7-zip is my first choice to handle compressed files, simple, lightweight, and available in portable. The main problems for the portable one are associating 7-zip with files and integrate it in Windows context shell menu.
Associate 7-zip with Files
1. Open 7-zip -> select menu Tools -> Options…
2. In System tab, check type of file you want to associate with or just click Select all.
Integrate 7-zip to Context Shell Menu
1. Still in Options, go to Plugins tab -> select 7-zip -> click Options…
2. In System tab -> check Integrate 7-zip to context menu option.
3. Click OK and OK and it’s done