{"id":231495,"date":"2025-09-30T10:26:31","date_gmt":"2025-09-30T14:26:31","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=231495"},"modified":"2025-10-01T03:54:59","modified_gmt":"2025-10-01T07:54:59","slug":"a-golden-opportunity-to-upgrade-a-60-40","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/a-golden-opportunity-to-upgrade-a-60-40\/","title":{"rendered":"A Golden Opportunity to Upgrade a 60\/40?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>The article &#8220;A Golden Opportunity to Upgrade a 60\/40?&#8221; was originally published on <a href=\"https:\/\/alphaarchitect.com\/a-golden-opportunity-to-upgrade-a-60-40\/\">Alpha Architect<\/a> blog.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our friends Corey Hoffstein and Rodrigo Gordillo over at&nbsp;<a href=\"https:\/\/www.returnstacked.com\/\">Return Stacked<\/a>&nbsp;have done some interesting research on the potential for gold to improve your run-of-the-mill 60\/40. You\u2019ll need to hit them directly on their site to get their full report. However, I read their very detailed white paper, and I thought the concept was intriguing and worth a look for Alpha Architect readers seeking tactical ideas and diversification opportunities (can the S&amp;P 500 continue to go up forever? Maybe!).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bottom-line-up-front-bluf\">Bottom Line Up Front (BLUF)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you like your 60\/40 but hate the drawdowns, consider adding a modest gold futures overlay on top. According to Corey\/Rod\u2019s research, a hypothetical portfolio can improve excess returns and lower drawdowns. Why? Well, gold\u2019s long-run correlations to U.S. stocks and 10-year Treasuries are basically zero (0.01 and 0.07), and layering this asset into your 60\/40 mix has made a lot of sense. Of course, if using leverage isn\u2019t your thing, you could always pull some exposure out of your stocks and bonds and allocate it to gold (Google or ChatGPT, \u201cpermanent portfolio,\u201d for&nbsp;<a href=\"https:\/\/portfoliocharts.com\/portfolios\/permanent-portfolio\/\">some ideas<\/a>&nbsp;in this direction.). You might hurt your expected returns, but you may improve your risk-adjusted portfolio along the way.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-gold-and-why-now\">Why gold and why now?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For centuries, gold was money with roughly 0% real over ultra-long horizons. Post-<strong>August 1971<\/strong>, gold floats and investors demand a risk premium for inflation\/currency\/policy risk. Early futures had nasty contango, but post-2004 storage transparency and arbitrage tightened the basis\u2014so&nbsp;<em>modern<\/em>&nbsp;gold futures track spot economics much better.<a><sup>(1)<\/sup><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-do-the-long-run-data-say-on-gold\">What do the long-run data say on Gold?<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Performance:<\/strong>\u00a0Modernized gold total return ~7.35% annualized since 1971\u2014below U.S. stocks, above 10-year Treasuries, well ahead of cash.<a><sup>(2)<\/sup><\/a><\/li>\n\n\n\n<li><strong>Diversification:<\/strong>\u00a0Near-zero long-run correlation to stocks\/bonds; tends to help when equities are stressed (\u201ccrisis alpha\u201d). For perspective on gold\u2019s mixed but valuable role, see\u00a0<a href=\"https:\/\/alphaarchitect.com\/gold\/\">Gold as a Safe-Haven Asset<\/a>\u00a0and\u00a0<a href=\"https:\/\/alphaarchitect.com\/does-gold-do-what-it-is-supposed-to-do\/\">Does Gold Do What It Is Supposed To Do?<\/a><\/li>\n\n\n\n<li><strong>Macro hedges:<\/strong>\u00a0Historically likes falling real rates, dollar weakness, and inflation spikes. For inflation context across assets, see\u00a0<a href=\"https:\/\/alphaarchitect.com\/bond-investing-in-inflationary-times\/\">Bond Investing in Inflationary Times<\/a>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>36-Month Rolling Pearson Correlations of Gold with Other Assets (August 1971 \u2013 December 2024)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1080\" height=\"600\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure2-stacking-gold-whitepaper-alpha-architect.jpg\" alt=\"Gold vs US Stocks\" class=\"wp-image-231496 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure2-stacking-gold-whitepaper-alpha-architect.jpg 1080w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure2-stacking-gold-whitepaper-alpha-architect-700x389.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure2-stacking-gold-whitepaper-alpha-architect-300x167.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure2-stacking-gold-whitepaper-alpha-architect-768x427.jpg 768w\" data-sizes=\"(max-width: 1080px) 100vw, 1080px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1080px; aspect-ratio: 1080\/600;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: https:\/\/www.returnstacked.com\/white-paper-stacking-gold\/ 36-month rolling Pearson correlations of Gold versus U.S. Stocks and Gold vs. 10-Year U.S. Treasuries. Data from August 1971 through December 2024. Performance is shown for illustrative purposes only and does not represent the performance of any actual portfolio. Hypothetical performance is subject to inherent limitations and should not be relied upon to make investment decisions. Past performance does not guarantee future results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The simple use case: stack 20% gold on a 60\/40<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From 1971\u20132024, a 60\/40 did ~8.54% annualized. Add a 20% fully collateralized gold futures overlay and you\u2019re at ~9.43%, with similar headline volatility (~10% vs ~10.8%) and an improved max drawdown (~-30% \u2192 ~-26.5%). The lift accrues over multiple cycles because gold\u2019s return stream is different\u2014and often shines in left-tail equity events.<a><sup>(3)<\/sup><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 15. Growth of $100 \u2013 Traditional vs. Stacked Portfolios (August 1971 \u2013 December 2024)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1080\" height=\"600\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure15-stacking-gold-whitepaper-alpha-architect.jpg\" alt=\"Growth of $100 \u2013 Traditional vs. Stacked Portfolios\" class=\"wp-image-231497 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure15-stacking-gold-whitepaper-alpha-architect.jpg 1080w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure15-stacking-gold-whitepaper-alpha-architect-700x389.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure15-stacking-gold-whitepaper-alpha-architect-300x167.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/09\/figure15-stacking-gold-whitepaper-alpha-architect-768x427.jpg 768w\" data-sizes=\"(max-width: 1080px) 100vw, 1080px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1080px; aspect-ratio: 1080\/600;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: https:\/\/www.returnstacked.com\/white-paper-stacking-gold\/. 60\/40 represents 60% U.S. Stocks \/ 40% 10-Year Treasuries. Gold overlay adds 20% gold futures (excess returns) exposure, resulting in a 60\/40\/20 portfolio. Data from August 1971 through December 2024. Performance is shown for illustrative purposes only and does not represent the performance of any actual portfolio. Hypothetical performance is subject to inherent limitations and should not be relied upon to make investment decisions. Past performance does not guarantee future results. Returns assume the reinvestment of all distributions and are gross of fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u201cBut what about Bitcoin?\u201d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Are we really talking about gold in 2025? How about Bitcoin, the high-octane, digital cousin\u2014potentially a complement or a replacement for gold? If you believe Bitcoin is another gold-like asset, with highly diversifying properties, then certainly, consider BTC as well. The name of the game in portfolio risk management is diversification.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A traditional 60\/40 portfolio of stocks and bonds has been great and can be accessed very cheaply thanks to the ETF market. But one must always ask if the 60\/40 is diversified enough. I, personally, don\u2019t think it is, and I\u2019m in favor of adding diversifying exposures to a portfolio\u2014IF\u2014you can get them at affordable prices, with low frictional costs, and full transparency. With a capital-efficient gold futures overlay, you can keep your full stock\/bond allocation and still add a return stream that has historically improved compounding, reduced drawdowns, and helped in inflation\/recession\/crisis regimes. I prefer to trend follow the gold exposure since permanent gold holdings wig me out a bit, but that\u2019s just my opinion. Will Gold continue to work in the future? Only the market gods will ever know.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For centuries, gold was money with roughly 0% real over ultra-long horizons.<\/p>\n","protected":false},"author":87,"featured_media":210478,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[339,338,341],"tags":[],"contributors-categories":[13651],"class_list":["post-231495","post","type-post","status-publish","format-standard","has-post-thumbnail","category-data-science","category-ibkr-quant-news","category-quant-development","contributors-categories-alpha-architect"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A 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