ALT Permanent Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
BIL SPDR Barclays 1-3 Month T-Bill ETF	Government Bonds	35%
FUND Sprott Focus Trust, Inc.	Financial Services	1%
GLD SPDR Gold Shares	Gold, Precious Metals	24%
HSGFX Hussman Strategic Growth Fund	Long-Short	11%
RZV Invesco S&P SmallCap 600® Pure Value ETF	Small Cap Value Equities	3%
SCHD Schwab U.S. Dividend Equity ETF	Dividend	19%
SPY State Street SPDR S&P 500 ETF	S&P 500	2%
XLP State Street Consumer Staples Select Sector SPDR ETF	Consumer Staples Equities	1%
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	Government Bonds	4%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in ALT Permanent 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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The earliest data available for this chart is Oct 20, 2011, corresponding to the inception date of SCHD

Returns By Period

As of Apr 1, 2026, the ALT Permanent Portfolio returned 5.64% Year-To-Date and 7.39% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	2.91%	-5.09%	-4.63%	-2.39%	16.33%	16.69%	10.18%	12.16%
Portfolio ALT Permanent Portfolio	1.15%	-3.44%	5.64%	8.93%	16.44%	12.13%	8.25%	7.39%
Portfolio components:
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	-0.61%	-6.35%	-0.37%	-3.49%	-6.32%	-8.90%	-11.00%	-3.82%
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.00%	0.29%	0.85%	1.84%	3.99%	4.70%	3.27%	2.12%
SPY State Street SPDR S&P 500 ETF	2.91%	-4.94%	-4.37%	-1.82%	17.59%	18.19%	11.69%	13.98%
GLD SPDR Gold Shares	3.79%	-11.05%	8.57%	21.05%	49.33%	32.92%	21.58%	13.92%
HSGFX Hussman Strategic Growth Fund	-0.17%	5.24%	5.80%	2.66%	0.49%	-1.32%	-0.64%	-1.69%
SCHD Schwab U.S. Dividend Equity ETF	0.66%	-2.61%	12.79%	14.49%	13.97%	12.05%	8.44%	12.31%
FUND Sprott Focus Trust, Inc.	1.38%	-3.56%	11.44%	18.95%	37.81%	13.40%	11.61%	12.70%
RZV Invesco S&P SmallCap 600® Pure Value ETF	2.13%	-4.23%	5.06%	6.20%	27.92%	12.71%	8.26%	9.39%
XLP State Street Consumer Staples Select Sector SPDR ETF	0.12%	-8.41%	6.13%	6.04%	3.16%	5.99%	6.59%	7.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Oct 21, 2011, ALT Permanent Portfolio's average daily return is +0.02%, while the average monthly return is +0.47%. At this rate, your investment would double in approximately 12.3 years.

Historically, 59% of months were positive and 41% were negative. The best month was Apr 2020 with a return of +5.4%, while the worst month was Mar 2026 at -3.4%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.

On a daily basis, ALT Permanent Portfolio closed higher 54% of trading days. The best single day was Mar 24, 2020 with a return of +2.9%, while the worst single day was Mar 12, 2020 at -2.8%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	4.87%	4.32%	-3.44%										5.64%
2025	2.42%	1.30%	2.81%	0.49%	0.26%	0.66%	-0.38%	3.09%	2.61%	0.18%	2.35%	0.57%	17.57%
2024	-0.50%	0.40%	3.41%	-0.53%	1.06%	-0.33%	3.26%	1.09%	1.89%	0.99%	0.56%	-2.06%	9.49%
2023	2.68%	-2.28%	1.76%	-0.08%	-1.70%	1.05%	1.64%	-0.69%	-2.45%	0.51%	2.64%	2.81%	5.84%
2022	-0.46%	1.14%	0.60%	-1.65%	-0.03%	-2.29%	0.20%	-1.47%	-2.81%	1.94%	4.44%	-0.13%	-0.74%
2021	0.33%	-0.50%	2.31%	1.13%	3.15%	-1.75%	0.47%	0.32%	-1.69%	1.07%	-0.31%	2.20%	6.81%

Benchmark Metrics

ALT Permanent Portfolio has an annualized alpha of 3.49%, beta of 0.17, and R² of 0.27 versus S&P 500 Index. Calculated based on daily prices since October 21, 2011.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (24.43%) than losses (13.92%) — typical of diversified or defensive assets.
Beta of 0.17 may look defensive, but with R² of 0.27 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 0.27 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 3.49%

Beta: 0.17

R²: 0.27

Upside Capture: 24.43%

Downside Capture: 13.92%

Expense Ratio

ALT Permanent Portfolio has an expense ratio of 0.30%, 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.

HSGFX

Hussman Strategic Growth Fund

GLD

SPDR Gold Shares

RZV

Invesco S&P SmallCap 600® Pure Value ETF

ZROZ

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

BIL

SPDR Barclays 1-3 Month T-Bill ETF

SPY

State Street SPDR S&P 500 ETF

XLP

State Street Consumer Staples Select Sector SPDR ETF

SCHD

Schwab U.S. Dividend Equity ETF

Return for Risk

Risk / Return Rank

ALT Permanent Portfolio ranks 88 for risk / return — in the top 88% 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.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	1.96	0.90	+1.06
Sortino ratio Return per unit of downside risk	2.74	1.39	+1.36
Omega ratio Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	2.98	1.40	+1.58
Martin ratio Return relative to average drawdown	11.89	6.61	+5.29
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
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	7	-0.33	-0.34	0.96	-0.30	-0.53
BIL SPDR Barclays 1-3 Month T-Bill ETF	100	19.52	254.04	180.28	365.54	4,104.04
SPY State Street SPDR S&P 500 ETF	64	0.93	1.45	1.22	1.53	7.30
GLD SPDR Gold Shares	87	1.79	2.21	1.33	2.68	9.90
HSGFX Hussman Strategic Growth Fund	7	0.09	0.25	1.03	0.14	0.22
SCHD Schwab U.S. Dividend Equity ETF	52	0.89	1.35	1.19	1.19	3.99
FUND Sprott Focus Trust, Inc.	89	1.96	2.56	1.39	2.77	12.39
RZV Invesco S&P SmallCap 600® Pure Value ETF	63	1.09	1.66	1.21	1.66	5.73
XLP State Street Consumer Staples Select Sector SPDR ETF	20	0.23	0.42	1.05	0.49	1.19

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

ALT Permanent Portfolio Sharpe ratios as of Apr 1, 2026 (values are recalculated daily):

1-Year: 1.96
5-Year: 1.34
10-Year: 1.28
All Time: 1.01

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.97 to 1.64, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of ALT Permanent Portfolio compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

ALT Permanent Portfolio provided a 2.65% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.65%	2.79%	3.13%	3.02%	1.51%	0.80%	0.95%	1.73%	1.63%	1.05%	0.86%	0.93%
Portfolio components:
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund	4.98%	4.96%	4.58%	3.52%	2.76%	1.60%	1.68%	2.22%	2.06%	2.53%	3.00%	2.98%
BIL SPDR Barclays 1-3 Month T-Bill ETF	4.01%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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%
HSGFX Hussman Strategic Growth Fund	2.20%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%
SCHD Schwab U.S. Dividend Equity ETF	3.44%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
FUND Sprott Focus Trust, Inc.	6.08%	6.65%	8.27%	6.22%	6.72%	8.79%	7.93%	6.30%	11.92%	6.59%	5.76%	7.59%
RZV Invesco S&P SmallCap 600® Pure Value ETF	1.51%	1.59%	1.14%	1.13%	1.43%	0.86%	0.63%	1.03%	2.03%	1.02%	0.46%	1.24%
XLP State Street Consumer Staples Select Sector SPDR ETF	2.65%	2.75%	2.77%	2.63%	2.47%	2.28%	2.50%	2.57%	3.04%	2.62%	2.53%	2.52%

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 ALT Permanent 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 ALT Permanent Portfolio was 9.25%, occurring on Sep 27, 2022. Recovery took 87 trading sessions.

The current ALT Permanent Portfolio drawdown is 3.74%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-9.25%	Mar 9, 2022	140	Sep 27, 2022	87	Feb 1, 2023	227
-8.55%	Feb 24, 2020	20	Mar 20, 2020	25	Apr 27, 2020	45
-7.53%	Jan 23, 2015	249	Jan 19, 2016	110	Jun 24, 2016	359
-5.82%	Mar 3, 2026	15	Mar 23, 2026	—	—	—
-5.49%	Oct 5, 2012	181	Jun 27, 2013	166	Feb 25, 2014	347

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 9 assets, with an effective number of assets of 4.32, 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

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	BIL	GLD	ZROZ	HSGFX	XLP	FUND	RZV	SCHD	SPY	Portfolio
Benchmark	1.00	0.00	0.04	-0.21	-0.71	0.59	0.68	0.71	0.83	1.00	0.44
BIL	0.00	1.00	0.03	-0.01	0.00	0.01	-0.02	-0.02	0.00	0.00	0.04
GLD	0.04	0.03	1.00	0.22	0.04	0.06	0.15	0.04	0.03	0.04	0.77
ZROZ	-0.21	-0.01	0.22	1.00	0.18	-0.06	-0.15	-0.22	-0.21	-0.21	0.18
HSGFX	-0.71	0.00	0.04	0.18	1.00	-0.36	-0.44	-0.42	-0.51	-0.71	-0.13
XLP	0.59	0.01	0.06	-0.06	-0.36	1.00	0.41	0.43	0.72	0.59	0.43
FUND	0.68	-0.02	0.15	-0.15	-0.44	0.41	1.00	0.71	0.67	0.68	0.49
RZV	0.71	-0.02	0.04	-0.22	-0.42	0.43	0.71	1.00	0.75	0.70	0.47
SCHD	0.83	0.00	0.03	-0.21	-0.51	0.72	0.67	0.75	1.00	0.83	0.54
SPY	1.00	0.00	0.04	-0.21	-0.71	0.59	0.68	0.70	0.83	1.00	0.44
Portfolio	0.44	0.04	0.77	0.18	-0.13	0.43	0.49	0.47	0.54	0.44	1.00

The correlation results are calculated based on daily price changes starting from Oct 21, 2011

ALT Permanent Portfolio

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table