![]() ![]() Only 12 of the 65 portfolios examined managed to beat a 60-40 stock-bond index portfolio. Using maximum drawdown as a measure of risk gives us a useful tool for comparing asset allocation portfolios. This reminds us that a "tactical income" label does not necessarily result in lower risk. Six of the portfolios are in the "Tactical Income" category. One of these portfolios (#10) is a poor showing from a global equity fund. See the region with the red border in Figure 5, below. These failed to beat the S&P 500 on both dimensions. These portfolios are indicated by purple arrows on Figure 4.Īt the opposite end of the spectrum, at the lower right corner of the chart we see the worst 7 portfolios.
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