A study of what a hypothetical $10,000 would have become in U.S. stocks versus U.S. Treasuries, and what it took to earn it.
Higher returns came with bigger swings. A balanced look at what an investor had to live through.
Where each major asset class landed. Up (more return) toward the low-risk side is best.
Note: Maximum drawdown is computed on a calendar-year-end basis across all asset classes (worst peak-to-trough using year-end NAV/index levels). Intra-year drawdowns, for example the 2020 COVID crash or 1929-32 collapse on a daily basis, were materially deeper than the year-end figures shown. SW Multi Asset AI Flagship Strategy stats reflect its live track record (since inception, Jan 2004); for the 30-year and Since-1928 views, the SW bubble reflects 2004–2025. “Real Estate” is a home-price index (Case-Shiller style); its volatility and drawdown are smoothed and understated versus tradable property. “3-mo T-Bill” is cash. Returns in USD.
Combining a high-return engine with stable bonds can lift your reward per unit of risk above either asset alone. Move the slider to set a blend, both portfolios update side‑by‑side.
Each curve is the set of all 2-asset blends for that pair. The diagonal dashed lines are Capital Allocation Lines (CAL) drawn from the risk-free rate through the current blend, their slope equals the portfolio's Sharpe ratio. Each CAL is tangent to its curve at the maximum-Sharpe blend (the “tangency portfolio”). Numbers use arithmetic mean annual returns over 2004–2025; risk-free rate ≈ 1.75% (avg. 3-mo T-Bill).