Same holdings. Four splits. Watch the ride change.
Hold the index in every sleeve, so the picking is identical. Only the equity, debt and gold mix changes. Return drifts a little. The hole you sit in moves a lot.
Mix . equity . debt . gold
Return
Vol
Worst drawdown
100 . 0 . 0all equity
10.4 pct
18.0
80 . 10 . 10growth tilt
10.1 pct
14.2
60 . 30 . 10balanced
9.4 pct
11.0
40 . 40 . 20defensive
8.5 pct
8.2
1.9 pp
The whole return spread, top row to bottom. Modest.
34 pp
The drawdown spread on the same picking skill. The split did that.