A third each: equities, bonds, gold, 1972 to 2025

A third each, and no cash

A portfolio of one third S&P 500, one third ten-year US Treasuries, one third gold, rebalanced at the end of every year, with no cash at all. Each block is one calendar year, stacked into its 2% return bracket. The smaller figures under each statistic show the same measure for each asset on its own. Hover a block for that year's detail.

10.2%
Average yearly return
S&P 50012.5%
10y Treasury6.3%
Gold11.7%
Cash (3m T-bills)4.5%
10.3%
Volatility (annual)
S&P 50017.0%
10y Treasury9.8%
Gold27.3%
Cash (3m T-bills)3.4%
-11.8%
Worst year · 2022
S&P 500-36.5% 2008
10y Treasury-17.8% 2022
Gold-32.6% 1981
Cash (3m T-bills)0.0% 2014
+48.6%
Best year · 1979
S&P 500+37.2% 1995
10y Treasury+32.8% 1982
Gold+126.6% 1979
Cash (3m T-bills)+14.0% 1981
Most yearsBest yearWorst yearAverage
Average 10.2%0%202219812008199420152001201320181984199020001983198819921975197719991996199720022004201620211987200520122014197620111991199320062009201719741978198019891998200720232003201020202024201919731985198619951972198220251979-18%-14%-10%-6%-2%2%6%10%14%18%22%26%30%34%38%42%46%50%54%58%Annual total return, grouped into 2% brackets (each block is one year)

Source: annual total returns for the S&P 500, ten-year US Treasury bonds, gold and three-month US Treasury bills, Aswath Damodaran, NYU Stern, 1972 to 2025, rebalanced each year. Average is the arithmetic mean of the yearly returns and volatility their standard deviation. One historical window, not a forecast.