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Bill Bernstein Coward's Portfolio

Last updated Dec 3, 2022

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 39 of 54

0.15%
0.00%0.94%
Dividend Yield

Rank 36 of 54

1.80%
0.00%4.45%
10Y Annualized Return

Rank 29 of 54

7.98%
3.67%55.26%
Sharpe Ratio

Rank 3 of 54

-0.35
-1.010.60
Maximum Drawdown

Rank 23 of 54

-29.38%
-91.88%-19.55%

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 in Jan 2010 and compares it to the S&P 500 index or another benchmark. It would be worth nearly $22,632 for a total return of roughly 126.32%. All prices are adjusted for splits and dividends. The portfolio is rebalanced Quarterly


-10.00%-5.00%0.00%5.00%JulyAugustSeptemberOctoberNovemberDecember
-0.77%
-1.21%
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioReturns

As of Dec 3, 2022, the Bill Bernstein Coward's Portfolio returned -9.50% Year-To-Date and 7.98% of annualized return in the last 10 years.


1M6MYTD1Y5Y10Y
Benchmark5.59%-2.52%-14.57%-9.78%9.04%11.20%
Bill Bernstein Coward's Portfolio4.62%-1.37%-7.76%-4.54%5.05%6.61%
VNQ
Vanguard Real Estate ETF
5.64%-10.50%-22.74%-13.82%4.57%7.28%
VV
Vanguard Large-Cap ETF
5.64%-1.90%-15.04%-10.23%10.76%13.21%
SHY
iShares 1-3 Year Treasury Bond ETF
0.99%-1.27%-3.81%-4.02%0.63%0.54%
VPL
Vanguard FTSE Pacific ETF
11.95%-4.57%-13.50%-10.64%1.02%5.37%
IJR
iShares Core S&P Small-Cap ETF
3.89%-0.01%-9.94%-4.49%7.37%11.94%
VGK
Vanguard FTSE Europe ETF
14.16%-2.15%-13.39%-8.35%2.95%5.38%
IJS
iShares S&P SmallCap 600 Value ETF
3.52%-0.62%-5.12%0.29%6.60%11.26%
VTV
Vanguard Value ETF
5.61%2.60%1.09%8.77%9.61%12.55%
EEM
iShares MSCI Emerging Markets ETF
13.56%-7.42%-18.37%-17.45%-0.78%1.52%

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 -0.35. 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.


-1.20-1.00-0.80-0.60-0.40-0.200.00JulyAugustSeptemberOctoberNovemberDecember
-0.44
-0.46
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioDividends

Bill Bernstein Coward's Portfolio granted a 1.80% dividend yield in the last twelve months.


PeriodTTM202120202019201820172016201520142013201220112010

Dividend yield

1.80%1.28%1.52%2.33%2.40%1.83%1.89%1.87%1.79%1.66%1.98%2.23%2.28%

Bill Bernstein Coward's PortfolioDrawdowns Chart

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


-25.00%-20.00%-15.00%-10.00%-5.00%0.00%2022FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
-8.32%
-15.11%
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.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-21.52%Jan 21, 202044Mar 23, 2020114Sep 2, 2020158
-16.64%Nov 9, 2021225Sep 30, 2022
-14.01%May 2, 2011108Oct 3, 201195Feb 17, 2012203
-11.06%Aug 30, 201880Dec 24, 201870Apr 5, 2019150
-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 21.00%. 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.


5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%JulyAugustSeptemberOctoberNovemberDecember
10.91%
20.47%
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components