VGLT 26% · VIOV 21% · VUG 21% · GLD 16% · DBMF 10% · SHV 6% CAGR +6.4%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
Golden Ratio Portfolio
VGLT 26% · VIOV 21% · VUG 21% · GLD 16% · DBMF 10% · SHV 6% · Multi-asset · Gold · U.S. short-term Treasuries
Frank Vasquez (Risk Parity Radio) · Risk Parity Radio sample portfolio · 2024Sources (3)
5yr · 2021.10 – 2026.10 · $10,000 lump sum · monthly rebalancing · dividends reinvested · no taxes or fees · month-end
Final Balance $13,627
Invested $10,000
Gain +$3,627
SPY alone: $17,597
Annualized return +6.4%
5.6pp behind SPY
Max drawdown · month-end -18.0%
18 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 1.4x; SPY grew 1.8x over the same period.
Calendar-year returns
Of 4 complete years: 1 with a loss, 2 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +17.9% | +17.7% | -2.5% |
| 2024 | +11.8% | +24.9% | -3.1% |
| 2023 | +15.2% | +26.2% | -8.4% |
| 2022 | -15.5% | -18.2% | -18.0% |
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 -18.0%, regained 18 months after the low. During the Bear Market (2022) it returned -14.5%, while SPY returned -19.7%.
Holdings
By asset class: equities 42% · bonds 32% · commodities 16% · mixed assets 10%. Its dividend yield over the last 12 months was 2.4%; the results reinvest dividends.
- VGLTVanguard Long-Term Treasury Index Fund ETF Shares 26%
- VIOVVanguard S&P Small-Cap 600 Value Index Fund ETF Shares 21%
- VUGVanguard Morningstar Growth ETF 21%
- GLDSPDR Gold Shares 16%
An investment product providing exposure to gold prices.
- DBMFiMGP DBi Managed Futures Strategy ETF 10%
- SHViShares 0–1 Year Treasury Bond ETF 6%
An ETF investing in short-term U.S. Treasury securities.
Where this allocation comes fromFrank Vasquez (Risk Parity Radio) · Risk Parity Radio sample portfolio · 2024
Also known as: Frank Vasquez Golden Ratio Portfolio · Risk Parity Radio Golden Ratio
Large-cap growth 21, small-cap value 21, long-term Treasuries 26, gold 16, managed futures 10 and cash 6, built to spread risk evenly.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| US large-cap growth | 21% | VUG |
| US small-cap value | 21% | VIOV |
| US long-term Treasuries | 26% | VGLT |
| Gold | 16% | GLD |
| Managed futures | 10% | DBMF |
| Cash (US Treasury bills) | 6% | SHV |
The December 2024 revision. Uses Vasquez's own VUG, VIOV, VGLT and DBMF; gold uses GLD, which holds the same bullion as his GLDM. DBMF listed in May 2019, so history starts then.
Source: riskparityradio.com portfoliocharts.com lazyportfolioetf.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 Golden Ratio Portfolio hold?
Vanguard Long-Term Treasury Index Fund ETF Shares (VGLT) Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares (VIOV) Vanguard Morningstar Growth ETF (VUG) SPDR Gold Shares (GLD): An investment product providing exposure to gold prices. iMGP DBi Managed Futures Strategy ETF (DBMF) 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 Golden Ratio Portfolio?
From 2021.10 to 2026.10, the annualized return was +6.4% and the largest month-end drawdown was -18.0%. The Sharpe ratio (return for the risk) is 0.27.
How did it compare with holding SPY alone?
From 2021.10 to 2026.10, the annualized return was +6.4% for these weights and +12.0% for SPY. Over the same window the largest month-end drawdown was -18.0% for these weights and -23.9% for SPY.
How far did the Golden Ratio Portfolio fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -18.0%, from a high in 2021.12 to a low in 2022.09. It regained the old high 18 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