Roger Gibson Talmud Portfolio
Talmud Portfolio is a three-fund portfolio of stocks, REITs, and bonds. It was created in 1989 by Roger Gibson, a financial advisor and author of Asset Allocation: Balancing Financial Risk.
Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
BND Vanguard Total Bond Market ETF | Total Bond Market | 33.34% |
VNQ Vanguard Real Estate ETF | REIT | 33.33% |
VTI Vanguard Total Stock Market ETF | Large Cap Growth Equities | 33.33% |
Performance
Performance Chart
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The earliest data available for this chart is Apr 10, 2007, corresponding to the inception date of BND
Returns By Period
As of May 11, 2025, the Roger Gibson Talmud Portfolio returned -0.09% Year-To-Date and 6.56% of annualized return in the last 10 years.
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | -3.77% | 7.44% | -5.60% | 8.37% | 14.12% | 10.46% |
| Roger Gibson Talmud Portfolio | -0.09% | 5.53% | -3.12% | 9.25% | 7.63% | 6.56% |
| Portfolio components: | ||||||
VNQ Vanguard Real Estate ETF | 1.12% | 7.92% | -5.15% | 12.02% | 7.89% | 5.42% |
VTI Vanguard Total Stock Market ETF | -3.75% | 7.98% | -5.68% | 9.17% | 15.27% | 11.77% |
BND Vanguard Total Bond Market ETF | 2.21% | 0.98% | 1.19% | 5.53% | -0.78% | 1.51% |
Monthly Returns
The table below presents the monthly returns of Roger Gibson Talmud Portfolio, 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 | 1.76% | 1.32% | -2.79% | -0.93% | 0.62% | -0.09% | |||||||
| 2024 | -1.36% | 1.98% | 2.06% | -4.91% | 3.64% | 1.96% | 4.08% | 2.99% | 2.22% | -2.19% | 4.03% | -4.35% | 10.03% |
| 2023 | 6.88% | -3.68% | 1.07% | 0.66% | -1.57% | 4.05% | 1.86% | -2.00% | -4.84% | -2.60% | 8.65% | 6.17% | 14.50% |
| 2022 | -5.52% | -2.34% | 2.12% | -5.72% | -1.38% | -5.70% | 6.77% | -4.20% | -8.76% | 3.47% | 5.02% | -3.99% | -19.56% |
| 2021 | -0.39% | 1.69% | 2.59% | 4.58% | 0.48% | 2.04% | 2.44% | 1.61% | -3.76% | 4.61% | -1.14% | 4.38% | 20.50% |
| 2020 | 1.05% | -4.43% | -11.30% | 8.27% | 2.67% | 1.80% | 3.62% | 2.27% | -2.19% | -1.84% | 7.54% | 2.53% | 8.76% |
| 2019 | 7.17% | 1.42% | 2.54% | 1.25% | -1.57% | 3.25% | 1.09% | 1.47% | 1.05% | 1.18% | 0.83% | 1.20% | 22.73% |
| 2018 | -0.09% | -4.11% | 0.73% | 0.14% | 2.37% | 1.64% | 1.29% | 2.24% | -0.98% | -3.73% | 2.44% | -5.02% | -3.42% |
| 2017 | 0.61% | 2.61% | -0.81% | 0.70% | 0.33% | 1.07% | 1.17% | 0.25% | 0.62% | 0.36% | 1.87% | 0.53% | 9.69% |
| 2016 | -2.64% | 0.17% | 6.01% | -0.43% | 1.32% | 3.06% | 2.95% | -1.30% | -0.51% | -2.95% | 0.11% | 2.36% | 8.07% |
| 2015 | 2.16% | 0.11% | 0.37% | -1.85% | 0.18% | -2.44% | 2.78% | -4.25% | 0.38% | 4.59% | -0.13% | -0.16% | 1.46% |
| 2014 | 0.87% | 3.46% | 0.28% | 1.38% | 1.86% | 1.29% | -0.73% | 2.77% | -2.92% | 4.46% | 1.78% | 0.71% | 16.09% |
Expense Ratio
Roger Gibson Talmud Portfolio has an expense ratio of 0.06%, which is considered low. 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 Roger Gibson Talmud Portfolio is 67, indicating average performance compared to other portfolios on our website. Here’s 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 | |
|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 0.66 | 1.09 | 1.14 | 0.54 | 2.35 |
VTI Vanguard Total Stock Market ETF | 0.47 | 0.83 | 1.12 | 0.51 | 1.94 |
BND Vanguard Total Bond Market ETF | 1.00 | 1.45 | 1.17 | 0.42 | 2.54 |
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Dividends
Dividend yield
Roger Gibson Talmud Portfolio provided a 3.06% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.06% | 2.93% | 2.83% | 2.73% | 1.91% | 2.52% | 2.63% | 3.20% | 2.83% | 3.08% | 2.82% | 2.72% |
| Portfolio components: | ||||||||||||
VNQ Vanguard Real Estate ETF | 4.07% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% | 3.60% |
VTI Vanguard Total Stock Market ETF | 1.35% | 1.27% | 1.44% | 1.67% | 1.21% | 1.42% | 1.78% | 2.04% | 1.71% | 1.92% | 1.98% | 1.76% |
BND Vanguard Total Bond Market ETF | 3.75% | 3.67% | 3.09% | 2.60% | 1.97% | 2.22% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% | 2.79% |
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 Roger Gibson Talmud 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 Roger Gibson Talmud Portfolio was 44.88%, occurring on Mar 6, 2009. Recovery took 402 trading sessions.
The current Roger Gibson Talmud Portfolio drawdown is 4.44%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -44.88% | Oct 8, 2007 | 356 | Mar 6, 2009 | 402 | Oct 8, 2010 | 758 |
| -26.6% | Feb 21, 2020 | 22 | Mar 23, 2020 | 163 | Nov 11, 2020 | 185 |
| -24.61% | Dec 31, 2021 | 199 | Oct 14, 2022 | 462 | Aug 19, 2024 | 661 |
| -13.3% | Jul 25, 2011 | 50 | Oct 3, 2011 | 76 | Jan 23, 2012 | 126 |
| -11.86% | Dec 2, 2024 | 87 | Apr 8, 2025 | — | — | — |
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 3 assets, with an effective number of assets of 3.00, 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
| ^GSPC | BND | VNQ | VTI | Portfolio | |
|---|---|---|---|---|---|
| ^GSPC | 1.00 | -0.16 | 0.68 | 0.99 | 0.85 |
| BND | -0.16 | 1.00 | 0.03 | -0.16 | 0.05 |
| VNQ | 0.68 | 0.03 | 1.00 | 0.69 | 0.94 |
| VTI | 0.99 | -0.16 | 0.69 | 1.00 | 0.86 |
| Portfolio | 0.85 | 0.05 | 0.94 | 0.86 | 1.00 |
AI Insight on Diversification
The portfolio is moderately diversified but leans toward concentration in certain correlated assets. The very high correlation of 0.94 between the portfolio and VNQ indicates that the portfolio’s performance is heavily influenced by this real estate investment trust (REIT) component. Similarly, the portfolio shows a strong correlation of 0.86 with VTI, a broad U.S. stock market index, suggesting that equities also play a significant role in driving the portfolio’s returns.
On the other hand, BND, a bond index fund, exhibits very low correlations with both VNQ (0.03) and VTI (-0.16), which is beneficial for diversification as it provides a different risk-return profile compared to the equity and real estate holdings. The portfolio’s low correlation of 0.05 with BND further confirms that bonds contribute to reducing overall portfolio volatility.
However, the high correlation (0.69) between VNQ and VTI implies that the equity and real estate components move somewhat in tandem, which reduces diversification benefits within the equity portion of the portfolio. This clustering of correlated assets means the portfolio is somewhat concentrated in market-sensitive sectors.
In summary, while the inclusion of BND adds a diversification buffer, the portfolio is dominated by VNQ and VTI, which are highly correlated and thus limit the overall diversification. The portfolio is not fully concentrated but could benefit from additional assets with low or negative correlations to further enhance diversification and reduce risk.