Sandwich Portfolio
A layered global allocation with a heavy US-large core, small/foreign tilts, and a Treasury-bond base.
S&P 500 Backfill (estimated to 1871)1871-02-28 → 2026-06-30Estimated from 1871 to SPY's 1993 inception using the S&P 500 total-return index (Robert Shiller), minus the fund's expense ratio, then chain-linked to the real SPY fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before SPY's 1993 inception, from the S&P 500 total-return index (Robert Shiller).
US Small-Cap Backfill (estimated to 1926)1926-07-31 → 2026-06-30Estimated from 1926 to IWM's 2000 inception using US small-cap returns (Ken French), minus the fund's expense ratio, then chain-linked to the real IWM fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before IWM's 2000 inception, from US small-cap returns (Ken French).
Developed ex-US Backfill (estimated to 1990)1990-07-31 → 2026-06-30Estimated from 1990 to EFA's 2005 inception using developed ex-US market returns (Ken French), minus the fund's expense ratio, then chain-linked to the real EFA fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before EFA's 2005 inception, from developed ex-US market returns (Ken French).
Emerging Markets Backfill (estimated to 1989)1989-07-31 → 2026-06-30Estimated from 1989 to EEM's 2003 inception using emerging-market returns (Ken French), minus the fund's expense ratio, then chain-linked to the real EEM fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before EEM's 2003 inception, from emerging-market returns (Ken French).
Intermediate Treasury Backfill (7-10yr, estimated to 1953)1953-05-31 → 2026-06-30Estimated from 1953 to IEF's 2002 inception using the 10-year Treasury yield (FRED), modeled as a constant-maturity bond, minus the fund's expense ratio, then chain-linked to the real IEF fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before IEF's 2002 inception, from the 10-year Treasury yield (FRED), modeled as a constant-maturity bond.
Short-Term Treasury Backfill (1-3yr, estimated to 1976)1976-07-31 → 2026-06-30Estimated from 1976 to SHY's 2002 inception using the 2-year Treasury yield (FRED), modeled as a constant-maturity bond, minus the fund's expense ratio, then chain-linked to the real SHY fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before SHY's 2002 inception, from the 2-year Treasury yield (FRED), modeled as a constant-maturity bond.
US Total Bond Backfill (Treasury proxy, estimated to 1953)1953-05-31 → 2026-06-30Estimated from 1953 to BND's 2007 inception using the 5-year Treasury yield (FRED) - a Treasury proxy that excludes credit spread, minus the fund's expense ratio, then chain-linked to the real BND fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before BND's 2007 inception, from the 5-year Treasury yield (FRED) - a Treasury proxy that excludes credit spread.
US Real Estate Backfill (estimated to 1926)1926-07-31 → 2026-06-30Estimated from 1926 to VNQ's 2004 inception using US real-estate industry returns (Ken French), minus the fund's expense ratio, then chain-linked to the real VNQ fund. The dashed part of the chart is estimated - an index proxy, not the fund's real record.
%
backfill estimated before VNQ's 2004 inception, from US real-estate industry returns (Ken French).
Total 100%
Data window Sandwich Portfolio: 1990-07-31 → 2026-06-30 · start: INTLX
Dashed = estimated before the fund existed (reconstructed from its tracked index): AGGX from 1953-05-31 · EMKTX from 1989-07-31 · IEFX from 1953-05-31 · INTLX from 1990-07-31 · REITX from 1926-07-31 · SHYX from 1976-07-31 · SMALLX from 1926-07-31 · SP500X from 1871-02-28
Portfolio growth
Sandwich Portfolio
CAGR7.29%
Max Drawdown-27.68%
Volatility8.42%
Sharpe0.57
Final balance$125,783
Total return1157.83%
Drawdown
Annual returns
More statistics
| Sandwich Portfolio | |
|---|---|
| Total Return | 1157.83% |
| Sortino | 0.74 |
| Best Year | 22.87% |
| Worst Year | -16.92% |
| Positive Months | 66.67% |
| Annualized Return (mean) | 7.41% |
Correlation
| AGGX | EMKTX | IEFX | INTLX | REITX | SHYX | SMALLX | SP500X | |
|---|---|---|---|---|---|---|---|---|
| AGGX | 1.00 | 0.13 | 0.88 | 0.20 | 0.27 | 0.75 | 0.07 | 0.16 |
| EMKTX | 0.13 | 1.00 | -0.06 | 0.76 | 0.57 | -0.07 | 0.67 | 0.70 |
| IEFX | 0.88 | -0.06 | 1.00 | 0.01 | 0.10 | 0.78 | -0.11 | -0.05 |
| INTLX | 0.20 | 0.76 | 0.01 | 1.00 | 0.59 | -0.02 | 0.67 | 0.76 |
| REITX | 0.27 | 0.57 | 0.10 | 0.59 | 1.00 | -0.02 | 0.69 | 0.65 |
| SHYX | 0.75 | -0.07 | 0.78 | -0.02 | -0.02 | 1.00 | -0.13 | -0.06 |
| SMALLX | 0.07 | 0.67 | -0.11 | 0.67 | 0.69 | -0.13 | 1.00 | 0.78 |
| SP500X | 0.16 | 0.70 | -0.05 | 0.76 | 0.65 | -0.06 | 0.78 | 1.00 |