Talmud Portfolio
Apr 10, 2007 – Nov 12, 2026, Rebalanced annually, BND starts Apr 10, 2007
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Talmud Portfolio | $35,990 | +6.75% | −44.03% | 0.52 |
| S&P 500 | $74,751 | +10.81% | −55.19% | 0.62 |
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Talmud Portfolio | $35,990 | +6.75% | −44.03% | 0.52 |
| S&P 500 | $74,751 | +10.81% | −55.19% | 0.62 |
| Talmud Portfolio | S&P 500 | |
|---|---|---|
| Final balance | $35,990 | $74,751 |
| CAGR | +6.75% | +10.81% |
| Max drawdown | −44.03% | −55.19% |
| Sharpe ratio | 0.52 | 0.62 |
Loading the growth chart…
Growth of $10,000
Key metrics
| Return | Talmud Portfolio | S&P 500 |
|---|---|---|
| Final balance | $35,990 | $74,751 |
| Total return | +259.90% | +647.51% |
| CAGR | +6.75% | +10.81% |
| Calendar years | Talmud Portfolio | S&P 500 |
|---|---|---|
| Best year | +22.81% | +32.31% |
| Worst year | −22.37% | −36.80% |
| Positive years | 15 of 18 | 15 of 18 |
| Risk | Talmud Portfolio | S&P 500 |
|---|---|---|
| Max drawdown | −44.03% | −55.19% |
| Longest drawdown | 3 years | 4.9 years |
| Volatility (daily, annualized) | 14.62% | 19.62% |
| Risk-adjusted | Talmud Portfolio | S&P 500 |
|---|---|---|
| Sharpe ratio | 0.52 | 0.62 |
| Sortino ratio | 0.73 | 0.88 |
| Calmar ratio | 0.15 | 0.20 |
Annual returns
| Year | Talmud Portfolio | S&P 500 |
|---|---|---|
| 2017 | +9.89% | +21.71% |
| 2018 | −3.79% | −4.57% |
| 2019 | +22.81% | +31.22% |
| 2020 | +8.06% | +18.33% |
| 2021 | +21.45% | +28.73% |
| 2022 | −19.63% | −18.18% |
| 2023 | +14.52% | +26.18% |
| 2024 | +10.00% | +24.89% |
| 2025 | +9.14% | +17.72% |
| 2026 to Nov 12 | +7.62% | +11.89% |
Worst drawdowns
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −44.0% | Oct 2007 | Mar 2009 | Oct 2010 | 3 years |
| −26.5% | Feb 2020 | Mar 2020 | Nov 2020 | 9 months |
| −24.5% | Dec 2021 | Oct 2022 | Aug 2024 | 2.6 years |
| −13.3% | Jul 2011 | Oct 2011 | Jan 2012 | 6 months |
| −11.8% | Nov 2024 | Apr 2025 | Jul 2025 | 8 months |
About the Talmud Portfolio
The Talmud advises keeping a third of your wealth in land, a third in business and a third in reserve. Roger Gibson opens his book Asset Allocation: Balancing Financial Risk with that line.
Here land is real estate (REITs), business is US stocks and reserve is bonds, as Gibson read it.
Its worst fall took 3 years to recover, and it beat the S&P 500 in 5 of 18 full years.
Daily closes with dividends reinvested and fund fees included, before taxes and trading costs.