How a 40% gold portfolio fared in the 2020 COVID crash
40% gold tilt — 40% gold · 40% equities · 20% cash · quarterly rebalance · physical costs on (coins) · window 2020-02-19 to 2020-08-18 · computed 2026-07-06 with the same engine the app runs.
Solid: this portfolio, real (CPI-deflated) value of $10,000. Dashed: the all-equity baseline.
| Total return (real) | +9.0% |
|---|---|
| Total return (nominal) | +9.1% |
| CAGR (real) | +19.1% |
| Max drawdown (real) | −15.6% |
| Recovery | 66 days |
| Purchasing-power ratio | 1.09× |
| Ulcer index | 4.8 |
| Worst calendar year | — |
| Physical costs paid | $281 |
| Liquidation value | $10,770 |
A $10,000 stake in a 40% gold portfolio (40% gold · 40% equities · 20% cash, rebalanced quarterly, physical costs on coins applied) entering the 2020 COVID crash would have ended the window worth $10,903 in real, CPI-deflated terms — a real return of +9.0%. Along the way it fell at most 15.6% from its peak (66 days), with an ulcer index of 4.8. The same stake in equities alone returned +0.1% real — this allocation beat it by 8.9 percentage points of purchasing power. Physical ownership — dealer spread, storage, insurance — cost $281 over the window.
Open this portfolio in the stress-tester More scenarios
The link above prefills the allocation — adjust weights, costs, and windows from there. Sources and formulas: methodology.
Educational estimates — not financial advice