Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
AQMIX AQR Managed Futures Strategy Fund | Systematic Trend | 25% |
GLD SPDR Gold Shares | Gold, Precious Metals | 25% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | Total Bond Market | 25% |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | Large Cap Blend Equities | 25% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Harry Browne Permanent Portfolio Plus, 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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The earliest data available for this chart is Jan 5, 2010, corresponding to the inception date of AQMIX
Returns By Period
As of Apr 2, 2026, the Harry Browne Permanent Portfolio Plus returned 3.77% Year-To-Date and 8.89% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.11% | -3.43% | -3.84% | -1.98% | 16.08% | 16.86% | 10.37% | 12.29% |
Portfolio Harry Browne Permanent Portfolio Plus | -0.50% | -2.84% | 3.77% | 8.20% | 22.38% | 16.94% | 11.62% | 8.89% |
| Portfolio components: | ||||||||
GLD SPDR Gold Shares | -1.92% | -8.27% | 8.35% | 21.03% | 49.02% | 32.51% | 21.53% | 13.97% |
AQMIX AQR Managed Futures Strategy Fund | 0.29% | 2.13% | 10.03% | 13.14% | 20.88% | 13.42% | 12.64% | 4.46% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.00% | -1.53% | -0.28% | 0.30% | 3.78% | 3.52% | 0.20% | 1.61% |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | 0.72% | -3.41% | -3.30% | -1.43% | 17.51% | 17.77% | 10.39% | 13.50% |
Monthly Returns
Based on dividend-adjusted daily data since Jan 6, 2010, Harry Browne Permanent Portfolio Plus's average daily return is +0.03%, while the average monthly return is +0.63%. At this rate, your investment would double in approximately 9.2 years.
Historically, 63% of months were positive and 37% were negative. The best month was Sep 2025 with a return of +5.5%, while the worst month was Sep 2011 at -5.0%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 5 months.
On a daily basis, Harry Browne Permanent Portfolio Plus closed higher 57% of trading days. The best single day was Apr 9, 2025 with a return of +2.9%, while the worst single day was Jan 30, 2026 at -3.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.66% | 3.45% | -4.35% | 0.20% | 3.77% | ||||||||
| 2025 | 2.69% | 1.25% | 1.21% | 1.05% | 1.25% | 1.88% | 0.51% | 2.44% | 5.49% | 1.94% | 1.54% | 0.99% | 24.55% |
| 2024 | -0.45% | 3.09% | 4.16% | -0.36% | 1.45% | 0.62% | 1.04% | 1.07% | 2.73% | -0.51% | 1.74% | -0.72% | 14.62% |
| 2023 | 3.27% | -1.61% | 1.78% | 1.16% | 0.62% | 1.06% | 0.90% | -0.24% | -1.99% | 1.13% | 3.05% | 2.32% | 11.89% |
| 2022 | -0.86% | 1.30% | 2.68% | -1.95% | -0.70% | -1.62% | 1.37% | -1.21% | -2.75% | 1.18% | 3.01% | -0.55% | -0.29% |
| 2021 | -1.10% | -0.43% | 0.36% | 2.48% | 2.40% | -1.80% | 0.62% | 0.40% | -1.55% | 3.01% | -1.83% | 1.87% | 4.36% |
Benchmark Metrics
Harry Browne Permanent Portfolio Plus has an annualized alpha of 4.71%, beta of 0.25, and R² of 0.39 versus S&P 500 Index. Calculated based on daily prices since January 06, 2010.
- This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (33.85%) than losses (19.40%) — typical of diversified or defensive assets.
- Beta of 0.25 may look defensive, but with R² of 0.39 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
- R² of 0.39 means the benchmark explains less than half of this portfolio's behavior — treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 4.71%
- Beta
- 0.25
- R²
- 0.39
- Upside Capture
- 33.85%
- Downside Capture
- 19.40%
Expense Ratio
Harry Browne Permanent Portfolio Plus has an expense ratio of 0.46%, placing it in the medium range. 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
Harry Browne Permanent Portfolio Plus ranks 90 for risk / return — in the top 90% of portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.17 | 0.88 | +1.28 |
Sortino ratioReturn per unit of downside risk | 2.84 | 1.37 | +1.47 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 3.36 | 1.39 | +1.97 |
Martin ratioReturn relative to average drawdown | 13.27 | 6.43 | +6.84 |
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.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 80 | 1.77 | 2.19 | 1.32 | 2.57 | 9.28 |
AQMIX AQR Managed Futures Strategy Fund | 92 | 2.16 | 2.72 | 1.40 | 3.91 | 11.49 |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 31 | 0.85 | 1.24 | 1.15 | 1.46 | 4.10 |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | 49 | 1.00 | 1.52 | 1.23 | 1.52 | 7.25 |
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Dividends
Dividend yield
Harry Browne Permanent Portfolio Plus provided a 1.69% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 1.69% | 1.72% | 2.10% | 3.21% | 4.23% | 2.46% | 2.26% | 1.89% | 1.12% | 1.04% | 1.10% | 2.80% |
| Portfolio components: | ||||||||||||
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
AQMIX AQR Managed Futures Strategy Fund | 2.05% | 2.26% | 3.83% | 8.39% | 12.76% | 6.94% | 5.31% | 3.13% | 0.00% | 0.00% | 0.02% | 6.51% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 3.62% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | 1.08% | 0.75% | 0.89% | 1.33% | 1.54% | 1.11% | 1.33% | 1.67% | 1.92% | 1.61% | 1.83% | 1.86% |
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 Harry Browne Permanent Portfolio Plus. 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 Harry Browne Permanent Portfolio Plus was 10.75%, occurring on Mar 19, 2020. Recovery took 43 trading sessions.
The current Harry Browne Permanent Portfolio Plus drawdown is 4.30%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -10.75% | Feb 24, 2020 | 19 | Mar 19, 2020 | 43 | May 20, 2020 | 62 |
| -8.53% | Jan 29, 2018 | 229 | Dec 24, 2018 | 120 | Jun 18, 2019 | 349 |
| -7.72% | Mar 28, 2022 | 140 | Oct 14, 2022 | 123 | Apr 13, 2023 | 263 |
| -6.73% | Apr 12, 2013 | 54 | Jun 27, 2013 | 144 | Jan 23, 2014 | 198 |
| -6.73% | Mar 3, 2026 | 18 | Mar 26, 2026 | — | — | — |
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 4 assets, with an effective number of assets of 4.00, 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
| Benchmark | AQMIX | VBTIX | GLD | VTSMX | Portfolio | |
|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.06 | -0.17 | 0.05 | 0.99 | 0.60 |
| AQMIX | 0.06 | 1.00 | -0.13 | 0.01 | 0.06 | 0.36 |
| VBTIX | -0.17 | -0.13 | 1.00 | 0.28 | -0.17 | 0.17 |
| GLD | 0.05 | 0.01 | 0.28 | 1.00 | 0.05 | 0.67 |
| VTSMX | 0.99 | 0.06 | -0.17 | 0.05 | 1.00 | 0.61 |
| Portfolio | 0.60 | 0.36 | 0.17 | 0.67 | 0.61 | 1.00 |