A Zerodha Varsity backtest from February 2011 to September 2026 found Ray Dalio's All Weather portfolio returned an average 9.9% a year, below 10.4% for a 60:40 portfolio and 12% for the Nifty 500 TRI. Its advantage was lower risk, with volatility of 5.7% versus 10.5% and 17.5%, and a biggest fall of 6.4% versus 17.6% and 31.8%. A ₹1 lakh investment would have grown to about ₹4.4 lakh, against ₹4.7 lakh and ₹5.9 lakh for the other two. It also fell less in the Covid-19 crash and gained 1.2% between January and September 2026 while the Nifty 500 TRI fell 6%, a resilience Zerodha largely credits to gold. The article stresses this shows a trade-off between returns and risk, not that the strategy will always outperform.
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Original headline: Ray Dalio All Weather portfolio vs 60 : 40 portfolio : Which delivered better returns over 15 years in India ?
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