BIV 30% · VOO 20% · BWX 11% · SCZ 10% · VIOO 8% · VWO 6% · VXUS 6% · VNQ 5% · SHV 4% CAGR +4.2%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
Sandwich Portfolio
BIV 30% · VOO 20% · BWX 11% · SCZ 10% · VIOO 8% · VWO 6% · VXUS 6% · VNQ 5% · SHV 4% · Intermediate-term bonds · Fixed income · International equity
Bob Clyatt · Work Less, Live More · 2005Sources (2)
5yr · 2021.10 – 2026.10 · $10,000 lump sum · monthly rebalancing · dividends reinvested · no taxes or fees · month-end
Final Balance $12,253
Invested $10,000
Gain +$2,253
SPY alone: $17,597
Annualized return +4.2%
7.8pp behind SPY
Max drawdown · month-end -21.7%
22 months from trough to recovery
SPY -23.9%
Loss after a 1-year hold 16%
8 of 49 past windows
None when held 3+ years
SPY 12%
Performance ⌄
Performance
Over 5 years it grew 1.2x; SPY grew 1.8x over the same period.
Calendar-year returns
Of 4 complete years: 1 with a loss, 1 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +14.3% | +17.7% | -1.3% |
| 2024 | +6.9% | +24.9% | -3.4% |
| 2023 | +12.6% | +26.2% | -8.3% |
| 2022 | -16.2% | -18.2% | -21.7% |
Depending on when you bought
Every month in the window taken as a start, held one, three or five years.
Observed windows overlap and are not independent samples. These shares are not probabilities of future gains.
Risk & recovery
The deepest fall was -21.7%, regained 22 months after the low. During the Bear Market (2022) it returned -18.7%, while SPY returned -19.7%.
Holdings
By asset class: equities 50% · bonds 45% · real estate 5%. Its dividend yield over the last 12 months was 2.8%; the results reinvest dividends.
- BIVVanguard Intermediate-Term Bond Index Fund ETF Shares 30%
- VOOVanguard S&P 500 ETF 20%
A Vanguard ETF tracking the S&P 500 Index.
- BWXState Street SPDR Bloomberg International Treasury Bond ETF 11%
- SCZiShares MSCI EAFE Small-Cap ETF 10%
- VIOOVanguard S&P Small-Cap 600 Index Fund ETF Shares 8%
- VWOVanguard FTSE Emerging Markets Index Fund ETF Shares 6%
- VXUSVanguard Total International Stock Index Fund ETF Shares 6%
An ETF investing in equity markets outside the U.S.
- VNQVanguard Real Estate Index Fund ETF Shares 5%
An ETF investing in U.S. real estate equities.
- SHViShares 0–1 Year Treasury Bond ETF 4%
An ETF investing in short-term U.S. Treasury securities.
Where this allocation comes fromBob Clyatt · Work Less, Live More · 2005
Also known as: Bob Clyatt Sandwich Portfolio
A retiree's mix of US large and small caps, international, international small and emerging stocks, intermediate bonds, international bonds, REITs and cash.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| S&P 500 | 20% | VOO |
| US small-cap blend | 8% | VIOO |
| International stocks (ex-US) | 6% | VXUS |
| International small caps | 10% | SCZ |
| Emerging-market stocks | 6% | VWO |
| US intermediate-term bonds | 30% | BIV |
| International Treasuries (unhedged) | 11% | BWX |
| US REITs | 5% | VNQ |
| Cash (US Treasury bills) | 4% | SHV |
Clyatt's Vanguard index funds map to ETFs on the same indexes. His two active funds map to their benchmark ETF (SCZ for international small caps) and unhedged international bonds (BWX). VXUS listed in January 2011, so history starts then.
Source: workless-livemore.com portfoliocharts.com
Lifolio is not affiliated with or endorsed by the people or organizations cited. Figures are historical simulations under Lifolio's standard conditions. Sources checked 2026-11-01.
Questions & methodology
What does the Sandwich Portfolio hold?
Vanguard Intermediate-Term Bond Index Fund ETF Shares (BIV) Vanguard S&P 500 ETF (VOO): A Vanguard ETF tracking the S&P 500 Index. State Street SPDR Bloomberg International Treasury Bond ETF (BWX) iShares MSCI EAFE Small-Cap ETF (SCZ) Vanguard S&P Small-Cap 600 Index Fund ETF Shares (VIOO) Vanguard FTSE Emerging Markets Index Fund ETF Shares (VWO) Vanguard Total International Stock Index Fund ETF Shares (VXUS): An ETF investing in equity markets outside the U.S. Vanguard Real Estate Index Fund ETF Shares (VNQ): An ETF investing in U.S. real estate equities. iShares 0–1 Year Treasury Bond ETF (SHV): An ETF investing in short-term U.S. Treasury securities.
What were the return and risk of the Sandwich Portfolio?
From 2021.10 to 2026.10, the annualized return was +4.2% and the largest month-end drawdown was -21.7%. The Sharpe ratio (return for the risk) is 0.07.
How did it compare with holding SPY alone?
From 2021.10 to 2026.10, the annualized return was +4.2% for these weights and +12.0% for SPY. Over the same window the largest month-end drawdown was -21.7% for these weights and -23.9% for SPY.
How far did the Sandwich Portfolio fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -21.7%, from a high in 2021.12 to a low in 2022.09. It regained the old high 22 months after the low.
Are dividends, taxes and exchange rates included?
Dividends are reinvested and results are in USD. Taxes, currency moves against your home currency and trading fees are not included. These results use US-listed ETFs; Korea-listed ETFs such as KODEX and TIGER can be added in the backtest.
The server calculates portfolio examples and actual user allocations with the same period, starting balance and settings. Validated metrics and their supporting charts are shown together.
Price data through: 2026.10.30