Equity/bonds + 10% gold
A 55/35 equity/bond core with a 10% physical gold ETC sleeve.
This model portfolio is published for everyone. It is an example allocation, not a recommendation, and it has not been assessed against your circumstances. Compare it with the other model portfolios.
Target weights
- 55% All-world equity
- 35% Global bonds
- 10% Gold
Historical risk statistics
Derived at build time from month-end prices of proxy ETFs (listed below), converted to each base currency, rebalanced monthly. CAGR = compound annual growth rate. Volatility = annualised standard deviation of monthly returns. Max drawdown = largest peak-to-trough fall in month-end value. These are historical facts about proxies, not forecasts, and they exclude trading costs and taxes.
| Base | Window (longest common) | CAGR | Volatility | Max drawdown | Worst calendar year | Best calendar year | Common window* |
|---|---|---|---|---|---|---|---|
| USD | 2017-12 – 2026-09 8.8 yrs · trough 2022-09 | 8.5% | 9.6% | -18.5% | -13.9% (2022) | 19.7% | 2019-03 → CAGR 9.6%, vol 9.9%, MDD -18.5% |
| EUR | 2017-12 – 2026-09 8.8 yrs · trough 2022-09 | 8.1% | 8.2% | -11.3% | -11.2% (2022) | 19.3% | 2017-12 → CAGR 8.1%, vol 8.2%, MDD -11.3% |
| GBP | 2017-12 – 2026-09 8.8 yrs · trough 2022-06 | 8.2% | 7.4% | -8.5% | -7.7% (2022) | 15.7% | 2017-12 → CAGR 8.2%, vol 7.4%, MDD -8.5% |
| SGD | 2017-12 – 2026-09 8.8 yrs · trough 2022-12 | 7.8% | 7.3% | -14.5% | -14.5% (2022) | 17.3% | 2019-03 → CAGR 8.8%, vol 7.5%, MDD -14.5% |
| CHF | 2018-05 – 2026-09 8.4 yrs · trough 2022-09 | 6.1% | 8.8% | -15.3% | -14.3% (2022) | 16.9% | 2018-05 → CAGR 6.1%, vol 8.8%, MDD -15.3% |
*Common window = the period over which every non-multi-asset portfolio has data in that base currency (USD from 2019-03, EUR from 2017-12, GBP from 2017-12, SGD from 2019-03, CHF from 2018-05). Use it for like-for-like comparison. Data: Yahoo Finance daily adjusted close prices via the open-source yfinance library, downloaded at build time. Only derived statistics are published. Last month-end used: 2026-09-30.
Proxy / currency notes:
- SGD: No listed SGD-hedged share class in our list: SGD figures use the USD-hedged class, so they include USD/SGD currency moves.
Proxies used for the statistics
| Building block | USD | EUR | GBP | SGD | CHF |
|---|---|---|---|---|---|
| All-world equity | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L |
| Global bonds | iShares Core Global Aggregate Bond USD Hedged (LSE) AGGU.L | iShares Core Global Aggregate Bond EUR Hedged (Xetra) EUNA.DE | iShares Core Global Aggregate Bond GBP Hedged Dist (LSE), income reinvested AGBP.L | iShares Core Global Aggregate Bond USD Hedged, converted to SGD AGGU.L | SPDR Bloomberg Global Aggregate Bond CHF Hedged (SIX) GLAC.SW |
| Gold | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L |
ETF options for each building block
The base currency changes the statistics and which exchange line is shown first (for example SIX in CHF, Xetra in EUR, London in GBP or USD). It does not change the fund: every line of an ETF is the same fund. ETFs with no line trading in your base currency are still listed, marked, and placed after those that have one. Base, fund and trading currency explained.
For each slot we list every ETF in our curated list that matches your filters. The order is neutral: lowest TER first, then larger fund size, then longer track record. Being listed first is not a recommendation. Check the issuer documents (KID, prospectus) and your broker's availability before acting.
55% · Global all-world equity
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Amundi Prime All Country World UCITS ETF DistIE0009HF1MK9 · Amundi · Ireland | 0.07% | DistributingPhysical | USD 9.0bnas of 2026-09-30 | 2024-02 | WEBG (SIX, USD)WEBJ (Xetra, USD) · WEBG (SIX, CHF) · WEBG (Xetra, EUR) · WEBK (Xetra, GBP) · PACW (LSE, GBP) | |
| Amundi Prime All Country World UCITS ETF AccIE0003XJA0J9 · Amundi · Ireland | 0.07% | AccumulatingPhysical | USD 9.0bnas of 2026-09-30 | 2024-06 | WEBQ (Xetra, USD)WEBN (Xetra, EUR) · WEBN (Borsa Italiana, EUR) | |
| Xtrackers FTSE All-World UCITS ETF 1CIE000L6ZMMC4 · Xtrackers (DWS) · Ireland | 0.07% | AccumulatingPhysical (sampled) | GBP 134mas of 2026-10-20 | 2026-04 | ALLW (LSE, USD)XALL (SIX, CHF) · ALLW (Xetra, EUR) · ALLG (LSE, GBP) | |
| Vanguard FTSE All-World UCITS ETF (USD) DistributingIE00B3RBWM25 · Vanguard · Ireland | 0.14% | DistributingPhysical | USD 87.3bnas of 2026-10-21 | 2012-05 | VWRD (LSE, USD)VWRL (SIX, CHF) · VGWL (Xetra, EUR) · VWRL (LSE, GBP) · VWRL (Borsa Italiana, EUR) · VWRL (Euronext AMS, EUR) | |
| Vanguard FTSE All-World UCITS ETF (USD) AccumulatingIE00BK5BQT80 · Vanguard · Ireland | 0.14% | AccumulatingPhysical | USD 87.3bnas of 2026-10-21 | 2019-07 | VWRA (LSE, USD)VWRA (SIX, CHF) · VWCE (Xetra, EUR) · VWRP (LSE, GBP) · VWCE (Borsa Italiana, EUR) · VWCE (Euronext AMS, EUR) | |
| Invesco FTSE All-World UCITS ETF AccIE000716YHJ7 · Invesco · IrelandInvesco blocks automated downloads; TER/size read from Invesco factsheet via search index, SIX/Xetra/LSE listings from the exchanges, other listings from Bogleheads list. Inception date not verified. | 0.15% | AccumulatingPhysical | USD 5.2bnas of 2026-09-30 | n/a | FWRA (LSE, USD)FWRA (SIX, CHF) · FWIA (Xetra, EUR) · FWRG (LSE, GBP, quoted in pence) · FWRA (Borsa Italiana, EUR) | |
| SPDR MSCI ACWI IMI UCITS ETF (Acc)IE00B3YLTY66 · SPDR (State Street) · IrelandIncludes small caps (IMI index). | 0.17% | AccumulatingPhysical (optimised) | USD 9.2bnas of 2026-09-30 | 2011-05 | IMID (LSE, USD)IMID (SIX, USD) · SPYI (Xetra, EUR) · IMIE (Euronext Paris, EUR) · IMIE (Borsa Italiana, EUR) | |
| iShares MSCI All Country World UCITS ETF (Acc)IE00B6R52259 · iShares · Ireland | 0.20% | AccumulatingPhysical (optimised) | USD 36.7bnas of 2026-10-19 | 2011-10 | ISAC (LSE, USD)SSAC (SIX, USD) · SSAC (SIX, CHF) · IUSQ (Xetra, EUR) · SSAC (LSE, GBP, quoted in pence) · ISAC (Borsa Italiana, EUR) · SSAC (Euronext AMS, EUR) | |
| UBS MSCI ACWI SF UCITS ETF USD accIE00BYM11H29 · UBS · Ireland | 0.21% | AccumulatingSynthetic (swap) | USD 12.3bnas of 2026-09-30 | 2018-11 | ACWIA (SIX, USD)ACWIA (Borsa Italiana, EUR) | |
| Vanguard ESG Global All Cap UCITS ETF (USD) AccumulatingIE00BNG8L278 · Vanguard · Ireland | 0.24% | Accumulating ESGPhysical | USD 1.9bnas of 2026-10-21 | 2021-03 | V3AA (LSE, USD)V3AA (SIX, CHF) · V3AA (Xetra, EUR) · V3AB (LSE, GBP) · V3AA (Borsa Italiana, EUR) · V3AA (Euronext AMS, EUR) | |
| Vanguard ESG Global All Cap UCITS ETF (USD) DistributingIE00BNG8L385 · Vanguard · Ireland | 0.24% | Distributing ESGPhysical | USD 1.9bnas of 2026-10-21 | 2021-03 | V3AL (LSE, USD)V3AL (SIX, CHF) · V3AL (Xetra, EUR) · V3AM (LSE, GBP) · V3AL (Borsa Italiana, EUR) · V3AL (Euronext AMS, EUR) | |
| Xtrackers MSCI AC World Screened UCITS ETF 1CIE00BGHQ0G80 · Xtrackers (DWS) · IrelandScreened (ESG exclusions) version of MSCI ACWI. | 0.25% | Accumulating ESGPhysical (sampled) | GBP 5.5bnas of 2026-10-20 | 2014-02 | XMAW (SIX, USD)XMAW (Xetra, EUR) · XMAW (LSE, GBP, quoted in pence) | |
| Invesco FTSE All-World UCITS ETF CHF PfHdg AccIE000SHR0UX9 · Invesco · IrelandPortfolio-hedged to CHF: hedges non-CHF developed-market currencies and may hedge some emerging-market currencies (per factsheet). | 0.20% | Accumulating CHF-hedgedPhysical | CHF 4.3bnas of 2026-09-30 | 2024-02 | FWCA (SIX, CHF) no USD listing, trades in CHF on SIX | |
| UBS MSCI ACWI SF UCITS ETF hEUR accIE00BYM11K57 · UBS · IrelandHedging applies to developed-market currencies (per factsheet index description). | 0.21% | Accumulating EUR-hedgedSynthetic (swap) | EUR 10.8bnas of 2026-06-30 | 2015-08 | ACWIE (SIX, EUR) no USD listing, trades in EUR on SIXACWIE (Borsa Italiana, EUR) |
35% · Global aggregate bonds
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Vanguard Global Aggregate Bond UCITS ETF USD Hedged AccumulatingIE00BG47KJ78 · Vanguard · Ireland | 0.08% | Accumulating USD-hedgedPhysical | USD 6.4bnas of 2026-10-21 | 2019-06 | VAGU (LSE, USD) | |
| iShares Core Global Aggregate Bond UCITS ETF USD Hedged (Acc)IE00BZ043R46 · iShares · Ireland | 0.10% | Accumulating USD-hedgedPhysical (sampled) | USD 14.3bnas of 2026-10-19 | 2017-11 | AGGU (LSE, USD)AGGU (SIX, USD) | |
| iShares Core Global Aggregate Bond UCITS ETF (Dist)IE00B3F81409 · iShares · Ireland | 0.10% | DistributingPhysical (sampled) | USD 14.3bnas of 2026-10-19 | 2017-11 | AGGG (LSE, USD)AGGG (SIX, USD) · EUNU (Xetra, EUR) · SAGG (LSE, GBP) | |
| iShares Core Global Aggregate Bond UCITS ETF USD Hedged (Dist)IE00BMGNVD65 · iShares · Ireland | 0.10% | Distributing USD-hedgedPhysical (sampled) | USD 14.3bnas of 2026-10-19 | 2017-11 | AGUG (Euronext AMS, USD) | |
| Amundi Core Global Aggregate Bond UCITS ETF USD Hedged AccLU1778293313 · Amundi · Luxembourg | 0.10% | Accumulating USD-hedgedPhysical | USD 4.3bnas of 2026-09-30 | 2018-02 | GAHU (Euronext Paris, USD) | |
| Amundi Core Global Aggregate Bond UCITS ETF AccLU1437024729 · Amundi · Luxembourg | 0.10% | AccumulatingPhysical | EUR 3.8bnas of 2026-09-30 | 2016-09 | GAGU (LSE, USD)GAGU (Euronext AMS, USD) · GAGG (LSE, GBP, quoted in pence) · GAGG (Euronext Paris, EUR) · GAGG (Borsa Italiana, EUR) | |
| Xtrackers II ESG Global Aggregate Bond UCITS ETF 1DLU0942970103 · Xtrackers (DWS) · Luxembourg | 0.10% | Distributing ESGPhysical (sampled) | GBP 610mas of 2026-10-20 | 2014-03 | XBAG (SIX, USD)XBAG (Xetra, EUR) · XBAG (LSE, GBP, quoted in pence) | |
| Vanguard Global Aggregate Bond UCITS ETF EUR Hedged AccumulatingIE00BG47KH54 · Vanguard · Ireland | 0.08% | Accumulating EUR-hedgedPhysical | EUR 5.6bnas of 2026-10-21 | 2019-06 | VAGF (Xetra, EUR) no USD listing, trades in EUR on XetraVAGF (Borsa Italiana, EUR) | |
| Vanguard Global Aggregate Bond UCITS ETF EUR Hedged DistributingIE00BG47KB92 · Vanguard · Ireland | 0.08% | Distributing EUR-hedgedPhysical | EUR 5.6bnas of 2026-10-21 | 2019-06 | VAGE (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| Vanguard Global Aggregate Bond UCITS ETF GBP Hedged AccumulatingIE00BG47K971 · Vanguard · Ireland | 0.08% | Accumulating GBP-hedgedPhysical | GBP 4.8bnas of 2026-10-21 | 2019-06 | VAGS (LSE, GBP) no USD listing, trades in GBP on LSE | |
| Vanguard Global Aggregate Bond UCITS ETF GBP Hedged DistributingIE00BG47KG48 · Vanguard · Ireland | 0.08% | Distributing GBP-hedgedPhysical | GBP 4.8bnas of 2026-10-21 | 2019-06 | VAGP (LSE, GBP) no USD listing, trades in GBP on LSE | |
| Amundi Core Global Aggregate Bond UCITS ETF GBP Hedged DistLU2355200523 · Amundi · LuxembourgFee 0.08% per factsheet (other classes of the fund 0.10%). | 0.08% | Distributing GBP-hedgedPhysical | GBP 3.2bnas of 2026-09-30 | 2021-07 | AGHG (LSE, GBP, quoted in pence) no USD listing, trades in GBP on LSE | |
| iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)IE00BDBRDM35 · iShares · Ireland | 0.10% | Accumulating EUR-hedgedPhysical (sampled) | USD 14.3bnas of 2026-10-19 | 2017-11 | AGGH (SIX, EUR) no USD listing, trades in EUR on SIXEUNA (Xetra, EUR) · AGGH (Borsa Italiana, EUR) · AGGH (Euronext AMS, EUR) | |
| iShares Core Global Aggregate Bond UCITS ETF GBP Hedged (Dist)IE00BF540Y54 · iShares · Ireland | 0.10% | Distributing GBP-hedgedPhysical (sampled) | USD 14.3bnas of 2026-10-19 | 2017-11 | AGBP (LSE, GBP) no USD listing, trades in GBP on LSE | |
| HSBC Global Aggregate Bond UCITS ETF GBP Hedged (Dist)IE0009RYSBF2 · HSBC · IrelandFund-level index is hedged to USD; this share class is hedged to GBP (per factsheet). Replication method not stated on the factsheet. | 0.10% | Distributing GBP-hedgedNot stated | USD 11.7bnas of 2026-09-30 | 2024-05 | HGAS (LSE, GBP) no USD listing, trades in GBP on LSE | |
| HSBC Global Aggregate Bond UCITS ETF CHF Hedged (Acc)IE000AE3TNP7 · HSBC · IrelandFund-level index is hedged to USD; this share class is hedged to CHF (per factsheet). Replication method not stated on the factsheet. | 0.10% | Accumulating CHF-hedgedNot stated | USD 11.7bnas of 2026-09-30 | 2024-06 | HGAC (SIX, CHF) no USD listing, trades in CHF on SIX | |
| SPDR Bloomberg Global Aggregate Bond CHF Hedged UCITS ETF (Acc)IE00BF1QPK61 · SPDR (State Street) · Ireland | 0.10% | Accumulating CHF-hedgedPhysical (stratified sampling) | USD 4.9bnas of 2026-09-30 | 2018-04 | GLAC (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Amundi Core Global Aggregate Bond UCITS ETF CHF Hedged AccLU3238224508 · Amundi · LuxembourgShare-class launch date from the KID (13 Jan 2026); fee and AUM from the Amundi product page. | 0.10% | Accumulating CHF-hedgedPhysical | CHF 3.6bnas of 2026-10-19 | 2026-01 | GACHF (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Amundi Core Global Aggregate Bond UCITS ETF EUR Hedged AccLU1708330318 · Amundi · Luxembourg | 0.10% | Accumulating EUR-hedgedPhysical | EUR 3.8bnas of 2026-09-30 | 2017-10 | GAGH (Euronext Paris, EUR) no USD listing, trades in EUR on Euronext ParisGAGH (Borsa Italiana, EUR) | |
| Amundi Core Global Aggregate Bond UCITS ETF DistLU1737654019 · Amundi · LuxembourgDistributing class listed alongside LU1437024729 in the same Amundi factsheet with the same fee; its own launch date is not stated there. | 0.10% | DistributingPhysical | EUR 3.8bnas of 2026-09-30 | n/a | 10AM (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| Xtrackers II ESG Global Aggregate Bond UCITS ETF 5C EUR HedgedLU0942970798 · Xtrackers (DWS) · Luxembourg | 0.10% | Accumulating EUR-hedged ESGPhysical (sampled) | GBP 610mas of 2026-10-20 | 2014-03 | XBAE (Xetra, EUR) no USD listing, trades in EUR on Xetra |
10% · Physical gold (ETC)
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| iShares Physical Gold ETCIE00B4ND3602 · iShares · IrelandExchange-traded commodity (ETC), not a UCITS fund; backed by physical gold. | 0.12% | ETC, no incomePhysical | USD 38.5bnas of 2026-10-19 | 2011-04 | IGLN (LSE, USD)PPFB (Xetra, EUR) · EGLN (LSE, EUR) · SGLN (LSE, GBP, quoted in pence) · SGLN (Borsa Italiana, EUR) | |
| Invesco Physical Gold ETCIE00B579F325 · Invesco · IrelandExchange-traded commodity (ETC), not a UCITS fund. Data read from Invesco factsheet via search index (automated download blocked). | 0.12% | ETC, no incomePhysical (allocated gold) | USD 29.6bnas of 2026-09-30 | 2009-06 | SGLD (LSE, USD)SGLD (SIX, USD) · SGLD (SIX, CHF) · 8PSG (Xetra, EUR) · SGLP (LSE, GBP, quoted in pence) | |
| Amundi Physical Gold ETC (C)FR0013416716 · Amundi · IrelandExchange-traded commodity (ETC), not a UCITS fund; backed by physical gold. Issued by Amundi Physical Metals plc (Ireland) under an FR ISIN. | 0.12% | ETC, no incomePhysical | USD 13.0bnas of 2026-09-30 | 2019-05 | GLDD (LSE, USD)GLDA (Xetra, EUR) · GLDA (LSE, GBP, quoted in pence) |
Rebalancing
Over time, the actual weights drift away from the targets as markets move. The statistics above assume a return to target weights every month. Many investors rebalance less often (for example once a year, or when a weight drifts by more than about 5 percentage points), or direct new contributions to the underweight fund. Each trade can trigger costs and, in some countries, taxes. Rules vary by country and tax residence; this is general information, not tax advice.