> Guide for AI assistants — deep links, portfolio and country codes, a chart finder, and citation guidance: https://portfoliocharts.com/user-guide/ai/
> Portfolio Charts computes real (inflation-adjusted) returns from 1970 to present for 12 home countries. Every portfolio page, 8 of the 16 chart pages, and every asset page carry citable numbers for all 12 countries in the HTML, and each asset page also lists real index funds by market and home country; the interactive charts are browser-computed, so quote the tables and link to the charts rather than inferring values.

Generated by Rank Math SEO, this is an llms.txt file designed to help LLMs better understand and index this website.

# Portfolio Charts

## Sitemaps
- [XML Sitemap](https://portfoliocharts.com/sitemap_index.xml): Includes all crawlable and indexable pages.

## Pages
- [FAQ](https://portfoliocharts.com/user-guide/faq/): Portfolio theory is a complicated topic that admittedly takes time to sink in. If the terms themselves are unfamiliar, start with the Concepts page for clear definitions. For deeper topics, here are some of the most frequently asked questions I have received about Portfolio Charts over the years. And if you have a question not on the list, please don't hesitate to ask.
- [Guide for AI Assistants](https://portfoliocharts.com/user-guide/ai/): This page explains how to find, read, link to, and cite the information on Portfolio Charts. It is written for AI assistants and other automated readers, but everything here works for humans, too.
- [Global Explorer](https://portfoliocharts.com/charts/global-explorer/): Instead of researching investing from a single portfolio and country perspective, the Global Explorer seeks out the worst-case scenarios for all possible asset combinations in a dozen different countries. Use this to study how portfolios performed in other markets, visualize what a globally consistent asset allocation looks like, and identify truly resilient options.
- [Richer Retirement Portfolio](https://portfoliocharts.com/portfolios/richer-retirement-portfolio/): The Richer Retirement Portfolio by William Bengen aims to elevate the old 4% rule by expanding the one's asset allocation to modern asset options.
- [Gold](https://portfoliocharts.com/assets/gold/): Gold tracks the price of physical gold bullion. It's a particularly uncorrelated asset able to pick up the slack when both stocks and bonds falter.
- [Commodities](https://portfoliocharts.com/assets/commodities/): Commodities represent a broad basket of commodities futures contracts including things like precious metals, agricultural products, and oil.
- [Intermediate Term Treasury Bonds](https://portfoliocharts.com/assets/intermediate-term-treasury-bonds/): Not all intermediate term treasury bonds are the same, and the numbers depend on your local currency and inflation. Choose the target market and home country, and the page will display funds and data that apply to you.
- [Large Cap Blend Stocks](https://portfoliocharts.com/assets/large-cap-blend-stocks/): Large cap blend is the subset of stocks that covers the largest companies in any given market. It is the most common stock fund type in any asset allocation discussion.
- [Large Cap Growth Stocks](https://portfoliocharts.com/assets/large-cap-growth-stocks/): Large cap growth is the subset of stocks that covers the largest companies in any given market that are also considered overpriced relative to their fundamentals.
- [Large Cap Value Stocks](https://portfoliocharts.com/assets/large-cap-value-stocks/): Large cap value is the subset of stocks that covers the largest companies in any given market that are also considered underpriced relative to their fundamentals.
- [Real Estate Investment Trusts](https://portfoliocharts.com/assets/real-estate-investment-trusts/): REITs are the subset of companies that invest solely in physical real estate. They're a good way to gain exposure to the real estate market without having to buy individual properties.
- [Long Term Treasury Bonds](https://portfoliocharts.com/assets/long-term-treasury-bonds/): Not all long term treasury bonds are the same, and the numbers depend on your local currency and inflation. Choose the target market and home country, and the page will display funds and data that apply to you.
- [Treasury Bills](https://portfoliocharts.com/assets/treasury-bills/): Treasury bills are a type of government bond most closely associated with cash. They are a great choice for storing short-term money with minimum risk.
- [Small Cap Growth Stocks](https://portfoliocharts.com/assets/small-cap-growth-stocks/): Small cap growth is the subset of stocks that covers smaller listed companies in any given market that are also considered overpriced relative to their fundamentals.
- [Small Cap Value Stocks](https://portfoliocharts.com/assets/small-cap-value-stocks/): Small cap value is the subset of stocks that covers smaller listed companies in any given market that are also considered underpriced relative to their fundamentals.
- [Short Term Treasury Bonds](https://portfoliocharts.com/assets/short-term-treasury-bonds/): Not all short term treasury bonds are the same, and the numbers depend on your local currency and inflation. Choose the target market and home country, and the page will display funds and data that apply to you.
- [Small Cap Blend Stocks](https://portfoliocharts.com/assets/small-cap-blend-stocks/): Small cap blend is the subset of stocks that covers smaller listed companies in any given market. It is a good option for expanding beyond large cap exposure.
- [Golden Ratio Portfolio](https://portfoliocharts.com/portfolios/golden-ratio-portfolio/): The Golden Ratio Portfolio by Frank Vasquez is a risk parity asset allocation that mixes modern assets in classic percentages to balance risk.
- [Toolkit Overview](https://portfoliocharts.com/charts/toolkit/): The Toolkit is a powerful tool with advanced features for members. It combines every chart into a single flexible interface and includes functionality to personalize the analysis. It’s useful for saving portfolios, customizing data, and greatly speeding up portfolio research.
- [Optimizer](https://portfoliocharts.com/charts/optimizer/): Rather than simply calculating the performance of a single asset allocation, the Optimizer searches every possible combination of the same portfolio assets and identifies the lowest risk, highest return, and most efficient alternatives.  Use this to evaluate portfolio tweaks and explore effective new ways to achieve your investing goals.
- [Mobile App](https://portfoliocharts.com/mobile-app/): If you're interested in keeping up with good data in your pocket, Portfolio Charts has a mobile app for members. It's a great way to browse the Bonus Points timeline, comment on posts, manage your membership, and easily find your monthly My Portfolio access code.
- [User Guide](https://portfoliocharts.com/user-guide/): The charts may look relatively simple on the surface, but a ton of work goes into powering them behind the scenes. I believe transparency is important for trust, and this guide serves as the primary reference page for how everything works. If you have a question about something, please don't hesitate to ask.
- [7Twelve Portfolio](https://portfoliocharts.com/portfolios/7twelve-portfolio/): The 7Twelve Portfolio by Craig Israelsen is an asset-based approach to diversification that balances portfolio returns by investing in a wide variety of unique asset types.
- [All Seasons Portfolio](https://portfoliocharts.com/portfolios/all-seasons-portfolio/): The All Seasons Portfolio by Ray Dalio is a simplified version of his famous All Weather fund that can be easily implemented by everyday investors.
- [Coffeehouse Portfolio](https://portfoliocharts.com/portfolios/coffeehouse-portfolio/): The Coffeehouse Portfolio by Bill Schultheis is a traditional 60% stock portfolio that seeks to capture market returns while subdividing the stocks into several targeted funds.
- [Core Four Portfolio](https://portfoliocharts.com/portfolios/core-four-portfolio/): The Core Four Portfolio by Rick Ferri invests in four fundamentally unique asset types that are productive both on their own and as a group.
- [Global Market Portfolio](https://portfoliocharts.com/portfolios/global-market-portfolio/): The Global Market Portfolio by Doeswijk, Lam, and Swinkels represents the total investible financial market weighted by the market share of each asset.
- [Ideal Index Portfolio](https://portfoliocharts.com/portfolios/ideal-index-portfolio/): The Ideal Index Portfolio by Frank Armstrong seeks to increase return and reduce risks through smart asset choices and modern portfolio principles.
- [Ivy Portfolio](https://portfoliocharts.com/portfolios/ivy-portfolio/): The Ivy Portfolio by Meb Faber mimics the investing strategies of the Harvard and Yale endowments in a form that an individual investor can easily manage.
- [Larry Portfolio](https://portfoliocharts.com/portfolios/larry-portfolio/): The Larry Portfolio by Larry Swedroe balances small percentages of risky stocks with large percentages of safe bonds to maximize returns while minimizing risk.
- [Ultimate Buy and Hold Portfolio](https://portfoliocharts.com/portfolios/ultimate-buy-and-hold-portfolio/): The Ultimate Buy and Hold Portfolio by Paul Merriman seeks to diversify investments as broadly as possible across countries, company size, and valuation.
- [No-Brainer Portfolio](https://portfoliocharts.com/portfolios/no-brainer-portfolio/): The No-Brainer Portfolio by William Bernstein is a simple and straightforward approach to asset, region, and factor diversification that accomplishes all three in just four assets.
- [Permanent Portfolio](https://portfoliocharts.com/portfolios/permanent-portfolio/): The Permanent Portfolio by Harry Browne aims to protect and grow your money in an unpredictable world by diversifying across four fundamental economic conditions.
- [Pinwheel Portfolio](https://portfoliocharts.com/portfolios/pinwheel-portfolio/): The Pinwheel Portfolio by Tyler provides broad asset diversification that builds upon the four traditional asset classes with performance-enhancing tilts.
- [Swensen Portfolio](https://portfoliocharts.com/portfolios/swensen-portfolio/): The Swensen Portfolio by David Swensen packages the investing ideas used by the Yale Endowment in a format accessible to normal investors.
- [Sandwich Portfolio](https://portfoliocharts.com/portfolios/sandwich-portfolio/): The Sandwich Portfolio by Bob Clyatt is an easily investable version of sophisticated allocation concepts designed to help you escape the rat race.
- [Three-Fund Portfolio](https://portfoliocharts.com/portfolios/three-fund-portfolio/): The Three-Fund Portfolio prioritizes simplicity in diversification by owning the whole world in just three low-cost index funds.
- [Total Stock Market Portfolio](https://portfoliocharts.com/portfolios/total-stock-market-portfolio/): The Total Stock Market Portfolio is the simplest and most cost-effective way for anyone to invest their money without overthinking it.
- [Weird Portfolio](https://portfoliocharts.com/portfolios/weird-portfolio/): The Weird Portfolio by Value Stock Geek combines factor investing and risk parity concepts into an asset allocation designed to maximize returns and minimize stress.
- [Classic 60-40 Portfolio](https://portfoliocharts.com/portfolios/classic-60-40-portfolio/): The Classic 60-40 Portfolio by John Bogle is a simple and effective asset allocation that follows the stock and bond markets with only two inexpensive index funds.
- [Golden Butterfly Portfolio](https://portfoliocharts.com/portfolios/golden-butterfly-portfolio/): The Golden Butterfly Portfolio by Tyler prioritizes consistently desirable investment growth by balancing economic conditions with an eye towards prosperity.
- [Portfolio Matrix](https://portfoliocharts.com/charts/portfolio-matrix/): The Portfolio Matrix ranks every recommended asset allocation across a variety of valuable metrics and allows you to sort the list by any data point you like. Use this to study the relative strengths and weaknesses of each option, balance the impact of critical tradeoffs, and find the right portfolio for your own personal needs.
- [Annual Returns](https://portfoliocharts.com/charts/annual-returns/): The Annual Returns chart sorts the frequency and distribution of every inflation-adjusted annual return for a given asset allocation.  Use this to study just how often a portfolio actually makes the average return it advertises, to visualize the volatility of a portfolio, and to prepare yourself for how frequently even the best portfolio will post an annual loss. 
- [Drawdowns](https://portfoliocharts.com/charts/drawdowns/): The Drawdowns chart maps every single portfolio loss from any high point along the way.  Use this to study just how low a certain asset allocation has fallen, how long it has taken to recover, and generally how prepared you are both emotionally and financially to handle the downside risks with your own life savings.
- [Equalizer](https://portfoliocharts.com/charts/equalizer/): The Equalizer chart shows how chaotic asset noise mixes into a clear portfolio signal. Use this to study index correlations, understand the return extremes that real people experienced, and explore how modern portfolios use multiple volatile assets to create a final recipe far more desirable than any single ingredient.
- [Financial Independence](https://portfoliocharts.com/charts/financial-independence/): The Financial Independence chart shows the full range of working years historically required to accumulate enough savings to never have to work again.  Use this to study the effects of asset allocation on both sides of your retirement goal, to estimate your retirement date, or to learn just how important your savings rate is to your future financial security.
- [Heat Map](https://portfoliocharts.com/charts/heat-map/): The Heat Map chart displays compound annual growth rates not over a single timeframe, but over all timeframes.  It's a great way to visually evaluate how a portfolio performs throughout a variety of economic conditions.  Use this to compare how a hot or cold streak stacks up against history, or to see beyond recent returns and rosy averages that may hide a turbulent past.
- [Long Term Returns](https://portfoliocharts.com/charts/long-term-returns/): The Long Term Returns chart shows the changing uncertainty of compound annual growth rates over time.  This demonstrates how long you may need to hold a portfolio to experience the long-term returns it advertises, and provides a visual guide to the range of investment paths you might personally travel along the way.
- [Portfolio Growth](https://portfoliocharts.com/charts/portfolio-growth/): The Portfolio Growth chart plots the full range of a meandering portfolio much like a weather map tracking potential storm paths.  Think of it as beginning your portfolio in every historical year at once and watching how they all unfolded.  Use this to track the growth not only of a static portfolio but also of an ongoing accumulation plan including regular contributions.
- [Retirement Spending](https://portfoliocharts.com/charts/retirement-spending/): The Retirement Spending chart compares the effects of a variety of different withdrawal rules on both spending levels and account balances in retirement.  Use this to identify a withdrawal method best suited for your portfolio, to understand the real-life failure points that have caused your plan to falter, and to explore financial strategies that will not only survive the worst case but also thrive in the good years.
- [Rolling Returns](https://portfoliocharts.com/charts/rolling-returns/): The Rolling Returns chart displays every inflation-adjusted compound return of a specified investing timeframe. Use this to study how average returns vary depending on start year, to find a portfolio appropriate for the timeframe of your goals, and to explore trends that may influence your financial decisions.
- [Savings Rates](https://portfoliocharts.com/charts/savings-rates/): The Savings Rates chart displays the full range of savings percentages required to meet your financial goal no matter what happened in the markets. Use this to determine minimum savings requirements, identify the safe savings rate, and study the impact of your career and money choices on reaching your important milestones.
- [Start Date Sensitivity](https://portfoliocharts.com/charts/start-date-sensitivity/): The Start Date Sensitivity chart studies the past and future returns of a portfolio at various points in time to illustrate how actual returns varied from expectations.  Use this to study the dependability of a portfolio over time, to find a stable asset allocation that reliably met its goals, and to serve as a reality check before trusting a tempting but potentially deceptive historic average with your life savings.
- [Target Accuracy](https://portfoliocharts.com/charts/target-accuracy/): The Target Accuracy chart measures the spread of real-world growth of a portfolio over every possible start year compared to the simple long-term average.  Use this to estimate the reasonable range of returns for a given asset allocation, to understand the accuracy of a portfolio for reaching an important goal, or to study the complex balance of investing returns and uncertainty.
- [Withdrawal Rates](https://portfoliocharts.com/charts/withdrawal-rates/): The Withdrawal Rates chart shows the safe, perpetual, and long-term withdrawal rates for any asset allocation over a variety of retirement durations based on real-life sequence of returns. Use it to find a dependable portfolio to fund a happy retirement.
- [Concepts](https://portfoliocharts.com/user-guide/concepts/): Investing can feel overwhelming when people are talking about words you don't know. But once you grasp the main ideas, it gets a lot easier. This collection of key financial concepts contains succinct, no-nonsense summaries and links to supporting information. If something isn't clear, don't be afraid to ask for help.
- [How The Passwords Work](https://portfoliocharts.com/user-guide/passwords/): Thank you for becoming a Portfolio Charts member!
- [Discord](https://portfoliocharts.com/discord/): If you're interested in active discussions about portfolio theory, Portfolio Charts has a Discord community where people around the world gather to talk about investing. From portfolio forums to discussions about articles, there are lots of opportunities to ask questions, help others, and hang out with other smart people.
- [Terms of Use](https://portfoliocharts.com/terms-of-use/): The mission of Portfolio Charts is to help DIY investors around the world make educated decisions. I hope you enjoy it as much as I love creating it. Every good thing requires a few ground rules to protect both sides, so here are the Terms of Use ("Terms") that define our relationship. These Terms may change at any time, so be sure to check back in occasionally to stay up to date.
- [Privacy Policy](https://portfoliocharts.com/privacy-policy/): The goal of Portfolio Charts is to share asset allocation concepts with other DIY investors around the world, and we tend to be an independent crowd. I value my own privacy and I respect yours as well. This Privacy Policy contains the types of information that is collected and recorded by Portfolio Charts and how it is used.
- [Instructions](https://portfoliocharts.com/user-guide/instructions/): The interactive charting tools are my own homemade creations for backtesting portfolios. I originally started making them to study my own investments, but I quickly realized that they could be scaled to study any combination of assets. I also believe that other investors may find the information useful, so I'm happy to share my work.
- [Data Sources](https://portfoliocharts.com/user-guide/data-sources/): Here's how it all comes together. Once a year in early January, I assemble all of my various public data sources in one spot (all carefully selected to track the same index definitions) and start going down the priority list from 1 to 4. For each asset and year, I use the highest-ranked source that is available. The end result is a composite history representing the most accurate and comprehensive collection of free data that I can assemble.
- [Convexity](https://portfoliocharts.com/convexity/): Welcome! These visuals accompany my podcast episode featured on The Meb Faber Show.
- [Insights](https://portfoliocharts.com/insights/): In addition to studying the charts and coming to your own conclusions, it often helps to read an outside opinion to point you in the right direction. Here you can find my latest insights on portfolio theory, browse old articles for new ideas, and potentially discover a new investing perspective to help you make wise choices along the way.
- [Bond Index Calculator](https://portfoliocharts.com/bond-index-calculator/): In an effort to expand the amount of free historical market data available to the public, I've created a calculator that can model realistic bond fund returns from the underlying interest rates.  The spreadsheet is available for anyone to download and use for modeling their own bond funds, and this page is intended to be a central hub for explanations and updates.
- [How to Manage Your Own Portfolio](https://portfoliocharts.com/how-to-manage-your-own-portfolio/): Much of the investment industry is in the business of making things sound complex so that you feel inadequate enough to turn over control of your money to an "expert". The plain truth is that paying a premium for professional investment management does not automatically guarantee superior returns especially once you account for fees. But the good news is that building a reliable portfolio is a lot simpler than you may think.
- [Follow the Blog](https://portfoliocharts.com/follow/): If you find the site useful it pays to stay up to date. Fill out the form below and all new posts will be emailed directly to your inbox. I hate spam just as much as you do, so I'll never send unwanted content or sell your data to third parties. Thanks for following, and please remember to spread the word!
- [Retirement Spending Methodology](https://portfoliocharts.com/retirement-spending-methodology/): The Retirement Spending calculator looks at retirement scenarios starting in every rolling retirement period since 1970.  All retirement paths for a given asset allocation and withdrawal method are overlaid with the start year at the far left of the graph.  The resulting charts allow you to see the full range of outcomes for both spending levels and account balances to consider the positives and negatives as a whole from a start-date-independent perspective.
- [Stock Index Calculator](https://portfoliocharts.com/stock-index-calculator/): In an effort to expand the amount of free historical stock market data available to the public, I've researched the inner workings of index funds and reconstructed a variety of annual and monthly US stock indices from scratch all the way back to 1927.  The data is available for anyone to download, and this page is intended to be a central hub for explanations and updates.
- [Assets](https://portfoliocharts.com/assets/): The best recipes start with quality ingredients. Portfolio Charts focuses on low-cost index funds that provide convenient access to a variety of high-level asset classes.  Browse these assets to learn how they are defined, see how they performed, find applicable ETFs for your own portfolio, and plan a real-world asset allocation in many different countries.
- [All Posts](https://portfoliocharts.com/commentary-all/): Chronological index of all Portfolio Charts insights
- [Contact](https://portfoliocharts.com/contact/): Do you have a question, request, or idea you'd like to share? While I'm not a financial adviser and can't tell you how to invest your money, I'm always happy to discuss portfolio theory and I love to hear how people use the site. Please use the form below and I'll get back to you as soon as I can. And don't worry -- your contact info is completely private.
- [Charts](https://portfoliocharts.com/charts/): /// How the Charts Work ///
- [Portfolios](https://portfoliocharts.com/portfolios/): In the same way that a recipe combines a few basic ingredients into a uniquely delicious meal, a portfolio is a collection of investments intelligently mixed in the right proportions. This collection of popular asset allocation strategies will teach you how to invest and show how they performed in good times, bad times, and everything in between.
- [Commentary](https://portfoliocharts.com/commentary/): I can’t claim to be much of a cook, and baking is one of those skills that even accomplished cooks can struggle with.  But despite the heat, the effort, and the inevitable mess there’s something truly special about the smell of a freshly baked dessert as it first comes out of the oven.  At that point the stress and frustration just melts away and it all seems worth it.
- [About the Author](https://portfoliocharts.com/about/): Portfolio Charts is created and maintained by one dedicated investor. I go by Tyler, and I've been publishing independent investing research under that name continuously since 2015. While I do my best to clearly document everything so that you can verify the things I publish for yourself, I do understand that trust is especially important when talking about money. So here's everything you need to know about me and how Portfolio Charts operates.
- [Methodology](https://portfoliocharts.com/user-guide/methodology/): This page explains the calculation methodology, assumptions, and backtesting philosophy that powers every chart on the site. If you're curious where the underlying numbers come from, see Data Sources. And for the tool-specific details of any individual calculator, check the Calculations and Assumptions notes on each chart page. Think of this page as the common foundation that everything else is built on.
- [Find a Portfolio to Love](https://portfoliocharts.com/): Portfolio Charts turns more than half a century of global market history into goal-driven visualizations so you can identify the right portfolio for your needs. It is a labor of love by an individual investor just like you, and my mission is to provide free resources that empower everyday people to achieve their financial goals while enjoying the journey.

## How to use the data on this site

Portfolio Charts computes inflation-adjusted (real) returns from 1970 through
the most recent complete calendar year, translated to the currency, inflation,
and available funds of 12 home countries. The site shows the full range of historical outcomes rather than forecasting.

- Portfolio pages (/portfolios/...) carry a server-rendered performance summary in the HTML for all 12 home countries. These are the citable numbers.
- Chart pages (/charts/...) each end with a collapsed About this chart block that is in the HTML. On 8 of the 16 it also holds server-rendered data tables: a selection of the measures that chart plots, for all 21 standard portfolios in all 12 home countries, one table per country. Those tables are citable and need no URL parameter. The other 8 describe the chart and name the nearest chart page that does have tables.
- The interactive charts themselves are computed in the browser and are never in the HTML. Do not infer or estimate a value from one. Quote the tables, and link people to the chart so they can explore it.
- Asset pages (/assets/...) carry a server-rendered performance summary for one asset class in one market and one home country, a collapsed Stats for all markets and home countries block with every market and every home country in the HTML, and the fund and ETF table. They honor ?market= and ?home=; ?pk= has no effect there.

Where a measure appears on a chart page, a portfolio page, or an asset page, it is the same number from the same calculation.

How to find, link to, and cite everything — deep links, portfolio and country
codes, a chart finder, and citation guidance: https://portfoliocharts.com/user-guide/ai/

Please cite as: Portfolio Charts (portfoliocharts.com), linking to the specific page the numbers came from.