What ETFs are used in this backtest?

VTI 25%, TLT 25%, BIL 25% (cash), GLD 25%, rebalanced annually.

Is the Permanent Portfolio conservative?

Yes — the 25% cash and 25% gold weights make it one of the more defensive classic allocations, favoring stability over growth.

How has the Permanent Portfolio performed?

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

Free portfolio backtest · 20+ years of data

Permanent Portfolio portfolio backtest

Conservativeby Harry Browne

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

Harry Browne's four-way split — stocks, long-term Treasuries, cash, and gold — built to hold up in any economic climate.

Allocation (locked)

VTI · Vanguard Total Stock Market ETF25%
TLT · iShares 20+ Year Treasury Bond ETF25%
BIL · SPDR Bloomberg 1-3 Month T-Bill ETF25%
GLD · SPDR Gold Shares25%

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

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About the Permanent Portfolio strategy

Harry Browne's Permanent Portfolio divides capital into four equal parts: stocks, long-term Treasuries, cash, and gold. Each is meant to thrive in a different economic condition — prosperity, deflation, tight money, and inflation — so that something in the portfolio is usually working.

This backtest uses VTI, TLT, BIL, and GLD at 25% each, rebalanced annually. The large cash and gold weights make it one of the most conservative classic allocations, prioritizing capital preservation and low drawdowns over growth.

It appeals to investors focused on stability and protecting capital across very different market environments, rather than on maximizing long-term returns.

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Frequently asked questions

Harry Browne's four-asset portfolio holding stocks, long Treasuries, cash, and gold in equal 25% weights, each intended for a different economic environment.

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.