Lazy portfolio

All Weather Portfolio

Ray Dalio / Bridgewater, retail simplification of the institutional risk-parity strategy

Risk-parity allocation designed to balance economic-regime exposure rather than dollar-weighted exposure. The original institutional version uses leverage to equalize risk across asset classes; this is the unlevered retail approximation.

Allocation

30%

40%

15%

30% · US Stocks
40% · Long-term Treasuries
15% · Intermediate Treasuries
7.5% · Gold
7.5% · Commodities

Weighted expense ratio

0.19%

Across the 5 of 5 slices we could price.

Weighted tax efficiency

/100, weighted by allocation. Lower in heavy-bond portfolios.

Slices

Number of holdings — also the number of lots you rebalance.

Implementation

Weight	Role	Ticker	Fund	ER	AUM	Score
30%	US Stocks	VTI	Vanguard Total Stock Market Index Fund ETF Shares	0.030%	$2.30T	92
40%	Long-term Treasuries	TLT	iShares 20+ Year Treasury Bond ETF	0.15%	$41.10B	78
15%	Intermediate Treasuries	IEF	iShares 7-10 Year Treasury Bond ETF	0.15%	$47.09B	71
7.5%	Gold	GLD	SPDR Gold Shares	0.40%	$130.05B	73
7.5%	Commodities	DBC	Invesco DB Commodity Index Tracking Fund	0.85%	$1.58B	36

IEF · alternates: VGIT · 7–10 year Treasuries. VGIT (Vanguard) is a duration-similar lower-cost alternate.
DBC · alternates: PDBC · Broad-basket commodities (energy, metals, agriculture). DBC is K-1; PDBC is the 1099 variant if K-1 friction is unwelcome.

Editorial take

The retail All-Weather is heavy on long-duration bonds because the institutional version balances them at higher leverage. Without that leverage, the 55% in bonds takes a real bite out of long-run equity-driven return. Make sure you understand what you're giving up in upside before adopting it.

Try the All Weather Portfolio in our tools

Tool · Placement

Split this portfolio across your accounts

Asset-location optimizer — fills tax-deferred with shelter-priority slices first, Roth with growth-priority next, taxable last. Estimated annual tax drag.

Tool · Backtester

Backtest this portfolio's last 5 years

Monthly total returns rebalanced monthly. Equity curve, CAGR, max drawdown.

Compare the slices

See holdings overlap and cost difference between any two of this portfolio's funds.

Open All Weather Portfolio holdings at a brokerage

All 5 slices in this portfolio trade commission-free at major brokerages.

Open at Fidelity

Affiliate links — opening an account through these earns PlainIndex a one-time referral. Scoring is computed before any affiliate consideration; see our methodology and funding disclosure.

Curated allocation. The funds listed are how this portfolio would be built using the catalog as it stands today; alternate tickers and notes are flagged inline.

PlainIndex publishes data and editorial commentary — nothing here is personalized investment advice. Read the methodology for how the scores referenced here are computed.