backtests
India produced the highest CAGR of any exchange in our 14-market sector momentum study: 26.95% annually over 26 years, +18.93% excess vs S&P 500, and 185.72% up capture. From $10,000 to ~$4.9M in INR-denominated terms. The max drawdown is severe at -63.87%, but the 26-year compound speaks for...
backtests
We ran a low-debt + Piotroski F-Score screen on 15 exchanges over 25 years. India leads at 13.65% CAGR. Canada has the best downside protection (9.32% down capture). Switzerland has the best Sharpe. Here''s the full global breakdown.
backtests
Graham Number strategy on Nasdaq Stockholm returned 13.04% annually from 2000-2024, beating the OMX Stockholm 30 in 20 of 25 years. The 80% win rate ties Japan for the highest in the study. Up capture: 151.9%. Down capture: 30.5%.
backtests
Japan produced strong results in our Graham Number backtest: 11.63% CAGR vs 2.95% for the Nikkei 225 over 25 years. +8.68% annual excess, 80% win rate, and 15.2% down capture vs the local index. Deep structural cheapness, Abenomics tailwinds, and TSE governance reforms all show up in the data.
backtests
We ran the same cyclical timing signal across 15 exchanges over 24 years. India: +4.55% annual excess. China: -17.97% annual excess. Germany and Sweden also positive. The same revenue growth signal produced opposite outcomes in markets with different economic structures.
backtests
India's listed companies are built on physical capital: steel, cement, chemicals, engineering. A P/TBV screen on NSE large-caps returned 14.64% CAGR over 25 years versus 12.06% for the Sensex, with a down capture of 37.2%, meaning the strategy absorbed about a third of the benchmark's downside.
backtests
Canada has the lowest down capture of any market in our 15-exchange study (28.4%). But overall CAGR is weak at 5.78% (-3.11% excess). Energy sector concentration creates boom-bust dynamics that the revenue growth signal times but can't fully escape.
backtests
ASX cyclical timing returned 7.45% CAGR (-1.45% excess) over 24 years. Australia's resources-heavy economy ties cyclical signals closely to commodity prices. 2005-2006: supercycle surge (+35.8%, +33.1%). 2021: worst year (-21.3%). Modest underperformance but reliable signal quality.
backtests
We ran Benjamin Graham's formula (sqrt(22.5 × EPS × BVPS)) across US stocks from 2000 to 2024. The honest result: 7.01% CAGR vs 7.64% for SPY. The down capture of 68.8% is real. The structural underperformance since 2013 is also real.
backtests
Price-to-Tangible-Book strips goodwill and intangibles from the valuation, leaving only what a company physically owns. Backtested on US large-caps from 2000-2025, the strategy returned 11.31% CAGR versus 7.85% for SPY, with a down-capture ratio of just 3.9%.
backtests
Switzerland tied for highest Sharpe ratio in our cyclical timing study (0.415), despite 7.46% CAGR (-1.43% excess). Six cash periods (25%), but strong returns when invested. Swiss precision machinery and specialty chemicals created consistent signal quality.
backtests
We tested buying S&P 500 sectors when their aggregate P/E falls 1+ standard deviation below the 5-year average. 12.70% CAGR vs 10.65% SPY over 21 years, with 67.6% down-capture ratio. Full methodology and SQL included.