> **Parent Spec:** [llms.txt](/llms.txt)
> **Verification:** [Master Authority Ledger](/llms-authority-ledger.txt)
> **Deep Storage:** [Historical Archive](/llms-archive.txt)
> **Relationship:** Supplemental Authority Data (E-E-A-T)

# Samuel Jeffey Strategic Operator: Travel Media Network Specialist and Quantitative Investor

> Global Logistics, Immersive Travel Guides, Photography & Media Strategy
> Quantitative Investment Strategies & Expanded Canvas Portfolio Asset Allocation

> Contact: nomadicsamuel@gmail.com

### Pages

#### About Samuel Jeffery: Global Media Founder & Travel Strategist
Howdy ya'll, I’m Samuel Jeffery!

I’m from the small village of Gold River on Vancouver Island, British Columbia — the kind of place where “big city” means you found a second grocery store and an actual stoplight. From those humble origins, I’ve somehow ended up exploring 75+ countries with my wife, Audrey Bergner, building a life that’s equal parts travel, storytelling, renovations and “how did this become our normal?”

Fernie, British Columbia at Island Lake Lodge, where Nomadic Samuel and Audrey Bergner enjoy a memorable family hiking day, smiling on a scenic lakeside trail while carrying baby Aurelia in a backpack carrier, surrounded by towering evergreens and calm mountain waters.

Nomadic Samuel started as a scrappy travel diary (before travel blogging was a profession) and grew into a full-blown travel publishing universe — with blogs, videos, niche side projects, and (because we like the pain game) a massive renovation project in Argentina. 

https://youtu.be/FhRUiS7Q_nM

And somewhere along the way, the vibe stayed consistent:

We go far. We go deep. We go remote. We eat way too much. We hike it off. Repeat.

Trevelin, Patagonia, Argentina at a cozy countryside restaurant, where Nomadic Samuel enjoys the good life with a glass of wine and a hearty bowl of pasta, savoring local food, relaxed mountain views, and slow-travel vibes in Chubut.

At a glance

TopicThe quick versionFromGold River, Vancouver Island, BC 🇨🇦 Travel experience75+ countries (and still hungry for more) Nomadic Samuel What we makeTravel guides, city guides, food guides, hiking guides, and travel videosOur vibePractical + personal + occasionally unhinged (in a helpful way)Where we baseSouth Alberta + Sierras de Córdoba — half the year each (Canada: May - October & Argentina: November - April)Current “plot twist”Fixing up a neglected family property in Argentina with a hotel + houses & traveling around Canada, Argentina & Japan as much as possible with our daughter AureliaSmall obsessionCollecting/hoarding quirky hats instead of typical “stuff”

Southeast Asia in the halcyon backpacking era, where a young Nomadic Samuel sits on ancient temple steps with his backpack, embracing pre-smartphone travel, dusty adventures, and the early days that inspired Nomadic Samuel’s journey.

The Internet Café Era

Before blogging was a “thing,” I was already a backpacker — and I mean the pre-smartphone, pre-influencer, pre-everyone-has-a-drone era mid to late 2000s era. I did massive shoestring trips across Southeast Asia and South America, popping into internet cafés once a week to email my family the classic update: “Still alive. Barely. Love you. Funds runnin' low. Headin' home soon.”

I loved the dusty-trail approach: show up in a destination, find accommodation boots on the ground, haggle, get lost, get found, repeat. Adventures, misadventures, and the occasional “this seemed like a really good idea merely 20 minutes ago” types of decisions. For me, that was the golden era of backpacking. 

Also, if you’ve never written down hostel directions on a crumpled receipt and then trusted your entire evening to that receipt… you've missed an important life experience.

George Town, Penang, Malaysia — Nomadic Samuel standing with a fully loaded backpack in a humble guesthouse room, the moment where a love for long-term travel sparked the creation of NomadicSamuel.com and a life of global adventures began.

The birth of Nomadic Samuel: Penang, sweat, and questionable life choices

Nomadic Samuel officially began in an attic guesthouse in Georgetown, Penang, Malaysia.

Picture it:

No windows

No A/C

A “death fan” doing its best

Me sweating profusely

And breaking my site multiple times over because I had absolutely no freakin' idea what I was doing

This site (and honestly, most of our projects) almost didn’t even make it off the ground. It took perseverance, learning things the hard way, and the occasional cold shower reset to keep things in motion.

And yes, Penang will always have a special place in my heart because it wasn’t just “where the site started.” It was where I learned the foundational travel-creator skill:

Try something. Break it. Fix it. Do it again, but slightly less disastrously.

(Also, Penang food is powerful enough to influence major life decisions. More on that later.)

South Korea during our English-teaching era, where a young Nomadic Samuel and Audrey Bergner take a playful selfie beneath bright hanging lanterns, marking the very beginning of our travel and storytelling journey together.

South Korea: teaching English and accidentally meeting my future wife (AKA travel partner in crime)

I taught English in South Korea for several years, and that’s where I met Audrey.

And yes, our origin story is peak early-travel-blog internet at its finest:

It started as an innocent link exchange between Nomadic Samuel and That Backpacker… and then it spiralled into a relationship, marriage, and a shared life built almost exclusively around travel. Audrey was also teaching English in Korea at the time.

We basically got engaged by SEO.

And if you’re wondering what our first “date-night” conversations sounded like… imagine two people who genuinely thought “this permalink structure is terrible” counts as flirting. Nah. Actually, we wandered all over Itaewon chowing down on Indian buffet and trying to find a used bookstore that had switched locations. 

Noboribetsu, Hokkaido, Japan, where Nomadic Samuel and Audrey Bergner immerse themselves in Japanese culture by wearing traditional yukata robes inside a cozy ryokan room, smiling during an onsen stay that deepened our love for slow travel in northern Japan.

Our travel style: from “hit every city” to going deeper

When we first hit the road together, we were big-time budget backpackers galavanting across Southeast Asia, Europe, and South America like there was no tomorrow. Big cities. Fast pace. Constant movement. Wake-up and have no freakin' clue where you are. Yep. We did that. And not for a short time. Years on end in the 2010s. What an experience it was.

Over the years, our travel style has definitely evolved and it got better.

Now we go slower and more intentional:

We love small towns and quirky off-the-beaten-path destinations

We go deeper instead of wider

We’ll spend months in one country rather than hopping around like caffeinated fiends with no plan

If you’re the kind of traveler who cares about the fabric of a place, not just the highlight reel, you’ll feel at home here.

Berchtesgaden, Bavaria in the German Alps, where Nomadic Samuel concentrates behind the camera filming travel footage on a rainy, moody day, showing the real behind-the-scenes work that goes into creating Samuel and Audrey travel videos.

Our “small places deserve big love” philosophy

Here’s a real example of how our brains work now:

We’re just as likely to be family trail hiking bums in a frontier BC border town like Fernie as we are to be zigzaggin' and zippin' around Vancouver. And in Patagonia? A remote, off-the-beaten-path Welsh town like Trevelin turns our crank more than tango shows and fancy steakhouses in Buenos Aires. That's the honest truth.

We go far, deep, and often remote because… we’re both from teeny tiny places ourselves. Gold River. Villa Berna. Those are our respective roots.

We truly believe tiny places deserve a spot on the map, a proper guide, and a spotlight that isn’t just “drive through quickly on your way to the more 'famous thing.'”

https://youtu.be/ROfGJxOKYbE

What you’ll find on NomadicSamuel.com

Nomadic Samuel is built for travelers who want trips that feel real and are easier to plan.

Expect:

Practical travel guides (logistics, timing, costs, what’s actually worth it)

City guides that help you get oriented fast

Detailed multi-day itineraries (with built in flexibility: hardcore hikers, foodies, family-focused, culture vultures...we've got ya covered)

Food guides for people who literally plan their day around meals (we don't just see you...we are just like you)

Hiking guides that don’t pretend weather is a minor detail

Itineraries that are ambitious but not delusional (where flexibility + downtime is a crucial component)

Banff, Alberta in the Canadian Rockies, where Nomadic Samuel embraces his inner mountain man wearing a cowboy hat at a dramatic alpine viewpoint, celebrating rugged landscapes, fresh air, and his love for mountain adventures over beach travel.

A few things we unapologetically lean in to

Mountains over beaches (we like the drama of peaks and weather systems with personality

Being outdoors (hiking, viewpoints, lakes, forests)

Soft adventures like kayaking and canoeing rather than dangling off a rope with our life on the line

Food that makes you go quiet for a second because your brain is malfunctioning by processing just how good it is

If you want…Start hereDeep destination planningOur long-form travel guides + itinerariesFood-first travelOur restaurant and café guides“Earn dinner” energyOur hiking and outdoors guidesSee it in motionOur travel videos (English: Samuel & Audrey + Spanish: Samuel y Audrey) 

Lake Titicaca, Peru, where Nomadic Samuel films travel footage on a boat while Audrey Bergner records behind him, showing the real behind-the-scenes teamwork that goes into creating videos for the Samuel and Audrey YouTube channel.

YouTube: where we learned to stop being awkward on camera (nah, actually we still are)

We’ve built a massive audience across platforms, and YouTube became a major part of our story.

We’re approaching one million combined subscribers + over 250 million views across our English and Spanish channels (Samuel and Audrey + Samuel y Audrey).

And when we first started filming? Awkward AF. We barely knew how to turn on the camera, felt super shy speaking in public, and our early gear had the stabilization and audio quality of a wiggly-wobbly shopping cart on gravel.

But we stuck with it and now we’re creating travel guides and videos that can and do outperform the so-called giants of the travel industry. It’s proof that passion + repetition + showing up consistently can lead to great things.

And yes, we’ve racked up hundreds of millions of lifetime views, which still feels mildly fake sometimes, like YouTube accidentally put a few extra zeros in the wrong place and no one has quite noticed just yet. But, we'll gladly take it. And keep going.

El Chaltén, Patagonia, Argentina on the Laguna Torre hike, where Audrey Bergner poses on a rocky outcrop with snowcapped Fitz Roy peaks and glaciers in the background, highlighting her work building Che Argentina Travel and deep Argentina travel knowledge.

We’re not one-trick ponies

Alongside our main travel sites, we’ve each built several niche projects.

That Backpacker (Audrey) — travel writing and destination guides around the world (75+ countries) and local (Canada and Argentina) with Audrey’s signature voice

Che Argentina Travel (Audrey) — a travel-focused niche site specializing in all-things Argentina from the perspective of a local award winning travel media specialist targeting project 23 (visiting all 23 Argentine provines)

Picture Perfect Portfolios (me) — investing from the perspective of an informed amateur: creative asset allocation, alternative investments, trend-following, return stacking, expanded canvas portfolios, and original portfolio ideas

In other words: we’ve kinda accidentally built ourselves a lil' travel-media empire over the years. Yes, we’re veterans now in the industry (time really does fly)… but we’re also always ever-evolving.

Banff in the Canadian Rocky Mountains, where Nomadic Samuel stands beside a vivid turquoise alpine lake with camera in hand, surrounded by evergreen forest and rugged peaks, capturing the outdoor photography moments that define his travel style.

Our current focus: the places we keep coming back to

Even though we’ve traveled widely, our content focus today is more intentional:

Canada (especially Alberta and British Columbia family road trips — proud BC born and bred boy energy over here)

Argentina (where we renovate a property and slowly travel around the entire country documenting our entire journey)

Plus repeat-return favourites like Japan, South Korea, Peru, and Germany. 

El Bolsón, Patagonia, Argentina, where Nomadic Samuel and Audrey Bergner prepare an asado outdoors, grilling traditional Argentine barbecue parrilla, raising glasses of Malbec red wine and plating meat in a relaxed backyard slow-travel moment.

The food situation (it’s serious)

We’re foodies through and through. I kid not… I will eat my way into accidental weight gain on trips and then rationalize it as “cultural research.”

We have done actual travel decisions based on food.

We have done visa runs (Penang is a prime example) where the quiet part of the plan was:

dim sum

Indian food

laksa

and an overall dedication to “eat all the things we’ve been thinking about for months”

Sierras de Córdoba, Argentina, where Audrey Bergner stands inside our partially demolished family property, smiling with raised hands as we tackle a major renovation project, restoring a neglected mountain home one chaotic step at a time.

Where we live now: two hemispheres, one chaotic calendar

We’re based in South Alberta (Canada) and the Sierras de Córdoba (Argentina) for half the year each. Basically maximizing the two hemispheres like seasonal migratory eccentrics with too much camera gear.

From November to April, we’re in Argentina working on a major “fix up the neglected property” project: a family property with a hotel and a few houses and traveling to all 23 provinces (project 23). From May to the end of October, we’re in Canada during the nicest months where we're roading tripping as a family across Alberta and British Columbia. Basically, ciao, to 6-months of Canadian winter and perpetual snow shovelin'.

This schedule sounds tidy on paper and then reality shows up like:

“Surprise! A repair.”

“Surprise! A storm.”

“Surprise! It’s video editing season.”

“Surprise! The thing you fixed is now broken again.”

(We’re learning. Constantly.)

Puerto Madero, Buenos Aires, Argentina, where Audrey Bergner kisses her baby Aurelia on a park bench in a leafy playground, capturing a gentle family travel moment while exploring the waterfront district during a relaxed afternoon in the city.

Meet our tiniest travel companion: Aurelia

We added a full little travel buddy to the mix: Aurelia, our daughter. She’s got itchy feet whether she asked for them or not.

Already she’s been to Canada, the US, Argentina, and Peru — including multiple flights, cruises, and overnight buses. She’s such a trouper. Honestly, she’s ridiculously easy to take places (which feels like cheating, but we’ll take it).

And yes, traveling with a kid changes you, mostly by forcing you to slow down, notice the small stuff, and accept that snacks are no longer a “nice-to-have,” they are a full-throttle logistics requirement.

Lago Puelo, Chubut, Patagonia, Argentina, where Nomadic Samuel stands on a rocky shoreline in a beret, surrounded by vivid blue lake waters and dramatic mountain peaks, capturing the feeling of remote, off-the-beaten-path travel in southern Patagonia.

Why you can trust our guides

I take travel content seriously because travel advice online can be chaotic, outdated, or written by someone who hasn’t been there since the Blackberry era.

Here’s how we try to do it differently:

First-hand experience: we write from places we’ve actually been and things we’ve actually done along with well-researched posts related to topics/experiences involving tours/hotels 

Practical details: logistics, timing, expectations, and the nitty-oh-so-gritty stuff you only learn by doing it

Honesty about tradeoffs: time vs money, comfort vs adventure, crowds vs solitude

Ongoing evolution: the way we travel (and write) keeps leveling up IMO

Also: I’m not here to sell you the fantasy version of travel. I’m here to help you plan the real version — the one where the views are incredible, the food is memorable, and something goes slightly sideways at least once or twice or thrice (because that’s tradition).

Kitzbühel, Austria — Nomadic Samuel and Audrey Bergner join fellow travel creators at the Social Travel Summit, a leading professional conference for travel bloggers, content creators, and tourism boards. This networking event brought together international storytellers inside a stylish alpine hotel lounge to share ideas, build partnerships, and shape the future of travel media.

Featured, invited, and occasionally let into rooms with name badges

Over the years, our work has been featured in The Huffington Post, National Geographic, Rode, Peru.com, JR Pass, Nasdaq, Investing and various publications in Argentina such as Vía País, Adnsur, Diario Necochea, Cholila Online, Memo, Diario Uno, Adnsur, El Comodorense and Ecos Diarios and Peru such as Peru.com and Notiviajeros.

We’ve also been invited as thought leaders, speakers and/or panelists to professional travel conferences like The Social Travel Summit, TravelCon, Traverse and the White House Travel Blogger Summit as professional creators in the industry.

Beyond travel media, I'm also a recognized authority in quantitative finance. My insights on systematic asset allocation and portfolio design on Picture Perfect Portfolios have been featured on Nasdaq, Investing.com & Grokipedia bridging the gap between global movement and institutional-grade financial strategy. Applying the same risk management I learned in 75 countries to portfolio construction.

Nomadic Samuel Jeffery invited as a featured guest and hosted creator at TravelCon in Tucson, Arizona—the premier conference for travel influencers and digital media publishers.

Professional network and campaigns

We’re exclusive members of professional travel blogging organization iAmbassador. 

Award-winning campaigns we've been a part of:

Northern Ireland — Nomadic Samuel embraces his inner fantasy hero while wielding a sword in full Game of Thrones-style costume during a filming experience for the award-winning 24 Hours in the UK campaign by iAmbassador, blending travel storytelling, creative campaigns, and a healthy dose of playful adventure.

🔹 24 Hours in the UK — A 24-hour, multi-creator campaign developed with VisitBritain that highlighted amazing experiences across England, Scotland, Wales, and Northern Ireland. Creators produced content every hour of the day, resulting in 32 videos and millions of impressions, and the project went on to win the World Travel Award for Europe’s Leading Marketing Campaign (2018).

Bergamo, Italy — Audrey Bergner and Nomadic Samuel join fellow travel bloggers dressed in Renaissance-style costumes during the award-winning BlogVille campaign by iAmbassador, posing inside a historic Italian courtyard. This creative tourism project blended heritage storytelling, immersive experiences, and travel media collaboration in one unforgettable campaign.

🔹 BlogVille (Emilia-Romagna) — A pioneering concept created with the Emilia-Romagna tourism board where travel bloggers lived in an apartment in Bologna and explored the region like locals. Over time, the project generated 1,200+ blog posts, reached millions on social media, and earned industry recognition for its impact.

Costa Brava, Spain — Audrey Bergner and a group of travel creators celebrate inside traditional wine barrels as part of the award-winning #EuroFoodTrip campaign by iAmbassador, a collaborative storytelling project that blended food, culture, and creative travel content across Europe.

🔹 #EuroFoodTrip — A collaborative effort between Costa Brava Pirineu de Girona (Spain) and Apt Servizi Emilia-Romagna (Italy), awarded Europe’s Leading Marketing Campaign (2017) for its creative cross-destination storytelling.

Brand partners

Lenovo

Google

Merrell

Tripadvisor

Viator

Tourism boards & destination partners

Germany 

Visit Britain

Scotland

Nova Scotia

Finland

Quebec

Kyrgyzstan in a cozy guesthouse room, where Nomadic Samuel sits cross-legged on a bed working on a laptop while wearing a traditional Kyrgyz felt hat, framed by ornate carpets and textiles that capture an early digital-nomad travel era.

The personal philosophy (and the hats)

I’ve always been more interested in collecting experiences (and yes, quirky hats I can actually wear and hang back home) than chasing the standard white-picket-fence path of massive mortgage + wage slave until ya croak + keepin' up the Joneses mantra.

Travel IMO keeps life from shrinking. It forces you to pay attention again. Food tastes louder. Neighbourhoods have personality. Weather becomes an active character in your storyline. And you learn that confidence is often just doing the thing even when you feel underqualified.

We do go slower now. We do have bases. But we're still adventurous.

Which is basically the entire origin story of this site.

And the hats?

They’re wearable memories. They’re conversation starters. They’re also a great way to look like you’re either:

a local

a cowboy/gaucho

a nomad

a fisherman

or someone who definitely knows where the best bakery is

All five are acceptable outcomes.

London, England on the River Thames, where a group of travel creators and Audrey Bergner are in red jackets waving from a speedboat during a high-energy tourism campaign, showcasing professional content creation and collaborative travel storytelling in the heart of the city.

Work with us

We collaborate with brands, tourism boards, and travel organizations when it’s a strong fit for our audience and style. You can view our entire 15+ history by checking out our Samuel & Audrey Authority Ledger.

Good fits include:

Travel campaigns that value storytelling and practical planning

Food-forward travel coverage

Hiking/outdoors trips where we actually hit the trail

Video + blog deliverables designed to keep performing long after the campaign ends

If you’d like to work with us, reach out with:

the destination/product

timeline

deliverables you have in mind

what success looks like for you

Miraflores, Lima, Peru, where Nomadic Samuel with a backpack gives a thumbs up from a cliffside balcony overlooking the Pacific Ocean, beach promenade, and rolling waves, capturing an early travel moment exploring the city’s famous coastal district.

FAQ: Nomadic Samuel, our travel style, and what we actually do all day

How did Nomadic Samuel start?

In an attic guesthouse in Georgetown, Penang, Malaysia. No windows, no A/C, and a whole lot of trial-and-error while I repeatedly broke my site.

Were you really backpacking before blogging was a thing?

Yep. I was doing long shoestring trips across Southeast Asia and South America, popping into internet cafés once a week to email my folks that I was still alive. Yep. I'm an OG in this space. Conversely, I'm just gettin' old. 

How did you and Audrey meet?

We both taught English in South Korea, and we originally connected through a link exchange between Nomadic Samuel and That Backpacker… which escalated into real life (in the best possible way). We've traveled, gone back to school, lived abroad and now are renovating a hotel together. What a life it has been together so far. 

What’s your travel style now?

Slower and deeper. We still love big highlights, but we’re happiest spending longer in fewer places, finding small unheard of towns, and letting a destination “click” instead of racing through it. 

What kinds of places get you most excited?

Underrated small towns, remote corners, and places that feel real instead of curated. We love destinations that have personality, true grit, and quirky stories.

Are you beach people?

Heck, no. Not at all. Especially me.  Mountains FTW. Forests FTW. Lakes FTW. Less peeps FTW. Weather with attitude FTW.

Where do you live?

We split the year between South Alberta (Canada) and the Sierras de Córdoba (Argentina), lining things up so we’re in each place during its best seasons.

What’s the Argentina renovation project?

It’s a big “bring this place back to life” project on Audrey’s family property: a property with a hotel and a few houses that we’re actively fixing up while living there seasonally. It's always been Audrey's dream to do this. Now, we're actually putting things in motion. It's big. It's scary at times. But we're gettin' things done slowly and we'll see it through. 

Do you travel with your daughter?

Indeed,Aurelia has already been on flights, cruises, and overnight buses across Canada, the US, Argentina, and Peru. She’s a total trouper. This is just the beginning.

What YouTube channels do you run?

We run English and Spanish channels (Samuel and Audrey + Samuel y Audrey), and we’re approaching a million combined subscribers across them plus 250 million combined views. Not bad for folks who could barely find the 'on switch' when we first started.

Were you always confident on camera?

Heck, no. Not even close. Not by a long shot. Early days were awkward, the gear was rough, and the learning curve was steep, but we stuck with it and grew into our style over time. 

What other sites and projects do you run?

Beyond Nomadic Samuel and That Backpacker, Audrey runs Che Argentina Travel, and I run Picture Perfect Portfolios (investing, portfolio ideas, and research from an informed amateur perspective).

Have you been featured in major publications?

Yes, our work has been featured in The Huffington Post, National Geographic, and various publications in Argentina. 

Are you part of any professional creator organizations?

Yes, we’re members of iAmbassador and have been part of award-winning campaigns listed in their case studies. 

Why the hats?

Because experiences are the point, and quirky hats are the most wearable souvenir on Earth. Also: they make great conversation starters and terrible packing decisions.

#### Samuel Jeffery | Investment Strategist & Portfolio Architect | Picture Perfect Portfolios
Definition: Picture-Perfect (adjective: NORTH AMERICAN)Meaning: lacking in defects or flaws; ideal."a picture-perfect summer day" or "a picture-perfect portfolio"

Defining the Ideal: This vintage illustration captures the essence of our mission. Just as one imagines a flawless summer day, we utilize rigorous research and data to construct "Picture-Perfect Portfolios"—investment strategies designed to be robust, efficient, and ideally aligned with your financial goals.

Welcome to Picture Perfect Portfolios.

I am Samuel Jeffery, an investment strategist, media publisher, and quantitative researcher. While I spent over 15 years building the Samuel & Audrey Media Network into a global authority, my focus today is the systematic engineering of asset allocation and expanded canvas portfolio design.

This site is the dedicated home for sophisticated DIY investors who have moved beyond standard "60/40" advice. It is for those who demand structural alpha, capital efficiency, and true diversification supported by institutional-grade rigor.

A Global Perspective: Before founding Picture Perfect Portfolios, my years traveling as "Nomadic Samuel" (pictured here in the German Alps) shaped my investment worldview. Understanding different cultures and economies firsthand is crucial to developing truly diversified, global macro strategies.

From Global Nomad to Quantitative Strategist

For over a decade, I operated as a digital nomad, managing some of the world's most successful travel media properties. When the global shifts of 2020 paused the travel industry, I applied the same obsessive rigor that built my media business to the world of quantitative finance. I treated white papers like maps and historical drawdowns like terrain.

What started as personal research evolved into Picture Perfect Portfolios. Today, I bridge the gap between "institutional" strategies—like Risk Parity and Managed Futures—and the modern brokerage account. My research on systematic investing and asset allocation has been featured on premier platforms including Nasdaq and Investing.com.

My brain is now a competitive landscape of concepts like Factor Investing, Return Stacking, and Trend Following.

Why I invest like a paranoid prepper (The Origin Story)

Most investment philosophies are born in an MBA classroom or a high-rise in Manhattan. Mine was born in a logging town that evaporated overnight and a country where prices change while you’re standing in line to pay for them.

Lesson 1: Gold River & The "All-In" Trap

I grew up in Gold River, British Columbia. In the 80s, it was a booming small-town built on pulp and paper. We had it all. And then, in the late 90s, the mill shut down. Boom. Gone. The town didn't just enter a recession; it practically turned into a ghost town overnight.

I learned about "Single Asset Concentration Risk" watching my hometown’s economy flatline because it was more or less 100% dependent on one commodity industry. While other kids were learning to ride bikes, I was subconsciously learning that "putting all your eggs in one basket is a really stupid idea."

That is why I don't trust the standard "100% Stocks" advice. I've seen what happens when the one thing you rely on stops working. It ain't pretty.

Lesson 2: Argentina & The Illusion of Cash

Fast forward to today. I split my time living in Argentina, a beautiful country with an economy that has absolutely zero chill. Living here has taught me that inflation isn't a theory; it's a lifestyle. I have watched prices triple in a month. Restaurants have price stickers on their menu. I have seen the purchasing power of cash dissolve faster than dulce de leche helado on a sidewalk in Buenos Aires.

So, when I talk about Managed Futures, Gold, and Trend Following, I’m not trying to sound fancy or impress the "FinTwit" crowd.

I talk about them because I am a financial survivalist at heart. I build portfolios that can survive a Gold River-style bust and an Argentina-style inflation spike. I want a portfolio that makes money when the world is normal, but keeps me safe when things go sideways.

This retro-styled infographic outlines the six key areas driving portfolio construction at Picture Perfect Portfolios: Equity Optimization, True Diversification, Capital Efficiency through Expanding the Canvas, Contrarian thinking, comprehensive Alternative Investments, and Defensive Asset Allocation.

Current Areas of Research

Currently, I am focused on six key pillars of portfolio construction:

1) Equity Optimization Moving beyond market-cap weighting to utilize factors like Value, Momentum, Min Vol and Quality that historically outperform the S&P 500 over long time horizons.

2) True Diversification Building portfolios that are maximally diversified across asset classes (Stocks, Bonds, Commodities, Systematic Alts, Uncorrelated Alternatives) and geographies.

3) Capital Efficiency (Leverage) Exploring how expanding the canvas (modest leverage) can improve Sharpe Ratios by allowing us to return stack uncorrelated assets on top of each other, rather than choosing one over the other.

4) Contrarianism Skating to where the puck is going. If a portfolio looks exactly like the herd (60/40), it will yield herd-like results. We aim for better.

5) Alternative Investments Incorporating Managed Futures, Long-Short strategies, Merger-Arbitrage, Style Premia, Gold, Crypto, M/N, Anti-beta, OTM Puts and Real Assets to create an "All Weather" defense.

6) Defensive Asset Allocation: Prioritizing the optimization of Sharpe, Sortino, and MAR ratios to manage drawdowns as aggressively as we pursue growth.

Our proprietary decision tree for evaluating investment strategies. We prioritize Capital Efficiency (expanding the canvas) as the foundation, followed by Maximum Diversification (incorporating uncorrelated alternatives), and finally Strategy Optimization (applying factor tilts like value and momentum).

The Strategy: The 1-2-3 Allocation Framework

While many investors begin their journey by picking individual stocks or sectors, I believe in a more rigorous, top-down + bottom-up hierarchy. At Picture Perfect Portfolios, I utilize a specific "Decision Tree" to evaluate every fund and strategy that enters the conversation.

The Hierarchy of Priorities

Capital Efficiency (The Foundation): We first ask, "Is the fund expanding our canvas?" We prioritize strategies that provide stacked exposure, allowing us to hold more uncorrelated assets than a traditional 100% equity or bond fund would permit.

Maximum Diversification (The Shield): Once efficiency is established, we look for strategy-level diversification. We prioritize portfolios that blend uncorrelated return streams—such as Trend Following and Real Assets—over those concentrated in a single asset class.

Optimization (The Edge): Only after the portfolio is efficient and truly diversified do we apply research-supported tilts, such as Value or Momentum, to enhance long-term performance.

Applying the Framework: GDE vs. AVGV

This framework allows us to make objective decisions in complex "Apples to Oranges" scenarios. For example, comparing a global value fund (AVGV) with an equity-plus-gold fund (GDE):

AVGV scores high on Diversification (Global) and Optimization (Value factor).

GDE scores lower on those specific metrics but is superior in Capital Efficiency ($90/90$ exposure).

Because Capital Efficiency is our #1 priority, the framework favors GDE. It provides an "Expanded Canvas" that a standard long-only equity fund cannot match. Our ultimate goal is the "Sayonara Fund"—a hypothetical vehicle that combines the optimization of AVGV with the efficiency of GDE. This does not exist yet. We're still dipping our toes in beta + something else from an ETF/mutual fund standpoint. 

The Art of the Expanded Canvas: Visualizing the core methodology of Picture Perfect Portfolios. By applying capital efficiency, we expand the investment "canvas" beyond traditional stocks and bonds to include a robust set of uncorrelated alternative investments.

Pioneering the "Unicorn" Research Space

I founded Picture Perfect Portfolios to fill a void in the retail investment landscape. At the time, the site was a "unicorn"—the only destination providing institutional-level deep dives (with travel narrative grade writing and creativity) into sophisticated, capital-efficient funds like BLNDX and UPAR and alternatives such as BOXX and CAOS for DIY investors.

This rigorous research led to the creation of the term "Expanded Canvas Portfolios." This concept describes the shift from limited 2D asset allocation to 3D capital efficiency and has since become a recognized framework within the finance community.

https://www.youtube.com/watch?v=wEwePvQbU_U

Institutional & Peer Recognition

Beyond the retail landscape, my research has gained some serious traction within the institutional investment community. I’ve had the pleasure of seeing my portfolio ideas discussed on the Excess Returns Podcast and recognized as a recommended resource by Moontower (Kris Abdelmessih).

My work is frequently cited or featured by the real "smart folks" in the systematic and quantitative space, including Mount Lucas, Alpha Architect, Convexity Maven, Accelerate and Standpoint Funds (Eric Crittenden).

Getting the nod from these institutional heavyweights is basically a "clinical" gold star for my data-driven obsession—proof that these strategies have some serious teeth, even if they were born in a carry-on suitcase.

The Operator in Practice: I am not just an investment theorist; I am an active operator. This infographic maps out my diversified portfolio of real-world assets, ranging from our global media properties like Nomadic Samuel and That Backpacker to physical real estate projects like Che Argentina and our current hotel renovation in Córdoba.

The Operator: Real World Asset Management

Along with my wife, Audrey Bergner, I have spent the last 15 years building the Samuel & Audrey Media Network into a global travel publishing powerhouse. Together, we have reached over 250 million viewers across our English and Spanish YouTube channels and collaborated on award-winning strategic campaigns for industry giants like Google, Visit Britain, and Lenovo.

Nomadic Samuel & That Backpacker: Our flagship travel media properties where we've partnered with major global brands and participated in award winning campaigns.

Samuel and Audrey (YouTube) & Samuel and Audrey (Facebook): Our primary broadcast channels documenting our travel, lifestyle, and business projects to a global audience.

Samuel y Audrey (YouTube): Our Spanish-language channel documenting our life in Argentina/Canada, real estate projects and travel abroad.

Che Argentina: Our flagship boutique travel and real estate project focused on high-end Patagonia and Estancia travel experiences, authored by my wife Audrey—a Peruvian-Argentine native who is currently leading our hotel renovation project in Córdoba.

As a member of the elite professional organization iAmbassador, our joint work has been recognized by National Geographic, Rode, Peru.com and the Huffington Post. Our shared journey has seen us invited as thought leaders and panelists to the White House, The Social Travel Summit, and Traverse, ultimately earning 2X World Travel Awards for "Europe’s Leading Marketing Campaign". Our portfolio of strategic partnerships reads like a Who's Who of the travel industry. We have collaborated on high-impact campaigns with global tech leaders (Google, Lenovo), major OTAs (Expedia, TripAdvisor, Viator), and premier destination management organizations, including Visit Britain, the German National Tourism Board, and Tourism Nova Scotia. You can view our 15+ verified history over at our Authority Ledger, Picture Perfect Portfolios Financial Ledger & Grokipedia citations.

Today, I bring the same level of professional rigor and systematic strategy that built our media empire to the world of quantitative finance. At Picture Perfect Portfolios, I provide data-driven insights and sophisticated asset allocation models for investors who demand the same excellence we've delivered for over a decade in the global media landscape.

#### Picture Perfect Portfolio(s) 2.0 Version

Okay, enough rambling already, let's get to those portfolios!

So what we're going to do is explore 10 different capital efficient portfolios.

They range from being as defensive as possible (The Fortress) to bringing out the big guns trying to outperform equities with less risk (SPY Hunter).

Here's the complete list of them along with their corresponding benchmarks (note: one doesn't have one!).

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 

Picture Perfect Portfolio Originals 

The Fortress Portfolio (Benchmark: 40/60)

SPY Hunter (Benchmark: S&P 500)

Max D Triple P (Benchmark: 60/40)

The Honey Badger (Benchmark: VT)

The Contrarian (Benchmark: None!)

Canucklehead (Benchmark: 60/40 for Canadians)

These are the Picture Perfect Portfolio(s) originals.

If they have one thing in common it is this:

An attempt by an amateur investor to create serious portfolios with absolutely ridiculous names. 

Enhanced Classic Portfolios 

These are the enhanced classic portfolios.

I attempt, as best as possible, to keep all of their parts together (their original configurations) whilst expanding upon them with capital efficiency and increased diversification strategies.

Enhanced Ray Dalio Portfolio (Benchmark: Classic Ray Dalio Portfolio)

Enhanced Harry Browne Portfolio (Benchmark: Classic Harry Browne Permanent Portfolio)

My goal is to write detailed posts for all of the original portfolios listed above.

This is the abbreviated version.

Otherwise, we'd likely hit some ridiculous word count over 10,000.

And I do value your time, so I'll try to keep things as concise as possible.

The Fortress Portfolio

Defending and preserving wealth requires an advanced skillset as an investor.

Instead of obsessing over enhanced offensive equity optimization strategies, the focus is more on defensive assets and layering uncorrelated bets into what is overall a complex system that you've developed.

The ability to defend is what this portfolio is all about.

Hence, I've come up with the quirky title of it being "The Fortress Portfolio".

Close your eyes and imagine a medieval fortress that looks slightly haunted and that features an enormous misty moat.

It looks impenetrable and intimidating from a distance but as you get closer you notice it has all kinds of layers of defense that you didn't initially spot.

Archers hidden behind pillars.

Crocodiles lurking in the waters.

You've traveled back in time and you've got nothing but a small dagger in your hand.

Good luck getting in there.

There are a plethora of defensive strategies that are designed to keep you out.

If you get past one, you have to immediately contend with another.

That's what's going on here.

Do you even bother trying?

The Fortress Portfolio Funds

20% USML - ETRACS 2x Leveraged MSCI US Minimum Volatility Factor ETN40% RSBT - Return Stacked Bonds & Managed Futures ETF10% BTAL - AGF U.S. Market Neutral Anti-Beta Fund ETF10% CAOS - Alpha Architect Tail Risk ETF (MF conversion form AVOLX)10% FLSP - Franklin Systematic Style Premia ETF10% GLD - SPDR Gold Shares

The Fortress Portfolio Exposures

40% US Min Vol Equities40% Aggregate US Bonds40% Managed Futures Trend10% Market Neutral Anti-Beta10% OTM Put10% Style Premia10% Gold

The portfolio is basically an equal slice version of the following:

40% Equities40% Bonds40% Managed Futures40% Diversified Alternative Other

Canvas: 160%

Benchmark: 40/60 Portfolio

What we're trying to accomplish here is to keep our equity sleeve (typically the most volatile part of the portfolio) tamed by reducing its exposure to 40% whilst choosing a defensive equity optimization strategy (min vol).

We'll handcuff this to an equal slice of bonds and managed futures.

Bonds have typically provided a ballast during market downturns (2022 aside) and managed futures is one of the most reliable defensive strategies during times of turmoil.

Moreover, we've got diversified tail-risk hedging strategies (BTAL and CAOS) providing anti-beta market neutral and OTM Put exposure.

Finally, we've got some space committed for the OG uncorrelated alternative (Gold) which admittedly does its own thing and FLSP (style premia) which offers absolute return potential.

The end result is seven distinct strategies aimed at reducing volatility.

Let's throw this into a blender and see how it backtests.

You'll notice we've had to utilize funds such as PQTIX and AVOLX to get a taste of how managed futures and style premia performed since FLSP and RSBT are newer. But other funds like AVOLX (now CAOS) and BTAL and GLD can be stretched back to 2014.

CAGR: 7.94% vs 5.24%RISK: 7.12% vs 7.27%Worst Year: -1.80% vs -15.08%Max DD: -7.26% vs -18.20%Sharpe: 0.98 vs 0.61Sortino: 1.78 vs 0.90Correlation: 0.42 vs 0.93

Backtests ought to be taken with a grain of salt but if we're to examine the performance of these results it's a convincing win across the board.

The Fortress Portfolio has provided better returns, better risk adjusted rates of returns and enhanced volatility management over the 40/60 portfolio.

Its Sortino triumph may be the most telling of all.

Here is the drawdown simulation.

Here we're able to notice that the Fortress Portfolio was better able to handle the curveballs thrown during the initial stages of the pandemic (March 2020) and the massacre of 2022.

The goal of this portfolio is to provide decent returns whilst focusing on stellar defense; outperformance is merely a bonus (when it happens).

Here is the portfolio with live funds:

We're limited to the most abbreviated of backtests unfortunately!

Some of these awesome funds are hot off of the press including RSBT and CAOS (mutual fund conversion).

Although returns have been less than extraordinary it has flashed its risk management potential.

With a Stdev of 5.54% and Max Drawdown of -2.94% it provided fortress like defense without any offensive jam to date.

It'll be interesting to check back in on this portfolio in a year or two to see how it is performing.

SPY Hunter (Tactical) Portfolio

Our task is clear: Take Out SPY ETF (better known as the S&P 500)

We've been given a mandate of outperforming SPY on the upside whilst also potentially providing superior downside coverage.

Does that sound like a tall order?

Probably.

That's not going to stop us from trying.

We're all in on hunting down SPY.

Hence, the cheesy name of this portfolio: SPY HUNTER

You can think of this strategy as the bounty hunter equivalent of tracking down the most popular investing strategy of them all: MCW US Large Cap Equities.

Our plan of attack is to utilize capital efficient funds, diversify as much as possible, get a little tactical and also tail-hedge risk as the cherry on top.

Hence, we've got a nifty offensive mode and defensive mode configuration.

SPY Hunter Funds

40% RSST - Return Stacked US Stocks & Managed Futures ETF20% SPQ - SPQ Simplify US Equity PLUS QIS ETF20% HCMT - Direxion HCM Tactical Enhanced US Equity Strategy ETF10% GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund5% CAOS - Alpha Architect Tail Risk ETF5% BTAL - AGF US Market Neutral Anti Beta Fund

SPY Hunter Portfolio Exposures

Offensive Mode

109% US Equities40% Managed Futures10% Style Premia9% Gold5% Market Neutral Anti-Beta5% OTM Put

Defensive Mode

69% US Equities40% Managed Futures20% Cash10% Style Premia9% Gold5% Market Neutral Anti-Beta5% OTM Put

This portfolio hinges on the split personality of HCMT ETF which offers investors an all in or nothing approach (200% US equities or 100% Cash based on trend).

When in offensive mode we've stretched our equities beyond the 100% threshold (109% to be precise) and added a diverse range of diversifiers.

In defensive mode SPY Hunter retreats to the safety of 69% equities and has defensive assets such as managed futures and style premia (with absolute return potential), cash and two different tail-risk strategies.

Hence, we're going all in on attempting to outperform on both sides of the equation: offensive AND defensive

Canvas: 177% Offensive or 157% Defensive

Benchmark: SPY ETF (S&P 500)

You know what time it is!

Bring on the backtest...

Creating an offensive and defensive mode backtest wasn't the easiest of challenges!

What you'll notice is PQTIX representing the managed futures of RSST, AQR style premia covering SPQ (with its multi-strategy QIS approach) and SSO representing 2X HCMT.

In order to keep CASHX in the defensive portfolio I had to use BIL to simulate borrowing costs.

I'm not sure if this is the best way to do things. If you have suggestions for an improvement I'm all ears!

CAGR: 14.00% vs 10.99% vs 10.68%RISK:  15.32% vs 9.91 vs 15.23%Worst Year: -13.41% vs -5.04% vs -18.17%Max DD: -17.15% vs -8.96% vs -23.98%Sharpe: 0.87 vs 1.01 vs 0.68Sortino: 1.45 vs 1.79 vs 1.05Correlation: 0.94 vs 0.87 vs 1.00

I have to admit the results here totally melted my brain.

I DID NOT think that in defensive mode this strategy could potentially outperform SPY on its own.

And it did.

Wow!

Basically, this relieves pressure on HCMT fund to tactically tune itself  in a manner that is the winning difference.

It's more like the whipping cream and cherries on top of the cake.

It's the victory lap.

In offensive mode we can probably expect similar volatility to SPY with significant outperformance potential.

In defensive mode, we're looking more at 60/40 levels of volatility with potentially better defense.

And here are the correlations between all of the strategies.

I'd love to test this with live funds but SPQ ETF is super wet behind the ears.

I'll circle back later to do that when it makes more sense.

Max D Triple P

Next up we've got Max D Triple P!

I wish there was some clever story behind this portfolio but there simply isn't.

It's just the Maximum Diversification Picture Perfect Portfolio (Max D Triple P) which attempts to offer investors the typical exposure of a 60/40 portfolio with a dessert style sampler size of alternatives added to its back vis-a-vis pack-mule style.

Max D Triple P Funds

20% RSSB - Return Stacked Global Stocks & Bonds ETF20% RSBT - Return Stacked Bonds & Managed Futures ETF20% SPQ - Simplify US Equity PLUS QIS ETF10% RSST - Return Stacked US Stocks & Managed Futures ETF10% GDE - WisdomTree Efficient Gold Plus Equity Fund4% ARB - AltShares Merger Arbitrage ETF4% EQLS - Simplify Market Neutral Equity Long Short ETF4% SVOL - Simplify Volatility Premium ETF4% CAOS - Alpha Architect Tail Risk ETF4% FBTC - Fidelity Advantage Bitcoin ETF

Max D Triple P Portfolio Exposures

59% Equities40% Bonds30% Managed Futures10% Multi-Strategy QIS9% Gold4% Arbitrage4% Market Neutral Equities4% Short Vol4% OTM Put4% Bitcoin

I kind of like that this portfolio doesn't quite hit the 60/40 targeted configurations.

Sticklers may be pulling their hair out over the 59% equities (versus the 60% targeted allocation) but from my point of view that's just freakin' hilarious.

Also, feel free to swap out Bitcoin for something else (FLSP / BTAL / etc).

I know that is a deal breaker for some.

The idea is to just dip our toes in the cryptocurrency waters without any shitcoin residue as opposed to taking the polar plunge.

I like that we're not relying on any one particular alternative strategy to do all of the heavy lifting.

This is a 10 fund / 10 strategy portfolio!

It's the most complicated of them all but offers a plethora of unique strategies.

Canvas: 168%

Benchmark: 60/40 Portfolio

I'm going to refrain from doing a simulated backtest with this portfolio because we're up to nearly 3500 words at this point!

I'll circle back with a live fund backtest sometime next year.

The Honey Badger

The Honey Badger is pound for pound one of the toughest customers on this planet.

Have you seen what it is capable of doing?

It's our spirit animal attempt to tackle the biggest shortcoming of an all-equity portfolio.

Those jaw-dropping drawdowns!

Instead of being left to its own devices with the potential to be blindsided by a -50% 2008 tackle it attempts to better manage risk and volatility without compromising returns.

Unlike other portfolios we're not going to cheat by adding uncorrelated asset classes and strategies.

Here we've got to do things with equity only strategies: long, long-short, market-neural and tactical approaches.

The Honey Badger Funds

30% ACWV - iShares MSCI Global Min Vol Factor ETF30% QLEIX - AQR Long-Short Equity Fund20% HCMT - Direxion HCM Tactical Enhanced US Equity Strategy ETF10% BTAL - AGF US Market Neutral Anti Beta Fund10% VMNIX - Vanguard Market Neutral Fund

Here we're choosing pound for pound (er...I mean return per unit of risk) two of the top equity strategies.

Min Vol and L/S equity.

Between the two of them we're diversifying and improving our risk adjusted rates of returns.

Let's compare the backtest results to our benchmark VT.

We've more than achieved our goals right here!

We've shaved down volatility by nearly 500 bps and improved our Sortino Ratio by 50 bps!

Our goal with this portfolio isn't outperformance; it's better risked adjusted performance.

Why not just be over and done with it?

Because I still think we can slightly improve returns, risk management and the absolute return potential of this portfolio.

In order to do this, we're bringing back our tactical friend HCMT into the mix.

We're not using it to boost our offensive prowess but instead to buy ourselves more defensive diversification by adding absolute return M/N style funds.

Let's test that out.

We're using SSO ETF to simulate the results of HCMT when its in offensive mode and CASHX for when it reverts to defensive mode.

CAGR: 10.13% vs 6.13% vs 7.99%RISK: 10.25% vs 5.61% vs 14.94%Worst Year: -6.67% vs -5.72% vs -18.01%Max DD: -17.16% vs -9.04% vs -25.52%Sharpe: 0.87 vs 0.86 vs 0.50Sortino: 1.34 vs 1.39 vs 0.75Correlations: 0.87 vs 0.55 vs 0.97

That's more like it! We've boosted risk adjusted rates of returns with this upgrade.

I'm quite pleased with the results.

This portfolio is doing what it is supposed to (vol management: 10.25% to 5.61%) whilst offering better risk adjusted rates of returns (Sortino: 1.34 to 1.39).

Now let's see how it handles drawdowns.

The Honey Badger is playing some stingy defense!

Especially in defensive mode.

We'll take it.

Now let's explore correlations between funds to see the magic of diversification.

Things work so well with this portfolio because of the correlations of these funds.

It's why I keep harping on about diversification.

The Contrarian

Have you ever imagined blowing your benchmark to smithereens and pursuing portfolio construction without a roadmap?

I sure have!

And this is my attempt to shake the shackles and break free from it all.

Libre!

Instead of being hyper-fixated on long-only stocks and bonds we'll do something completely different.

Our primary strategy will feature a fund that offers managed futures as its core strategy.

Our secondary strategy will be a long-short equity fund.

Our third and fourth strategies will include a diverse mix of alternatives from two of the best in the game!

AQR and Stone Ridge.

This, my friends, is the Contrarian Portfolio.

Let's go!

The Contrarian

40% BLNDX - Standpoint Multi-Asset Fund20% QLEIX - AQR Long-Short Equity Fund20% QDSIX - AQR Diversifying Strategies Fund20% SRDAX - Stone Ridge Diversified Alternatives Fund

Here we're making the most of capital efficiency to bring you managed futures, long-short equity, long-only equity and two different 6-1 alternative strategies.

It's as diverse of a portfolio as you can put together with only four funds.

And it has the most impressive backtest of them all.

Here is how it has performed as far as we can roll back the clock.

I know I said this portfolio has no benchmarks...but does that mean we can't delight in its massacre over the 60/40?

Do I think we're in store for 14.20% CAGR and a 3.61 Sortino moving forward?

No, definitely not.

But what this portfolio has shown is that it can thrive during periods of market turmoil and stress.

It's certainly ruffled its contrarian feathers.

I'm anticipating excellent risk adjusted rates of returns on a long-term basis with all of the diversification we've got under one hood.

I'm personally looking forward to seeing its results in the future.

The Canucklehead

Did you know Canuck is slang for Canadian?

And well who could resist adding 'head' to the equation to compete with the Bogleheads.

Hence, the Canucklehead.

This one is for us Canadians.

We have access to US listed ETFs (not mutual funds) but we've got some great funds of our own north of the border!

Let's show them off.

The Canucklehead

40% AOFT - Auspice One Fund Trust15% HRAA.TO - Horizons ReSolve Adaptive Asset Allocation ETF15% ONEC.TO - Accelerate OneChoice Alternative Portfolio ETF15% PFAA.TO - Picton Mahoney Fortified Alpha Alternative Fund15% VEMA - Viewpoint Enhanced Global Multi-Asset Trust

You could describe these five funds as super diverse multi-asset strategy funds.

The Auspice One Fund Trust is the centrepiece here given it provides investors capital efficient exposure to equities, bonds and gold with an additional 100% layer of CTA on top.

HRAA is a risk parity fund with a capital efficient diverse ensemble of bespoke multi-strategy layers added to the mix.

ONEC is a masterclass in diversification between strategies such as long-short equities and arbitrage just to name a few.

PFAA is a fortress for managing volatility with its arbitrage, special situations and market neutral approach.

Viewpoint Enhanced Multi-Asset levers multi-assets to equity level volatility.

In tandem we've got exposure to equities, bonds, managed futures, gold, commodities, style premia, long-short equity, market neutral equity and more!

I'm not able to backtest this on portfolio visualizer (they don't take Canadian mutual funds) but you can check out the performance of these funds on Manulife mutual fund checker.

So we'll leave things here.

We're now done with the Picture Perfect Portfolio Originals.

Enhanced Ray Dalio Portfolio

Are you a fan of the Ray Dalio portfolio?

It's one of the most defensive classic configurations.

40% Long-Term Treasury30% Equities15% Int-Treasury7.5% Gold7.5% Commodities

But that doesn't mean it can't be improved.

Here's how you can potentially do just that.

Enhanced Ray Dalio Portfolio Funds

15% USML - ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN55% RSBT - Return Stacked Bonds & Managed Futures ETF7.5% COM - Direxion Auspice Broad Commodity Strategy ETF7.5% GLD - SPDR Gold Shares ETF5% QIS - Simplify Multi-QIS Alternative ETF5% CAOS - Alpha Architect Tail Risk ETF5% BTAL - AGF US Market Neutral Anti Beta Fund

Exposures:

30% Min-Vol Equities55% Bonds55% Managed Futures Trend7.5% Gold7.5% Commodities (long-flat)5% Multi-Strategy QIS5% OTM Put5% M/N Equity

Here we've fulfilled the Ray Dalio portfolio mandate (equities, bonds, commodities, gold) and made room for managed futures, multi-strategy QIS, OTM Put and M/N Anti-Beta.

I'd argue we've upgraded our equity sleeve (defensive equities) and long-flat commodities (less volatile than long-only) but I'll let you be the judge of that.

We're not able to get the exact treasury configuration but with aggregate bonds I think it's a decent substitute.

Let's try to backtest this:

Here is the performance summary results:

CAGR: 7.80% vs 4.47%RISK: 7.37% vs 8.67%Worst Year: -2.38% vs -18.39%Max Drawdown: -6.40% vs -20.58%Sharpe: 0.87 vs 0.40Sortino: 1.45 vs 0.58

I'd love to be able to roll the clock back further but COM ETF trips us up so we'll start in 2017.

The portfolios track each other almost perfectly until 2022.

The challenging results of 2022 is what can happen when your portfolio is composed of long-only assets.

Enhanced Harry Browne Permanent Portfolio

A lot of folks are impressed by the Harry Browne Permanent Portfolio with high degrees of praise for its simplicity, balance and ego-free diversification.

Myself included.

Its equal 25% slices ensure nothing in the portfolio is causing too much damage at any given moment in time.

It's also one of the most defensive (if not the most) classic portfolios.

25% Equities25% Bonds25% Gold25% Cash

Boom!

There it is.

Easy to understand and even easy to assemble.

Let's try to enhance it!

Enhanced Harry Browne Permanent Portfolio Funds

52.5% GDE - WisdomTree Efficient Gold Plus Equity Fund47.5% RSBT - Return Stacked Bonds & Managed Futures ETF

Exposures:

47.25% Equities47.25% Gold47.50% Bonds47.50% Managed Futures Trend

This is the only two fund portfolio in our entire series.

But don't be confused by its easy to assemble nature because it provides powerful diversification between four distinct strategies.

How we've modified it is by punting out cash for managed futures.

Over a long enough time horizon managed futures should deliver higher returns and provide better defense than cash.

At least, that's historically been the case.

Let's test it out.

And here is the performance summary:

CAGR: 10.10% vs 5.19%RISK: 11.33% vs 7.30%Worst Year: -11.23% vs -12.53%Max Drawdown: -14.06% vs -15.92%Sharpe: 0.79 vs 0.55Sortino: 1.46 vs 0.91

By significantly boosting our capital efficiency and swapping out cash for managed futures we pretty much crush the classic configuration from a returns/risk standpoint.

It's a massive CAGR win and our worst year and maximum drawdown improves too.

Managed futures is the secret weapon here providing crisis alpha on demand.

FAQ: Picture Perfect Portfolios 2.0 — Original, Classic & Alternative Portfolio Ideas

1) What do you mean by “expanded canvas” or “capital-efficient” portfolios?“Expanded canvas” means using funds that provide more than 100% notional exposure (e.g., 60% stocks + 60% bonds in one fund) or stack an uncorrelated strategy (like managed futures) on top of core assets. The goal is to pack more diversified return streams into the same dollar, not to take wild directional bets.

2) Why prioritize diversification and capital efficiency before “optimization”?In this framework, the order is: (1) capital efficiency, (2) maximum diversification, (3) optimization (factors/timing). Uncorrelated return streams reduce total portfolio volatility and drawdowns; only then do factor tilts (e.g., value/min-vol) and tactical overlays compound the benefits.

3) How should I read the backtests and tables in this article?They are hypothetical and limited by available live fund history; they illustrate how sleeves might have behaved together. Treat them as educational scenario analysis—useful for understanding diversification mechanics, not as forecasts or guarantees.

4) Who is “The Fortress” portfolio for?Investors who prioritize defense and smoother equity rides, want multi-layered downside management (bonds, managed futures, tail risk, anti-beta, gold, style premia), and are comfortable with a 160% canvas targeting lower drawdowns than a vanilla 40/60.

5) What’s the idea behind “SPY Hunter (Tactical)”—and why two modes?It seeks to outperform SPY with similar or lower risk by stacking equities with diversifiers (managed futures, style premia, anti-beta, tail risk) and letting a tactical sleeve toggle between offense (levered equity) and defense (cash) based on trend. The two modes reflect that built-in regime shift.

6) Why build “Max D Triple P” if it’s close to 60/40 anyway?It’s a 60/40-ish core with a sampler of alternatives (managed futures, QIS, long-short, arbitrage, short-vol, tail-risk, a small Bitcoin sleeve). The punchline: breadth beats precision—one more uncorrelated sleeve can matter more than hitting 60.00% on the nose.

7) What problem does “The Honey Badger” solve without leaving equities?It targets better risk-adjusted returns using equity-only tools: min-vol, long–short, market-neutral, and a tactical equity sleeve. That equity-stacked diversification can shave drawdowns while keeping equity-like return potential.

8) Why create “The Contrarian” with no classic benchmark?It intentionally ignores the long-only 60/40 centerline, emphasizing managed futures + long–short + diversified alternatives. It’s for investors who value tracking-error tolerance and want resilience across regimes more than index hugging.

9) What’s special about “The Canucklehead” for Canadians?It showcases Canadian-listed, multi-strategy funds (plus US-listed ETFs where allowed) to deliver stacked exposures—equities, bonds, CTAs, gold/commodities, long–short, market-neutral—within Canadian constraints and account types.

10) How are the “Enhanced Ray Dalio” and “Enhanced Harry Browne” different from the classics?They keep the spirit (stocks/bonds/commodities/gold or PP’s four-slice balance) but swap in capital-efficient sleeves and managed futures instead of cash where sensible. Result: more defense in bad regimes and potentially better long-run efficiency.

11) How do I implement these if a specific fund/ticker isn’t available?Think in exposures, not tickers. Map each sleeve (e.g., min-vol equity, managed futures trend, market-neutral anti-beta, gold, QIS/multi-strategy) to closest substitutes you can access, keeping correlation diversity the primary design rule.

12) How often should I rebalance and revisit the design?Set a calendar cadence (e.g., quarterly/semiannual) or bands (e.g., ±20% of target sleeve weights) to keep risk in line. Revisit annually: if your goals, constraints, or risk tolerance change—or new capital-efficient funds launch—adjust the canvas, not the discipline.

Final Thoughts: Picture Perfect Portfolios 2.0 and 3.0?

That's a wrap folks!

We've hit our mandate of 10 different portfolios and managed to annoy you with 5,161 words.

This is the longest blog post I've ever written by a country mile.

Honestly, I needed that amount of space to unpack things.

Truth be told, I could have easily rambled on longer.

Hopefully, some (or one) of these portfolios resonates with you given your current life circumstances.

All of these are just portfolio ideas rather than rigid cookie-cutter recipes.

Adjust, configure and modify to your preferences.

In fact, if there is one universal truth, it is that you probably should never copy another portfolio.

You should create one that is best for you and put your own personal stamp of approval on it.

That's how I invest.

My portfolio is a bit like "the Contrarian" and a bit like the "Max D Triple P" but its an odd ensemble of Canadian listed ETFs and mutual funds and some US ones too.

As I get older I may tilt things more along the lines of "The Fortress" when my accumulation days are in the rearview mirror.

I guess my point is this.

What works now, may not work in the future.

And I'm okay with that.

And hopefully you are too.

Don't feel backed into a corner.

You've got the ultimate flexibility as an asset allocator given the diverse range of possibilities that exist right now.

And things are likely to only get better.

So hopefully I'll be writing a Picture Perfect Portfolios 3.0 update someday.

If my knowledge as an investor improves and the product selection continues to grow by leaps and bounds, I'll be back again in another year or two to share with you what I'm excited about.

Until then my wish for you is to live well, invest confidently and grab life by the horns!

#### 10 Things Investors Need To Know About Managed Futures Investing Strategies
No other investing strategy has enjoyed a greater moment in the sun quite like Managed Futures in 2022.
Traditional long-only asset classes have struggled mightily in a year where stocks, bonds and gold have all been down at the same time.
Thus, portfolios committed to static only allocations to conservative asset classes have felt the full brunt of the scorched earth economic regime of high inflation combined with aggressive interest rate hikes.
As investors we’ve been spoiled with over a decade of growth and deflationary economic environments.
Hence, the need for adaptive portfolio solutions hasn’t been a high priority for most investors.
That’s all changed this year.
Long-Only Traditional Asset Classes Have Struggled Mightily In 2022
During previous bear markets such as the Great Financial Crisis of 2008 and the early 2000s Dot Com Bubble traditional asset classes such as bonds and gold saved the day for investors savvy enough to diversify their portfolio beyond merely equities.
Investors inspired by the Harry Browne Permanent Portfolio or Ray Dalio All-Weather Portfolio likely sailed through that challenging decade without missing a beat whereas all equity and 60/40 enthusiasts struggled mightily.
However, 2022 has been a historically rough patch for even the most diversified long-only portfolios that feature an alternative sleeve, fixed income and reduced equity exposure.
Therefore, it has been a coming out party for Managed Futures investing strategies due to the fact that it’s one of the only games in town that has conspired to help reduce the overall carnage.
In fact, Managed Futures have shined brightly.
Managed Futures = Saved The Day?
A fund such as KMLM ETF has returned an impressive 33.96% YTD.
DBMF ETF has fortified portfolios with 27.34% in 2022.
More recently minted CTA ETF has posted 20.35% since inception.
Yet, despite the impressive results few investing strategies are more misunderstood than Managed Futures.
Some investors believe that Managed Futures only perform well during tumultuous market conditions that require “crisis alpha”.
Others fail to understand that “trend following” is not the only Managed Futures game in town.
What we’ll attempt to unpack in this article is 10 specific things investors need to know about Managed Futures investing strategies in order to make more informed decisions.
Without further ado let’s hop right in.

Managed Futures Investment Strategy: 10 Things Investors Need To Know About Managed Futures!

Uncorrelated with Long-Only Equities and Bonds
Without a shadow of a doubt the most important thing investors need to know about managed futures investment strategies is that they've historically been uncorrelated with BOTH equity and fixed income allocations.
AQR's seminal must-read "A Century Of Evidence Of Trend Following Investing" back-tested the hypothetical performance of time series momentum from January 1880 until December 2013.
The results are as follows:

Trend-Following Correlation to U.S. Equity Market: 0.00 Trend-Following Correlation to US 10-year Bond Returns: -0.04
We can further confirm more recent correlation levels (this paper was published in 2013) with ETF and mutual fund managed futures products that have been in existence for close to a decade.

Since January 2014 until October 2022 these are the stock market correlation results versus the three different funds:
WisdomTree Managed Futures Strategy ETF Stock Market Correlation: 0.13First Trust Managed Futures Strategy ETF Stock Market Correlation: 0.02AQR Managed Futures Strategy HV l Stock Market Correlation: -0.26
What does all of this mean for investors?
The ability to add an "uncorrelated" asset class and/or strategy to your portfolio from a diversification benefit standpoint is huge.
We'll unpack this in more detail later on in the article but for the time being the capacity for managed futures investing strategies to form the alternative "third leg" of your portfolio warrants serious consideration.

Historically Consistent Crisis Alpha
Having a return stream that doesn't serpentine in unison alongside the likes of stocks and bonds is indeed intriguing.
However, the more important question is does managed futures perform well (aka providing "crisis alpha") when you need it the most?
In a word - YES!
Historically speaking trend-following managed futures investment strategies have come to the rescue consistently with ample force when shit has hit the fan across markets.
We'll once again consult the brilliant white paper from AQR to examine the 10 worst drawdowns for a 60/40 portfolio to examine if/when "trend-following strategies" tossed a life-vest.
A Century of Evidence on Trend-Following Investing

80% of the time trend-following MF strategies provided "above water" returns when drawdowns were beating the tar out of the 60/40 portfolio.
100% of the time "trend-following" strategies provided "relative outperformance" versus the 60/40 portfolio.
For instance, during the 1987 Crash and 1937 Recession "trend-following" wasn't above water but it wasn't blowing up either.
Moreover, the strategy hypothetically thrived during periods such as the 20s/30s Great Depression, 70s Stagflation, and Oil Crisis and early 2000s Dot Com Bubble and Great Financial Crisis.
How about in 2022 when both equities and bonds are being eaten alive like Jabba the Hut wolfing down frogs?

To find out let's compare KMLM ETF and DBMF ETF with SPY ETF.

To say certain managed futures strategies such as the ones deployed by DBMF ETF and KMLM ETF have delivered "crisis alpha" in 2022 is the understatement of the year.
Relative to the S&P 500, which has been down -17.75% YTD, DBMF ETF has boasted 32.84% returns whereas KMLM ETF has triumphed supreme rocking 42.72%.
If we look at market correlations we find both MF ETFs negatively correlated to markets at -0.58 and -0.44.
It's safe to say that MF investing strategies are indeed a historically reliable ally when markets are hopping on the shish-kebab.

Managed Futures Struggle Just Like Any Other Investing Strategy
Managed Futures strategies struggle mightily at times just like any other asset class.
As investors, we keep an industry-wide double standard where we're keen to forgive the S&P 500 and QQQ for a lost 2000s but we'll bring out the pitchforks and torches when Managed Futures strategies have a challenging 2010s often pronouncing it "dead".
If you're to think of MF as a line-item in your portfolio you're going to be disappointed time and again when the strategy inevitably experiences tracking error versus equities.
However, if you take the long-term approach of viewing Managed Futures as an uncorrelated "alternative sleeve" diversification juggernaut you'll likely be thrilled with the results if you can stay the course for decade upon decades.
Eric Crittenden, over at Standpoint Funds, made an excellent video highlighting the "line item" versus "combined asset classes" argument many investors struggle with.

Potential To Perform Well During Good Economic Times Too
One of the biggest misconceptions about Managed Futures is that they ONLY perform well when markets are down.
Although it is TRUE that that it is often a "strength" of trend-following strategies to provide reliable "crisis alpha" when it is needed the most it is FALSE that the strategy will be a drag on portfolio returns during other economic regimes.
In fact, Managed Futures have positive expected returns long-term and have historically provided "equity-like" returns with only half of the volatility when you consider results net of fees.

The full sample period of hypothetical trend following managed futures returns from January 1880 until December 2013 is 11.2% net of fees.
Something that should immediately "excite investors" is that the 2/20 fee structure is quickly becoming a thing of the past with more cost conscious products hitting the market in recent years.
With annual realized volatility of 9.7% risk management is another feather in its cap.
Getting back on track by considering the 90s as a classic example of trend following AND equities providing rip roaring returns at the same time.
We can further confirm this by checking out the returns of KFA MLM Index Year-Year Returns.

Here you'll notice the index KMLM ETF follows has tracked its performance dating back to 1988.
Notice the robust double digit positive returns from 1990 until 1999 for seven years (90, 93, 94, 95, 96, 97, 98).

Above you'll notice US Equity Large Cap returns for the 1990s.
The takeaway message for investors is that it isn't always Equities OR Trend-Following performing well while the other struggles.
It can be Equities AND Trend-Following Managed Futures driving phenomenal returns at the SAME time too.

Trend-Following Is the Predominant Managed Futures Strategy
We've shone the spotlight upon mostly "trend following" as the managed futures strategy we've focused upon more than any other.
Why?
Because it is hands down the most predominant strategy in the managed futures universe.
Let's unpack it a bit more.
Trend Following is an investment strategy that has the ability to go long/short across a broad equity, fixed income, commodities, currency and metals futures indexes.
It's a strategy that is adaptive rather than just being positioned long only.
What do I mean by that specifically?
If you're an equity investor with long positions in an S&P 500 index you only benefit when markets are going up.
You're screwed when they're down.
With trend following you're able to adapt your position based on the current trend.
When lean hogs are trending up you're long.
When they're trend down you're short.
The systematic approach to trend-following systems ensures no human emotion or judgement influences these decisions.
It just follows the moving average of its short, medium and long-term signals of the trading system.
That sounds great and all but what is the catch?
The catch is that when trends ARE NOT strong it'll likely get whipsawed.
I like to use the analogy of a cruise ship to describe this.
If the ship pulls into port but then gets called to another location (changes position from long to short or vice versa) it'll feel pain as it repositions.
Without adequate time to dock (ride the trend) it gets beat up in the ocean by choppy waves going from one place to the next.
Basically, when trends are not strong (or they're back and forth) the strategy struggles.
It does its best when trends are strong and continuous such as in 2022.

Other Managed Futures Strategies
Trend Following is not the only Managed Futures game in town.
We've also got carry, value, defensive, mean reversion and risk-off just to name a few.
Since this isn't an article "diving deep" into all of theses different strategies we'll just briefly highlight one of them.
For instance, carry is a managed futures strategy where you're long "high yielding" assets and short "lower yielding" assets.
This type of strategy is typically executed in currency/bond markets where you borrow and pay interest in order to buy something that has higher interest.
What's important to remember is that not all managed futures funds are "trend-only" products and that many include a multi-strategy approach to further diversify and potentially better manage overall risk.
When you're thinking of buying a Managed Futures ETF/Mutual Fund it is important to read the tear sheets and manager commentary pdfs to find out what strategies are being pursued by the given product in question versus what exposures/strategies you're seeking as an investor.

Managed Futures Hybrid and Asset Allocation Products
Investors need to be aware that managed futures products are often part of a hybrid strategy where they're paired with "something else" or they're a smaller slice of the pie in an asset allocation fund.
Two funds I've already reviewed on this site perfectly highlight these two examples.
Standpoint Multi-Asset Fund is an expanded canvas portfolio product which is long 50% global equities with a 100% trend-following managed futures sleeve.
Simplify Macro Strategy ETF is a fund of funds asset allocation ETF where managed futures ticker CTA ETF currently takes up a slice of the pie (24.93%) with a plethora of other strategies (I counted 10) also included in the mix.

Hence, you have the option of going for an expanded canvas hybrid or asset allocation approach alongside the opportunity to purchase a fund that is exclusively managed futures.

Exposures, Leverage and Volatility Targeting Matter
Not all Managed Futures ETFs and Mutual Funds are created equal.
Some have strict volatility targets (standard deviation) whereas others really let their horses run wild (winners win).
Other funds have gross leverage caps where long/short combinations are not able to exceed certain leverage thresholds such as 150%, 200% or 300% as an example.

Certain funds trade equities, fixed income, currencies, metals and commodities across a broad range of diversified global markets.
Whereas it's also common to find products that will key in on a more narrow range of focus (currency and fixed income only in North American markets) with niche expertise.
You'll discover that certain ETFs or Mutual Funds are "trend-following" only whereas others bring a diverse mix of managed futures strategies under one hood forming a multi-strategy approach.

Managed Futures Covers A Diverse Range Of Asset Classes
No other investing strategy that I'm aware of provides access to as diverse a range of asset classes as Managed Futures.

Standpoint Funds has an awesome Investment Universe list of global fixed income, equities, currencies, industrial commodities and agricultural commodities that it tracks.
Fixed Income
10 Year Australian Government Bond2 Year Australian Government Bond5 Year US T-Note2 Year US T-Note10 Year US T-NoteEuro German BobleEuro German BundLong GiltCanada 10 Year Government Bond10 Year Japanese Government BondLong Term Italian Government BondEuro OATEuro BuxlUS T-BondListtra 10 Year US T-NoteListtra T-BondsEurodollar3-Month EURIBORCanadian Bankers Acceptance3-Month Euro Swiss Franc3-Month Sterling
Equities
e-mini S&P 500 IndexEuro STOXX 50 IndexFTSE 100 IndexTopixHang Seng IndexNikkei 225 IndexS&P Canada 60MSCI SingaporeCBOE Volatility IndexSPI 200 Index
Currencies
British PoundUnited States DollarCanadian DollarEuroJapanese YenMexican PesoAustralian DollarNew Zealand DollarSwiss Franc
Industrial Commodities
GoldCopperAluminumNickelZincPlatinumSilverWTI Crude OilBrent CrudeECX EUA EmissionsGas OilCrude OilNY Harbor ULSDHenry Hub Natural GasGasoline RBOB
Agricultural Commodities
Soybean OilCornSoybeansSoybean MealWheatMilling WheatKC WheatCanolaFeeder CattleLive CattleLean HogsCocoaCoffeeSugarCottonRobusta CoffeeLondon CocoaWhite Sugar
For shits and giggles I have infinite amounts of fun pretending I'm having an oddball dinner by combining various combinations in one sentence.
Tonight for supper we'll be having Lean Hogs sprinkled with London Cocoa and Robusta Coffee purchased entirely with Swiss Francs.

Managed Futures Offer A Long-Term Diversification Benefit
Maybe the most crucial thing to understand as an investor is that managed futures offer a tremendous long-term diversification benefit for those who understand, commit and ultimately stick with the strategy as a permanent alternative sleeve within their portfolio.
Being able to combine an asset class and/or strategy that is uncorrelated to both stocks and bonds has the potential to enhance returns while lowering overall portfolio volatility.
Moreover, you get the added bonus of having a more palatable sequence of returns.
I found that portfolios that featured an "alternative sleeve" performed much better while also managing risk in the Battle of the Leverage Portfolios series.
Heck, even back-testing the results of US Equities and Gold (oddly considered an "alternative investment") revealed the benefits of combining uncorrelated asset classes that extend beyond equities/fixed income.
What Managed Futures strategies offer that long-only exposure to Gold and Commodity lacks is the ability to adapt by going long/short.
Since 2000, consider that Gold has had a worst year of -28.33% performance in 2013 and Commodities got hammered in 2008 with -45.75% returns.

More shocking is the maximum drawdown for Gold at -42.91% and Commodities at -88.68%.
How many investors have a chin worthy of receiving such vicious uppercuts?
Now consider the SG Trend Index since 2001.

A far more palatable worst year of -8.11% in 2018.
What happens when you stick with Managed Futures investing strategies over an extended period of time?
Higher returns.
Lower Volatility.
As far as I'm concerned that's the name of the game when it comes to portfolio construction.
As investors we should be seeking the ultimate scenario where returns and risk management collide.

Let's once again consult with AQR's research to compare the results of a 60/40 portfolio versus a 50/30/20 portfolio where the classic portfolio gives way for a 20% alternative sleeve commitment to "trend following" as a permanent allocation.
60/40 Portfolio Returns: 7.8%60/40 Portfolio Volatility: 10.8%60/40 Portfolio Sharpe: 0.38
50/30/20 Portfolio Returns: 8.5%50/30/20 Portfolio Returns: 8.8%50/30/20 Portfolio Returns: 0.53
Back-testing long-term hypothetical results from January 1888 until December 2013 reveals a 70 basis points increase in returns with a 200 basis points improvement in volatility management.
A slice of 10% Managed Futures to a classic strategy likely moves the needle whereas 20% really makes a difference over long time horizons.

Bonus: 10 People Worth Following To Learn More About Managed Futures
My intention with this article was for it to be an introduction to managed futures investment strategies for investors who are "new" to this from the perspective of a curious amateur.
However, for those seeking to take a deeper dive and learn more about the subject I'd highly recommend following these 10 fine folks in no particular order:

Andrew Beer
Jason C. Buck
Adam Butler
Jerry Parker
Rodrigo Gordillo
Jeff Malec 
Richard Brennan
Charles McGarraugh
Michael Covel
Tom Basso

From tweets and podcasts to books and articles to white papers and videos these guys have you covered across the board.

Super Bonus: 10 Managed Futures Funds To Consider
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Since we've already hit a bonus round let's up the ante by going "super" by highlighting a few funds worth your consideration.
We'll break things up into two categories: Managed Futures (trend + multi-strategy) and Asset Allocation Funds that include MF in no particular order.
Managed Futures ETFs/Mutual Funds (Trend + Multi-Strategy)

DBMF - iMGP DBi Managed Futures Strategy ETF
KMLM - KFA Mount Lucas Managed Futures ETF
CTA - Simplify Managed Futures Strategy ETF
RDMIX - Rational/ReSolve Adaptive Asset Allocation Fund Mutual Fund
AQMIX - AQR Managed Futures Strategy Fund Mutual Fund
EQCHX - AXS Chesapeake Strategy Fund Mutual Fund

Asset Allocation Funds (including Managed Futures allocations)

FIG - Simplify Macro Strategy ETF
TRTY - Cambria Trinity ETF
BLNDX / REMIX - Standpoint Multi-Asset Fund Mutual Fund
The Cockroach Portfolio by Mutiny Funds

Canadian Investors

HRAA.TO - Horizons Resolve Adaptive Asset Allocation ETF
NALT.TO - NBI Liquid Alternatives ETF
AHP 1110 - WaveFront Global Diversified Investment Class
Auspice One Fund by Auspice Capital

Nomadic Samuel filming while visiting Alert Bay on Vancouver Island, BC, Canada
Managed Futures FAQ: 12 Essential Answers for Diversified, All-Weather Portfolios
1) What are managed futures in plain English?
They’re rules-based strategies that trade futures across many markets—stocks, bonds, currencies, commodities—able to go long or short. The goal is to capture broad trends and provide returns that don’t move in lockstep with traditional stock/bond portfolios.
2) Why did managed futures stand out in 2022?
Because both stocks and bonds fell together, the “third leg” many investors were missing was an uncorrelated return stream. Trend-following CTAs (a core flavor of managed futures) often profited from persistent moves (e.g., rising rates, strong commodity trends), delivering “crisis alpha” when diversification mattered most.
3) Are managed futures only for bear markets?
No. While they’re famous for cushioning crashes, they can also do well when strong trends exist in any direction—up or down—across rates, currencies, and commodities. They tend to struggle in choppy, trendless markets.
4) What’s the difference between managed futures and “trend following”?
“Managed futures” is the umbrella. Trend following (time-series momentum) is the most common approach under it. Other managed futures styles include carry, value, defensive, mean-reversion, and risk-off tactics, and some funds blend multiple styles.
5) How do they diversify a 60/40 portfolio?
Historically, managed futures show low to negative correlation to both stocks and bonds. Adding a 10–20% sleeve has, in long backtests, raised returns and lowered volatility versus plain 60/40, improving the overall sequence of returns.
6) What do “long” and “short” actually mean here?
Going long a futures contract benefits if prices rise; going short benefits if prices fall. The ability to profit either way is a key reason managed futures can help in inflationary spikes or bond bear markets.
7) Why do some funds use “volatility targets” and leverage?
Futures are capital-efficient. Managers often scale positions to a volatility target (e.g., ~10% annualized) for consistency. Leverage is typically gross exposure from offsetting longs/shorts—risk controls (position sizing, diversification, risk limits) are central to design.
8) What markets do managed futures actually trade?
A very broad universe: global government bonds and rates, equity index futures, major currencies, and commodities (energy, metals, grains, softs, livestock). Breadth increases the chance of finding trends somewhere.
9) Why do these strategies sometimes “whipsaw”?
When markets reverse quickly or chop sideways, breakout/momentum signals flip, and the system takes small losses while repositioning. That “whipsaw” is the known cost of being available to participate in the next sustained trend.
10) How do hybrid or “expanded canvas” funds use managed futures?
Some products pair a core equity sleeve with a managed futures sleeve (e.g., ~50% stocks + ~100% trend exposure), or include managed futures as one piece inside a multi-strategy allocation. Read holdings/tearsheets to understand role and weight.
11) What should I look for when evaluating funds?
Focus on:

Process & style (trend-only vs multi-strategy)

Market breadth (global, multi-asset)

Risk controls (vol targeting, drawdown management)

Costs & taxes (expense ratio, K-1 vs 1099)

Fit in your portfolio (allocation size, rebalancing plan)

12) Is this financial advice?
No. This is education/entertainment only and doesn’t consider your situation. Do your own research and consult a licensed advisor before investing.
Nomadic Samuel Final Thoughts
I honestly couldn’t imagine my portfolio without a permanent allocation to a myriad of managed futures strategies.
My goal as an investor is to build the most robust, resilient and capital efficient portfolio possible where I seek maximum risk management alongside rip roaring returns.
Managed Futures strategies are an integral part of this process as they provide massive diversification benefits alongside my equity and bond sleeves.
Yet, I’m fully aware they’re not a magic bullet.
They’ll struggle at times just like any equity factor strategy, market cap weighted index or aggregate bond allocation.
I’m fully prepared for that.
A 2010s scenario of a challenging stretch for Managed Futures investing strategies is just as possible as a lost decade was for MCW US equities in the 2000s.
Investors with “weak hands” and a “soft chin” will abandon Managed Futures strategies as being “dead” when they’re relatively underperforming for a prolonged period of time.
More sophisticated and patient investors will understand this is just part of the overall investing journey.
Hopefully this article has helped unpack Managed Futures strategies in a more digestible manner.
As a more esoteric investing strategy than long-only stocks and fixed income it takes some digging and effort to unravel the potential benefits.
Yet the effort is well worth it in my opinion.
Now over to you.
What do you think of Managed Futures investing strategies?
Are they a flash-in-the-pan one-hit-wonder of 2022?
Or are they a permanent part of your overall portfolio?
I’m curious to find out!
Please let me know in the comments below.
That’s all I’ve got.
Ciao for now.

#### 10 Ways Investors Can Improve A 60/40 Portfolio | Ultimate Enhanced 60/40 Portfolio with ETFs
The 60/40 portfolio is by and large considered industry standard and is the default portfolio most investors own, yet we over here at Picture Perfect Portfolios believe it can be improved in 10 specific ways to create the Ultimate Enhanced 60/40 Portfolio with ETFs as the building blocks.
Are you crazy?
The 60/40 portfolio is already balanced and features just the right amount of equities (for optimal returns) and bonds (to manage risk) as it is.
Enter the room 2022.

For investors fortunate enough to live in countries where inflation hasn't been an issue for decades on end, 2022 has been a sobering reminder that a portfolio featuring two long-only asset classes (stocks and bonds) is woefully unprepared for stagflation.
What's missing specifically?
Alternatives.

60/40 Portfolio Lacks Alternatives

Alternative asset classes and strategies that are uncorrelated from equites and bonds, offer the potential to drive positive returns in a year where both stocks and fixed income are receiving equal opportunity flame-thrower treatment.
Specifically, long-short equity (value minus junk), market neutral long-short equity, long commodities and managed futures (long/short future indexes) have all been above water in 2022.
But how exactly are we going to create space in our portfolio to add these strategies and other alternatives such as Gold, Bitcoin, Long Volatility and Merger Arbitrage?
Traditionally, the approach has been to shave down 10% of your equity exposure and 10% of your fixed income exposure to go from a 60/40 configuration to a 50/30/20 portfolio.

60/40 ---> 50/30/20

Capital Efficient Low Cost ETFs As Building Blocks

However, in recent years a numbers of fund providers have created products utilizing a modest amount of leverage between two or more asset classes to provide exposure to stocks, bonds and alternatives in a creative and capital efficient manner.
A prime example of this would be a fund such as GDE (90 stocks / 90 gold) where a 20% allocation in your portfolio would provide you with 18% US equities and 18% Gold.
Hence, in the past where you'd need to use 36% of your portfolio to gain 18% US equities and 18% Gold you now only have to use 20% space.
This extra real-estate if utilized maximally allows for an investor to pursue a number of different alternatives asset classes and strategies without having to skin the proverbial 60/40 cat in the process.
What exactly do I mean by all of this?
What I'm basically trying to convey is that you can eat your 60/40 cake (stocks/bonds) and have plenty of room for a generous piece of pie (alternatives) too.
The idea is to be gluttonous in a way that isn't zeroing in on the same piece of cake but is instead treating the portfolios like a buffet where an assortment of flavours is most optimal.

Leverage As A Tool vs Concentrated Leverage Is Bad

Leverage gets a bad name in scenarios where it is used in a concentrated manner.
Dialling up an equity only portfolio to the moon and back takes a risky asset class and makes it ever risker.
Yet what I was able to discover in the Battle of the Leveraged Portfolios is that sensibly constructed portfolios that are roughly equal parts equities, bonds and alternatives can not only handle leverage but thrive when a modest amount is applied.
Thus, in the above example leverage is being utilized as a tool to expand the canvas of the portfolio to enhance returns while managing risk as opposed to taking concentrated risky bets with one asset class.
Hence, we're going to operate from the framework that the 60/40 portfolio has served investors well but can certainly be enhanced along the way.
Our goal here specifically is to use capital efficient building blocks (ETFs) to create the Ultimate Enhanced 60/40 Portfolio.
I've already written what ended up being two of my most popular articles on this blog related to ways to improve the Risk Parity Portfolio and Ray Dalio All Weather Portfolio:

10 Ways Investors Can Improve the Risk Parity Portfolio
10 Ways Investors Can Improve the Ray Dalio All-Weather Portfolio

Let's see if we can pull things off here with the 60/40 portfolio!

Building The Ultimate Enhanced 60/40 Portfolio with ETFs

About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

10 Ways Investors Can Improve A 60/40 Portfolio with ETFs
The plan here is to limit ourselves to 10 specific changes only with regards to enhancing our 60/40 portfolio.
We'll start with a default milquetoast 60/40 portfolio of SPY and AGG.
SPY is the S&P 500 offering market-cap weighted exposure to the largest 500 US stocks whereas AGG represents the aggregate US bond market.
This portfolio, which is industry standard, exhibits extreme home country bias in the sense it completely shuns International-Developed and Emerging markets equities.
Given that diversification is our only free lunch we're going to fix that problem by going global while also trying to add as many alternative asset classes and alternative strategies to the mix as possible with a cap of 10 changes.
We'll keep the framework of the 60/40, that most investors hold near and dear to their hearts, while trying to build the most diversified portfolio we possibly can.

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
1/ Add Gold - GDE 90/90 US Equities + Gold
Adding Gold to the portfolio in a capital efficient manner is a cinch with GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund.
The 90/90 fund gives you 90% exposure to US large cap equities and 90% exposure to Gold via futures.
The dynamic duo of US equities and Gold have an incredible track record when paired together as I explored in "The Magic Of Combining Leveraged Stocks and Gold Together In Your Portfolio".
Historically, you get no less than double digit compound returns every decade dating back to 1972 with a 90/90 US large cap equities and Gold configuration.
Gold picks up the tab in the 70s and 2000s (when US equities struggled mightily) and US equities returns the favour in the 80s, 90s and 2010s (a rough patch for Gold).
Portfolio Allocation: 20%Notional Exposure: 18% US Equities + 18% Gold

2/ Add Bitcoin - SPBC - 100/10 US Equities + Bitcoin
Up until recently it was challenging to gain any kind of exposure to Bitcoin for US ETF investors.
That's all changed with SPBC - Simplify US Equity PLUS GBTC ETF.
This fund gives you 100% notional exposure to US equities with a combination of IVV ETF and S&P EMINI futures while layering on 10% to Bitcoin via Grayscale Bitcoin ETF GBTC.
A 20% allocation gives you full S&P 500 coverage at 20% while also ensuring you get a 2% allocation to Bitcoin.
We love capital efficiency over here on Picture Perfect Portfolios so we'll gladly take it.
Portfolio Allocation: 20%Notional Exposure: 20% US Equities + 2% Bitcoin

3/ Add Int-Dev Market Equities - NTSI - 90/60 Int-Dev Equities + Treasury
WisdomTree has created a fascinating roster of 90/60 Equity plus laddered Treasury Funds for investors to enjoy US, International Developed and Emerging Markets exposure with NTSX, NTSI and NTSE respectively.
Since, we've already got GDE and SPBC for our US Equity coverage we'll now go global by allocating 15% to NTSI.
We're getting 90% coverage for International Developed equities and 60% laddered Treasury Futures covering the entire spectrum: 2, 5, 10 and 30
We're expanding the canvas by utilizing this fund in order to create space for an alternative sleeve.
Portfolio Allocation: 15%Notional Exposure: 13.5% Int-Dev Equities + 9% Treasury (Laddered from 2% to 30%)

4/ Add Emerging Market Equities - NTSE - 90/60 EM Equities + Treasury
We'll only briefly touch upon NTSE - WisdomTree Emerging Markets Efficient Core Fund.
It's the exact same game-plan as NTSI but instead we're covering Emerging Markets this time around.
We're done with our equity exposure at this point.
Portfolio Allocation: 10%Notional Exposure: 9% EM Equities + 6% Treasury (Laddered from 2% to 30%)

5/ Add Efficient Treasury Exposure - TYA - 300% Intermediate Treasury
No other fund creates more space in our portfolio for additional sources of returns than TYA - TYA Simplify Risk Parity Treasury ETF.
The fund aims to match the duration of the ICE 20+ Year US Treasury Index by investing in both Treasuries and Treasury futures in the 10 year portion of the curve.
The capital efficient bang that you get for your buck is 3:1 meaning that just a 9% slice gives you 27% Intermediate Treasury coverage.
We now  don't have to spend another second on the "40" part of the equation.
Portfolio Allocation: 9%Notional Exposure: 27% Intermediate Treasury

6/ Add Market Neutral Strategy - BTAL - Long/Short Market Neutral Equity
Now that our long equity, treasury and gold has been taken care of let's turn our attention to alternatives with BTAL - AGFiQ US Market Neutral Anti-Beta Fund.
We're shorting 200 high beta expensive stocks while being long 200 low beta equities.
This absolute return hedge fund strategy seeks to provide positive returns in all economic environments whenever low beta stocks outperform high beta stocks.
This year in particular the strategy has shined as an effective equity hedge to lower portfolio volatility.
It's a great diversification strategy given that when done properly it's generally uncorrelated with long-only stocks and bonds.
Portfolio Allocation: 5%Notional Exposure: 5% to the strategy (200 Long Low Beta stocks / 200 Short High Beta stocks)

7/ Add Managed Futures - CTA - Multi-Strategy Managed Futures
No portfolio is complete from a diversification standpoint without some form of managed futures strategy as part of the equation.
There are some great Managed Futures ETFs now available including KMLM and DBMF ETF but we'll stick with the Simplify roster by taking a chance on the newly released CTA  Simplify Managed Futures Strategy ETF.
Something it offers that distinguishes itself from the pack is a multi-strategy approach where Trend, Mean Reversion, Carry and Risk-Off provide four Managed Futures strategies under one hood.
With its chameleon like capacity to go both long and short commodity and financial futures (excluding equities and currencies) it has thrived in 2022 by capturing strong trends in the markets to drive impressive positive returns for investors.
Portfolio Allocation: 16%Notional Exposure: 16% to the strategy (actual gross exposure is much greater)

8/ Add Long Volatility Tail Risk - CYA - Tail Risk Strategy
Rapid and brutal market drawdowns are always a possibility (such as what happened in March 2020) so we're carving out space in the portfolio for CYA - Simplify Tail Risk Strategy ETF.
By utilizing high income strategies the fund is able to purchase various PUT options (at different strike prices) to hedge against severe equity market selloffs.
You can think of this as portfolio insurance.
This strategy offers tremendous rebalancing potential when/if it pays out handsomely, in a buy-low scenario, when markets are down the most.
Portfolio Allocation: 5%Notional Exposure: 5% to the strategy

9/ Add Merger Arbitrage  - ARB - Merger Arbitrage Strategy
Since we're on quite a roll we'll continue to diversify our portfolio by adding ARB - AltShares Merger Arbitrage ETF.
Merger-arbitrage is an event-driven hedge fund strategy where managers seek to purchase stocks that are being acquired to capture a favourable spread between its current market price and proposed acquisition terms.
It's typically a high Sharpe Ratio strategy that provides diversification benefits from other asset classes and strategies that already exist in your portfolio.
Portfolio Allocation: 2%Notional Exposure: 2% to the strategy

10/ Add Interest Rate Hedge - PFIX - Interest Rate Hedge
No other alternative investment strategy we're reviewing in the Ultimate Enhanced 60/40 portfolio has done better in 2022 than PFIX - Simplify Interest Rate Hedge ETF.
In a rising interest rate environment (such as 2022) this particular ETF thrives when fixed income volatility increases drastically.
The fund utilizes OTC derivatives (over-the-counter interest rate options) which function in a similar manner to owning a long-date put option on the 20-year Treasury.
We don't have a lot of space to allocate to this strategy but we're thrilled with its results even with just a 2% commitment.
Portfolio Allocation: 2%Notional Exposure: 2% to the strategy

The Ultimate Enhanced 60/40 Portfolio: Complete ETF Holdings and Information
Let's see what the full roster of 10 ETFs looks like when it's all put together.
In terms of portfolio composition no ETF takes up more than 20% space whereas the minimum allocation is 2%.

Ultimate Enhanced 60/40 Portfolio Holdings
20% GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund20% SPBC - Simplify US Equity PLUS GBTC ETF16% CTA - Simplify Managed Futures Strategy ETF15% NTSI - WisdomTree International Efficient Core Fund10% NTSE - WisdomTree Emerging Markets Efficient Core Fund9% TYA - TYA Simplify Risk Parity Treasury ETF5% CYA - Simplify Tail Risk Strategy ETF5% BTAL - AGFiQ US Market Neutral Anti-Beta Fund2% PFIX - Simplify Interest Rate Hedge ETF2% ARB - AltShares Merger Arbitrage ETF
Simplify dishes up 5 ETFs whereas WisdomTree offers 3 leaving just AGF and AltShares as the other fund providers.
Simplify and WisdomTree, in particular, deserve a significant round of applause for creating the necessary puzzle pieces to allow this type of portfolio to even exist in the first place.
Not long ago investors didn't have as much access to alternative investment strategies or capital efficient ways of modestly leveraging equities, bonds and gold to create space in the portfolio.

150% Expanded Canvas: Ultimate Enhanced 60/40 Portfolio Exposures
Now that we've covered the entire roster of ETFs let's examine what kind of notional exposure we get for all of the specific strategies we're pursuing.
60.5% Equities (38% US - 13.5% Int-Dev - 9% EM)42% Intermediate Treasury18% Gold16% Managed Futures5% Long Volatility / Tail Risk5% Market Neutral2.0% Interest Rate Hedge2.0% Merger Arbitrage2.0% Bitcoin
We've maintained our darling 60/40 equity and bond mix and managed to add significant exposure to both Gold at 18% and multi-strategy Managed Futures at 16%.
Our tail risk portfolio insurance comes in at 5% which is also the same amount we're gaining with market neutral equities.
We round things off with a sprinkling of 2% Merger-Arbitrage, Interest Rate Hedging and Bitcoin.
Overall, we've expanded the canvas to the point of creating space for 50% alternative strategies.
This provides an opportunity for enhanced returns long-term while jazzing up the overall diversification of the portfolio.

Investing Strategies Added

International Developed Market Equities
Emerging Market Equities
Gold
Managed Futures (Trend-Following)
Managed Futures (Others Strategies: Mean Reversion, Carry, Risk-Off)
Long Volatility (Tail Risk)
Market Neutral
Interest Rate Hedge
Merger Arbitrage
Bitcoin

With just 10 simple upgrades we've managed to add 10 strategies to the mix of just US Equities and Treasuries!
If you consider the Managed Futures strategies as being 4 distinct line items that brings it up to 12 altogether.
Not too shabby at all, I'd say!
Let's move on to the potential pros and cons of the Ultimate Enhanced 60/40 portfolio.

The Ultimate Enhanced 60/40 Portfolio Pros and Cons
Expanded Canvas 60/40 Pros

Going from US equity home country bias to global diversification with International Developed (NTSI) and Emerging Markets Equities (NTSE) added to the mix
Utilizing capital efficiency in products such as GDE, SPBC, NTSI, NTSE and TYA to create "real estate" space in the portfolio for alternatives
Having significant exposure to absolute return strategy funds that have the capacity to go both long/short such as CTA and BTAL that can make money in every environment and often thrive during extreme markets
Bringing "tail risk" long volatility protection via PUT options into the portfolio as insurance against distinct rapid market drawdowns
Having exposure to both Gold and Bitcoin as fiat hedges and diversifiers within the portfolio
Being prepared for inflationary regimes with market neutral, trend-following and interest rate hedges to provide a ballast when stocks and bonds are down together
Having the entire strategy available as ETFs without the need to purchase Mutual Funds or Interval Funds (which some investors don't have access to *wink wink* Moi)
Having significant exposure to an ensemble "alternative sleeve" that can actually make a difference in the portfolio as opposed to merely a token amount
Gaining exposure to a number of unique strategies that have only recently become available to retail and DIY investors via fund providers such as Simplify and WisdomTree

Expanded Canvas 60/40 Cons

Having to deal with tracking error when the "alternative strategies" are a drag on the portfolio as opposed to being additive
Having overall higher fees versus single digit basis points market beta exposure to the S&P 500 and aggregate bond index

Nomadic Samuel enjoying a pint while visiting Cape Breton Island - Nova Scotia, Canada
12-Question FAQ — Ultimate Enhanced 60/40 Portfolio (with ETFs)
1) What is the classic 60/40 portfolio and why is it popular?
It’s a simple mix of 60% stocks / 40% bonds (often SPY + AGG). It’s popular for ease, long-run balance between growth and ballast, and low cost.
2) Why try to improve a 60/40 now?
Because 2022 exposed a blind spot: stocks and bonds can fall together in inflationary/stagflation regimes. A plain 60/40 lacks alternatives that can zig when both zag.
3) What’s the big idea behind the “Ultimate Enhanced 60/40”?
Keep the 60/40 core exposure while using capital-efficient ETFs to free space and add uncorrelated strategies (gold, managed futures, market-neutral, tail-risk, etc.)—without gutting the stock/bond mix.
4) What does “capital efficiency” mean here?
ETFs that deliver >100% notional exposure per dollar (e.g., 90/90 stocks+gold, 90/60 equities+Treasuries, 3× Treasuries) so you preserve core exposures and still slot in alternatives.
5) Isn’t leverage risky?
Concentrated leverage (e.g., levered equities only) can be brutal. The approach here uses modest, diversified leverage across multiple uncorrelated sleeves, seeking higher risk-adjusted returns and better drawdown control.
6) What are the 10 specific upgrades used?

Gold (GDE 90/90)

Bitcoin sleeve (SPBC 100/10)

Intl-Developed equities + Treasuries (NTSI 90/60)

Emerging markets + Treasuries (NTSE 90/60)

Capital-efficient Treasuries (TYA ~3× int.-term)

Market-neutral anti-beta (BTAL)

Managed futures—multi-strategy (CTA)

Tail-risk / long vol (CYA)

Merger arbitrage (ARB)

Interest-rate hedge (PFIX)

7) What’s the final ETF roster and weights?
20% GDE, 20% SPBC, 16% CTA, 15% NTSI, 10% NTSE, 9% TYA, 5% CYA, 5% BTAL, 2% PFIX, 2% ARB.
8) What are the effective (“notional”) exposures after stacking?
Approx.: 60.5% equities (38 US / 13.5 Intl-Dev / 9 EM), 42% Treasuries, 18% gold, 16% managed futures, 5% tail-risk, 5% market-neutral, 2% rate hedge, 2% merger-arb, 2% bitcoin (≈150% total canvas with ~50% in alternatives).
9) What diversification benefits does this add?
You move from two risk engines (stocks/bonds) to many: gold, managed futures (trend + other signals), market-neutral, tail-risk, merger-arb, rate-hedge, and a small crypto sleeve—each with low/negative correlation to the core.
10) What are the main trade-offs and risks?

Tracking error vs plain 60/40 (alternatives can lag in rip-roaring equity bull runs)

Higher fees than vanilla beta

Complexity (multiple funds, rebalancing)

Leverage/derivatives risks within capital-efficient funds

Product risk (structure, liquidity, strategy drift)

11) Who is this for?
Investors who want to keep a 60/40 framework but improve resilience across regimes (inflation, recession, crisis), and who accept moderate complexity and non-benchmark behavior to pursue smoother risk-adjusted returns.
12) How can I customize or simplify?
Swap SPBC if you don’t want crypto (use a US factor fund like min-vol/value). If you dislike PFIX/ARB, reallocate to CTA or other diversifiers. The framework is modular—keep 60/40 while tuning sleeves to your preferences.
Nomadic Samuel Final Thoughts
When it comes to the "alternative sleeve" of the Ultimate Enhanced 60/40 there is plenty of room for flexibility.
For investors adamant about not having ANY exposure to cryptocurrency within the portfolio it would be easy enough to swap out SPBC and add a US factor focused equity strategy instead.
A fund like USMV would give you exposure to US minimum volatility or VFMF for multi-factor or AVUV for small-cap value to name just a few.
You could easily choose your own adventure to further diversify your equities away from market-cap beta strategies only.
If for some reason you're not keen on having Interest Rate Hedges or Merger Arbitrage you could eliminate those funds completely and add the extra 4% to a fund like CTA to enhance your notional managed futures exposure.
The point of creating the Ultimate Enhanced 60/40 portfolio is to give you a general framework to work with but not to stymy your creativity as an asset allocator.

Return Stacked 60/40: Absolute Return Index
I'm not the first to take a swing at expanding the canvas of a 60/40 portfolio to add alternatives to the mix.
Resolve Asset Management and Newfound Research have created the Return Stacking 60/40 portfolio that I reviewed this year.
It's significantly outperformed a vanilla 60/40 portfolio during both positive markets (2021) and negative markets (2022) with its stack of managed futures and global systematic macro strategies especially shining this year in particular.
You can check out its live results at ReturnStacking.Live 
With its mix of Mutual Funds and ETFs, it has significantly more exposure to managed futures strategies than the Ultimate Enhanced 60/40 portfolio.
I'm a big fan of return stacking as a framework for expanding the canvas of your portfolio to diversify into alternatives.

I Don't Personally Invest Using Benchmarks
Something that I'd like to make clear is that I don't personally invest using any type of benchmark.
In other words, when I expand the canvas of my portfolio I'm not insisting that I have a 60/40 allocation as part of the equation.
I'm contrarian in my belief that NOT handcuffing your portfolio to a benchmark is one of the greatest gifts you can give yourself as an investor.
It allows you to allocate in a way that suits your specific personality and investing goals without requiring you to high five your neighbour when your portfolio is not performing "just like" theirs.
However, I'm aware that most investors don't want to deviate to such extremes and an enhanced 60/40 portfolio offers a solution where you get to keep what "everyone else is doing" but also differentiate yourself from the pack by adding alternative diversifying return streams to the mix.
If insisting upon a 60/40 framework as a base for your portfolio allows you to stay the course with alternative investment strategies, I think that's an excellent compromise overall.
I think that's where we'll leave things for today.
What do you think of expanded canvas 60/40 portfolios?

#### 10 Ways Investors Can Improve The Classic Risk Parity Portfolio
The Risk Parity Portfolio ought to be the default portfolio average DIY investors utilize as a long-term investing strategy as opposed to the industry standard 60/40 portfolio.
That's a bit of a bold statement to start off an article!
Well, if investors are concerned about primarily preparing a portfolio for all four economic regimes, controlling volatility and managing sequence of return risk, it's a slam dunk no-brainer to select the Risk Parity Portfolio over the 60/40 Portfolio.
Yet, an even bolder question would be, can the classic long-only Risk Parity Portfolio be potentially enhanced or improved?
That's the very question we're going to explore in detail today.

How To Improve The Classic Risk Parity Portfolio: 10 Suggestions For Investors

About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

Risk Parity Portfolio Introduction

The Risk Parity Portfolio, as one might expect given its name, is primarily concerned with managing risk and volatility.
Instead of asset classes being weighted by default configurations such as 80/20, 60/40 and 40/60, a risk parity portfolio focuses on the volatility of each asset class as opposed to its expected returns.
Furthermore, instead of being merely a concoction of just stocks and bonds, an alternative sleeve is a big part of the risk parity strategy.
Traditionally, that alternative sleeve has been gold and/or commodities.
Given that stocks, gold and commodities are considerably more volatile (in terms of standard deviation) than bonds, the typical long-only Risk Parity Portfolio typically features two different bond asset classes at 30% slices whereas stocks and gold receive 20% allocations respectively.
20% Stocks30% Bonds A (10 Year Treasury)30% Bonds B (Intermediate)20% Gold/Commodities
Why this configuration?
Let's explore the asset classes individually.

Risk Parity Portfolio Asset Classes

Thanks to Portfolio Visualizer (an invaluable resource for investors), we can backtest the standard deviation of the US Total Stock Market, Intermediate Term Treasury, 10 Year Treasury and Gold dating all the way back to 1972.
We're able to notice the following:

Risk Parity Portfolio Risk By Individual Asset Class
US Stock Market = 15.65% Risk (Standard Deviation) Gold = 19.86 Risk (Standard Deviation)Intermediate Term Treasury = 5.75% Risk (Standard Deviation)10 Year Treasury = 8.01% Risk (Standard Deviation) 
Since the Risk Parity Portfolio is not primarily concerned with returns (and instead focuses on risk) you end up with a portfolio that has a greater allocation to bonds than it does to stocks and gold.
Furthermore, the Risk Parity Portfolio seeks to include exposure to asset classes that are uncorrelated with each other in order to improve the overall diversification of the portfolio.
It includes an alternative sleeve (in this example Gold) as opposed to just being merely stocks and bonds.
Risk Parity Portfolio Asset Class Monthly Correlations

What's immediately obvious is that Gold and Stocks are uncorrelated with all other asset classes and it is only bonds that are highly correlated with each other but uncorrelated to both Stocks and Gold.
This level of diversification between asset classes has historically served investors extremely well offering returns (CAGR of 8.31%) that were higher than Risk (Standard Deviation of 6.99%).
Risk Parity Portfolio Returns 1972-2022

The silky smooth ride of the static Risk Parity Portfolio has offered investors close to equity-like returns with bond-like stability.
When you consider its worst year performance is only single digits (-9.93%) it's been a bastion of stability in comparison to equity only portfolios where the US Total stock market has witnessed years as bad as -37% in 2008.
Moreover, the greatest feather in the Risk Parity Portfolios cap is its historical sequence of returns risk profile (also known as Roll Period) of only being underwater for 1 year.
Risk Parity Portfolio Roll Period 1972 to 2022

In comparison the US Total Stock Market has been underwater for a period of an entire decade!
How about the 60/40 Portfolio?
A five year negative sequence of returns risk.
Thus, how on earth could the Risk Parity Portfolio be improved?
Is that even possible?
Let's explore.

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
1) US Stocks Only --> Global Equities = Risk Parity Upgrade
Let's grab the lowest hanging fruit of all and move from US stocks only to a globally diversified equity allocation.
Afterall, diversification is your only free lunch in investing and avoiding "home country bias" is a paramount upgrade.
Indeed, US equities have served investors well over the past 40 years but the cautionary tale of Japan is a reminder to diversify whenever possible.
Furthermore, consider the 2000s as an example of what can potentially happen when you put all of your equity eggs in one basket.

A globally diversified equity allocation prevents investors from having a lost decade.
US Total Stock Market returns stymied portfolios with a -0.27% CAGR whereas International Developed Equities were slightly above water with a 1.24% return and the one that saved your bacon was Emerging Markets coming in at 9.82% CAGR.
Thus, to improve our naive Risk Parity Portfolio we'll go from something like a $VTI US Total Stock Market to a $VT Total World Stock Market.

2) Market Cap Weighted Global Equities --> Global Minimum Volatility Equities
Imagine being able to enjoy the same return profile (or better) of a globally diversified equity portfolio while subtracting 400 to 500 basis points of risk to further smooth out the ride?
Too good to be true?
Enter the room Global Minimum Volatility Equities.
Minimum volatility investing is an equity factor strategy that seeks to "control volatility" by screening for companies that have more stable returns while sifting out companies that are more volatile.
You eliminate lottery ticket stocks.
It's as much about what is included (more stable stocks) as it is about what is excluded (highly volatile stocks).
You would think that trying to reduce volatility would lower returns but that is not the case at all.

In fact, when you compare MSCI minimum volatility indexes (US, EAFE, EM, Canada, etc) what you more often find is that they historically outperform their market-cap weighted benchmark.
Since 1988 the MSCI World Minimum Volatility Index has outperformed its parent index with returns of 8.43% and 7.64% respectively.
Hence, you get a "free lunch" of potentially greater returns but more importantly you significantly upgrade the standard deviation of an asset class that is one of the portfolios most volatile wings (only gold being more volatile).

3) Intermediate Treasury --> Long Term Treasury = RP Enhancement
The next upgrade we'll be seeking is in the fixed income category of bonds.
Intermediate Treasury see ya later alligator!
Enter the room Long Term Treasury.
Wait. But. Why?

Let's consider the period of 2000 until the end of 2008 - the roughest stretch for markets since 1972.
During the Bear Market Years of 2000 until the end of 2002 and 2008, Long-Term Treasury provided significantly more protection versus Intermediate Treasury.
Moreover, for that entire rough period of time it outperformed Intermediate Treasury by over 200 basis points.
For a so called "lost decade" for equities, finding assets that provide more stability (when you need it most) and offer higher returns is an upgrade worth taking in my books.
PortfolioVisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

4) 10 Year Treasury --> TIPS (Treasury Inflation Protected Securities)
One of the biggest problems of owning Intermediate Treasury and 10 Year Treasury is just how highly correlated they are to each other.

With a correlation of 0.96 dare I say they're almost the same!
Given we've got two slots for fixed income diversification in our Risk Parity Portfolio let's try to upgrade by finding a solution that is less correlated and strategically different.
Drum roll....
TIPS!
U.S. government issued Treasury Inflation-Protected Securities (TIPS) are a special type of Treasury security indexed to inflation.
By adding this asset class to our portfolio we're making it more regime ready for when inflation rears its ugly head.
Enter the room 2022.
LOL.
Normally that expression is referred to on this site for funds and/or asset classes but 2022 has been a unique animal in and of itself.
For those of us too young to have experienced rampant inflation in previous years it's a big part of our lives now.

Maybe the most important upgrade of all is that now we've got two fixed income asset classes that have a correlation of 0.63 to each other as opposed to 0.96.
We'll take it and move on.

5) Leverage --> Lever the Portfolio Up Buttercup = 200% Canvas
Here is where I'm going to lose some of you.
We're going to add leverage to the portfolio to expand the canvas to 200%.
Not to add more heaping scoops of what we've already got but to instead add multiple different asset classes and strategies to improve the overall portfolio diversification and return stack performance on top of the base we've already created.
But won't that make the Risk Parity Portfolio fall apart?
That was a question I once had.
I created the Battle of the Leveraged Portfolios to test the Risk Parity Portfolio along with other classic portfolios to see if, when, why, how it would fall apart.
You can see the results here: 2X, 3X, 4X
The TL;DR version is this:
The Risk Parity Portfolio can handle leverage like a pack-mule.
In every round of the competition its returns exceeded its level of risk, roll periods remained the same and its Sharpe Ratio and Sortino Ratio improved.
But all of that was done with just four crude assets: long US total stocks, treasuries (Intermediate and Long) and gold.
What we're attempting to do is not increase what we've already got but instead add additional layers of diversification to further increase the efficiency of the portfolio.
Sound exciting?
It does for me!

6) Trend-Following Managed Futures Strategy
It's time to bring the Chameleon into the room!
So far we've had nothing but long-only non-adaptive asset classes and strategies in our portfolio.
That changes right now.
For those unfamiliar, trend-following is the predominant managed futures strategy used to go both long and short global equity, bond, commodity and currency indexes.
Historically speaking, it has provided equity-like returns with only half of the volatility.
Moreover, it is uncorrelated to both long only equity and bond markets.
Furthermore, it typically does extremely well during periods of market turmoil when trends are strong.
Hence, it has been referred to as a crisis alpha-strategy - even though it provides decent return streams outside of bear market situations.
Thus, the strategy utilizes short, medium and long term signals to determine whether to go long, short or take no position at all.
Quite honestly I couldn't imagine my portfolio now without it.
Best of all it has done extremely well in 2022 when basically everything else under the sun has been getting disemboweled.

Check out the difference between Managed Futures trend-following ticker $DBMF versus milquetoast 60/40 $AOM.
Suffering Succotash!!!

7) Global Systematic Macro + Options Strategies (Aside from Trend)
Some of the top quants on #FinTwit have coined the popular saying: "Diversify your diversifiers, yo!"
And that's the plan over here.
Instead of relying "only" on trend-following strategies we'll deploy other global systematic macro strategies such as carry, value, momentum, quality, seasonality and mean reversion along with long-volatility options strategies to protect against tail-risk (extreme market events).
I won't go over each of these line-items one by one but instead we'll define a few for good measure.
Carry is a strategy where investors seek to benefit from a wide differential between high and low carry assets.
Long-volatility strategies typically involve buying out of the money put-options, at various strike prices, to provide a type of "portfolio insurance" should the markets experience a fierce drawdown.
By not just sticking to trend-following we're exposing our portfolio to more diversified diversifiers.

8) REITS (Real Estate Investment Trust)
Let's add some global REITS to our portfolio.
Real Estate Investment Trust is a specialized equity asset class that gives you exposure to many types of commercial real estate.
The primary reason for adding them in your portfolio is to diversify your equity sleeve and hedge against inflation.

Much like with our bonds, we're seeking to add diversification to our equities sleeve by offering something less correlated to the US total stock market.
Given that the US Total Stock Market and REITS have a 0.61 correlation we'll happily take it.
Let's wind back the clock to the 2000s for a bit of a case study.

When the US Total Stock Market was causing investors to pull their collective hair out, REITs were the all-star performer that saved the day.
I'm not sure if we'll witness such an extreme situation again in the future but it's nice to be prepared with something in the portfolio that'll potentially work in our favour.

9) Market Neutral Equities Strategy
Market-Neutral Equities is an absolute return hedge fund strategy that seeks positive returns in any market environment.
By choosing a low NET exposure (typically between 0 to 20%) it is just as long as it is short most of the time.
Furthermore, it is lowly correlated to markets providing the diversification benefit we're craving with our additional 100% canvas space.
Let's use an example to showcase how it can make money even in the down market.
Let's say the strategy is long 100 and short 90 for a net 10 exposure.
Our long equity component is down -8% whereas our short component is down -20%.
We'd be -80 + 180 for a net of 100.
In this scenario we'd earn an impressive 10% return before fees.
It can also generate positive returns when the market is up.
Our long component at 100 is up 12% whereas our short is only up 5%
We're 120 - 45 in this scenario for an overall 7.5% return.
Given the absolute return potential and diversification benefit of the strategy we're excited to add it.

10) Mish-Mash of Other Alternative Strategies
To close things off we'll further diversify our portfolio by drawing from a well of a mish-mash of other alternative strategies.
These could potentially be but are not limited to the following:

Merger Arbitrage
Bitcoin
Reinsurance
Tail Risk
Credit Hedging
Private Equity
Private Loans

I could write an entire article on each of these strategies so we'll keep this brief.
The idea is just to add a few more diversifiers to round off the portfolio.
It would entirely be up to you which of these you'd potentially choose depending on your interest towards the various asset classes and/or strategies.

Improved Risk Parity Portfolio
What does our improved Risk Parity Portfolio look like after all of these potential upgrades and an expanded canvas?
Maybe something like this:

Enhanced Risk Parity Portfolio 200%
40% Trend-Following (Equity, Bond, Currency, Commodity Indexes)30% Global Systematic Managed Futures Strategies (Carry, Seasonality, Value, Momentum, Quality, Mean Reversion, etc)30% Long Treasury30% TIPS20% Global Minimum Volatility Equities20% Gold10% REITS10% Market Neutral Equities10% Diversified Alternatives Basket (Reinsurance, Merger Arbitrage, Bitcoin, Private Equity/Credit, etc)
Overall, I very much like the looks of what we've got over here.
We've improved the overall diversification of our portfolio while adding more uncorrelated asset classes/strategies to the mix.
I'd expect returns to exceed risk with this high Sharpe/Sortino ratio seeking portfolio with the potential to outperform most others while offering a considerably smoother ride.

ETFs and Mutual Funds to Create an Enhanced Risk Parity Portfolio
For those interested in putting together something "similar" to what we've suggested we could potentially utilize the following funds:
US Investors
40% UPAR40% RDMIX15% QRPIX5% SRRIX
UPAR Ultra Risk Parity sets the table for the long-only Risk Parity asset allocation by providing global equities (US, Int-Dev, EM) at 35%, TIPS (49%), Long Term Treasury (49%) and Gold/Commodities (35%) for a net exposure of 168%.
RDMIX Rational Resolve Adaptive Asset Allocation from ReSolve Asset Management provides the backbone of the "adaptive" risk-parity mandate with trend-following and an ensemble of global systematic managed futures strategies (carry, seasonality, mean reversion, value, etc) across all global equity, bonds, commodities and currency indexes.
QRPIX Alternative Risk Premia Fund from AQR goes long/short across equity, bond, currency and commodity indexes while deploying five unique styles including Value, Momentum, Carry, Defensive, and Trend.
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund offers investors the alternative strategy of reinsurance to round out the portfolio.
The hybrid approach of long-only and long-short risk parity strategies as the backbone of this portfolio along with diversified diversifiers should provide investors the returns meets risk management they crave.
Canadian Investors
40% UPAR40% HRAA.TO10% PFAA.TO10% ONEC.TO
UPAR Ultra Risk Parity sets the table for the long-only Risk Parity asset allocation by providing global equities (US, Int-Dev, EM) at 35%, TIPS (49%), Long Term Treasury (49%) and Gold/Commodities (35%) for a net exposure of 168%.
HRAA.TO Horizons Adaptive Asset Allocation from ReSolve Asset Management provides the backbone of the "adaptive" risk-parity mandate with trend-following and an ensemble of global systematic managed futures strategies (carry, seasonality, mean reversion, value, etc) across all global equity, bonds, commodities and currency indexes.
PFAA.TO Picton Mahoney Fortified Alpha Alternative Fund offers investors a primary strategy of market neutral, special situation credit and merger arbitrage with a secondary component of Momentum, Value, Quality, Discretionary Hedges and Tail Risk.
ONEC.TO Accelerate OneChoice Alternative ETF is a 10 in 1 fund offering exposure to Bitcoin, Long-Short Equity, Senior Loans, Merger Arbitrage, REITS and Global Infrastructure equities not already included in the portfolio.
The one sad thing here is that we're not able to squeeze a minimum volatility equities strategy into the equation but hopefully such a product will exist someday in the future!
The Picture Perfect Portfolio that I'd love to launch someday as an ETF attempts to solve that.

Risk Parity Resources For Further Reference
For those interested in learning more about Risk Parity investing I'd recommend the following resources:

Risk Parity: How to Invest for All Market Environments (book) by Alex Shahidi
Adaptive Asset Allocation (book) by Adam Butler, Rodrigo Gordillo and Mike Philbrick
Risk Parity Chronicles (blog) from Justin living in Japan
All Seasons Portfolio (blog) by Nicholas Ahonen from Sweden

Nomadic Samuel filming a travel video while visiting Lake Titicaca in Peru
12-Question FAQ — 10 Ways Investors Can Improve the Classic Risk Parity Portfolio
1) What is a classic long-only Risk Parity portfolio?
A rules-based mix that balances risk (volatility) across assets instead of capital weights, typically: 20% stocks, 30% 10-Yr Treasuries, 30% intermediate Treasuries, 20% gold/commodities—aiming for all-weather resilience and shallow drawdowns.
2) Why consider improving Risk Parity at all?
To keep the all-regime intent while seeking higher risk-adjusted returns, lower correlations, and better inflation defense using modern tools (TIPS, managed futures, market-neutral, merger arb, etc.).
3) What’s the first equity upgrade?
US-only → Global equities. Going global (developed ex-US + EM) reduces home-country bias and helps avoid “lost-decade” concentration risk.
4) How can we make equities smoother without giving up much return?
Market-cap → Global Minimum Volatility (MinVol). MinVol tilts toward steadier companies, historically lowering stdev and improving downside capture—well aligned with Risk Parity’s stability goal.
5) How should the bond sleeve be refined?
Replace the “two-highly-correlated Treasuries” problem by upgrading Intermediate to Long-Term Treasuries (more crisis ballast) and swapping 10-Yr Treasuries for TIPS to add explicit inflation linkage and lower intra-bond correlation.
6) What does “expand the canvas to 200%” mean?
Use return stacking / modest leverage to add new diversifiers on top of the classic core (rather than doubling the same assets), targeting more return streams with controlled risk.
7) Why add Managed Futures (trend-following)?
They can go long/short across commodities, rates, currencies, and equities, tending to zig when stocks/bonds zag and often delivering crisis alpha in stressed regimes.
8) Should we diversify beyond trend?
Yes—add global systematic macro / alternative risk premia (e.g., carry, value, momentum, quality, seasonality, mean-reversion) and long-vol/tail overlays to “diversify the diversifiers.”
9) Where do REITs fit?
Global REITs broaden the equity sleeve toward real assets and can improve inflation sensitivity with moderate correlation to broad stocks.
10) What’s the case for Market-Neutral equity?
It targets stock-selection alpha with near-zero net beta, delivering low-vol, low-correlation returns that complement both long-only assets and macro diversifiers.
11) Any room for a small “other alts” basket?
A measured 5–10% sleeve can include merger arbitrage, reinsurance, private credit/equity, bitcoin, or other niche alts—kept small to protect the core risk profile.
12) What might an enhanced 200% “RP+” look like in practice?
Illustrative mix: 40% trend, 30% global systematic macro/risk premia, 30% long Treasuries, 30% TIPS, 20% global MinVol equities, 20% gold, 10% REITs, 10% market-neutral, 10% diversified alts—aiming for returns > risk, high Sharpe/Sortino, and shallow max drawdowns (allocation sums reflect stacked exposures).
Nomadic Samuel Final Thoughts
Sorry, my friends for yet another behemoth of a post!
I hit you last time with 4000 words and now we're well over 3000 here.
To say I'm a fan of Risk Parity would be an understatement.
I feel it should be the "default" portfolio for investors of all shapes, sizes and (of course) stages of life.
With a return profile greater than its risk and a roll period that puts the 60/40 to shame, we ought to collectively be pondering what's going on here?
Risk Parity is the literal backbone of my own DIY quant portfolio.
The static long-only Risk Parity Portfolio has had impressive results for over 50 years.
However, as I think we've all seen in this article it can easily be upgraded.
Strategies that were once only available to high networth individuals and institutions are now available for the little guys (us plebs).
Failing to integrate these strategies into your portfolio seems like a lost opportunity and then some.
What's most exciting is that fund of funds ETFs and Mutual Funds are now available meaning you can cobble together a maximally diversified risk parity portfolio with as little as 4 tickers!
Wowzers!
So much diversification in just a handful of funds.
The crazy part is that I think it's only going to get better.
What an exciting time to be an investor.

#### 10 Ways Investors Can Improve The Ray Dalio All Weather Portfolio
When it comes to creating a portfolio that is prepared for all economic regimes, is it possible that investors can improve upon the Ray Dalio All Weather Portfolio?
Hmmm.
An even better umbrella to handle the rain in an all-weather scenario?
Now that would be a tall order.
In many ways the Ray Dalio All Weather Portfolio is the pinnacle of diversification - especially when compared to the classic 60/40 portfolio.
Firstly, it isn't nearly as risky as the balanced 60/40 portfolio given that its equity allocation is shaved down.
Secondly, it allocates a greater percentage of its portfolio to bonds in order to provide stability.
Thirdly, it has an alternative sleeve of gold and commodities protecting the portfolio from stagflation.

We're witnessing in real-time the Achilles heel of the 60/40 portfolio in 2022.
When stocks and bonds are no longer correlated the so-called Titanic suddenly starts sinking.
But beating the tar out of the milquetoast 60/40 folio is kind of low-hanging fruit, isn't it?
Indeed.
Let's get back on track here.
Can we improve upon the Ray Dalio All Weather Portfolio, in such a manner, that we can enhance returns and stabilize overall risk management and diversification?
I think so.
Here are 10 ways we're going to attempt it.
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

10 Ways to Improve the Ray Dalio All Weather Portfolio

All Weather Portfolio Introduction
Before we look at improving the Ray Dalio All Weather Portfolio let's first examine what it is in its original form.
The Ray Dalio All Weather Portfolio is a portfolio that moves beyond merely stocks and bonds with the addition of gold and commodities as an alternative sleeve.
The purpose of the portfolio is to perform in all economic environments as opposed to just inflationary boom and disinflationary boom regimes.
Relative to a 60/40, the all weather portfolio reduces its exposure to equities, increases its exposure to bonds and adds both commodities and gold in an attempt to balance its risk/reward profile in such a manner that it offers investors protection during inflationary stagnation and deflationary bust economic regimes.

Ray Dalio All Weather Portfolio Allocations
US Stock Market = 30%Long Term Treasury = 40%Intermediate Term Treasury = 15%Gold = 7.5%Commodities = 7.5%
With equities limited to just 30% and bonds making up 55% of the portfolio, the all-weather allocation is instantly more conservative than most other portfolios that are more aggressive with equities.
Uncorrelated asset classes of gold/commodities round out the portfolio with 7.5% slices each.
In my opinion, this all-weather portfolio is a diversification masterpiece, (relatively speaking) compared to what 90% of most investors have going for them.
The results of this portfolio in the picture perfect portfolio challenge (leveraged portfolios battle) at the 1X. 2X, 3X and 4X level speaks for itself.
It dominated.
This is a robust regime ready portfolio that can handle all economic conditions in addition to high amounts of leverage as well.
But that doesn't mean it can't be enhanced.
And so let's explore that now.

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
1) Add Global Equities To The All-Weather Portfolio
Maybe the most obvious place to start would be going from a US only equity allocation to diversifying globally.
In the past decade, investors who have gone global (as opposed to being US-centric), have by and large been frustrated with the results.
However, when considered through the lens of the early 2000s, diversification was the key ingredient that kept your equity sleeve above water.
The idea here isn't to pick which region of the world is going to be the winner over the coming years/decades but rather have it spread out so broadly as to not guess at all.
One of the most informative self-education moments throughout my journey as a DIY investor, has been to pick up vintage investing books that weren't recently published.
Open up an investing book published in the mid 90s and you'll likely find information on how investing abroad in the 70s would have prevented a lost decade.
If diversification is your only free lunch as an investor then avoiding to succumb to home country bias should be an absolute no brainer of an upgrade.
This is low hanging fruit my friends.
I'll gladly accept this "easy upgrade" by going from US centric equities to a globally diversified portfolio featuring both significant EAFE and Emerging market exposure.

2) Minimum Volatility Equities Upgrade To The All-Weather Portfolio
Can we further optimize our equity sleeve of our Ray Dalio inspired all-weather portfolio?
I believe so.
Let's explore factor optimization.
Given our mandate of creating an enhanced Ray Dalio All-Weather portfolio, we're specifically looking for ways to drive performance while smoothing out the ride.
What can help make the equity investing journey a little less bumpy?
Factors.
Specifically, defensive factors.
Yield.
Quality.
Minimum Volatility.
Amongst the three mentioned above, the most defensive of them all is minimum volatility.

From the time period of 1999 to 2020, Global market cap weighted equities had a standard deviation of 16, Yield scored 15, Quality hovered around 14 and World Minimum Volatility was a defensive stalwart coming in at 11.
Given our mandate of making the Ray Dalio All Weather Portfolio an enhanced version of itself, we'll take the 5 standard deviation points of risk improvement and say thank you very much.
Thus, at this point, we've now moved away from "home country bias" US only equities to global and we've upgraded from market-cap weighted to minimum volatility to bolster our defence.
Yummy.
So far.

3) Expand The Canvas Of The All-Weather Portfolio
Now that we've optimized our equites in two different ways, it's time to turn our attention to the rest of the portfolio.
What does an artist need to paint a beautiful picture?
A canvas.
Our canvas has been confined to 100%.
Let's change that right now.
We'll expand it to 200%.
But with the explicit caveat of not adding more of what we've already got in the portfolio.
No scooping extra mashed potatoes on top of the previous pile.
Instead we're going to use this extra space to add additional diversifying elements to the portfolio.
But before we do this let's examine why it's even a potentially good idea (or not) to add leverage to the Ray Dalio All Weather portfolio.
For that we'll need to jump over to the Battle of the Leverage Portfolios (Picture Perfect Portfolio Challenge) to see how the Ray Dalio All Weather Portfolio performed at each level:

Ray Dalio All Weather Portfolio in the Battle of the 2X Leverage Portfolios
3X Leverage portfolio performance for the Ray Dalio All Weather Folio (coming soon)
Wacky Ray Dalio All Weather in the 400% Leveraged Portfolio competition (coming soon)

Just as a heads up, the results are with GOLD taking up 100% of the COMMODITY sleeve given back-test data constraints from portfolio visualizer only going back to the mid 2000s with commodities.
Ray Dalio All-Weather Portfolio Performance 100%

Initial Balance: $10,000Final Balance: $520,019CAGR: 9.34%RISK: 7.94%Worst Year: -5.61%Sharpe Ratio: 0.63Sortino Ratio: 1.00
From 1978 until 2022 (March) a hypothetical $10,000 investment in the Ray Dalio All Weather Portfolio would have grown to $520,000.
With a CAGR of 9.34% it delivered an impressive 140 basis points outperformance over RISK at 7.94%.
Its worst year comes in at only -5.61% with a Sharpe Ratio of 0.63 and Sortino Ratio of 1.00.
Ray Dalio All-Weather Roll Period 100%

When we check out the Roll Period it is even more impressive.
The Ray Dalio All Weather Portfolio had only a low of 1 year at -11.59% with all sequence of returns being positive at a 3 year, 5 year, 7 year, 10 year and 15 year periods.

2X Ray Dalio All-Weather Portfolio Performance 200%

Initial Balance: $10,000Final Balance: $20,069,497CAGR: 18.75%RISK: 15.88%Worst Year: -11.07%Sharpe Ratio: 0.90Sortino Ratio: 1.55
What happens when we expand the Ray Dalio All Weather Portfolio from 100% to 200%?
In a word....
Magic.
The 2X Ray Dalio All-Weather portfolio really comes alive when a modest amount of leverage is applied.
Consider how a hypothetical backtest of $10,000 grows now to $20,069,497.
$520,000 at 1X canvas vs $20,069,497 at 2X.
Wowzers!
Moreover, the CAGR shoots up to 18.75% with a 287 basis points of outperformance versus RISK at 15.88%.
You'd think with double the leverage the Ray Dalio portfolio might fall apart a little in terms of its worst year performance.
Nope.
Just -11.07%.
Finally, it's Sharpe Ratio of 0.90 and Sortino Ratio of 1.55 are massive improvements over the 100% canvas level as well.
This is a portfolio that is Taylor-made for leverage.
It's time to lever up buttercup.
2X Ray Dalio All-Weather Roll Period 200%

4) Adding Uncorrelated Assets To The All Weather Portfolio
So we've decided to expand the canvas of the Ray Dalio All-Weather portfolio but what is it that we're going to add if we're not just doubling up its already existing asset classes?
Well, if we're beating the drum of diversification is your only free lunch we're going to run a marathon with that.
But the Ray Dalio All-Weather portfolio is already a diversification masterpiece, is it not?
Yes.
In many ways it is.
But we've still got various asset classes and multi-strategy enhancement opportunities.
Off the table is the following:

Global Minimum Volatility Equities
Long-Term Treasury
Intermediate Treasury
Gold
Commodities

So what could we add?
Long-short equities.
TIPs.
Managed Futures.
Merger Arbitrage.
These all come to mind.
Let's explore them individually.

5) TIPs Strategy To The All-Weather Portfolio
Let's first explore adding to the fixed income/bond sleeve of the Ray Dalio All Weather portfolio.
Since we've already got long-term and intermediate treasury securities we'll turn our attention towards something that is more prepared to safeguard our portfolio from inflation.
Enter the room TIPs.
In a nutshell, TIPs are treasury inflation protected securities, issued by the US government, that are designed to shield investors from declines in purchasing power by being indexed to inflation.

What jumps out to me immediately from an annual performance standpoint, when I compare TIPS with Intermediate Term Treasury and Long Term Treasury, are the years 2008 & 2009 and 2021 & 2022.
You'll notice uncorrelated performance in 2008 when TIPS were less defensive and much stronger recovery in 2009.
In more recent times, when inflation has been persistent and pesky, TIPS have done their job by being above water in 2021 and more relatively defensive in 2022.

While Long Term Treasury and Intermediate Treasury have a correlation of 0.86 adding TIPS to the mix provides an immediately clear diversification benefit.
TIPS correlation with Long Term Treasury is 0.63 and with Intermediate Term Treasury is 0.72.
This in my opinion is a considerable diversification upgrade in the fixed income sleeve of the portfolio.

6) Trend-Following To The All-Weather Portfolio
One of the most most glaring omissions from the Ray Dalio All-Weather portfolio is a total lack of managed futures exposure.
I wrote a detailed post about the benefits of trend-following and why it is not a more popular investing strategy.
Basically, being able to go both long/short commodities, currencies, equities and bonds from a broad range of global markets adds massive diversification to the portfolio given it is an uncorrelated strategy to both stocks and bonds.
Consider 2022 for example.
When both equities and bond markets from across the globe (have by and large) been down for the year, trend-following strategies have been thriving.
Why?
Because they adapt like a chameleon to whatever is going on in the markets in terms of short-term, medium-term and long-term signals.
When equity markets are down they say "yes" to that by shorting exposure.
When bonds are down they also say "yes" to that by shorting exposure.
One other clear benefit is that this strategy isn't nearly as volatile as Gold and Commodities allocations.
You don't have the at times annual -20% to -40% years of volatile drawdowns.
When I examine annualized data from SG Trend index I'm noticing a worst year of only -8.11% in 2018.
SG Trend Index Returns

What I'm most impressed with is the performance of this strategy during the early 2000s and 2008 in particular.
When equities are struggling (such as in 2022) trend-following provides significant fortification to the portfolio in terms of historical backtests.
Hence, adding a managed futures trend-following strategy to our enhanced Ray Dalio All-Weather Portfolio is quite honestly a no-brainer.

7) Market Neutral Investing Strategy To The All Weather Portfolio
A market neutral investing strategy is the most conservative of all the long-short equity strategies.
Its NET exposure is often far less than its long-short brother and active extensions sister.
It seeks to select stocks it thinks will relatively outperform while shorting those that it feels are either relatively overvalued or will potentially underperform.
Managers of a market neutral strategy are seeking to profit from both increasing and decreasing prices in the marketplace.

Consider the performance of Picton Mahoney, a Canadian alternative fund provider, with its long-short market neutral mandate.
A much higher sharpe ratio than its TSX benchmark (0.81 vs 0.40) and standard deviation of 4.71% versus 17.05%.
More importantly notice the difference in terms of annual returns.
Above water in 2008 at 2.12% when equities were down -33% and again in 2015 and 2018 when equities were below water.
Adding a market-neutral strategy to the portfolio should very well improve its overall diversification.

8) Merger Arbitrage Addition To The All Weather Portfolio
Let's add a merger arbitrage strategy to the portfolio.
I just finished interviewing Julian from Accelerate about merger arbitrage as an alternative investment strategy.
Please check it out.
Briefly, merger arbitrage is an event driven hedge fund strategy that purchases stocks of merging companies attempting to take advantage of market inefficiencies before (and/or after) a merger/acquisition.
Let's once again consult with Picton Mahoney as they've been delivering results from a merger arbitrage mandate for several years.

Check out that Sharpe Ratio of 1.17!
No negative years.
A 77.45% positive months success rate.
A standard deviation = 3.75%.
We're adding more stability/defensiveness to the portfolio with this unique strategy.

9) Mystery Asset Allocation To The All-Weather Portfolio
Here is the fun part.
I'm carving out a dedicated portion of the portfolio for you to add whatever you want.
That's right.
It's entirely a choose your own adventure sleeve.
When it comes to all of the potential options to consider for this totally flexible "mystery asset allocation" sleeve here are a few options that come to mind:

Private Equity
Managed Futures (Global Systematic strategies other than trend-following)
Crypto Currency
Active Extension Equities 130/30
NFTs
Art, Wine, Collectibles
REITs
Real Assets
Private Debt
Factor Optimized Equities (Value, Momentum, Quality, Size, Yield)
Reinsurance 

Personally, I'd probably choose a few of these at 2-3% slices but that's just me.
Whatever you'd do with this 10% is entirely subjective.
I believe investing should also be "fun" and not just a boring procedure, so this 10% might seem trivial but I'm hoping it provides a creative outlet for those who are curious about certain asset classes/strategies but never pursued them before.
Have a little bit of fun.
Life is short.

10) All Weather Tail Protection Addition
Let's slap a little insurance on this portfolio for those rare black swan events.
How can we do this?
By adding tail protection.
Tail risk arises when the portfolio (typically equities) moves three standard deviations from the mean.
It's a rare event.
But let's be prepared for it.
One of the easiest ways we can add insurance to the portfolio is by purchasing put options at various strike prices that trigger if/when a severe equity drawdown takes place.
Think 2008 levels.
We've got other elements in our portfolio that will be conspiring to keep our portfolio above water in this type of scenario but adding tail risk protection is just another way we can "diversify our diversifiers" as some folks in this industry love to say.

Enhanced Ray Dalio All Weather Portfolio
Now that we've made 10 different adjustments to potentially improve the Ray Dalio All Weather Portfolio what do we have as the final asset allocation?

New Ray Dalio All Weather Portfolio
30% Global Minimum Minimum Volatility Equities40% Long Term Treasury Bonds15% Intermediate Term Treasury Bonds7.5% Gold7.5% Commodities40% Managed Futures (Trend-Following)20% TIPS (Treasury Inflation Protected Securities)15% Market Neutral Equities10% Merger Arbitrage Strategy10% Wildcard (Crypto, NFTs, Reinsurance, Factor Equities, ETC. Whatever you want!)5% Tail Protection Strategy
That's quite a few enhancements!
To recap briefly the only thing we tinkered with in terms of the original Ray Dalio All Weather portfolio was ultimately going global with equities and choosing minimum volatility as our factor as opposed to market-cap weighting.
The rest of the "classic configuration" stays the same with 40% Long Term Treasury, 15% Intermediate Term Treasury, 7.5% Gold and 7.5% Commodities.
For the additional 100% layer we've added 40% Managed futures, 20% TIPS, 15% Market-Neutral Equities, 10% Merger Arbitrage, 10% Whatever You Want and 5% Tail Protection.
The primary goal of the expanded canvas was to add uniquely uncorrelated (or less correlated) multi-asset class strategies as additional layers of return streams while boosting overall portfolio diversification.
I'm happy with what we've been able to accomplish here.
In fact, it is quite similar to the All Weather Picture Perfect Portfolio I've designed.
I could easily ride this portfolio off into the sunset as I believe it'll provide a beautiful intersection of returns meets risk management.
But that's just my opinion.
I'm interested in yours.
Do you think this is an improvement over the original Ray Dalio All Weather Portfolio or would you have just left things the same?
Please let me know in the comment section below.
If you enjoyed this article I think you might also like "10 Ways Investors Can Improve A 60/40 Portfolio | Ultimate Enhanced 60/40 Portfolio With ETFs" where we expand the canvas to add alternative sources of returns in addition to what is classically provided with equities and bonds.
12-Question FAQ — 10 Ways Investors Can Improve the Ray Dalio All Weather Portfolio
1) What is the classic Ray Dalio All Weather Portfolio?
A rules-driven allocation aimed to work across economic regimes: 30% US stocks, 40% long-term Treasuries, 15% intermediate Treasuries, 7.5% gold, 7.5% commodities—tilting conservative vs. a 60/40 while adding inflation hedges.
2) Why try to “improve” an All Weather portfolio?
To maintain the all-regime intent while pursuing higher risk-adjusted returns and shallower drawdowns by expanding beyond long-only stocks/bonds/commodities and adding uncorrelated strategies.
3) What’s the first upgrade—global vs. US-only equities?
Swap the US-only sleeve for global equities to reduce home-country bias and capture diversification across EAFE and emerging markets without having to pick regional winners.
4) Why use Minimum Volatility (MinVol) for the equity sleeve?
MinVol historically delivers smoother rides (lower stdev) and better downside capture than market-cap weighting—aligned with All Weather’s goal of defensive resilience.
5) What does “expand the canvas” mean here?
Move from 100% to ~200% total exposure (return stacking/leverage)—not to double stocks/bonds, but to add new, uncorrelated return streams on top of the core without crowding out the base.
6) Which bond enhancement belongs first?
TIPS (Treasury Inflation-Protected Securities) complement long/intermediate Treasuries by directly indexing principal to inflation—helpful when inflation is persistent or surprise-positive.
7) Why add Managed Futures (trend-following)?
Managed futures can go long/short across commodities, rates, currencies, and equities; they’ve tended to zig when stocks/bonds zag, offering crisis alpha and regime adaptability.
8) What’s the role of Market-Neutral equity?
Market-neutral seeks stock-selection alpha with near-zero net market exposure, targeting low volatility and low correlation—an additional return stream that doesn’t rely on market beta.
9) How does Merger Arbitrage help?
Event-driven merger arb harvests deal spreads with historically low volatility and low equity beta, adding another differentiated source of return and drawdown buffer.
10) What’s the “Wildcard” sleeve for?
A ~10% sandbox to personalize the portfolio—e.g., crypto, reinsurance, real assets, private debt/equity, factor sleeves—kept small to preserve the portfolio’s core risk profile while letting investors express views.
11) Why include tail-risk protection?
Systematic put options/tail hedges can help during multi-sigma selloffs, complementing trend and diversifiers to further cap left-tail outcomes (with an expected carry cost in calm markets).
12) What does the enhanced allocation look like at a glance?
Core stays recognizable (now global MinVol equities + Treasuries + gold/commodities). The added 100% layer introduces managed futures, TIPS, market-neutral, merger arb, a wildcard sleeve, and tail hedging—all aimed at more diversification without over-relying on equities.

#### 1 Day in El Chaltén, Argentina: Visitor's Perfect Day Trip Itinerary (What To Do With Limited Time)
El Chaltén in one day is basically a daylight heist.

You’ve got limited hours, a bus schedule that doesn’t care about your dreams, and a town that keeps waving world-class hiking trails at you like, “Go on… you can totally fit Fitz Roy AND Cerro Torre AND a waffle in before dinner.”

Clear skies are the jackpot in El Chaltén—this is the kind of day-trip view of Fitz Roy that makes you forget the wind and the early bus. From the trail, the granite spires pop above lenga forest and the wide Patagonian valley, setting up a perfect “hike first, feast later” day.

Spoiler: you can’t. Not unless you’re trail-running with a teleportation device.

But you can have an unreal day here—one that feels big, scenic, and satisfying—if you plan it like a person who respects time, wind, and the fact that your legs are not replaceable. 

We’ve spent enough time in El Chaltén to learn two truths:

the hiking is world-class, and

one day is never enough… but it can still be incredible if you plan it like a human with a clock, not like an Instagram caption.

This guide is a one-day game plan built for real travelers with limited time: day-trippers coming from El Calafate, people squeezing El Chaltén into a broader Patagonia itinerary, and anyone who wants a “maximum wow per hour” day without turning it into a survival documentary.

https://youtu.be/wselXYT-3N0

One-day snapshot: what you can realistically do

Here’s the honest trade-off: in a single day, you usually choose one “main objective” (a bigger hike) or you stack several shorter hits (viewpoints + waterfalls + food). Trying to do everything is how you end up speed-walking through paradise while whispering “we’re fine” through clenched teeth.

🧾 Quick Booking: Your El Chaltén Travel Essentials 🥾✨

🎒 Your Travel Toolkit (Book These 4 Things)

✅ What to book💡 Why it’s worth it🔗 Quick link🥾 Tours & experiencesEasy way to lock in a glacier day, a Lago del Desierto adventure, or a guided option when weather turns moodyBrowse El Chaltén tours on Viator🏨 Hotels & staysEl Chaltén sells out fast in peak season — booking early = better locations + fewer “only the priciest rooms left” momentsFind El Chaltén hotels on Booking.com🚗 Car rentals (optional)Best for freedom days: Ruta 40 viewpoints, flexible timing, photo stops, and a smoother Lago del Desierto runCompare car rentals in El Calafate (gateway to El Chaltén) on DiscoverCars🚌 Bus ticketsThe classic El Calafate ↔ El Chaltén route is simple — but popular departure times fill upBook El Calafate → El Chaltén buses on Busbud

👉 One-click backup (reverse direction): Book El Chaltén → El Calafate buses on Busbud

El Chaltén one-day snapshot infographic: three realistic time scenarios—day trip from El Calafate, overnight in town, or a car/private transfer at dawn—paired with the best strategy (short-hike stack, one iconic hike, or big hike + add-ons) and the vibe you’ll feel (snack-fueled highlight reel, earned-your-dinner pride, or ‘hacked the system’ energy).

Your time realityBest “one-day” strategyWhat it feels likeDay trip from El Calafate (arrive late morning, leave evening)Short-hike stack + best viewpoints + great foodLike a highlight reel with snacksYou sleep in El Chaltén (one full day + early start)One big iconic hike (Fitz Roy or Cerro Torre) + a small bonus viewpointLike you earned your dinnerYou have a car/private transfer and can start at dawnBig hike + extra add-onsLike you hacked the system

This El Chaltén one-day snapshot infographic breaks down four realistic travel “vibes,” from chasing the iconic Fitz Roy photo to choosing a comfortable classic hike, stacking short day-trip viewpoints, or leaning into cafés and waterfalls when the weather turns chaotic. It’s designed to help visitors match limited time, energy, and conditions with the smartest possible plan.

Destination Snapshot: pick your one-day vibe

VibeYou’ll love this if…Main moveDon’t do thisIconic, “I came for Fitz Roy”You want the photo and you’re willing to workLaguna de los Tres (early start)Starting late and hoping vibes carry youComfortable classicYou want a big day without the steepest grindLaguna TorreAssuming Cerro Torre will show up on commandShort & sweet (best day trip)You’re day-tripping, traveling with kids, or conserving legsMirador de los Cóndores + Chorrillo del SaltoTrying to “also add Laguna Capri just quickly”Weatherproof foodieThe forecast looks chaotic but you still want a great dayMiradores + cafés + waterfallMarching into exposed terrain to prove a point

Audrey Bergner arrives in El Chaltén on day one of our Patagonia adventure, posing beside the Route 41 sign in Santa Cruz Province. The quiet road, wide-open landscape, and rocky hills mark the moment we officially entered Argentina’s trekking capital and kicked off a week built around hiking, weather watching, and big mountain views.

Our one-day “origin story” (why this guide is built the way it is)

When Audrey and I first rolled into El Chaltén, we were equal parts excited and overly ambitious. We’d just come off big Patagonia meals (you know the kind: “we earned this” dinners that you absolutely did not earn), and suddenly we were in Argentina’s trekking capital talking like we were about to summit something. 

Also: we showed up in full “Patagonia food tour” mode, and our bodies were like… excuse me? Audrey’s jeans stopped cooperating, I was entering my “rotunding, bulbous plumptitude” era, and suddenly El Chaltén was politely suggesting we move our skeletons.

Reality check arrived fast. Groceries were pricier and more limited than we expected, Wi-Fi was… let’s call it “sporadic at best,” and the wind was already reminding us who runs this place. Audrey and I inhaled pizza, grabbed supplies, and still couldn’t resist squeezing in a sunset hike to Mirador de los Cóndores because the daylight was basically cheating.

From Mirador de los Cóndores, Nomadic Samuel pauses to photograph El Chaltén spread out below, with the Río de las Vueltas cutting through the valley and rugged Patagonian peaks rising on both sides. This short but steep hike delivers one of the best quick-payoff viewpoints in town, making it a perfect stop on a one-day El Chaltén itinerary.

And by “sporadic Wi-Fi,” we mean: our mobile data basically didn’t work, the Wi-Fi kept dropping, and we even had a moment where we couldn’t get the hotel payment to process. Groceries were pricey (the “a dollar per apple” moment was humbling), but there was free Wi-Fi in the central plaza—so if you need to load maps, tickets, or messages, that little detail can save your sanity.

That first short hike is a big reason this post exists. It’s steep enough to wake up your legs, short enough to fit into a tight schedule, and the views are so immediate that you feel like El Chaltén just handed you a welcome gift. It set the tone for the rest of our stay: move when the weather lets you, eat like it’s part of the plan, and don’t confuse ambition with good decision-making.

December daylight really is cheating (sunset can stretch ridiculously late), but the funny part is we still ended up in “grandma bedtime” mode—hand-washing laundry, setting alarms, and calling it a night while the sky was still basically pretending it was afternoon.

Laguna de los Tres is the iconic “money shot” hike in El Chaltén, featuring turquoise glacial water set beneath the dramatic granite spires of Mount Fitz Roy. Reaching this viewpoint requires a long, demanding hike and a steep final climb, making it a true main objective for travelers trying to maximize a single, clear-weather day in Patagonia.

Choose your “main objective” in 60 seconds

This is the decision that makes (or breaks) your day. Pick one primary goal, then build everything else around it.

This “main objective” idea is exactly how we approached our own week here. Even with six nights in town, Audrey and I still woke up each morning thinking: what’s the one thing today is built around? That mindset kept us from wasting good weather windows—and it stopped us from doing the classic El Chaltén mistake of trying to be everywhere in one day.

Main objectiveThe payoffTime on trail (typical)EffortCrowd levelWeather sensitivityWorks for a Calafate day trip?Laguna de los Tres (Fitz Roy “money shot”)The iconic Fitz Roy viewpoint8–10 hrsHighVery highHigh (wind + visibility matter)Only for early starters / very long daylightLaguna Torre (Cerro Torre vibes)Glacier lagoon + Torre massif drama7–8 hrsModerateHighMediumPossible, but tight if you’re not sleeping in townMiradores + Chorrillo del Salto (short-hike stack)Big views in small bites + waterfall4–6 hrs total (stacked)Low–moderateMediumLow–mediumYes. This is the safest “perfect day trip”Town day + short miradorCafés, breweries, scenery, “I’m still on holiday” energy2–4 hrsLowLowLowYes (and underrated)

If you’re reading this because you have one day and you’re not sleeping in El Chaltén, skip the hero fantasy for a moment and keep reading. We’ll still give you the big-hike option, but we’ll also give you the itinerary that actually fits in the day.

The rules of one day in El Chaltén (aka: how not to self-sabotage)

The bus ride into El Chaltén delivers an unforgettable first impression, with an empty Patagonian road stretching toward jagged, snow-covered peaks in the distance. As you cross the open steppe toward Los Glaciares National Park, the scale of the landscape becomes impossible to ignore—this is where the mountains start to feel close, wild, and wonderfully intimidating.

✅ El Calafate → El Chaltén bus tickets (Busbud)

✅ El Chaltén → El Calafate bus tickets (Busbud)

Rule 1: Build your day around the bus (or your wheels)

If you’re day-tripping from El Calafate, your “start time” is not when you finish breakfast. Your start time is your bus departure. Everything else is secondary.

Your best move: pick one of the earlier buses, and choose your return bus before you choose your hike. (Because it’s hard to enjoy the mountains when you’re mentally calculating sprint speed.)

We get it because we’ve done the “3-hour bus each way” reality—and once you’ve lived that, you stop thinking of El Chaltén as a casual day out and start treating it like a fun little logistics mission (with mountains as your reward).

👉 Compare El Calafate car rentals on DiscoverCars (best gateway for El Chaltén)

El Chaltén’s compact town center sits directly beneath the granite spires of Mount Fitz Roy, creating one of Patagonia’s most dramatic everyday backdrops. Colorful buildings, fluttering Argentine flags, and quiet streets give the village a frontier feel, while the surrounding mountains remind visitors that world-class hiking begins just beyond town.

Day-tripping from El Calafate: the timing math that keeps your day fun

Most day trips look like this:

~3 to 3.5 hours each way on the road

one long scenic stretch along Ruta 40 and Route 23 with the mountains slowly getting sharper

a quick stop en route (often at a roadside spot like Hotel La Leona) to stretch, grab a snack, and remember that “just one day” is, in fact, a full mission

The key question isn’t “What hike do I want to do?” It’s:How many hours do I realistically have between arrival and my return bus?

Use this quick budget:

30 minutes: arrive, bathroom, fill water, sort tickets, organize layers

60–90 minutes: lunch + snacks + a small “town wandering” buffer

60 minutes: reward block (coffee/beer/dinner before departure)

Everything else = hiking time

If you have 4–6 hours of hiking time total, you want the short-hike stack.If you have 7–9 hours of hiking time total and you’re confident in your pace, you can consider a bigger hike.

Bus pairing playbook (use this to choose your “safe” plan)

If you arrive…And you leave…Your realistic hiking window (after buffers)Best planLate morningEarly evening4–5 hrsMirador de los Cóndores + Chorrillo del SaltoLate morningLate evening5–6.5 hrsAdd Mirador de las Águilas or extend your waterfall timeEarly morningEvening6–7.5 hrsLaguna Capri or a longer short-hike stackEarly morningLate evening7.5–9 hrsBig hike possible (Torre is the safer pick)

If you’re looking at that table and thinking “I can do the big one,” we respect the confidence. Just keep one more thing in mind: wind steals minutes. It slows your pace, increases fatigue, and makes breaks longer because you’re searching for sheltered rocks like a lizard with a purpose.

The day-trip golden rule

If your return bus is fixed, choose a plan that lets you be back in town at least 45–60 minutes before departure. That buffer is for:

slow descents

bathroom lines

the sudden need for a second pastry

and the universal Patagonia surprise: weather shifting right when you thought you were done

Rule 2: Patagonia is not a motivational quote

Wind and visibility can change your plan, and that’s not a personal failure. Your goal isn’t to “complete the hike.” Your goal is to have an amazing day and return with the same number of bones you started with.

After a long day hiking in El Chaltén, nothing hits quite like a proper comfort-food reward. This plate of soft potato gnocchi tossed in a rich, creamy mushroom sauce was exactly what our legs and spirits needed—proof that Patagonia isn’t just about dramatic mountains, but also about well-earned meals that feel even better after the effort.

Rule 3: Food is part of the itinerary

In El Chaltén, eating well is not optional—it’s strategy. Audrey and I are foodies. We literally plan hikes (and any other day for that matter) around where the next warm thing is coming from. No shame. A good day here includes:

a proper breakfast

a packed lunch (or a plan for it)

a “post-hike reward” meal that feels mildly ridiculous

Audrey and I leaned hard into the lunchbox routine here—order the night before, pick it up in the morning, and you’re instantly a functional adult with a plan. And yes… we were absolutely the people calling it a “snack stop” when it was clearly a mini lunch (especially the day our salad container tried to explode in the backpack).

Rule 4: Buffers are your best friend

Add buffer time for:

wind (slows you down)

photo stops (you’ll stop)

trailhead logistics (bathrooms, tickets, “where are my gloves?”)

café temptations (you’ll cave)

Hiking in El Chaltén isn’t only about chasing famous viewpoints—it’s also about soaking in stretches of quiet, beautiful landscape like this. Green meadows, twisted lenga trees, and rocky hillsides create a slower, more contemplative side of Patagonia that unfolds step by step as you move along the trails surrounding town.

What you need to know before you start

National Park access and tickets (don’t get caught out)

Most of the classic trailheads around town are part of Los Glaciares National Park’s Northern Zone (Zona Norte). Entrance is handled differently than the Perito Moreno glacier area: for the Northern Zone portals (the ones you’ll care about in El Chaltén), tickets are obtained online and paid by card—no cash (be sure to check current prices as this is ever changing and evolving). Trailheads often have QR codes to scan, but don’t assume you’ll have perfect signal at the exact moment you need it.

If you’re only in El Chaltén for one day, treat this as part of your “pre-game.” Buy your ticket the night before or on the bus with decent data, screenshot the confirmation, and move on with your life.

One small “locals know” note we got early: don’t let the friendly town dogs follow you onto the trails. They’re sweet, but rangers warned us it’s a real problem for local wildlife (including endangered deer in the park). Pet the pup in town, get your serotonin there, and keep the trails dog-free.

Trail navigation: it’s well-marked… but still use offline maps

El Chaltén trails are generally well signed, and major routes are straightforward. Still:

download an offline map

don’t rely on mobile coverage

know your turnaround time (more on that below)

What to pack for a one-day hit (even if you “never get cold”)

This is the minimum kit that keeps your day fun instead of type-two-fun:

Windproof layer (non-negotiable)

Warm layer (fleece or light puffy)

Rain shell or poncho (Patagonia loves drama)

Water (at least 1.5L; more on big hikes)

Snacks you actually want to eat

Lunch (sandwich, empanadas, or a “trail charcuterie” situation)

Sunscreen + sunglasses (yes, even when it’s cloudy)

Hat or buff (wind defense)

Headlamp if you’re doing a big hike or winter/shoulder season

Basic first aid (blister care is the real emergency)

Cash + card (cash for small things / backup, card for the park ticket)

Power bank (cold + photos = dead phone)

The “wind reality check” table

Wind is personal, but numbers help you avoid self-delusion.

Forecast gusts (rough)What it often feels like on exposed sectionsSmart one-day move0–40 km/hAnnoying hair dayAny plan works40–65 km/hYou start leaning into gustsPrefer shorter hikes + viewpoints; be cautious at miradores65–80 km/hBracing becomes tiringChoose the short-hike stack; skip long exposed sections80+ km/hProgress becomes a negotiationMake it a town + mirador day. Seriously.

The Laguna Torre hike begins with long, peaceful stretches through Patagonian forest before opening up to glaciers and dramatic mountain views later on. Here, Nomadic Samuel walks one of the quieter sections of the trail, where twisted lenga trees and soft forest light make the journey feel calm and immersive long before the payoff viewpoints appear.

The perfect one-day itinerary (best for most day-trippers)

This is the itinerary we recommend for most people who have limited time and want a day that feels full, scenic, and joyful without turning into a marathon.

It stacks the highest “wow per hour” spots:

Mirador de los Cóndores (and optionally Mirador de las Águilas)

A proper lunch break

Chorrillo del Salto waterfall

Time for a café/beer reward

You still make your bus without sprinting

Perfect day itinerary: timeline

Use this as a template. Adjust based on your bus arrival/return times and the season’s daylight.

10:30–11:00 — Arrive in El Chaltén and do “logistics mode”

Use the bus ride to buy your park ticket (or confirm it’s ready)

Drop bags at your accommodation (if staying) or use luggage storage

Bathroom break, fill water, buy last-minute snacks

11:00–13:00 — Mirador de los Cóndores (and Mirador de las Águilas if you’re feeling it)

This is the best first move on a day trip because:

it’s close to town

you get panoramic views fast

you learn what the wind is doing today

you start the day with a “wow” instead of waiting hours for it

Mirador de los Cóndores is the classic viewpoint over town and valley. If you’re feeling good and the weather is stable, continue to Mirador de las Águilas for more wide-open scenery.

Our take: Do Cóndores no matter what. Decide on Águilas at the junction based on wind and legs. “Optional” means optional.

13:00–14:00 — Lunch break (don’t skip this)

Eat now. Not later. Later is how you turn into a snack goblin halfway to a waterfall.

Easy lunch options:

Pack a lunch and eat at a viewpoint or in town

Grab a quick café meal

If you’re in a rush, do a bakery run and accept your fate happily

14:00–16:30 — Chorrillo del Salto waterfall (easy, pretty, satisfying)

Chorrillo del Salto is the perfect “afternoon hike”:

short and foresty

steady and low drama

ends at a legit waterfall

If your legs are tired or you’re with family, this is the move that still feels like you did El Chaltén.

16:30–18:30 — The reward phase (coffee + pastry or beer + comfort food)

This is where the day becomes memorable.

After logging serious kilometers on El Chaltén’s trails, settling into a taproom for a well-earned beer feels almost ceremonial. Dark and golden pints like these are a favorite post-hike ritual in town, offering a warm, relaxed space to rest tired legs, replay the day’s views, and toast surviving Patagonia’s famously unpredictable weather.

Pick your vibe:

Café + waffles/alfajor energy

Craft beer + burger energy

Slow dinner if your return bus is late

Our personal rule: If we climbed anything, we are owed something. Preferably with melted cheese.

18:30–20:40 — Return to El Calafate (or sunset stroll if you’re staying)

If you’re day-tripping, you’ll likely be on an evening bus back to El Calafate. If you’re staying overnight, this is your golden-hour stroll time—wander, take photos, and enjoy the fact you’re not leaving.

Mirador de las Águilas is a natural add-on to Mirador de los Cóndores and a smart upgrade for visitors with a bit of extra energy on a one-day El Chaltén trip. The short climb rewards you with sweeping views over open valleys and river flats, offering a quieter, less crowded perspective that still feels expansive and distinctly Patagonian.

How to upgrade your day (without upgrading your suffering)

Maybe you have more time than the average day-tripper. Maybe you slept in town. Maybe you’re fit, stubborn, and fuelled by a suspicious amount of optimism. Here are the best “upgrades” to the day, in order of sanity.

Upgrade 1: Add Mirador de las Águilas (if the wind is behaving)

If you do Cóndores and feel great, keep going to Águilas. The views open up more, and it’s a solid way to feel like you went “beyond the basic.”

Upgrade 2: Add Laguna Capri as a half-day Fitz Roy taste

If you want a Fitz Roy-flavored day without committing to the full Laguna de los Tres boss fight, Laguna Capri is the sweet spot. It’s one of the best “reward-to-effort” hikes in town.

A realistic way to do it in one day:

Start early (ideally sleeping in El Chaltén)

Do Laguna Capri as your main hike

Add Cóndores late afternoon or as a sunrise/arrival warm-up

Upgrade 3: Choose one big hike (Fitz Roy or Torre) and make everything else secondary

If you want the iconic hike experience, do it. Just treat it like your whole day, not something you squeeze between coffees.

Below are two “big hike” one-day itineraries designed to be practical.

This simple wooden sign marks the decision point on the Laguna de los Tres hike—one that matters even more if you’re attempting it as a day trip. Once you commit to this route in El Chaltén, the distance, elevation gain, and final steep climb leave very little wiggle room, making weather, pace, and turnaround timing absolutely critical.

Big Hike Option A: Laguna de los Tres (Fitz Roy) in one day

This is the headline act. It’s also the one that humbles people who thought they were “casual hikers.”

Who this is for

You’re reasonably fit

You have a full day in El Chaltén (sleeping in town helps a lot)

You’re okay with a long day on trail

You’re willing to turn around if weather turns

The one-day plan (sleeping in town)

06:30–07:30: Big breakfast + pack lunch

07:30–08:00: Start hiking early (beat crowds and heat)

10:00–10:30: Laguna Capri area (optional break)

Midday: Push up-valley, steady pace, snack every hour

Early afternoon: Final steep section (“the gut-check”)

14:00–15:30: Enjoy the viewpoint (if visibility is good)

15:30–19:00: Hike back, more careful on the descent

19:30+: Dinner like you just won something

Our own “won something” dinner ended up being a tiny, cozy place near the bus terminal called Senderos (it felt like a boutique-guesthouse dining room—only a handful of tables). I went for a blue cheese risotto situation, Audrey got lentejas, we split wine, and then did the most El Chaltén thing possible: waddled back and passed out early… and slept like champions.

The “gut-check” reality

The last steep section is where people negotiate with themselves. Go slow, take small breaks, and don’t let faster hikers bully your pace. You’ll get there when you get there.

For us, the “gut-check” had a very specific personality: kilometer nine turned into a bottleneck because everyone was tired and the trail got steep, rocky, and extra unforgiving. What kept Audrey and I moving was the steady stream of hikers coming down saying, “keep going, it’s worth it.” Then we finally reached the top, got hit with wind beyond belief, hid behind a rock, and devoured the very sad remains of our lunch (a granola bar and some candy) like we’d never eat again.

Foodie tip: Pack something that feels like a treat. This is not the moment for dry crackers. Bring chocolate. Bring a sandwich you actually respect.

Laguna Torre is one of the most rewarding one-day hike options in El Chaltén, combining long, scenic valley walking with dramatic views of glaciers and granite spires. This route delivers a true Patagonian experience without the punishing final climb of Laguna de los Tres, making it a smart choice for travelers with limited time and good weather.

Big Hike Option B: Laguna Torre in one day

Laguna Torre is often called the “more comfortable” big day. It’s still a long hike, but the elevation gain is more forgiving and the trail is generally straightforward.

Who this is for

You want big scenery with slightly less suffering

You’re day-tripping but have a long daylight window and an early start

You like glacier vibes and moody mountain drama

The one-day plan (sleeping in town)

07:30: Breakfast + pack lunch

08:00: Start hiking

11:30–12:30: Arrive at the lagoon area (depending on pace)

12:30–13:30: Lunch with views (wind permitting)

13:30–17:00: Hike back

18:00+: Reward phase (beer + hot food)

The moody-day truth

Laguna Torre is still beautiful in bad weather, but the “Cerro Torre reveal” depends on visibility. If clouds are glued to the mountains, you might finish the hike thinking, “So… it’s a very nice… and oh so grey.”

That’s still a good day. Just don’t let a moody sky convince you it wasn’t worth it.

Hiking up to Mirador de los Cóndores is one of the easiest ways to earn big views in El Chaltén without committing to a full-day trek. The well-marked trail winds through low Patagonian shrubs and rolling terrain before opening up to panoramic views over town, making it an ideal short hike for day-trippers and first-time visitors.

If you only have one day and you want the “iconic” feel, here’s the best compromise

If you’re day-tripping from El Calafate and you want one bigger hike without rolling the dice too hard, choose Laguna Torre over Laguna de los Tres. The timing is generally more forgiving, and you’ll still get that “I hiked in Patagonia” satisfaction.

Then add Mirador de los Cóndores either:

the afternoon before (if you arrive the day before), or

as a quick sunset hit if you’re staying overnight.

The “turnaround time” rule (the simplest safety hack)

A lot of people get into trouble because they think the hike ends when they reach the destination. It ends when they get back to town with daylight and energy left.

Use this formula:

Decide your latest safe return time (bus departure or sunset minus buffer)

Halve your available time for the outbound journey

Turn around when you hit that time, even if you’re “almost there”

Example:If you must be back in town by 18:00, and you start hiking at 10:00, you have 8 hours total.Your outbound budget is 4 hours. If you haven’t reached your target by 14:00, turn around.

Is it annoying? Yes.Is it better than missing your bus or hiking in the dark with a pastry as your only survival tool? Also, yes.

Patagonicus is one of El Chaltén’s classic post-hike food stops, and this cozy interior captures exactly why. After a long day on the trails, we waited patiently for pizza while swapping trail stories, warming up indoors, and watching other hikers roll in looking just as tired and happy. It’s the kind of place where good food feels earned and time slows down.

🥾 Plan B Adventures: Tours & Easy Day Trips from El Chaltén

Even hardcore hikers end up with a “Plan B” day in Patagonia. When the wind is feral, legs are toast, or you just want someone else to handle the logistics, these Viator options are easy wins.

👉 Browse El Chaltén tours (plus nearby options) on Viator

OptionBest forBook it🚌 El Chaltén “Complete Experience” day tour (from El Calafate)A low-effort way to “see El Chaltén” without committing to a big hikeEl Chaltén Complete Experience Full-Day Tour from El Calafate (Viator)🧊 Perito Moreno Glacier full-day + optional boat safariClassic Patagonia bucket-list day that doesn’t require hardcore hikingPerito Moreno Glacier Full-Day Tour with Optional Boat Safari (Viator)🚤 “Todo Glaciares” navigation (Upsala + Spegazzini)Big-glacier scenery with max comfort (aka: let the boat do the work)Glaciares Gourmet Navigation: Upsala & Spegazzini Navigation (Viator)🗿 El Calafate city tour + Walichu CavesA cultural/history reset day (great when the weather is moody)El Calafate City Tour + Walichu Caves (Viator)🚙 Nativo Experience: Lakes & Caverns (4x4 style)Off-road adventure + viewpoints when you want something different than trailsNativo Experience: Lakes & Caverns (Viator)🇨🇱 Torres del Paine full-day trip (from El Calafate)Maximum “Patagonia wow” in one day (long day, huge payoff)Torres del Paine Full-Day Tour from El Calafate (Viator)

Food strategy for a one-day El Chaltén mission

El Chaltén is a hiking town, which means:

you will burn more calories than you expect

you’ll suddenly care deeply about sandwiches

and you’ll become strangely emotional about warm soup

Breakfast: go big

A one-day itinerary lives or dies by breakfast. Aim for:

eggs + bread + fruit

oatmeal + nuts

or anything that makes you feel stable and powerful

Our place served breakfast at 6:30am and we treated that like the starting gun. Even if daylight goes late, the early start is what makes the whole day feel calmer—especially if you’re chasing a big objective and want a buffer for weather and photo stops.

Lunch: pack it

Even if you plan to eat in town, pack something. Trails don’t care about your lunch reservation.

Our typical “trail lunchbox” looked like: a rice-and-veg salad (plus cheese/egg), an apple, a peanut bar, mini muffins, and a few candies for morale. Very glamorous. Very effective. And if something starts leaking in your bag, congratulations—you’re eating lunch at kilometer two whether you planned to or not.

Easy packable lunches:

sandwiches (classic for a reason)

empanadas

wrap + cheese + salami (trail charcuterie)

leftover pizza (don’t judge; it works)

Post-hike reward: choose your “victory meal”

After a hike, we become very persuasive about dessert. You should too.

Case study: after one of our ~20 km days, we inhaled burgers, walked back to the hotel, and were basically horizontal by 8:30pm. Part legs, part food coma—but that’s the honest rhythm of El Chaltén if you hike big and eat properly.

Reward categories:

“Comfort food” (burgers, fries, milanesa, pasta)

“Café recovery” (waffles, cakes, hot chocolate)

“Beer therapy” (brewpub + anything salty)

There’s a special kind of joy when pizza finally arrives after a long hiking day in El Chaltén, and Patagonicus delivers exactly that moment. This generously topped pie—simple, filling, and easy to share—felt like the perfect post-hike reward, especially paired with a cold drink and the collective relief of finally sitting down after hours on the trail.

Options to Consider:

PAISA High Mountain Coffee — specialty coffee (Colombian-style) plus cakes/pastries for a strong pre-hike start.

La Nieve Café y Viandas — coffee + simple “viandas” (grab-and-go food) when you need something fast and practical.

Panadería & Cafetería Lo de Haydée — classic bakery for facturas, sandwiches, and easy trail snacks.

La Waflería — big sweet and savory waffles (a “before/after the mountain” institution).

Cúrcuma Cocina — vegan + gluten-free comfort food (surprisingly filling), plus healthy options.

B&B Burger Joint — burgers + fries when you want maximum calories with minimum decision-making.

Laborum Pizzería — excellent artisanal pizza (often limited batches), great for an easy take-away dinner.

La Cervecería Chaltén — local craft beer + pub food; classic “we survived the wind” post-hike hangout.

Bourbon Smokehouse — American-style comfort food, cocktails, and local beers (happy-hour energy).

Patagonicus — hearty sit-down spot (pizza/soups/Argentine-ish classics) that works well for groups.

Hostería Senderos Restó Bar — Patagonian-leaning menu + wine bar vibe; they can also prep a packed “vianda” if you ask.

Heladería Domo Blanco — artisan ice cream for the end-of-day victory lap.

The perfect one-day packing checklist

Print this in your brain:

Park ticket purchased (or ready to buy with data)

Offline map downloaded

Windproof layer

Warm layer

Rain protection

1.5–2L water

Snacks (at least 3)

Lunch

Sunscreen + sunglasses

Hat/buff + gloves (shoulder season)

Headlamp (big hikes / shorter daylight)

Power bank

Cash + card

Blister care

We’re extra intense about offline maps here because we learned it the slightly annoying way: our data didn’t reliably work, the Wi-Fi liked to disappear, and “I’ll just load it at the trailhead” is exactly the kind of optimism Patagonia punishes. The central plaza Wi-Fi bailed us out more than once.

Mistakes people make on a one-day visit (so you don’t have to)

Trying to do Fitz Roy and Torre in one day

This is the classic “we’re built different” mistake. Unless you’re trail-running and hate joy, pick one.

Starting too late

Late starts turn gorgeous hikes into stressful marches. If you’re day-tripping, your best lever is the earliest transport you can reasonably do.

Underestimating wind

Wind doesn’t just make you cold. It slows you down, drains energy, and can turn exposed viewpoints into a comedy sketch.

Not packing lunch

You will not regret carrying an extra sandwich. You will regret not carrying one.

Ignoring the return trip

Downhill is where tired legs get sloppy. Save energy and time for the return. It counts.

Micro-itinerary builder: build your own perfect day (with guardrails)

Here’s a simple “plug and play” way to design your one-day plan.

Step 1: Choose your main hike (pick ONE)

Mirador stack + waterfall (safest)

Laguna Capri (half-day classic)

Laguna Torre (big day)

Laguna de los Tres (biggest day)

Step 2: Add one “bonus bite”

Choose one:

Mirador de los Cóndores (if not already)

Mirador de las Águilas (if wind is calm)

A slow café hour (yes, this counts)

Step 3: Add the reward block

Minimum 60–90 minutes. You earned it.

Step 4: Lock your return time

Bus departure or sunset minus buffer.Then work backwards and stop pretending time is fake.

Three complete one-day itineraries (pick your vibe)

Itinerary 1: The “Perfect Day Trip” (most visitors)

Best for: day-trippers, families, casual hikers, anyone who wants a full-feeling day

Morning arrival

Mirador de los Cóndores (+ Águilas optional)

Lunch

Chorrillo del Salto

Café/beer + dinner

Evening departure

Itinerary 2: The “I want a big hike” day

Best for: fit travelers sleeping in town

Option A (Fitz Roy): Laguna de los TresOption B (Torre): Laguna Torre

Early breakfast

Start hiking early

Long lunch break in the scenic zone

Return with daylight

Victory meal

Itinerary 3: The “windy day, still awesome” plan

Best for: high gusts, low visibility, tired legs, shoulder season

Mirador de los Cóndores (check the scene)

Coffee + bakery crawl

Short forest walk or waterfall

Early dinner

Sleep like a champion

🏨 Where to Stay in El Chaltén (Our Top Hotel Picks)

⭐ Quick Booking Box: El Chaltén Hotels (Compare Rates)

PickBest forVibeBooking link🏆 Top PickFirst-timers who want an easy, reliable baseComfortable “no-regrets” stayCompare top stays in El Chaltén on Booking.com💎 Boutique / Treat-YourselfCouples, hikers celebrating a big trek, views + comfort seekersCozy-luxe Patagonia energyBrowse boutique stays in El Chaltén on Booking.com🏘️ Mid-range (great value)Most travelers who want comfort without splurgingWarm, practical, walkableFind mid-range El Chaltén hotels on Booking.com💰 BudgetRoad-trippers + hikers who only need a clean baseSimple, wallet-friendlySee budget stays in El Chaltén on Booking.com

🔎 Want to browse all options instead?👉 Compare all El Chaltén stays on Booking.com

Where to stay (if you can add one night)

If you can turn “one day” into “one day plus one night,” your options expand massively. Even a single overnight lets you:

start at dawn

pick better weather windows

avoid the bus-time crunch

Broad categories:

Budget: hostels + simple rooms (book early in summer)

Mid-range: apartments/posadas for comfort and kitchen access

Treat-yourself: boutique stays with views (and excellent breakfast)

If you only do one upgrade to your trip, make it: sleep in El Chaltén.

Where to stay (if you can add one night): 8 solid options (budget → splurge)

Rancho Grande Hostel & Restaurante (budget / social) — big, classic backpacker base with dorms + privates, 24-hour reception, on-site restaurant, and traveler-friendly facilities (good if you want a lively vibe). 

Patagonia Travelers’ Hostel (budget / central) — right in town and close to the trail starts, with a shared kitchen and free luggage storage (handy if you’re hiking after checkout). 

Familia de Campo Hostel (budget / cozy + practical) — warm, homey hostel feel with two well-equipped shared kitchens, a bright lounge with views, and a garden/BBQ setup.

Hotel Poincenot (mid-range / comfort + location) — comfy rooms in a very convenient spot, with a full breakfast and a bar offering gourmet sandwiches + a strong wine selection. 

Chaltén Suites Hotel (mid-range / hotel comforts) — solid mountain-town hotel with a house buffet breakfast and an on-site restaurant/bar setup (nice for a straightforward, no-fuss stay). 

Hotel Lunajuim (mid-range / friendly + trail-focused) — comfortable, well-located option with breakfast buffet plus restaurant/café/bar energy (and generally “hiker-friendly” service).

Destino Sur Hotel & Spa de Montaña (high / post-hike recovery) — a splurgey pick with a proper spa setup (sauna/jacuzzi/massages) and an indoor heated pool—excellent after big trail days. 

Los Cerros del Chaltén Boutique Hotel (high / views + amenities) — upscale boutique stay known for panoramic mountain views from common areas, plus hotel-style amenities that make resting feel like part of the itinerary. 

Final word: the best one-day plan is the one you can enjoy

El Chaltén is one of those places that rewards ambition—but it rewards smart ambition even more.

If the weather is perfect and you have the time, go big. Chase that iconic viewpoint. Earn the bragging rights.

If the wind is feral or you’re day-tripping on a tight schedule, don’t force a “legendary” hike just to say you did it. Stack the short hits. Eat well. Take in the views. Be present. Your photos will still look like Patagonia.

And your knees will thank you.

✨ Ready to lock in your El Chaltén plan?

🥾 Browse El Chaltén tours on Viator 

🏨 Find El Chaltén hotels on Booking.com 

🚗 Compare El Calafate car rentals on DiscoverCars 

🚌 Book El Calafate → El Chaltén buses on Busbud 

Frequently Asked Questions About Spending One Day in El Chaltén, Argentina (and Making It Count)

Is one day in El Chaltén actually worth it?

Yes. It won’t feel like “enough,” but it can absolutely feel like a proper Patagonia experience if you plan around one main objective and don’t try to cram every hike into one daylight window.

What’s the best hike if I only have one day?

For most people: Mirador de los Cóndores + Chorrillo del Salto (the short-hike stack). If you want one big hike and you’re sleeping in town, Laguna Torre is the best “big payoff without maximum suffering” option.

Can I do Laguna de los Tres as a day trip from El Calafate?

It’s possible but it's awfully tight and risky. You’ll need an early start, long daylight (summer), good weather, and a fast pace. Most visitors enjoy their day more by staying overnight or choosing a shorter plan.

Which is easier: Laguna Torre or Laguna de los Tres?

Laguna Torre is generally easier in terms of elevation gain and feels more “steady.” Laguna de los Tres has that final steep section that turns into a personal negotiation with gravity.

Do I need to pay an entrance fee to hike in El Chaltén?

For the main Northern Zone trailheads in Los Glaciares National Park, yes—there’s a fee and tickets are typically handled online. Check the current rules before you go.

Do I need hiking boots?

For the short hikes, sturdy sneakers can work in good conditions. For the big hikes, boots or trail runners with good grip are a smart move, especially if there’s mud, ice, or loose rock.

How windy does it get in El Chaltén?

Very. Wind can be calm one hour and aggressive the next. Bring a windproof layer and treat gust forecasts like real information, not background noise.

What should I pack for a one-day hike?

Wind layer, warm layer, rain protection, water, snacks, lunch, sunscreen, sunglasses, and an offline map. If you’re doing a big hike or shoulder season, add a headlamp and gloves.

Is it easy to navigate the trails without a guide?

Yes for most classic routes. Trails are generally well marked. Still, download offline maps and pay attention to weather and your turnaround time.

What’s the best time of year for a one-day visit?

Late spring through early fall is the classic season. Summer gives you long daylight but also crowds and wind. Shoulder seasons can be quieter but colder and more variable.

Are the restaurants busy?

In peak season, yes—especially in the evening. Having a backup plan (or eating early) keeps your post-hike reward from turning into a line-standing contest.

Can I do Mirador de los Cóndores with kids?

Usually yes. It’s a short hike and a great “first day” option, but wind can make it feel harder. Go slow, bring layers, and make it a snack-based adventure.

Is Chorrillo del Salto worth it?

Absolutely. It’s easy, pretty, and feels like a “real hike” without requiring a full-day commitment—perfect for a one-day itinerary.

What if the weather is bad?

Lean into the short hikes, viewpoints, cafés, and comfort food. A moody day can still be gorgeous. The key is choosing a plan that keeps you safe and lets you enjoy the atmosphere instead of fighting it.

#### 5 Best Things to do in Ireland for Outdoor Lovers
Towering castles, medieval cities, friendly people, and cozy pubs are all medals on the shelf for Ireland and they continue to drive people to this incredibly diverse island nation year after year. But perhaps Ireland's best feature is the vast number of outdoor activities a traveler can enjoy here.

The country is blessed with rolling emerald hills, glistening creeks and roaring waterfalls. The dramatic coastlines forms fortified cliff barriers that protect the fragile interior ecosystem from the thrashing waves of the Atlantic Ocean.

source: Vagabrothers on YouTube

If you're looking for a place to get out and explore nature and the outdoors, then look no further than Ireland.

In this post, I'm going to share with you the 5 best things to do in Ireland for those who love the outdoors. Let's get started.

Hiking in Ireland, one of the best activities for outdoor lovers.

1. Hiking

There's no question that the hiking in Ireland is some of the best in the world. The landscape is littered with formidable mountains that taunt climbers, while stunning shoreline paths drain camera batteries at an alarming rate.



You don't have to go far to find amazing hiking and trekking opportunities in Ireland either. Just a couple of hours outside of Dublin you'll find the popular Coumshingaun Lake Loop in County Waterford - a 5-hour hike with beautiful views of the lake all the way around (if the clouds don't roll in).

If you're looking to summit something while you're in the country, then Croagh Patrick in County Mayo might be the climb for you.

Around 25,000 pilgrims trek to the summit every year on the last Sunday in the month of July (Reek Sunday). This means that the hiking trail is well-worn and sign-posted so you really can't get lost.

Once at the top you can enjoy breathtaking views of Clew Bay and the surrounding countryside.

And these are just 2 of the many hikes you can find in Ireland.

Fly fishing is one of the best things to do in Ireland if you love the outdoors.

2. Fly Fishing

If you're into fly fishing, then for sure Ireland should be on your fly angling bucket list. Ireland has some of the best fly fishing in the world. With massive 20 lb salmon running up its rivers and the infamously fast-growing Farox Trout lurking in the depths of the Great Western Lakes.

Bring along your best 3-weight fly rods for the smaller creeks and rivers where you can land beautiful brown trout that range from 2 - 4 lbs.



You'll want to bring a heavier set-up for the Western Lakes and for Salmon-rich fisheries like The River Moi and The River Boyne, where you can find yourself hooking into 20-25 lb fish if you're lucky.

For a bit of saltwater fly fishing, head to the Dingle Peninsula, where you can cast your line from the beaches and tie into some beautiful Pollack, sea bass and wrasse.

The great thing about fly fishing in Ireland is that it can be done for a pretty decent price. A fishing license will cost around €25 and that should cover you for most types of fishing around the country. Just be mindful of local laws, regulations, and etiquette while you're on the rivers or lakes.

Some places are in private fisheries though, and if you plan to get into those pools, you'll have to pay a pretty penny, with permits costing as much as €20 per day.

Luckily, while Ireland isn't necessarily one of the cheapest countries in the world to travel, you can actually get by on very little if you rent a car (from €12 / day) and plan to camp the entire time. Which brings me to my next point...

From wild camping to eco-lodges, there are lots of places to enjoy the outdoors in Ireland.

3. Camping

Every outdoor lover enjoys a good campsite, and Ireland has plenty to suit all types of camping. From campervan parks and RV parks, to wild camping and eco-lodges with campgrounds on them, you can find a beautiful place to pitch your tent or park your camper throughout the country.

Campgrounds can cost as little as €8 per night and have all of the amenities you could ask for. There are plenty of books and guides to the best campsites around Ireland, so you shouldn't have a problem getting to them.

The best way to visit Ireland on a camping trip is to rent your own vehicle and drive around the country with a tent and some sleeping gear in the trunk. Luckily, car rentals are extremely affordable in Ireland, costing as little as €12 per day for longer rental periods.

While there are no designated "free" camping spots in Ireland, the country is large and wild enough that you can find free places to camp if you're on a multiday hike.

If there are people or houses in view, always go and ask if it's okay if you pitch a tent as you might unknowingly be on someone else's land. If there's nobody around to ask, you should be able to camp there, but just be sure to follow the "Leave No Trace" rules.

Clean up your garbage, be respectful, and care for the environment around you.

Biking can be a great way to explore the countryside in Ireland.

4. Biking

Just as there are plenty of hiking trails around Ireland, so too are there amazing cycling paths. Whether you want to go on a quick day ride, or a multi-day cycling adventure, you can do it all in Ireland.

One of the best areas in the country for cycling is around Killarney National Park. There are plenty of tour operators there that can take you out for a day, and you can also head out on the well-marked trails yourself.

See beautiful Lough Leane, elegant Muckross House and Gardens, mystical Muckross Abbey, and the multi-tiered Torc Waterfall. You'll get plenty of opportunities to take photos of the amazing scenery.

Pedal along paved and dirt paths past Muckross Abbey, Lough Leane, and the Torc Waterfall to name a few.

Horse trekking is another fun way to enjoy nature and the outdoors in Ireland.

5. Horseback Riding

With 50 thoroughbred horses per 10,000 people in Ireland, they have one of the highest race-horse to human ratios of any country on Earth. But that doesn't mean that you have to be a jockey to have a great time on horseback in the country.

There are a lot of beautiful horse trekking paths and day rides you can do around the country, particularly around Dingle and Sligo. Ride along beaches, through forests and past grazing sheep in the farmlands.

You won't have a hard time finding a horseback tour operator in these places and you can usually book a trip the same-day, particularly in the off-season.

When To Visit Ireland For The Outdoors

Ireland is a place with very unpredictable weather, so if your trip is based on being outside, then you should consider the best time of year to visit.

For hiking, fly fishing, horseback riding, camping, and cycling, the best time to visit Ireland is between June and September. The days are longer and the rains are less oppressive (but you can still get dumped on).

The only problem with this time of year is the dense crowds that descend on Ireland in these peak-season months.

If you really want to avoid the crowds, then you can probably get away with visiting Ireland in the shoulder season, from mid-April through May, or in late September through October.

During these types, you'll almost certainly be wetter and colder, but on those dry sunny days (which still occur in these months) you'll get your photos without 100 other people in the background.

Planning an Outdoor-Focused Trip to Ireland

Choosing Your Region (or Two)

RegionBest ForLandscape VibeGreat BasesIdeal StayKerry & DingleHiking, biking, coastal drivesBig peninsulas, cliffs, beachesKillarney, Dingle3–5 nightsGalway & ConnemaraWild hikes, bogs, lakes, islandsWindy, rugged, moodyGalway, Clifden3–4 nightsSligo & DonegalSurf, mountains, quiet roadsDramatic headlands, empty beachesSligo town, Donegal town3–5 nightsWicklow & EastEasy hikes close to DublinForests, valleys, rounded hillsDublin, Glendalough area2–3 nightsSouth Coast (Cork)Coastal walks, whale watchingCoves, colorful towns, gentler hillsKinsale, Bantry, Skibbereen3–4 nights

You don’t need to cram all of these into one trip. In fact, you’ll have a much better time if you pick two regions and do them properly rather than trying to race around the whole island.

If it’s your first visit and you love the outdoors, a really solid combo is:

Wicklow + Kerry/Dingle, or

Galway/Connemara + Sligo/Donegal

Dublin can just be your gateway on either end for a night or two.

7-Day Outdoor Ireland Itinerary (Minimal City Time)

If you want to spend most of your time outside, but still fly in and out of Dublin, here’s a realistic one-week loop that keeps you mostly on trails and coastal roads rather than inside museums.

Day 1 – Dublin to Wicklow

Pick up a rental car at the airport and head straight for Wicklow.

Stop in Glendalough for your first taste of valley-and-lakes hiking.

Choose a shorter marked loop if you’re jetlagged or a longer circuit if you’re buzzing with energy.

Stay in or near Glendalough, Laragh, or a country B&B.

Outdoor focus: Forest trails, monastic ruins, peaceful lakes.

Day 2 – Wicklow to Killarney

Early start and long drive down to Killarney.

Stretch your legs in Killarney National Park with an easy walk to Torc Waterfall or along the lakes.

If you’ve still got some gas in the tank, rent a bike in town to spin out your legs on the quiet roads around the park.

Outdoor focus: Warm-up hikes, lake views, first glimpse of the big mountains.

Day 3 – Killarney National Park & Gap of Dunloe

Dedicate this one to mountains and valleys.

Hike or cycle into the Gap of Dunloe, a glacial mountain pass with photogenic views every few steps.

Mix and match: walk one way, take a boat trip on the lakes, or hop in a jaunting car if you’re hiking with someone who’s less keen on big distances.

End the day back in Killarney with a hearty meal and, if you’re lucky, live trad music.

Outdoor focus: Valley hiking, peaceful roads, classic Irish scenery.

Day 4 – Ring of Kerry or Dingle Peninsula

You don’t really need both on a short trip. Pick your style.

Ring of Kerry: A big, classic loop with mountain passes, coastal viewpoints, and villages. Great if you love panoramic driving days with shorter stops and quick walks to viewpoints.

Dingle Peninsula: More compact, more intimate, fantastic coastal walking opportunities (like sections of the Dingle Way). Great if you want to park up and walk along cliffs, beaches, and headlands.

Either way, pack snacks, rain gear, and your camera. You’ll be pulling over constantly.

Outdoor focus: Short hikes, viewpoints, beaches, rugged coastal roads.

Day 5 – Killarney to Galway via the Cliffs and Burren

This is a longer travel day, but you can break it up well.

Drive north toward the Cliffs of Moher.

If the weather is cooperating, walk a short section of the cliff path instead of only hitting the main viewing platform.

Continue through the Burren, where the landscape turns into cracked limestone, wildflowers, and low hills. There are short waymarked walks in the Burren if you want to stretch your legs again.

Roll into Galway in the evening and wander through the old streets.

Outdoor focus: Iconic cliffs, unusual limestone landscapes, sea air.

Day 6 – Connemara: Lakes, Bogs, and Mountains

Give Connemara at least one full day.

Drive the loop through Maam Cross, Leenane, and Clifden.

Drop into Connemara National Park for a climb up Diamond Hill (a half-day hike with big views that doesn’t require mountaineering skills).

If the weather is grim, you can still do shorter low-level walks and scenic drives around the fjord and lakes.

Outdoor focus: Accessible mountain hiking, wild valleys, ever-changing light.

Day 7 – Back to Dublin

If your flight is late or the next day, sneak in a quick beach walk or promenade stroll around Salthill in Galway in the morning.

Make your way back to Dublin, aiming for a daylight drive if possible.

Drop off the car and end your trip with a last pint and a plate of something comforting.

Not every day will go perfectly to plan—this is Ireland after all—but this kind of structure keeps you outside plenty, without you needing to change beds every single night.

Getting Around: Car, Public Transport, or Tours?

You can absolutely explore parts of Ireland without driving, but for an outdoor-focused trip, a car is close to a superpower.

Quick Comparison

OptionBest ForProsConsRental CarHikers, campers, photographersTotal flexibility, trailheadsNarrow roads, extra cost, parkingPublic TransportPoint-to-point, linear routesNo driving stress, eco-friendlierLimited in rural areas, fixed timesDay ToursNon-drivers, short tripsEasy, no planning requiredCrowds, rushed stops, less flexibility

If you’re comfortable driving on the left and handling small roads, renting a car unlocks trailheads, quiet coves, and campsites that buses will never touch.

If driving feels like a nightmare, base yourself in a well-connected town (like Killarney, Galway, or Dublin) and:

Use trains/buses for longer jumps between main hubs

Join local day tours to reach national parks and scenic routes

You’ll see less, but you’ll also have far fewer “white-knuckle” moments with stone walls and tractors.

Budgeting for an Outdoor Trip in Ireland

Outdoor gear and walking are free once you own the kit, but Ireland itself isn’t particularly cheap. The good news: focusing on hikes, wild beaches, and countryside walks keeps your daily spend lower than a city-and-museum-heavy trip.

Very Rough Daily Costs (Per Person, Sharing)

StyleAccommodationFood & DrinkTransportActivitiesApprox Total (EUR)BudgetCamping/hostelsSelf-cater + pubsShared car/busMostly free outdoors60–90Mid-RangeB&Bs/guesthousesMix of pub meals & cafésRental car + fuelGuided day tour here/there100–150Splash-OutBoutique hotels/lodgesRestaurant meals, drinksPrivate car, taxisMore paid activities180+

You can shave costs by:

Camping or using hostels in the more outdoorsy areas

Self-catering some meals, especially breakfasts and picnic lunches

Filling your days with free hikes instead of daily paid attractions

You’ll spend a surprising amount on:

Pints and coffees (it adds up fast)

Fuel if you’re doing big loops

Occasional “treat” experiences like boat trips or guided mountain days

Weather, Gear, and Staying Comfortable Outside

Ireland has a reputation for giving you “four seasons in one day.” That’s not just a cute marketing phrase. You genuinely can go from sun to mist to sideways rain in an afternoon.

Clothing and Footwear

Think in layers rather than big heavy coats.

Base layer: Something that wicks, not cotton

Mid-layer: Fleece or light insulated jacket

Outer layer: Proper waterproof shell (not a fashion raincoat)

Bottoms: Quick-drying hiking trousers or leggings

Footwear: Sturdy hiking boots or trail shoes with decent grip

You don’t need full alpine gear, but you do want shoes that can handle mud, rock, and slippery grass. Trails are often boggy, and once your feet are soaked, morale drops quickly.

Outdoor Ireland Questions Answered: Hiking, Weather, Costs & Planning Tips

What’s the best time of year to visit Ireland if I want to be outside most days?

It depends. For long daylight and your best odds of drier days, aim for roughly June to early September, when evenings stretch late, temperatures are mild, and trail conditions are usually friendliest. If you prefer fewer crowds and don’t mind more rain and cooler temps, the shoulder seasons of late April–May and late September–October can be fantastic for hiking, biking, and road trips, as long as you pack proper waterproofs and accept that some days will be a write-off weather-wise.

How many days do I need in Ireland for a proper outdoor-focused trip?

Honestly, I’d say a week is the bare minimum if you want to see more than one region without rushing, and 10–14 days feels like a sweet spot for hikers and nature lovers. With seven days you can realistically pair somewhere near Dublin (like Wicklow) with one big western region such as Kerry or Connemara; with longer, you can slow down, repeat favourite trails in different light, and sprinkle in rest days so you’re not just driving from view to view.

Do I need to rent a car to reach the best hikes and outdoor spots in Ireland?

Yes. If your main goal is trailheads, remote valleys, and quieter coastlines, having a car makes life dramatically easier and opens up areas that buses simply don’t reach. You can still piece together a good trip using trains, buses, and the occasional day tour, but a rental car gives you freedom to chase weather windows, start hikes early, and linger at viewpoints without worrying about timetables.

Is driving in rural Ireland stressful for first-time visitors?

A little. The combination of driving on the left, narrow hedged roads, stone walls, and tractors can feel intense on the first day or two, but most people adjust far quicker than they expect. Go slow, avoid over-ambitious daily distances, let locals overtake when it’s safe, and stick to daylight driving at the start, and you’ll likely discover that Irish roads are part of the adventure rather than a nightmare.

How fit do I need to be to enjoy hiking and biking in Ireland?

Not really. You don’t need to be ultra-fit to enjoy Ireland’s outdoors because there are graded options almost everywhere, from gentle lake circuits and forest loops to full-day mountain hikes. If you can comfortably walk for a few hours at home and manage some hills, you’ll be fine on many classic routes; just be honest about your fitness, check estimated times, and choose shorter, lower-level trails on days with rough weather or low energy.

Is it safe to hike and camp in Ireland on my own?

Generally, yes. Ireland is widely considered one of the safer countries for solo travel, and most outdoor areas feel relaxed and welcoming, especially if you stick to well-used paths and established campsites. That said, treat the landscape with respect: check the forecast, let someone know your route and rough return time, bring a charged phone and basic navigation, and remember that the biggest risks are usually weather, slippery ground, and poor visibility, not crime.

Can I wild camp in Ireland or do I always need to stay in official campsites?

It’s complicated. There isn’t a blanket legal right to wild camp in Ireland, so in theory you should always have the landowner’s permission, but low-impact, discreet overnight camping is often tolerated in remote upland areas. As a rule of thumb, pitch late and leave early, stay well away from houses, farms, and roads, avoid camping in sand dunes or fragile ecosystems, and always follow strict leave-no-trace principles so that future hikers are still welcome.

What should I pack for an outdoor trip to Ireland with unpredictable weather?

Absolutely, think layers. A breathable base layer, a warm mid-layer, and a proper waterproof shell are essential, along with quick-drying trousers, a hat, gloves, and sturdy hiking boots or trail shoes with good grip for mud and wet rock. I always throw in a lightweight pack cover or dry bags for my gear, a compact umbrella for town days, and a cosy change of clothes for evenings in pubs so I’m not sitting in damp kit after a big hike.

Is Ireland a good outdoor destination for families with kids?

Yes. Ireland works brilliantly with kids because so many walks are short loop trails with plenty of natural wow moments like waterfalls, castles, cliffs, and sheep-filled fields to keep them interested. If you base yourself in places like Killarney, Dingle, or Galway, you can mix gentle hikes, beaches, boat trips, bike rentals, and pony rides with rainy-day options and family-friendly pubs where live music starts early.

How expensive is an outdoor-focused trip to Ireland compared with a city break?

Surprisingly, it can be more affordable than a museum-heavy city itinerary because most of your entertainment is free once you’ve got the gear. You’ll still feel costs in accommodation, food, fuel, and the odd guided activity, but hiking, coastal walks, and beach days don’t require tickets, and camping or using hostels in rural areas can keep your daily spend closer to a budget range than if you were eating and drinking your way through cities every day.

Do I need special permits or licenses for hiking, camping, or fishing in Ireland?

Sometimes. You generally don’t need permits for normal hiking in national parks and popular mountain areas, though certain car parks may charge and some private estates may have their own access rules. Fishing is different: many rivers and lakes require a licence or local permit, especially for salmon and trout, so it’s worth checking in advance with angling clubs or tackle shops rather than assuming your regular travel insurance covers everything.

Are the rain, wind, and midges in Ireland really as bad as people say?

Mostly, yes, but they’re manageable if you prepare your expectations. You should absolutely expect rain and wind at some point on almost every trip, even in summer, so good waterproofs and flexible plans are non-negotiable; in some western areas during warmer months, tiny biting insects (midges) can also be annoying around still water and at dusk, but a bit of insect repellent, long sleeves, and choosing breezier spots usually keeps them under control.

Where should I base myself in Ireland if I love the outdoors but still want pubs and music at night?

Luckily, Ireland specialises in small towns that offer both. Killarney is an obvious choice for easy access to mountains, lakes, and the Ring of Kerry; Dingle gives you coastal hikes and a compact, lively town; Galway is perfect if you want Connemara and the Burren by day with plenty of food and music after dark; and places like Westport or Sligo put you close to quieter mountains and surf beaches while still having a proper evening scene.

Can I still enjoy Ireland’s outdoors if I rely on public transport and guided tours?

Definitely. You’ll have a bit less freedom than someone with a rental car, but if you base yourself in well-connected hubs like Dublin, Killarney, Galway, or Cork you can use trains and buses for the long stretches and then book local day tours, shuttles, or guided hikes into national parks and scenic peninsulas. You won’t reach every remote trailhead, but you’ll still get a solid mix of cliffs, lakes, and valleys without ever having to get behind the wheel.

In Closing

If you're looking for an exhilarating outdoor adventure, then Ireland is likely one of the best places to visit.

Spend your days exploring waterfalls, fishing in rivers and riding horseback, and then wind down in the evening over a delicious pint and a hot Irish stew or a boxty in some of the oldest local pubs.

This is what Ireland is all about and as unforgiving as the weather can be, it can also be brilliant and the hospitality of the local people far outweighs the hostility of the climate and landscape. If you're going to Ireland, get ready for an adventure.

#### Bear Bistro at Island Lake Lodge: The Most Scenic Lunch in Fernie (Our Meal + Views)
Fernie was the kickoff to our British Columbia road trip—me (Nomadic Samuel), Audrey Bergner (That Backpacker), and our tiny boss (baby Aurelia)—freshly back in my home province after too much time staring at southern Alberta skies. And yes, Fernie immediately delivered that “ohhh right… this is why people won’t shut up about BC” feeling.

A well-earned lunch after a morning of hiking in Fernie, with Nomadic Samuel diving into the Wagyu smash burger on the Bear Bistro patio at Island Lake Lodge. This casual mountain meal came with big views, fresh alpine air, and that unmistakable “we have to come back here” feeling.

But the moment that turned this trip from “great little mountain town” to “we are absolutely coming back” happened up a rugged backroad, at the end of a cedar-valley climb, on a patio that made us say “wow” so many times we started sounding like malfunctioning robots.

Lunch at the Bear Bistro (a.k.a. Bear Lodge Bistro) at Island Lake Lodge was the highlight of our day… and honestly, one of the highlights of the trip.

https://youtu.be/RoRAhuPKiRE
Here is our BEST things to in Fernie YouTube video on Samuel & Audrey channel. For our entire Island Lake Lodge experience (including Bear Bistro) jump ahead to 12:53. 

Bear Bistro at a glance

WhatDetailsWhereIsland Lake Lodge, Fernie (up in the Cedar Valley, surrounded by peaks + old-growth forest)VibeCasual, serene, rustic lodge energy; big patio + big views SeasonSummer operations (dates vary year to year; check the calendar because closures happen) HoursTypically 11am–5pm, but operating days can vary by week (see “Before you go” below) ReservationsNone — first come, first served Pet policyNo pets on the patio (there’s “pet parking” nearby) Our orderMiso ramen + Wagyu smash burger + salted caramel ice cream sandwich + “Jos Louis” cake 

The view from the Bear Bistro patio at Island Lake Lodge is pure Fernie magic, with alpine peaks rising behind old-growth evergreens and summer flowers lining the terrace. It’s the kind of place where lunch turns into a long pause just to soak it all in.

The “earned lunch” factor

We didn’t roll in like elegant lodge people who wear linen and say things like “a spritz would be divine.”

We arrived like this: baby backpack, sweat, trail dust, and the kind of hunger that makes you briefly consider taking a bite out of your own camera strap.

That day started with the Fairy Creek Falls hike (Aurelia in the hiking backpack, Sam sweating “like a mule,” avalanche terrain signs keeping things spicy, and baby waking up perfectly in time for the waterfall like she has a built-in director’s schedule). 

Then we did the only responsible thing: Fernie Brewing Company for a “we earned this” beer (Ridgewalk Red Ale)… and learned the hard way it’s more pints + snacks than full meal. Which was fine. We called it “appetizer strategy.”

And then… Island Lake Lodge.

That drive felt like a little quest: the kind where you’re not sure if you’re headed to lunch or to audition for a rally race.

After lunch at Bear Bistro, we hit the shaded forest trails around Island Lake Lodge with Aurelia happily riding along in the backpack carrier. It was the perfect post-meal wander—quiet, green, and a reminder of how family-friendly Fernie’s hiking can be.

Getting to Bear Bistro (drive, bike, or hike)

Island Lake Lodge is up the Cedar Valley, and the Bear Bistro is up at the lodge. It’s not hard… it’s just committed.

Option 1: Drive up (most common)

After you enter the property gates, you drive up the access road approximately 8 km to the top. It’s described as rugged, with a 30 km/h max, and they recommend allowing about 20-30 minutes. 

Tip: If you’re prone to carsickness, this is a great time to practice deep breathing and positive affirmations like “the ice cream sandwich is the real deal.”

Option 2: Bike up (for the “I deserve this lunch twice” crowd)

Island Lake encourages riders to use the Lazy Lizard bike trail to reach the lodge, and there are bike racks right by the bistro entrance. 

Option 3: Hike up (the full reward mode)

From the lower parking lot, you can hop on the Rail Trail → connect to the Old Growth Trail → then hop on the Lake Trail with signage for the lodge. 

Tourism Fernie also calls out family-suitable options like the Rail Trail, Old Growth Trail, and Lake & Fir Trails. 

The entrance sign for Island Lake Lodge marks the start of the scenic drive into one of Fernie’s most iconic backcountry destinations. From here, visitors access hiking trails, spa facilities, and the Bear Bistro, making it the gateway to a memorable mountain experience.

The “check the calendar or you’ll cry” reality

This is the one detail that matters more than anything else: Island Lake Lodge has non-operational days and private function closures—and they really, truly want you to check the calendar before you drive up. 

Here’s the practical version:

The Bear Bistro page lists the bistro as open in summer Friday–Tuesday, 11am–5pm, with closures for private functions and non-operational days. 

Tourism Fernie hiking info adds that vehicle access to the lodge is typically Sunday–Tuesday, and on non-operational days/private functions the road is closed beyond the lower lot and no services are available. 

So: yes, you can often still hike from the lower lot even when services are closed… but if you drove there for ramen and a patio beer, you want an operational day.

Tip: The most Fernie sentence ever is, “We drove 30 minutes for lunch and got a great hike instead.” Don’t let it happen to you.

The spacious patio at Bear Bistro is where mountain lunches stretch a little longer than planned, with forest views, fresh air, and classic lodge architecture all around. On a sunny day in Fernie, this is the kind of place you settle into and forget about the clock.

First impressions: this place is ridiculous

We rolled up and immediately started doing the wide-eyed, pointing-at-everything routine.

“Look at the view… look at the chairs… look at the lake…”

Then the official verdict: Unbelievable place. The highlight of the day. The highlight of the trip. 

Island Lake Lodge sits in a spectacular setting—big peaks, a mountain lake, lush forests—and the approach itself runs you through ancient old-growth cedar.

And the Bear Bistro is in Bear Lodge, the historic first log building completed at Island Lake—home to that grand river-rock fireplace and the bistro itself.

It has that “cozy-but-not-cutesy” mountain feel: handcrafted lodge details, a rustic interior, and then… the patio. 

Island Lake itself literally describes the Bear Bistro as the kind of “post-exertion reward” that belongs on the “most scenic patio in the Fernie area.”

We’re not here to start patio wars, but… we get it.

Audrey diving into a comforting bowl of miso ramen at Bear Bistro, with towering evergreens and fresh mountain air all around. It was one of those unexpected moments where great food and an even better setting come together perfectly.

What we ate at Bear Bistro (and what we’d order again in a heartbeat)

We arrived at Island Lake Lodge in full “earned lunch” mode: we’d already done our hike, had a quick beer stop, and then rolled up the road to this backcountry lodge with serious hunger.

Then we stepped onto the patio and immediately went full-time professional view appreciators (“look at the view… look at the chairs…”) and declared it the highlight of the day—and honestly the trip.

And the food? It matched the setting. Like, suspiciously well.

A well-earned dessert moment at Bear Bistro, with Nomadic Samuel digging into the Elevated “Jos Louis”—a rich chocolate cake layered with soft marshmallow. It’s the kind of nostalgic, indulgent finish that feels especially right after a mountain-view lunch at Island Lake Lodge.

Our order (with prices from the Summer 2025 menu)

DishPriceWhy we loved itMiso Ramen22“Like traveling back to Japan.” Deep, comforting, post-hike perfection. Wagyu Smash Burger27“Shake Shack inspired” double-smash joy with major cheese energy. Housemade Ice Cream Sandwich (salted caramel)15Big, melty, and wildly satisfying with mountain views as the backdrop. Elevated “Jos Louis”12Nostalgic chocolate + marshmallow decadence that begs to be shared. 

A close-up look at the miso ramen at Bear Bistro, packed with chashu pork, springy noodles, and a deeply savoury broth. It’s the kind of comforting, unexpectedly excellent dish that tastes even better when enjoyed in the mountains at Island Lake Lodge.

Miso Ramen: the “wait… we’re in Fernie?” bowl

Audrey ordered the Miso Ramen, and I’m not exaggerating when I say she was transported. Her exact line: “It was like traveling back to Japan.” 

On the menu, it’s a proper, composed bowl: miso broth, egg noodles, chashu, soy egg, spinach, wood ear mushroom, and bamboo shoots. Which is basically the ideal blueprint for a post-hike reset: warm broth, chewy noodles, that salty-savoury miso depth, and enough “stuff” that you feel like you actually ate a meal.

It was also the perfect contrast to the whole rugged-road / cedar-valley / big-peak environment. You expect burgers, fries, and maybe a salad. Instead, you’re suddenly cradling a ramen bowl while staring at the Rockies like this is the most normal thing in the world. 

Who should order it

Anyone who wants something warming + satisfying after hiking.

Anyone who’s had great ramen elsewhere and is skeptical you can get a legit bowl up a backroad in the mountains. (You can.) 

The Wagyu smash burger at Bear Bistro is pure comfort food done right, with crisp-edged patties, melty cheddar, and a soft brioche bun that holds it all together. It’s the kind of mountain lunch that tastes even better after a hike—and makes you seriously consider ordering a second one.

Wagyu Smash Burger: the double-smash, “so much cheese” moment

I went with the Wagyu Smash Burger, and my immediate comparison—unprompted, with the confidence of a man holding a brioche bun—was that it felt Shake Shack inspired. 

Menu-wise, it’s two 3oz Wagyu patties, American cheddar, house-made burger sauce, and a brioche bun.And in real life, it ate like a greatest-hits playlist:

The thin, smashed patties give you those browned edges and that deep “griddled” flavour.

The cheddar + sauce + brioche combo is basically engineered to make you say, out loud, “this is so good” at least twice. (We did.) 

If you want the simplest “mountain lunch done right,” this is it. And if you’re sharing food like we did, it’s the perfect counterpart to ramen—one bowl, one burger, and suddenly you’ve built a tiny personal buffet without ordering half the menu.

Who should order it

People who want a classic patio lunch that feels indulgent but not fussy.

People who say they’re “not that hungry” and then eat half your burger. (We see you.)

The housemade ice cream sandwich at Bear Bistro is pure summer joy—thick chocolate chip cookies wrapped around salted caramel ice cream that starts melting the moment it hits the patio. It’s the kind of dessert you order “to share” and then quietly hope no one asks for the last bite.

Dessert: the ice cream sandwich + “Jos Louis” = choose-your-own happiness

We did the responsible adult thing and ordered two desserts.

Housemade Ice Cream Sandwich (salted caramel)

Audrey’s dessert was the housemade ice cream sandwich (you can choose salted caramel or cookies ’n’ cream on the menu). It’s a real ice cream sandwich—aka, not a polite little afterthought. This is the kind of dessert that makes you do quick math like: “If we hold it up for a photo, will it melt immediately?”

Who should order it

People who want a fun, shareable dessert that feels like summer—especially if you’ve hiked and you’ve earned the sugar. 

This Elevated “Jos Louis” is pure nostalgia with a mountain-lodge glow-up—a dense chocolate cake layered with soft marshmallow and finished with a rich chocolate coating. It feels playful and indulgent at the same time, and somehow even better enjoyed on the Bear Bistro patio.

Elevated “Jos Louis”

I went with the Elevated “Jos Louis”—a moist chocolate cake + soft marshmallow.It's a decadent chocolate cake with a bit of marshmallow filling. Nostalgic snack-cake energy, but upgraded and plated.

Who should order it

Chocolate people. Marshmallow people. Anyone who wants dessert that feels like a little victory lap. 

The underrated best ingredient: a sleeping baby

Here’s the part that made the whole meal feel borderline luxurious: Aurelia slept the entire time we were eating. So we had this rare, peaceful patio lunch where we actually got to taste everything while quietly competing to steal each other’s bites (“Oh my gosh, you’ve got to try this”). 

Then she woke up ready for the lake trail, and we got the full Fernie parenting experience: delicious meal, ridiculous views, and a tiny traveller who’s somehow thriving in the middle of it all. 

Island Lake Lodge feels like something pulled straight from a mountain daydream, with its handcrafted log architecture and expansive patios overlooking the surrounding wilderness. This is the heart of the property—and the place where many Fernie adventures naturally slow down and linger.

What else is on the Bear Bistro menu

This is pulled from the Bear Bistro Summer 2025 menu PDF (so expect seasonal changes), but it gives you a very accurate sense of the style: casual mountain dining with playful flavours, plus boards, salads, bowls, and a serious drinks list.

Quick “pick your vibe” guide

If you want…Order thisShare plates + patio grazingBear Frites, boards, chicken tendersA full meal that’s not a burgerMiso Ramen, Golden Crunch Bowl, Goldilocks BowlA lighter mealBear Summer Salad, Lodge Caesar, Watermelon & Tomato Salad Something crunchy + saucyChicken Karaage Sandwich or Golden Crunch Bowl Dessert-first behaviourIce Cream Sandwich, Whipped Cheesecake, Elevated “Jos Louis” 

Desserts

Whipped Cheesecake (berry coulis, graham cracker) — 12 

Elevated “Jos Louis” (moist chocolate cake, soft marshmallow) — 12 

Housemade Ice Cream Sandwich (salted caramel or cookies ’n’ cream) — 15 

Bowls

Goldilocks Bowl (quinoa, chickpeas, kale, carrot + beet, miso tahini dressing, soft-boiled egg, feta, beet hummus) — 24 

Miso Ramen (miso broth, egg noodle, chashu, soy egg, spinach, wood ear mushroom, bamboo shoots) — 22 

Golden Crunch Bowl (karaage chicken, tonkatsu sauce, rice, cabbage, grilled corn, carrot, chili garlic aioli) — 29 

Handhelds

Crispy Tofu Mushroom Sandwich (miso/tahini tofu, portobello, gochujang aioli, havarti, slaw) — 23 

Chicken Karaage Sandwich (chili garlic aioli, slaw, brioche bun) — 28 

Wagyu Smash Burger (two 3oz patties, cheddar, burger sauce, brioche bun) — 27 

“Take A Hike” Burger + Beer special

If you do the lodge’s trail-of-the-week promo, there’s a Burger + Beer special for 27 (with a veggie option: Lion’s Mane mushroom burger) and a choice of Fernie Brewing beers. 

Salads (and add-ons)

Bear Summer Salad — meal 19 / starter 12 

Lodge Caesar — meal 21 / starter 13 

Watermelon & Tomato Salad (whipped feta, prosciutto, focaccia, citrus dressing) — 23 

Optional add-ons: garlic chicken breast (10), garlic shrimp skewer (8) 

Start / Share

Crispy Chicken Tenders — 20 

Bear Frites — full 18 / half 12 

Cheese Board — 36 

Butcher’s Board — 34 

Charcuterie Board — 59 

Drinks (highlights)

Mocktails: Lavender Lemonade, Virgin Caesar, Zen Fizz, Iced Coffee. 

Local beers: multiple Fernie Brewing Company cans listed (Project 9 Pilsner, Hit the Deck Hazy IPA, Headwall Hazy Pale Ale, What The Huck Berry Ale, Waymark IPA, Campout Pale Ale). 

Cocktails: Sunnyside, Summer Berry Mojito, Lodge Caesar, Elderflower Spritz, Pimm’s Cup, Zen Fizz, plus a rotating cocktail-of-the-week. 

Drinks: cold beer, mountain air, and the “why don’t we live here?” moment

One of the lodge’s own descriptions of Bear Bistro is basically: cold beer, friends, lunch, backcountry setting.

And yes, there are Fernie Brewing Company options on the Bear Bistro menu. 

We had already put in a Fernie Brewing stop earlier (Ridgewalk Red Ale), but the vibe up here is different: quieter, slower, more “let’s stare at mountains until our eyes forget what emails are.”

After a beautiful hike around Island Lake, Audrey takes a moment to soak in the breathtaking mountain and lake views, enjoying the peace and tranquility that comes with a well-earned break at the lodge. This quiet moment, just steps from the water, was the perfect ending to our adventure.

A quick lakeside walk after lunch (the easiest “wow” you’ll get all day)

After eating, we wandered down toward the lake for a gentle stroll—because Island Lake has that Banff/Lake Louise kind of “how is this real?” feel without the crowds.

The Lake Trail is an easy loop (45–60 minutes, minimal elevation). It’s perfect when your time is limited—like after lunch.

Our version, because it was later in the day, was less “45–60 minutes” and more “look at baby… look at lake… wow… wow… wow.” 

“Take A Hike” Burger + Beer special (worth planning around)

If you want to turn this into a proper Fernie mission, Island Lake Lodge runs a “Take A Hike” trail-of-the-week deal: complete the featured trail, take a photo at the iconic spot, and you can redeem a Burger + Beer special at Bear Bistro.

The Bear Bistro menu itself explains the mechanics (photo at the iconic spot, tag on Instagram, show your server) and lists the $27 burger + beer special for participants. 

Tip: Even if you don’t do the promo, the “trail + patio” formula is the whole magic of this place.

Choosing your approach (quick decision matrix)

ApproachEffort levelBest forWhat to knowDrive-up lunchLowFamilies, casual visitors, “we just want the patio”Rugged road; allow time; check operational days/blackout dates Bike up (Lazy Lizard)MediumMountain bikers, active lunch peopleBike racks by the entrance; they prefer riders use the trail over the road Hike up (Rail → Old Growth → Lake)Medium to highHikers who want the full “reward meal”On non-operational days you’ll start from the lower parking lot; services may be closed “Lunch + Lake Trail loop”Very lowEveryoneEasy loop after eating; prime for families and “we’re full” strolls 

Practical tips (so your visit is smooth)

No reservations: it’s first come, first served. 

Groups: they may limit large group tables during peak congestion.

Pets: no pets on the patio; “pet parking” is nearby. 

Pack in/out: it’s private property—respect the place and pack out your garbage if you’re picnicking/exploring. 

If you’re hiking: bring the usual mountain basics. We’ll admit it—on our Fairy Creek hike we didn’t have bear spray (oops), so don’t copy that part. fernie_cleaned_transcript

Tip: If you’re visiting with kids, this is a dream scenario when naps align. If naps don’t align… well… you’ll still have mountains.

Island Lake is as serene as it looks, with still water reflecting towering peaks and forests in every direction. Canoeing here seems like it  unhurried and almost meditative—one of those simple experiences that quietly becomes a trip highlight.

Why this lunch felt like “the Fernie version of luxury”

Fernie impressed us because it has that sweet spot of serious scenery without the “everyone has the same itinerary” vibe.

We came for lunch.

We left plotting a return trip for canoeing, longer hikes, and Audrey’s extremely convincing pitch to “drive out right before a big snow dump and accidentally get stuck for three days.”

Fernie, you got us.

Plan your Bear Bistro day (simple, realistic game plan)

TimeDo thisMorningPick a hike (either in Fernie proper or up at Island Lake Lodge trails) Late morning / lunchAim for Bear Bistro before the afternoon rush; order something hearty + save room for dessertAfter lunchLake Trail loop (gentle, scenic, very “we’re full but happy”) Before you leaveTake a final patio look and say “wow” at least once for good luck 

Questions to toss in the comments

Have you eaten at Island Lake Lodge yet—Bear Bistro lunch, or the Tamarack Dining Room in the evening? And if you’ve done the “Take A Hike” trail-of-the-week special, tell us which trail you tackled.

Everything you need to know about Bear Bistro at Island Lake Lodge in Fernie, BC

Is Bear Bistro open year-round?

Nope. Bear Bistro is a summer-season spot, and operating dates/hours can change based on lodge operations and private functions. Always check the lodge calendar before heading up. 

What are Bear Bistro’s hours?

Typically 11am–5pm during summer operations. The exact operating days can vary by week (some sources list Friday–Tuesday; others list Sunday–Tuesday), so treat the calendar as the final boss. 

Do you need a reservation for Bear Bistro?

No. It’s first come, first served.

How do you drive to Bear Bistro?

After entering the property gates, it’s about 8 km up a rugged access road with a 30 km/h max speed; they suggest allowing about 20-30 minutes. 

Can you always drive all the way to the lodge?

Nope. In summer operations, vehicle access past the lower parking lot is closed on certain days, and on non-operational/private function days there may be no services. Plan around operational days and confirm by calendar.

Where do you park if the road is closed?

Tourism Fernie notes free parking at the lower parking lot during the summer season, and that it becomes the primary staging area on days when the road is closed beyond it. 

Can you bike to Bear Bistro instead of driving?

Yes. You can ride up via the Lazy Lizard trail, and bike racks are located right by the bistro entrance.

What’s the easiest hike to do after lunch?

Yes. The Lake Trail is a gentle loop (about 45–60 minutes with minimal elevation gain) and is specifically described as a great post-meal option. 

What did we order at Bear Bistro?

We had miso ramen, the Wagyu smash burger, and then dessert: the salted caramel ice cream sandwich and the “Jos Louis” cake. 

Is the ice cream sandwich actually worth it?

Yes. It’s one of those “this is why people blog” desserts—housemade, big, and totally designed for patio happiness. 

Is Bear Bistro kid-friendly?

Yes. Casual lunch, outdoor space, and you’re surrounded by easy trails. We visited with a baby and had the rare miracle of her sleeping through the whole meal. 

Are dogs allowed on the patio?

No. Pets aren’t allowed on the patio, but there’s designated “pet parking” nearby. 

What is the “Take A Hike” special?

It’s a trail-of-the-week promo where you hike the featured trail, take a photo at the iconic spot, and redeem a Burger + Beer deal at Bear Bistro (listed as $27 on the menu for participants). 

What’s the vibe inside Bear Lodge if the patio is full?

Cozy and rustic. Bear Lodge is the historic first log building at Island Lake and it’s known for its grand river-rock fireplace—classic lodge energy. 

Can you just picnic instead of eating at Bear Bistro?

Yes, but Island Lake Lodge notes it’s private property and asks visitors to pack in/pack out all belongings and garbage. 

Is Island Lake Lodge only about food in summer?

Nope. Tourism Fernie highlights hiking, canoeing, spa treatments, and lodging—so you can make it a full day (or a “why did we only book one night?” situation).

#### Best Easy Hikes in El Chaltén: Top Short Trails With Epic Views (Big Payoffs For Non-Hikers)
El Chaltén might be the only place on earth where you can hike for 45 minutes and come back feeling like you conquered Patagonia. It’s basically a town built around one question: “How quickly can I reach a view that makes me whisper ‘that can’t be real’?”

Here’s the good news: you don’t have to do the full “sufferfest” hikes to have an El Chaltén glow-up. This town is basically a buffet of short trails and viewpoint walks where the effort-to-reward ratio is borderline suspicious. We’re talking big mountains, big skies, big “how is this real life?” energy.

El Chaltén, Argentina — Nomadic Samuel (self-proclaimed foodie, still willing to earn dinner) follows an easy hillside trail through classic Patagonia: green valleys, scrubby grass, and distant jagged peaks under dramatic clouds—proof the views don’t require a full-day sufferfest.

This post is a curated menu of the best easy hikes: quick wins, half-day beauties, windy-day saves, and Fitz Roy “postcard” moments that don’t require you to train like you’re joining a mountaineering cult. Bring snacks, bring layers, and bring a sense of humor—Patagonia will test all three.

This guide is specifically for non-hikers, casual hikers, “I hike but I don’t identify as a hiker,” and anyone who wants epic Patagonian scenery without a full-day trek and blisters. We’ll keep it practical, funny, and honest—because El Chaltén is magical, but it is also windy enough to turn your face into jerky.

El Chaltén, Argentina showcases its full Patagonian drama from even the easiest trails, with towering snow-capped peaks, deep green valleys, and rugged hills unfolding layer by layer as you hike. It’s a place where short walks still feel epic, delivering world-class scenery without committing to a full-day trek.

Easy hikes in El Chaltén at a glance

HikeTime (round trip)Difficulty vibeBig payoffBest forMirador Río de las Vueltas30–60 minShort + punchy uphillFast valley view“I need a win”Mirador de los Cóndores1–2 hrsShort, steady climbPanoramas + condor chancesFirst hike / sunsetMirador de las Águilas (add-on)+45–90 minLonger, gentlerSteppe + Lago Viedma feelClear-day bonusChorrillo del Salto3 hrsForest walkWaterfall + chillWindy day / familiesLaguna Capri4–5 hrsEasy-to-moderateClassic Fitz Roy postcard“I want THE view”Mirador Fitz Roy (add-on)+45–90 minSame vibe as CapriBigger Fitz Roy framingPhoto huntersMirador del Torre3–4 hrsEasy-to-moderateTorre valley dramaHalf-day classicMirador Maestri (bonus add-on)+1–2 hrsRockier, longerGlacier + spire theatreStrong legs / extra time

Tip: In El Chaltén, “easy” usually means short and straightforward—not flat. If you want flat, you’re in the wrong town, and we say that with love.

El Chaltén, Argentina makes choosing your adventure part of the fun, with clearly marked wooden trail signs pointing hikers toward Laguna Torre, Mirador Maestri, Campamento De Agostini, and essential facilities. It’s a reminder that even first-time visitors can confidently explore Patagonia’s legendary hikes without a guide.

🧾 Quick Booking: Your El Chaltén Travel Essentials 🥾✨

🎒 Your Travel Toolkit (Book These 4 Things)

✅ What to book💡 Why it’s worth it🔗 Quick link🥾 Tours & experiencesEasy way to lock in a glacier day, a Lago del Desierto adventure, or a guided option when weather turns moodyBrowse El Chaltén tours on Viator🏨 Hotels & staysEl Chaltén sells out fast in peak season — booking early = better locations + fewer “only the priciest rooms left” momentsFind El Chaltén hotels on Booking.com🚗 Car rentals (optional)Best for freedom days: Ruta 40 viewpoints, flexible timing, photo stops, and a smoother Lago del Desierto runCompare car rentals in El Calafate (gateway to El Chaltén) on DiscoverCars🚌 Bus ticketsThe classic El Calafate ↔ El Chaltén route is simple — but popular departure times fill upBook El Calafate → El Chaltén buses on Busbud

👉 One-click backup (reverse direction): Book El Chaltén → El Calafate buses on Busbud

Destination snapshot: pick your vibe

TrailVibeBest forIdeal stay-in-town moodDon’t missMirador Río de las Vueltas“Fast payoff balcony”Jet-lagged arrivals“We just want to stretch our legs”The first big valley revealMirador de los Cóndores“Patagonia 101”First-timers“Sunset mission”Wind + panorama comboMirador de las Águilas“Steppe horizon”Clear-day explorers“Let’s go a bit further”The landscape shift beyond townChorrillo del Salto“Forest chill”Families + recovery“Today we’re being gentle”Snack by the fallsLaguna Capri“Fitz Roy postcard”Non-hikers chasing icons“We want the classic view”Fitz Roy from the lake edgeMirador Fitz Roy“Bonus framing”Photo lovers“One more viewpoint!”Different angle, same dramaMirador del Torre“Serious trek vibes”Half-day hikers“We want a proper hike”The valley scale + viewpointsMirador Maestri“Glacier theatre”Strong ‘easy hikers’“We still have juice”Spires + glacier mood

The “easy hike” mindset in Patagonia

El Chaltén is famous for world-class trekking that starts right from town. That’s the headline. 

Even on short hikes, plan like a responsible adult pretending to be an athlete:

Dress for “all four seasons in one afternoon.”

Assume wind will try to steal your hat and your dignity.

Bring water and snacks even for “quick” walks.

Tell someone where you’re going, because cell service is often a myth on trails.

Don’t chase views at all costs. If the weather is genuinely nasty, the mountains will still be there tomorrow.

Tip: When people get in trouble in El Chaltén, it’s rarely because they chose the “wrong hike.” It’s because they underestimated wind, cold, or how quickly conditions shift.

How to interpret trail times in El Chaltén

You’ll see times posted on trailhead signs and in guidebooks. Treat them like a conservative estimate for normal hikers—and then adjust:

Add time if you like photos (you do).

Add time if your group contains a snack negotiator (it does).

Add time if the wind is fighting you (it will).

Add time if the trail is muddy/snowy (season dependent).

A helpful rule of thumb for non-hikers: if a sign suggests “1:45 one way,” plan your day as if it’s “2:15 or 2:30 one way,” because you’re going to stop, breathe, stare at mountains, and say “wow” on repeat.

El Chaltén, Argentina — this weather-based hiking infographic helps travelers choose the best easy trail for the day, matching wind, clouds, rain, or low energy with short hikes that still deliver epic Patagonian views, while clearly showing which routes to avoid to minimize suffering and maximize enjoyment.

Choose your trail by today’s weather (the anti-suffering matrix)

ConditionsBest easy choiceWhyAvoid todayStrong wind in townChorrillo del SaltoForest cover gives shelterExposed miradors if it feels brutalClear sky + calm-ishCóndores + ÁguilasBig panoramas, great lightNone—go wildClouds rolling inMirador Río de las VueltasQuick win before weather shiftsLonger add-ons far from townLight rain / mixedChorrillo del Salto or Torre viewpoint (if manageable)Forest or quick turn-around optionsLong, exposed viewpointsYou’re tired / travel dayRío de las Vueltas or CóndoresShort, satisfyingCapri if you’re cookedYou want the “iconic”Laguna CapriFitz Roy postcard potentialOvercommitting beyond Capri

Pick your hike decision matrix (the town-standoff solver)

Use this when your group is standing in town doing the classic “So… what do we do?” standoff.

Your situationChoose thisWhy it winsYou have 45 minutes and questionable motivationMirador Río de las VueltasFast payoff, tiny commitmentYou want the best “first hike”Mirador de los CóndoresEasy, iconic, sunset-friendlyIt’s windy and you want shelterChorrillo del SaltoMostly forest = less wind punishmentYou want Fitz Roy views but not the full boss levelLaguna CapriThe sweet spot for non-hikersYou want a half-day hike with “serious trek” vibesMirador del TorreClassic valley walk, big sceneryYou woke up energetic and overconfidentCapri + Mirador Fitz Roy add-onUpgrade your views without going full Los TresYou want to extend Torre a bitMirador Maestri add-onGlacier theatre (conditions permitting)

El Chaltén, Argentina — after arriving by bus from El Calafate, Audrey Bergner heads toward the hotel with luggage in tow, dwarfed by the massive rock walls rising behind town. It’s a classic first impression of El Chaltén, where even the walk from the bus station feels like the opening scene of a Patagonian adventure.

Before you hit the trail: what we actually did (and what we learned)

We arrived from El Calafate by bus. The ride was smooth, the scenery was ridiculous, and we had that fresh-travel glow where you believe you are the type of person who wakes up at 6 a.m. to hike.

We checked into Vertical Lodge and immediately discovered a universal travel truth: a good base makes you feel ten times more capable. We had space, comfort, and a great overall setup.

Then came the secret El Chaltén superpower: summer daylight. In December, the sun basically refuses to go to bed. That changes everything. You can arrive, unpack, and still squeeze in a sunset hike like you’re starring in your own Patagonia montage.

Our first move? Mirador de los Cóndores. Short, steep, dramatic payoff. The perfect “hello, mountains” handshake.

Also: groceries were limited and internet was… let’s call it “aspirational.” $1 apples. So if you’re planning to work remotely or you’re very particular about your hiking snacks, do yourself a favor and show up with the basics.

Tip: El Chaltén is not trying to be inconvenient. It’s just prioritizing mountains over fiber-optic cables. Respect.

Trailhead basics (where the easy hikes actually start)

Most of the easy classics are accessed from two places:

The main trailhead area at the end of Avenida San Martín (Fitz Roy / Torre / Chorrillo del Salto routes).

The Mirador trailhead area closer to the entrance of town / visitor center zone (for Cóndores / Águilas, depending on your route).

If you can walk to a coffee shop, you can walk to most trailheads. El Chaltén is compact, which is one reason it’s so beloved: you can hike hard, eat well, and be back in town before your socks forgive you.

El Chaltén, Argentina — a wooden trail sign points the way to Mirador Río de las Vueltas, one of the easiest and fastest scenic walks from town. This short climb offers a classic Patagonian payoff, with sweeping valley views that make it a perfect first hike or quick outing when time, weather, or energy are limited.

1) Mirador Río de las Vueltas (the fastest big-view payoff)

Mirador Río de las Vueltas is the kind of “accidentally iconic” viewpoint that makes El Chaltén feel unfair in the best way. You’re barely out of town, your lungs have only just started filing minor complaints, and suddenly the valley opens up with that classic Patagonian scale: ribboning river below, wide open space beyond, and a landscape that looks like it was designed by someone who hates subtlety. It’s also a great first taste of the Fitz Roy trail network—like a free sample that makes you consider ordering the full meal.

What makes this one especially good for non-hikers is the psychology: it’s a clear “checkpoint” hike. You can do the viewpoint and head back feeling victorious, or use it as a confidence test before committing to longer options like Laguna Capri. The view is quick, the trail is obvious, and the reward is immediate—perfect for arrival day, windy days when you still want a win, or mornings when you want to “do something” before the coffee fully kicks in.

Quick stats

MetricWhat to expectTrail typeOut-and-backTime30–60 minutes round trip (depending on breaks)EffortShort, steeper at the beginningWind exposureModerate at the viewpointBest timeMorning light or late afternoonBathroomNone on trail

El Chaltén, Argentina — the sweeping view from Mirador Río de las Vueltas reveals the full scale of Patagonia, with the braided Río de las Vueltas winding across a broad green valley framed by rugged mountains. This easy, short hike delivers an immediate sense of space and drama, making it a perfect first stop or low-commitment scenic win.

Why it’s perfect for non-hikers

It’s short enough that nobody has time to complain.

It gives you a legitimate valley panorama.

It’s a natural decision point: continue to Laguna Capri or turn around feeling victorious.

What it feels like

The first part is uphill and gets your heart rate into “okay fine, this is exercise” territory. Then you pop out at the viewpoint and suddenly you’re staring down the Río de las Vueltas valley with that classic El Chaltén scale: tiny town energy, enormous landscape flex.

Our take

If you’re arriving late, if the wind is rude, or if you’re still negotiating with your knees after yesterday’s travel day, this is the move. We love it as a calibration hike because it tells you how your body feels today—without committing to anything.

Turnaround options (choose your own victory)

Option A: Viewpoint and back (the classic).

Option B: Viewpoint, snack, back (the superior).

Option C: Viewpoint, feel amazing, continue toward Capri (dangerous, but tempting).

El Chaltén, Argentina — a clearly marked trail sign points hikers toward Mirador de los Cóndores and the optional Mirador de las Águilas extension, two of the easiest and most rewarding viewpoint hikes near town. With open terrain and big skies, this is a classic route for panoramic valley views and the chance to spot condors riding Patagonian thermals.

2) Mirador de los Cóndores (the iconic easy viewpoint)

Mirador de los Cóndores is the classic “starter hike” for a reason: it’s short, close to town, and it delivers an honest panoramic view that feels wildly disproportionate to the effort. Think of it as El Chaltén’s orientation hike—your first proper look at the town sitting in its dramatic valley, with the surrounding mountains flexing in the background like they’re trying to win an award. If you’re visiting in summer, it’s also a prime sunrise/sunset play because the light lingers forever and makes the whole landscape look more cinematic than it has any right to.

Real talk: it’s “easy,” but it’s not flat. The climb is short and steady and will absolutely wake up your thighs (Patagonia’s way of saying “hola”). Once you crest the top, the wind often shows up like an unpaid extra who insists on being in every scene—so bring a layer even if town feels calm. And yes, you might see condors circling overhead… but even if the birds don’t clock in today, the viewpoint still feels like a legitimate Patagonian payoff.

Quick stats

MetricWhat to expectTrail typeOut-and-backTime1–2 hours round tripEffortShort, steady climb (feel it in your thighs)Wind exposureHigh at the topBest timeSunset or sunrise (if you’re a hero)BathroomNone on trail

Why it’s amazing

Short trail, big reward.

Great for sunrise or sunset.

There’s a real chance of seeing condors, which makes you feel like you’ve been personally selected by nature.

El Chaltén, Argentina — from the rocky summit of Mirador de los Cóndores, Nomadic Samuel pauses to photograph the town below as the Río de las Vueltas curves through the valley and rugged Patagonian mountains rise in the distance. This short, accessible hike offers one of the best panoramic overviews in El Chaltén, proving big scenery doesn’t require a long trek.

What it feels like

It’s steeper than it looks. Not “help I’m dying” steep—more like “why are my thighs suddenly aware of themselves?”

You climb, you climb, and then it opens up. The view is wide, the wind is usually louder than your thoughts, and you get that first true taste of why El Chaltén is a hiking legend.

Our sunset strategy

We did this on our first evening because December daylight is basically a cheat code. It was the perfect low-commitment way to get mountain drama without hiking for eight hours on day one like maniacs.

Tip: Bring a wind layer even if town feels calm. Patagonia loves a plot twist.

Condor expectations (keep it realistic)

Yes, you might see condors. No, the condors are not scheduled. But even if you don’t see a single bird, the panorama still makes the hike worth it.

El Chaltén, Argentina — the sweeping panorama from Mirador de las Águilas delivers a true sense of Patagonian scale, with layered green valleys, braided river flats, and distant snow-covered peaks stretching far beyond town. This easy extension beyond Mirador de los Cóndores feels quieter and more expansive, rewarding hikers with space, depth, and big-sky drama.

3) Mirador de las Águilas (the “add-on with a different planet” vibe)

Mirador de las Águilas is the underrated sibling of Cóndores—the one you do when you finish the first viewpoint and think, “That… wasn’t bad. Maybe we’ve got more in the tank.” The magic here is that it feels like you’ve stepped into a different Patagonia: fewer “mountain portrait” vibes and more wide-open horizon energy. On a clear day, the view stretches out over the steppe and can include a glimpse of Lago Viedma in the distance, which makes you realize just how massive this landscape really is.

The best part is that the extension is generally gentler once you’re past the junction—so it’s less about suffering and more about time on your feet. The tradeoff is exposure: it’s more open, which means the wind can be extra spicy. If the weather is behaving, it’s a brilliant add-on because it complements Cóndores instead of repeating it—two viewpoints, two different moods, one very satisfying “we hiked today” story to tell over dinner.

Quick stats

MetricWhat to expectTrail typeOut-and-back from the junctionTimeAdd 45–90 minutes to Cóndores (varies)EffortGentler walking, longer overallWind exposureHigh (open terrain)Best timeClear days with good visibilityBathroomNone on trail

Why it’s worth it

Las Águilas gives you a different feel: more open steppe views, more “edge of the world” energy, and on clear days you can get that big-horizon look that reminds you how wild southern Patagonia really is.

Who should do it

People who finish Cóndores and immediately say, “That wasn’t bad.”

Anyone chasing wide landscapes rather than peak portraits.

Clear-day optimists.

Who should skip it

If the wind is already bullying you.

If you’re on a tight schedule.

If you’re hiking with someone whose mood is directly tied to snack frequency.

El Chaltén, Argentina — official trail signage marks the start of the Senda Chorrillo del Salto inside Los Glaciares National Park, clearly outlining distance, low difficulty, and park guidelines. This well-marked forest trail is one of the most approachable hikes in El Chaltén, making it a popular choice for travelers seeking an easy walk with a scenic waterfall payoff.

4) Chorrillo del Salto (the waterfall walk that saves your legs)

Chorrillo del Salto is the “we still want nature, but our legs are filing a formal complaint” hike. It’s a mellow forest walk through lenga trees that feels refreshingly gentle by El Chaltén standards—more of a scenic stroll than a trek. The path is usually wind-sheltered compared to the exposed viewpoints, which makes it a clutch option on days when Patagonia is throwing gusts around like it’s personal. And the payoff is exactly what you want from an easy trail: a proper waterfall you can stand beside, take photos of, and feel like you earned with minimal suffering.

It’s also one of those hikes that works for almost everyone: families, recovery-day hikers, casual walkers, and anyone who wants a scenic win without committing to a half-day mission. In winter, the falls can partially freeze and turn into a totally different kind of spectacle—so this trail isn’t just a summer-only trick. If you go early, you’ll catch it quieter and more peaceful; later in the day, expect company, because everyone loves an easy waterfall flex.

Quick stats

MetricWhat to expectTrail typeOut-and-backTime3 hours round tripEffortLow (mostly mellow)Wind exposureLow-to-moderate (forest helps)Best timeMorning for fewer peopleBathroomNone at the falls (plan in town)

El Chaltén, Argentina — the waterfall at Chorrillo del Salto crashes down a dramatic rock face into a clear mountain stream surrounded by dense Patagonian forest. Reached via an easy, mostly flat walk, this shaded trail is a favorite for low-effort days, windy conditions, or travelers who want a rewarding nature experience without committing to a long hike.

Why it’s perfect

It’s mostly flat and foresty.

It’s a classic “easy win.”

The waterfall is legitimately lovely, and it’s a great excuse to stop and snack like you’ve earned it.

What it feels like

It’s the anti-Patagonia stereotype hike: not a brutal climb, not an exposed ridge, not a marathon. You’re walking through forest, listening to birds, and thinking, “I could live like this.” Then you arrive at the falls, and suddenly everyone is taking photos like they’re in a tourism commercial.

Our take

Chorrillo del Salto is the best option for windy days, recovery days, traveling with kids, and days when you want scenery but not suffering.

Tip: Go early if you want it quieter. This is one of the most popular short hikes for a reason.

El Chaltén, Argentina — the classic view from Laguna Capri pairs the still waters of a mountain lake with the dramatic granite towers of Mount Fitz Roy rising behind it. Reached via a moderate but approachable hike, this viewpoint delivers one of Patagonia’s most photographed scenes and is often the perfect turnaround point for hikers who want iconic scenery without tackling the final brutal climb to Laguna de los Tres.

5) Laguna Capri (Fitz Roy views without the full boss fight)

Laguna Capri is the sweet spot for “I want Fitz Roy views, but I’m not trying to write a memoir about overcoming adversity.” This is the hike that gives you a legit mountain moment without demanding an all-day grind. The trail starts with a punchier uphill section (just enough to make you wonder who labeled this “easy”), then settles into a more pleasant rhythm through forest and open viewpoints. It feels like a real hike—steady walking, multiple scenic breaks, and enough variation that you’re not just staring at your shoes counting minutes.

And then you reach the lake area and Fitz Roy shows up outta nowhere. On clear days, the view is absurd: jagged granite towers, dramatic skyline, and that “how is this real?” energy that El Chaltén does so well. Capri is also a perfect turnaround point: you’ll leave feeling like you truly experienced El Chaltén, without signing up for the final steep push to Laguna de los Tres.

Quick stats

MetricWhat to expectTrail typeOut-and-back (classic)Time4–5 hours round trip (plus photo time)EffortEasy-to-moderate; first km is steepestWind exposureModerate (mix of forest + open)Best timeMorning for light; sunset for drama (if weather holds)BathroomsUsually available at the campsite area (season dependent)

Why it’s the best “big payoff” easy hike

You get an honest-to-goodness Fitz Roy view (clouds permitting).

The trail is well defined and heavily traveled.

There are multiple payoff points, so it never feels like “nothing… nothing… nothing… pain.”

What it feels like (real talk)

The first kilometer is the steepest. It’s the part where you think, “Is this supposed to be easy?” Then it mellows out into a steady climb with valley views, forest sections, and enough variety to keep your brain entertained.

Eventually, you reach the campsite area near Laguna Capri. And then Fitz Roy shows up like a movie star: massive granite, dramatic silhouette, the kind of mountain that makes you whisper “okay wow” even if you’re usually dead inside.

El Chaltén, Argentina — official trail signage at Laguna Capri outlines park rules, environmental guidelines, and basic facilities within Los Glaciares National Park. Surrounded by lenga forest, this sign marks arrival at one of the most rewarding and approachable stops on the Fitz Roy trail, where hikers can pause, regroup, and enjoy iconic mountain scenery without continuing to the tougher upper sections.

Our experience (the “welcome to paradise” moment)

We hit Capri and immediately did the classic thing: stand there in stunned silence.

“Welcome to paradise,” we said. And honestly? Accurate.

We also loved that Capri has infrastructure that makes it feel friendly: a designated camping area, toilets, and an atmosphere that says “yes, normal humans can do this.”

Capri as a turnaround win

If you stop at Capri and head back, you still get one of the best views in El Chaltén. For non-hikers, that’s the whole point.

Capri as a gateway drug (and why you should resist)

From Capri, the trail continues toward Poincenot and ultimately Laguna de los Tres. We did it, and we’ll be honest: that final push to Los Tres is a steep, rocky, soul-taxing kilometer that turns “moderate” into “why do I have hobbies?”

You do not need to do that to feel like you experienced El Chaltén. Capri alone is enough to make you fall in love.

Tip: If you do decide to go farther, treat Capri as a hard checkpoint. Eat. Drink. Reassess. Patagonia punishes impulsiveness.

El Chaltén, Argentina — a wooden trail sign marks the split toward Mirador Fitz Roy, Campamento Poincenot, and Laguna de los Tres along the famous Fitz Roy trekking route. Even for hikers turning around early, this junction feels iconic, signaling the transition from easy forest walking to the more committed climbs deeper into Los Glaciares National Park.

6) Mirador Fitz Roy (Capri add-on for photogs)

Mirador Fitz Roy is for the people who can’t leave “bonus content” on the table. If you’re already on the Fitz Roy trail network and the weather is cooperating, this add-on scratches the itch of going a little farther for a slightly different angle—more framing, more depth, more “yes, we absolutely needed another viewpoint” energy. Think of it as the upgrade for photogs: you’re chasing the cleanest composition, the best light, and that perfect mountain lineup that makes your camera roll feel like it’s punching above its weight.

What makes it work in an “easy hikes” guide is that you’re not committing to the full epic—this is more about strategic extension than a whole new mission. It’s best on clear days when the massif is actually visible (because Patagonia loves hiding Fitz Roy behind clouds like it’s playing hard to get). If your group is feeling good, it’s a satisfying “we did extra” moment; if anyone is already fading, you can skip it with zero regret because Laguna Capri already delivers the main event.

Quick stats

MetricWhat to expectTrail typeAdd-on from the Fitz Roy networkTimeAdd 45–90 minutesEffortSimilar walking; more time on feetBest timeClear days; morning lightWorth it if…You’re not rushed and still feel good

El Chaltén, Argentina — Audrey Bergner pauses at a Fitz Roy viewpoint, framed by rugged trail terrain and the unmistakable granite towers of Mount Fitz Roy rising dramatically in the background. This popular stop delivers one of Patagonia’s most iconic views without committing to the longer, steeper climb toward Laguna de los Tres, making it a perfect turnaround point for many hikers.

Why do it

It changes the framing of the mountains and the valley.

It feels like you “went a bit further” without committing to a full-day epic.

Great if the weather is clear and you’re in that “one more viewpoint” mood.

Who it’s best for

People who love photography

People who hate leaving “bonus content” on the table

People who brought snacks and therefore have power

El Chaltén, Argentina — a wooden trail sign directs hikers toward Mirador Cerro Torre, the classic halfway viewpoint on the Laguna Torre trail. This well-marked junction signals the transition from easy valley walking to more committed terrain ahead, while still offering a satisfying turnaround option for travelers seeking dramatic Patagonian views without hiking all the way to Laguna Torre.

7) Mirador del Torre (half-day hike, big “trekking capital” vibes)

Mirador del Torre is the half-day hike that makes you feel like you’ve earned the title of “trekker” without actually having to suffer like one. The route heads into the valley and builds that slow-burn Patagonian drama: river views, forest sections, and a steady sense of walking deeper into a landscape that keeps getting bigger and moodier. It’s serious scenery with manageable effort, and a clear payoff point that doesn’t require an all-day commitment.

One of the best things for non-hikers is how the trail naturally breaks into “mini rewards.” Spots like Cascada Margarita work as bite-sized milestones—perfect for pacing, snack breaks, and morale management (which, honestly, is half the battle). Cerro Torre also has a different personality than Fitz Roy: less sunny postcard, more dramatic art-film energy. Even if the peaks are partially clouded, the valley walk still feels satisfying—so you’re not putting all your happiness eggs in one perfectly clear-sky basket.

Quick stats

MetricWhat to expectTrail typeOut-and-backTime3–4 hours round tripEffortEasy-to-moderate; biggest climb earlyWind exposureModerate-to-high in open areasBest timeEarly start for calmer conditionsBathroomsNone on the viewpoint section (plan in town)

The sweeping view from Mirador del Torre captures the dramatic scale of Patagonia, with a gentle trail cutting through green meadows toward Cerro Torre and the distant Glaciar Grande. This scenic lookout near El Chaltén offers a rewarding preview of the famous Torre massif before reaching Laguna Torre deeper along the hike.

What it feels like

The early section has most of the climb. Then the trail settles into that classic El Chaltén rhythm: steady walking, huge valley scale, and a constant sense that you’re very small in a very dramatic landscape.

Along the way, there are smaller viewpoints like Mirador Margarita that act like mini-rewards—useful for non-hikers because they break the walk into psychological chunks.

Why it’s great for non-hikers (who still want a real hike)

It’s a satisfying outing: you walk for a few hours, you earn your lunch, you return with pride.

The trail is obvious and popular.

You can turn around at the mirador and still feel like you did a major El Chaltén hike.

Tip: If the wind is savage, Torre valley can feel more exposed than forest routes. Bring layers and be ready to turn around.

A classic wooden trail sign in El Chaltén clearly marks the route toward Laguna Torre and Mirador Maestri, with additional directions to Campamento De Agostini and restrooms. Signage like this makes hiking in Los Glaciares National Park refreshingly straightforward, even for first-time visitors tackling Patagonia’s famous trails.

8) Mirador Maestri (bonus add-on for strong “easy hikers”)

Mirador Maestri is where the “easy hike” starts flirting with “okay, this is actually a full day.” The reason people chase it is simple: it adds extra drama above Laguna Torre—more perspective, a bigger sense of scale, and more of that glacier-and-spires atmosphere that feels uniquely Patagonian. If your goal is to keep things casual, this is optional. But if you’re having a strong day, the weather is stable, and you want to level up your Torre experience without doing something reckless, this extension can feel like the ultimate bonus round.

It’s also one of those viewpoints with a little bit of lore, tied to the climbing history around Cerro Torre, which gives it that “Patagonia isn’t just pretty, it’s dramatic” energy. Practically speaking, this add-on is best approached with a hard-nosed mindset: if the wind is already bullying you, or clouds are closing in, don’t force it. Patagonia rewards patience more than bravado. But on a good day, it’s the kind of extra effort that makes you feel like you unlocked a higher tier of El Chaltén.

If you’re feeling great and conditions are good, consider it.

If you’re already tired, don’t. Save it for another day.

If the weather is closing in, skip it. Safety > content.

This is the point where “easy hike” starts flirting with “long day.” And flirting with long days in Patagonia can get serious fast.

A hiker carefully crosses the rocky moraine near Mirador Maestri on the Laguna Torre trail in El Chaltén, Argentina. This less-traveled section reveals the raw, untamed side of Patagonia, with massive stone fields, sparse lenga trees, and towering mountain walls that make the final stretch feel truly wild.

🥾 Plan B Adventures: Tours & Easy Day Trips from El Chaltén

Even hardcore hikers end up with a “Plan B” day in Patagonia. When the wind is feral, legs are toast, or you just want someone else to handle the logistics, these Viator options are easy wins.

👉 Browse El Chaltén tours (plus nearby options) on Viator

OptionBest forBook it🚌 El Chaltén “Complete Experience” day tour (from El Calafate)A low-effort way to “see El Chaltén” without committing to a big hikeEl Chaltén Complete Experience Full-Day Tour from El Calafate (Viator)🧊 Perito Moreno Glacier full-day + optional boat safariClassic Patagonia bucket-list day that doesn’t require hardcore hikingPerito Moreno Glacier Full-Day Tour with Optional Boat Safari (Viator)🚤 “Todo Glaciares” navigation (Upsala + Spegazzini)Big-glacier scenery with max comfort (aka: let the boat do the work)Glaciares Gourmet Navigation: Upsala & Spegazzini Navigation (Viator)🗿 El Calafate city tour + Walichu CavesA cultural/history reset day (great when the weather is moody)El Calafate City Tour + Walichu Caves (Viator)🚙 Nativo Experience: Lakes & Caverns (4x4 style)Off-road adventure + viewpoints when you want something different than trailsNativo Experience: Lakes & Caverns (Viator)🇨🇱 Torres del Paine full-day trip (from El Calafate)Maximum “Patagonia wow” in one day (long day, huge payoff)Torres del Paine Full-Day Tour from El Calafate (Viator)

Common mistakes non-hikers make (so you don’t)

MistakeWhat happensBetter moveDressing for town, not the trailYou freeze at the viewpointPack layers, alwaysNo snacksSomeone becomes emotionally unstableCarry carbs, keep peaceStarting too lateYou rush, miss the light, stress outStart earlier than you thinkOvercommitting on day oneYou wake up day two feeling ancientDo a short hike firstIgnoring windYou suffer unnecessarilyChoose forest routes on windy daysThinking “easy” means flatSurprise thigh workoutPace yourself, take breaks

The Nomadic Samuel “effort-to-reward” ranking

Because sometimes you just want someone to tell you what’s worth it.

RankTrailEffortRewardVerdict1Mirador Río de las VueltasLowHighFastest win in town2Mirador de los CóndoresLowVery highIconic, do it3Chorrillo del SaltoVery lowMedium-highChill waterfall energy4Laguna CapriMediumVery highBest Fitz Roy “easy” option5Mirador del TorreMediumHighHalf-day classic6Las Águilas add-onMediumHighGreat on clear days7Mirador Fitz Roy add-onMediumHighWorth it if you’ve got fuel8Maestri add-onMedium-highHighOnly if you’re feeling strong

Final pep talk for non-hikers

El Chaltén is not a “you must suffer to belong” destination. It’s a “choose your own adventure” destination.

Do the short hikes. Chase the viewpoints. Eat the snacks. Take the photos. If you’re tired, turn around. If the wind is rude, choose the forest. If the clouds hide Fitz Roy, enjoy the mood and try again later.

Because the real win is not ticking off the hardest trail. The real win is walking out of town, breathing that Patagonian air, and realizing you’re in a place that makes you feel more alive—even if you’re also slightly sore.

#### Bishkek Travel Guide: Top 15 Things to Do in Bishkek, Kyrgyzstan
Here are 15 things to do in Bishkek! If you're keen to visit the Kyrgyz capital, I've got you covered.

Most cities we visit offer an overwhelming amount of activities and places to visit, so much so, that we often find ourselves making compromises in order to cover the places we're most interested in. This was not the case for Bishkek where to-do-lists are best tossed out the window.

Views from Ala Too Square on a gorgeous sunny day with a rainbow in Bishkek, Kyrgyzstan

At first glance, the Kyrgyz capital doesn't appear to offer much in terms of attractions, but we quickly discovered this is the kind of place that you need to experience - sit back, relax, and see where it takes you.

VIDEO: Bishkek Travel Guide 

It's only when you linger in Bishkek and start chatting with expats and locals, that you begin to discover that this city is home to a whole slew of quirky sights, trendy cafes, relaxing parks, underrated attractions, and imposing monuments.



Bishkek won us over in a matter of days and by the end of our visit we understood why so many travellers choose to linger here and others find a way to call it home. But now on to the sightseeing; in this post I'm going to show you 15 things to do in Bishkek on your visit:

15 Things To Do In Bishkek

People walking around Ala-Too Square in Bishkek, Kyrgyzstan

1) Ala-Too Square (Ала-тоо аянты - Площадь Ала-Тоо)

First up, we visited Ala-Too Square, which is the central plaza in Bishkek. While there isn’t much to do here, it’s one of the city’s major landmarks featuring plenty of benches and water fountains where you can take a quick break.

Built in 1984 to celebrate the 60th anniversary of the Kyrgyz Soviet Social Republic. Moreover, here you'll also find a statue of Manas commemorating the 20th anniversary of Kyrgyzstan's independence. State events and celebrations take place here along with occasional protests.

The State History Museum in downtown Bishkek, Kyrgyzstan

2) State Historical Museum

Just across the street you'll find the State Historical Museum. Unfortunately, it was closed for renovations when we visited but if you wander around the back of the building you'll find an imposing Lenin statue.

When open to the public, it houses an eclectic collection of Soviet era items. Additionally, along with mementos from the 2010 revolution.

3) Osh Bazaar (Ош базары)

Another place you’ll want to visit in Bishkek is the Osh Bazaar. It may not be the biggest in Central Asia, but it’s a bustling hive of activity where you could easily spend several hours. Hence, we had no problems at the market, but we were warned by expat friends and locals to ignore the fake police who may ask to see documents and camera permits.

Inside the market you'll find fresh produce, local snacks and clothes. Thus, if you're adventurous with your tastes buds, be sure to try the dry cheese balls which taste a bit like salty goat cheese. Our find of the day was a half of kilo of dates for 100 Som (roughly $1.50 USD). Bargain!

4) Abandoned Casino

Remember my earlier spiel about Bishkek being a little quirky? Indeed, the city has plenty of abandoned buildings to explore, none being more fascinating than the forgotten casino.

Here you'll find graffiti, smashed objects and possibly teenagers hanging out. Also, be sure to bring closed shoes as there is an abundance of broken glass on the ground.

Views of Victory Square Memorial Park in Bishkek, Kyrgyzstan

5) Victory Monument

Directly across from the abandoned casino, you’ll find the Victory Monument which was built to commemorate the 40th anniversary of World War 2.

The three curved arcs represent a yurt, and the sculpture of a woman standing near the eternal flame is meant to symbolize her waiting for her husband and sons to return from the war.

6) Erkindik Park and Ice Cream

I spent more time in Erkindik Park than anywhere else in Bishkek. Whether I was jogging to burn calories or licking ice cream to gain them back, I couldn't get enough of this place.

Popular with locals, especially on the weekends, you'll find this park lined with trees charming at all of times of day. It tends to be quieter in the mornings and busier in the late afternoon and early evening.

7) Zhirgal Banya Bath House

I'm a sucker for saunas and public baths! If I touch down in Finland or South Korea, spending ample time at the sauna is an absolute must. When I found out Bishkek had a popular bath house I just had to check it out. Separated by gender, you strip down to your birthday suit and alternate between steam rooms and saunas. I went to check out the polar plunge dome with ice cold water.

As I was tip-toeing my way down the ladder I was suddenly thrust face first into the pool. Gulping water I immediately swung my head back and noticed a burly man of Kyrgyz World Nomad Games proportions looking down at me with his arms crossed. I had just been pushed into the pool by another grown naked man. Not even know how to react I just ended up swimming to the other end.

Aside from being shoved I did enjoy my experience at Zhirgal Banya.

Our pair of roller skates that we put on to go rollerskating in Bishkek, Kyrgyzstan

8) Retro Rollerskating Rink

Found a warp tunnel where you can time travel back to the 80s? If not, may I suggest visiting the roller rink in Bishkek?

I thought roller-skating would be a lot like ice skating and/or rollerblading; I was wrong. I'm sure my bambi on skates impression provided plenty of humor for the mostly local teenage clientele.

The amount of times I nearly hit the ground was comical to say the least.

9) Kyrgyz National Opera and Ballet Theatre of Abdylas Maldybayev

We missed the start of opera and ballet season by just a few days, however, if you’re in the city at the right time, that’s something you could consider doing as we heard the performances are top notch.

10) Bishkek Cafes

If you're interested in chillin' like a villain you'll find Bishkek has a collection of worthwhile cafes to pass an afternoon.

Check out Q cafe where you'll slurp on gourmet coffee and chow down on freshly baked muffins and Dvorak cake.

Mountain views as we hiked Issyk-Ata Gorge as a day trip from Bishkek, Kyrgyzstan

11) Hiking outside of Bishkek with Trekking Union

If you’re craving a day-trip from Bishkek, you can always plan a hike to the nearby mountains with the Trekking Union.

With hikes happening every weekend you'll find yourself out in nature with good company along the way. Make sure to bring plenty of water, snacks and proper footwear. Also, don't be shocked if the 12 kilometer hike you've signed up for is actually a 25 kilometer jaunt.

 VIDEO: Hiking in Kyrgyzstan

12) Kyrgyz traditional food and International cuisine

As far as traditional Kyrgyz food is concerned, there’s plenty to sample ranging from grilled meats to dumplings, and noodles to mixed rice. Also, be sure to try fermented mare's milk (kymyz - Кымыз) which is a flavour you won't soon forget.



International options are also plentiful in Bishkek with some great steakhouses, Japanese and Korean restaurants. Thus, our favorite was Chicken Star where you can enjoy spicy Korean chicken and tteokochi spicy rice cakes with your pint of beer.

VIDEO: Kyrgyz Traditional Food

13) Craft Beer Scene

Save The Ales! I'm always up for a good cause and if you're jonesing for a craft IPA you've come to the right place.

Here you'll enjoy the casual atmosphere and company of others when things get dark in the city.

You can spot plenty of flowers in various parks and gardens in Bishkek, Kyrgyzstan

14) Oak Park

With our time in Bishkek winding down, we visited Oak Park which is full of peculiar sculptures and offers a nice green escape.

Definitely, it's worth a visit if you're already in the area.

15) Panfilov Park (Панфилов көчөсү - улица Панфилова)

Lastly, there's Panfilov Park, where you can enjoy all sorts of carnival rides right in the heart of Bishkek.

All in all, we had an enormous lunch before visiting so that meant the roller coaster was off limits for us, but it shouldn't necessarily be for you.

#### Chiang Mai is the Perfect Base for Digital Nomads and Expatriates
As I peered outside of the balcony of our Thai apartment - far off in the distance - I spotted a plane ascending. As the plane suddenly disappeared into the clouds it hit me I'd soon be leaving Chiang Mai, Thailand in a couple of days. Pensive, I wondered where the time had gone?

For the past several months Chiang Mai has been our home. While traveling in Vietnam, we felt burnt out. We craved a base, a routine and a sense of familiarity. After months of backpacking continuously we hit a point where travel had become tedious. It was a chore. It was no longer fun.

Trying to juggle the demands of working online while backpacking is a balancing act we've yet to master; however, we knew one thing with absolute certainty: we needed to slow down.

source: Nomadic Samuel and That Backpacker teaming up on Samuel and Audrey channel

In hindsight, I realized I was living a fantasy believing I could keep up the pace of my backpacking adventures from years past with the added commitments of working remotely. Overly ambitious, we continued on until we finally reached a point where our both our mental and physical health started to deteriorate.

Chiang Mai was our saviour.

Chiang Mai = The Perfect Base For Digital Nomads

On the first day we arrived it already felt like home. We purchased bicycles. We quickly discovered restaurants we both loved. Instead of feeling a sense of pressure to see and do as much as we possibly could before moving on to the next destination, we felt content wandering around in our neighbourhood.

After months of hearing stories of fellow digital drifters making Chiang Mai their home I was naturally sceptical. It must be over-rated. How can one want to give up the excitement and stimulation of constantly moving from one place to another to hunker down in just one location?

Well, as I've come to realize over the past several months there are many reasons that Chiang Mai is the perfect base for digital nomads.

Amazing Thai and International Food In Chiang Mai

source: That Backpacker + Nomadic Samuel via Samuel and Audrey YT channel

Some people eat to live. I live to eat. I couldn't image myself staying somewhere were I would not be able to indulge my taste buds. Chiang Mai offers a wonderful spread of cuisine ranging from familiar Thai favourites, tantalizing Northern Thai Khantoke cuisine and top notch International food. Whether we were craving a savoury Panang curry or a Mexican burrito, we had options galore at our disposal. Street food stalls offered tasty treats and small meals for mere dollars whereas sit down International restaurants rarely left us with a bill of over 300 Baht (roughly $10 USD).

These are some of our favourite eateries:

source: Nomadic Samuel + That Backpacker via Samuel and Audrey on YouTube

Chang Chalaad: For the best Pad Thai you can't go wrong visiting this tiny little hole in the wall restaurant located near the northeastern section of the walled city. For dessert indulge in the mango sticky rice. If you're heading there with a group consider the Khantoke set dinner – a feast you won't soon forget.

source: Nomadic Samuel and That Backpacker on Samuel and Audrey YT channel

Dada Cafe: This popular cafe was our go-to-place for breakfast and lunch. With options such as curry fried rice, towering sandwiches and rich creamy fruit smoothies, we came back time and again. Our favourite item on the menu was a concoction called Energy Me - a smoothie with copious amounts of fresh coconut, mango and banana.

El Diablo: For quesadillas oozing with cheese, crispy nachos and stuffed - beyond saturation point - burritos, El Diablo was my favourite spot for a Mexican spread.

Exploring the Culinary Scene

Chiang Mai's food scene extends beyond restaurants; it's an entire culinary adventure waiting to be explored.

Street Food Markets: The Chiang Mai Gate Market and Sunday Night Market are bustling with vendors selling local delicacies like Khao Soi (a spicy coconut curry noodle soup) and Mango Sticky Rice.

Cooking Classes: Immerse yourself in Thai cuisine by taking a cooking class at Thai Farm Cooking School or Asia Scenic Thai Cooking School. Learn to prepare authentic dishes using fresh ingredients picked from local farms.

Vegetarian and Vegan Options: With a significant Buddhist population, Chiang Mai offers numerous vegetarian and vegan restaurants like Anchan Vegetarian Restaurant and Free Bird Cafe.

Fast Internet In Chiang Mai

As a digital nomad internet is your lifeline; your river; your bloodstream. Without it (or with a weak connection) your business operations are literally shut down. In our residence apartment we had a reliable connection and when we wanted a change of scenery we could easily find cafes offering free Wi-fi.

Coworking Spaces and Cafes

Chiang Mai has become a hub for remote workers, and the city caters to this community with numerous coworking spaces and cafes.

Punspace: With locations in Nimmanhaemin and Tha Phae Gate, Punspace offers 24-hour access, high-speed internet, and a community of entrepreneurs.

MANA Coworking & Cafe: A cozy space combining work and leisure, perfect for networking.

CAMP (Creative and Meeting Place): Located in the Maya Lifestyle Shopping Center, this space is open 24/7 and provides free Wi-Fi with a purchase.

Yellow Coworking Space: Known for its modern design and facilities, it's a favorite among tech startups.

Cheap Apartments In Chiang Mai

Aside from food, having a comfortable/affordable place to hang my hat is absolutely paramount when I'm considering a base. Chiang Mai did not disappoint. Our residence apartment was a spacious studio equipped with a queen sized bed, television, fridge, desk space and air conditioning; moreover, our balcony offered stunning views of the city framed by a mountainous backdrop. A rooftop pool and gym was the cherry on top. A place like this must cost a fortune? We ended up spending under $10 a night for our room along with $2-3 a day on utilities. Definitely, value for money.

Finding the Perfect Apartment

Popular Areas:

Nimmanhaemin Road: Trendy and modern, close to universities and filled with cafes.

Old City: Surrounded by historic temples and walls, offering a more traditional vibe.

Santitham: A quieter neighborhood with a local feel and lower prices.

Rental Options:

Short-term Rentals: Ideal for those staying a few weeks to a few months. Websites like Airbnb and Booking.com are useful.

Long-term Rentals: For stays over six months, consider contacting local real estate agents or using Facebook groups.

Amenities to Consider:

Security: Look for places with 24-hour security or keycard access.

Facilities: Pools, gyms, and communal areas can enhance your living experience.

Furnished vs. Unfurnished: Furnished apartments save the hassle of buying furniture.

Sense Of Community In Chiang Mai

An important factor in choosing a place to base yourself is a sense of community and belonging. In Chiang Mai you'll find yourself surrounded by like minded individuals working remotely, teaching and/or starting up businesses. With such an entrepreneurial spirit it's inspiring to meet up with other expats pursuing a location independent lifestyle. Having the opportunity to bounce ideas off of one another certainly kept me on track with my goals and overall focus.

Networking and Social Events

Meetups and Workshops: Regular events on topics like digital marketing, coding, and personal development.

Language Exchanges: Improve your Thai or help others with English at events like Chiang Mai Language Exchange.

Social Clubs:

Chiang Mai Expats Club: Offers monthly meetings and social events.

Outdoor Enthusiasts Groups: Join hiking, biking, or climbing groups to explore nature and meet people.

Chiang Mai Charm Factor

Chiang Mai will charm your pants off. With its laid back pace of life you'll find yourself rubbing elbows with robed monks as you meander down serpentine side streets in search of a quaint little cafes. For the culture vulture, weekend markets and a regular stream of festivals and events will tickle your every fancy. For the party animal, pulsating nightlife is available where an endless flow of Chang beer is on tap.

I was fortunate enough to make Chiang Mai my home for several months. I'm eager to return next year for another stint with my parents. During my time in Chiang Mai I was able to stay on top of work online, feast on an incredible spread of food, live in comfortable apartment and connect with new friends. I ended up spending a mere faction of what it cost - on a monthly basis - compared to backpacking. For less than $1000 a month we lived in Chiang Mai experiencing a high quality of life. For the digital nomad, backpacker, retiree, traveller or aspiring entrepreneur I can't think of a better place to be.

Cultural Attractions

Temples (Wats):

Wat Chedi Luang: Known for its massive chedi (stupa) that was once the tallest structure in ancient Chiang Mai. Participate in a monk chat to learn about Buddhism.

Wat Phra That Doi Suthep: Perched on a mountain overlooking the city, it's one of the most sacred temples in Northern Thailand. The climb up the 306-step staircase is both a spiritual and physical journey.

Museums:

Chiang Mai City Arts & Cultural Centre: Provides insights into the city's history, culture, and development.

Lanna Folklife Museum: Showcases traditional Northern Thai life through exhibits of clothing, tools, and art.

Festivals

Loy Krathong and Yi Peng: Participate in releasing floating baskets and sky lanterns during this enchanting festival in November. The sight of thousands of lanterns illuminating the sky is unforgettable.

Songkran (Thai New Year): Held in April, it's the world's biggest water fight. Join locals and tourists in splashing water to wash away the previous year's misfortunes.

Flower Festival: Held in February, featuring vibrant parades, floral displays, and beauty pageants celebrating the region's botanical beauty.

Nightlife

Riverside Bars: Enjoy live music and riverside views at venues like The Riverside Bar & Restaurant and Good View Bar.

Nightclubs: Places like Zoe in Yellow and Warm Up Cafe offer dance floors, DJs, and a lively atmosphere.

Jazz Bars: North Gate Jazz Co-Op is famous for its live jazz performances, attracting both locals and expats.

Night Markets:

Sunday Walking Street: A pedestrian-only market offering handicrafts, street food, and live performances.

Night Bazaar: Open every night, it's a shopper's paradise for souvenirs, clothing, and artwork.

Health and Wellness

Chiang Mai is also a hub for those seeking to improve their well-being. The city offers a holistic approach to health, blending traditional Thai practices with modern wellness trends.

Yoga and Meditation

Yoga Studios:

Wild Rose Yoga Studio: Offers various styles of yoga in a serene environment, including Hatha, Vinyasa, and Yin yoga.

The Yoga Tree: Provides classes and workshops for all levels, along with dance and movement therapies.

Mahasiddha Yoga: Focuses on spiritual growth through Tantra yoga and meditation.

Meditation Retreats:

Wat Umong: A 700-year-old temple in the forest offering meditation classes and retreats. The tranquil setting with tunnels and a large pond enhances the experience.

Wat Ram Poeng (Tapotaram): Known for its intensive Vipassana meditation courses ranging from 10 days to several weeks.

Doi Suthep Vipassana Meditation Center: Provides structured meditation courses with accommodation and meals.

Traditional Thai Massage and Spas

Thai Massage Schools:

Thai Massage Conservation Club: Offers affordable massages performed by students under supervision.

Old Medicine Hospital (ITM): Learn Thai massage techniques or enjoy treatments from experienced practitioners.

Spas:

Oasis Spa: Luxurious treatments in a tranquil setting, offering packages like aromatherapy, herbal steam baths, and body scrubs.

Fah Lanna Spa: An award-winning spa with a range of traditional and modern therapies.

Lila Thai Massage: Offers traditional massages while supporting the rehabilitation of former female inmates.

Healthy Eating

Organic Markets:

Jing Jai Farmers Market: Open on weekends, featuring organic produce, homemade goods, and artisanal products.

Chamcha Market: A community market promoting sustainable living and healthy eating.

Health Food Stores:

Rimping Supermarket: Stocks organic products, imported goods, and health supplements.

Oh Kajhu Organic Farm Restaurant: Serves dishes made from produce grown on their own farm.

Fitness and Outdoor Activities

Gyms and Fitness Centers:

GoGym: Offers modern equipment, classes, and personal training.

CrossFit Chiang Mai: For high-intensity workouts and a supportive community.

Muay Thai Training:

Lanna Muay Thai Boxing Camp: Offers training for all levels, from beginners to professional fighters.

Santai Muay Thai Gym: Known for its experienced trainers and authentic training methods.

Cycling and Hiking:

Doi Suthep Mountain: Popular for hiking and cycling, with trails suitable for various fitness levels.

Huay Tung Tao Lake: A scenic spot for jogging, cycling, and picnicking.

Mental Health and Wellness

Counseling Services:

Chiang Mai Counseling: Offers professional counseling and therapy services in English.

NCS Counseling Center: Provides support for individuals, couples, and families.

Wellness Retreats:

The Pavana Chiang Mai Resort: Offers detox programs, wellness retreats, and holistic healing therapies.

Museflower Retreat & Spa: A sanctuary focusing on mind-body-spirit balance through yoga, meditation, and spa treatments.

Transportation in Chiang Mai

Getting around Chiang Mai is convenient and affordable. You've got options galore catering to different preferences.

Public Transportation

#### Cranbrook Travel Guide | BEST Things to do in Cranbrook, BC
Welcome to our Cranbrook Travel Guide—your starting point for one of the East Kootenays’ most quietly rewarding small cities in BC. Cranbrook is one of those easy-to-love places that subtly surprises you. Set in British Columbia’s East Kootenay region, it makes a great base for outdoorsy days, scenic drives, and a little dose of culture and history between hikes. Think mountain views, wildlife-y trails, and a downtown that’s compact enough to explore without overplanning.

Nomadic Samuel, Audrey Bergner of That Backpacker, and their daughter Aurelia enjoy a peaceful family afternoon in one of Cranbrook’s shaded city parks. This easygoing stop between filming sessions shows the slower, family-friendly rhythm that makes the East Kootenays so enjoyable to explore.

And honestly? If you just drive through, Cranbrook might not wow you right away. That was my first impression too. But once we slowed down to explore the historic centre and wandered the surrounding parks and trails, the place really clicked. The vibe is calm, family-friendly, and refreshingly unhurried—the kind of destination where the to-do list feels doable instead of exhausting. What sealed it for us was the people: locals who left for a bit and came back because they loved and missed this corner of BC.

In this guide, we’ll focus on the best things to do in Cranbrook, prioritizing the highlights we experienced ourselves, then rounding it out with a few essential first-timer picks we didn’t get to. Expect a mix of heritage and local museums, easy nature escapes close to town, and simple add-ons just outside the city that can turn a quick stopover into a genuinely worthwhile mini-adventure.

This classic stone arch is one of Cranbrook’s simple, satisfying “you’ve arrived” moments. We loved how it sets the tone for a relaxed Kootenay basecamp with mountains, parks, and heritage close by. It’s a quick photo stop if you’re driving in on Hwy 3 or Hwy 95.

Destination Snapshot

TopicQuick AnswerLocationSoutheastern British Columbia, Canada (Kootenay Rockies region), 3½ hours southwest of Banff.Known ForSunshine & Scenery: Sunniest climate in BC; Rocky & Purcell mountain views. Heritage: Historic downtown & railway museum (vintage train cars); nearby Fort Steele 1890s gold rush town. Outdoors: Hiking/biking in a 2,000-ha Community Forest; wildlife at Elizabeth Lake; skiing in winter (Kimberley).Population~20,500 (city) – largest in the East Kootenays.VibeFriendly small-town feel with modern amenities. Welcoming to families (stroller-friendly trails, playgrounds) and outdoor enthusiasts. A “basecamp” city for Kootenay adventures.WeatherWarm, dry summers (highs ~27°C/81°F); cold, snowy winters (perfect for ski trips). Over 2,200 hours of sunshine annually (pack sunscreen!).Budget$$ – Moderate. Many parks and trails are free; dining and lodging are reasonably priced compared to tourist hotspots. Great value for the experiences.Best TimeSummer for hiking, biking, lakes, and attractions (all open). Fall for crisp weather and golden larch trees. Winter for skiing & snowy charm (nearby ski hills). Spring for birdwatching and fewer crowds.Getting ThereFly into Cranbrook (YXC) airport (10 minutes from downtown) or drive 4 hours from Calgary. A car is recommended to explore parks and day trips.Key EventsMay: Children’s Festival. June: Spirit of the Rockies festival. July 1: Canada Day festivities. August: Pro Rodeo. Year-round concerts at Key City Theatre.Nearby DestinationsKimberley (25 km north, Bavarian alpine town), Fernie (approx. 1 hour east, skiing), Waterton/Glacier National Parks (2–3 hours), USA border (1 hour south).

🧭 Quick Booking: Your Cranbrook Travel Essentials ✈️

If you’re planning your trip to the East Kootenays, these are the four bookings that make everything smoother — your base, adventures, transport, and freedom.

🎒 Your Travel Toolkit

🔖 What to Book💡 Why It’s Worth It🔗 Quick Link🎟️ Tours & ExperiencesSkip the logistics and explore Cranbrook, Kimberley & the Rockies with expert local guides👉 Browse Cranbrook & Kootenay Tours on Viator🏨 Hotels & StaysStay close to dining, lakes & heritage sites — perfect bases for day trips👉 Find Cranbrook Hotels on Booking.com🚗 Car RentalsFreedom to explore Fernie, Kimberley & hidden mountain lakes at your own pace👉 Compare Car Rentals on DiscoverCars🚌 Bus TicketsReliable routes for regional travel through the Kootenays and beyond👉 Check Bus Routes on BusBud

https://youtu.be/JV-ON-tbFJY
Things to Do in CRANBROOK, BC 🌲 Cranbook Travel Guide 🇨🇦 Is This The Best Family Trip in British Columbia? From our YouTube channel Samuel & Audrey

Things To Do in Cranbrook, British Columbia (From Our Travel Video)

(These are the experiences we personally enjoyed during our visit – complete with our own tips and impressions. We traveled as a family with a baby, so you’ll notice many of these are family-friendly. We’ve listed activities first, followed by food & drink spots.)

The Kootenay Trout Hatchery was one of our favorite easy, family-friendly stops near Cranbrook. It’s a quick, free visit where you can learn about local fish species and see the rearing ponds up close—an ideal add-on if you’re already exploring the East Kootenays.

Kootenay Trout Hatchery (Freshwater Fisheries Visitor Centre)

Why go: 

To learn about local fish species and even feed giant trout! We kicked off our Cranbrook trip with a short drive to the Kootenay Trout Hatchery – about 20 minutes outside the city. It’s a one-of-a-kind, kid-friendly experience where you can observe every stage of a trout’s life cycle. Outside, we peered into rearing ponds teeming with huge trout and had fun tossing fish feed (bring a few quarters for fish food). Inside the visitor center, you'll find informational displays. Our baby was wide-eyed at the tanks. And Audrey and I learned a lot from the interactive displays.

These rainbow trout were one of our favourite close-up moments at the Kootenay Trout Hatchery near Cranbrook. It’s a simple, surprisingly fun stop where you can see the fish up close and get a quick dose of local freshwater education whilst having a chance to feed them.

Practical info: 

Open 9am–3pm daily, with self-guided tours year-round. Admission is free (donations welcome). In summer, outreach staff offer educational programs, and kids can try catch-and-release fishing in the stocked pond (rods available May–Aug). Budget about 30 minutes to 1 hour here – we spent less than an hour ourselves and that was plenty with a baby. It’s an easy add-on if you’re heading to Fort Steele.

Who it’s for: 

Families, nature lovers, anyone curious about fish or looking for a fun free activity. Kids especially love feeding the trout – our little one was giggling at the splashes. 

Audrey Bergner of That Backpacker pauses to take in the quiet beauty of Elizabeth Lake Bird Sanctuary in Cranbrook. The sanctuary’s flat paths and peaceful marsh views make it ideal for an unhurried stroll or gentle wildlife-watching stop right in town.

Elizabeth Lake Bird Sanctuary

Why go: 

Birdwatching and tranquil nature walks right at the city’s edge. Elizabeth Lake is a 5.9-hectare wetland sanctuary on Cranbrook’s west end. And more importantly it was our first stop in town. After a long drive, the gentle walking trail here was the perfect introduction – we followed a level path through willow bushes leading to the lake. We immediately felt far from the city in this peaceful spot. If you enjoy wildlife, this is a must-do: we spotted ducks paddling in the reeds and were amazed by how many deer wandered out of the woods to graze, utterly unbothered by our presence. Birders can look for herons, eagles, painted turtles, and more (over 100 species have been recorded). There are benches and picnic tables and lookout points along the trail. So we took a break to let our baby practice crawling.

Nomadic Samuel heads up to the elevated wooden lookout at Elizabeth Lake Bird Sanctuary with baby Aurelia riding along in the hiking backpack. This quiet viewpoint is an easy stop on the sanctuary’s loop and offers wide-open wetland and mountain views perfect for families.

Practical info: 

The trail is flat and baby backpack-friendly (we managed easily with ours). A full loop around the lake is only a couple of kilometers. Plan 30–60 minutes for a stroll. Tack on more time to relax and watch wildlife. Best times are early morning or dusk when animals are most active – we visited in the late afternoon and saw plenty of deer in broad daylight. There’s a tiny parking area by the trailhead. Entry is free. One thing to note: no boating or swimming allowed, to protect the habitat This sanctuary is all about enjoying nature quietly. It’s great for families (Aurelia loved the fresh air) or anyone needing a peaceful walk after hours in the car.

Who it’s for: 

Birdwatchers, photographers, families with young kids, and travelers looking to stretch their legs in nature. Elizabeth Lake showcases Cranbrook’s wild side literally within city limits – a rare find and totally free.

Nomadic Samuel explores the Sylvan Lake section of Cranbrook Community Forest with baby Aurelia in tow, enjoying one of the city’s most accessible nature escapes. The blend of open meadows and forested slopes makes this an ideal family-friendly hike close to town.

Cranbrook Community Forest (Sylvan Lake Trail)

Why go: 

To get a taste of the Kootenay outdoors without straying far from town. Cranbrook Community Forest is a massive 2,000-hectare forested area on the city’s edge, laced with over 100 km of trails for hiking and biking. We love hiking as family, so we headed here in the afternoon. The trail network is extensive. But we chose the path toward Sylvan Lake – a small pond tucked in the woods about 3 km in. The hike was easy and shaded by towering pines and firs. Along the way, we noticed the forest’s health with countless pine seedlings lining the trail (a sign of good regeneration, which even our baby seemed to appreciate, cooing “oh ee oh ee” from her carrier!).

Reaching “Sylvan Lake” was a bit anticlimactic – since we visited in late summer, the lake was more of desert - completely dry at that time. So don’t expect a swim! Still, the journey was worth it. We enjoyed the serenity of the forest, the scent of sun-warmed pine needles, and the fact we had the trail practically to ourselves (we saw only a few folks on our hike). We took a rest on a log, gave our wee little one a snack, and soaked in the quiet atmosphere.

Audrey Bergner wanders beneath towering pines on the Sylvan Lake Trail, one of the signature routes in Cranbrook Community Forest. The shaded paths and gentle grades make this a great choice for a relaxed hike with plenty of opportunities to soak in the scenery.

Practical info: 

The Community Forest has multiple access points; a parking lot and trail signboard. The trail to Sylvan Lake and back was roughly 5 km round-trip, which took us about 1.5 hours at a leisurely pace. Best time to go is morning or early evening for cooler temps and better chances of wildlife (deer and birds are common). The forest is open year-round – popular for snowshoeing and cross-country skiing in winter. Cost: Free

Who it’s for: 

Everyone. Families. Hikers and mountain bikers of all abilities – with trails ranging from easy interpretive loops to slighlty uphill climbs. Families can certainly enjoy short walks here too (we saw local families biking with kids near the trailhead). If you want a quick nature escape or a panoramic view without driving far, the Community Forest is ideal. 

Nomadic Samuel and baby Aurelia explore one of the restored train cars at the Cranbrook History Centre, offering a glimpse into early rail life in the Kootenays. The museum’s collection of heritage coaches and cabooses makes it an engaging stop for families and history lovers alike.

Cranbrook History Centre (Railway Museum & Historic Trains)

Why go: 

To step back in time and experience the golden age of Canadian rail travel. The Cranbrook History Centre was a highlight of our trip – it’s both a museum of local history and home to a remarkable collection of heritage railway cars. In fact, this museum has a National Historic designation for preserving the glory days of the railroad, including elaborately restored 1920s Canadian Pacific train cars If you have any interest in history, trains, or antiques, you’ll be in heaven here. We certainly were!

The main attraction is touring the vintage railcars. You can only visit the inside of these trains on a guided tour (for safety and preservation). With our infant daughter in tow, we opted for the shortest option – the “so called toddler tour,” a 20-minute guided walkthrough of a few cars. It was perfect for us. In that brief time, a knowledgeable guide led us through the luxurious 1929 Trans Canada Limited sleeper car and dining car, pointing out details like the ornate inlaid wood paneling and plush period furnishings. We could easily imagine the elite travelers of the 1930s moving between these cars, dining in style as mountains rolled past. Our baby Aurelia loved the gentle rocking sensation when walking through the train – and we appreciated getting through the highlights before she got squirmy.

This beautifully restored dining car at the Cranbrook History Centre offers a glimpse into the golden age of passenger rail travel. With polished wood, soft lighting, and carefully set tables, it’s one of the museum’s standout interiors and a highlight for visitors interested in train history.

If you have more time (and older kids or no kids), the Centre offers longer tours ranging from 45 minutes to 2 hours that cover more railcars and in-depth history. Beyond the trains, the museum’s static exhibits are worth a look – we browsed displays on local Ktunaxa First Nation culture and the pioneering days of Cranbrook. Don’t miss the impressive model railway downstairs: an elaborate diorama of the region’s rail lines that volunteers keep running. We saw mini trains chugging through tiny mountain towns – a delight for kids and adults alike.

Practical info: 

Located downtown, the History Centre is open year-round (hours vary by season). Admission: You can enter the museum galleries for a fee (around $16 for two adults, less for kids/seniors – verify current rates). The railcar tours are an additional cost, typically booked as timed guided tours (consider reserving your spot during peak summer season). If you have a toddler or baby, ask for the abbreviated tour like we did. The staff were very accommodating.

Who it’s for: 

History buffs, train enthusiasts, and families. Kids who love Thomas the Tank Engine will be thrilled to see real life “coaches” and engines. This is one of Cranbrook’s signature attractions – a nod to how the railway put this town on the map – and absolutely worth the stop.

The former 1929 City of Cranbrook Fire Hall has been transformed into Fire Hall Kitchen & Tap, a beloved gastropub that keeps the building’s heritage charm alive. It’s a popular stop on the downtown self-guided walking tour and a great place to grab burgers, beers, and local atmosphere.

Historic Cranbrook Walk Downtown

Why Go:

We had a slightly negative impression of Cranbrook from the highway. But the historic downtown is where the city’s personality really lives. I personally did a solo wander while Audrey and baby Aurelia relaxed at the park. This was the moment Cranbrook really clicked for me. The heritage buildings, small-town charm, and especially the murals add a surprising dose of colour and character that you don’t see from the commercial strip.

This striking locomotive mural is one of the standout pieces along Cranbrook’s heritage walking tour, paying tribute to the city’s legacy as a key railway hub in the Kootenays. The detailed artwork brings historic rail travel to life as you explore the downtown core.

Practical Info:

Best time of day: Morning for quiet streets and clean photo light, or golden hour for warmer tones on brick buildings and mural shots.

How long to budget: 45–90 minutes for an easy loop; longer if you stop for coffee or pop into shops.

Cost feel: Free (unless you snack/shop).

Family notes: Great as a split-plan option—one of you can do a quick downtown stroll while the other does park time.

Who It’s For:

First-timers who want the “real” Cranbrook vibe, photographers, mural lovers, and anyone who enjoys low-effort, high-reward wandering. Also perfect for travelers who want a calm, walkable activity between bigger outdoor adventures.

Audrey Bergner takes baby Aurelia for a peaceful lakeside stroll at Idlewild Park, a favourite local spot for relaxed walks and family outings. With its calm water, shaded pathways, and easy access, the park is a great choice for visitors looking for a gentle nature break in Cranbrook.

Idlewild Park

Why Go:

This was the most tranquil and relaxing of all our outdoor stops in Cranbrook. The vibe is simply calm, peaceful, and wonderfully family-friendly. Audrey and I loved that it felt like an easy, everyday local park—exactly the kind of place that makes you understand why people enjoy living here. It also paired beautifully with traveling with a baby: open space, a calm pace, and lots of room to breathe.

Idlewild Park reveals its quiet beauty from above, with forested slopes, calm water, and a covered dock tucked along the shoreline. This high vantage point highlights why the park is a favourite spot for relaxed walks, stroller-friendly loops, and easy nature time close to downtown Cranbrook.

Practical Info:

Best time of day: Late morning or early evening for the softest light and calmest atmosphere.

How long to budget: 45–60 minutes for a relaxing visit; 1.0–1.5 hours if you add a picnic and playground time.

Cost feel: Free.

On-the-ground feel from our visit: We came geared for baby-friendly park time—picnic blanket for crawling, and it’s an easy place to slow the pace when you’re traveling with little ones.

Accessibility/family ease: We noticed how much of our Cranbrook visit was naturally stroller-friendly, and Idlewild fits that low-stress, family outing rhythm.

Bonus pairing: This park connects nicely with the broader green-space vibe in town and can be a gentle warm-up before a Community Forest walk.

Who It’s For:

Families, anyone traveling with a baby or toddler, slow-travelers, and those who want a peaceful reset between hikes. If your trip goal is “small city, big breathing room,” this is one of the best places to feel that.

Fort Steele’s striking 1898 façade makes a beautiful backdrop for a family wander, with Audrey and baby Aurelia exploring the historic town at an easy stroller pace. The wide paths and open grounds make this one of the most relaxed heritage sites to visit with little ones in tow.

Day Trip: Fort Steele Heritage Town

Why go: 

To experience a living history town from the 1890s gold rush era. Fort Steele is an open-air heritage park just a 10-20 minute drive northeast of Cranbrook, and it ended up being one of our favorite excursions. Walking into Fort Steele is like stepping into an old Wild West movie set – except everything is real and restored. There are more than 60 heritage buildings (homes, shops, a schoolhouse, blacksmith, etc.) populated with costumed interpreters who bring pioneer life to life. We saw horse-drawn wagons rolling down the dirt street, townsfolk in period dress, and even farm animals (the site keeps heritage breeds like Clydesdale horses, sheep, and chickens).

We spent a half-day exploring here. A few highlights from our visit: we watched an old-fashioned blacksmithing demo and peeked into shops like the general store and bakery (yes, they sell fresh baked goods – the cinnamon buns smelled heavenly). As a history nerd, I loved the museum in the old hotel, which showcased artifacts and had an area where you can dress up in Victorian costumes. Perhaps the most memorable moment was ducking into the Victorian-era “Dentist Office” which advertised “Painless Dentistry” – inside, the antique dental tools looked anything but painless, giving us a good laugh (and some chills).

Fort Steele is very family-friendly. Kids can run around the wide-open grounds, interact with gentle farm animals, and learn history in a fun way. Aurelia enjoyed the sights and sounds from her stroller – though she was too young to participate.

This distinctive wooden tower is one of Fort Steele Heritage Town’s most recognizable structures, offering a glimpse into the architectural style of frontier-era British Columbia. Set above sweeping views of forest and mountains, it captures the quiet, wide-open feel of the region.

Practical info: 

Open year-round, with peak programming in summer (heritage interpreters, shows, rides) and reduced hours/activities in winter (verify schedule on their website). Admission is required (approx. $17.95 adult, $12.95 child; family passes available – verify current pricing). Wagon rides and other special activities may cost a few extra dollars. Time needed: At least 3–4 hours to experience most of the buildings, possibly a full day if you watch all the demos and tours. There is a café on-site for lunch (plus the bakery and an ice cream shop in summer), so you won’t go hungry.

Who it’s for: 

All ages, but especially families and history enthusiasts. This is a must-do day trip if you’re in Cranbrook. It’s fun, educational, and provides great context about the region’s frontier past. 

Samuel couldn’t resist trying for a strike at Encore Brewing Co., a fun local hangout that pairs craft beer with bowling, arcade games, and pizza. The mix of retro lighting and lively atmosphere makes it an easy spot to unwind after a day of exploring Cranbrook.

Encore Brewing Co. – Beer, Bowling, Pizza & Arcade

Why go: 

For a dose of pure fun in the evening. Craft beer and pizza plus bowling under one roof. We hadn’t planned on going bowling in Cranbrook (it wasn’t on our radar at all), but a happy coincidence changed that. While having lunch at the Fire Hall pub, we noticed a poster about Encore Brewing in the bathroom (of all places!) advertising a special pizza + bowling special. Bowling and pizza? Say no more! We decided on the spot to make it our “date night” activity – and we’re so glad we did.

Encore Brewing Co. turned out to be the place to be on at night in Cranbrook. It’s essentially a modern entertainment center meets restaurant meets brewpub. The vibe is fantastic: imagine locals sipping house-made ales and families and friends cheering strikes in the bowling lanes, and the sounds of arcade games pinging in the background. We grabbed a lane and waited for our pizza to arrive. While we bowled (rusty skills and all – neither of us had bowled in like 15 years), we also enjoyed a tasty pizza delivered right to our lane and I washed it down with one of Encore’s beers. Pizza, beer, and bowling – does it get any better? Halfway through our game, our baby fell asleep in her stroller. This gave us a rare chance to feel like kids ourselves.

Encore’s bowling alley has a fun, welcoming vibe, and this close-up look at the marbled blue bowling balls sets the scene before a game even gets started. The warm lights and soft reflections along the polished lanes make it an easy place to unwind.

Practical info: 

Encore Brewing is located in downtown Cranbrook. It’s open in the afternoons and evenings. Bowling costs around $40 per hour for a lane (up to 6 people), plus shoe rentals – pretty reasonable when split with a group. They often have specials on certain nights (like trivia nights, etc.). The beer selection features their own brews (including the pale ale) and the food menu (of course) includes pizza. 

Who it’s for: 

Honestly, anyone who enjoys fun. It’s a perfect rainy day or evening activity. Even if you’re not a big drinker or a serious bowler, the combination of activities makes for a memorable night out. Encore is “where adults can be kids again”.

Samuel couldn’t resist ordering one of Fire Hall Kitchen & Tap’s signature gourmet burgers, served inside Cranbrook’s beautifully restored 1929 fire hall. The playful presentation and hearty stack make it a must-try stop for hungry travelers exploring downtown.

Fire Hall Kitchen & Tap (Heritage Gastropub)

Why go: 

To enjoy craft beer and epic burgers in a historic fire station. The Fire Hall Kitchen & Tap quickly became our favorite dining spot in Cranbrook. Housed in the city’s old fire hall (built in 1929), this gastropub oozes character – from the red brick facade to many original features. Talk about dining with a sense of place! We stopped by for lunch and were immediately impressed by the welcoming, family-friendly atmosphere. Locals were hanging out on the patio and digging into towering plates of burgers.

The menu is all about elevated pub food with Kootenay flair. We couldn’t resist trying their signature burgers. And wow – they were freakin' huge and delicious. I had a “loaded” Burger which came with two patties, goat cheese, avocado, and bacon – it was so massive I could barely fit it in my mouth. Every bite was juicy and flavorful (totally worth feeling like I needed a nap afterward!). Audrey tried another signature burger – topped with fried brie cheese, chutney salsa, and truffle mayo – an unusual combo that she absolutely loved. I washed it down with a pint of Fernie Brewing Company on tap. Despite the hearty portions, we somehow made room for a slice of key lime pie to share – sweet, tart, tangy and fresh, a perfect finale.

Beyond the food, the Fire Hall’s vibe is on point. It manages to be both a family-friendly pub and a craft beer haven. We visited at lunch with our baby and felt totally comfortable. The staff were super friendly – in fact, our server shared that he had moved back to Cranbrook after years away because he missed the community, which says a lot about the town. 

The bar at Fire Hall Kitchen & Tap is one of the most inviting spaces in Cranbrook, blending heritage fire hall features with a modern craft-beer lineup. With its bright tile, warm wood tones, and sprawling chalkboard menu, it’s a great spot to sample local taps.

Practical info: 

Located in downtown Cranbrook on 11th Ave it's easy to find. They’re open for both lunch and dinner. Prices are reasonable for the quality/portion. They have a great local BC beer selection. We didn’t need a reservation at lunchtime visiting slightly offseason. Best time to go: Lunch for a relaxed meal. The patio is lovely in summer and early fall.

Who it’s for: 

Everyone – couples, families, solo travelers, you name it. If you’re a craft beer lover or burger enthusiast, you’ll especially appreciate it. The Fire Hall delivers. It’s one of those places that makes you feel like a temporary local. 

This hearty Pad Thai from Family Thai Restaurant hits all the right notes—tangy, savoury, and just the right amount of crunch from the peanuts and sprouts. It’s a generous plate ideal for a post-exploring meal, served with fresh toppings you can mix to taste.

Family Thai Restaurant (Authentic Thai Cuisine)

Why go: 

A taste of Thailand in the Kootenays. After days of typical road trip food, we were craving something different – and having lived in Thailand for a while, Audrey and I have a soft spot for Thai cuisine. To our delight, Cranbrook has Family Thai Restaurant, a cozy little spot that serves up very authentic Thai flavors. It was our first dinner in town and hit the spot.

This is a family-run restaurant (as the name suggests), and when we walked in, we were greeted with warm smiles and the delicious aroma of stir-fry and spices. The menu covered all the Thai classics. We went all-out and ordered two of our favorites: Pad Thai and a Green Coconut Curry (Thai spicy level). The pad thai came out piping hot, with that perfect balance of tangy tamarind and peanut sweetness – it took us right back to the street stalls of Chiang Mai. The portion was generous, and they didn’t shy away from authenticity. But the real adventure was the green curry. We asked for it spicy and oh boy, they delivered – it was fiery! Rich, coconut-creamy, loaded with meat, eggplant, and basil, and a slow heat that had Audrey sniffing and reaching for water. “Thai spicy” in Cranbrook is no joke – which made us incredibly happy.

This fragrant green coconut curry at Family Thai Restaurant is comfort in a bowl—creamy, aromatic, and layered with tender meat, bamboo shoots, and bright herbs. Paired with jasmine rice, it’s a satisfying choice for anyone craving authentic Thai flavours in Cranbrook.

Practical info: 

Family Thai is located on Cranbrook Street North (the main drag). It’s a modest, unassuming place with simple décor and just a few tables – cozy ambiance and very clean. They do a brisk takeout business too. Prices are very reasonable and portions were ample. 

Who it’s for: 

Anyone who loves Thai food or just wants a break from burgers and pub grub. Vegetarians will find options (tofu can be substituted in many dishes). It’s family-friendly. After days of Canadian cuisine, our taste buds were thrilled to have that burst of lemongrass, chili, and lime. For Audrey and I, an unexpected gem in Cranbrook.

We visited St. Eugene Mission Resort at golden hour, when the gardens glow and the historic stone building looks especially grand. Audrey and baby Aurelia enjoyed a peaceful walk along the flower-lined paths. It’s a beautiful stop for travellers interested in history, nature, and scenic photography.

St. Eugene Mission Resort (Historic Hotel & Golf Course)

Why go: 

To stay (or play) at a beautifully transformed historic site – equal parts luxury resort, golf destination, and cultural experience. Audrey and I ended our Cranbrook visit with a night at St. Eugene Resort, and it was a memorable capstone to the trip. This magnificent Spanish-colonial style building was once the St. Eugene Mission School (a residential school for Indigenous children, operating until 1970). Rather than let the place languish, the Ktunaxa Nation reclaimed and restored it into a upscale resort – turning a dark chapter of history into a positive, healing space . As a guest, you’re not only enjoying a lovely hotel, but also witnessing a story of resilience and reconciliation. A quote from Elder Mary Paul hangs in the lobby: “Since it was within the St. Eugene Mission School that the culture of the Kootenay Indian was taken away, it should be within that building that it is returned.” – and you really feel that spirit of reclamation throughout the property.

On arrival, we were struck by the grandeur of the place set against the Rocky Mountains. The rooms were comfortable and historic. We took an evening stroll around the grounds: there’s a stunning 18-hole golf course (one of 7 championship courses in the area), and the sunset over the greens with the Mission building in the background was photo-worthy. Even if you don’t golf, the grounds are worth walking. You can also visit the small on-site Interpretive Centre which shares the history of the Mission school and the Ktunaxa people.

For dinner and entertainment, St. Eugene has several options: we dined at one of the golf restaurant which served local fare. You can also try your luck at the Casino of the Rockies attached to the resort. The resort also features an outdoor pool and hot tubs (open seasonally) and a spa, which unfortunately we didn’t have time to use. Our biggest regret was no fully enjoying all of the amenities.

Our stay at St. Eugene Mission Resort included a bright and comfortable room with two inviting beds and warm wood accents. The seating nook by the window quickly became our spot to unwind after sightseeing around Cranbrook. A restful base for exploring the region.

➡️ Check St. Eugene rates & availability on Booking.com

Practical info: 

St. Eugene Resort is about a 10 to 20 minute drive north of Cranbrook (and just a few minutes from the airport). Accommodations: It’s a popular wedding and golf resort, so book ahead especially in summer. Rooms range from around $150–$250+ CAD per night depending on season and room type – a fair price for the quality and setting. Even if you don’t stay overnight, visitors are welcome to come dine at the restaurants or play the casino and golf course (tee times for the public are available). 

Who it’s for: 

Couples seeking a unique stay, golfers, history and culture enthusiasts, and anyone looking for a tranquil retreat. Families are welcome too (they have spacious rooms and the pool to entertain kids). 

🏨 Where to Stay in Cranbrook (Our Top Hotel Picks)

⭐️ Quick Booking Box: Cranbrook Hotels (Compare Rates)

PickBest forVibeBooking link🏆🏨 Top PickFirst-timers who want an easy, reliable baseComfortable “no-regrets” stayCompare stays at Prestige Rocky Mountain Resort Cranbrook (Booking.com)💎🏰 Luxury Stay“Make it a treat” nights (views + resort feel)Historic resort energyCheck rates at St. Eugene Golf Resort & Casino (Booking.com)🏙️🛏️ Mid-RangeDowntown convenience + walkable vibesHistoric building, simple + centralSee availability at The Baker Hotel (Booking.com)💰🛣️ BudgetRoad-trippers + practical over fancySimple, wallet-friendlyFind deals at Days Inn by Wyndham Cranbrook (Booking.com)

🔎🏨 Want to browse all options instead?

Compare all Cranbrook hotels on Booking.com

Samuel capped off the afternoon with a crisp Fernie Brewing Company pint at Fire Hall Kitchen & Tap, one of Cranbrook’s most welcoming gastropubs. The historic setting and cold craft beer made for the perfect post-exploration pause. A relaxed moment in a lively local favourite

🎟️ Book a Guided Tour or Experience

If you want to explore beyond simple sightseeing, a guided experience lets you hit the region’s best without planning stress.

✨ Great options near Cranbrook include:⛰️ Guided East Kootenay outdoor tours🏞️ Wildlife & scenic drives🚴‍♀️ Bike + nature interpretive tours🍷 Culinary or heritage experiences

✅ See top-rated Cranbrook & East Kootenay tours on Viator

More Amazing Things to Do in Cranbrook (We Didn’t Cover in the Video)

(Cranbrook and its surrounds have plenty more to offer than what we personally managed to see. Here are some additional top attractions and activities to round out your itinerary – including iconic sights, outdoor adventures, and local favorites that we plan to check out on our next visit!)

Quick Picks for First-Timers

Key City Theatre

Why it’s worth it: A fun, low-effort evening plan if you want culture without another hike.

Who it suits: Couples, rainy-day travelers, anyone needing a rest day.

Best time of day: Evening.

How long to budget: 2–3 hours.

Cost feel: $$.

Verify before publishing: Show calendar, ticket pricing.

Outdoors + Parks (Close to Town)

Eager Hill Viewpoint (Community Forest)

Why it’s worth it: A more rewarding viewpoint-focused alternative to longer forest wanders.

Who it suits: Hikers who want a short but “worth it” climb.

Best time of day: Morning or sunset.

How long to budget: 1.5–2.5 hours.

Cost feel: Free.

Verify before publishing: Trail conditions, route map.

Family-Friendly Bonus Stops

Jimsmith Lake Provincial Park

Why it’s worth it: Quick swim/picnic option on warm days.

Who it suits: Families, summer visitors.

Best time of day: Afternoon.

How long to budget: 1–3 hours.

Cost feel: Free (day-use).

Verify before publishing: Seasonal water conditions, facilities.

Easy Day Trips Near Cranbrook

Kimberley Platzl

Why it’s worth it: A quirky, walkable, food-and-shops break from Cranbrook’s outdoors-heavy rhythm.

Who it suits: First-timers, families, anyone wanting a cute small-town vibe.

Best time of day: Afternoon into dinner.

How long to budget: 3–5 hours.

Cost feel: $–$$.

Marysville Falls

Why it’s worth it: High payoff for minimal effort.

Who it suits: Everyone.

Best time of day: Morning.

How long to budget: 20–40 minutes.

Cost feel: Free.

Wasa Lake (Warm-Weather Play)

Why it’s worth it: One of the easiest “lake day” upgrades in the East Kootenays.

Who it suits: Summer travelers, families.

Best time of day: Midday.

How long to budget: Half day.

Cost feel: Free (day-use).

Verify before publishing: Seasonal access, water temps.

Big Adventure Pick

Fisher Peak (Expert-Level)

Why it’s worth it: A true local brag-worthy summit day.

Who it suits: Experienced hikers only.

Best time of day: Early start.

How long to budget: Full day.

Cost feel: Free.

Verify before publishing: Route conditions, glacier/snow status, trailhead access.

🏨 Where to Stay in Cranbrook (Compare Best Rates) 🛏️

Choosing your base can set the tone for your whole visit — whether it’s downtown convenience or scenic stays near the mountains.

🚶 Staying downtown → 🍽️ Close to dining, museums, and the heritage walk

🦆 Near Elizabeth Lake → 🌿 Tranquil nature + stroller-friendly walks

🏔️ Near ski areas / Community Forest → 🥾 Best for outdoor adventurers

👉 Compare Hotels in Cranbrook on Booking.com

💡 Tip: Cranbrook fills up quickly in summer and event weekends — book ahead and use free cancellation if your plans change.

Fast Planning Grid

ExperienceBest ForTime NeededCost FeelSeasonWhy It’s Worth ItDowntown Heritage WalkFirst-timers1–1.5 hrsFreeYear-roundThe “real” Cranbrook vibeIdlewild ParkFamilies1 hrFreeSpring–FallEasy, calm outdoor resetEager HillShort-view hikes2 hrsFreeSpring–FallQuick reward elevationKey City TheatreEvening plans2–3 hrs$$Year-roundGreat rainy-day upgradeKimberley PlatzlDay-trippers3–5 hrs$–$$Year-roundCute alpine town energyMarysville FallsQuick nature stop30 minFreeBest spring/summerHuge reward for little effortWasa LakeSwim/picnicHalf dayFreeSummerClassic Kootenay lake dayFisher PeakAdvanced hikersFull dayFreeSummerLegendary local summit

#### 20 Different 3 Fund Expanded Canvas Portfolios With 4+ Strategies
Sometimes it's a good idea to give yourself a creative challenge.
One of my biggest weaknesses as an investor, that I've tried my best not to spill over profusely onto this site, is that I'm inclined towards complexity.
I love keeping a messy room when it comes to my own personal portfolio.
In other words, I've got lots of funds under the hood.
Way more than the average investor.
In terms of constructive feedback, I've had investors tell me that my portfolio ideas (that tend to be somewhere between 5 to 10 funds on average) are often overly complicated.
Hence, I've given myself a fun challenge.

Can I come up with diversified model portfolios that are capital efficient using only three funds?
Here is my specific mandate:
Create a series of diversified portfolios that offer 4 or more strategies that are limited to just 3 funds.
At first, I thought I'd maybe only come up with 4 to 6.
However, I've got 20 to share with you today!
Yes, you heard that correctly.
20.
Furthermore, they all follow the guidelines and template of the Picture Perfect Portfolios 2.0 model portfolios:

Capital Efficiency
Maximum Diversification
Optimization

An attempt by an amateur investor to come up with serious portfolios with absolutely ridiculous names.
You'll notice they range from 140% to 200% canvas size and from ultra defensive (tactical equity exposure of 0% in defensive mode) to 100% equities plus diversifiers.
Moreover, each portfolio features a minimum of 4 strategies and a maximum of 9.
This challenge helped me to think more creatively and to tighten the reigns.
I was actually surprised that it's a cinch to put together a diversified portfolio with just 3 funds.
So without further ado, let's explore them!
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.
20 Expanded Canvas Portfolios: 3 Funds / 4+ Strategies

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Perfect Pizza Portfolio
40% $RSSY - Return Stacked U.S. Equity & Futures Yield ETF (coming soon)40% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $GDMN - WisdomTree Efficient Gold Plus Gold Miners Strategy Fund
Canvas: 196%
Exposures:
40% Equities40% Carry (Futures)40% Managed Futures40% Bonds36% Gold Strategy (Gold exposure + Gold producing equities)
Strategies: 6
Objective: A capital efficient alternative to an equal slice Harry Browne Portfolio with extra diversifiers (managed futures & carry) instead of cash
Benchmark: Harry Browne Permanent Portfolio (25% VTI / 25% GLD / 25% TLT / 25% BIL)

Bounty Hunter Portfolio
40% $RSST - Return Stacked US Stocks & Managed Futures ETF40% $RSSB - Return Stacked Global Stocks & Bonds ETF20% $RSSY - Return Stacked U.S. Equity & Futures Yield ETF (coming soon)
Canvas: 200%
Exposures:
100% Equities40% Bonds40% Managed Futures20% Carry (Futures)
Strategies: 4
Objective: To outperform an all equity portfolio utilizing a diverse capital efficient ensemble of 100% alternatives added to the mix
Benchmark: 100% Equities (60% SPY + 40% VT)

Tightrope Walker Portfolio
40% $UPAR - UPAR Ultra Risk Parity ETF40% $BLNDX - Standpoint Multi-Asset Fund20% $QDSIX - AQR Diversifying Strategies Fund
Canvas: Variable
Exposures:
Global EquitiesBonds (including TIPs)Managed FuturesGoldMarket NeutralMacroStyle PremiaArbitrageMulti-Asset
Strategies: 9
Objective: As balanced and diverse of a portfolio that one could possibly assemble where maximum diversity is priority numero uno
Benchmark: None

The Chameleon Portfolio
50% $BLNDX - Standpoint Multi-Asset Fund25% $RDMIX - Rational/ReSolve Adaptive Asset Allocation Fund25% $QSPIX - AQR Style Premia Alternative Fund
Canvas: Variable
Exposures:
Global EquitiesManaged Futures (Trend)BondsGlobal Systematic MacroTail-RiskStyle Premia
Strategies: 6
Objective: An adaptive alternative to a global static risk parity portfolio where diversification reigns supreme
Benchmark: Global Risk Parity (50% $AGG / 30% $VT / 10% $GLD / 10% $DBC)

Coin It Portfolio
40% $GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund ETF36% $RSBT - Return Stacked Bonds & Managed Futures ETF24% $BTRN - Bitcoin Trend Strategy ET
Canvas: 168%
Exposures:
36% Equities36% Gold36% Managed Futures36% Bonds24% Bitcoin (Trend-Following)
Strategies: 5
Objective: A diversified and capital efficient balanced portfolio with a generous allocation budget and tilt towards Bitcoin
Benchmark: None

Value Vulture Portfolio
60% $AVGV - Avantis All Equity Markets Value ETF20% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $GOLY - Strategy Shares Gold-Hedged Bond ETF
Canvas: 140%
Exposures:
60% Global Value Equities40% Bonds20% Managed Futures20% Gold
Strategies: 4
Objective: A balanced take on a global value tilted portfolio with three additional strategies added to the mix (bonds, managed futures, gold)
Benchmark: Global 60/40 (60% VT / 40% AGG)

Pack Mule Portfolio (60/40+)
40% $RSSB - Return Stacked Global Stocks & Bonds ETF20% $RSST - Return Stacked US Stocks & Managed Futures ETF40% $QDSIX - AQR Style Premia Alternative Fund
Canvas: 160%
Exposures:
60% Equities40% Bonds20% Managed Futures40% Alt-Other:Market NeutralMacroStyle PremiaArbitrageMulti-Asset
Strategies: 8
Objective: To pack mule a diverse set of alternatives to the backbone of a 60/40 portfolio
Benchmark: 60/40 Portfolio (VBIAX and AOR)

Even-Steven Portfolio
50% $ACWV - iShares MSCI Global Min Vol Factor ETF25% $RSBT - Return Stacked Bonds & Managed Futures ETF25% $GOLY - Strategy Shares Gold-Hedged Bond ETF
Canvas: 140%
Exposures:
50% Global Min Vol Equities50% Bonds25% Managed Futures25% Gold
Strategies: 4
Objective: Equal Parts Equities (50%), Bonds (50%) and Alternatives (50%) for a balanced defensive approach.
Benchmark: 50% VT / 50% AGG

So Trendy Portfolio
50% $BLNDX - Standpoint Multi-Asset Fund30% $GMOM - Cambria Global Momentum ETF20% $COM - Direxion Auspice Broad Commodity Strategy ETF
Canvas: Variable
Exposures:
Global Equities (MCW + factors)Managed FuturesBondsCommodities (long + long/flat)
Strategies: 4
Objective: A pure trend portfolio (long, long-flat and long-short strategies) with exposure to a diverse range of global asset classes
Benchmark: AOK and AOR

Quantasaurus Portfolio
40% $SPQ - Simplify US Equity PLUS QIS ETF40% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund ETF
Canvas: 176%
Exposures:
58% Equities40% Bonds40% Managed Futures20% QIS Multi-Strategy18% Gold
Strategies: 5
Objective: An alternative tilted portfolio where 78% of the portfolio exposure is committed to strategies other than long-stocks and bonds
Benchmark: None

Living Large L/S Portfolio
40% $RSST - Return Stacked US Stocks & Managed Futures ETF40% $QLEIX - AQR Long-Short Equity Fund20% $QSPIX - AQR Style Premia Alternative Fund
Canvas: 140%
Exposures:
40% Equities40% Long-Short Equities40% Managed Futures20% Style Premia
Strategies: 4
Objective: A portfolio where every fund has exposure to L/S strategies across a diverse range of asset classes.
Benchmark: None

The Sloth Portfolio
35% $GDE – WisdomTree Efficient Gold Plus Equity Fund35% $RSBT – Return Stacked Bonds & Managed Futures ETF30% $CAOS – Alpha Architect Tail Risk ETF
Canvas: 163%
Exposures:
31.5% Equities31.5% Gold35% Bonds35% Managed Futures (Trend)30% Tail Risk: OTM Put
Strategies: 5
Objective: A Dragon-inspired portfolio with a slow and steady approach to accumulation whilst defensively being prepared for all economic scenarios
Benchmark: None

Factorious Portfolio
60% $GLOF - iShares Global Equity Factor ETF20% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $RSBY - Return Stacked Bonds & Futures Yield ETF (coming soon)
Canvas: 140%
Exposures:
60% Global Multi-Factor Equities40% Bonds20% Managed Futures (Trend)20% Carry (Futures)
Strategies: 4
Objective: A factor first approach to asset allocation where a multi-strategy approach is favoured over MCW equities.
Benchmark: 60% VT / 40% AGG

Creative Canvas Portfolio
60% $RSST - Return Stacked US Stocks & Managed Futures ETF20% $GOLY - Strategy Shares Gold-Hedged Bond ETF20% $RSBY - Return Stacked Bonds & Futures Yield ETF (coming soon)
Canvas: 200%
Exposures:
60% Equities60% Managed Futures40% Bonds20% Gold20% Carry
Strategies: 5
Objective: To expand the canvas to 200% with a balanced 60/40 portfolio plus diversifiers
Benchmark: 60/40 Portfolio ($VBIAX)

The Coward Portfolio
20% $HCMT - Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF40% $RSBT - Return Stacked Bonds & Managed Futures ETF40% $GOLY - Strategy Shares Gold-Hedged Bond ETF
Canvas: 200% or 180%
Exposures:
Offensive:
40% Equities80% Bonds40% Managed Futures40% Gold
Defensive:
0% Equities80% Bonds40% Managed Futures40% Gold20% Cash
Strategies: 4 of 5
Objective: A portfolio that has the ability to retreat to 0% equity exposure (hence the nickname 'coward') during market downturn scenarios
Benchmark: 20/80 Portfolio (20% $VTI / 80% $AGG)

Double Double Eh Portfolio
60% $AOFT - Auspice One Fund Trust30% $PFAA.TO - Picton Mahoney Fortified Alpha Alternative Fund10% $QBTL.TO - AGF US Market Neutral Anti-Beta CAD-Hedged ETF
Canvas: Variable
Exposures:
Global EquitiesManaged Futures (Trend)BondsGoldM/N EquityArbitrageSpecial Situation CreditStyle Premia
Strategies: 8
Objective: An alternative strategy for Canadians to consider who are seeking maximum diversification above all other considerations
Benchmark: Global Balanced (VBAL.TO ETF)

Ultimate Defender Portfolio
40% $ACWV - iShares MSCI Global Min Vol Factor ETF50% $RSBT - Return Stacked Bonds & Managed Futures ETF10% $CAOS - Alpha Architect Tail Risk ETF
Canvas: 150%
Exposures:
40% Global Min Vol Equities50% Bonds50% Managed Futures10% OTM PUT
Strategies: 4
Objective: To overall limit exposure to equities (40%) and to choose the most defensive stocks strategy (min vol) to stabilize the portfolio
Benchmark: 40/60 Portfolio (40% VT / 60% AGG)

Tactical Tornado Portfolio
40% $RSSY - Return Stacked U.S. Equity & Futures Yield ETF (coming soon)40% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $HCMT - Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF
Canvas: 200% or 180%
Exposures:
Offensive:
80% Equities40% Managed Futures40% Bonds40% Carry (Futures)
Defensive:
40% Equities40% Managed Futures40% Bonds40% Cary (Futures)20% Cash
Strategies: 4 or 5
Objective: A portfolio that is balanced but has an offensive boost towards growth (80%) or tactically retreats to conservative (40%) equity exposure
Benchmark: None

Tortoise Portfolio
20% $USML - ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN60% $RSBT - Return Stacked Bonds & Managed Futures ETF20% $BTAL - AGF US Market Neutral Anti Beta Fund
Canvas: 180%
Exposures:
60% Bonds60% Managed Futures40% US Min Vol Equities20% M/N Anti-Beta
Strategies: 4
Objective: A portfolio that is designed for slow and steady accumulation with the potential to retreat into its shell during market turbulence
Benchmark: 40/60 Portfolio (40% $VTI / 60% $AGG)

Alt Arrow Portfolio
40% $RSSB - Return Stacked Global Stocks & Bonds ETF20% $QLEIX - AQR Long-Short Equity Fund40% $QDSIX - AQR Diversifying Strategies Fund
Canvas: 140%
Exposures:
40% Global Equities40% Bonds40% Alt Other20% L/S EquitiesMarket NeutralMacroStyle PremiaArbitrageMulti-Asset
Strategies: 9
Objective: A portfolio where alternative strategies take up 60% of the resources in terms of asset allocation with only 40% to stocks/bonds.
Benchmark: None
Bonus Portfolios
Here are some bonus portfolios from other friends and acquaintances on FinTwit.
I love receiving contributions from others as it almost always opens my eyes to new possibilities.

Triforce Portfolio
Creator: @game_book_life
Backtest:
https://x.com/game_book_life/status/1773768852821684721
36.5% $RSST - Return Stacked US Stocks & Managed Futures ETF27% $NTSI - WisdomTree International Efficient Core Fund36.5% $QSPIX - AQR Style Premia Alternative Fund
Canvas: 186.5%
Exposures:
60.8% Equities (60/40 US/exUS)36.5% Managed Futures16.2% Bonds73% Style Premia
Strategies: 4
Objective: An alternative to a global 60/40 portfolio that avoids home country bias (with Int-Developed equities) whilst committing significant resources to style premia and managed futures
Benchmark: Global 60/40 (60% $VT / 40% VBTLX)
3-Fund, 4+-Strategy Portfolios: Your Expanded-Canvas FAQ
1) What is a “3-fund expanded canvas” portfolio?
It’s a capital-efficient portfolio built from only three tickers that collectively deliver exposure to four or more return drivers (e.g., equities, bonds, managed futures, gold, carry, style premia). By stacking exposures inside each fund (e.g., 90/60, 100/100), you expand total “canvas” beyond 100% while keeping the lineup simple.
2) How do you measure the “canvas size” (e.g., 140%–200%)?
Canvas size approximates the portfolio’s summed gross exposures. For example, a 40% position in a 100/100 fund contributes ~40% equity + ~40% bonds. Add up all stacked sleeves across the three funds; totals above 100% indicate an expanded canvas that frees room for diversifiers without sacrificing core assets.
3) Why limit the build to only three funds?
Three funds force discipline. You capture meaningful diversification (4–9 strategies) with minimal operational complexity, fewer rebalance legs, lower trading friction, and cleaner risk oversight—yet still benefit from stacked, uncorrelated sleeves.
4) Which return drivers show up most across the 20 models?
The common quartet is global equities, bonds, managed futures (trend), and gold. Many models also layer carry, market-neutral/anti-beta, style premia, macro, long/short equity, options/tail-risk, and selective bitcoin trend exposure for asymmetric shock protection or convexity.
5) How do these models balance offense and defense?
Offense comes from equities (sometimes factor-tilted) and carry/style premia; defense is delivered by managed futures, gold, market-neutral, and optional tail-risk. Several portfolios have tactical sleeves that can dial equity from full throttle to near-zero during downtrends.
6) What distinguishes “defensive” vs “offensive” 3-fund builds?
Defensive variants bias to min-vol equities, larger bond and trend sleeves, gold, and optional puts—aiming for shallow drawdowns. Offensive versions tilt toward higher equity weight, equity-plus overlays, and return-enhancing alts while still retaining diversifiers that historically shine in stress.
7) How do carry and style-premia fit in a 3-fund mix?
Carry (e.g., futures yield) and multi-premia/style strategies diversify beyond pure beta and trend. They often have low correlation to both stocks and bonds, offering smoother returns between equity cycles and complementing crisis-alpha from managed futures.
8) Can a 3-fund build rival a classic 60/40?
Yes. Several lineups recreate or surpass 60/40 risk/return by return-stacking: one fund supplies equity+bond beta, while the other two introduce trend, gold, and premia. The idea is 60/40 plus—keeping the core engine while adding uncorrelated sleeves for better Sharpe and smaller max drawdowns.
9) How should I think about rebalancing with stacked funds?
Use calendar (e.g., quarterly/semiannual) or band-based rules (e.g., ±20% of target sleeve weights). Because stacked funds move multiple sleeves at once, keep rebalancing simple and avoid over-trading; let the embedded strategies (trend/tactical) do some of the heavy lifting.
10) What risks should I monitor in expanded-canvas builds?
Watch leverage mechanics, derivative collateral, bond duration mix, concentration, tracking difference, and liquidity/spreads. Ensure each fund’s process is transparent, capacity-aware, and consistent with your risk budget—especially when total canvas approaches 180–200%.
11) How do I choose among the 20 models?
Rank by your priorities: drawdown tolerance, equity target, strategy count, and simplicity. If defense is paramount, prefer min-vol/anti-beta + trend + gold. If growth is key, favor equity-plus overlays with complementary managed futures and premia. Match exposures to your time horizon and behavior.
12) Are these meant to be copied as-is?
No—treat them as templates. The tickers illustrate how to stack exposures; your final mix should reflect personal objectives, tax location, account type, and product access. The win is learning how to get 4–9 distinct strategies from only three funds while keeping the portfolio manageable.
Nomadic Samuel Final Thoughts
Whew, thanks for making it through all 20 portfolios!
I hope I didn't overwhelm you with options galore.
Sometimes going to a behemoth supermarket can make me feel anxious as I'm overwhelmed by choices.
However, I wanted to present as many different portfolio options as possible to explore all of the interesting combinations out there.
These, at the end of the day, are just ideas.
I'm of the firm opinion that it's not a wise idea to just copy any of these portfolios; instead put your personal stamp of approval by coming up with something that makes sense for you.
With all that said, there has never been a better time IMO to be a capital efficient DIY investor.
You have so many options these days as fascinating puzzles pieces continue to penetrate the marketplace.
But at this point in the article I'm more interested in what you've got to say.
What are some three fund portfolio ideas that you've come up with?

#### 5 Reasons Why I'm Not A Bogleheads Investor And Never Will Be
At some point in your investing journey you'll likely encounter a group that is the literal antithesis of what you stand for as an investor.
For me that investing group is The Bogleheads.
They're the opposite of me in more or less every manner possible under the sun, moon and stars above.
I don't believe in market-cap weighted equity exposure as if it was pancakes drowning in maple syrup on a Sunday morning.
I'm not slavishly obsessed with fees. I'd rather have dessert than collect crumbs under the table.
I don't believe in being average.
I'm not keen to stay in my lane.
I'm not interested in commandments and rules.
I'm contrarian by nature and a sponge investor at heart.
I'm not overly predictable and willing to tow the party line - espousing talking points that have been refuted at large.

Also, I'm curious enough to have studied alternative investment strategies and equity optimization to the point where I've put in the necessary work (with regards to back-tests) to see firsthand that portfolios composed of market-cap weighted equities and aggregate bonds are not sufficiently diversified and all-weather regime prepared.
Last but not least, I'm not seeking affiliation as an investor and I'm not interested in going down a narrow tunnel where I'll be making myself prone to confirmation bias.
Also, and by the way most importantly, I'm not interested in doing what everyone else is doing in life or with my investment portfolio.
Had I done that in my life, I wouldn't have met my wife (a fellow travel media personality), wouldn't have taught English in South Korea, wouldn't have travelled the world to visit 75 different countries and wouldn't be currently working on exciting new projects (this blog) and something I'm doing in Argentina at the moment.
I'd be living on the small-island I grew up on in British Columbia. I'd be working a nine to five. I'd be not living out my personal legend during this brief time I've got on this planet.
This is a longer intro than normal but I had quite a bit to get off of my chest!
Before I inform you of the 5 reasons why I'm not a Bogleheads investor, let's first define what one is.

Why I Am Not A Boglehead
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Who Are The Bogleheads

They're a group of 90,000 registered members that honor Vanguard founder and late investor John Bogle.
John Bogle, unlike his followers today, was a contrarian and maverick in the sense he was the creator of the index fund.
Having to endure criticism and scorn, during the early days of its creation, was something John faced during indexings early years.
The index fund in many ways changed the investment landscape for the better.
Bad active management and high fees were the options being served to investors in terms of typical funds for most of the 20th century.
Indexing changed all of that. And for the better.
However, owning market-cap weighted stocks and aggregate bonds, although potentially geographically diverse (if one goes global and doesn't succumb to home country bias) is anything but strategically or stylistically diverse.
It's pure and simple market-beta.
Research has show that optimization of equities and alternative investments make portfolios more robust, resilient and regime ready for whatever economic regime is thrown its way.
Instead of recognizing that further research has advanced portfolio strategies, since the days of John Bogle's revolutionary achievements, investors that adhere to his philosophy today have portfolios that are less than optimal.

What Do The Bogleheads Believe

The Bogleheads believe in the following 11 core principles under "prepare to invest" plus "create a portfolio" and "maintain discipline".
1) Live below your means2) Develop a workable plan3) Never bear too much or too little risk4) Invest early and often 5) Diversify6) Invest with simplicity7) Use index funds when possible8) Minimize costs9) Minimize taxes10) Never try to time the market11) Stay the course

I agree with most of these.
In fact, it is only points 5, 6, 7 and 8 where I don't see eye to eye.
Let's now explore the reasons I'm not a member of the Bogleheads, never have been a member of the Bogleheads and never will be a member of the Bogleheads.

Top 5 Reasons I'm Not A Bogleheads Investor

1) Simplicity vs Complexity
One click and done. All in one. Simple indexing.
Stocks. Bonds.
This all sounds great until a scenario such as the 70s, early 2000s, 2008 and 2022 rears its ugly head.
How does a simple strategy of merely market-cap weighted stocks and bonds perform under those scenarios.
Terrible.
The idea of simplifying your life is a powerful and strong message.
It makes sense in a lot of ways.
But in terms of investing, it leaves you prone to significant drawdowns when stocks are getting hammered in the markets and bonds are not providing (as much or way too little) defensive coverage.
What is missing?
A 1-2-3 approach to diversification.
Let's explore that below.

2) Lack of Strategic Diversification
When I started working on my Picture Perfect Portfolio design, I did so from a bottoms up approach.
I was genuinely curious to see what would enhance returns and provide significant downside protection.
What I found was that I needed to expand the canvas from 100% to something greater.
I then started plugging in equal parts equities, bonds and alternatives and magic started to happen.
I could build a portfolio that achieved significantly higher returns while managing risk better than the industry standard 60/40.
The "secret sauce" was alternative investments and a multi-strategy and multi-asset class approach.
When I back-tested results, by just owning market-cap weighted stocks and aggregate bonds I would both underperform and have significantly more negative years.
By merely shaving down a small amount of equities and bonds and adding an alternative, such as gold, I would greatly improve the results, risk, sortino, sharpe, maximum drawdown, worst year and overall success ratio of my portfolio.
Just by doing one thing alone. Thinking outside of the box.
Being open to new ideas.
Embracing alternatives.
That is all it took to enhance returns and manage risk.
And gold is not anywhere close to being the best alternative strategy in my opinion.
It is far too volatile.
For instance, managed futures provides better risk-adjusted uncorrelated returns.
Adding TIPS in the bond category smoothed out my portfolio and made it more inflation regime ready.
By adding uncorrelated assets and adhering to an equal parts equity, bonds and alternative sleeve I obtained, what for me, is the Picture Perfect Portfolio.

3) Factor Investing and Market Cap Size Exposure
I've now written three different articles on the benefits of optimizing equity strategies using a multi-factor rules based approach, considering mid-cap investing in your portfolio and avoiding a large-cap centric portfolio unless you're interested in finishing in last place.
The benefits of having exposure to mid-cap, small-cap and micro-cap equities includes enhanced potential returns and no lost decades over the past 50 years.
With large-cap centric portfolios being prone to investor exuberance, high forward P/E concentration and narrative based investing it makes sense to hang-out in territory where the road is less travelled.
Moreover, equity factor strategies provide exposure to uncorrelated strategies that perform well and struggle under various economic regimes.
For instance minimum volatility, yield and quality strategies are more defensive than market-cap weighted equities.
Pro-cyclical strategies such as deep value investing and size exposure can perform relatively well when market-cap beta is struggling.
Consider how well value is doing this year versus broad markets?
By including numerous factor strategies in your portfolio you'll ensure that you'll always have 'something' in your portfolio that relatively thrives.
This also means you'll have strategies that underperform.
That is what diversification looks like.
Not putting all of your risk in market-beta.
Having opportunities to contribute "buy low" when strategies are underperforming while riding recent winners that are doing great.

4) Being Mediocre = Play It Safe "Own Them All"
Out of all the things that irk me about the philosophy of The Bogleheads group it is the message of being mediocre.
Be average. Own them all.
Own them all?
Why would anyone want to do that?
Think about any other endeavor you pursue in life.
Imagine yourself as the manager of a professional sports team.
Would you want to own the average players in the league?
If so, you'd be comfortable finishing in the middle of the pack, missing the playoffs and alienating your fan base over time.
It is through the process of 'selection' and 'exclusion' that you come up with something optimal.
For instance, my Picture Perfect Portfolio has been able to achieve such phenomenal backtests because of what it owns and what it doesn't own.
Minimum volatility equities, for instance, screen out the most volatile companies and seek the most stable ones.
This strategy in the past 20 years has proven to be at times 1000 basis points more defensive than "owning them all" in a market-cap weighted strategy.

5) Slavish Fee Obsession
Honestly who doesn't love a bargain? Wouldn't we all want to pay less for something?
Yes. But not if it means owning an inferior product.
Also, not if it excludes certain uncorrelated investing strategies that improve diversification and portfolio stability just because they inherently have higher costs such as trend-following.
Would I be willing to pay a few more basis points for a more sophisticated multi-factor equity strategy that has proven to outperform over long periods of time by 150 to 300 basis points?
Most definitely.
In some ways this slavish fee obsession seems akin to fighting over crumbs under the table when dessert is being served up above to other guests sitting patiently.
Nomadic Samuel traveling in Peru with a camera in hand
Final Thoughts From Nomadic Samuel
At the end of the day I'm a Sponge Investor and not a Bogleheads Investor.
Although there is plenty I respect about the Bogleheads there is equally as many things I'll never be in full agreement over.
I'm highly cognizant of what being a part of a group does in terms of influencing your openness to new ideas and research.
Thus, I'm not looking to ever be a hardcore value investor, a Bogleheads investor or part of any other type of investing group.
I'm a free-agent that is perpetually seeking to improve the performance, diversification and risk-management of my portfolio.
I wish all investors well and to be perfectly honest if you focus on your patience, time, discipline, diversification and strategy of your portfolio you'll likely achieve all of your investing goals.
However, at the end of the day I'm pursuing the picture perfect portfolio and being a part of the Bogleheads group would be detrimental to that process.
So best of luck Bogleheads but I'm off on my own investing journey.
Ciao for now.
5 Reasons Why I’m Not A Bogleheads Investor — 12-Question FAQ (Philosophy, Portfolio Design, and Trade-offs)
What is the Bogleheads philosophy in one sentence?
Keep costs low, own broad market-cap-weighted index funds, keep taxes low, stay the course, and avoid market timing or complexity.
Why do you disagree with “own the market” simplicity?
Simplicity can mask concentrated risk in market beta and a reliance on stock/bond negative correlation. It may work in benign regimes, but it’s less prepared for inflation shocks or correlation spikes.
What’s your main diversification critique of classic Boglehead portfolios?
They diversify geographically but not strategically. Adding alternatives (e.g., managed futures/trend, commodities, gold) and factor tilts can broaden return drivers and reduce reliance on one regime.
How do factor strategies improve on cap-weight?
Rules-based tilts (value, quality, momentum, min-vol, size) can disperse risk across behaviors and balance sheets, offering different payoff profiles across cycles versus a mega-cap-heavy cap-weighted index.
Isn’t paying higher fees always worse?
Fees matter, but net outcomes matter more. If a well-designed multi-factor or alternative sleeve improves risk-adjusted returns and drawdown control, a few extra basis points can be rational.
When can Boglehead simplicity actually be a good choice?
For investors prioritizing behavioral ease, ultra-low cost, minimal oversight, and long horizons, a simple allocation can be perfectly serviceable—provided they accept large equity-driven drawdowns.
What do you mean by “expand the canvas” beyond 100%?
Using capital-efficient or embedded-leverage funds judiciously lets you hold more diversifiers without sacrificing equity exposure, potentially targeting equity-like returns with smoother risk.
How do you avoid “diworsification” while adding sleeves?
Set clear objectives, test correlations and factor overlap, size positions with risk budgets, and require each sleeve to contribute a distinct role (return, ballast, crisis alpha, inflation hedge).
What role do bonds play if stocks and bonds can fall together?
Bonds still hedge growth shocks and recessions, but add inflation-aware bonds (e.g., TIPS) and trend/commodities to address inflationary or supply-shock regimes where bonds struggle.
How should a non-Boglehead portfolio be rebalanced?
Use bands (e.g., 20% relative or 2–5% absolute), calendar checks (semi-annual/annual), and drawdown playbooks (pre-planned actions at −10/−20/−30%) to keep decisions systematic, not emotional.
What are the biggest behavioral risks in either approach?
Recency bias, overconfidence, performance-chasing, and loss aversion. Simplicity helps some stick to a plan; complexity helps others prepare for regimes—both fail without discipline.
If someone wants to evolve beyond pure Boglehead, where to start?
Keep a low-cost core, then add one or two evidence-based sleeves: a multi-factor equity fund and a trend/managed-futures sleeve. Monitor correlations, costs, taxes, and your own behavior.

#### Any Investor Can Ignore Your Best Advice And Be Wildly Successful
Any investor can ignore your best advice and be wildly successful in achieving all of their personal goals including the ultimate one of total financial freedom.
I don't care if you're a professional with decades of experience, an amateur with an unworldly track-record or if you believe you've got the most sophisticated portfolio ever invented.
Somebody else can totally ignore what it is you're doing and/or just flat out reject what you consider to be your bread and butter skillset, and be successful by doing the exact opposite.
Ouch.
That's gotta sting a little.
But before you think of all of the reasons why I might be wrong consider the following few examples.
For every investor out there that has achieved financial freedom with a 60/40 portfolio there is somebody else that has done so with just a handful of "blue chip" stocks that have been patiently held and compounding for generations.
For those who suggest you've got to spread out and diversify globally you'll find somebody who has achieved financial freedom by succumbing exclusively to home country bias.
And I'm not just referring to US based investors buying only US listed ETFs/stocks.
I'm talking about Swedish investors who own only Swedish stocks or Canadian investors buying exclusively Canadian equities.
Now at this point you're likely chomping at the bit to tell me why that's risky, doltish or flat out an inferior way to compound.
Look.
I hear you.
And you're probably right.
There likely are better ways to compound from a risk meets returns standpoint.
Heck, even from a sequence of returns point of view.
Surely, some of these "strange portfolios" could be enhanced or improved by doing a little bit (or a whole lot) of this and that.
Yet, if you're going down that route you're missing the point I'm trying to make.
Despite all of that you'll find folks who have done something that you find utterly cretinous yet it's allowed them to reach all of their financial goals whatever they may be.

About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Examples From My Career As A Travel Media Specialist
When I first started my travel media network in the early 2010s I wasn't quite an OG but the industry as a whole was certainly very much in its infancy.
Those with more experience were trotting out advice like it was the Kentucky Derby.
"Content is King."
If it's not informative people won't read it.
"Publish X amount of times per week and be as active as possible on platform A, B and C."
Indeed, some of the advice being shared allowed certain travel professionals to grow from amateurs to professionals.
Yet, I also noticed that there were those who ignored almost all of the general consensus wisdom of best practices while achieving wild success.
Some had contrarian personalities and covered niches that had yet to be written about where they built a loyal audience.
When I switched over to creating YouTube videos I noticed this more and more.
The most popular genre at the time was daily vlogging and almost everybody was hopping on that gravy train for a while.
Fast forward a few years later and most of the daily vloggers had either quit, burnt out or alienated their fanbase.
Although some found success making this style of video, many other creators went in a completely different direction creating pillar content that required multiple days of filming and editing to polish things off.
Instead of putting out content daily they'd release a video once a week, once every two weeks or even once a month.
"You've got to let your personality shine through in order to attract an audience."
Most believe this and yet I can think of numerous examples where a channel has blown up by releasing videos where it is b-roll only with no speaking at all.
"Spread out and don't put your eggs all in one basket."
That advice has resonated with certain channels and yet others have become highly specialized niche experts going deep on only one particular subject.
You need to have punchy saturated colours, quick transitions and b-roll clips not extending beyond 3 seconds and yet some creators eschew this counsel by merely pointing the camera at their face and doing an entire monologue in just one clip.
In other words, there are many ways to become successful as a travel media specialist just as there are numerous paths to becoming a prosperous investor.

My Best Advice: Expand the Canvas and Maximally Diversify
If I had to boil down what I feel is my "best advice" to pass on to fellow investors it would be to expand the canvas of your portfolio and diversify maximally beyond merely various stock/bond combinations.
I'd suggest adding capital efficient products such as $UPAR, $GDE, $BLNDX and $NFDIX and using the "extra space" that these funds create in your portfolios to further diversify into strategies such as global systematic managed futures, trend-following, long volatility options, long-short equity, market-neutral, merger-arbitrage, absolute return fixed income, real assets, gold, bitcoin and others.
It would be paramount to insist upon a globally diversified portfolio spread out between US equities, International Developed and Emerging Markets.
Furthermore, I'd want to find out your financial goals, risk tolerance and stage in your life/investing cycle to ensure that the portfolio is constructed in an optimal manner that manages risk first while offering potentially great returns second.
For example, if you've achieved financial freedom, have a bit of a weak chin and a reasonable burn-rate it might make sense to skew the portfolio more towards defensive assets and strategies such as managed futures, tail-risk options puts, absolute return fixed income and market-neutral equities.
Irregardless, what is eventually your customized portfolio needs to have an IPS (Investment Statement Policy) with a zoom-out, chill-out and let it be clause clearly stated.
There you have it.
That's my best advice.
Now go ahead and literally ignore all of it and you can still find ways to succeed as an investor.
What would be the exact opposite of my approach?
Eschewing diversification.
Rejecting going global.
Only focusing on one asset class and strategy.
Trading and making portfolio moves without any rules based decisions.
Not rebalancing.
Market-cap weighting over research supported factor strategies.
Ignoring trend and being entirely static.
Discretionary over systematic.
Yep.
I'd want to puke.
Yet this might be what is best for you.
This might be what allows you to stay the course and achieve your wildest dreams.
And who am I (or anybody else) to get in the way of that.

All Of The Potential Portfolios Out There
When you think about it there are all kinds of mainstream and oddball ways to compound wealth out there.
Here are some that come to mind.
Stocks For The Long Run (equity only investing strategies whether they be Index or Factor ETFs or individual stocks)
Ferocious Fixed Income (a portfolio composed entirely of fixed income instruments)
Equity/Bond Mix and Matchers (a portfolio with 80/20, 60/40, 40/60 or 20/80 combinations of stocks and fixed income that tickles your risk tolerance fancy)
Long-only Risk Parity, Harry Browne Permanent Portfolio or Ray Dalio All-Weather (portfolios that add an "alternative sleeve" to the mix and also cap equity exposure)
Gregarious Gold Bugs (for those who just can't get enough gold in their portfolio to the point of outshining other asset classes)
Adaptive Asset Allocators (the types of portfolios that have the ability to adapt by going long/short/flat any asset class they choose via a myriad of different futures strategies)
Hedgehog Defenders (a portfolio that is hedged by absolute return strategies across all asset classes that often features portfolio insurance as part of the equation)
Laser Eyed Crypto Comrades (for those pursuing exclusively digital assets while rejecting everything else as being old school)
Twitchy Finger Traders (discretionary managers who trade stocks, bonds, futures, options based upon macro opinions they've formed)
Observant Options Operators (specialists who trade options in a variety of different ways)
Of course I could go on and on and on but this offers a general mix of what most investors may be pursing out there.

Examining Stocks For The Long Run
I think one of the most interesting "single strategies" that we could unpack is a stocks for the long run approach where you're 100% invested in equities only.
Isn't that risky?
Sure.
Your portfolio can be sliced in half (or more) under the right scenario when a bear market rears its ugly head.
For individual stock selectors you have the additional risk of the security you've invested in going belly up as a business with the consequences of losing it all.
Yet, if you do your homework and pick wide moat companies you're likely going to be holding something more stable than fringe companies that pop in and out of indexes.
If you're committed to the strategy for decades on end it'll likely work out just fine.
Maybe you've over-saved, have a low burn-rate or an emergency fund that covers you during times of market turmoil.
There is someone out there that owns only McDonald's stock that is wealthy beyond your wildest imagination and living financially independent from dividends only.
There is another person who invests only in the S&P 500 and chills out whereas some savvy individual is trading only micro-cap stocks.
You've got globally diversified factor investors, value vultures, low volatility linchpins and mid-cap mavens all compounding their way to financial self-reliance.
Your best advice might be to avoid all high P/E stocks at all cost and yet there are growth investors who gobble those up.
Diversify globally and do no succumb to home country bias and yet we've got investors out there with less stocks than you can count on your fingers fully invested in home country equities only thriving with that particular strategy.
Although I haven't met them yet there is somebody out there that only invests broadly in Emerging Markets or in specific regions such as Latin America only.
You'll find somebody using top-down strategies and analysis whereas others build their portfolios from a bottoms up approach.
Technical analysis versus fundamental analysis.
One investor is an expert at one while eschewing the other whereas some investors combine both.
Multi-factor versus single factor.
Barbell strategies versus high conviction singular approaches.
Minimum volatility over momentum.
You name it and someone out there is pursuing it profitably.

Investing Style That Matches Your Personality
Finding an investing style/strategy that matches you personality is crucial.
If you're the type of person that likes to tinker, you're going to struggle with a buy and hold approach while potentially flourishing as a tactical manager.
If you're someone who can sit through a bear market and not obsessively check your portfolio you'll likely thrive with a portfolio that involves permanent allocations.
Some investors prefer simplicity whereas others enjoy complexity.
The one-size-fits-all approach just doesn't work and I've noticed the daily interactions between certain militant camps of investors that feel as though they're going to finally convince the other side to see the light and vice versa.
For some it is Groundhog Day on Twitter 24/7.
The best investors out there are likely the most self-aware.
They do what makes sense for them and have an uncanny ability to ignore the constant noise and distractions.
There are numerous roads to Rome and we don't all have to be on the same path.
Nomadic Samuel rowing in the Black Forest region of Germany
Any Investor Can Ignore Your Best Advice And Be Wildly Successful — 12-Question FAQ
What is the core argument of this article?
That many different investing paths can lead to financial freedom, even when they contradict each other or ignore widely held “best practices.”
Does ignoring expert advice guarantee success?
No. It simply means success is possible via multiple approaches; discipline, time horizon, and fit with your personality still matter most.
How can opposite strategies both work?
Markets reward different behaviors across cycles. If a strategy matches the investor’s temperament and they stick with it, compounding can still do the heavy lifting.
What are examples of opposite approaches succeeding?
A classic 60/40, a handful of blue chips, home-country-only stocks, or even all-equity portfolios can each reach goals if the investor stays the course.
What is the author’s “best advice” in brief?
Expand the canvas: diversify globally, add alternatives and capital-efficient building blocks, and anchor decisions in a written Investment Policy Statement.
Who might benefit from doing the opposite of that advice?
Investors who can only stick with an ultra-simple, high-conviction approach may be better off concentrating rather than adopting a complex allocation they won’t follow.
What are the risks of concentration or home country bias?
Greater drawdown risk, sector or policy shocks, and missed global opportunities; these can be acceptable only if the investor understands and accepts them.
How should an investor pick a style that fits their personality?
Match strategy to behavior: tinkerers may prefer tactical rules, while patient holders may favor permanent allocations; self-awareness reduces bailout risk.
Is diversification still useful if many paths work?
Yes. Diversification lowers reliance on any single outcome and can smooth the ride, but it is not mandatory for every successful investor.
How should investors define success?
By personal goals: adequate savings rate, staying invested through cycles, meeting spending needs, and reaching financial independence on a chosen timeline.
What are common pitfalls when copying someone else’s portfolio?
Mismatch of risk tolerance and time horizon, quitting during drawdowns, and adopting complexity without conviction or process.
What tool helps any approach succeed?
A clear IPS with rules for contributions, rebalancing, risk limits, and a “zoom-out, chill-out, let-it-be” clause to prevent emotional decisions.
Nomadic Samuel Final Thoughts
There are few pursuits in life that offer as many different potential pathways as investing.
Whatever I or anyone else believes can be totally ignored and you can still reach all of your financial goals by sticking with something that makes sense for you personally.
That's not just true in investing but in most other pursuits in life.

#### AQR Diversifying Strategies Fund Review | QDSIX Mutual Fund Review
One of the earliest memories I have of "fending for myself" was that time I made a super sandwich as a teenager.
Left alone to my own devices for lunch, I rummaged around the kitchen and found some leftover sourdough bread, turkey and bacon.
That alone toasted would have done the trick.
But I had to take it a step further.
So out came the strawberry jam, banana and peanut butter.

I know what you're thinking.
That's "___________" disgusting!
Hear me out.

Turkey and bacon are no doubt a winning combo?
Same with peanut butter and jam and peanut butter and banana?
Well, I'm telling you that all five of them together with melted butter on the sourdough toast sure tickled the fancy of my juvenile tastebuds.
It was an incredible 6-1 combination of unlikely ingredients that came together for the most ridiculously assembled super sandwich only a teenager could fully appreciate.
Well, the fund we're going to review today is a super sandwich in the realm of alternative investments.
It takes six of AQR's alternative funds and somehow gets all of the ingredients under one hood.

The super fund of funds, multi-asset class and multi-strategy fund I'm referring to is none other than AQR Diversifying Strategies Fund.
Ticker QDSIX.
I'll attempt, as best my amateur eyes are capable of, to dissect what may be one of the best all-in-one alternative solutions for portfolios.
If you're not still thinking about the ridiculous sandwich I mentioned, we can get started!

AQR Diversifying Strategies Fund: What's Under The Hood?

At this point you're well aware this is a 6-1 super fund of funds but what exactly is under the hood of AQR Diversifying Strategies mutual fund?

"AQR Multi-Asset Fund: Invests by allocating risk, rather than dollars, in a balanced manner across multiple asset classes."
"AQR Macro Opportunities Fund: Invests across asset classes and geographies on the basis of macroeconomic trends."
"AQR Managed Futures Strategy HV Fund: Employs a trend following approach to going long and short liquid futures and forward contracts across asset classes."
"AQR Style Premia Alternative Fund: Invests long and short across investment styles, markets and asset classes."
"AQR Equity Market Neutral Fund: Seeks to generate returns without exposing investors to risks of equity markets by investing both long and short."
"AQR Diversified Arbitrage Fund: Combines arbitrage strategies into one portfolio in an effort to mitigate risk and harness multiple sources of return."

A better way of understanding the complex nature of this fund is to separate it into two categories.
The Active Multi-Asset Strategy (33% AQR Multi-Asset Fund) provides long-only tactical allocation to global equities, bonds and real assets.
This is what investors would be most familiar with in their traditional portfolios.
It's a diversified mix of the global asset classes that make a long-only portfolio diversified.

The Absolute Return Strategies (5 Other alternative AQR funds each at 13% slices) are the long-short adaptive funds that deploy a myriad of different strategies.
I'd need to unpack each individual fund (with its own discreet review) to properly cover every strategy.
I actually plan on doing that!
But for the purposes of this article we'll leave things to the brief strategy descriptions we highlighted above.
It's also important to note a difference between the fund's strategic and current holdings.

QDSIX utilizes a proprietary allocation methodology but with the discretion to modify based upon current market conditions.

AQR Diversifying Strategies: Correlations Between Funds

Here is where things get interesting.
We're able to determine the monthly correlations between all AQR funds under the hood dating back to November 2014.
Just for good measure I've added SPY ETF and AGG ETF to the mix, so that investors can get a taste of correlations between the S&P 500 and Aggregate bond index.
Here is where you're able to see a clear advantage of combining numerous alternative strategies together under one ticker.
Generally speaking, the alternative AQR strategies have low to negative correlations amongst each other.
Furthermore, they have low to negative correlations with SPY and AGG too.

AQR Diversifying Strategies Simulation Performance

Let's do a rough simulation of AQR Diversifying Strategies Fund by plugging in the strategic target allocations and rolling the clock back to November 2014.

CAGR: 4.49%RISK: 5.28BEST YEAR: 13.96%WORST YEAR: -5.97%MAX DRAWDOWN: -9.23%SHARPE RATIO: 0.68SORTINO RATIO: 1.17MARKET CORRELATION: 0.31
In this backtest we're able to clearly see that a simulated AQR Diversifying Strategies Fund at its target allocations provides decent returns and outstanding risk management.
With a maximum drawdown of only -9.23% and low market correlation of 0.31 it offers everything you'd want from an alternative fund in terms of a diversification meets risk management standpoint.
Just for fun let's see what happens when we throw in 5% slices of all 6 of the underlying funds into a 60/40 portfolio.

Let's view the difference in terms of performance versus risk management.

CAGR: 6.38% vs 6.12%RISK: 10.30% vs 7.28%BEST YEAR: 21.79% vs 16.09%WORST YEAR: -16.90% vs -5.66%MAX DRAWDOWN: -20.78% vs -9.96%SHARPE RATIO: 0.56 vs 0.72SORTINO RATIO: 0.82 vs 1.09MARKET CORRELATION: 0.99 vs 0.97
What a difference in terms of risk adjusted returns when we add diversifying slices of AQR alternative funds to a milquetoast 60/40!
We give up 26 basis points of returns to receive 302 basis points of risk management in terms of enhanced standard deviation.
Our worst year and max drawdown become considerably more palatable.
And last but not least, we accept considerable upgrades in terms of our Sharpe Ratio and Sortino Ratio.
We're able to clearly see the benefit of adding alternatives to the mix of a traditional portfolio.
What about if we're more capital efficient with our exposure to stocks and bonds?
To test that let's compare the results of swapping out VBIAX with PSLDX versus a 100% VBIAX portfolio.

CAGR: 6.38% vs 9.68% vs 10.00%RISK: 10.30% vs 14.25% vs 21.41%BEST YEAR: 21.79% vs 37.66% vs 52.60%WORST YEAR: -16.90% vs -24.05% vs -43.17%MAX DRAWDOWN: -20.78% vs -28.00% vs -47.45%SHARPE RATIO: 0.56 vs 0.66 vs 0.51SORTINO RATIO: 0.82 vs 1.00 vs 0.75MARKET CORRELATION: 0.99 vs 0.89 vs 0.89
When the AQR diversifying mix of alternative strategies is handcuffed to expanded canvas PSLDX it certainly helps tame its volatility.
The difference between standard deviation, worst year and maximum drawdown is jarring to say the least.
It's pretty obvious at this point that an allocation to AQR Diversifying Strategies Fund offers investors a compelling puzzle piece whether they're playing around in a 100% sandbox or with an expanded canvas.

About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.
QDSIX Alternative Mutual Fund Review | AQR Diversifying Strategies Fund Review

AQR Capital Management: Alternative Investment Juggernaut
AQR Capital Management is an alternative investment juggernaut.
Few other fund providers offer such a wide ranging roster of funds for investors to consider.
Let's check them out!
AQR Roster Of Funds
Single Strategy
AQR Diversified Arbitrage Fund - I: ADAIX / N: ADANX / R6: QDARXAQR Equity Market Neutral Fund - I: QMNIX / N: QMNNX / R6: QMNRXAQR Long-Short Equity Fund - I: QLEIX / N: QLENX / R6: QLERXAQR Macro Opportunities Fund - I: QGMIX / N: QGMNX / R6: QGMRXAQR Managed Futures Strategy Fund - I: AQMIX / N: AQMNX / R6: AQMRXAQR Managed Futures Strategy HV Fund - I: QMHIX / N: QMHNX / R6: QMHRXAQR Risk-Balanced Commodities Strategy Fund - I: ARCIX / N: ARCNX / R6: QRCRX AQR Sustainable Long-Short Equity Carbon Aware Fund - I: QNZIX / N: QNZNX / R6: QNZRX
Multi-Strategy
AQR Alternative Risk Premia Fund - I: QRPIX / N: QRPNX / R6: QRPRXAQR Diversifying Strategies Fund - I: QDSIX / N: QDSNX / R6: QDSRXAQR Style Premia Alternative Fund - I: QSPIX / N: QSPNX / R6: QSPRXAQR Multi-Asset Fund - I: AQRIX / N: AQRNX / R6: AQRRX

AQR Diversifying Strategies Fund Overview, Holdings and Info
The investment case for “AQR Diversifying Strategies Fund” has been laid out succinctly by the folks over at AQR:
"Investment Objective:
Seeks capital appreciation.
A Diversified Approach to Alternative Investing:
The Fund seeks attractive long-term risk-adjusted returns through strategic allocations to AQR alternative mutual funds.
Investment Approach:
Leveraging AQR’s research and 20-year track record in alternative investing, the Fund is designed to complement an investor’s traditional stock and bond portfolio. 
The Fund invests in a portfolio of AQR mutual funds, providing exposure to both Active Multi-Asset strategies and Absolute Return strategies:
Active Multi-Asset Strategies: seek to provide tactical and risk-managed allocations among major asset classes across global markets. These strategies are expected to have some correlation to traditional asset classes over the long-term.
Absolute Return Strategies: seek to capture returns from well-established investments styles, such as value and momentum. Certain strategies may also provide exposure to less accessible types of returns. These strategies tend to be uncorrelated to traditional asset classes over the long-term.
Why Invest in the Diversifying Strategies Fund?
A Core Alternative Allocation:
The Fund seeks to provide an all-in-one solution for investors seeking a strategic, long-term approach to alternatives.
Low Exposure to Traditional Markets:
The Fund seeks reduced sensitivity to stock and bond market movements, which can help improve portfolio resilience across various market environments.
Multiple Sources of Return:
The Fund offers diversified exposure to a range of alternative strategies and return sources."

AQR Diversify Strategies Fund Investment Strategy Key Points

Fund Exposure: Global markets (developed and emerging markets) and Multiple Asset Classes (equities, fixed-income, commodities and currencies)
Long and Short Positions: Across a wide range of securities, derivatives and other instruments
Fund Goals:A) Reduced correlation to stock and bond market movements, andB) Multiple alternative return sources that are independent from traditional stock and bond markets.
Fund of Funds: Gains exposure to these types of investments and strategies through its own underlying alternative funds
2 Categories of Alternative Strategies:A) Active Multi-Asset Strategies: Tactical and risk-managed allocations = some correlation to traditional asset classesB) Absolute Return Strategies: Value, momentum, merger, convertible arbitrage = uncorrelated to traditional asset classes
3 Types of Absolute Return Strategies:A) Long/short strategies: Long (and short) positions in attractive investments (and unattractive) on a relative basisB) Directional strategies: Taking long (or short) positions in attractive investments (or unattractive) on an absolute basisC) Arbitrage strategies: Exposure to merger arbitrage, convertible arbitrage and other event-driven strategies
Asset Allocation Process: Proprietary methodology with the discretion to modify based upon current market conditions
Target Volatility: No target but likely the fund will realize annualized volatility levels of between 4% and 8%

AQR Diversify Strategies Fund Info
Tickers: QDSIX (Class I) / QDSNX (Class N) / QDSRX (Class R6)Adjusted Expense Ratio: 1.47 (Class I)AUM: 224 MillionInception: 06/08/2020
In terms of investment minimums, the fund is available for individual investors ($5 Million), Accounts offered by Financial Advisors (None) and Institutional Investors (None).

AQR Diversify Strategies Fund Performance
AQR Diversifying Strategies Fund couldn't have picked a better time to be dropped into the sizzling frying pan.
Since its inception, it has handled the challenges the market has thrown its way with ease whereas the S&P 500 and 60/40 Portfolio have had their share of challenges to say the least.
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
CAGR: 12.25%RISK: 6.45%BEST YEAR: 14.69%WORST YEAR: 5.18%MAX DRAWDOWN: -4.45%SHARPE RATIO: 1.70SORTINO RATIO: 4.06MARKET CORRELATION: 0.15

AQR Diversify Strategies Fund Pros and Cons
Let’s move on to examine the potential pros and cons of AQR Diversifying Strategies Fund.
QDSIX Pros

Super fund of funds, multi-asset class, multi-strategy 6-1 single fund total alternative solution for your portfolio
Low to negative correlations between the 6 alternative strategies offered in the fund
Low to negative correlations between the 6 alternative strategies and major market fund such as SPY and AGG ETF
The ability to plug into a traditional 60/40 portfolio and/or capital efficient portfolio to improve risk adjusted returns
A strategy that has navigated the challenges of the 2020s with ease while traditional long-only asset classes have struggled
The capacity to achieve superior absolute returns no matter what economic regime or curveball is thrown its way
Instead of having to cobble together numerous alternative strategies you can just plug this all in one solution into your portfolio
Eliminates the risk of one alternative strategy that is struggling from dragging the portfolio down by splitting up into 6 parts
The expectation (but not target) of 4 to 8% volatility to smooth out overall portfolio returns
Reasonable management fee for a fund of funds alternative investment strategy

QDSIX Cons

Tracking error and prolonged periods of relative underperformance versus traditional asset classes tempts investors to bail on alternative strategies
Could be a bit of a blackbox for investors not familiar with all of the alternative strategies that are part of the fund

AQR Diversify Strategies Fund Model Portfolio
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Let's put together a globally diversified expanded canvas model portfolio where AQR Diversifying Strategies Fund has plenty of breathing room and space to shine.
20% DSEEX - DoubleLine Shiller Enhanced CAPE20% DSEUX - DoubleLine Shiller Enhanced Intl CAPE20% QLEIX - AQR Long-Short Equity40% QDSIX - AQR Diversifying Strategies
The capital efficient 100/100 equities/fixed income DoubleLine funds allow us to reach 40/40 equities/bonds with a 40% allocation.
We'll add 20% AQR Long-Short Equity to fulfill the exposure of a 60/40 portfolio with 40% of space leftover for QDSIX.

AQR Diversify Strategies Fund + Friends Portfolio vs 60/40 Portfolio (VBIAX)

CAGR: 13.30% vs 3.65%RISK: 11.03% vs 13.21%BEST YEAR: 19.06% vs 15.23%WORST YEAR: 1.58% vs -16.90%MAX DRAWDOWN: -11.48% vs -20.78%SHARPE RATIO: 1.12 vs 0.28SORTINO RATIO: 2.00 vs 0.40MARKET CORRELATION: 0.76 vs 0.99
Here we're able to see that an expanded canvas portfolio pursuing maximum diversification between strategies absolutely crushes a 60/40 portfolio in what is albeit a very small sample size.
It's just an across the board triumph from a risk meets returns standpoint.

The monthly correlations between the four funds suggest that we're well diversified for future battles.

AQR Diversifying Strategies Fund (QDSIX) — 12-Question FAQ
1) What is AQR Diversifying Strategies Fund (QDSIX)?
QDSIX is a multi-asset, multi-strategy “fund of funds” from AQR that combines several of the firm’s alternative mutual funds into one ticker to deliver a core alternatives allocation designed to diversify traditional stock/bond portfolios.
2) What’s under the hood?
It blends six AQR funds: one Active Multi-Asset sleeve (AQR Multi-Asset) plus five Absolute-Return sleeves (Macro Opportunities, Managed Futures HV, Style Premia Alternative, Equity Market Neutral, and Diversified Arbitrage) to access trend, macro, style premia, market-neutral, and arbitrage return streams.
3) How do the two sleeves differ?

Active Multi-Asset: long-only, risk-managed allocations to global stocks, bonds, and real assets; tends to show some correlation to traditional markets.

Absolute Return: long/short, rules-based strategies (value, momentum, carry, quality; merger/convertible arbitrage, etc.); designed to be low/uncorrelated to stocks and bonds.

4) What problem is QDSIX trying to solve?
It aims to provide diversification and drawdown dampening by adding multiple independent return streams so investors aren’t relying solely on equities (or a 60/40) during tough regimes.
5) How does it typically behave in a portfolio?
Historically (per the review’s simulations), pairing diversified alternatives with traditional assets reduced volatility and max drawdowns while improving risk-adjusted metrics—exact outcomes will vary, but the intent is smoother portfolio paths with lower market beta/correlation.
6) Who might consider QDSIX?
Investors seeking a single-ticket alternatives core (instead of building six separate sleeves), advisors wanting implementation simplicity, and allocators prioritizing risk management and multi-strategy diversification over pure benchmark tracking.
7) What are the key risks or drawbacks?
Expect tracking error versus stock/bond benchmarks, potential periods of relative underperformance, and strategy complexity (“black box” feel). As with any alternatives fund using derivatives and shorting, results can diverge from investor expectations in the short run.
8) How can QDSIX be used in practice?
Common uses from the review:

Plug-in to 60/40 to lift Sharpe/Sortino and lower drawdowns.

Pair with capital-efficient cores (e.g., 90/60 or 100/100 funds) to keep equity/bond exposure while carving room for diversifiers.

Anchor an “alts sleeve” at 10–40% depending on mandate and tolerance.

9) What about correlation benefits?
The underlying AQR sleeves show low to negative correlations to one another and to broad stock/bond proxies, which is the engine of the fund’s diversification potential (per the review’s correlation tables).
10) What share classes, fees, and minimums were noted?
Tickers include QDSIX (I), QDSNX (N), QDSRX (R6). The review cites an adjusted expense ratio ~1.47% (I-shares) and notes access differences: Individuals (high minimum, e.g., $5M), Advisors/Institutions (no stated minimums)—confirm current details with AQR or your platform.
11) What volatility profile should investors expect?
While not a hard target, the prospectus language referenced in the review suggests an expected long-run volatility range ~4–8% (actual results can differ across periods).
12) Bottom line from the review?
QDSIX is positioned as a “super-sandwich” all-in-one alternatives solution—six differentiated strategies under one roof—to enhance risk-adjusted returns and stabilize portfolios across regimes, provided investors can live with complexity and benchmark deviation.
Nomadic Samuel Final Thoughts
AQR has really created a masterpiece with its Diversifying Strategies super fund of funds.
Investors are able to drop a slab of the fund into their portfolios with six different alternative strategies conspiring to enhance risk adjusted returns.

It's a no brainer, in my opinion, if you're able to purchase it.
However, at this point in the review I'm more interested in what you've got to say.

What do you think of AQR Diversifying Strategies Fund?
Is it on your radar?

#### AQR Style Premia Alternative Fund Review: QSPIX Mutual Fund Review
One of the most embarrassing moments of my life occurred during a dim sum lunch with a PR representative in Hong Kong.
My wife and I were in the city for a work project and we had received an invitation to go out for lunch.
We were given an address and we knew what neighbourhood we were meeting in, but that was the extent of our research. After all, it was just dim sum!
Up until then, my experience with dim sum was limited to Malaysia where it was all about outdoor plastic chairs, pushcart trolleys, boisterous conversations and shirtless men smoking cigarettes whilst reading the local newspaper.

I thought we were going out for the most casual of lunches and I couldn't have been more wrong!
Because it was a rainy day, we hopped in taxi and we were a little surprised when our driver dropped us off at the International Commerce Center, a super glitzy skyscraper overlooking Victoria Harbour.
It turns out the restaurant we were going to was located on the 102 floor of the Ritz-Carlton Hotel.
As I entered the elevator it became painstakingly obvious I was severely underdressed for the occasion.
Here I was decked out in a t-shirt, shorts and sandals, while men around me were sporting business suits.

As the elevator door opened my heart was beating like a drum.
The maître d' quickly looked me over, asked if I was in the right place, and the proceeded to lead me to a backroom where I was presented with a bag containing shoes, a dinner jacket and trousers.
Apparently, I wasn't the first idiot to arrive at this restaurant not dressed for the occasion.
However, I felt relieved as this seemed like a reasonable enough solution.
The only problem was that the trousers were for a man that was about 5'7 and 135 lbs.
And here I am 6'1 and 190 lbs.
I tried to put on the pants, but they were more like capri pants on me leaving my ankles and calves exposed.
Zip up the pants?
Forget about it.
The dinner jacket wasn't any better.
Imagine a sausage casing.
The only thing that fit reasonably well were the shoes.

So out I came from the backroom dressed like some kind of farang freakshow waltzing my way to the table.
It actually looked about 10X worse than had I just remained woefully underdressed.
At that moment, if I could have crawled into a cave and died, I might have chosen that option.

Somehow, our host kept a straight face while my wife tried her best to contain her laughter.
We got through lunch, which featured dim sum with gold leaf and the best views of Hong Kong.

Style premia?
Zero that day.
But we're not here to poke anymore fun at my fashion faux pas. Instead, let's learn more about a fascinating alternative investing strategy.

What Is Style Premia?
Style Premia is not related to how appropriately you dress for dinner; it's a multi-strategy plus multi-asset class way of expressing long-short styles across research supported factors such as carry, defensive, value and momentum.
I like to think of it as a 4 x 4 tearing around in the mud.
You've got four asset classes:

Equities
Bonds
Commodities
Currencies

And you're expressing four distinct investing styles:

Value
Momentum
Carry
Defensive

Style premia, in the world of finance, refers to investment strategies that aim to capture specific returns associated with distinct investment styles. These styles are based on systematic patterns or anomalies found in markets over time. The concept is grounded in the belief that certain characteristics of assets can predict higher returns. Here’s a breakdown of what constitutes style premia:

Value: This style is based on the principle that stocks or assets priced below their intrinsic value will, over time, provide superior returns as the market corrects the mispricing. It's akin to finding a high-quality item on sale; eventually, its price is expected to reflect its true worth.
Momentum: Momentum investing involves capitalizing on the continuation of existing market trends. It operates on the premise that assets which have performed well in the recent past will continue to do so in the short-term future, and vice versa for poorly performing assets.
Carry: In the carry trade, investors profit from the difference between the yields of two assets. For example, in currency markets, it might involve borrowing in a currency with a low interest rate and investing in a currency with a higher interest rate, profiting from the spread.
Defensive (Low Volatility): Defensive or low volatility investing focuses on assets with lower risk and volatility compared to the market. The idea is that these assets will yield better risk-adjusted returns over time, as they are less susceptible to large market swings.

Style premia strategies involve going long (buying) assets that exhibit these desirable characteristics whilst going short (selling) assets that do not. The strategies can be applied across various asset classes, including equities, bonds, commodities, and currencies to systematically capture the desired exposures.
The appeal of style premia investing lies in its systematic approach that diversifies across different styles; investors can potentially reduce risk and enhance returns, as these styles tend to perform differently across various market environments.

Style Premia Potluck Dinner
Picture this as an episode of "The Investment Chef," where strategies are not just strategies, but characters at a high-stakes potluck dinner.

Value Investing: Meet Value Vick, the thrift shop connoisseur. He's the guy who buys neon leg warmers and vinyl records for pennies and swears they'll be worth a fortune. At the potluck, he brings a casserole he made from discounted, day-old bread and mystery meat he swears is prime rib. Everyone's skeptical until Gordon Ramsay stops by, tastes it, and declares it a culinary masterpiece. Value Vick smirks, his dish is now the hit of the party.
Momentum Investing: Then there's Momentum Mandy. She's on TikTok 24/7, catching trends before they're cool. For the potluck, she brings the latest viral sensation: cloud eggs. Half the room thinks she's a genius; the other half hasn't even heard of cloud eggs yet. Mandy's dish is popular until someone mentions they're so last week, and suddenly, she's in the kitchen whipping up dalgona coffee.
Carry Trading: Carry Trader Carl walks in, a Monopoly millionaire, always collecting rent. He's brought a fondue set, charging people a dollar to dip their snacks. It's all fun and games until someone realizes they're actually paying to eat their own food. Carl's making a killing, though, and offers to share his profits if you'll just let him set up a mini-bar next to the fondue station.
Defensive Investing: Lastly, we have Defensive Dana. She's wrapped in bubble wrap, carrying a salad made entirely of superfoods. It's designed to survive a nuclear fallout and still provide 100% of your daily vitamins. Dana's corner of the table is for those who want to play it safe, avoiding the rollercoaster of food poisoning from Uncle Value's mystery meat casserole.

Combine all these personalities at the potluck, and you've got the Style Premia strategy: a smorgasbord of investing tactics that might seem quirky on their own but together aim to conquer the buffet of alternative strategies. It's a blend of finding hidden gems, riding the wave of popularity, making money off literally anything, and always having a safety net (made of kale, probably). Because in the end, why put all your eggs in one basket when you can spread them across a buffet while you're at it?

Uncorrelated Strategy + Absolute Return Potential
The concept of style premia strategies revolves around the aim to deliver absolute returns, which means trying to generate positive returns irrespective of the broader market's direction. This ambition sets style premia apart from traditional equity or bond investments, which often depend on market trends for performance.
Its returns in 2022 provide a perfect example of this:

Style premia strategies often exhibit low correlation with traditional asset classes like stocks and bonds. This characteristic is pivotal for absolute return strategies, as it allows these investments to potentially generate positive returns even when traditional markets are flat or declining. What's fascinating is that style premia is also uncorrelated with many other alternative strategies!

Hence, there is a tremendous diversification benefit to integrating it into a portfolio that has traditional assets (equities and bonds) and an alternative sleeve (managed futures, gold, market neutral, etc).
The question you need to ask yourself as an investor is whether or not you want to shave down (existing exposures) or expand the canvas (create space with capital efficient funds) to make room for it all.

Review of AQR Style Premia Alternative Mutual Fund : Reviewing QSPIX Fund
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

AQR Capital Management: OG Alternative Investment Provider
AQR Capital Management is without a doubt the OG Alternative fund provider.
Here is their complete roster of alternative funds:
AQR Complete Alternative Funds List
Single Strategy
AQR Diversified Arbitrage Fund – I: ADAIX / N: ADANX / R6: QDARXAQR Equity Market Neutral Fund – I: QMNIX / N: QMNNX / R6: QMNRXAQR Long-Short Equity Fund – I: QLEIX / N: QLENX / R6: QLERXAQR Macro Opportunities Fund – I: QGMIX / N: QGMNX / R6: QGMRXAQR Managed Futures Strategy Fund – I: AQMIX / N: AQMNX / R6: AQMRXAQR Managed Futures Strategy HV Fund – I: QMHIX / N: QMHNX / R6: QMHRXAQR Risk-Balanced Commodities Strategy Fund – I: ARCIX / N: ARCNX / R6: QRCRX AQR Sustainable Long-Short Equity Carbon Aware Fund – I: QNZIX / N: QNZNX / R6: QNZRX
Multi-Strategy
AQR Alternative Risk Premia Fund – I: QRPIX / N: QRPNX / R6: QRPRXAQR Diversifying Strategies Fund – I: QDSIX / N: QDSNX / R6: QDSRXAQR Style Premia Alternative Fund – I: QSPIX / N: QSPNX / R6: QSPRXAQR Multi-Asset Fund – I: AQRIX / N: AQRNX / R6: AQRRX

AQR Style Premia Alternative Fund Overview, Holdings and Info
The investment case for “AQR Style Premia Alternative Fund” has been laid out succinctly by the folks over at AQR Capital Management:

Investment Case

"Seeks positive absolute returns."

A Core Alternative Solution

The Fund aims to deliver attractive risk-adjusted returns with low correlation to traditional stock/bond portfolios by investing in a broad and diversified range of alternative risk premia.

Investment Approach

"The Fund invests long and short across five different asset groups (stocks & industries, equity indices, fixed income, currencies and commodities) and four investment styles (Value, Momentum, Carry and Defensive), and aims to be market neutral.
Investment styles are disciplined, systematic and economically intuitive methods of investing that have the ability to produce long-term positive returns across markets and asset groups with little correlation to equity markets.
These styles have historically exhibited low correlations to one another. By allocating equal risk across strategies, the Fund exposures are well balanced across the different sources of return. An integrated portfolio of alternative risk premia can provide important diversification benefit to traditional portfolios and can serve as a core alternative allocation."

Fund Overview: Why Invest in the AQR Style Premia Alternative Fund?

Seeks Attractive Risk-Adjusted Returns
The Fund combines four different style strategies across a range of liquid asset groups: stocks & industries, equity indices, fixed income, currencies and commodities. By implementing a risk-balanced exposure to these largely unrelated returns sources, the Fund aims to benefit from their diversification potential and deliver attractive risk-adjusted returns.

Opportunity To Perform In Rising And Falling Markets
By investing long and short, the Fund seeks to be market neutral with low correlation to equity and bond markets, and aims to provide positive absolute returns in both rising and falling markets.

Core Allocation To Alternatives
The Fund takes a holistic approach to style investing: combining exposure to four styles across five asset classes within one single portfolio. Investors may benefit from the simplicity of a single, balanced, core solution compared to the challenges of picking several single style products.

AQR Style Premia Alternative Fund: QSPIX Fund Selection Process
To better understand the process of how the fund operates, let’s turn our attention towards the summary prospectus where I've summarized the key points at the very bottom.

AQR Style Premia Alternative Fund Key Points

Investment Objective and Styles: The Fund aims to provide exposure to four investment styles - value, momentum, carry, and defensive - across various asset groups including equities, bonds, interest rates, commodities, and currencies, employing both long and short positions.
Asset Groups and Global Reach: Investments span globally, including emerging markets, across a diverse set of instruments such as equities, futures, currency and commodity forwards, and swaps. The Fund can invest directly in these instruments or indirectly through a subsidiary.
Equity and Bond Exposure: The Fund's equity exposure includes U.S. and non-U.S. issuers and indices, while bond exposure includes U.S. Government securities and sovereign debt from both developed and emerging markets. It may invest in debt securities of any credit rating, including high-yield bonds.
Currency Exposure: The Fund may have significant exposure to non-U.S. dollar denominated currencies, including those from emerging markets, aiming for low correlation to traditional equity and bond markets.
Investment Strategies Detailed:

Value: Favors cheap assets based on fundamental measures like price-to-earnings and price-to-book ratios.
Momentum: Prefers assets with superior medium-term performance, utilizing measures like price momentum.
Carry: Seeks higher-yielding assets, using interest rates for selection.
Defensive: Chooses low-risk, high-quality assets, with the goal of higher risk adjusted rates of returns.

Portfolio Construction: Utilizes a systematic, bottom-up process that ranks investments within each asset group by each style. The process aims for equal risk distribution across styles within asset groups and a balanced risk allocation across asset groups.
Volatility Management: The Adviser targets an average annualized volatility level for the Fund of 10%, with an expected range of 8% to 15%. Actual volatility may vary based on market conditions.
Trading and Tax Considerations: The Fund engages in frequent trading, potentially leading to higher transaction costs and adverse tax consequences.
Subsidiary Investments: Up to 25% of the Fund's assets may be invested in a wholly-owned subsidiary to gain exposure to commodities markets within tax law limitations. The Subsidiary can invest in a wider range of commodities-related instruments than the Fund.
Cash Holdings: A portion of the Fund's assets will be held in cash or cash equivalents to possibly include short-term investment funds, money market funds, and U.S. Government securities, ensuring liquidity and margin/collateral for derivative positions.

AQR Style Premia Alternative Fund Info
Ticker: I: QSPIX / N: QSPNX / R6: QSPRXAdjusted Expense Ratio: 1.52AUM: 1.01 BillionInception: 10/30/2013

AQR Style Premia Alternative Fund Strategy Pros and Cons
Let’s move on to examine the potential pros and cons behind the strategy of AQR Style Premia Alternative Fund.
QSPIX Pros: Distinct Advantages

Diversification Across Styles and Asset Classes: By investing across multiple styles and asset classes (equities, bonds, commodities, currencies), the strategy offers a higher level of diversification, reducing the overall portfolio risk compared to traditional single-style or single-asset investments.
Low Correlation to Traditional Markets: Style premia strategies often exhibit low correlation to traditional equity and bond markets, providing a valuable source of portfolio diversification and potentially reducing overall volatility.
Low Correlation with Other Alternative Strategies: It was fascinating to discover that Style premia is uncorrelated with managed futures and gold.
Systematic Risk Management: Utilizes quantitative models to systematically manage risk, ensuring that investments are spread across various styles and asset classes to maintain a balanced risk profile, targeting specific volatility levels.
Enhanced Return Potential: By capturing premiums across different investment styles, the strategy aims to enhance returns over the long term, capitalizing on the tendency of certain styles to outperform under different market conditions.
Opportunistic Long/Short Positions: The ability to take both long and short positions in various markets allows the strategy to profit from rising and falling markets, providing a potential source of positive returns irrespective of market direction.
Exposure to Global Markets: Investing globally, including in emerging markets, offers exposure to a wider range of economic conditions and opportunities, potentially enhancing returns and reducing risk through geographic diversification.
Flexibility and Adaptability: The strategy's systematic approach allows for flexibility and adaptability to changing market conditions, enabling quick adjustments to the portfolio's exposure across different styles and asset classes.
Advanced Risk Management Techniques: Utilizes advanced risk management techniques, including proprietary algorithms for trading and active monitoring of volatility and other risk measures, to mitigate potential losses.
Potential for Improved Risk-Adjusted Returns: The combination of diversified exposures and systematic risk management aims to improve risk-adjusted returns, making the strategy an attractive option for investors seeking to optimize their risk/reward profile.
Access to Alternative Risk Premia: By focusing on style premia, the strategy provides access to alternative risk premia that are not easily accessible through traditional investment strategies, offering a unique source of potential alpha generation.
Absolute Return Potential: The strategy/fund delivered a +30.64% CAGR in 2022 when a 60/40 VBIAX (-16.90%) and S&P 500 SPY (-18.17%) got slaughtered
Core Alternative Strategy Or Satellite Diversifier: Can easily be a core alternative strategy with its multi-asset class plus multi-strategy approach or a satellite diversifier
Expanded Canvas Portfolios Potential: Can be combined with other uncorrelated traditional investing strategies (long-only stocks and bonds) and uncorrelated alternatives (managed futures, gold, arbitrage) to build a robust portfolio

QSPIX Cons: Potential Limitations

Complexity: The strategy's reliance on multiple investment styles and asset classes, along with the use of sophisticated algorithms (and long-short nature), can make it complex and difficult for some investors to understand fully.
Cost: Implementing a Style Premia Alternative Strategy can be costlier than traditional investment strategies due to the need for advanced risk management systems and more frequent trading to express its long-short views.

AQR Style Premia Alternative Fund Model Portfolio Ideas
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
QSPIX offers investors a myriad of interesting options for potential portfolio construction.
Anywhere between a 10% (as a satellite diversifier) allocation up to a 30% (as an alternative core strategy) allocation makes sense.
Let's explore some of those combinations.
Style Premia Expanded Canvas Portfolio
For those seeking to expand the canvas of their portfolio to add style premia (plus other alternative strategies) it's never been easier to do just that.
Model Portfolio:
40% RSSB - Return Stacked Global Stocks & Bonds ETF20% RSST - Return Stacked US Stocks & Managed Futures ETF20% QPSIX - AQR Style Premia Alternative Fund10% LCSIX - LoCorr Long/Short Commodity Strategies Fund10% BTAL - AGF US Market Neutral Anti Beta Fund
Exposures:
60% Equities (Global + US)40% Bonds20% Managed Futures20% Style Premia10% Long-Short Commodities10% Market Neutral Anti-Beta
Canvas: 160%
Here we've maintained the backbone of a 60/40 with a hefty 60% pile of uncorrelated alternatives added to the mix.
Let's utilize VBIAX (60/40) and PQTIX (Managed Futures) to backtest this robust beast bad boy .

CAGR: 10.47% vs 7.73%RISK: 8.90% vs 10.15%MAX DD: -6.87% vs -16.90%WORST YEAR: -11.21% vs -20.78SHARPE: 1.02 vs 0.66SORTINO: 1.69 vs 1.00CORRELATION: 0.89 vs 0.98

Here we've got ourselves a nifty returns above risk portfolio boasting a Sharpe 1.00+ Ratio.
Hey, let's not be modest over here.
It absolutely cleans the clock of a static 60/40 with its diverse range of uncorrelated long-short alternative absolute return strategies in terms of having significantly better CAGR, risk management and risk adjusted rates of returns.

Finally, let's move on to drawdowns.

I like what I see.
Style Premia Countdown Portfolio (4, 3, 2, 1)
Let's explore an out of the box countdown portfolio where our style premia allocation is high conviction at 30%.
Model Portfolio:
40% AUEIX - AQR Large Cap Defensive Style30% QSPIX - AQR Style Premia Alternative20% ABYIX - Abbey Capital Futures Strategy10% BTAL - AGF U.S. Market Neutral Anti-Beta
Exposures:
40% US Defensive Equities30% Style Premia20% Managed Futures10% Market-Neutral Anti-Beta
Canvas: 100%
Here we're rolling with four uncorrelated strategies as a potential alternative portfolio versus the milquetoast 60/40.

CAGR: 7.71% vs 7.51%RISK: 6.92% vs 10.36%MAX DD: -7.53% vs -20.78%WORST YEAR: -3.52% vs -and 16.90SHARPE: 0.91 vs 0.62SORTINO: 1.58 vs 0.94CORRELATION: 0.50 vs 0.98

You'll notice with the Style Premia Countdown Portfolio that we're compounding in a very different manner compared to the 60/40 portfolio.
We'll celebrate slight outperformance but in particular one should feast their eyes upon the differences in drawdown management (-7.53% vs -20.78%) and lower correlations with markets (0.50 vs 0.98).

You'll notice the Countdown Portfolio is an impenetrable fortress, from a drawdown management perspective, when compared to the 60/40 portfolio.

Skin A Cat 60/40 Style Premia Portfolio
For investors that insist upon a 60/40 as the bedrock of their portfolio (and aren't open to capital efficiency) we'll shave things down to create some space for style premia as a satellite diversifier.
We're just dipping our toes in the water over here.
Model Portfolio:
90% VBIAX10% QPSIX
Exposures:
90% 60/4010% Style Premia
Canvas: 100%
Here we've made space for style premia as a satellite diversifier bringing an additional strategy into the portfolio.

CAGR: 7.73% vs 7.73%RISK: 9.10% vs 10.15%MAX DD: -16.89% vs -20.78%WORST YEAR: -12.14% vs -16.90SHARPE: 0.72 vs 0.66SORTINO: 1.11 vs 1.00CORRELATION: 0.98 vs 0.98

So we've got the same returns here but we've improved the risk adjusted rate of returns across the board (SHARPE/SORTINO + MAX DD/WORST YEAR).
Even with just a slice we've improved the stability of the portfolio.

Frequently Asked Questions — AQR Style Premia Alternative Fund (QSPIX) Review
What is QSPIX in one sentence?
AQR’s Style Premia Alternative Fund (QSPIX) is a long/short, multi-asset, multi-style mutual fund seeking positive absolute returns with low correlation to traditional stock/bond portfolios.
What “styles” does QSPIX use?
It systematically targets four well-researched styles—Value, Momentum, Carry, and Defensive (low risk/quality)—implemented across multiple asset groups.
Which asset classes does it trade?
QSPIX allocates across equities (stocks & industries and indices), fixed income (rates/sovereign debt), commodities, and currencies, using cash securities and derivatives.
How does the portfolio stay balanced?
AQR aims for a risk-balanced design—roughly equal risk across styles within each asset group and across asset groups—so no single sleeve dominates outcomes.
Is it market neutral?
The fund aims for low correlation to equities and bonds by going long and short, seeking to earn style premia rather than broad market beta.
How volatile is it intended to be?
The adviser targets ~10% annualized volatility (typically 8–15% expected range) with actual realized volatility varying by market conditions.
Why might investors consider QSPIX?
For diversification (low correlation to stocks/bonds and even to many alternatives), absolute-return potential, and a single-ticket core alternative that blends styles and assets.
What are the main risks or drawbacks?
It’s complex, relies on models and derivatives, can face whipsaw periods when styles underperform, and typically carries higher costs than cap-weighted index funds.
How could QSPIX fit into a portfolio?
As a core alternative sleeve (e.g., 10–30%) or satellite diversifier, either by shaving traditional exposures or by expanding the canvas with capital-efficient funds to make room for diversifiers.
What about taxes and turnover?
The fund is actively traded (higher turnover possible), uses derivatives, and may have non-trivial tax implications—placement and tax-aware implementation matter.
What are the basic fund facts?
Tickers: I: QSPIX / N: QSPNX / R6: QSPRX • Adjusted Expense Ratio: ~1.52 • AUM: ~$1.01B • Inception: 10/30/2013. (Details per the review’s summary.)
Is this financial advice?
No. This review/FAQ is for education and entertainment only. Do your own research and consult a qualified advisor before investing.
Nomadic Samuel Final Thoughts
One of the benefits of expanding your awareness and remaining curious as an investor is that you eventually stumble upon an alternative strategy like style premia.
When I first started my site in 2022, I didn't even know what style premia was.
Now I'm excited to integrate it into my portfolio (along with other multi-strategy alternative approaches).
It's vying for elbow space in my core alternative sleeve alongside managed futures, gold and other alternative strategies.
And that's what excites me the most.
I want every single strategy in my portfolio to be competing for space the same way somebody pursuing an anti-aging protocol has various nutritious food items compete for space on their plate.

But at this point in the review I'm more interested in what you've got to say.
What do you think of style premia as a strategy and QSPIX in particular?

#### RPAR Risk Parity ETF Review | Diversified Asset Allocation Fund
I'm not sure I've ever reviewed a fund that has had such a challenging year to date, yet offers as much long-term potential for patient investors.
The fund I'm referring to is RPAR Risk Parity ETF.
In this comprehensive review I'm going to present the case as to why Risk Parity investing strategies are in many ways superior to the classic 60/40 portfolio which is by and large considered the industry standard.
Furthermore, we'll take a deep-dive into the strategy behind Risk Parity investing while examining its historical performance and risk management prowess via a comprehensive backtest.
Early readers of Picture Perfect Portfolios may remember that one of my first ever fund reviews was for UPAR Ultra Risk Parity ETF.
RPAR Risk Parity ETF is the original fund whereas UPAR ETF is the more bold and brazen younger sibling featuring an expanded canvas that stretches its limits further.
All of this talk about Risk Parity and we've yet to define it.
As you might expect, Risk Parity investing is about managing risk primarily.
Instead of keying in on just two asset classes (stocks and bonds), risk parity investment strategies often feature a more diverse set of asset classes with exposures to gold and commodities as an example.
Assets within a risk parity portfolio receive space in accordance to the level of volatility they bring to the table.
US Equites / Treasury / Gold Volatility from 1972 until 2022

For instance, US equities have historically been a volatile asset class with 15.76% standard deviation dating back to 1972.
Moreover, Gold ups the ante coming in at a whopping 19.81%!
Conversely, both the 10-Year Treasury and Intermediate Term Treasury are more stable investments (albeit with lower returns) featuring 8.05% and 5.78% standard deviation respectively.
To arrange these in accordance to a Risk Parity investment strategy, we'll create more space in the portfolio for assets that offer a smoother ride.
In our hypothetical example we'll have two larger slots of 30% for less volatile 10-Year Treasury and Intermediate Treasury.
And we'll have two smaller slots of 20% for highly volatile US equities and Gold.
Our Risk Parity Portfolio would be as follows:
30% 10-Year Treasury (risk: 8.05%)30% Intermediate Term Treasury (risk: 5.78%)20% US Equities (risk: 15.76%)20% Gold (risk: 19.81%)
Risk Parity Portfolios have historically offered investors a more palatable sequence of returns.
The best comparison would be the hypothetical Risk Parity Portfolio we've arranged above versus the Classic 60/40 Portfolio.

Risk Parity Portfolio vs 60/40 Portfolio

Indeed, the 60/40 portfolio with a more significant allocation to equities offers investors higher returns long-term with a 9.23% CAGR vs 8.14% CAGR for the Risk Parity Portfolio.
However, that's its only win.
The Risk Parity Portfolio is 307 basis points more defensive (7.03% vs 10.10%) featuring returns above risk as reflected by its higher Sharpe Ratio (0.52 vs 0.49) and Sortino Ratio (0.83 vs 0.72).
Its ability to manage max drawdowns is where it truly shines with its worst case scenario being -14.97% versus -28.54% for the 60/40 Portfolio.
Risk Parity Portfolio vs 60/40 Portfolio Drawdowns

This drawdown visual really says it all!
Feast your eyes upon the mid 70s, late 80s, early 2000s and late 2000s to witness the difference between the Risk Parity Portfolio and 60/40 Portfolio.
It's only this year where they've both struggled mightily.
Drawdowns for Historical Market Stress Periods

It's remarkable the stability the Risk Parity Portfolio demonstrated during historical market stress periods with the Subprime Crisis, Dotcom Crash and Black Monday Period as the most clear examples.
Low Roll Period: Risk Parity Portfolio vs 60/40 Portfolio

Finally, we'll examine low roll period results between the two different portfolios to see which offers a more palatable worst case scenario.
The Risk Parity Portfolio has frustrated investors with only a low roll period of -13.63% over a 1 year period.
Whereas the 60/40 Portfolio has had below water performance that would've required investors to endure 5 years of misery.
Hence, it's clear how a Risk Parity Portfolio would be an attractive alternative to a 60/40 portfolio, even within the confines of a 100% canvas, but it becomes even more intriguing when you expand the canvas beyond 100%.
RPAR Risk Parity ETF and UPAR Ultra Risk Parity ETF are both expanded canvas portfolio solutions.

RPAR ETF Review | RPAR Risk Parity ETF Review

About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.

The Investment Case For Risk Parity
The investment case for Risk Parity has been laid out succinctly by the folks over at Evoke Advisors.
The Investment Case for Risk Parity:

Provides Balance – spread risk equally across four diverse asset classes.
Achieves Reliable Diversification – based on a dependable relationship between asset class returns and the economic environment.
Attractive Return Relative to Risk – a balanced mix of publicly traded assets seeks to outperform equities with comparable risk.

Why Invest in RPAR?

Provides access to a time-tested risk parity methodology used by some of the world’s most sophisticated investors.
Implemented in a tax efficient, liquid ETF structure. 
Seeks an equity-like return with less risk over the long run by diversifying across four asset classes, each with unique environmental biases. 

Why does it make sense? 
By improving diversification, risk parity can potentially offer higher returns relative to risk compared to equities or equity-centric portfolios. 
How can it be used? 
Either as an alternative asset or a total public portfolio solution.
In summary, RPAR ETF presents itself as a more diversified style of long-only asset allocation (equities, fixed income, commodities, gold) with the potential to outperform 100% equities with less overall risk as a potential portfolio puzzle piece or total portfolio solution.

RPAR ETF Overview, Holdings and Info
Let's pop open the hood of RPAR ETF to see what kind of goodies the fund has to offer investors!

RPAR Risk Parity ETF has plenty to offer investors, so we'll break things down by equity, fixed income and commodity sleeves.
RPAR ETF Equity Allocation
In terms of its equity sleeve it avoids home country bias by offering investors US, International Developed and Emerging Markets equities.
US equities take up half of the equation (12.5% of 25%) whereas Emerging Markets (7.5% of 25%) and International Developed (5% of 25%) round things out.
US vs Int-Dev vs EM Markets Correlations

Noteworthy, is a more sizeable allocation to Emerging Markets than to International Developed Markets.
From a correlations standpoint this contrarian decision makes some sense given that Emerging Markets are less correlated with US Markets in comparison to International Developed Markets:
US Stock Market: 0.75 (Emerging Markets) vs 0.85 (International Developed Markets)
Overall, I'm pleased that RPAR ETF has decided to go global, avoid home country bias and potentially ruffle some feathers by overweighting EM equities.
RPAR ETF Fixed Income Allocation

Here we can see that RPAR ETF is committed to a 35% allocation to US TIPS (15+ year) and a 35% slab dedicated towards US Treasuries (10 Year and Ultra via futures).

The 10-Year Treasury and Ultra Treasury are covered by capital efficient futures.
Let's examine the historical correlations between the three fixed income allocations.
RPAR Fixed Income Monthly Correlations

Fascinating for me to discover was that the 10-Year Treasury and Long Term Treasury are highly correlated (0.93) whereas TIPS provides a diversification benefit because it is less correlated to both the 10-Year Treasury (0.69) and Long-Term Treasury (0.64).
Hence, I'm in favour of adding TIPS to the mix but I'm left pondering whether the lack of short-term and intermediate-term treasuries is a potential liability at times?
RPAR Commodity Producing Equites + Gold Sleeve
RPAR ETF surprised some investors by deciding to go the route of Commodity Producing Equities versus straight up Commodity exposure.

RPAR ETF fulfills its Commodity Producing equities mandate with 141 stocks spreading out over 5.25% Energy, 5.25% Diversified Mining, 3.0% Agriculture, 0.75% Clean Energy and 0.75% Water.
I'm impressed with the overall level of diversification here but I'm left wondering if excluding commodities is the right call?
To round things out we've got a straight up allocation to SPDR GOLD MINISHARES TRUST ETF (GLDM) at 10%.

RPAR ETF Allocation Summary
35% TIPS 35% Treasuries (10 Year + Ultra)  15% Commodity Producing Equities12.5% US Equities10% Gold7.5% Emerging Equities5% Int-Dev Equities 
RPAR ETF Allocation Constructive Criticism
Prior to writing this article, I posted the following tweet:

I received some great constructive feedback which I encourage you to check out here.
Here is a brief summary of the biggest points of concern and overall constructive feedback offered by others.

Commodity producer equities not offering as much of a diversification benefit as a straight up commodity allocation.
Potentially too much duration exposure held at the wrong side of the curve (the most inefficient part).
What to pair RPAR ETF with as part of the total portfolio at large (static vs tactical vs adaptive components)?

RPAR Risk Parity ETF vs UPAR Ultra Risk Parity ETF
As mentioned earlier in the article, RPAR Risk Parity ETF has a more aggressive partner in crime that investors can potentially consider in UPAR Ultra Risk Parity ETF.
Let's examine the key differences and points of similarity.

The most important thing investors need to know when comparing RPAR ETF and UPAR ETF is that they are proportionally the same.
The only difference is that RPAR features an expanded canvas of 120% whereas UPAR ETF offers investors 168% real estate.
Thus, if you allocate to UPAR ETF you just get more of what RPAR ETF has to offer.
In effect, the extra oomph of UPAR ETF will amplify BOTH the good and bad times.
Hence, when the risk parity strategy is having a positive year UPAR will offer better returns.
When it's a down year it'll provide you with excess carnage.
Thus, whether or not you decide to allocate to RPAR or UPAR is based entirely upon how comfortable you are with utilizing additional leverage and whether (or not) you've got the chin to handle the more impactful uppercuts thrown during down years.
RPAR ETF Simulated Performance

UPAR ETF Simulated Performance

Returns + Risk since Inception: Global Equities (5.2% / 15.8%) vs RPAR (8.2% / 10.5%) vs UPAR (10.3% / 14.8%)Returns YTD (2022): Global Equities (-25.4%) vs RPAR (-28.4%) vs UPAR (-38.3%)

Hence, you can summarize RPAR and UPAR as follows:
RPAR ETF seeks to provide equity-like (or slightly better) returns with considerably less volatility than equities.
UPAR ETF seeks to provide considerably better returns than equities while having similar levels of volatility.
Let's highlight a few key years in particular.
2013: Global Equities (+26.7%) vs RPAR (-7.6%) vs UPAR (-10.8%)
All of your equity only buddies are doing backflips with glee over +26.7% returns while RPAR investors are downtrodden over -7.6% performance and UPAR unit holders are crying about -10.8%.
2011: Global Equities (-5.5%) vs RPAR (+14.0%) vs UPAR (+19.8%)
You friends who own all equity portfolios are sourpuss about being down -5.5% whereas RPAR investors are thrilled to be well above water at +14.0% whereas UPAR unit holders are over the moon about crushing +19.8%.
The two key takeaways from this is that when you own a different portfolio you've got to be prepared for different results (tracking error versus markets) and if you're dialing things up with UPAR you get to celebrate more when times are good while suffering succotash when things are not.

RPAR Risk Parity ETF: Principal Investment Strategy
To better understand the process of how the fund operates, let’s turn our attention towards the prospectus where I’ve summarized the key points at the very bottom (source: summary prospectus).
Principal Investment Strategies of the Fund
"The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily by investing across a variety of asset classes, including exposure to global equity securities, U.S. Treasury securities, and commodities. 
The Fund’s investment adviser seeks to invest the Fund’s assets to achieve exposures similar to those of the Advanced Research Risk Parity Index (the “RPAR Index”), a rules-based index created by Advanced Research Investment Solutions, LLC (“ARIS”). The RPAR Index The RPAR Index allocates its exposure to the four asset classes described below using a “risk-parity” approach that seeks to achieve an equal balance between the risk associated with each asset class based on the long-term historic volatility exhibited by each asset class. 
This means that lower risk asset classes (such as U.S. Treasury Inflation Protected Securities (“TIPS”)) will generally have higher notional allocations than higher risk asset classes (such as global equities). 
The RPAR Index seeks long-term risk exposure and long-term target allocations across asset classes as follows:
Long-Term Target Risk Allocation Long-Term Target Asset Allocation Asset Class Sub-Class 25% 35% TIPS Long-Term TIPS (15+ years) 25% 25% Global Equities U.S. Equities Non-U.S. Developed Markets Equities Emerging Markets Equities 25% 25% Commodities Commodity Producer Equities Gold 25% 15%* U.S. Treasuries U.S. Treasury Bills U.S. Treasury Futures * 
This figure represents the RPAR Index’s allocation to U.S. Treasury bills which serve as collateral for the RPAR Index’s allocation to U.S. Treasury futures. 
Total notional exposure to the U.S. Treasuries asset class will exceed 15% due to the RPAR Index’s allocation to 10-year U.S. Treasury note futures and Ultra U.S. Treasury Bond futures. 
The RPAR Index is rebalanced quarterly. In seeking to obtain exposures comparable to those of the RPAR Index, the Fund may invest in a combination of (i) U.S. Treasury securities (including TIPS), (ii) U.S. Treasury futures contracts, (iii) ETFs that track a broad-based index of equity securities for one or more asset classes (or sub-classes), (iv) individual equity securities or depositary receipts, such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), representing an interest in foreign equity securities, and (v) other exchange-listed vehicles issuing equity securities (“ETVs”) (including ETFs, exchange-traded notes (“ETNs”) and exchange-listed trusts). 
TIPS are marketable securities whose principal is adjusted based on changes in the Consumer Price Index (“CPI”). With inflation (an increase in the CPI), the principal increases, and with deflation (a decrease in the CPI), the principal decreases. 
The relationship between TIPS and the CPI affects both the principal amount paid when a TIPS instrument matures and the amount of interest that a TIPS instrument pays semi-annually. 
When a TIPS instrument matures, the principal paid is the greater of the CPI-adjusted principal or the original principal. 
TIPS pay interest at a fixed rate. However, because the fixed rate is applied to the CPI-adjusted principal, interest payments can vary in amount from one period to the next. 
If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. 
The Fund may purchase TIPS of any maturity. The Fund will invest directly in U.S. Treasury securities or directly or indirectly in futures contracts to gain long exposure to U.S. Treasury bonds. 
The ETFs in which the Fund invests will typically be index-based ETFs that track a broad-based index that principally invests in equity securities of one or more asset classes set forth above (e.g., U.S. equities, non-U.S. developed market equities, emerging market equities, or gold as described below). 
Such ETFs will typically have net assets of at least $100 million and have aggregate volume over the last 90 days of at least 100,000 shares traded. 
The Fund may invest in ETFs to obtain exposure to the equity securities of commodity producers including in the energy (including clean energy), industrial metals, agriculture and water sectors. 
An ETV allows the Fund to indirectly obtain exposure to an underlying asset class such as futures contracts and commodities without directly trading futures or taking physical delivery of the underlying commodity. 
For example, the Fund may obtain exposure to gold by investing in an ETV that owns gold, rather than the Fund directly holding gold. 
In addition to achieving exposure to the global equities asset class indirectly through ETFs, the Fund may also invest directly in equity securities. 
The equity securities that may comprise the Fund’s equity positions include, but are not limited to, U.S.- listed common and preferred stock of domestic and foreign companies, including those in developed and emerging markets, real estate investment trusts (“REITs”), and ADRs. 
Such securities may be issued by small-, mid-, or large-capitalization companies. 
ADRs are securities traded on a U.S. stock exchange that represent interests in securities issued by a foreign publicly listed company. 
Under normal market conditions, the Fund’s investment adviser will typically buy or sell investments to reflect the quarterly rebalance of the RPAR Index, rather than based on an individual determination of which investments are most attractive at a given time."

Elephant In The Room: Bad YTD Results For RPAR ETF
Let's finally address the elephant in the room.
Why have results for RPAR ETF been so bad this year?
Two reasons.
Firstly, it has been the worst year on record (50+ years of data) for long-only broadly diversified portfolios.
Secondly, the additional leverage (20% for RPAR and 68% for UPAR) has amplified what has been bad to begin with and made it even more brutal.
Harry Browne Permanent Portfolio Annual Returns

2022 Returns: -17.00%Previous Worst Year: -5.46 (1981)
Ray Dalio All-Weather Portfolio

2022 Returns: -19.26%Previous Worst Year: -3.66% (2015)
It's been so bad this year that a popular investing adage has been modified: "Diversification is your only free lunch except for in 2022!
Stocks, Bonds and Gold Down Together
I wrote an article in August entitled: "Is this a generational buying opportunity for long-only diversified portable beta investing strategies?"
I was pondering this very question because I had examined how "rare" it is for stocks, bonds and gold to be down together at the same time.
1972 to 2022 Stocks, Bonds and Gold Returns
Let’s take a look at the big picture of annual returns from 1972 to 2022 for US Large Cap Equities, 10-Year Treasury and Gold.
3 UP / 0 DOWN = 18 (1972, 1979, 1982, 1985, 1986, 1993, 1995, 2003, 2004, 2005, 2006, 2007, 2010, 2011, 2012, 2016, 2017, 2019, 2020)2 UP / 1 DOWN = 23 (1973, 1974, 1975, 1976, 1977, 1978, 1980, 1983, 1984, 1987, 1988, 1989, 1991, 1992, 1997, 1998, 1999, 2001, 2002, 2008, 2009, 2014, 2015)1 UP / 2 DOWN = 08 (1981, 1990, 1994, 1996, 2000, 2013, 2018, 2021)0 UP / 3 DOWN = 01 (2022)
2022 sticking out like a sore thumb?
3 UP / 0 DOWN = 36%2 UP / 1 DOWN = 46%1 UP / 2 DOWN = 16%0 UP / 3 DOWN = 2%
If we group these together we’re flying high with 2 or 3 engines 82% of the time.
On the other hand, we’re flying low with 0 or 1 engines only 18% of the time.

RPAR ETF Pros and Cons
Let’s examine the pros and cons of RPAR Risk Parity ETF.

RPAR ETF Pros

Massive diversification between asset classes: Equities (US, Int-Dev, EM), Bonds (10-Year, Long-Term, TIPS), Commodities (Gold, Commodity Equity Producers) all together under one hood
Modest amount of leverage (20%) to help boost returns which historically have been better than global equities with less risk (simulated back-tests)
Risk Parity investing belongs in the same class as the Harry Browne Permanent Portfolio and Ray Dalio All Weather Portfolio for grouping asset classes based upon historical volatility levels rather than by returns
Fixed income (TIPS + 10-Year + Long-Term Treasury) receives higher allocations (lower standard deviation) whereas global equities, gold and commodity producing equities receive less space (higher standard deviation)
The addition of an "alternative sleeve" with exposure to gold, commodity producing equities and TIPS which are not in many standard 60/40 portfolios
The potential to combine this strategy with tactical and/or adaptive asset allocation funds to form a dynamic all-seasons powerhouse portfolio

RPAR ETF Cons

YTD results reveal a "new low" for broadly diversified long-only portfolios and with modest leverage applied this adds insult to injury along with tracking error (see simulated results for 2013)
Feedback from other investors suggesting concern over "commodity producing equities" over commodities and "interest rate risk" for the longer duration fixed income portion of the portfolio

RPAR Potential Portfolio Solutions
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Now that we’ve taken a thorough look at RPAR ETF let’s see how it can potentially fit into a portfolio at large.

RPAR ETF Total Portfolio Solution
Does RPAR ETF have the potential to be a total portfolio solution?
It sure does.
If you compare it with a typical 60/40 portfolio it offers more broad global diversification (equities) along with extra diversifiers such as TIPS, gold and commodity producing equities.
RPAR and/or UPAR and done.
You betcha.
100% RPAR ETF / UPAR ETF

RPAR ETF 3 Fund Diversified Quant Portfolio
Although RPAR ETF has the potential to be a one-ticket portfolio solution it pairs nicely with other strategies such as the following 3 fund diversified quant portfolio:
40% RPAR / UPAR40% DBMF20% VAMO
Here we've got a 3 ETF portfolio solution offering investors the diversified Risk Parity strategy along with a managed futures and long-short factor focused equities with tactical beta hedges.

The results of this portfolio are not too shabby at all.
Returns greater than risk.
9.08% vs 7.57%.
High Sharpe Ratio and Sortino Ratio.
Above water every year (including 2022).
I'd be thrilled to ride with this long-term versus a 60/40 portfolio.
Annual Returns Of Portfolio Assets 

And for critics eager to suggest RPAR has been a drag on the portfolio (after a challenging 2022) feast your eyes upon the returns of 2020.
As with any strategically diversified portfolio you'd want certain puzzle pieces to perform well when others are not.
RPAR the top dawg in 2020.
VAMO the robust beast in 2021.
DBMF the saviour in 2022.
Uncorrelated strategies zigging and zagging while overall conspiring to keep your portfolio above water.

What Others Have To Say About RPAR ETF
Now that we’ve covered a few different portfolio solutions let’s see what others have to say about the fund for those who prefer video format.

What Evoke Advisors Have To Say About RPAR ETF
Here we can learn more about the strategy behind RPAR and UPAR straight from the Evoke Advisors crew.

Nomadic Samuel filming while visiting beautiful Vancouver Island, British Columbia, Canada
RPAR Risk Parity ETF — 12-Question FAQ
1) What is RPAR in one sentence?
RPAR is a risk-parity, long-only asset-allocation ETF that balances risk across global equities, U.S. Treasuries (nominal + TIPS), commodity-producer equities, and gold, using modest leverage to target equity-like returns with lower volatility over a full cycle.
2) What does “risk parity” actually mean?
Instead of sizing assets by dollars, risk parity sizes by volatility, giving more weight to historically steadier assets (e.g., Treasuries, TIPS) and less to volatile ones (equities, gold) so that each sleeve contributes more evenly to total portfolio risk.
3) How is RPAR’s target mix constructed?
Long-term targets (by asset class exposure) are roughly: TIPS, Treasuries, global equities, commodity-producer equities, and gold, with the bond sleeves getting the largest notional because they’re lower volatility, and the portfolio is rebalanced quarterly to stay near targets.
4) Why does RPAR use commodity-producer equities instead of direct commodities?
RPAR emphasizes listed producers (energy, diversified miners, agriculture, clean energy, water) plus a dedicated gold sleeve, seeking inflation sensitivity via equities of commodity businesses; the trade-off is that producers carry equity beta and may not track spot commodities one-for-one.
5) How does RPAR differ from UPAR?
They are proportionally similar, but UPAR uses more leverage (expanded canvas), amplifying both upside and drawdowns. RPAR ≈ lower-vol, equity-like return target; UPAR ≈ higher return target with equity-like volatility.
6) Why did RPAR struggle in 2022?
2022 was an unusually bad year when stocks, bonds, and gold fell together, hurting diversified long-only portfolios; modest leverage in RPAR magnified what was already a historically rare environment for portable beta.
7) What role do TIPS and Treasuries play here?
They’re the stability and deflation/flight-to-quality hedges, and TIPS add inflation linkage; together they’re sized large (by risk parity logic) to keep portfolio volatility in check while equities/real-asset sleeves pursue growth and inflation sensitivity.
8) Is RPAR meant to replace a 60/40?
It can be used as a one-ticket core or as a diversifying sleeve; versus 60/40, risk parity historically shows smoother drawdowns and better risk-adjusted metrics, though it can lag in some bull markets or in unusual cross-asset selloffs.
9) What are the main risks?

Cross-asset selloffs (rare, but 2022-like)

Duration/interest-rate risk (heavy Treasury/TIPS exposure)

Equity beta in commodity producers (not pure commodity exposure)

Tracking error versus cap-weighted equity benchmarks

Leverage magnification (works both ways)

10) How might investors pair RPAR inside a broader plan?
Common approaches: keep RPAR as a core, then add managed futures / trend for adaptability, or pair with factor/tactical equity sleeves—aiming for a mix of static diversification (RPAR) + adaptive diversifiers.
11) How often does RPAR rebalance and why does it matter?
The index rebalances quarterly to maintain the intended risk balance among sleeves; without periodic rebalance, drifting weights could re-concentrate risk in whichever sleeve rallied last.
12) Is this financial advice?
No. This FAQ is educational/entertainment only and doesn’t account for your circumstances. Do your own research and consult a qualified advisor.
Nomadic Samuel Final Thoughts
I feel like the YTD results of 2022 for a fund like RPAR are revealing in many ways.
The performance of the fund is of less concern as is the education and patience levels of most investors.
I've heard a lot of jeers and criticism thrown at RPAR and UPAR ETF.
Risk Parity doesn't work!
This sucks severely!
Yet how many of these critics/investors (who are over the moon thrilled to hurl stinky banana peels) are aware of the fact that this is the first year since 1972 that US Large Cap Equities, 10-Year Treasury and Gold are down together.
Risk Parity investment strategies do not promise to be above water every single year.
The irrational expectations of many investors leaves me shaking my head at times.
You're promised a strategy and to achieve the desired results you want, patience is required not optional.
However, I think we can all learn one important lesson from a year like this one.
Even the most diversified long-only portfolios benefit greatly from having adaptive and tactical wingmen.
If you consider the model portfolio I've suggested to pair with RPAR (40% RPAR, 40% DBMF, 20% VAMO) you'll notice that each one of these funds took turns picking up the so-called tab.
RPAR = 2020VAMO = 2021DBMF = 2022
Diversify.
Diversify.
And then diversify some more.
That's the name of the game IMO.
Anyhow, we're close to 3000 words as we're breaking new territory with the longest ETF review on this blog.
So let's wrap things up.
What do you think of RPAR ETF?
Do you think it is a decent long-term investment strategy or have 2022 YTD results scared you off permanently?
I'd be more than curious to know.

#### RSSB ETF Review:  Return Stacked Global Stocks & Bonds ETF Review
When I survey the landscape of capital efficient ETFs I'm hard-pressed to find a fund provider that has made a bigger impact in recent months than the Return Stacking crew.
In 2023, they launched three unique products which all adhere to a formula of $1 invested gives you exposure to 100% A plus 100% B.

RSBT ETF = 100% Bonds + 100% Managed Futures (Trend)RSST ETF = 100% US Equities + 100% Managed (Trend)RSSB ETF = 100% Global Equities + 100% Bonds (US Treasury Futures)

For a while it appeared that their Global Stocks and Bonds ETF was going to be a 90/60 fund, but I was thrilled on a personal level (and I think it was also a great decision on their part) that it distinguished itself from another capital efficient trio of 90/60 equity plus bonds products from WisdomTree.
NTSX ETF = 90% US Equities / 60% BondsNTSI ETF = 90% Int-Dev Equities / 60% BondsNTSE ETF = 90% Emerging Equities / 60% Bonds
So what is different and unique about RSSB ETF?

Global Equities
More Capital Efficient
Better Bang For Your Capital Efficient Buck

It's crucial to zoom in specifically on point number 3.

If maximum capital efficiency is your primary goal to create space in your portfolio for other asset classes and strategies (it sure is for me) you'd need to commit 67% of your resources with NTS(X,I,E) to accomplish the mandate of a 60/40 portfolio.
In other words, 67% of NTS(X,I,E) = 60/40 portfolio exposure.
You've got 33% resources leftover for something else.
Don't get me wrong, that's not too shabby at all!
However, look at what we can potentially do with 67% of our resources allocated to the following:
40% RSSB - 100% Equities / 100% Bonds20% RSST - 100% Equities / 100% Managed Futures (Trend)7% GDE - 90% Equities / 90% Gold Futures
We're considerably more capital efficient with this trio:
66.3% Equities40% Bonds20% Managed Futures (Trend)6.3 % Gold
Not only do we have a 60/40 (plus 6.3% additional equities) but we've also started to carve out space for an alternative sleeve with both managed futures and gold.
With that 67% space we've built ourselves a balanced portfolio (60/40) and we've efficiently added two uncorrelated alternatives to the mix.
You've gotta like that!

In many regards it reminds me of the movie scene where Captain Richard Phillips is taken hostage by Somali Pirates:
RSSB to NTS(X,I,E): "Look at me. Look at me. I'm the Captain now!" 

Indeed, if you're seeking maximum capital efficiency as an investor there is a new captain aboard the equities plus bonds vessel.
Its name is Return Stacked Global Stocks & Bonds ETF.
AKA RSSB ETF.

Review of RSSB ETF : Reviewing Return Stacked Global Stocks & Bonds ETF
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.
RSSB ETF Overview, Holdings and Info
The investment case for “Return Stacked Global Stocks and Bonds” has been laid out succinctly by the folks over at Return Stacked ETFs: (source: fund landing page)
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

Investment Case

"Capital Efficiency and Diversification.  Replacing core stock and bond exposure with RSSB frees up capital to invest in diversifying asset classes and strategies.
Reduce Cash Drag.  Utilize the embedded capital efficiency in RSSB to hold cash without necessarily losing core stock and bond exposure.
Avoiding 100% Equities for Growth Clients.  Reduce equity concentration for growth clients by introducing a second, potentially diversifying source of returns.
*Diversification does not assure a profit.*"
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

Fund Overview

"The Fund seeks long-term capital appreciation by investing in two complimentary investment strategies: a Global Equity strategy and a U.S. Treasury Futures strategy. For every $1 invested, the Fund attempts to provide $1 of exposure to its Global Equity strategy and $1 of exposure to its U.S. Treasury Futures strategy.
The Global Equity strategy seeks to capture the total return of global equities on a market capitalization-weighted basis, investing in global equities, global equity ETFs, regional equity ETFs, or equity index futures.
The U.S. Treasury Futures strategy seeks to provide exposure to the U.S. Treasury bond market by investing in U.S. Treasury futures contracts with maturities ranging from 2 to 30 years."
RSSB ETF: Fund Selection Process
To better understand the process of how the fund operates, let’s turn our attention towards the summary prospectus where I've highlighted the key points at the very bottom. (source: summary prospectus)
Principal Investment Strategies:

Principal Investment Strategies
"The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in large-capitalization global equity securities, global equity ETFs (or a combination of other ETFs that together provide global equity market exposure), and futures contracts that provide the Fund with exposure to the performance of the U.S. Treasury bond market.
In addition, the Fund will hold U.S. Treasury bills and other high-quality securities as collateral for the futures contracts as well as to generate income. The Fund uses leverage to “stack” the total return of holdings in the Fund’s global equity strategy together with the potential returns of the Fund’s U.S. treasury futures contract strategy.
Essentially, for each dollar invested in the Fund, it provides about 90 cents of exposure to the Fund’s global equity investments and about 60 cents of exposure to investments in the Fund’s U.S. Treasury futures strategy. So, the return of the Fund’s U.S. Treasury futures strategy is stacked on top of the returns of the Fund’s global equity strategy. 12 Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in (a) global equity securities and ETFs that, in the aggregate, provide exposure to the global equity markets, and (b) U.S. Treasury future contracts that provide the Fund with indirect exposure to the performance of the U.S. treasury bond market.
The Fund’s “80%” policy is nonfundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such change."
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
Global Equity Exposure:
"The Fund may invest in the equity securities of companies located throughout the world (e.g., in the United States, other developed markets (e.g., Europe), and emerging markets). Under normal conditions, the Fund will invest at least 40% of its assets (unless market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its assets) in companies in multiple countries outside of the Unites States (i.e., non-U.S. companies).
In determining whether a company is a U.S. or non-U.S. company, the Fund’s sub-adviser, Newfound Research, LLC (the “Sub-Adviser”) primarily considers the location of the principal trading market for the company’s common stock, and may also consider other metrics, such the location of the company’s corporate or operational headquarters or principal place of business.
The Sub-Adviser will seek to construct the Fund’s global equity portfolio to reflect the overall global equity markets on a market capitalization weighted basis. To do so, the Fund will invest in global equity ETFs, which are ETFs that invest primarily in the equity securities of companies located throughout the world, or other broad-based ETFs that provide exposure to the global equity market. For example, rather than hold a global equity ETF, the Fund may hold multiple ETFs that, together, provide similar exposure (e.g., a combination of U.S. equity ETFs, international equity ETFs, and emerging markets ETFs).
The Fund’s investment in global equity ETFs (or a combination of ETFs providing global equity market exposure) will generally comprise between 80% and 90% of the Fund’s portfolio. In addition, the Fund may invest in foreign equity securities directly."

U.S. Treasury Futures Exposure:
"To provide the Fund with exposure to performance of the U.S. Treasury bond market, the Fund will invest in U.S. Treasury future contracts, which are contracts for the purchase and sale of U.S. government notes or bonds for future delivery. The Fund will invest in futures contracts on U.S. Treasuries with maturities ranging from 2 to 30 years, with a target duration of 2 to 8 years.
Under normal circumstances, the Fund’s aggregate U.S. Treasury futures contracts position will represent a “notional exposure” (i.e., the total underlying amount of exposure created by a derivatives trade) of approximately 60% of the Fund’s net assets. Note: Notional value is the total underlying amount of a derivatives trade. Leverage allows an investor (like the Fund) to use a small amount of money to theoretically control a much larger amount. So, notional value reflects the total value of a trade, not the cost (or market value) of taking the trade. Futures contracts have a limited lifespan before they expire (e.g., quarterly).
The Fund will frequently “roll-over” futures contracts - replace an expiring contract with a contract that expires further in the future. As a result, the Fund’s portfolio will be subject to a high portfolio turnover rate."
________________________________________________________________________________________________

"This supplement provides technical clarifications to the principal investment strategy description of the Return Stacked® Global Stocks & Bonds ETF (the “Fund”).
In particular, the description is being revised to clarify the Fund’s ability to invest in individual equity securities and equity index futures contracts, and to reflect the Fund’s target exposure to the Fund’s global equity investments and the Fund’s U.S. Treasury futures strategy.
The last two sentences of the first paragraph under “Principal Investment Strategies” in the “Fund Summary” section are amended and restated to read as follows: Essentially, one dollar invested in the Fund provides approximately one dollar of exposure to the Fund’s global equity investments and approximately one dollar of exposure to the Fund’s U.S. Treasury futures strategy.
So, the return of the U.S. Treasury futures strategy (minus the cost of financing) is essentially stacked on top of the returns of the global equity strategy. The second paragraph under the sub-heading “Global Equity Exposure” is deleted and replaced with the following:
The Sub-Adviser will seek to construct the Fund’s global equity portfolio to reflect the overall global equity markets on a market capitalization weighted basis.
To do so, the Fund will invest in global equity ETFs (which are ETFs that invest primarily in the equity securities of companies located throughout the world), other broad-based ETFs that provide exposure to the global equity market, individual equity securities, and equity index futures contracts.
For example, rather than hold a global equity ETF, the Fund may:
● Hold multiple ETFs that, together, provide similar exposure (e.g., a combination of U.S. equity ETFs, international equity ETFs, and emerging markets ETFs);
● Hold individual securities that, together, provide similar exposure (e.g., through a basket of securities representing the underlying holdings of a global equity ETF);
● Hold equity index futures contracts that, together, provide similar exposure; or
● Employ a combination of the above holdings, so the aggregated investment provides similar exposure.
The Fund’s investment in global equity ETFs (or a combination of ETFs, individual securities providing global equity market exposure) will generally comprise between 75% and 80% of the Fund’s portfolio.
The remaining exposure to global equities will generally be achieved through equity index futures. The equity index futures may be linked to leading indices from developed, emerging, and global markets.
The last sentence of the first paragraph under the sub-heading “U.S. Treasury Futures Exposure” is amended and restated to read as follows: Under normal circumstances, the Fund’s aggregate U.S. Treasury futures contracts position will represent a “notional exposure” (i.e., the total underlying amount of exposure created by a derivatives trade) of approximately 100% of the Fund’s net assets.
The paragraph under the sub-heading “Collateral – U.S. Treasury Futures” is amended and restated to read as follows:
The Fund expects to invest approximately 0% to 25% of its net assets in U.S. Treasury bills, money market funds, cash, and cash equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser or Sub-Adviser determines), that provide liquidity, serve as margin or collateralize the Fund’s investments in futures contracts."

Return Stacked Globals Stocks and Bonds Key Points

Active Management Strategy: The Fund operates as an actively-managed exchange-traded fund (ETF) focusing on achieving its investment objective through strategic investments.
Primary Investment Focus: It primarily invests in large-capitalization global equity securities, global equity ETFs, or combinations of ETFs that offer global equity market exposure, and futures contracts related to the U.S. Treasury bond market.
Use of Leverage: The Fund employs leverage to enhance the total return of its holdings, combining the returns from its global equity strategy with the potential returns from its U.S. Treasury futures strategy. Specifically, for each dollar invested, approximately 90 cents are exposed to global equities and 60 cents to U.S. Treasury futures. *(Now 100 cents global equities and 100 cents US. Treasury Futures)*
Investment Allocation Policy: At least 80% of the Fund's net assets, plus any borrowings for investment purposes, are allocated towards global equity securities, ETFs providing global equity market exposure, and U.S. Treasury future contracts.
Nonfundamental 80% Policy: This policy is nonfundamental and can be changed without shareholder approval, albeit with a 60-day notice to shareholders before any changes.
Global Equity Investment Approach:

The Fund invests globally, including in the U.S., other developed markets, and emerging markets.
At least 40% of its assets are invested in non-U.S. companies under normal conditions, which can be reduced to 30% if market conditions are deemed unfavorable.
Investments may include direct equity securities, global equity ETFs, or a mix of ETFs that collectively mimic global equity exposure.

U.S. Treasury Futures Strategy:

Investments in U.S. Treasury future contracts aim to provide exposure to the U.S. Treasury bond market, with a focus on futures with maturities ranging from 2 to 30 years and a target duration of 2 to 8 years.
The notional exposure of U.S. Treasury futures contracts is about 60% of the Fund's net assets, reflecting leverage use.

High Portfolio Turnover: Due to frequent rollovers of futures contracts, the Fund is likely to experience a high portfolio turnover rate.
Collateral and Income Generation: The Fund holds U.S. Treasury bills and high-quality securities as collateral for futures contracts and to generate income.
Technical Clarifications and Adjustments:

The Fund has clarified its strategy to include investments in individual equity securities and equity index futures contracts, adjusting its exposure targets for global equity investments and U.S. Treasury futures strategy.
It now provides approximately equal exposure to both its global equity investments and U.S. Treasury futures strategy, aiming for a 1:1 dollar exposure ratio.
The global equity portfolio is designed to mirror the global equity markets on a market capitalization weighted basis, involving a mix of global equity ETFs, individual securities, and equity index futures.

Portfolio Composition Changes:

The investment in global equity ETFs or a combination providing global equity market exposure will comprise between 75% and 80% of the Fund’s portfolio.
The remaining exposure to global equities will be achieved through equity index futures linked to major indices across developed, emerging, and global markets.

U.S. Treasury Futures Exposure Adjustment: The notional exposure of U.S. Treasury futures contracts has been adjusted to approximately 100% of the Fund’s net assets.
Collateral for U.S. Treasury Futures: The Fund plans to invest between 0% and 25% of its net assets in U.S. Treasury bills, money market funds, cash, and cash equivalents for liquidity, serving as margin, or collateralizing its futures contracts investments.

RSSB ETF Info
Ticker: RSSBCanvas Size: 200% Total = (100% Global Stocks + 100% Bonds)Net Expense Ratio: 0.41AUM: 70.54Inception: 12/04/2023

RSSB ETF Strategy Pros and Cons
Let’s move on to examine the potential pros and cons of RSSB ETF.
RSSB Pros: Distinct Advantages

Features a unique combination of 100% US Equities and 100% Treasury Futures, offering investors a distinctive capital-efficient tool.
The first of its kind capital-efficient 100% global equities + 100% Treasury Futures ETF with 100/100 exposure of both asset classes
Flexibility to pair this with other capital efficient building blocks (e.g., managed futures, gold, m/n, style premia, otm put, etc).
Option to pair with other capital efficient funds to create a 60/40 portfolio + alternatives
Compatibility with various other capital-efficient ETFs and Mutual Funds to craft a personalized return stacking design.
More capital efficient exposure to stocks and bonds 100/100 compared to 90/60 NTS(X,I,E) WisdomTree suite
No home country bias with this product as it is Global Equities as opposed to US only
Creates room in your portfolio for alternative diversified diversifiers like global systematic macro, gold, market-neutral strategies, long-short equity, style premia, catastrophe bonds, arbitrage, bitcoin, etc.
Competitive management fee for a fund offering 200% expanded canvas coverage

RSSB Cons: Potential Limitations

For investors seeking very specific exposures to US, Int-Dev and EM equities and less leverage the NTS(X,I,E) suite might be a better fit
Likely best suited for tax advantaged accounts due to potential gains/losses with futures contracts

RSSB ETF Model Portfolio Ideas
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
RRSB ETF is a powerful puzzle piece that allows investors to build the capital efficient portfolio of their dreams.
Let's explore a few different options.

Return Stacking Maximum Diversification 3 Fund Portfolio
Model Portfolio:
40% RSSB20% QLEIX40% QDSIX
Exposures:
40% Global Equities20% L/S Global Equities40% Bonds (U.S. Treasuries)40% Diversified Alternatives (6 distinct strategies including style premia, m/n equities, macro, managed futures, etc)
Expanded Canvas: 140%
That's it.
You're done.
With just three funds you've built an exceptionally well diversified portfolio.

Return Stacking Tactical Portfolio
If you're keen to create a portfolio with an offensive and defensive mode let's explore how you can do just that.
Model Portfolio:
40% RSSB20% RSST20% HCMT10% CAOS10% BTAL
Exposures:
Offensive Mode
100% Equities40% Bonds (US Treasuries)20% Managed Futures10% OTM PUT10% M/N Anti-Beta
Defensive Mode
60% Equities40% Bonds (US Treasuries)20% Managed Futures20% Cash10% OTM Put10% M/N Anti-Beta
Expanded Canvas: 180% in offensive mode and 160% in defensive mode

Return Stacking 10+ Strategies Under One Hood Portfolio
For investors seeking a maximally diversified portfolio (10 strategies / 9 funds) with a desire to keep things within the ETF universe the following may be of interest:
Model Portfolio:
20% RSSB ETF20% RSBT ETF20% GDE ETF20% QIS ETF4% BTAL ETF4% CAOS ETF4% SVOL ETF4% FBTC ETF4% LBAY ETF
Exposures:
58% Equities40% Bonds (US Treasuries)20% Managed Futures Trend18% Gold10% QIS Multi-Strategy Alt4% M/N Anti-Beta4% OTM Put4% Short Vol4% Bitcoin4% L/S Equity
Expanded Canvas: 166%

12-Question FAQ — Return Stacked Global Stocks & Bonds ETF (RSSB) Review
1) What is RSSB and why is it notable?
RSSB (Return Stacked Global Stocks & Bonds ETF) is a capital-efficient “stacked” ETF designed so that each $1 invested targets ~$1 of global equity exposure and ~$1 of U.S. Treasury futures exposure. That 100/100 design can free up space in a portfolio for additional diversifiers while preserving core stock/bond exposure.
2) How does RSSB compare to WisdomTree’s 90/60 trio (NTSX/NTSI/NTSE)?
WisdomTree’s funds target 90% equities + 60% bonds (U.S., international developed, or EM), whereas RSSB targets ~100% global equities + ~100% U.S. Treasury futures. Practically, RSSB can deliver more “bang for your buck” in capital efficiency and, being global in scope, avoids a home-country equity bias.
3) How does the capital efficiency translate into portfolio design?
Because RSSB stacks two return streams into the same dollar, you can recreate a 60/40 core with less capital and use the freed space for diversifiers. For example, allocating 40% RSSB + 20% RSST + 7% GDE inside a 67% sleeve can approximate ~66% equities, 40% bonds, 20% managed futures, and ~6% gold, delivering a balanced core plus alternatives within the same capital.
4) What is RSSB trying to do under the hood?
The fund actively combines:

A Global Equity strategy seeking market-cap-weighted global equity beta (via global/region ETFs, individual securities, or equity index futures), and

A U.S. Treasury Futures strategy (2–30-year maturities) to add a stacked bond return stream on top of equities.

5) How does the Global Equity sleeve work in practice?
Under normal conditions, the portfolio keeps broad global equity exposure with at least 30–40% in non-U.S. companies. The sub-adviser can mix global ETFs, regional ETFs, individual stocks, and equity index futures so the aggregate resembles cap-weighted global equities.
6) How does the U.S. Treasury Futures sleeve work?
RSSB uses exchange-traded U.S. Treasury futures across the curve (target 2–8 years duration overall) and rolls those contracts as they near expiry. It holds T-bills/cash for margin and collateral and may have higher turnover in the futures sleeve due to rolling.
7) Did the fund update its exposure targets?
Yes. A technical clarification aligned the design to ~$1 global equities + ~$1 U.S. Treasury futures per $1 invested (i.e., ~100/100), with the global sleeve expressed via a mix of ETFs, individual equities, and equity index futures, and the Treasury futures notional set around 100% of net assets.
8) What are the key reasons to consider RSSB?
Capital efficiency & diversification: Replace part of your core 60/40 with RSSB to free capital for uncorrelated sleeves (managed futures, gold, style premia, market-neutral, etc.). It may also reduce cash drag and temper equity concentration for growth-tilted allocations by adding a second, potentially diversifying return stream.
9) What are the main caveats?
If you want granular regional equity tilts with lower leverage, WisdomTree’s 90/60 suite might suit you better. Also, because RSSB uses futures, many investors prefer it in tax-advantaged accounts to simplify tax treatment of gains/losses from derivatives.
10) What are the fund facts?
Ticker: RSSBTarget Canvas: ~200% (≈100% global equities + ≈100% U.S. Treasuries)Net Expense Ratio: 0.41%AUM: ~70.5MInception: 12/04/2023
11) What are example model portfolios using RSSB?

Maximum Diversification (3-Fund): 40% RSSB, 20% QLEIX, 40% QDSIX → ~40% global equities, 40% bonds, 20% L/S equities, 40% multi-alts (expanded canvas ~140%).

Tactical (Offense/Defense): 40% RSSB, 20% RSST, 20% HCMT, 10% CAOS, 10% BTAL → Offense: 100% equities, 40% bonds, 20% trend, 10% OTM put, 10% anti-beta; Defense: 60% equities, 40% bonds, 20% trend, 20% cash, 10% OTM put, 10% anti-beta (canvas ~180%/160%).

10+ Strategies, All-ETF: 20% RSSB, 20% RSBT, 20% GDE, 20% QIS, 4% each of BTAL/CAOS/SVOL/FBTC/LBAY → ~58% equities, 40% bonds, 20% trend, 18% gold, 10% multi-strategy, 4% anti-beta, 4% OTM put, 4% short vol, 4% bitcoin, 4% L/S equity (canvas ~166%).

12) What’s the bottom line from this review?
For investors who prize capital efficiency and want room for uncorrelated alternatives—without abandoning a core stock/bond backbone—RSSB is a compelling “new captain of the ship.” The 100/100 design makes it a versatile building block for expanded-canvas portfolios.Note: This review is for entertainment/education only and not investment advice. Do your own research and consider consulting a financial professional.
Nomadic Samuel Final Thoughts
If you haven't guessed it already, I'm a big fan and investor in RSSB ETF!
It's an important capital efficient puzzle piece in my expanded canvas portfolio.
Those 100/100 stacked combos are on point.

But at this point in the review I'm more interested in what you've got to say.
What do you think of RSSB ETF?
Are you a capital efficient investor?

#### RSST ETF Review: Return Stacked U.S. Stocks & Managed Futures ETF Review
You're probably wondering if I've run out of things to return stack!
I mean we've witnessed dosas piled up to the heavens above, triple burger feasts and a mountain of pancakes on this investing blog.
Do I have any other tricks up my sleeve?
It turns out I do!

A few years back, I visited Tokyo, Japan where I heard rumours of an 8 flavour ice cream cone.
Being the absolute glutton that I am, of course, I had to check it out.
So I went in search of this "return stacked" Japanese ice cream in some nondescript basement of a shopping mall in Tokyo.
And folks I eventually found it.
I can't recommend a better way to expand your waistline and/or drift off into a pre-diabetic coma than trying to consume all 8 scoops but somehow I pulled it off.

But we're not here today to discuss my lack of self-control when it comes to food.
We're here to unpack an exciting new "return stacking strategy" that manifested itself recently in the form of RSST ETF.
It's better known as Return Stacked US Stocks & Managed Futures.
For every $1 spent you get 1$ exposure to US large-cap equities + $1 to a Managed Futures strategy.
2 for 1.
It's easily one my favourite ETFs of the year and quite frankly a superstar when it comes to expanded canvas products in the marketplace.
In my opinion, it's one of the most versatile capital efficient puzzle pieces out there.
So, without further ado, let's review RSST ETF.
Nomadic Samuel about to devour return stacked Japanese ice cream in Tokyo, Japan
The Potential Benefits Of Managed Futures

Ladies and Gentlemen, Princes and Princesses, Knights in Shining Armor, and perhaps the occasional Pirate — gather around! Today, we shall embark on a whimsical journey to the magical realm of Managed Futures. Now, I understand that you might have been expecting dragons, unicorns, or perhaps a sprinkling of fairy dust, but bear with me. The world of Managed Futures is filled with its own breed of magic, especially for your investment portfolio.
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

Diversification Delight: Managed futures are like the rainbow sprinkles on an investment sundae. Who wants a bland, one-flavor portfolio? Not I! And neither should you. With managed futures, you get to sprinkle some of that non-correlated asset goodness into your holdings. It's like having both chocolate and vanilla. Or better yet, rocky road with a side of mint chip.
Ride the Wave: Ever tried surfing? It's all about catching the right wave. Managed futures strategies can go both long (ride the wave up) and short (ride the wave down). So, whether the market's doing the cha-cha slide or the moonwalk, you've got some moves to groove with it.
The Cool Under Pressure Award: When the financial markets are throwing tantrums like a toddler denied candy, managed futures are that cool kid in the corner, sipping a juice box with poise. They tend to exhibit low correlation with traditional asset classes, offering potential stability during market meltdowns. The kind of friend you want around when the proverbial investment ice cream hits the fan.
Global Party: Why limit yourself to one playground? Managed futures party globally! They can access a broad range of global markets, from grains in Graceland to metals in Middle-earth. Okay, maybe not Middle-earth, but you get the picture.
Flexibility Gymnastics: Managed futures funds can change their asset exposure on a dime. They’re more flexible than a contortionist at a circus. Whether it’s the shift from equities to commodities or from bonds to currencies, these funds can pirouette with grace.

In short, if you’re looking for a whimsical addition to your portfolio's investment party, managed futures might just be the disco ball you’ve been waiting for. Dance on, savvy investor, dance on!
RSST Portfolio Structure
source: returnstackedefts.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
Why Return Stack US Equities With Managed Futures?
Picture this: US equities and managed futures decide to throw a soirée. What's on the agenda? Nothing short of the grandest, most exhilarating investment shindig of the century! Let’s dive into why this is the duo you didn't know you needed.

The Peanut Butter & Jelly Principle: Just as these two sandwich superstars complement each other’s strengths, US equities provide the solid bread and butter (or, ahem, peanut butter) of growth and dividends. Managed futures, on the other hand, are the zesty jelly, adding flavor with their dynamic strategies. Alone, they're delightful. Together? Culinary (and financial) bliss.
Diversification’s Dashing Dance: In the ballroom of investments, US equities are the ever-popular waltz, while managed futures are the unexpected tango. When the stock market decides to have an off day (or month, or year…), managed futures might just sweep in, twirling and saving the dance. Their typically non-correlated performance means when equities dip, managed futures can cha-cha real smooth.
The Bouncer at the Portfolio Club: Market volatility is like that one party crasher who wasn’t invited but shows up anyway. But don’t fret! Managed futures, with their global market strategies and long-short positions, act as the portfolio's bouncer. They can handle market rowdiness, ensuring the party goes on.
The Global Tour: If US equities are the home band playing your favorite familiar tunes, managed futures are the globetrotting DJ, bringing in beats from commodities in Cairo to currencies in Canberra. It’s a world tour right in your portfolio, ensuring you're grooving to diverse investment rhythms.
Fashion Forward: In the ever-trending world of investments, having both US equities and managed futures is akin to sporting both timeless classics and avant-garde haute couture. Equities? Your trusted tuxedo. Managed futures? That bold statement piece everyone's raving about.

Aa blend of US equities and managed futures is like an epic gala with a fusion of timeless classics and electric new beats. You'll have tales to tell, dances to relish, and perhaps, returns to cherish.
Cheers to a harmonious financial waltz! 🥂🕺💃

RSST ETF SIM vs 100% S&P 500 vs 100% 60/40 Portfolio Backtest

CAGR: 15.40% vs 11.65% vs 7.38%RISK: 14.88% vs 15.00% vs 9.91%BEST YEAR: 43.56% vs 31.22% vs 21.79%WORST YEAR: -8.33% vs -18.17% vs -16.90%MAX DRAWDOWN: -13.79% vs -23.93% vs -20.78%SHARPE RATIO: 0.96 vs 0.74 vs 0.66SORTINO RATIO: 1.71 vs 1.14 vs 0.99MARKET CORRELATION: 0.76 vs 1.00 vs 0.98

Review of RSST ETF : Reviewing Return Stacked US Stocks & Managed Futures ETF
About the Author & Disclosure
Picture Perfect Portfolios is the quantitative research arm of Samuel Jeffery, co-founder of the Samuel & Audrey Media Network. With over 15 years of global business experience and two World Travel Awards (Europe's Leading Marketing Campaign 2017 & 2018), Samuel brings a unique global macro perspective to asset allocation.
Note: This content is strictly for educational purposes and reflects personal opinions, not professional financial advice. All strategies discussed involve risk; please consult a qualified advisor before investing.
source: Return Stacked® Portfolio Solutions on YouTube
Newfound Research and ReSolve Asset Management

When Newfound Research and ReSolve Asset Management team up for a project, it's bound to be top-notch.
This latest endeavor is no different.
For the past year, I've kept tabs on Corey Hoffstein from Newfound Research and the dynamic trio from ReSolve - Adam Butler, Rodrigo Gordillo, and Mike Philbrick.
They've consistently shared invaluable insights through tweets, videos, and podcasts.
The term "return stacking" frequently surfaced in their discussions.
Initially, I thought "return stacking" was just a buzzword they introduced for advisory purposes and specialized portfolio models.
But now, the fog has lifted.
It's an offering meant for all.
With the introduction of RSST ETF, RSBT ETF, and the upcoming RSSB ETF, retail investors are now presented with innovative tools to craft their ideal return stacked portfolios.
source: returnstackedetfs.com
RSST ETF Overview, Holdings and Info

The investment case for “Return Stacked US Stocks and Managed Futures” has been laid out succinctly by the folks over at Return Stacked ETFs: (source: fund landing page)
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

Investment Case

"Capital Efficiency: Aims to provide simultaneous exposure to U.S. stocks and a managed futures strategy.  For every $1 invested, the RSST aims to provide $1 of exposure to large-cap U.S. equities and $1 of exposure to a managed futures strategy.
Diversification: RSST seeks to provide exposure to a managed futures strategy that has historically exhibited low correlation to both stocks and bonds.
Inflation Hedging: With the ability to go both long and short global futures markets (including equities, bonds, commodities, and currencies), managed futures has historically exhibited inflation-hedging characteristics.

*Diversification does not assure a profit.*"
source: returnstackedetfs.com

Fund Overview

"The Fund seeks long-term capital appreciation by investing in two complimentary investment strategies: a U.S. equity strategy and a managed futures strategy. For every $1 invested, the Fund attempts to provide $1 of exposure to its U.S. equity strategy and $1 of exposure to its managed futures strategy.
The U.S. equity strategy seeks to capture the total return of large-cap U.S. equities by investing in large-cap U.S. stocks, large-cap U.S. equity ETFs, and U.S. equity index futures.
The managed futures strategy will invest using a trend-following strategy in futures contracts among four major asset classes: commodities, currencies, equities, and fixed income."
source: returnstackedetfs.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
RSST ETF: Fund Selection Process
To better understand the process of how the fund operates, let’s turn our attention towards the summary prospectus where I've summarized the key points at the very bottom. (source: summary prospectus)
Principal Investment Strategies:

Return Stacked Bonds and Managed Futures Key Points

Actively Managed ETF: Pursues the dual mandate of 100% US Stocks + 100% Managed Futures strategies
Leverage: Stacks the returns of 100% Stocks with 100% Managed Futures utilizing leverage
$1 USD Invested Exposure: $1 USD of Stocks + $1 USD of Managed Futures
U.S. Equity Strategy: U.S. equity securities, U.S. equity ETFs, or U.S. equity index futures contracts
Managed Futures Strategy: 4 major asset classes (commodities, currencies, equities, fixed income) utilizing futures contracts
200% Expanded Canvas: Return Stacking 100% Stocks + 100% Managed Futures
Cash Collateral: U.S. Treasury bills and cash = collateral for the futures contracts + generate income
Stocks Strategy Mandate: Equal total return of US Large Cap Equities (via low cost ETFs and Equity Index Futures)
Managed Futures Mandate: Systematic and quantitative trend process of taking long/short positions across 4 major asset classes

RSST ETF Info
Ticker: RSSTCanvas Size: 200% Total = (100% US Stocks + 100% Managed Futures)Net Expense Ratio: 1.04AUM: ? (*Review written mere days after fund launch* Will update soon)Inception: 09/06/2023
source: ReSolve Asset Management

RSST ETF Pros and Cons
Let’s move on to examine the potential pros and cons of RSST ETF.

RSST Pros: Distinct Advantages

Features a unique combination of 100% US Equities and 100% Managed Futures, offering investors a distinctive capital-efficient tool.
The first of its kind capital-efficient equities + managed futures ETF: 100% Managed Futures paired with 100% U.S Stocks.
Flexibility to pair this with other capital efficient building blocks (e.g., treasury, gold, etc).
Option for a balanced 60/40/100 or all equity 100/50/50 portfolio across equities, fixed income, and managed futures when combined with RSBT or PSLDX
Compatibility with various other capital-efficient ETFs and Mutual Funds to craft a personalized return stacking design.
Allows integration of alternatives (managed futures) without shrinking or shaving down your equity allocation.
Creates room in your portfolio for alternative diversified diversifiers like global systematic macro, gold, market-neutral strategies, long-short equity, style premia, catastrophe bonds, arbitrage, bitcoin, etc.
Low correlation amongst stocks, bonds, and managed futures allows investors to blow to smithereens the outdated 60/40 narrative
Competitive management fee for a fund offering 200% expanded canvas coverage
Historically, managed futures have offered a buffer/ballast during market upheavals.
Employs a comprehensive strategy through machine learning to mimic a selection of trend-following funds.
Support innovative boutique funds catering to both retail investors and advisors.

RSST Cons: Potential Limitations

During years where both equities and managed futures are down, the ETF's leverage could amplify short-term losses.
Tracking error when managed futures have a challenging month, quarter and/or year(s)

source: Raise Your Average. on YouTube

RSST ETF Model Portfolio Ideas
These asset allocation ideas and model portfolios presented herein are purely for entertainment purposes only. This is NOT investment advice. These models are hypothetical and are intended to provide general information about potential ways to organize a portfolio based on theoretical scenarios and assumptions. They do not take into account the investment objectives, financial situation/goals, risk tolerance and/or specific needs of any particular individual. 
Do you remember earlier on when I said RSST ETF is one of the most versatile expanded canvas products?
Well, now it time to prove my point.
With RSST ETF you have almost unlimited combos to build high conviction capital efficient portfolios.
Let's explore some of those.

60/40/100: 60/40 Plus 100% Managed Futures
For those seeking the classic configuration of the a 60/40 portfolio with a no holds barred allocation to Managed Futures you only need 2 funds.
Model Portfolio:
60% RSST40% RSBT
Exposures:
60% US Equities40% Bonds100% Managed Futures
Expanded Canvas: 
200%
That's it.
You're done.
How has that performed in a backtest?
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
ALL EQUITY: 100/50/50 (Stocks + Managed Futures + Bonds)
If you're an investor that doesn't want to shave down your equity sleeve one bit you can still "return stack" bonds and managed futures in an equal combo with just 2 funds:

Model Portfolio:
50% RSST50% PSLDX
Exposures:
100% US Equities50% Managed Futures50% Bonds
Expanded Canvas: 
200%
Let's check that out by rolling back the clock a little bit with this performance summary.
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)

Maximum Diversification Portfolio
For investors seeking to maximally diversify their portfolios (with as many strategies as possible) you can cobble together 7 uncorrelated strategies with just 6 funds:
Model Portfolio:
50% RSST20% GDE10% TYA10% HCMT5% BTAL5% CAOS (formerly AVOLX)
Exposures:
88% or 68% US Equities50% Managed Futures30% Intermediate Treasury18% Gold0 or 10% Cash5% M/N Equities (Long: Low Vol / Short: High Beta)5% OTM PUT
Expanded Canvas: 
196% or 186%
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
Let's send that combo off for a beautiful backtest!
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
And here are the correlations between strategies.
source: portfoliovisualizer.com (The investment performance results presented here are based on historical backtesting and are hypothetical. Past performance, whether actual or indicated by historical tests of strategies, is not indicative of future results. The results obtained through backtesting are only theoretical and are provided for informational purposes to illustrate investment strategies under certain conditions and scenarios.)
Nomadic Samuel enjoying the scenery in Lago Puelo, Patagonia, Argentina
RSST ETF — 12-Question FAQ

1) What is RSST and its objective?
RSST (Return Stacked® U.S. Stocks & Managed Futures ETF) targets long-term capital appreciation and better diversification by combining ~100% large-cap U.S. equity exposure with ~100% managed-futures exposure (≈ 200% gross).
2) What does “return stacked” mean here?
For each $1 invested, RSST aims to deliver $1 of U.S. equities + $1 of managed futures. The futures sleeve (net of financing/costs) is “stacked” on top of equity beta.
3) How does the U.S. equity sleeve work?
Seeks the total return of large-cap U.S. equities via individual stocks, low-cost large-cap ETFs, and/or U.S. equity index futures, with T-bills/cash as liquidity and collateral.
4) How does the managed-futures sleeve work?
A systematic, rules-based trend process (long/short) across commodities, currencies, equities, and fixed income futures, sizing positions by signal strength and risk.
5) Is RSST leveraged? What’s the practical risk take?
Yes—notional exposure ≈ 200% (~100% equities + ~100% managed futures). Expect equity-like or somewhat higher volatility, but with lower correlation than a pure-equity sleeve.
6) Why pair U.S. equities with managed futures?
Managed futures have historically shown low/variable correlation to stocks/bonds and can mitigate drawdowns and help during inflationary shocks, improving risk-adjusted results.
7) When does RSST tend to do well—or struggle?
Favorable: Equity uptrends and persistent macro trends (up or down) in futures.Challenging: When both sleeves lag or in choppy, trendless markets that whipsaw trend-following.
8) How might investors use RSST in a portfolio?
As a core, capital-efficient equity block that preserves equity beta while adding managed futures, or within return-stacked combos (e.g., adding bonds, gold, or other diversifiers).
9) What are key risks to understand?
Leverage/derivatives risk, trend breakdown/whipsaw, tracking/implementation risk, underlying futures liquidity, and potential for larger short-term swings if both sleeves face headwinds.
10) How does RSST differ from a 60/40 or an equity + separate MF fund?
RSST provides pre-packaged, simultaneous equity + managed-futures exposure with explicit capital efficiency in one ticker; a 60/40 is static, and separate funds may require more capital or manual overlay.
11) Fees, taxes, and structure?
An actively managed ETF with an expense ratio disclosed by the sponsor; uses futures/T-bills for stacking and typically issues a 1099 (ETF structure). Check the current prospectus for details.
12) Who is this best suited for?
Investors/advisors who want to keep equity exposure while adding a diversifying, rules-based managed-futures sleeve, are comfortable with capital-efficient overlays, and tolerate tracking error vs. traditional benchmarks.

Nomadic Samuel Final Thoughts
Return Stacking offers everything I could ever want as a DIY expanded canvas investor.
I'm able to expand the canvas of my portfolio to create space for more diversified diversifiers.
That's the name of the game for me.
And RSST ETF is an incredible new puzzle piece I can utilize to keep my equity position strong whilst adding managed futures to the mix.
There are no compromises here.
It's just a big 'ole extra scoop of ice cream added to my waffle cone at the parlour on a hot summer's day.
And with all that talk of food, I think that's where we'll end things for today.
I'm freakin' hungry.

Let's turn things over to you.
What do you think of RSST ETF?

#### RSSY ETF Review: The Strategy Behind Return Stacked US Stocks & Futures Yield ETF with Corey Hoffstein
Capital-efficient investors now have a plethora of different toppings to stack atop their towering banana split sundae.
Stocks. Check.
Bonds. Yup.
Managed Futures Trend. Roger, that.
Gold. Indeed.
And now Carry.
More specifically, a multi-asset futures yield carry strategy.
RSSY ETF is the latest offering from the Return Stacked crew.
It's better known as Return Stacked US Stocks & Futures Yield ETF.
It's another potential 'return stacking' building block that can be used to assemble the capital-efficient portfolio of your dreams.
To learn more about this fund, let's turn things over to its creator Corey Hoffstein.

Meet Corey Hoffstein - CEO & CIO Newfound Research
Corey Hoffstein is the CEO and CIO of Newfound Research, where he is responsible for overseeing the Newfound’s investment team and the ongoing management of Newfound’s investment strategies.
Corey is an active researcher and his work has been published in the Journal of Indexing and the Journal of Alternative Investments.  He is also the host of the popular quantitative investing podcast Flirting with Models.
Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University.
source: returnstackedefts.com