ALLW vs. PRPFX

Last updated Jun 8, 2026

ALLW (State Street Bridgewater All Weather ETF) and PRPFX (Permanent Portfolio Class I) are both funds - ALLW is a Tactical Allocation fund actively managed by State Street, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Both are actively managed. Over the past year, ALLW returned 20.47% vs 23.78% for PRPFX. A 0.73 correlation means they provide meaningful diversification when combined. ALLW charges 0.85%/yr vs 0.81%/yr for PRPFX.

Performance

ALLW vs. PRPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Bridgewater All Weather ETF (ALLW) and Permanent Portfolio Class I (PRPFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALLW achieves a 6.58% return, which is significantly lower than PRPFX's 7.00% return.

ALLW

• 1D: -2.43%
• 1M: -3.08%
• YTD: 6.58%
• 6M: 6.23%
• 1Y: 20.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRPFX

• 1D: 0.24%
• 1M: 0.05%
• YTD: 7.00%
• 6M: 9.07%
• 1Y: 23.78%
• 3Y*: 21.60%
• 5Y*: 11.62%
• 10Y*: 11.04%

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

ALLW vs. PRPFX - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW State Street Bridgewater All Weather ETF	6.58%	15.04%
PRPFX Permanent Portfolio Class I	7.00%	23.79%

Correlation

The correlation between ALLW and PRPFX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.73

The correlation between ALLW and PRPFX has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

ALLW vs. PRPFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALLW

ALLW Risk / Return Rank: 58
ALLW Sharpe Ratio Rank: 57
ALLW Sortino Ratio Rank: 53
ALLW Omega Ratio Rank: 57
ALLW Calmar Ratio Rank: 57
ALLW Martin Ratio Rank: 65

PRPFX

PRPFX Risk / Return Rank: 47
PRPFX Sharpe Ratio Rank: 46
PRPFX Sortino Ratio Rank: 34
PRPFX Omega Ratio Rank: 54
PRPFX Calmar Ratio Rank: 62
PRPFX Martin Ratio Rank: 38

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.

ALLW vs. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Bridgewater All Weather ETF (ALLW) and Permanent Portfolio Class I (PRPFX). 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.

	ALLW	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.90	-0.03
Sortino ratio: Return per unit of downside risk	2.49	2.33	+0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	2.77	2.91	-0.14
Martin ratio: Return relative to average drawdown	11.70	8.05	+3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALLW vs. PRPFX - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 1.87, which is comparable to the PRPFX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ALLW and PRPFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ALLW	PRPFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.90	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.80	+0.60

Drawdowns

ALLW vs. PRPFX - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for ALLW and PRPFX.

Drawdown Indicators

	ALLW	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-27.16%	+18.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-8.10%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.84%	—
Current Drawdown Current decline from peak	-3.17%	-4.28%	+1.11%
Average Drawdown Average peak-to-trough decline	-1.20%	-3.52%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.93%	-1.22%

Volatility

ALLW vs. PRPFX - Volatility Comparison

State Street Bridgewater All Weather ETF (ALLW) has a higher volatility of 3.99% compared to Permanent Portfolio Class I (PRPFX) at 2.64%. This indicates that ALLW's price experiences larger fluctuations and is considered to be riskier than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALLW	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	2.64%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	11.21%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	12.45%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	11.05%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.70%	10.61%	+2.09%

ALLW vs. PRPFX - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is higher than PRPFX's 0.81% expense ratio.

Dividends

ALLW vs. PRPFX - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.39%, more than PRPFX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALLW State Street Bridgewater All Weather ETF	4.39%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRPFX Permanent Portfolio Class I	3.05%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%

Frequently Asked Questions

Can I hold both ALLW and PRPFX in my portfolio?

ALLW and PRPFX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALLW or PRPFX?

ALLW has higher volatility (3.99%) compared to PRPFX (2.64%). In terms of maximum drawdown, ALLW dropped -8.78% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

PRPFX currently has the higher Sharpe Ratio (1.90 vs 1.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.