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Harry Browne Permanent Portfolio

Last updated Dec 3, 2022

The permanent portfolio, proposed by Harry Browne in the 1980s, is intended to perform well in all economic conditions. It consists of equal allocation of stocks, bonds, gold, and cash or short-term T-bills.

Expense Ratio

Rank 43 of 54

Dividend Yield

Rank 46 of 54

10Y Annualized Return

Rank 51 of 54

Sharpe Ratio

Rank 48 of 54

Maximum Drawdown

Rank 6 of 54


Harry Browne Permanent PortfolioAsset Allocation

Harry Browne Permanent PortfolioPerformance

The chart shows the growth of $10,000 invested in Harry Browne Permanent Portfolio in Jan 2010 and compares it to the S&P 500 index or another benchmark. It would be worth nearly $20,630 for a total return of roughly 106.30%. All prices are adjusted for splits and dividends. The portfolio is rebalanced Quarterly

Harry Browne Permanent Portfolio
Benchmark (^GSPC)
Portfolio components

Harry Browne Permanent PortfolioReturns

As of Dec 3, 2022, the Harry Browne Permanent Portfolio returned -14.06% Year-To-Date and 4.96% of annualized return in the last 10 years.

Harry Browne Permanent Portfolio6.51%-3.18%-11.72%-10.56%4.73%4.13%
SPDR Gold Trust
iShares 20+ Year Treasury Bond ETF
Vanguard Total Stock Market ETF
iShares 1-3 Year Treasury Bond ETF

Harry Browne Permanent 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 Harry Browne Permanent Portfolio Sharpe ratio is -0.88. 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.

Harry Browne Permanent Portfolio
Benchmark (^GSPC)
Portfolio components

Harry Browne Permanent PortfolioDividends

Harry Browne Permanent Portfolio granted a 1.25% dividend yield in the last twelve months.


Dividend yield


Harry Browne Permanent PortfolioDrawdowns Chart

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

Harry Browne Permanent Portfolio
Benchmark (^GSPC)
Portfolio components

Harry Browne Permanent PortfolioWorst Drawdowns

The table below shows the maximum drawdowns of the Harry Browne Permanent 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 Harry Browne Permanent Portfolio is 19.44%, recorded on Oct 20, 2022. The portfolio has not recovered from it yet.



To Bottom


To Recover



-19.44%Nov 10, 2021238Oct 20, 2022
-11.14%Mar 9, 20208Mar 18, 202020Apr 16, 202028
-8.1%Oct 5, 2012180Jun 26, 2013180Mar 14, 2014360
-7.25%Jul 11, 2016112Dec 15, 2016158Aug 3, 2017270
-6.96%Jan 26, 2015246Jan 14, 201657Apr 7, 2016303
-5.65%Jan 6, 202142Mar 8, 202158May 28, 2021100
-4.97%Jan 29, 2018191Oct 29, 201871Feb 12, 2019262
-4.65%Aug 7, 202060Oct 30, 202044Jan 5, 2021104
-3.69%Sep 7, 201116Sep 28, 201122Oct 28, 201138
-3.57%Nov 8, 201127Dec 15, 201126Jan 25, 201253

Harry Browne Permanent PortfolioVolatility Chart

Current Harry Browne Permanent Portfolio volatility is 13.55%. 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.

Harry Browne Permanent Portfolio
Benchmark (^GSPC)
Portfolio components