Asset Allocation
Benchmark: S&P 500 Index · Rebalance: Every 3 months
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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 Aug 3, 2026, the Bill Bernstein Coward's Portfolio returned 9.78% Year-To-Date and 7.89% of annualized return in the last 10 years.
| Position | 1D | 1M | 6M | YTD | 1Y | 3Y* | 5Y* | 10Y* | ALL TIME* |
|---|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.70% | 0.09% | 7.94% | 9.41% | 20.07% | 17.84% | 11.25% | 13.26% | 8.09% |
Portfolio Bill Bernstein Coward's Portfolio | 0.02% | -0.03% | 6.72% | 9.78% | 18.03% | 11.65% | 6.67% | 7.89% | 6.71% |
| Portfolio components: | |||||||||
EEM iShares MSCI Emerging Markets ETF | 0.79% | -2.45% | 9.01% | 17.75% | 35.57% | 18.45% | 6.91% | 8.32% | 9.87% |
IJR iShares Core S&P Small-Cap ETF | -0.03% | -0.70% | 15.04% | 21.59% | 35.87% | 13.39% | 7.39% | 10.86% | 10.14% |
IJS iShares S&P SmallCap 600 Value ETF | 0.09% | 0.38% | 12.92% | 20.25% | 39.43% | 12.47% | 7.91% | 10.17% | 9.94% |
SHY iShares 1-3 Year Treasury Bond ETF | -0.01% | 0.07% | 0.55% | 0.76% | 2.53% | 4.19% | 1.78% | 1.65% | 1.95% |
VGK Vanguard FTSE Europe ETF | -0.44% | 1.39% | 5.43% | 10.34% | 24.06% | 16.62% | 9.31% | 10.03% | 6.47% |
VNQ Vanguard Real Estate ETF | -0.54% | 0.95% | 11.11% | 14.01% | 15.59% | 9.39% | 2.44% | 4.90% | 7.72% |
VPL Vanguard FTSE Pacific ETF | -1.01% | -2.62% | 10.34% | 20.61% | 37.66% | 18.88% | 9.33% | 9.52% | 6.48% |
VTV Vanguard Value ETF | -0.27% | 0.36% | 11.27% | 16.37% | 27.94% | 17.12% | 12.29% | 12.57% | 9.67% |
VV Vanguard Large-Cap ETF | 0.68% | 0.19% | 8.54% | 9.78% | 20.98% | 19.53% | 12.36% | 15.14% | 10.97% |
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 55% 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% | 1.19% | -0.37% | 9.78% | |||||
| 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 1.10%, 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 63.12% 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
- 1.10%
- Beta
- 0.59
- R²
- 0.92
- Upside Capture
- 59.73%
- Downside Capture
- 63.12%
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 80 for risk / return — above 80% of Portfolios peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return 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 | 2.11 | 1.42 | +0.69 |
| Sortino ratioReturn per unit of downside risk | 3.04 | 1.98 | +1.07 |
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 2.00 | +1.20 |
| Martin ratioReturn relative to average drawdown | 13.22 | 8.49 | +4.73 |
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 | 61 | 1.42 | 1.93 | 1.27 | 2.44 | 7.49 |
IJR iShares Core S&P Small-Cap ETF | 85 | 1.95 | 2.87 | 1.34 | 3.89 | 13.29 |
IJS iShares S&P SmallCap 600 Value ETF | 88 | 2.09 | 3.02 | 1.37 | 3.99 | 13.67 |
SHY iShares 1-3 Year Treasury Bond ETF | 90 | 2.21 | 3.51 | 1.45 | 3.43 | 13.40 |
VGK Vanguard FTSE Europe ETF | 60 | 1.48 | 2.16 | 1.26 | 1.95 | 7.41 |
VNQ Vanguard Real Estate ETF | 46 | 1.11 | 1.62 | 1.20 | 1.84 | 5.97 |
VPL Vanguard FTSE Pacific ETF | 70 | 1.59 | 2.16 | 1.30 | 2.84 | 8.65 |
VTV Vanguard Value ETF | 93 | 2.62 | 3.74 | 1.47 | 4.24 | 16.42 |
VV Vanguard Large-Cap ETF | 61 | 1.47 | 2.05 | 1.26 | 2.07 | 8.71 |
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Dividends
Dividend yield
Bill Bernstein Coward's Portfolio provided a 2.40% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.40% | 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 | 1.74% | 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 | 1.13% | 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 | 1.32% | 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 | 3.32% | 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 | 2.83% | 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 | 3.51% | 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 | 2.77% | 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 | 1.86% | 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 | 1.02% | 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 0.48%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-37.25%Mar 2009 | 1y 5mo | 1y 9mo | 3y 2moOct 2007 - Dec 2010 | Financial crisis2007–2009 |
-21.52%Mar 2020 | 2mo 2d | 5mo 13d | 7mo 15dJan 2020 - Sep 2020 | COVID crash2020 |
-16.64%Sep 2022 | 10mo 25d | 1y 4mo | 2y 3moNov 2021 - Feb 2024 | Bear market2022 |
-14.01%Oct 2011 | 5mo 4d | 4mo 17d | 9mo 21dMay 2011 - Feb 2012 | — |
-11.06%Dec 2018 | 3mo 26d | 3mo 12d | 7mo 8dAug 2018 - Apr 2019 | Rate-hike selloffLate 2018 |
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 40% short-term Treasury position wrapped around a broadly labeled equity portfolio whose risk is still mostly one large equity cluster.
The numbers
- Diversification ratio: 1.20 over five years, only the 42.9th percentile; the benefit is modest rather than mysterious.
- Effective asset count: 4.65 of 9, reflecting the large SHY allocation and substantial overlap among U.S. equity funds.
- Mean correlation is 0.54, while VV, IJR, IJS, and VTV each correlate above 0.90 with the portfolio.
The good
- iShares 1–3 Year Treasury Bond ETF (SHY) is the genuine diversifier: its correlations with the equity sleeves are mildly negative, down to −0.18.
- Vanguard FTSE Europe ETF (VGK), Vanguard FTSE Pacific ETF (VPL), and iShares MSCI Emerging Markets ETF (EEM) form a separate geographic cluster, even if markets occasionally stop respecting geography.
The bad
- Vanguard Small-Cap ETF (IJR) and iShares S&P Small-Cap 600 Value ETF (IJS) correlate 0.98, so the labels imply more variety than the returns deliver.
- Vanguard Large-Cap ETF (VV) and Vanguard Value ETF (VTV) correlate 0.90, concentrating the equity risk in a common U.S. factor complex.
The ugly
- A broad equity selloff would likely pull the entire equity cluster together, leaving SHY as the portfolio’s main shock absorber.
Next steps
- Portfolios with this structure could gain more distinct risk drivers from exposures outside U.S. equity factors, rather than additional labels within them.
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.
Diversification Ratio
1Y | 3Y | 5Y | 10Y | All Time | |
|---|---|---|---|---|---|
Diversification Ratio | 1.23 | 1.21 | 1.20 | 1.18 | 1.16 |
The portfolio has a diversification ratio of 1.16, placing it in the bottom quartile across portfolios. The holdings provided limited volatility reduction when combined.
Bill Bernstein Coward's Portfolio correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
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 -0.17.
Asset Correlations Table
| SHY | VNQ | EEM | VPL | VGK | IJS | IJR | VTV | VV | |
|---|---|---|---|---|---|---|---|---|---|
| SHY | 1.00 | -0.02 | -0.13 | -0.08 | -0.09 | -0.16 | -0.16 | -0.18 | -0.17 |
| VNQ | -0.02 | 1.00 | 0.50 | 0.52 | 0.55 | 0.67 | 0.67 | 0.68 | 0.65 |
| EEM | -0.13 | 0.50 | 1.00 | 0.80 | 0.76 | 0.65 | 0.67 | 0.70 | 0.75 |
| VPL | -0.08 | 0.52 | 0.80 | 1.00 | 0.79 | 0.66 | 0.68 | 0.71 | 0.75 |
| VGK | -0.09 | 0.55 | 0.76 | 0.79 | 1.00 | 0.69 | 0.70 | 0.77 | 0.79 |
| IJS | -0.16 | 0.67 | 0.65 | 0.66 | 0.69 | 1.00 | 0.98 | 0.84 | 0.81 |
| IJR | -0.16 | 0.67 | 0.67 | 0.68 | 0.70 | 0.98 | 1.00 | 0.84 | 0.84 |
| VTV | -0.18 | 0.68 | 0.70 | 0.71 | 0.77 | 0.84 | 0.84 | 1.00 | 0.90 |
| VV | -0.17 | 0.65 | 0.75 | 0.75 | 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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