ATLASWhat is an all-weather-style portfolio? An example with ETFs
All-weather-style portfolio: 30% stocks, 55% Treasuries, 7.5% gold, 7.5% commodities. Using VTI, TLT, IEF, GLD, and DBC, this mix returned +11.3% per year over the last 3 years and +2.4% per year over 5 years; its largest drop in the last 5 years was -24.0%.
Updated November 2, 2026 · Source: ATLAS daily price data and fund distributions
The all-weather idea is to spread money across assets that tend to do well in different economic conditions: growth, recession, inflation and falling prices. The weights used here (30% stocks, 40% long-term Treasuries, 15% intermediate Treasuries, 7.5% gold, 7.5% commodities) are the mix popularised in Tony Robbins' book "MONEY: Master the Game" and often called "All Seasons". The All Weather approach itself comes from Bridgewater Associates. This is an independent illustration, not their strategy or product.
Allocation of this example
| ETF | What it holds | Weight | Expense ratio | 12-month yield |
|---|---|---|---|---|
| VTIVanguard Total Stock Market ETF | US total stock market | 30% | 0.03% | 1.07% |
| TLTiShares 20+ Year Treasury Bond ETF | Long-term US Treasuries (20+ years) | 40% | 0.14% | 4.78% |
| IEFiShares 7-10 Year Treasury Bond ETF | Intermediate US Treasuries (7-10 years) | 15% | 0.14% | 4.07% |
| GLDSPDR Gold Shares | Gold | 7.5% | 0.42% | 0.00% |
| DBCInvesco DB Commodity Index Tracking Fund | Broad commodity futures | 7.5% | 0.88% | 2.29% |
| Weighted average | 100% | 0.18% | 3.02% | |
How this mix behaved in the past
- Last 1 year+4.6%Oct 2025 – Nov 2026
- Last 3 years, per year+11.3%+37.8% · Nov 2023 – Nov 2026
- Last 5 years, per year+2.4%+12.3% · Nov 2021 – Nov 2026
- Volatility, last 3 years8.5%Nov 2023 – Nov 2026
- Largest drop, last 5 years-24.0%high Nov 2021, low Oct 2022
- Largest drop since Jan 2008-24.0%high Nov 2021, low Oct 2022
Total return in USD, distributions reinvested. Volatility is the annualised standard deviation of daily returns. These are past results, not forecasts.
What 10,000 would have become over the last 5 years
Return by calendar year
| Year | Return |
|---|---|
| 2026 (to date) | +4.8% |
| 2025 | +13.4% |
| 2024 | +5.5% |
| 2023 | +10.1% |
| 2022 | -19.3% |
| 2021 | +7.6% |
| 2020 | +18.9% |
| 2019 | +18.6% |
Long-term Treasuries are very sensitive to interest rates, which is why this mix fell sharply when rates rose in 2022. Gold and commodities pay no income, so the portfolio's yield is lower than its bond share suggests.
Method and data
Period: January 2, 2008 to November 2, 2026 (the longest period in which every ETF in the mix has a price). Returns are total returns in US dollars: daily closing prices stored by ATLAS plus fund distributions reinvested on the ex-dividend date. The mix is rebalanced every day to the weights shown. Fund expense ratios are already included in prices; taxes, trading costs, advisory fees and currency effects for non-US-dollar investors are not. Distributions come from the data provider and were last refreshed November 3, 2026.
Other example portfolios
- 60/40 portfolio60% stocks, 40% bonds · 5 years, per year: +6.6%
- 3-fund portfolio40% US stocks, 20% international stocks, 40% bonds · 5 years, per year: +6.1%
- Dividend income ETF portfolio60% dividend stock ETFs, 10% real estate, 30% bonds · 5 years, per year: +6.8%
- 50/50 portfolio50% stocks, 35% bonds, 15% inflation-protected bonds · 5 years, per year: +5.1%
- 30/70 conservative portfolio30% stocks, 50% bonds, 20% inflation-protected bonds · 5 years, per year: +3.1%
Related tools
Frequently asked questions
What is an all-weather portfolio?
A mix designed to hold up in different economic environments by combining stocks, bonds, gold and commodities. There are several versions.
Is this Ray Dalio's All Weather portfolio?
No. It uses a publicly known ETF recipe that is popularly associated with the idea. ATLAS has no connection with Bridgewater Associates.
Why does it hold so many Treasuries?
In this recipe Treasuries make up 55% because the idea is to balance the risk of each part, not the amount of money. Long-term bonds move more than short-term ones, so they can be a large part of the risk.
What are its main risks?
Rising interest rates hurt the Treasury funds, and commodity and gold prices can be volatile. The largest-drop figure on this page shows the size of past declines.
Educational example only. ATLAS does not give personal investment advice. Disclaimer