federicocaruso.com · analisi 2026-07-05

Permanent Portfolio con la fiscalità italiana

Periodo 2003-05 → 2026-07. Capitale iniziale 49,948 €. Costi IBKR, tasse in dichiarativo.

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

Metriche

StrategiaCAGR nettoVolatilitàSharpeMax DDPeggior annoRecupero (mesi)Liquidazione netta
Permanent7.1%8.9%0.81-14.6%-9.0%27207,100 €
Blend 40/608.8%9.7%0.91-28.5%-19.4%35279,621 €
VWCE9.4%13.4%0.74-49.8%-37.6%69304,805 €

Costo di costi+tasse: 0.59% di CAGR l'anno (lordo 7.7% → netto 7.1%).

Drawdown Rolling 3 anni
StrategiaRolling 3a minmedianamax
Permanent-1.1%6.6%18.3%
Blend 40/60-8.8%8.8%17.9%
VWCE-17.7%10.3%21.2%
Rendimenti annuali
AnnoPermanentBlend 40/60VWCE
2003-0.8%8.5%14.7%
2004-1.6%2.8%5.8%
200524.9%25.9%26.6%
2006-0.1%4.4%7.5%
20070.9%-1.2%-2.7%
20087.8%-19.4%-37.6%
20093.3%18.2%28.1%
201024.0%22.6%21.7%
201113.7%2.5%-5.0%
20123.8%10.3%14.6%
2013-8.1%7.2%17.4%
201424.8%20.4%17.6%
20158.6%8.9%9.1%
20168.7%10.5%11.8%
2017-2.3%4.5%9.1%
20181.9%-2.8%-6.0%
201918.4%25.0%29.3%
20206.6%5.9%5.5%
202113.3%22.0%27.7%
2022-9.0%-11.6%-13.4%
20238.9%14.0%17.4%
202415.9%20.5%23.6%
20256.3%7.3%7.9%
20263.8%10.0%14.1%

Da dove vengono i rendimenti

Contributi per asset

Tasse pagate per anno (Permanent)

AnnoImposta 26%IVAFE
20030 €99 €
20040 €98 €
20050 €122 €
20060 €122 €
2007853 €125 €
2008605 €134 €
20090 €137 €
20100 €170 €
20111,826 €197 €
20120 €200 €
20131,399 €187 €
20140 €230 €
20150 €249 €
20160 €271 €
20170 €265 €
20183,017 €276 €
20190 €320 €
20200 €341 €
20210 €386 €
20220 €351 €
20230 €383 €
20246,627 €457 €
20256,146 €484 €
20260 €490 €

Diagnostica USD lorda

Run diagnostica in USD lordo: CAGR 8.0%, max drawdown -17.9%.

Ultimi ribilanciamenti

Log completo in trades_permanent-portfolio.csv.

date asset side qty price value cost tax
2008-12-31 GOLD SELL 5.578350 196.318007 1095.130514 3.876104 142.603950
2008-12-31 TREASURY_LONG SELL 43.659327 137.041007 5983.118136 7.786495 448.390897
2008-12-31 TBILL SELL 10.116380 88.761161 897.941615 3.718353 13.737136
2008-12-31 US_EQ BUY 94.800323 73.534549 6971.099039 8.576879 0.000000
2011-07-31 US_EQ SELL 30.645440 108.103759 3312.887285 5.650310 228.116909
2011-07-31 GOLD SELL 24.436989 349.440144 8539.264968 9.831412 1597.582312
2011-07-31 TREASURY_LONG BUY 53.288080 121.057278 6450.909910 8.160728 0.000000
2011-07-31 TBILL BUY 48.258184 89.694471 4328.492337 6.462794 0.000000
2013-12-31 US_EQ SELL 57.545275 168.100572 9673.393553 10.738715 1326.011073
2013-12-31 TREASURY_LONG SELL 8.002552 139.632376 1117.415333 3.893932 72.716831
2013-12-31 GOLD BUY 27.540652 264.296665 7278.902519 8.823122 0.000000
2013-12-31 TBILL BUY 13.509848 93.367441 1261.379973 4.009104 0.000000
2018-09-30 US_EQ SELL 40.029993 344.908581 13806.688085 14.045350 2762.589946
2018-09-30 TREASURY_LONG SELL 8.834308 215.400938 1902.918295 4.522335 254.309094
2018-09-30 GOLD BUY 23.934631 304.021004 7276.630691 8.821305 0.000000
2018-09-30 TBILL BUY 51.192195 113.238231 5796.913549 7.637531 0.000000
2024-02-29 US_EQ SELL 28.671695 700.816239 20093.589496 19.074872 4631.883436
2024-02-29 GOLD SELL 21.346419 542.233802 11574.750062 12.259800 1995.503744
2024-02-29 TREASURY_LONG BUY 77.837711 208.445720 16224.937721 15.979950 0.000000
2024-02-29 TBILL BUY 79.751295 129.287605 10310.853968 11.248683 0.000000
2025-09-30 US_EQ SELL 2.709582 864.713962 2343.013446 4.874411 553.194778
2025-09-30 GOLD SELL 28.513919 937.036901 26718.594215 24.374875 5592.454928
2025-09-30 TREASURY_LONG BUY 64.044836 194.624836 12464.715734 12.971773 0.000000
2025-09-30 TBILL BUY 73.569578 128.583074 9459.802505 10.567842 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: en.wikipedia.org. Replica, codice e verifiche: Federico Caruso. Vedi anche le note legali.