federicocaruso.com · analisi 2026-07-06

Il 60/40 globale con la fiscalità italiana

Periodo 2003-10 → 2026-07. Capitale iniziale 49,948 €. Costi IBKR, tasse in dichiarativo.

Equity line: 60/40, Blend 40/60, VWCE, 60/40 lordo (diagnostica)

Metriche

StrategiaCAGR nettoVolatilitàSharpeMax DDPeggior annoRecupero (mesi)Liquidazione netta
60/406.9%9.1%0.78-27.4%-18.2%42189,548 €
Blend 40/608.1%11.3%0.75-41.3%-29.8%59236,378 €
VWCE8.8%13.3%0.71-49.8%-37.6%69265,693 €

Costo di costi+tasse: 0.69% di CAGR l'anno (lordo 7.6% → netto 6.9%).

Drawdown Rolling 3 anni
StrategiaRolling 3a minmedianamax
60/40-9.0%7.4%16.1%
Blend 40/60-14.0%9.2%18.7%
VWCE-17.7%10.2%21.2%
Rendimenti annuali
Anno60/40Blend 40/60VWCE
2003-3.2%-1.6%-0.6%
20042.1%4.3%5.8%
200523.0%25.2%26.6%
20061.7%5.1%7.5%
2007-3.7%-3.1%-2.7%
2008-18.2%-29.8%-37.6%
200915.1%22.9%28.1%
201019.0%20.6%21.7%
20113.6%-1.5%-5.0%
20129.5%12.6%14.6%
20138.5%13.9%17.4%
201419.1%18.2%17.6%
201510.9%9.8%9.1%
20168.8%10.6%11.8%
20171.9%6.2%9.1%
2018-1.5%-4.2%-6.0%
201921.4%26.1%29.3%
20202.4%4.3%5.5%
202119.0%24.3%27.7%
2022-11.1%-12.5%-13.4%
202311.3%15.0%17.4%
202415.9%20.5%23.6%
20252.2%5.6%7.9%
202610.2%12.6%14.1%

Da dove vengono i rendimenti

Contributi per asset

Tasse pagate per anno (60/40)

AnnoImposta 26%IVAFE
20030 €97 €
20040 €99 €
2005295 €122 €
20060 €124 €
2007459 €120 €
200892 €98 €
2009230 €113 €
20100 €134 €
2011440 €139 €
20120 €152 €
2013424 €165 €
2014585 €197 €
20150 €217 €
20161,035 €238 €
20170 €241 €
20181,338 €240 €
20190 €288 €
20202,510 €300 €
20212,332 €355 €
20220 €312 €
20230 €347 €
20242,196 €407 €
20252,886 €417 €
20260 €453 €

Diagnostica USD lorda

Run diagnostica in USD lordo: CAGR 7.6%, max drawdown -33.9%.

Ultimi ribilanciamenti

Log completo in trades_60-40.csv.

date asset side qty price value cost tax
2018-01-31 US_EQ SELL 13.119726 306.920568 4026.713662 6.221371 734.881876
2018-01-31 INTL_EQ SELL 12.045384 230.951084 2781.894415 5.225516 374.286330
2018-01-31 EM_EQ SELL 3.422832 489.436224 1675.257821 4.340206 228.570086
2018-01-31 BOND_AGG BUY 45.107918 153.906764 6942.413741 8.553931 0.000000
2020-03-31 BOND_AGG SELL 46.485593 197.500246 9180.916041 10.344733 992.843472
2020-03-31 US_EQ BUY 0.786308 332.734180 261.631531 3.209305 0.000000
2020-03-31 INTL_EQ BUY 24.857746 198.548815 4935.475975 6.948381 0.000000
2020-03-31 EM_EQ BUY 5.378376 389.812495 2096.558326 4.677247 0.000000
2020-08-31 US_EQ SELL 15.667696 415.468523 6509.434357 8.207547 1314.294892
2020-08-31 INTL_EQ SELL 4.788801 229.820237 1100.563376 3.880451 124.524271
2020-08-31 EM_EQ SELL 1.543093 469.142393 723.930144 3.579144 77.949630
2020-08-31 BOND_AGG BUY 44.287573 187.538302 8305.616241 9.644493 0.000000
2021-08-31 US_EQ SELL 15.006468 549.580381 8247.260271 9.597808 1782.089132
2021-08-31 INTL_EQ SELL 11.550735 297.977144 3441.855048 5.753484 505.044584
2021-08-31 EM_EQ SELL 0.590413 564.186905 333.103098 3.266482 44.414840
2021-08-31 BOND_AGG BUY 48.739512 188.490989 9186.958759 10.349567 0.000000
2024-01-31 US_EQ SELL 14.345120 665.417807 9545.498282 10.636399 2135.593412
2024-01-31 INTL_EQ SELL 1.246450 317.681230 395.973928 3.316779 60.885472
2024-01-31 EM_EQ BUY 4.259314 479.443025 2042.098572 4.633679 0.000000
2024-01-31 BOND_AGG BUY 24.366938 185.826644 4528.026378 6.622421 0.000000
2025-09-30 US_EQ SELL 11.103475 864.713962 9601.330204 10.681064 2228.350571
2025-09-30 INTL_EQ SELL 6.165446 388.868812 2397.549826 4.918040 415.278915
2025-09-30 EM_EQ SELL 2.904931 634.470283 1843.092692 4.474474 241.880294
2025-09-30 BOND_AGG BUY 60.894719 184.034744 11206.743940 11.965395 0.000000

Assunzioni

Questo contenuto ha finalità esclusivamente informative e didattiche e non costituisce consulenza finanziaria, raccomandazione personalizzata né sollecitazione all'investimento. I rendimenti passati e i risultati di backtest non sono indicativi di risultati futuri. Le assunzioni fiscali riflettono un caso specifico (regime dichiarativo) e possono non applicarsi alla tua situazione. Strategia originale: www.lazyportfolioetf.com. Replica, codice e verifiche: Federico Caruso. Vedi anche le note legali.