What ETFs are used in this All Weather backtest?

VTI 30%, TLT 40%, IEF 15%, GLD 7.5%, DBC 7.5%, rebalanced annually.

Why does the All Weather hold so many bonds?

It balances the portfolio by risk rather than by dollars; because stocks are more volatile, a larger bond weight is needed to keep the risk contributions closer to even.

How has the All Weather portfolio performed historically?

Run the backtest above to see its returns, volatility, and maximum drawdown over your chosen period.

Free portfolio backtest · 20+ years of data

All Weather portfolio backtest

All-Weatherby Ray Dalio

See how $10,000 in the All Weather portfolio would have grown — real, dividend-adjusted history, rebalanced yearly. No signup.

Ray Dalio's all-economic-regimes portfolio, built to weather any environment.

Allocation (locked)

VTI · Vanguard Total Stock Market ETF30%
TLT · iShares 20+ Year Treasury Bond ETF40%
IEF · iShares 7-10 Year Treasury Bond ETF15%
GLD · SPDR Gold Shares8%
DBC · Invesco DB Commodity Index Tracking Fund8%

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Defaults to the last 10 years. Clean, fee-free backtest with annual rebalancing.

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About the All Weather strategy

Popularized by Ray Dalio, the All Weather portfolio is built to hold up across different economic environments rather than to maximize returns in any single one. It spreads risk across assets that respond differently to growth and inflation: stocks, long- and intermediate-term Treasuries, gold, and commodities.

This backtest uses VTI (30%), TLT (40%), IEF (15%), GLD (7.5%), and DBC (7.5%), rebalanced annually. The heavy bond weighting is intentional — it balances the portfolio by risk, not by dollars, since stocks are far more volatile than bonds.

The design favors stability and smaller drawdowns over the highest possible return. It appeals to investors who care more about a smooth ride than about beating the market in strong years.

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Frequently asked questions

An allocation popularized by Ray Dalio designed to perform reasonably across growth and inflation regimes, spreading risk across stocks, Treasuries, gold, and commodities.

For educational and informational purposes only. Backtests use split- and dividend-adjusted historical prices with annual rebalancing and no fees, taxes, or slippage; real-world results differ. Past performance is not indicative of future results. Awalyt does not provide investment advice.