What is No-Brainer (Bernstein)?

Equal-weight 4-fund portfolio: 25% each to US large-cap, US small-cap, international, and bonds.

Who created the No-Brainer (Bernstein) strategy?

No-Brainer (Bernstein) was developed by William Bernstein. It is based on Bernstein, W. The Intelligent Asset Allocator (2000).

What is the historical return and maximum drawdown of No-Brainer (Bernstein)?

Backtested from 1987-12-31 to 2026-07-03, No-Brainer (Bernstein) returned 9.2% CAGR with a -45.6% maximum drawdown and a Sharpe ratio of 0.83. Past performance does not guarantee future results.

How often is No-Brainer (Bernstein) rebalanced?

No-Brainer (Bernstein) is rebalanced annual. BestFolio publishes the updated allocation signal each period.

Is No-Brainer (Bernstein) a fixed or tactical strategy?

No-Brainer (Bernstein) is a fixed-allocation (strategic) portfolio: it holds a set allocation and rebalances on schedule rather than rotating based on market signals.

No-Brainer (Bernstein) Strategy by William Bernstein

Name: No-Brainer (Bernstein), Backtest Time Series
Creator: BestFolio
License: https://creativecommons.org/licenses/by-nc/4.0/

No-Brainer (Bernstein) at a glance

No-Brainer (Bernstein) is a fixed-allocation portfolio by William Bernstein across US Large-Cap Equity, US Small-Cap Equity, International Developed Equity, US Bonds, rebalanced annual. Backtested 1987-12-31 to 2026-07-03 (38.5 years): 9.2% CAGR, 0.83 Sharpe, -45.6% max drawdown, 13.0% volatility.

Type: Fixed Allocation
Author: William Bernstein
Rebalancing: Annual
Risk: Moderate
Period: 1987-12-31 to 2026-07-03
CAGR: 9.2%
Sharpe: 0.83
Max Drawdown: -45.6%
Volatility: 13.0%

No-Brainer (Bernstein) — Fixed Allocation Portfolio

William Bernstein's No-Brainer portfolio: equal 25% each to US large-cap (VOO), US small-cap (VB), international developed (VEA), and US bonds (BND). The equal weighting reflects Bernstein's view that no one can predict which asset class will outperform, so equal allocation is most robust.

No-Brainer (Bernstein): frequently asked questions

What is No-Brainer (Bernstein)?: Equal-weight 4-fund portfolio: 25% each to US large-cap, US small-cap, international, and bonds.
Who created the No-Brainer (Bernstein) strategy?: No-Brainer (Bernstein) was developed by William Bernstein. It is based on Bernstein, W. The Intelligent Asset Allocator (2000).
What is the historical return and maximum drawdown of No-Brainer (Bernstein)?: Backtested from 1987-12-31 to 2026-07-03, No-Brainer (Bernstein) returned 9.2% CAGR with a -45.6% maximum drawdown and a Sharpe ratio of 0.83. Past performance does not guarantee future results.
How often is No-Brainer (Bernstein) rebalanced?: No-Brainer (Bernstein) is rebalanced annual. BestFolio publishes the updated allocation signal each period.
Is No-Brainer (Bernstein) a fixed or tactical strategy?: No-Brainer (Bernstein) is a fixed-allocation (strategic) portfolio: it holds a set allocation and rebalances on schedule rather than rotating based on market signals.

Backtest Performance (1987-12-31 to 2026-07-03)

Metric	No-Brainer (Bernstein)
Compound Annual Growth Rate (CAGR)	9.2%
Maximum Drawdown	-45.6%
Sharpe Ratio	0.83
Sortino Ratio	1.08
Annualized Volatility	13.0%
Calmar Ratio	0.20
Total Return	2867.7%
Backtest Period	38.5 years

Strategy Details

Type: Fixed / Strategic
Rebalancing: annual
Risk Level: moderate
Variants: 1
Author: William Bernstein
Source: Bernstein, W. The Intelligent Asset Allocator (2000)

Asset Classes

US Large-Cap Equity
US Small-Cap Equity
International Developed Equity
US Bonds

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