Asset Allocation
Find the right asset allocation for Bill Bernstein Coward's Portfolio
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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 3, 2026, the Bill Bernstein Coward's Portfolio returned 9.45% Year-To-Date and 8.09% of annualized return in the last 10 years.
| Position | 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.13% | 5.25% | 11.16% | 11.43% | 28.20% | 21.12% | 12.66% | 13.75% |
Portfolio Bill Bernstein Coward's Portfolio | 0.40% | 2.72% | 9.45% | 10.36% | 20.63% | 12.94% | 6.56% | 8.09% |
| Portfolio components: | ||||||||
EEM iShares MSCI Emerging Markets ETF | 1.03% | 10.40% | 29.41% | 32.25% | 58.14% | 24.46% | 7.47% | 10.06% |
IJR iShares Core S&P Small-Cap ETF | 0.89% | 1.64% | 16.42% | 16.87% | 34.85% | 14.73% | 5.90% | 10.76% |
IJS iShares S&P SmallCap 600 Value ETF | 1.07% | 2.26% | 16.54% | 17.68% | 41.12% | 14.47% | 5.86% | 10.20% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.00% | 0.00% | 0.48% | 0.80% | 3.34% | 4.04% | 1.73% | 1.65% |
VGK Vanguard FTSE Europe ETF | 0.50% | 2.08% | 6.90% | 10.71% | 18.42% | 16.79% | 8.68% | 9.39% |
VNQ Vanguard Real Estate ETF | 0.46% | -1.60% | 7.96% | 7.15% | 9.88% | 9.19% | 2.21% | 5.22% |
VPL Vanguard FTSE Pacific ETF | 0.40% | 10.55% | 30.65% | 33.92% | 52.92% | 23.14% | 10.67% | 10.87% |
VTV Vanguard Value ETF | 0.88% | 3.55% | 12.28% | 14.14% | 26.90% | 18.27% | 11.31% | 12.48% |
VV Vanguard Large-Cap ETF | 0.18% | 5.61% | 11.49% | 11.76% | 29.28% | 22.98% | 13.92% | 15.66% |
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 +0.58%. 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% | 0.51% | 9.45% | ||||||
| 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 1.06%, 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 59.80% 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
- 1.06%
- Beta
- 0.59
- R²
- 0.92
- Upside Capture
- 59.80%
- 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 66 for risk / return — better than 66% 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.
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.62 | 2.39 | +0.23 |
Sortino ratioReturn per unit of downside risk | 3.80 | 3.25 | +0.55 |
Omega ratioGain probability vs. loss probability | 1.49 | 1.43 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 3.79 | 3.11 | +0.67 |
Martin ratioReturn relative to average drawdown | 15.67 | 14.38 | +1.28 |
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.
| Position | Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio |
|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 84 | 2.93 | 3.75 | 1.53 | 4.39 | 16.94 |
IJR iShares Core S&P Small-Cap ETF | 64 | 2.00 | 2.88 | 1.34 | 3.96 | 13.21 |
IJS iShares S&P SmallCap 600 Value ETF | 71 | 2.26 | 3.20 | 1.39 | 4.35 | 14.25 |
SHY iShares 1-3 Year Treasury Bond ETF | 79 | 2.51 | 4.14 | 1.51 | 3.67 | 14.96 |
VGK Vanguard FTSE Europe ETF | 34 | 1.21 | 1.76 | 1.22 | 1.62 | 6.04 |
VNQ Vanguard Real Estate ETF | 23 | 0.75 | 1.11 | 1.14 | 1.20 | 3.80 |
VPL Vanguard FTSE Pacific ETF | 80 | 2.72 | 3.55 | 1.49 | 4.13 | 16.33 |
VTV Vanguard Value ETF | 81 | 2.67 | 3.82 | 1.48 | 4.27 | 16.15 |
VV Vanguard Large-Cap ETF | 73 | 2.46 | 3.35 | 1.44 | 3.28 | 15.05 |
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Dividends
Dividend yield
Bill Bernstein Coward's Portfolio provided a 2.53% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.53% | 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 | 1.72% | 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 | 1.14% | 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 | 1.28% | 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 | 2.78% | 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 | 3.69% | 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 | 2.72% | 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 | 0.97% | 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.
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
Thesis
The portfolio is a broad equity sleeve wrapped in a very large short-duration bond anchor, which is a clean bet on keeping market risk mostly in one bucket and income risk in another.
The numbers
- The diversification ratio is 1.16–1.21, placing the portfolio around the 31st–42nd percentile on the platform; that is modest diversification, not a great deal of it.
- Effective asset count is 4.65 of 9, so the nine holdings behave more like about five independent bets.
- Mean pairwise correlation is 0.54, with several near-duplicates: IJR and IJS at 0.98, and VV and VTV at 0.90.
What works
- SHY is genuinely different from the rest; its -0.19 to -0.11 correlations with equities give the portfolio a real ballast sleeve.
- The non-U.S. equities cluster, EEM/VPL/VGK, is at least a distinct regional block rather than a cosmetic label.
- There are good arguments for this: the portfolio does separate duration risk from equity risk, which is a real structural distinction.
What does not
- Most of the equity sleeve is one factor in different clothing: large-cap growth, large-cap value, small-cap value, and small-cap blend all live in the same U.S. cluster.
- IJR, IJS, VTV, and VV all have position-to-portfolio correlations above 0.92, so each one is mostly amplifying the same equity engine.
- The portfolio’s diversification is dragged down by similarity inside the equity book more than by lack of names.
Stress Scenario
- If U.S. equities, especially small caps and value, move together on a rates-or-liquidity shock, the equity cluster can behave like one position while SHY sits apart and only partly offsets the move.
- If non-U.S. equities reprice on the same macro factor as U.S. equities, the regional sleeves stop looking regional and start looking cyclical.
Worth knowing
- Portfolios with this correlation profile often look more diversified in label space than in return space.
- The structure is cleaner as a core-plus-defensive allocation than as a many-sleeved diversification machine.
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 | 1.19 | 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 | 0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 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 | -0.10 | -0.17 | -0.16 | -0.19 | -0.17 |
| VNQ | -0.03 | 1.00 | 0.51 | 0.53 | 0.56 | 0.68 | 0.67 | 0.68 | 0.66 |
| EEM | -0.13 | 0.51 | 1.00 | 0.80 | 0.77 | 0.65 | 0.67 | 0.70 | 0.75 |
| VPL | -0.08 | 0.53 | 0.80 | 1.00 | 0.79 | 0.66 | 0.68 | 0.72 | 0.75 |
| VGK | -0.10 | 0.56 | 0.77 | 0.79 | 1.00 | 0.69 | 0.70 | 0.77 | 0.79 |
| IJS | -0.17 | 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 | 0.66 | 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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