SPY 90% · GLD 10% CAGR +12.6%
SPY CAGR +12.0%
Shaded: major market crises Bear Market (2022)
S&P 500 and Gold 90/10 Blend
SPY 90% · GLD 10% · Gold · U.S. large cap
S&P Dow Jones Indices · S&P 500 and S&P GSCI Physical Gold 90/10 Blend IndexSources (1)
5yr · 2021.10 – 2026.10 · $10,000 lump sum · monthly rebalancing · dividends reinvested · no taxes or fees · month-end
Final Balance $18,117
Invested $10,000
Gain +$8,117
SPY alone: $17,597
Annualized return +12.6%
0.6pp ahead of SPY
Max drawdown · month-end -22.5%
14 months from trough to recovery
SPY -23.9%
Loss after a 1-year hold 12%
6 of 49 past windows
None when held 3+ years
SPY 12%
Performance ⌄
Performance
Over 5 years it grew 1.8x; SPY grew 1.8x over the same period.
Calendar-year returns
Of 4 complete years: 1 with a loss, 3 ahead of SPY.
Show as a table
| Year | Selected allocation | SPY | In-year low |
|---|---|---|---|
| 2025 | +21.9% | +17.7% | -5.2% |
| 2024 | +25.2% | +24.9% | -3.3% |
| 2023 | +24.9% | +26.2% | -7.4% |
| 2022 | -16.4% | -18.2% | -22.5% |
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 -22.5%, regained 14 months after the low. During the Bear Market (2022) it returned -18.4%, while SPY returned -19.7%.
Holdings
By asset class: equities 90% · commodities 10%. Its dividend yield over the last 12 months was 0.9%; the results reinvest dividends.
- SPYState Street SPDR S&P 500 ETF Trust 90%
A U.S. large-cap equity ETF tracking the S&P 500 Index.
- GLDSPDR Gold Shares 10%
An investment product providing exposure to gold prices.
Where this allocation comes fromS&P Dow Jones Indices · S&P 500 and S&P GSCI Physical Gold 90/10 Blend Index
Also known as: S&P 500 and S&P GSCI Physical Gold 90/10 Blend Index
90% S&P 500 and 10% gold, the blend S&P Dow Jones Indices resets to each quarter.
| Asset in the source | Weight | Lifolio ETF |
|---|---|---|
| S&P 500 | 90% | SPY |
| Gold | 10% | GLD |
A Korean-listed ETF tracking this index launched in December 2025. Lifolio uses the US-listed SPY and GLD and does not add currency effects.
The source rebalances every quarter. Figures on this page use Lifolio's standard monthly rebalancing.
Source: spglobal.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 S&P 500 and Gold 90/10 Blend portfolio hold?
State Street SPDR S&P 500 ETF Trust (SPY): A U.S. large-cap equity ETF tracking the S&P 500 Index. SPDR Gold Shares (GLD): An investment product providing exposure to gold prices.
What were the return and risk of the S&P 500 and Gold 90/10 Blend portfolio?
From 2021.10 to 2026.10, the annualized return was +12.6% and the largest month-end drawdown was -22.5%. The Sharpe ratio (return for the risk) is 0.64.
How did it compare with holding SPY alone?
From 2021.10 to 2026.10, the annualized return was +12.6% for these weights and +12.0% for SPY. Over the same window the largest month-end drawdown was -22.5% for these weights and -23.9% for SPY.
How far did the S&P 500 and Gold 90/10 Blend portfolio fall, and how long did it take to get back?
Over the selected 5 years, the largest month-end decline was -22.5%, from a high in 2021.12 to a low in 2022.09. It regained the old high 14 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