PRPFX vs. ALLW

Last updated Jun 23, 2026

PRPFX (Permanent Portfolio Class I) and ALLW (State Street Bridgewater All Weather ETF) are both funds - PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio, while ALLW is a Tactical Allocation fund actively managed by State Street. Both are actively managed. Over the past year, PRPFX returned 18.88% vs 19.05% for ALLW. A 0.73 correlation means they provide meaningful diversification when combined. PRPFX charges 0.81%/yr vs 0.85%/yr for ALLW.

Performance

PRPFX vs. ALLW - Performance Comparison

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

Returns By Period

In the year-to-date period, PRPFX achieves a 3.39% return, which is significantly lower than ALLW's 7.06% return.

PRPFX

• 1D: -0.78%
• 1M: -2.48%
• YTD: 3.39%
• 6M: 2.62%
• 1Y: 18.88%
• 3Y*: 19.46%
• 5Y*: 11.52%
• 10Y*: 10.52%

ALLW

• 1D: -0.60%
• 1M: -1.40%
• YTD: 7.06%
• 6M: 6.75%
• 1Y: 19.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRPFX vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
PRPFX Permanent Portfolio Class I	3.39%	22.61%
ALLW State Street Bridgewater All Weather ETF	7.06%	15.44%

Correlation

The correlation between PRPFX and ALLW is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.73

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

Return for Risk

PRPFX vs. ALLW — Risk / Return Rank

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

PRPFX

PRPFX Risk / Return Rank: 29
PRPFX Sharpe Ratio Rank: 28
PRPFX Sortino Ratio Rank: 21
PRPFX Omega Ratio Rank: 34
PRPFX Calmar Ratio Rank: 37
PRPFX Martin Ratio Rank: 25

ALLW

ALLW Risk / Return Rank: 54
ALLW Sharpe Ratio Rank: 53
ALLW Sortino Ratio Rank: 49
ALLW Omega Ratio Rank: 52
ALLW Calmar Ratio Rank: 55
ALLW Martin Ratio Rank: 61

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.

PRPFX vs. ALLW - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PRPFX	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.74	-0.31
Sortino ratio: Return per unit of downside risk	1.79	2.34	-0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.19	2.64	-0.46
Martin ratio: Return relative to average drawdown	5.66	10.61	-4.95

PRPFX vs. ALLW - Sharpe Ratio Comparison

The current PRPFX Sharpe Ratio is 1.42, which is comparable to the ALLW Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of PRPFX and ALLW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRPFX vs. ALLW - Drawdown Comparison

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

Drawdown Indicators

	PRPFX	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-27.16%	-8.78%	-18.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-7.23%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-8.40%	—	—
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	-7.50%	-2.74%	-4.76%
Average Drawdown Average peak-to-trough decline	-3.52%	-1.25%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	1.80%	+1.44%

Volatility

PRPFX vs. ALLW - Volatility Comparison

Permanent Portfolio Class I (PRPFX) and State Street Bridgewater All Weather ETF (ALLW) have volatilities of 3.73% and 3.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRPFX	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.88%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	9.30%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	11.02%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	12.69%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.66%	12.69%	-2.03%

PRPFX vs. ALLW - Expense Ratio Comparison

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

Dividends

PRPFX vs. ALLW - Dividend Comparison

PRPFX's dividend yield for the trailing twelve months is around 3.16%, less than ALLW's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALLW State Street Bridgewater All Weather ETF	4.37%	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	3.16%	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 PRPFX and ALLW in my portfolio?

PRPFX and ALLW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRPFX or ALLW?

ALLW has higher volatility (3.88%) compared to PRPFX (3.73%). In terms of maximum drawdown, PRPFX dropped -27.16% vs ALLW's -8.78%.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.74 vs 1.42), 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.