Ray Dalio All Weather Portfolio 2x Leveraged
This is a 2x leveraged version of the popular Ray Dalio's All Weather Portfolio.
Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
DIG ProShares Ultra Oil & Gas | Leveraged Equities, Leveraged | 7.50% |
SSO ProShares Ultra S&P 500 | Leveraged Equities, Leveraged | 30% |
UBT ProShares Ultra 20+ Year Treasury | Leveraged Bonds, Leveraged | 40% |
UGL ProShares Ultra Gold | Leveraged Commodities, Leveraged, Gold | 7.50% |
UST ProShares Ultra 7-10 Year Treasury | Leveraged Bonds, Leveraged | 15% |
Performance
Performance Chart
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The earliest data available for this chart is Jan 22, 2010, corresponding to the inception date of UST
Returns By Period
As of Jun 1, 2025, the Ray Dalio All Weather Portfolio 2x Leveraged returned 1.53% Year-To-Date and 7.17% of annualized return in the last 10 years.
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | 0.51% | 5.49% | -2.00% | 12.02% | 14.19% | 10.85% |
| Ray Dalio All Weather Portfolio 2x Leveraged | 1.53% | 0.79% | -7.37% | 5.97% | 0.73% | 7.17% |
| Portfolio components: | ||||||
UBT ProShares Ultra 20+ Year Treasury | -2.80% | -6.00% | -14.86% | -8.29% | -23.24% | -6.27% |
DIG ProShares Ultra Oil & Gas | -14.13% | 1.18% | -30.18% | -28.30% | 27.90% | -5.39% |
UST ProShares Ultra 7-10 Year Treasury | 3.95% | -2.24% | -0.02% | 6.07% | -9.35% | -1.23% |
UGL ProShares Ultra Gold | 48.12% | 2.99% | 43.45% | 78.01% | 17.72% | 13.64% |
SSO ProShares Ultra S&P 500 | -3.54% | 10.59% | -8.77% | 15.68% | 24.52% | 18.68% |
Monthly Returns
The table below presents the monthly returns of Ray Dalio All Weather Portfolio 2x Leveraged, 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 | 2.72% | 4.70% | -2.13% | -3.78% | 0.25% | 1.53% | |||||||
| 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% | 11.00% | 13.26% |
| 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% |
| 2020 | 6.13% | 0.68% | -3.86% | 14.26% | 2.03% | 0.69% | 7.92% | -0.10% | -4.81% | -5.55% | 11.32% | 3.27% | 34.36% |
| 2019 | 7.06% | 0.97% | 5.89% | 0.30% | 0.58% | 7.28% | 0.46% | 8.81% | -2.13% | 0.15% | 1.15% | 0.30% | 34.66% |
| 2018 | 0.89% | -7.30% | 0.97% | -0.82% | 3.31% | 0.28% | 0.53% | 2.25% | -2.07% | -8.26% | 2.23% | 0.26% | -8.17% |
| 2017 | 1.83% | 3.94% | -0.83% | 1.75% | 1.86% | 0.39% | 1.27% | 2.92% | -0.38% | 0.97% | 2.45% | 3.23% | 21.08% |
| 2016 | 2.96% | 4.39% | 4.53% | 1.30% | 0.22% | 8.16% | 3.99% | -1.60% | -0.58% | -6.32% | -4.90% | 1.09% | 13.03% |
| 2015 | 8.14% | -3.75% | -0.63% | -1.43% | -2.09% | -5.83% | 3.16% | -4.52% | -0.49% | 6.73% | -1.51% | -3.97% | -6.98% |
| 2014 | 3.41% | 4.66% | 0.67% | 3.08% | 3.76% | 2.71% | -1.50% | 6.91% | -4.71% | 2.98% | 3.21% | 2.63% | 31.01% |
Expense Ratio
Ray Dalio All Weather Portfolio 2x Leveraged has a high expense ratio of 0.94%, indicating above-average management fees. 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 Ray Dalio All Weather Portfolio 2x Leveraged is 12, meaning it’s performing worse than 88% of other portfolios on our website when it comes to balancing risk and reward. Below is 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 | |
|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -0.25 | -0.18 | 0.98 | -0.10 | -0.43 |
DIG ProShares Ultra Oil & Gas | -0.49 | -0.47 | 0.93 | -0.39 | -1.59 |
UST ProShares Ultra 7-10 Year Treasury | 0.48 | 0.76 | 1.09 | 0.15 | 0.89 |
UGL ProShares Ultra Gold | 2.10 | 2.54 | 1.32 | 1.91 | 11.62 |
SSO ProShares Ultra S&P 500 | 0.46 | 0.78 | 1.11 | 0.41 | 1.40 |
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Dividends
Dividend yield
Ray Dalio All Weather Portfolio 2x Leveraged provided a 2.93% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.93% | 2.90% | 2.04% | 0.44% | 0.26% | 0.48% | 1.17% | 1.27% | 0.92% | 0.74% | 1.04% | 1.21% |
| Portfolio components: | ||||||||||||
UBT ProShares Ultra 20+ Year Treasury | 4.59% | 4.50% | 3.53% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 1.04% | 1.56% | 0.79% |
DIG ProShares Ultra Oil & Gas | 3.74% | 3.13% | 0.61% | 1.33% | 2.24% | 3.19% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% | 0.87% |
UST ProShares Ultra 7-10 Year Treasury | 3.70% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% | 4.91% |
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&P 500 | 0.87% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% | 0.32% |
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. The portfolio has not yet recovered.
The current Ray Dalio All Weather Portfolio 2x Leveraged drawdown is 22.72%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -42.91% | Nov 10, 2021 | 496 | Oct 31, 2023 | — | — | — |
| -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
| ^GSPC | UGL | DIG | UST | UBT | SSO | Portfolio | |
|---|---|---|---|---|---|---|---|
| ^GSPC | 1.00 | 0.03 | 0.61 | -0.26 | -0.27 | 1.00 | 0.45 |
| UGL | 0.03 | 1.00 | 0.10 | 0.29 | 0.23 | 0.03 | 0.40 |
| DIG | 0.61 | 0.10 | 1.00 | -0.29 | -0.31 | 0.61 | 0.33 |
| UST | -0.26 | 0.29 | -0.29 | 1.00 | 0.89 | -0.26 | 0.57 |
| UBT | -0.27 | 0.23 | -0.31 | 0.89 | 1.00 | -0.27 | 0.62 |
| SSO | 1.00 | 0.03 | 0.61 | -0.26 | -0.27 | 1.00 | 0.45 |
| Portfolio | 0.45 | 0.40 | 0.33 | 0.57 | 0.62 | 0.45 | 1.00 |
AI Insight on Diversification
The portfolio is moderately diversified with a mix of positions showing varying degrees of correlation. The highest correlations are observed between UST and UBT (0.89), indicating these two bond-related positions move very closely together, which could reduce diversification benefits within the fixed income portion of the portfolio. Similarly, SSO and DIG have a relatively strong positive correlation of 0.61, suggesting some overlap in equity exposure, potentially limiting diversification on the equity side.
Conversely, UGL exhibits very low correlations with SSO (0.03) and only modest correlations with DIG (0.10) and the bond positions, which enhances diversification by providing exposure to assets that behave differently from the others. This low correlation helps reduce overall portfolio risk.
Looking at the portfolio’s correlation with individual positions, UBT (0.62) and UST (0.57) have the strongest correlations, indicating these bond positions have a significant influence on the portfolio’s overall behavior. The equity positions, SSO (0.45) and DIG (0.33), also contribute meaningfully but to a lesser extent. UGL has the lowest correlation with the portfolio (0.40), reinforcing its role as a diversifier.
No single position overwhelmingly dominates the portfolio, but the relatively higher correlations of UBT and UST with the portfolio suggest the fixed income segment plays a prominent role in shaping portfolio returns. The presence of both highly correlated bond positions and less correlated equity and commodity positions points to a balanced approach, though the strong bond correlation may slightly concentrate risk in that asset class.
Overall, the portfolio achieves a reasonable level of diversification by combining assets with different correlation profiles, but the close relationship between UST and UBT indicates some concentration risk within the fixed income allocation that could be addressed for improved diversification.