How a Permanent-style portfolio fared in the 2020 COVID crash
Permanent-style — 25% gold · 25% equities · 25% cash · 25% commodities · 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) | +5.6% |
|---|---|
| Total return (nominal) | +5.7% |
| CAGR (real) | +11.7% |
| Max drawdown (real) | −10.0% |
| Recovery | 67 days |
| Purchasing-power ratio | 1.06× |
| Ulcer index | 3.3 |
| Worst calendar year | — |
| Physical costs paid | $173 |
| Liquidation value | $10,481 |
A $10,000 stake in a Permanent-style portfolio (25% gold · 25% equities · 25% cash · 25% commodities, rebalanced quarterly, physical costs on coins applied) entering the 2020 COVID crash would have ended the window worth $10,563 in real, CPI-deflated terms — a real return of +5.6%. Along the way it fell at most 10.0% from its peak (67 days), with an ulcer index of 3.3. The same stake in equities alone returned +0.1% real — this allocation beat it by 5.6 percentage points of purchasing power. Physical ownership — dealer spread, storage, insurance — cost $173 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