Bill Bernstein Sheltered Sam 60/40 Portfolio vs Roger Gibson Talmud Portfolio Portfolio Comparison

Simulation Settings
Period: January 1985 - January 2025 (~40 years)
Consolidated Returns as of 31 January 2025
Rebalancing: at every Jan 1st
Currency: USD
Inflation: US
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Results
30 Years
All (since January 1985)
Inflation Adjusted:
Bill Bernstein Sheltered Sam 60/40 Portfolio
1.00$
Initial Capital
February 1995
9.28$
Final Capital
January 2025
7.71%
Yearly Return
9.27%
Std Deviation
-34.12%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
February 1995
4.40$
Final Capital
January 2025
5.06%
Yearly Return
9.27%
Std Deviation
-35.21%
Max Drawdown
42months
Recovery Period
1.00$
Initial Capital
January 1985
32.08$
Final Capital
January 2025
9.04%
Yearly Return
9.29%
Std Deviation
-34.12%
Max Drawdown
38months
Recovery Period
1.00$
Initial Capital
January 1985
10.65$
Final Capital
January 2025
6.08%
Yearly Return
9.29%
Std Deviation
-35.21%
Max Drawdown
42months
Recovery Period
Roger Gibson Talmud Portfolio
1.00$
Initial Capital
February 1995
12.32$
Final Capital
January 2025
8.73%
Yearly Return
10.92%
Std Deviation
-40.17%
Max Drawdown
41months
Recovery Period
1.00$
Initial Capital
February 1995
5.84$
Final Capital
January 2025
6.06%
Yearly Return
10.92%
Std Deviation
-42.21%
Max Drawdown
49months
Recovery Period
1.00$
Initial Capital
January 1985
34.70$
Final Capital
January 2025
9.25%
Yearly Return
10.52%
Std Deviation
-40.17%
Max Drawdown
41months
Recovery Period
1.00$
Initial Capital
January 1985
11.52$
Final Capital
January 2025
6.29%
Yearly Return
10.52%
Std Deviation
-42.21%
Max Drawdown
49months
Recovery Period

As of January 2025, in the previous 30 Years, the Bill Bernstein Sheltered Sam 60/40 Portfolio obtained a 7.71% compound annual return, with a 9.27% standard deviation. It suffered a maximum drawdown of -34.12% that required 38 months to be recovered.

As of January 2025, in the previous 30 Years, the Roger Gibson Talmud Portfolio obtained a 8.73% compound annual return, with a 10.92% standard deviation. It suffered a maximum drawdown of -40.17% that required 41 months to be recovered.

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Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Bill Bernstein Sheltered Sam 60/40 Portfolio
Weight
(%)		 ETF
Ticker		 Name
15.00
VTV
Vanguard Value
12.00
VV
Vanguard Large-Cap
9.00
IJS
iShares S&P Small-Cap 600 Value
6.00
VNQ
Vanguard Real Estate
4.20
EFV
iShares MSCI EAFE Value
3.00
EEM
iShares MSCI Emerging Markets
3.00
IJR
iShares Core S&P Small-Cap
3.00
VGK
Vanguard FTSE Europe
3.00
VPL
Vanguard FTSE Pacific
24.00
SHY
iShares 1-3 Year Treasury Bond
16.00
TIP
iShares TIPS Bond
1.80
GLTR
Aberdeen Standard Physical Precious Metals Basket Shares
Roger Gibson Talmud Portfolio
Weight
(%)		 ETF
Ticker		 Name
33.34
VTI
Vanguard Total Stock Market
33.33
VNQ
Vanguard Real Estate
33.33
BND
Vanguard Total Bond Market
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Portfolio Returns as of Jan 31, 2025

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • rebalancing: at every Jan 1st.
  • dividend reinvestment, when applicable.
RETURN COMPARISON
Period: 1 January 1985 - 31 January 2025 (~40 years)
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Return (%) as of Jan 31, 2025
YTD
(1M) 		1M 6M 1Y 5Y 10Y 30Y MAX
(~40Y)
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_bernstein.webp Sheltered Sam 60/40
Bill Bernstein 		2.31 2.31 3.49 12.07 6.47 6.18 7.71 9.04
//www.lazyportfolioetf.com/wp-content/themes/dynamico-child/img/author/avatar_roger_gibson.webp Talmud Portfolio
Roger Gibson 		1.76 1.76 4.31 13.49 5.97 6.48 8.73 9.25
Return over 1 year are annualized.
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Capital Growth as of Jan 31, 2025

Bill Bernstein Sheltered Sam 60/40 Portfolio: an investment of 1$, since February 1995, now would be worth 9.28$, with a total return of 827.77% (7.71% annualized).

Roger Gibson Talmud Portfolio: an investment of 1$, since February 1995, now would be worth 12.32$, with a total return of 1132.05% (8.73% annualized).


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Bill Bernstein Sheltered Sam 60/40 Portfolio: an investment of 1$, since January 1985, now would be worth 32.08$, with a total return of 3108.25% (9.04% annualized).

Roger Gibson Talmud Portfolio: an investment of 1$, since January 1985, now would be worth 34.70$, with a total return of 3369.73% (9.25% annualized).


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Portfolio Metrics as of Jan 31, 2025

The following metrics, updated as of 31 January 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON
Period: 1 February 2024 - 31 January 2025 (1 year)
Period: 1 February 2020 - 31 January 2025 (5 years)
Period: 1 February 2015 - 31 January 2025 (10 years)
Period: 1 February 1995 - 31 January 2025 (30 years)
Period: 1 January 1985 - 31 January 2025 (~40 years)
Swipe left to see all data
Sheltered Sam 60/40 Talmud Portfolio
Author Bill Bernstein Roger Gibson
ASSET ALLOCATION
Stocks 58.2% 66.67%
Fixed Income 40% 33.33%
Commodities 1.8% 0%
PERFORMANCES
Annualized Return (%) 12.07 13.49
Infl. Adjusted Return (%) 9.25 10.63
DRAWDOWN
Deepest Drawdown Depth (%) -3.39 -4.87
Start to Recovery (months) 2* 3
Longest Drawdown Depth (%) -2.92 -4.87
Start to Recovery (months) 3 3
Longest Negative Period (months) 4 4
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%) 7.93 10.39
Sharpe Ratio 0.88 0.81
Sortino Ratio 1.07 0.96
Ulcer Index 1.37 2.09
Ratio: Return / Standard Deviation 1.52 1.30
Ratio: Return / Deepest Drawdown 3.56 2.77
Metrics calculated over the period 1 February 2024 - 31 January 2025
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Sheltered Sam 60/40 Talmud Portfolio
Author Bill Bernstein Roger Gibson
ASSET ALLOCATION
Stocks 58.2% 66.67%
Fixed Income 40% 33.33%
Commodities 1.8% 0%
PERFORMANCES
Annualized Return (%) 6.47 5.97
Infl. Adjusted Return (%) 2.21 1.72
DRAWDOWN
Deepest Drawdown Depth (%) -16.48 -22.88
Start to Recovery (months) 27 32
Longest Drawdown Depth (%) -16.48 -22.88
Start to Recovery (months) 27 32
Longest Negative Period (months) 32 35
RISK INDICATORS
Standard Deviation (%) 11.47 14.42
Sharpe Ratio 0.36 0.25
Sortino Ratio 0.47 0.33
Ulcer Index 5.76 10.17
Ratio: Return / Standard Deviation 0.56 0.41
Ratio: Return / Deepest Drawdown 0.39 0.26
Metrics calculated over the period 1 February 2020 - 31 January 2025
Swipe left to see all data
Sheltered Sam 60/40 Talmud Portfolio
Author Bill Bernstein Roger Gibson
ASSET ALLOCATION
Stocks 58.2% 66.67%
Fixed Income 40% 33.33%
Commodities 1.8% 0%
PERFORMANCES
Annualized Return (%) 6.18 6.48
Infl. Adjusted Return (%) 3.02 3.31
DRAWDOWN
Deepest Drawdown Depth (%) -16.48 -22.88
Start to Recovery (months) 27 32
Longest Drawdown Depth (%) -16.48 -22.88
Start to Recovery (months) 27 32
Longest Negative Period (months) 32 35
RISK INDICATORS
Standard Deviation (%) 9.43 11.56
Sharpe Ratio 0.48 0.42
Sortino Ratio 0.64 0.56
Ulcer Index 4.49 7.40
Ratio: Return / Standard Deviation 0.66 0.56
Ratio: Return / Deepest Drawdown 0.37 0.28
Metrics calculated over the period 1 February 2015 - 31 January 2025
Swipe left to see all data
Sheltered Sam 60/40 Talmud Portfolio
Author Bill Bernstein Roger Gibson
ASSET ALLOCATION
Stocks 58.2% 66.67%
Fixed Income 40% 33.33%
Commodities 1.8% 0%
PERFORMANCES
Annualized Return (%) 7.71 8.73
Infl. Adjusted Return (%) 5.06 6.06
DRAWDOWN
Deepest Drawdown Depth (%) -34.12 -40.17
Start to Recovery (months) 38 41
Longest Drawdown Depth (%) -34.12 -40.17
Start to Recovery (months) 38 41
Longest Negative Period (months) 62 65
RISK INDICATORS
Standard Deviation (%) 9.27 10.92
Sharpe Ratio 0.58 0.59
Sortino Ratio 0.76 0.76
Ulcer Index 5.84 7.44
Ratio: Return / Standard Deviation 0.83 0.80
Ratio: Return / Deepest Drawdown 0.23 0.22
Metrics calculated over the period 1 February 1995 - 31 January 2025
Swipe left to see all data
Sheltered Sam 60/40 Talmud Portfolio
Author Bill Bernstein Roger Gibson
ASSET ALLOCATION
Stocks 58.2% 66.67%
Fixed Income 40% 33.33%
Commodities 1.8% 0%
PERFORMANCES
Annualized Return (%) 9.04 9.25
Infl. Adjusted Return (%) 6.08 6.29
DRAWDOWN
Deepest Drawdown Depth (%) -34.12 -40.17
Start to Recovery (months) 38 41
Longest Drawdown Depth (%) -34.12 -40.17
Start to Recovery (months) 38 41
Longest Negative Period (months) 62 65
RISK INDICATORS
Standard Deviation (%) 9.29 10.52
Sharpe Ratio 0.63 0.58
Sortino Ratio 0.82 0.75
Ulcer Index 5.37 6.70
Ratio: Return / Standard Deviation 0.97 0.88
Ratio: Return / Deepest Drawdown 0.26 0.23
Metrics calculated over the period 1 January 1985 - 31 January 2025
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Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

DRAWDOWN COMPARISON
Period: 1 February 1995 - 31 January 2025 (30 years)
Period: 1 January 1985 - 31 January 2025 (~40 years)

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Sheltered Sam 60/40 Talmud Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-40.17 41 Jun 2007
Oct 2010
-34.12 38 Nov 2007
Dec 2010
-22.88 32 Jan 2022
Aug 2024
-16.48 27 Jan 2022
Mar 2024
-15.16 7 Feb 2020
Aug 2020
-14.38 11 Jan 2020
Nov 2020
-11.25 10 May 2011
Feb 2012
-10.89 8 May 1998
Dec 1998
-10.65 13 Jun 2002
Jun 2003
-10.50 8 Jun 2011
Jan 2012
-10.43 6 Jul 1998
Dec 1998
-8.26 14 Apr 2002
May 2003
-7.95 14 Feb 2001
Mar 2002
-7.94 8 Sep 2018
Apr 2019
-7.57 6 Sep 2018
Feb 2019

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Sheltered Sam 60/40 Talmud Portfolio
Drawdown
(%) 		Recovery
(#Months)		 From
To		 Drawdown
(%) 		Recovery
(#Months)		 From
To
-40.17 41 Jun 2007
Oct 2010
-34.12 38 Nov 2007
Dec 2010
-22.88 32 Jan 2022
Aug 2024
-16.48 27 Jan 2022
Mar 2024
-16.09 17 Sep 1987
Jan 1989
-15.52 17 Sep 1987
Jan 1989
-15.16 7 Feb 2020
Aug 2020
-14.38 11 Jan 2020
Nov 2020
-11.25 10 May 2011
Feb 2012
-10.89 8 May 1998
Dec 1998
-10.65 13 Jun 2002
Jun 2003
-10.50 8 Jun 2011
Jan 2012
-10.43 6 Jul 1998
Dec 1998
-10.14 7 Jul 1990
Jan 1991
-9.53 7 Aug 1990
Feb 1991

Rolling Returns

By selecting the 'Rolling Period', the chart and data will update. To study a different date range, change the Simulation Settings.

You can explore the Rolling Returns for a single portfolio, or check the return differential, by switching on "Head To Head" toggle.

Rolling Returns Comparison
Annualized Rolling Returns Chart
Rolling Returns Chart - Inflation Adjusted
Time Period: 1 January 1985 - 31 January 2025 (~40 years)


Head To Head (Ptf 1 vs Ptf 2):
US Inflation Adjusted:

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Yearly Returns

For each year, the following table provides the return and intra-year drawdown. The highlighted returns represent the highest values for that specific year.

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Sheltered Sam 60/40 Talmud Portfolio
Year Return
(%)		 Drawdown
(%)		 Return
(%)		 Drawdown
(%)
2025
 2.31 0.00 1.76 0.00
2024
 8.73 -3.39 10.00 -4.87
2023
 10.82 -6.95 14.42 -9.16
2022
 -10.58 -16.48 -19.62 -22.88
2021
 14.69 -2.50 21.44 -3.93
2020
 7.21 -14.38 8.02 -15.16
2019
 17.21 -3.44 22.79 -1.65
2018
 -5.00 -7.94 -3.78 -7.57
2017
 11.37 0.00 9.90 -0.80
2016
 9.92 -2.59 7.99 -4.84
2015
 -1.72 -6.23 1.11 -5.69
2014
 6.04 -2.73 16.24 -3.05
2013
 14.05 -2.24 11.22 -4.74
2012
 11.12 -4.47 12.41 -3.41
2011
 1.31 -11.25 5.83 -10.50
2010
 12.35 -7.59 17.33 -7.24
2009
 18.56 -14.17 20.87 -18.28
2008
 -20.58 -24.12 -22.37 -28.90
2007
 5.25 -3.35 -1.40 -7.11
2006
 14.67 -2.30 18.42 -3.01
2005
 7.42 -2.17 6.88 -3.47
2004
 12.90 -3.90 15.93 -6.69
2003
 24.15 -2.61 23.46 -1.81
2002
 -3.47 -10.65 -2.82 -8.26
2001
 0.06 -7.95 3.27 -5.08
2000
 6.26 -3.25 9.05 -4.13
1999
 10.16 -2.69 6.34 -4.64
1998
 8.53 -10.89 5.18 -10.43
1997
 15.72 -2.73 19.74 -1.89
1996
 12.97 -2.50 19.46 -1.65
1995
 22.13 -1.03 22.03 -0.94
1994
 -1.78 -6.11 -3.74 -8.67
1993
 19.41 -2.18 13.33 -2.90
1992
 8.86 -1.38 10.28 -1.73
1991
 24.84 -2.94 27.78 -2.56
1990
 -3.41 -9.53 -4.26 -10.14
1989
 21.08 -1.37 16.87 -1.33
1988
 14.93 -1.85 12.71 -1.50
1987
 3.35 -16.09 0.17 -15.52
1986
 21.08 -3.67 16.28 -3.57
1985
 28.54 -1.57 24.20 -2.28
Mastering Etf Investing
The first official book of
Mastering ETF Investing
Build wealth
with Lazy Portfolios and Passive Investing
Buy now
English book
Buy now
Italian book