Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
DIG ProShares Ultra Oil & Gas | Leveraged Equities, Leveraged | 7.50% |
SSO ProShares Ultra S&P500 | Leveraged Equities, S&P 500 | 30% |
UBT ProShares Ultra 20+ Year Treasury | Leveraged Bonds, Leveraged | 40% |
UGL ProShares Ultra Gold | Leveraged Commodities | 7.50% |
UST ProShares Ultra 7-10 Year Treasury | Leveraged Bonds, Leveraged | 15% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Ray Dalio All Weather Portfolio 2x Leveraged, 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 Feb 2, 2010, corresponding to the inception date of UST
Returns By Period
As of Apr 11, 2026, the Ray Dalio All Weather Portfolio 2x Leveraged returned 6.31% Year-To-Date and 8.77% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | -0.11% | 2.78% | -0.42% | 4.03% | 27.10% | 18.38% | 10.55% | 12.70% |
Portfolio Ray Dalio All Weather Portfolio 2x Leveraged | -0.30% | 1.94% | 6.31% | 7.60% | 32.32% | 10.59% | 3.34% | 8.77% |
| Portfolio components: | ||||||||
UBT ProShares Ultra 20+ Year Treasury | -0.18% | 0.52% | -0.51% | -6.90% | 1.99% | -12.54% | -17.03% | -7.75% |
DIG ProShares Ultra Oil & Gas | -1.48% | -2.20% | 59.35% | 74.91% | 100.76% | 14.64% | 34.43% | 5.61% |
UST ProShares Ultra 7-10 Year Treasury | -0.30% | -0.23% | -0.88% | -1.65% | 6.76% | -1.29% | -5.96% | -1.81% |
UGL ProShares Ultra Gold | -0.39% | -11.56% | 13.87% | 27.92% | 86.12% | 57.30% | 35.16% | 19.93% |
SSO ProShares Ultra S&P500 | -0.19% | 5.05% | -2.27% | 5.52% | 53.85% | 31.95% | 16.07% | 22.21% |
Monthly Returns
Based on dividend-adjusted daily data since Feb 3, 2010, Ray Dalio All Weather Portfolio 2x Leveraged's average daily return is +0.05%, while the average monthly return is +1.09%. At this rate, an investment would double in approximately 5.3 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2023 with a return of +14.5%, while the worst month was Sep 2022 at -15.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, Ray Dalio All Weather Portfolio 2x Leveraged closed higher 55% of trading days. The best single day was Nov 10, 2022 with a return of +7.7%, while the worst single day was Mar 10, 2020 at -7.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.26% | 6.66% | -6.48% | 2.23% | 6.31% | ||||||||
| 2025 | 2.72% | 4.70% | -2.13% | -3.78% | 0.25% | 6.07% | 0.14% | 2.60% | 6.48% | 2.51% | 1.37% | -2.38% | 19.50% |
| 2024 | -1.85% | 0.71% | 5.55% | -8.55% | 5.38% | 3.12% | 4.87% | 3.01% | 3.02% | -5.55% | 5.56% | -8.77% | 4.95% |
| 2023 | 11.54% | -8.48% | 7.68% | 1.36% | -4.76% | 3.70% | 0.82% | -4.13% | -10.23% | -6.63% | 14.45% | 11.01% | 13.27% |
| 2022 | -4.07% | -0.88% | -1.11% | -14.28% | 0.06% | -9.78% | 9.16% | -7.62% | -15.64% | 2.71% | 10.60% | -7.11% | -34.69% |
| 2021 | -3.99% | -0.62% | -0.86% | 5.90% | 2.43% | 4.38% | 4.14% | 0.96% | -5.23% | 7.73% | 0.87% | 1.15% | 17.30% |
Benchmark Metrics
Ray Dalio All Weather Portfolio 2x Leveraged has an annualized alpha of 7.90%, beta of 0.43, and R² of 0.21 versus S&P 500 Index. Calculated based on daily prices since February 03, 2010.
- This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (75.77%) than losses (64.33%) — typical of diversified or defensive assets.
- Beta of 0.43 may look defensive, but with R² of 0.21 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 0.21 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
- 7.90%
- Beta
- 0.43
- R²
- 0.21
- Upside Capture
- 75.77%
- Downside Capture
- 64.33%
Expense Ratio
Ray Dalio All Weather Portfolio 2x Leveraged has an expense ratio of 0.93%, 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
Ray Dalio All Weather Portfolio 2x Leveraged ranks 52 for risk / return — on par with similar portfolios. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.44 | 2.23 | +0.21 |
Sortino ratioReturn per unit of downside risk | 3.26 | 3.12 | +0.15 |
Omega ratioGain probability vs. loss probability | 1.43 | 1.42 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 4.16 | 4.05 | +0.11 |
Martin ratioReturn relative to average drawdown | 15.14 | 17.91 | -2.77 |
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 | |
|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 7 | 0.13 | 0.33 | 1.04 | -0.04 | -0.08 |
DIG ProShares Ultra Oil & Gas | 71 | 2.85 | 3.22 | 1.39 | 6.40 | 18.26 |
UST ProShares Ultra 7-10 Year Treasury | 13 | 0.57 | 0.87 | 1.10 | 0.63 | 1.59 |
UGL ProShares Ultra Gold | 36 | 1.72 | 2.06 | 1.31 | 3.14 | 9.95 |
SSO ProShares Ultra S&P500 | 59 | 2.25 | 2.91 | 1.39 | 4.17 | 17.59 |
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Dividends
Dividend yield
Ray Dalio All Weather Portfolio 2x Leveraged provided a 2.42% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.42% | 2.65% | 2.90% | 2.04% | 0.44% | 0.26% | 0.48% | 1.17% | 1.27% | 0.92% | 0.63% | 1.04% |
| Portfolio components: | ||||||||||||
UBT ProShares Ultra 20+ Year Treasury | 3.91% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
DIG ProShares Ultra Oil & Gas | 1.56% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
UST ProShares Ultra 7-10 Year Treasury | 3.42% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.75% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 Ray Dalio All Weather Portfolio 2x Leveraged. 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 Ray Dalio All Weather Portfolio 2x Leveraged was 42.91%, occurring on Oct 31, 2023. Recovery took 581 trading sessions.
The current Ray Dalio All Weather Portfolio 2x Leveraged drawdown is 4.39%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -42.91% | Nov 10, 2021 | 496 | Oct 31, 2023 | 581 | Feb 26, 2026 | 1077 |
| -24.71% | Mar 10, 2020 | 8 | Mar 19, 2020 | 27 | Apr 28, 2020 | 35 |
| -16.87% | Feb 3, 2015 | 156 | Sep 15, 2015 | 181 | Jun 3, 2016 | 337 |
| -14.62% | Jan 29, 2018 | 229 | Dec 24, 2018 | 59 | Mar 21, 2019 | 288 |
| -14.29% | Jul 11, 2016 | 102 | Dec 1, 2016 | 190 | Sep 5, 2017 | 292 |
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 5 assets, with an effective number of assets of 3.52, 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 | UGL | DIG | UST | UBT | SSO | Portfolio | |
|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.04 | 0.58 | -0.24 | -0.25 | 1.00 | 0.45 |
| UGL | 0.04 | 1.00 | 0.10 | 0.28 | 0.22 | 0.04 | 0.40 |
| DIG | 0.58 | 0.10 | 1.00 | -0.29 | -0.30 | 0.58 | 0.32 |
| UST | -0.24 | 0.28 | -0.29 | 1.00 | 0.89 | -0.24 | 0.58 |
| UBT | -0.25 | 0.22 | -0.30 | 0.89 | 1.00 | -0.25 | 0.62 |
| SSO | 1.00 | 0.04 | 0.58 | -0.24 | -0.25 | 1.00 | 0.45 |
| Portfolio | 0.45 | 0.40 | 0.32 | 0.58 | 0.62 | 0.45 | 1.00 |
AI Insight on Diversification
The portfolio is moderately diversified with a mix of positions exhibiting varying degrees of correlation. Notably, UST and UBT have a very high positive correlation of 0.89, indicating these two bond-related positions move closely together, which could reduce diversification benefits within the fixed income segment. Conversely, UGL (a leveraged gold ETF) shows very low correlation with SSO (leveraged S&P 500 ETF) at 0.04 and only modest correlations with DIG (energy sector ETF) and the bond positions, suggesting it provides a diversification benefit by behaving differently from equities and bonds.
SSO and DIG have a moderate positive correlation of 0.58, reflecting some overlap in equity market exposure, particularly in sectors sensitive to economic cycles, which slightly limits diversification on the equity side. The portfolio’s correlations with individual positions range from 0.32 (DIG) to 0.62 (UBT), indicating that no single position overwhelmingly dominates the portfolio’s overall behavior, although UBT has the highest influence.
Overall, the portfolio balances exposure across asset classes with some concentration in bond positions (UST and UBT) that are highly correlated. The presence of lowly correlated assets like UGL helps mitigate concentration risk, but the moderate correlations among equity positions suggest room for improvement in diversification within the equity sleeve. The portfolio is neither highly concentrated nor perfectly diversified but sits in a middle ground with a reasonable blend of correlated and uncorrelated assets.