There does appear to be some recent improvement (reduction) in the volatility of VLS 40%

I've looked at the standard deviation of 5 year annualised performance on a rolling 36 month basis to get a sense of the trend.

This number peaked at 2.1% in October 2023 and is now back down to 2017-2021 levels of 0.7% - 0.9%.

But the patterns are exactly the same for VLS 80%, peaking at 2.2% in October 2023 and back now to 1% - actually this is the lowest it's ever been.

Totally accept the feedback that all my numbers are backward looking of course and, as xxd09 says, it's for each of us to gauge our behavioural tolerances

However, the data is suggesting to me that "your age in bonds" could be very expensive insurance

So my plan is to carefully lift my equity% with age ...........

Agree with inevitable and the speed in which it happened - many people were either not prepared or oblivious to what their portfolio was invested in - hence the multiple tabloid headlines. But Evies Dad is right in saying going forward the volatility of a bond heavy fund *should* be better. A repeat of the downward moves in bond prices / increase in yields today when yields are at circa 4.6% on the 10yr would be even more headline grabbing than 2022. The equity market would implode. And there's nothing to say we are anywhere near that point currently, unlike the danger that bonds faced before 2022. Hence something like a 40/60 should be a fairly comfortable ride / gamble for anyone wanting low(er) volatility and a 5%/pa return through retirement.