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Bill Bernstein Coward's Portfolio

The Coward’s Portfolio, also known as the Smart Money Portfolio, is a popular lazy portfolio proposed by William Bernstein in 1996 at his Efficient Frontier website. It is designed for investors looking to extend simpler alternatives like his No-Brainer Portfolio.

Expense Ratio

Rank 37 of 53

Dividend Yield

Rank 41 of 53

10Y Annualized Return

Rank 36 of 53

Sharpe Ratio

Rank 22 of 53

Maximum Drawdown

Rank 14 of 53


Bill Bernstein Coward's PortfolioAsset Allocation

Bill Bernstein Coward's PortfolioPerformance

The chart shows the growth of $10,000 invested in Bill Bernstein Coward's Portfolio on Jan 5, 2010 and compares it to the S&P 500 index or another benchmark. It would be worth nearly $22,202 for a total return of roughly 122.02%. All prices are adjusted for splits and dividends. The portfolio is rebalanced Quarterly

Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioReturns

As of May 20, 2022, the Bill Bernstein Coward's Portfolio returned -9.55% Year-To-Date and 7.13% of annualized return in the last 10 years.

Bill Bernstein Coward's Portfolio-5.02%-9.55%-9.66%-5.92%6.04%7.13%
Vanguard Real Estate ETF
Vanguard Large Cap ETF
iShares 1-3 Year Treasury Bond ETF
Vanguard FTSE Pacific ETF
iShares Core S&P Small-Cap ETF
Vanguard FTSE Europe ETF
iShares S&P SmallCap 600 Value ETF
Vanguard Value ETF
iShares MSCI Emerging Markets ETF

Bill Bernstein Coward's PortfolioSharpe Ratio Chart

The Sharpe ratio shows whether the portfolio's excess returns are due to smart investment decisions or a result of taking a higher risk. The higher a portfolio's Sharpe ratio, the better its risk-adjusted performance.

The current Bill Bernstein Coward's Portfolio Sharpe ratio is -0.64. A negative Sharpe ratio means that the risk-free rate is higher than the portfolio's return. This value does not convey any meaningful information.

The chart below displays rolling 12-month Sharpe Ratio.

Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioDividends

Bill Bernstein Coward's Portfolio granted a 1.47% dividend yield in the last twelve months, as of May 20, 2022.


Dividend yield


Bill Bernstein Coward's PortfolioDrawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way.

Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioWorst Drawdowns

The table below shows the maximum drawdowns of the Bill Bernstein Coward's Portfolio. A maximum drawdown is an indicator of risk. It shows a reduction in portfolio value from its maximum due to a series of losing trades.

The maximum drawdown since January 2010 for the Bill Bernstein Coward's Portfolio is 21.52%, recorded on Mar 23, 2020. It took 114 trading sessions for the portfolio to recover.



To Bottom


To Recover



-21.52%Jan 21, 202044Mar 23, 2020114Sep 2, 2020158
-14.01%May 2, 2011108Oct 3, 201195Feb 17, 2012203
-11.06%Aug 30, 201880Dec 24, 201870Apr 5, 2019150
-10.78%Nov 9, 2021127May 11, 2022
-10.2%Apr 29, 2015200Feb 11, 2016103Jul 11, 2016303
-9.34%Apr 26, 201049Jul 2, 201071Oct 13, 2010120
-6.86%Apr 3, 201243Jun 4, 201266Sep 6, 2012109
-5.99%Jan 29, 20189Feb 8, 2018134Aug 21, 2018143
-5.59%Jan 20, 201014Feb 8, 201019Mar 8, 201033
-4.92%Sep 3, 202014Sep 23, 202013Oct 12, 202027

Bill Bernstein Coward's PortfolioVolatility Chart

Current Bill Bernstein Coward's Portfolio volatility is 31.53%. The chart below shows the rolling 10-day volatility. Volatility is a statistical measure showing how big price swings are in either direction. The higher asset volatility, the riskier it is, because the price movements are less predictable.

Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

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