Portfolio a alokace
Portfolio by Risk Profile: Three Concrete Models
Key takeaways
- Your risk profile determines the allocation, not the performance target — first decide how much of a drawdown you can tolerate, then build.
- A conservative portfolio (30/70) is for short-term goals or low tolerance for drawdown stress.
- A balanced portfolio (60/40) is the classic starting point for medium-term goals with moderate volatility.
- A dynamic portfolio (90/10 or 100/0) is for long-term horizons and investors resilient to drawdowns.
- A portfolio model is not permanent — it changes with age, income, and the approaching goal.
An investor's risk profile tells you how much short-term loss you are willing to accept in exchange for a higher long-term return — and the entire portfolio allocation follows from that.
How to determine your own risk profile
Two key questions:
- Financial capacity: how long before I need the money? Shorter horizon = lower risk.
- Psychological tolerance: how will I react if the portfolio falls 30%? If that keeps you awake at night, reduce the risk.
Brokers and banks usually have standardised questionnaires. Their result is only indicative, but helpful as a starting point.
Model 1: Conservative portfolio (30/70)
Composition: ~30% equity ETF, ~70% bonds / money market funds. Suitable for horizons up to 5 years or investors with low tolerance for swings. Maximum historical drawdown for a similar mix is around 15–20%. Return is lower but more predictable.
Model 2: Balanced portfolio (60/40)
Composition: ~60% equities, ~40% bonds. The classic model with decades of history. Historical maximum drawdown is around 30%. Suitable for 7–15 year horizons and investors who want growth but cannot tolerate extreme volatility.
Model 3: Dynamic portfolio (90/10 or 100/0)
Composition: 90–100% equities globally, the remainder in cash or short-term bonds. For investors with a horizon of 15+ years and the ability to withstand a 40–50% drawdown without panicking. Historically the highest average return, but also the highest volatility. See what is the S&P 500 as an example of the equity component.
How to combine models
Different models may fit different goals at the same time: a dynamic portfolio for retirement in 25 years and a conservative one for a home purchase in 4 years. Build "buckets" separately. How allocation changes as the goal approaches is explained in the article on glide path.
FAQ
What is an investor's risk profile?
A combination of financial capacity (how long you do not need the money) and psychological tolerance (how much a portfolio decline stresses you). It influences how much of the portfolio to put in volatile assets (equities) versus more stable ones (bonds, cash).
Is the 60/40 model still valid?
The 60/40 model was a reference point for decades, but in periods of higher inflation or correlated declines in both equities and bonds it can surprise negatively. It remains a reasonable starting point for investors with a medium risk profile.
Can a young investor have a conservative portfolio?
Yes — if their goal is short-term (a flat purchase in 3 years) or they genuinely have low psychological tolerance. Age alone is not the only criterion. The horizon of the specific goal and whether a decline would trigger selling matter more.
How to build a dynamic portfolio as simply as possible?
One global equity ETF (All World or S&P 500) makes up 90–100% of the portfolio. Add a short-term bond or money market ETF as a buffer. A three-component version? Add a thematic or dividend ETF. Fewer components means simpler rebalancing.