Asset Allocation
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Bill Bernstein Coward's Portfolio, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.
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The earliest data available for this chart is Mar 10, 2005, corresponding to the inception date of VPL
Returns By Period
As of Apr 11, 2026, the Bill Bernstein Coward's Portfolio returned 3.77% Year-To-Date and 7.69% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | -0.11% | 2.78% | -0.42% | 4.03% | 27.10% | 18.38% | 10.55% | 12.70% |
Portfolio Bill Bernstein Coward's Portfolio | -0.11% | 2.85% | 3.77% | 7.58% | 21.32% | 11.14% | 5.97% | 7.69% |
| Portfolio components: | ||||||||
VNQ Vanguard Real Estate ETF | 0.22% | 1.97% | 6.20% | 7.60% | 15.60% | 8.09% | 3.71% | 5.16% |
VV Vanguard Large-Cap ETF | -0.09% | 2.79% | -0.56% | 3.97% | 28.60% | 20.21% | 11.65% | 14.60% |
SHY iShares 1-3 Year Treasury Bond ETF | -0.04% | 0.13% | 0.37% | 1.17% | 3.75% | 3.89% | 1.72% | 1.65% |
VPL Vanguard FTSE Pacific ETF | -0.08% | 7.03% | 14.99% | 24.00% | 53.69% | 19.32% | 7.94% | 9.63% |
IJR iShares Core S&P Small-Cap ETF | -0.43% | 6.84% | 8.50% | 14.64% | 38.32% | 12.46% | 5.16% | 10.50% |
VGK Vanguard FTSE Europe ETF | 0.35% | 6.46% | 4.61% | 11.51% | 31.54% | 15.85% | 9.47% | 9.47% |
IJS iShares S&P SmallCap 600 Value ETF | -0.30% | 6.18% | 8.25% | 16.77% | 43.48% | 11.46% | 5.60% | 9.92% |
VTV Vanguard Value ETF | -0.81% | 2.61% | 5.99% | 11.27% | 27.06% | 15.55% | 11.18% | 12.13% |
EEM iShares MSCI Emerging Markets ETF | 0.46% | 6.62% | 10.69% | 18.27% | 48.55% | 18.02% | 4.91% | 8.21% |
Monthly Returns
Based on dividend-adjusted daily data since Mar 11, 2005, Bill Bernstein Coward's Portfolio's average daily return is +0.03%, while the average monthly return is +0.56%. At this rate, an investment would double in approximately 10.3 years.
Historically, 66% of months were positive and 34% were negative. The best month was Apr 2009 with a return of +8.9%, while the worst month was Oct 2008 at -11.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, Bill Bernstein Coward's Portfolio closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +5.9%, while the worst single day was Mar 16, 2020 at -5.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.87% | 1.97% | -3.75% | 2.78% | 3.77% | ||||||||
| 2025 | 1.97% | -0.19% | -1.89% | -0.65% | 2.58% | 2.79% | 0.42% | 2.98% | 1.68% | 0.69% | 0.90% | 0.56% | 12.37% |
| 2024 | -0.84% | 1.97% | 2.20% | -2.87% | 2.77% | 0.50% | 3.58% | 1.35% | 1.45% | -1.69% | 3.34% | -2.92% | 8.90% |
| 2023 | 5.09% | -2.31% | 0.52% | 0.32% | -1.54% | 3.56% | 2.59% | -1.98% | -2.90% | -2.03% | 5.58% | 4.85% | 11.79% |
| 2022 | -2.93% | -1.08% | 0.48% | -4.25% | 0.74% | -5.01% | 4.32% | -2.80% | -6.43% | 4.96% | 4.72% | -2.84% | -10.43% |
| 2021 | 0.83% | 2.83% | 2.53% | 2.15% | 1.31% | 0.25% | -0.10% | 1.24% | -2.23% | 2.56% | -1.66% | 2.86% | 13.15% |
Benchmark Metrics
Bill Bernstein Coward's Portfolio has an annualized alpha of 1.12%, beta of 0.59, and R² of 0.92 versus S&P 500 Index. Calculated based on daily prices since March 11, 2005.
- This portfolio participated in 63.59% of S&P 500 Index downside but only 60.20% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.59 indicates this portfolio moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 1.12%
- Beta
- 0.59
- R²
- 0.92
- Upside Capture
- 60.20%
- Downside Capture
- 63.59%
Expense Ratio
Bill Bernstein Coward's Portfolio has an expense ratio of 0.15%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Return for Risk
Risk / Return Rank
Bill Bernstein Coward's Portfolio ranks 75 for risk / return — better than 75% of portfolios on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.80 | 2.23 | +0.57 |
Sortino ratioReturn per unit of downside risk | 4.10 | 3.12 | +0.99 |
Omega ratioGain probability vs. loss probability | 1.54 | 1.42 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 4.68 | 4.05 | +0.63 |
Martin ratioReturn relative to average drawdown | 19.28 | 17.91 | +1.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 28 | 1.26 | 1.77 | 1.23 | 2.54 | 8.05 |
VV Vanguard Large-Cap ETF | 64 | 2.31 | 3.21 | 1.43 | 4.16 | 18.21 |
SHY iShares 1-3 Year Treasury Bond ETF | 69 | 2.55 | 4.08 | 1.53 | 3.92 | 14.60 |
VPL Vanguard FTSE Pacific ETF | 82 | 3.19 | 4.06 | 1.58 | 4.93 | 20.23 |
IJR iShares Core S&P Small-Cap ETF | 63 | 2.19 | 3.14 | 1.38 | 5.27 | 17.08 |
VGK Vanguard FTSE Europe ETF | 60 | 2.43 | 3.36 | 1.43 | 3.57 | 14.17 |
IJS iShares S&P SmallCap 600 Value ETF | 66 | 2.33 | 3.31 | 1.40 | 5.32 | 16.74 |
VTV Vanguard Value ETF | 76 | 2.62 | 3.77 | 1.47 | 5.32 | 19.85 |
EEM iShares MSCI Emerging Markets ETF | 76 | 2.93 | 3.80 | 1.55 | 4.51 | 17.80 |
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Dividends
Dividend yield
Bill Bernstein Coward's Portfolio provided a 2.63% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.63% | 2.77% | 2.92% | 2.50% | 1.86% | 1.27% | 1.47% | 2.22% | 2.23% | 1.65% | 1.65% | 1.61% |
| Portfolio components: | ||||||||||||
VNQ Vanguard Real Estate ETF | 3.75% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
VV Vanguard Large-Cap ETF | 1.09% | 1.08% | 1.24% | 1.41% | 1.66% | 1.19% | 1.46% | 1.81% | 2.09% | 1.75% | 1.98% | 1.96% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.72% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
VPL Vanguard FTSE Pacific ETF | 3.09% | 4.01% | 3.15% | 3.12% | 2.75% | 3.19% | 1.81% | 2.84% | 3.06% | 2.57% | 2.65% | 2.43% |
IJR iShares Core S&P Small-Cap ETF | 1.23% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
VGK Vanguard FTSE Europe ETF | 2.84% | 2.86% | 3.61% | 3.15% | 3.25% | 3.05% | 2.11% | 3.27% | 3.95% | 2.70% | 3.52% | 3.25% |
IJS iShares S&P SmallCap 600 Value ETF | 1.37% | 1.62% | 1.78% | 1.42% | 1.46% | 1.52% | 1.00% | 1.66% | 1.75% | 1.41% | 1.22% | 1.59% |
VTV Vanguard Value ETF | 1.97% | 2.05% | 2.31% | 2.46% | 2.52% | 2.15% | 2.56% | 2.50% | 2.73% | 2.29% | 2.44% | 2.60% |
EEM iShares MSCI Emerging Markets ETF | 2.01% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Bill Bernstein Coward's Portfolio. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Bill Bernstein Coward's Portfolio was 37.25%, occurring on Mar 9, 2009. Recovery took 450 trading sessions.
The current Bill Bernstein Coward's Portfolio drawdown is 1.28%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -37.25% | Oct 10, 2007 | 355 | Mar 9, 2009 | 450 | Dec 17, 2010 | 805 |
| -21.52% | Jan 21, 2020 | 44 | Mar 23, 2020 | 114 | Sep 2, 2020 | 158 |
| -16.64% | Nov 9, 2021 | 225 | Sep 30, 2022 | 342 | Feb 12, 2024 | 567 |
| -14.01% | May 2, 2011 | 108 | Oct 3, 2011 | 95 | Feb 17, 2012 | 203 |
| -11.06% | Aug 30, 2018 | 80 | Dec 24, 2018 | 70 | Apr 5, 2019 | 150 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 9 assets, with an effective number of assets of 4.65, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| Benchmark | SHY | VNQ | EEM | VPL | VGK | IJS | IJR | VTV | VV | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | -0.18 | 0.66 | 0.75 | 0.76 | 0.79 | 0.82 | 0.84 | 0.91 | 0.99 | 0.94 |
| SHY | -0.18 | 1.00 | -0.03 | -0.14 | -0.09 | -0.10 | -0.17 | -0.17 | -0.19 | -0.18 | -0.11 |
| VNQ | 0.66 | -0.03 | 1.00 | 0.51 | 0.53 | 0.56 | 0.68 | 0.68 | 0.68 | 0.66 | 0.74 |
| EEM | 0.75 | -0.14 | 0.51 | 1.00 | 0.80 | 0.77 | 0.65 | 0.67 | 0.70 | 0.75 | 0.81 |
| VPL | 0.76 | -0.09 | 0.53 | 0.80 | 1.00 | 0.79 | 0.66 | 0.68 | 0.72 | 0.75 | 0.82 |
| VGK | 0.79 | -0.10 | 0.56 | 0.77 | 0.79 | 1.00 | 0.69 | 0.70 | 0.77 | 0.79 | 0.84 |
| IJS | 0.82 | -0.17 | 0.68 | 0.65 | 0.66 | 0.69 | 1.00 | 0.98 | 0.85 | 0.81 | 0.92 |
| IJR | 0.84 | -0.17 | 0.68 | 0.67 | 0.68 | 0.70 | 0.98 | 1.00 | 0.85 | 0.84 | 0.93 |
| VTV | 0.91 | -0.19 | 0.68 | 0.70 | 0.72 | 0.77 | 0.85 | 0.85 | 1.00 | 0.91 | 0.93 |
| VV | 0.99 | -0.18 | 0.66 | 0.75 | 0.75 | 0.79 | 0.81 | 0.84 | 0.91 | 1.00 | 0.94 |
| Portfolio | 0.94 | -0.11 | 0.74 | 0.81 | 0.82 | 0.84 | 0.92 | 0.93 | 0.93 | 0.94 | 1.00 |
AI Insight on Diversification
The portfolio is moderately diversified but exhibits signs of concentration among certain equity positions. The correlation matrix reveals that most equity holdings—such as IJS, IJR, VTV, and VV—are highly correlated with each other, with correlations often above 0.8 or 0.9. This high correlation indicates that these positions tend to move in tandem, which reduces the diversification benefit within the equity portion of the portfolio.
International equity positions (EEM, VPL, VGK) also show strong positive correlations with each other, generally in the 0.75 to 0.82 range, suggesting limited diversification across these regions. However, these international equities have moderately lower correlations with the U.S. small- and value-oriented stocks (IJS, IJR, VTV), which helps somewhat in reducing overall portfolio risk.
The bond proxy, SHY, stands out as the least correlated position, with correlations ranging from -0.03 to -0.19 against the equity holdings. This low or slightly negative correlation is beneficial for diversification, as SHY can provide a buffer during equity market downturns.
Looking at the portfolio's correlation with individual positions, it is highest with VV (0.94), VTV (0.93), and IJR (0.93), indicating these positions have the most influence on the portfolio's overall behavior. This suggests that the portfolio is somewhat dominated by broad U.S. equity exposure, particularly large- and mid-cap stocks represented by VV and VTV.
In summary, while the portfolio includes a mix of asset classes and regions, the high correlations among many equity positions point to a moderate level of diversification rather than a fully diversified one. The presence of SHY adds valuable diversification, but the dominance of highly correlated U.S. equity positions limits the portfolio's ability to reduce risk through diversification alone.