Bob Clyatt Sandwich Portfolio
The Bob Clyatt Sandwich Portfolio is a diversified investment strategy that allocates assets across various ETFs, including domestic and international equities, real estate, and fixed income. This portfolio emphasizes safety and income generation with a significant 45% allocation to bonds (IEI and BIL), while equities, both large-cap (VV and VEU) and small-cap (SCZ and IJR), and emerging markets (EEM), provide the potential for capital growth. In addition, including real estate (VNQ) adds diversification and an alternative source of income. This portfolio suits conservative investors seeking a balance between stability, revenue, and modest growth potential.
Asset Allocation
Performance
Performance Chart
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The earliest data available for this chart is Dec 12, 2007, corresponding to the inception date of SCZ
Returns By Period
As of May 31, 2025, the Bob Clyatt Sandwich Portfolio returned 4.09% Year-To-Date and 5.64% of annualized return in the last 10 years.
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | 0.51% | 6.15% | -2.00% | 12.92% | 14.19% | 10.85% |
| Bob Clyatt Sandwich Portfolio | 4.09% | 2.61% | 1.50% | 9.70% | 6.39% | 5.64% |
| Portfolio components: | ||||||
VV Vanguard Large-Cap ETF | 1.11% | 6.46% | -1.36% | 14.82% | 15.76% | 12.75% |
EEM iShares MSCI Emerging Markets ETF | 8.85% | 4.02% | 7.00% | 10.45% | 6.11% | 3.28% |
VNQ Vanguard Real Estate ETF | 1.30% | 1.12% | -7.18% | 13.84% | 6.90% | 5.35% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.43% | -0.73% | 2.60% | 6.84% | -0.59% | 1.36% |
SCZ iShares MSCI EAFE Small-Cap ETF | 16.26% | 6.21% | 12.58% | 14.10% | 8.66% | 5.67% |
VEU Vanguard FTSE All-World ex-US ETF | 13.97% | 4.64% | 11.01% | 13.63% | 10.58% | 5.68% |
IJR iShares Core S&P Small-Cap ETF | -8.27% | 5.23% | -15.69% | -0.80% | 11.49% | 7.58% |
BIL SPDR Barclays 1-3 Month T-Bill ETF | 1.72% | 0.36% | 2.13% | 4.73% | 2.61% | 1.79% |
Monthly Returns
The table below presents the monthly returns of Bob Clyatt Sandwich Portfolio, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 1.76% | 0.39% | -1.29% | 0.60% | 2.61% | 4.09% | |||||||
| 2024 | -0.69% | 1.44% | 1.87% | -2.84% | 3.05% | 0.86% | 3.12% | 1.52% | 1.84% | -2.48% | 2.53% | -2.49% | 7.73% |
| 2023 | 5.33% | -2.83% | 1.78% | 0.64% | -1.34% | 2.62% | 2.26% | -1.87% | -3.15% | -2.14% | 6.08% | 4.62% | 12.02% |
| 2022 | -3.54% | -1.57% | -0.59% | -4.94% | 0.35% | -4.68% | 4.60% | -3.47% | -6.86% | 3.05% | 5.57% | -2.64% | -14.52% |
| 2021 | 0.39% | 1.37% | 1.34% | 2.42% | 0.94% | 0.51% | 0.61% | 1.21% | -2.61% | 2.18% | -1.48% | 2.22% | 9.35% |
| 2020 | -0.41% | -3.41% | -7.30% | 5.90% | 2.98% | 1.80% | 2.89% | 2.99% | -1.49% | -1.01% | 6.81% | 3.32% | 12.89% |
| 2019 | 5.16% | 1.22% | 1.11% | 1.74% | -2.63% | 3.53% | 0.01% | -0.21% | 1.06% | 1.65% | 1.08% | 1.97% | 16.63% |
| 2018 | 1.99% | -2.68% | 0.07% | -0.19% | 1.13% | -0.16% | 1.41% | 0.97% | -0.62% | -4.32% | 1.45% | -3.37% | -4.46% |
| 2017 | 1.48% | 1.60% | 0.61% | 1.23% | 0.94% | 0.48% | 1.61% | 0.42% | 1.09% | 0.90% | 0.98% | 0.83% | 12.86% |
| 2016 | -2.10% | -0.07% | 4.56% | 0.28% | 0.40% | 0.94% | 2.50% | -0.21% | 0.67% | -1.70% | 0.09% | 1.24% | 6.63% |
| 2015 | 0.40% | 2.13% | -0.04% | 0.75% | 0.18% | -1.24% | 0.60% | -3.41% | -0.79% | 3.54% | -0.07% | -1.17% | 0.71% |
| 2014 | -1.37% | 2.73% | 0.08% | 0.35% | 1.37% | 1.22% | -1.25% | 1.90% | -2.54% | 2.01% | 0.68% | -0.42% | 4.74% |
Expense Ratio
Bob Clyatt Sandwich Portfolio has an expense ratio of 0.17%, 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.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of Bob Clyatt Sandwich Portfolio is 74, indicating average performance compared to other portfolios on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
VV Vanguard Large-Cap ETF | 0.74 | 1.04 | 1.15 | 0.69 | 2.62 |
EEM iShares MSCI Emerging Markets ETF | 0.55 | 0.77 | 1.10 | 0.31 | 1.40 |
VNQ Vanguard Real Estate ETF | 0.77 | 1.17 | 1.15 | 0.60 | 2.46 |
IEI iShares 3-7 Year Treasury Bond ETF | 1.68 | 2.53 | 1.31 | 0.70 | 4.14 |
SCZ iShares MSCI EAFE Small-Cap ETF | 0.84 | 1.23 | 1.17 | 0.70 | 2.70 |
VEU Vanguard FTSE All-World ex-US ETF | 0.82 | 1.15 | 1.15 | 0.91 | 2.88 |
IJR iShares Core S&P Small-Cap ETF | -0.03 | 0.13 | 1.02 | -0.03 | -0.08 |
BIL SPDR Barclays 1-3 Month T-Bill ETF | 20.88 | 301.00 | 208.79 | 435.17 | 4,890.74 |
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Dividends
Dividend yield
Bob Clyatt Sandwich Portfolio provided a 2.75% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.75% | 2.80% | 2.40% | 1.79% | 1.39% | 1.41% | 2.26% | 2.26% | 1.82% | 1.85% | 1.81% | 1.74% |
| Portfolio components: | ||||||||||||
VV Vanguard Large-Cap ETF | 1.25% | 1.24% | 1.41% | 1.66% | 1.19% | 1.46% | 1.81% | 2.09% | 1.75% | 1.98% | 1.96% | 1.77% |
EEM iShares MSCI Emerging Markets ETF | 2.23% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% | 2.23% |
VNQ Vanguard Real Estate ETF | 4.07% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% | 3.60% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.23% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% | 1.23% |
SCZ iShares MSCI EAFE Small-Cap ETF | 3.01% | 3.50% | 2.95% | 1.99% | 2.96% | 1.52% | 3.51% | 2.79% | 2.38% | 2.82% | 2.06% | 2.61% |
VEU Vanguard FTSE All-World ex-US ETF | 2.82% | 3.24% | 3.32% | 3.12% | 3.07% | 2.00% | 3.10% | 3.27% | 2.66% | 2.96% | 2.95% | 3.52% |
IJR iShares Core S&P Small-Cap ETF | 2.24% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.21% | 1.48% | 1.23% |
BIL SPDR Barclays 1-3 Month T-Bill ETF | 4.68% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% | 0.00% |
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 Bob Clyatt Sandwich 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 Bob Clyatt Sandwich Portfolio was 32.62%, occurring on Mar 9, 2009. Recovery took 274 trading sessions.
The current Bob Clyatt Sandwich Portfolio drawdown is 0.14%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -32.62% | May 20, 2008 | 202 | Mar 9, 2009 | 274 | Apr 9, 2010 | 476 |
| -20.47% | Nov 8, 2021 | 236 | Oct 14, 2022 | 434 | Jul 10, 2024 | 670 |
| -18.13% | Feb 13, 2020 | 27 | Mar 23, 2020 | 53 | Jun 8, 2020 | 80 |
| -11.3% | Jul 8, 2011 | 61 | Oct 3, 2011 | 83 | Feb 1, 2012 | 144 |
| -9.81% | Jan 29, 2018 | 229 | Dec 24, 2018 | 59 | Mar 21, 2019 | 288 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 8 assets, with an effective number of assets of 4.24, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| ^GSPC | BIL | IEI | VNQ | EEM | SCZ | IJR | VEU | VV | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|---|
| ^GSPC | 1.00 | -0.02 | -0.27 | 0.67 | 0.75 | 0.77 | 0.84 | 0.83 | 1.00 | 0.92 |
| BIL | -0.02 | 1.00 | 0.03 | -0.02 | -0.02 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 |
| IEI | -0.27 | 0.03 | 1.00 | -0.06 | -0.21 | -0.16 | -0.26 | -0.21 | -0.26 | -0.08 |
| VNQ | 0.67 | -0.02 | -0.06 | 1.00 | 0.52 | 0.57 | 0.68 | 0.58 | 0.67 | 0.74 |
| EEM | 0.75 | -0.02 | -0.21 | 0.52 | 1.00 | 0.77 | 0.66 | 0.89 | 0.75 | 0.83 |
| SCZ | 0.77 | -0.02 | -0.16 | 0.57 | 0.77 | 1.00 | 0.70 | 0.91 | 0.77 | 0.88 |
| IJR | 0.84 | -0.03 | -0.26 | 0.68 | 0.66 | 0.70 | 1.00 | 0.74 | 0.84 | 0.86 |
| VEU | 0.83 | -0.02 | -0.21 | 0.58 | 0.89 | 0.91 | 0.74 | 1.00 | 0.83 | 0.91 |
| VV | 1.00 | -0.02 | -0.26 | 0.67 | 0.75 | 0.77 | 0.84 | 0.83 | 1.00 | 0.92 |
| Portfolio | 0.92 | -0.02 | -0.08 | 0.74 | 0.83 | 0.88 | 0.86 | 0.91 | 0.92 | 1.00 |
AI Insight on Diversification
The portfolio is moderately diversified but exhibits notable concentrations in correlated equity positions. The correlation matrix reveals that many equity holdings—such as IJR (small-cap US stocks), SCZ (developed international stocks), VV (total US stock market), and VEU (total international stocks excluding the US)—have very high correlations with each other, ranging from approximately 0.74 to 0.92. This high inter-correlation among equity positions suggests these assets tend to move in tandem, which limits the diversification benefits within the equity sleeve of the portfolio.
VNQ (real estate) shows moderately high correlations with these equity positions (around 0.57 to 0.68), indicating some overlap in market sensitivity, though it still offers a slightly different risk exposure compared to pure equities. EEM (emerging markets) has somewhat lower correlations with US-focused equities but remains strongly correlated with other international equity positions (up to 0.89 with VEU), so its diversification benefit is moderate.
On the fixed income side, BIL (short-term Treasury bills) and IEI (intermediate Treasury bonds) have very low or slightly negative correlations with the equity positions (mostly near zero or negative), which helps reduce overall portfolio volatility and provides a diversification buffer. However, the correlation between BIL and IEI themselves is very low (0.03), indicating these two fixed income positions behave quite differently, which can be beneficial for fixed income diversification.
The portfolio's correlation with individual equity positions is very high, especially with VV (0.92), VEU (0.91), and SCZ (0.88), suggesting these holdings heavily influence the portfolio's overall behavior. This dominance implies that the portfolio's performance is largely driven by broad equity market movements, particularly US and international stocks.
In summary, while the inclusion of fixed income assets like BIL and IEI adds valuable diversification, the portfolio remains concentrated in highly correlated equity positions. This concentration reduces the effectiveness of diversification within the equity allocation and makes the portfolio more sensitive to equity market swings. To enhance diversification, the portfolio could consider increasing allocations to assets with lower correlations to the core equity holdings or alternative asset classes.