federicocaruso.com · analisi 2026-07-06

All Weather di Ray Dalio con la fiscalità italiana

Periodo 2003-05 → 2026-07. Capitale iniziale 49,945 €. Costi IBKR, tasse in dichiarativo.

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

Metriche

StrategiaCAGR nettoVolatilitàSharpeMax DDPeggior annoRecupero (mesi)Liquidazione netta
All Weather6.0%9.6%0.66-16.6%-14.9%35170,161 €
Blend 40/608.3%10.1%0.85-31.4%-20.5%42259,796 €
VWCE9.4%13.4%0.74-49.8%-37.6%69304,805 €

Costo di costi+tasse: 0.79% di CAGR l'anno (lordo 6.8% → netto 6.0%).

Drawdown Rolling 3 anni
StrategiaRolling 3a minmedianamax
All Weather-1.9%6.2%19.0%
Blend 40/60-10.4%8.7%18.2%
VWCE-17.7%10.3%21.2%
Rendimenti annuali
AnnoAll WeatherBlend 40/60VWCE
2003-2.5%7.9%14.7%
20040.9%3.8%5.8%
200524.8%25.9%26.6%
2006-4.5%2.7%7.5%
2007-0.3%-1.7%-2.7%
20085.1%-20.5%-37.6%
2009-4.3%15.1%28.1%
201021.2%21.5%21.7%
201119.8%4.9%-5.0%
20124.5%10.6%14.6%
2013-5.5%8.3%17.4%
201427.7%21.6%17.6%
20158.2%8.7%9.1%
20169.1%10.7%11.8%
2017-2.6%4.4%9.1%
20181.4%-3.0%-6.0%
201920.7%25.9%29.3%
20204.9%5.3%5.5%
202116.5%23.2%27.7%
2022-14.9%-14.0%-13.4%
20234.7%12.3%17.4%
202411.1%18.6%23.6%
20250.3%4.9%7.9%
20265.9%10.8%14.1%

Da dove vengono i rendimenti

Contributi per asset

Tasse pagate per anno (All Weather)

AnnoImposta 26%IVAFE
20030 €98 €
20040 €98 €
20050 €123 €
2006419 €118 €
20070 €117 €
2008647 €124 €
2009226 €118 €
20100 €143 €
20110 €171 €
20120 €178 €
2013596 €170 €
2014925 €217 €
20150 €233 €
20160 €254 €
20171,128 €250 €
20180 €251 €
20190 €303 €
20204,057 €326 €
20212,045 €375 €
20222,010 €320 €
20231,988 €334 €
20243,235 €374 €
20250 €368 €
20262,729 €396 €

Diagnostica USD lorda

Run diagnostica in USD lordo: CAGR 7.1%, max drawdown -20.6%.

Ultimi ribilanciamenti

Log completo in trades_all-weather.csv.

date asset side qty price value cost tax
2021-03-31 COMMOD SELL 27.863715 123.993675 3454.924455 5.763940 53.712766
2021-03-31 TREASURY_LONG BUY 28.652961 257.692173 7383.643749 8.906915 0.000000
2021-03-31 TREASURY BUY 2.330535 196.680904 458.371735 3.366697 0.000000
2021-03-31 GOLD BUY 2.552215 424.523312 1083.474585 3.866780 0.000000
2022-05-31 US_EQ SELL 4.989124 560.334802 2795.579791 5.236464 585.178367
2022-05-31 GOLD SELL 1.759495 496.405682 873.423539 3.698739 138.009239
2022-05-31 COMMOD SELL 40.702174 234.780895 9556.092798 10.644874 1286.903465
2022-05-31 TREASURY_LONG BUY 35.433414 247.129690 8756.648574 10.005319 0.000000
2022-05-31 TREASURY BUY 10.120087 199.006433 2013.962400 4.611170 0.000000
2023-07-31 US_EQ SELL 13.579808 615.738814 8361.614748 9.689292 1788.404308
2023-07-31 GOLD SELL 2.414295 513.322323 1239.311313 3.991449 199.988463
2023-07-31 TREASURY_LONG BUY 25.824537 212.849756 5496.746354 7.397397 0.000000
2023-07-31 TREASURY BUY 2.113781 184.096063 389.138758 3.311311 0.000000
2023-07-31 COMMOD BUY 6.912998 196.279158 1356.877422 4.085502 0.000000
2024-11-30 US_EQ SELL 13.642452 859.480502 11725.421129 12.380337 2661.215119
2024-11-30 GOLD SELL 4.197666 720.369877 3023.872182 5.419098 573.684598
2024-11-30 TREASURY_LONG BUY 38.115531 219.490464 8365.995484 9.692796 0.000000
2024-11-30 TREASURY BUY 9.107031 199.657617 1818.288044 4.454630 0.000000
2024-11-30 COMMOD BUY 11.453039 192.307097 2202.500664 4.762001 0.000000
2026-02-28 US_EQ SELL 1.278660 887.955556 1135.393406 3.908315 258.893140
2026-02-28 GOLD SELL 8.418737 1267.638423 10671.914086 11.537531 2348.468382
2026-02-28 COMMOD SELL 5.937613 211.887278 1258.104716 4.006484 121.626493
2026-02-28 TREASURY_LONG BUY 38.335009 200.293695 7678.260620 9.142608 0.000000
2026-02-28 TREASURY BUY 7.165750 192.672863 1380.645529 4.104516 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.bridgewater.com, www.lazyportfolioetf.com. Replica, codice e verifiche: Federico Caruso. Vedi anche le note legali.