Asset Allocation
Find the right asset allocation for Bill Bernstein Coward's Portfolio
Add portfolio to the optimizer to find optimal allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
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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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Returns By Period
As of Jun 24, 2026, the Bill Bernstein Coward's Portfolio returned 8.91% Year-To-Date and 8.21% of annualized return in the last 10 years.
| Position | 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | -1.44% | -1.45% | 7.60% | 6.59% | 22.24% | 19.20% | 11.54% | 13.71% |
Portfolio Bill Bernstein Coward's Portfolio | -0.97% | 0.94% | 8.91% | 8.61% | 18.63% | 12.81% | 6.45% | 8.21% |
| Portfolio components: | ||||||||
EEM iShares MSCI Emerging Markets ETF | -5.67% | 2.49% | 23.41% | 24.32% | 46.62% | 22.58% | 6.54% | 9.87% |
IJR iShares Core S&P Small-Cap ETF | -0.34% | 4.22% | 19.34% | 16.86% | 34.47% | 16.15% | 6.29% | 11.30% |
IJS iShares S&P SmallCap 600 Value ETF | -0.23% | 2.94% | 17.37% | 16.01% | 37.29% | 15.33% | 6.10% | 10.48% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.07% | 0.11% | 0.43% | 0.60% | 2.87% | 4.10% | 1.75% | 1.62% |
VGK Vanguard FTSE Europe ETF | -1.24% | -0.13% | 6.16% | 6.16% | 19.10% | 16.76% | 8.57% | 10.38% |
VNQ Vanguard Real Estate ETF | 1.31% | 1.13% | 11.77% | 12.16% | 11.59% | 11.30% | 2.83% | 5.44% |
VPL Vanguard FTSE Pacific ETF | -5.86% | 1.56% | 25.73% | 25.83% | 47.86% | 22.03% | 9.86% | 10.76% |
VTV Vanguard Value ETF | -0.56% | 3.10% | 14.47% | 13.93% | 27.19% | 18.66% | 12.22% | 12.95% |
VV Vanguard Large-Cap ETF | -1.44% | -1.27% | 7.90% | 6.95% | 23.37% | 21.00% | 12.65% | 15.62% |
Monthly Returns
Based on dividend-adjusted daily data since Mar 10, 2005, Bill Bernstein Coward's Portfolio's average daily return is +0.03%, while the average monthly return is +0.58%. At this rate, an investment would double in approximately 10.0 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% | 5.52% | 2.21% | 0.01% | 8.91% | ||||||
| 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 1.11%, beta of 0.59, and R2 of 0.92 versus S&P 500 Index. Calculated based on daily prices since March 10, 2005.
- This portfolio participated in 63.16% of S&P 500 Index downside but only 59.73% 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
- 1.11%
- Beta
- 0.59
- R²
- 0.92
- Upside Capture
- 59.73%
- Downside Capture
- 63.16%
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 62 for risk / return — better than 62% 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
The table below presents risk-adjusted performance metrics for Bill Bernstein Coward's Portfolio and compares them with S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 2.24 | 1.78 | +0.46 |
| Sortino ratioReturn per unit of downside risk | 3.22 | 2.44 | +0.78 |
| Omega ratioGain probability vs. loss probability | 1.42 | 1.32 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 2.46 | +0.96 |
| Martin ratioReturn relative to average drawdown | 14.00 | 10.92 | +3.08 |
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Position | Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio |
|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 67 | 2.06 | 2.63 | 1.39 | 3.46 | 12.70 |
IJR iShares Core S&P Small-Cap ETF | 67 | 1.96 | 2.84 | 1.34 | 3.99 | 13.39 |
IJS iShares S&P SmallCap 600 Value ETF | 69 | 2.05 | 2.93 | 1.35 | 4.04 | 13.28 |
SHY iShares 1-3 Year Treasury Bond ETF | 72 | 2.10 | 3.32 | 1.42 | 3.24 | 12.62 |
VGK Vanguard FTSE Europe ETF | 35 | 1.21 | 1.79 | 1.22 | 1.59 | 5.89 |
VNQ Vanguard Real Estate ETF | 26 | 0.85 | 1.23 | 1.15 | 1.40 | 4.37 |
VPL Vanguard FTSE Pacific ETF | 70 | 2.16 | 2.76 | 1.40 | 3.61 | 13.71 |
VTV Vanguard Value ETF | 84 | 2.63 | 3.75 | 1.47 | 4.30 | 16.20 |
VV Vanguard Large-Cap ETF | 57 | 1.86 | 2.54 | 1.33 | 2.55 | 11.23 |
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Dividends
Dividend yield
Bill Bernstein Coward's Portfolio provided a 2.54% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.54% | 2.77% | 2.92% | 2.50% | 1.86% | 1.27% | 1.47% | 2.22% | 2.23% | 1.65% | 1.65% | 1.61% |
| Portfolio components: | ||||||||||||
EEM iShares MSCI Emerging Markets ETF | 1.66% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
IJR iShares Core S&P Small-Cap ETF | 1.15% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
IJS iShares S&P SmallCap 600 Value ETF | 1.36% | 1.62% | 1.78% | 1.42% | 1.46% | 1.52% | 1.00% | 1.66% | 1.75% | 1.41% | 1.22% | 1.59% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
VGK Vanguard FTSE Europe ETF | 2.95% | 2.86% | 3.61% | 3.15% | 3.25% | 3.05% | 2.11% | 3.27% | 3.95% | 2.70% | 3.52% | 3.25% |
VNQ Vanguard Real Estate ETF | 3.56% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
VPL Vanguard FTSE Pacific ETF | 2.66% | 4.01% | 3.15% | 3.12% | 2.75% | 3.19% | 1.81% | 2.84% | 3.06% | 2.57% | 2.65% | 2.43% |
VTV Vanguard Value ETF | 1.83% | 2.05% | 2.31% | 2.46% | 2.52% | 2.15% | 2.56% | 2.50% | 2.73% | 2.29% | 2.44% | 2.60% |
VV Vanguard Large-Cap ETF | 1.00% | 1.08% | 1.24% | 1.41% | 1.66% | 1.19% | 1.46% | 1.81% | 2.09% | 1.75% | 1.98% | 1.96% |
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 1.14%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -37.25%Mar 2009 | 1y 5mo | 1y 9mo | 3y 2moOct 2007 - Dec 2010 |
COVID crash2020 | -21.52%Mar 2020 | 2mo 2d | 5mo 13d | 7mo 15dJan 2020 - Sep 2020 |
Bear market2022 | -16.64%Sep 2022 | 10mo 25d | 1y 4mo | 2y 3moNov 2021 - Feb 2024 |
2011 correction2011 | -14.01%Oct 2011 | 5mo 4d | 4mo 17d | 9mo 21dMay 2011 - Feb 2012 |
Rate-hike selloffLate 2018 | -11.06%Dec 2018 | 3mo 26d | 3mo 12d | 7mo 8dAug 2018 - Apr 2019 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
AI Analysis
The gist
The portfolio is a fairly classic 60/40 shape that spends the equity side on broad market beta plus a value/small-cap tilt, with the real diversification coming from SHY; in some sense it is two portfolios sharing a table.
The numbers
- Effective asset count is 4.65 of 9, so the nine positions behave more like five independent bets than nine.
- Diversification ratio is only 1.16–1.21, which sits around the 32nd–43rd percentile on the platform: some diversification benefit, but not a lot of drama.
- Correlations are doing most of the explaining here: the main equity sleeve clusters tightly, while SHY sits apart with a -0.10 portfolio correlation.
The good
- SHY at 40% materially changes the portfolio’s risk structure; it is the only position with clear independence from the equity complex.
- There is real geographic breadth in VPL, VGK, and EEM, and those sleeves are not perfectly redundant with U.S. large caps.
- The value and small-cap tilt is coherent, not random; it is just highly internally correlated.
The bad
- VV (Large Cap Blend Equities), VTV (Large Cap Value Equities), IJR (Small Cap Blend Equities), and IJS (Small Cap Value Equities) are all moving together, with pairwise correlations up to 0.98.
- VNQ is not behaving like a separate diversifier so much as an equity cousin, with 0.74 correlation to the portfolio.
The ugly
- If rates move higher while equities weaken, the portfolio loses the one sleeve that truly diversifies it, and the rest mostly discovers that it was one equity trade in several wrappers.
Next steps
- Portfolios with this correlation structure are typically complemented by exposures whose earnings drivers sit outside the equity and rate cycle.
- The 1Y and 3Y DR being almost identical to the 5Y suggests the diversification pattern is stable, which is useful but also a little telling.
- The regional sleeves could still help at the margin, though the data says they are more variations on equity exposure than separate engines.
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. Your allocation shows noticeable concentration: a few holdings carry significantly more weight than the rest. Rebalancing toward more even weights — or adding less correlated assets — could reduce risk.
Diversification Ratio
1Y | 3Y | 5Y | 10Y | All Time | |
|---|---|---|---|---|---|
Diversification Ratio | 1.21 | 1.21 | 1.20 | 1.17 | 1.16 |
The portfolio has a diversification ratio of 1.16, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.
Bill Bernstein Coward's Portfolio correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005 | 0.94 |
Benchmark Correlations
Correlation vs. S&P 500 Index. VV has the highest benchmark correlation at 0.99, while SHY has the lowest at -0.18.
Asset Correlations Table
| SHY | VNQ | EEM | VPL | VGK | IJS | IJR | VTV | VV | |
|---|---|---|---|---|---|---|---|---|---|
| SHY | 1.00 | -0.03 | -0.13 | -0.08 | -0.09 | -0.16 | -0.16 | -0.19 | -0.17 |
| VNQ | -0.03 | 1.00 | 0.51 | 0.52 | 0.56 | 0.68 | 0.67 | 0.68 | 0.65 |
| EEM | -0.13 | 0.51 | 1.00 | 0.80 | 0.77 | 0.65 | 0.67 | 0.70 | 0.75 |
| VPL | -0.08 | 0.52 | 0.80 | 1.00 | 0.79 | 0.66 | 0.68 | 0.72 | 0.76 |
| VGK | -0.09 | 0.56 | 0.77 | 0.79 | 1.00 | 0.69 | 0.70 | 0.77 | 0.79 |
| IJS | -0.16 | 0.68 | 0.65 | 0.66 | 0.69 | 1.00 | 0.98 | 0.85 | 0.81 |
| IJR | -0.16 | 0.67 | 0.67 | 0.68 | 0.70 | 0.98 | 1.00 | 0.85 | 0.84 |
| VTV | -0.19 | 0.68 | 0.70 | 0.72 | 0.77 | 0.85 | 0.85 | 1.00 | 0.90 |
| VV | -0.17 | 0.65 | 0.75 | 0.76 | 0.79 | 0.81 | 0.84 | 0.90 | 1.00 |
Find what Bill Bernstein Coward's Portfolio is missing
See which holdings overlap, where Bill Bernstein Coward's Portfolio is concentrated, and which low-correlation assets could fill the gaps.
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