Portfolios›Permanent Portfolio

Permanent Portfolio

Conservative

by Harry Browne

Four equal slices — stocks, bonds, gold, and cash — each designed to thrive in one of four economic states. The Permanent Portfolio prioritizes capital preservation and all-weather stability over max returns.

MAX DRAWDOWN

-15%

historical worst

RECOVERY

10 mo

from max drawdown

AVG CRISIS RETURN

-6%

across 7 events

Holdings Allocation

4 assets
VTIUS Stocks (VTI)
25%
TLTLong-Term Treasuries (TLT)
25%
GLDGold (GLD)
25%
SHVShort-Term Treasuries (SHV)
25%

Crisis Performance History

7 historical scenarios
Rate Hike Cycle 2022
-15%
2008 Global Financial Crisis
-8%
Black Monday 1987
-5%
Dot-com Bust
-3%
Bond Massacre 1994
-3%
EU Debt Crisis 2011
-3%
COVID-19 Crash
-2%

Returns = weighted portfolio peak-to-trough drawdown during each crisis period based on constituent ETF data.

PORTFOLIO STRESS TEST

Customize this portfolio

Adjust the Permanent Portfolio weights, add your own holdings, and stress test against 18+ crisis scenarios — including hypothetical tail-risk events like China-Taiwan invasion and SWIFT cyber attack.

Run Portfolio Stress Test →

MORE CONSERVATIVE PORTFOLIOS

All Weather Portfolio

Ray Dalio / Bridgewater

-22% worstConservative

Conservative Retirement Portfolio

Retirement Planning

-16% worstConservative

Historical data is educational only. Not financial advice. Past crisis returns do not predict future performance.