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Ray Dalio
All-Weather Portfolio Calculator

Calculate your optimal allocation based on the risk parity principle – stable across all four economic phases.

📊 30% Stocks 📉 55% Bonds 🥇 7.5% Gold 🛢️ 7.5% Commodities
🎯 Allocation Calculator

Enter your total capital – the calculator instantly shows how much flows into each asset class.

€
€1,000€500,000
Total Capital
€10,000.00
Split across 5 asset classes
Stocks 30%
Long Bonds 40%
Mid Bonds 15%
Gold 7.5%
Commodities 7.5%
Your Allocation at a Glance
⚠️ Not investment advice. This calculator is for informational purposes only. All information without guarantee. Investments carry the risk of loss. Sources: Bridgewater Associates / Ray Dalio, "All Weather Story", 2013.
⚖️ Rebalancing Calculator

Enter your current market value per position. The calculator shows what you need to buy or sell.

💡 Recommendation: Rebalance your portfolio once a year or when a position deviates by more than 5 percentage points from the target weighting.
🌐 The Four Economic Phases

The All-Weather concept is based on the idea that each asset class outperforms in at least one phase – together they are resilient.

📈 Growth Rising

The economy grows faster than expected.

  • ✅ Stocks
  • ✅ Commodities
  • ⚠️ Bonds neutral

📉 Growth Falling

Recession, demand collapse, deflation.

  • ✅ Long-term Bonds
  • ✅ Intermediate Bonds
  • ❌ Stocks weak

🔥 Inflation Rising

Prices rise faster than expected.

  • ✅ Gold
  • ✅ Commodities
  • ❌ Bonds suffer

❄️ Inflation Falling

Deflation, falling prices, credit contraction.

  • ✅ Long-term Bonds
  • ✅ Stocks benefit
  • ❌ Gold & Commodities weak
💡 The Core Principle: Instead of betting on a single phase, the All-Weather Portfolio distributes risk equally – not capital. That is why bonds dominate (55%) with their low volatility.
📋 ETF Reference Table

Possible ETFs for implementing the strategy. No sponsorship, no recommendation – for reference only.

All-Weather ETF Reference
Asset Class Weight US ETF UCITS ETF (DE/AT/CH)

Not investment advice. Before buying: check costs, domicile (US ETFs are often tax-disadvantaged for EU investors), tracking error and liquidity.

🏦 Where can you implement the All-Weather Portfolio?

German platforms where you can buy the 5 asset classes via savings plan or lump-sum investment.

Trade Republic
Neobroker · from €1
  • Savings plan on all 5 ETFs possible
  • €0 order fees on savings plans
  • 3.5% p.a. on uninvested cash
  • BaFin-regulated
Suitability
⭐⭐⭐
Scalable Capital
Broker + Robo · from €1
  • PRIME ETF: all savings plans without surcharge
  • Largest ETF universe in Germany
  • Also bookable as managed portfolio
  • BaFin-regulated
Suitability
⭐⭐⭐
Raisin Invest (WeltSparen)
Robo-Advisor · from €500
  • ETF portfolio automatically managed & rebalanced
  • All-Weather-like strategy available
  • Plus: fixed-term and overnight deposits from across Europe
  • BaFin-regulated
Suitability
⭐⭐⭐
Quirion (Quirin Privatbank)
Robo-Advisor · from €10,000
  • Professionally managed ETF portfolio
  • Automatic rebalancing included
  • BaFin-licensed asset manager
  • Suitable for larger investment volumes
Suitability
⭐⭐
⚠️ No sponsorship. All platforms listed are independently selected. Please check terms, fees and tax impact yourself. Information without guarantee, as of April 2026.
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🔗 Discover Other Investment Strategies

Compare the All-Weather Portfolio with other proven strategies.

Frequently Asked Questions (FAQ)
The All-Weather Portfolio was developed by Ray Dalio and Bridgewater Associates. The core idea: there are exactly four economic environments (rising/falling growth, rising/falling inflation). The portfolio is constructed so that in each of these phases there is a component that performs well – risk is equally distributed, not capital.
Bonds have significantly lower volatility than stocks. To distribute risk (not capital) equally, you need more bonds than stocks. Dalio calls this "Risk Parity". In a traditional 60/40 portfolio, stocks carry ~90% of total risk – the All-Weather model avoids this concentration.
Over long periods the portfolio showed lower drawdowns than pure equity portfolios, but also slightly lower returns. In crises (2000, 2008) it performed significantly better. In strong equity bull markets (e.g. 2019–2021) it lagged behind pure equity portfolios. It is a stability and capital protection approach, not a return maximiser. Important: Past performance is no guarantee of future results.
Dalio recommends annual rebalancing. A pragmatic rule: rebalance when a position deviates by more than 5 percentage points from the target weighting. More frequent rebalancing increases transaction costs and can be tax-disadvantageous (realisation of gains).
Yes, completely. The five positions can each be represented with one ETF. For EU investors, UCITS ETFs (domicile Ireland or Luxembourg) are generally more tax-efficient than US ETFs (e.g. TLT, VTI). Note: US ETFs have often not been directly purchasable for EU investors since MiFID II.
1) In a sustained rising interest rate environment (like 2022), bonds lose significantly – the high bond allocation was a considerable risk in 2022. 2) Long-term, the expected return remains below a pure equity portfolio. 3) Commodities and gold generate no ongoing income (dividends, interest). The portfolio is optimised for stability, not maximum returns.

Historical Backtest: How would your money have grown?

Simulate the real performance of this portfolio from 2000 to 2024 — including the Dotcom Crash, Financial Crisis 2008, COVID Crash and the rate hike cycle of 2022. Compare with S&P 500, cash and other strategies.

* Historical returns are no guarantee of future results. Data approximated based on S&P 500 Total Return, LBMA Gold, US Treasuries (Bloomberg), ECB money market rates. No consideration of taxes, transaction costs or currency hedging.

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