan 2018 | Dec 2018 | Mar 2019 | 1.1 years |
| −4.8% | Apr 2015 | Jan 2016 | Mar 2016 | 11 months |
About the Larry Portfolio
Larry Swedroe and Kevin Grogan laid out the Larry Portfolio in their 2014 book Reducing the Risk of Black Swans. Only 28% is in stocks, mostly small-cap value in the US and abroad, with a little in emerging markets. The other 72% is in intermediate Treasuries.
Over long periods, small-cap value stocks have beaten the broad market. Swedroe's idea is that a small amount of them can do the work of more ordinary stocks. Since 2007, though, both small-cap value and emerging markets have trailed large US stocks. The book picks emerging markets value stocks, and EEM, a broad emerging markets fund, stands in for them.
Its worst fall took 4 years to recover, and it beat the S&P 500 in 4 of 18 full years.
Daily closes with dividends reinvested and fund fees included, before taxes and trading costs.