Talmud Portfolio
Apr 10, 2007 – Sep 23, 2026, Rebalanced annually
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Talmud Portfolio | $35,320 | 6.70% | −44.03% | 0.52 |
| S&P 500 | $75,807 | 10.97% | −55.19% | 0.63 |
| Talmud Portfolio | S&P 500 | |
|---|---|---|
| Final balance | $35,320 | $75,807 |
| CAGR | 6.70% | 10.97% |
| Max drawdown | −44.03% | −55.19% |
| Sharpe ratio | 0.52 | 0.63 |
Allocation
- VTIUS total stock market33.34%
- VNQUS real estate33.33%
- BNDUS total bond market33.33%
Loading the growth chart…
Growth of $10,000
- Talmud Portfolio
- S&P 500
Metrics
| Return | Talmud Portfolio | S&P 500 |
|---|---|---|
| Final balance | $35,320 | $75,807 |
| Total return | 253.20% | 658.07% |
| CAGR | 6.70% | 10.97% |
| 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 (annualized) | 14.65% | 19.64% |
| Risk-adjusted | Talmud Portfolio | S&P 500 |
| Sharpe ratio | 0.52 | 0.63 |
| Sortino ratio | 0.73 | 0.89 |
| Calmar ratio | 0.15 | 0.20 |
| Return | Talmud Portfolio | S&P 500 |
|---|---|---|
| Final balance | $35,320 | $75,807 |
| Total return | 253.20% | 658.07% |
| CAGR | 6.70% | 10.97% |
| 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 (annualized) | 14.65% | 19.64% |
| Risk-adjusted | Talmud Portfolio | S&P 500 |
| Sharpe ratio | 0.52 | 0.63 |
| Sortino ratio | 0.73 | 0.89 |
| Calmar ratio | 0.15 | 0.20 |
Worst drawdowns
| Decline | Peak | Bottom | Recovered |
|---|---|---|---|
| −44.0% | Oct 2007 | Mar 2009 | Oct 2010 |
| −26.5% | Feb 2020 | Mar 2020 | Nov 2020 |
| −24.5% | Dec 2021 | Oct 2022 | Aug 2024 |
| −13.3% | Jul 2011 | Oct 2011 | Jan 2012 |
| −11.8% | Nov 2024 | Apr 2025 | Jul 2025 |
Annual returns
| Year | Talmud Portfolio | S&P 500 |
|---|---|---|
| 2007* | −4.19% | +2.57% |
| 2008 | −22.37% | −36.80% |
| 2009 | +20.89% | +26.35% |
| 2010 | +17.34% | +15.06% |
| 2011 | +5.84% | +1.89% |
| 2012 | +12.34% | +15.99% |
| 2013 | +11.22% | +32.31% |
| 2014 | +16.26% | +13.46% |
| 2015 | +1.12% | +1.23% |
| 2016 | +7.97% | +12.00% |
| 2017 | +10.04% | +21.71% |
| 2018 | −3.72% | −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* | +5.69% | +13.47% |
* Partial year
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.
The Talmud Portfolio returned 6.7% a year from Apr 2007 to Sep 2026, against 11.0% for the S&P 500. Its biggest drop was 44.0%, against 55.2% for the S&P 500. It took 3 years to recover. It beat the S&P 500 in 5 of 18 full years.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The backtest starts on Apr 10, 2007, the first day all three funds have prices. The S&P 500 is SPY.
Other portfolios
Core Four
Rick Ferri's portfolio, 48% US stocks, 24% international stocks, 20% bonds, 8% real estate.
- VTI48%
- VEU24%
- VNQ8%
- BND20%
Coffeehouse
Bill Schultheis' portfolio, 60% stocks in six equal slices, 40% bonds.
- VV10%
- VTV10%
- IJR10%
- IJS10%
- VEU10%
- VNQ10%
- BND40%
Swensen
David Swensen's portfolio, 50% stocks, 30% bonds, 20% real estate.
- VTI30%
- VEA15%
- VWO5%
- VNQ20%
- TIP15%
- IEF15%