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Bill Bernstein Coward's Portfolio

Last updated Aug 13, 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 38 of 54

1.56%
0.00%4.34%
10Y Annualized Return

Rank 32 of 54

8.44%
4.13%64.70%
Sharpe Ratio

Rank 10 of 54

-0.25
-0.980.14
Maximum Drawdown

Rank 23 of 54

-29.38%
-91.88%-17.74%

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 $23,022 for a total return of roughly 130.22%. All prices are adjusted for splits and dividends. The portfolio is rebalanced Quarterly


-15.00%-10.00%-5.00%0.00%5.00%MarchAprilMayJuneJulyAugust
-2.38%
-2.76%
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioReturns

As of Aug 13, 2022, the Bill Bernstein Coward's Portfolio returned -7.23% Year-To-Date and 8.44% of annualized return in the last 10 years.


1M6MYTD1Y5Y10Y
Benchmark12.08%-4.97%-10.20%-3.65%11.89%11.81%
Bill Bernstein Coward's Portfolio6.43%-3.27%-6.18%-4.54%6.51%6.99%
VNQ
Vanguard Real Estate ETF
11.15%-1.24%-11.28%-1.33%8.37%8.67%
VV
Vanguard Large-Cap ETF
12.45%-5.09%-10.78%-4.45%13.78%13.93%
SHY
iShares 1-3 Year Treasury Bond ETF
-0.00%-1.56%-3.09%-3.70%0.69%0.62%
VPL
Vanguard FTSE Pacific ETF
7.97%-9.18%-12.00%-15.23%3.21%5.91%
IJR
iShares Core S&P Small-Cap ETF
14.35%-0.59%-7.38%-4.59%10.70%12.60%
VGK
Vanguard FTSE Europe ETF
9.59%-13.27%-15.59%-16.22%3.38%6.01%
IJS
iShares S&P SmallCap 600 Value ETF
13.51%0.64%-3.34%-1.31%9.84%11.98%
VTV
Vanguard Value ETF
8.29%-1.81%-1.93%2.78%10.86%12.36%
EEM
iShares MSCI Emerging Markets ETF
5.61%-16.32%-15.25%-19.70%1.29%2.25%

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 -0.25. 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.


-1.00-0.500.000.501.00MarchAprilMayJuneJulyAugust
-0.41
-0.20
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

Bill Bernstein Coward's PortfolioDividends

Bill Bernstein Coward's Portfolio granted a 1.56% dividend yield in the last twelve months.


PeriodTTM202120202019201820172016201520142013201220112010

Dividend yield

1.56%1.28%1.51%2.31%2.39%1.82%1.87%1.86%1.78%1.65%1.97%2.22%2.27%

Bill Bernstein Coward's PortfolioDrawdowns Chart

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


-20.00%-15.00%-10.00%-5.00%0.00%SeptemberOctoberNovemberDecember2022FebruaryMarchAprilMayJuneJulyAugust
-6.74%
-10.77%
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
-14.01%May 2, 2011108Oct 3, 201195Feb 17, 2012203
-13.71%Nov 9, 2021152Jun 16, 2022
-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 9.59%. 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%MarchAprilMayJuneJulyAugust
9.61%
16.68%
Bill Bernstein Coward's Portfolio
Benchmark (^GSPC)
Portfolio components

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