{"schema":1,"slug":"leveraged-trend-filter","name":"Leverage with a trend filter","group":"2x-shelf","risk":"very-high","summary":"Hold each 2x single-stock fund while its stock trades above its 200-day average, else hold cash. Hindsight: these eight stocks are today's large winners, picked in 2026. Back-test results are flattered; most of the history is simulated.","hypothetical":true,"label":"Hypothetical. Back-tests and paper records are simulations for education: they are not live results, not investment advice and not a promise of future returns. Daily closes only; paper marks are taken after the close.","asOf":"2026-11-03","builtFrom":{"engine":"pipeline/modelhub/engine.py spec 1.15","scorecard":"pipeline/scorecard.py","rules":"data/strategies/rules.json","rulesVersion":"1","rulesSha":"ba68a51606b72a66","prices":"Tiingo daily closes, ETFIQ total-return index (pipeline/scorecard.load)"},"citation":{"authors":"Gayed, M. A. and Bilello, C. V.","year":2016,"title":"Leverage for the Long Run: A Systematic Approach to Managing Risk and Magnifying Returns in Stocks","venue":"SSRN 2741701","url":"https://doi.org/10.2139/ssrn.2741701"},"benchmark":{"ticker":"SPY","name":"SPDR S&P 500 ETF Trust","from":"1993-01-29","link":"/funds/spy/"},"universe":[{"ticker":"AAPU","name":"Direxion Daily AAPL Bull 2X ETF","class":"single-stock-2x","role":"2x Apple","signal":"AAPL","firstClose":null,"launch":"2022-08-09","simulatedUntil":"2022-08-09","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0423,"p95Pct":0.1508,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/aapu/"},{"ticker":"AMZU","name":"Direxion Daily AMZN Bull 2X ETF","class":"single-stock-2x","role":"2x Amazon","signal":"AMZN","firstClose":null,"launch":"2022-09-07","simulatedUntil":"2022-09-07","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0569,"p95Pct":0.1473,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/amzu/"},{"ticker":"GGLL","name":"Direxion Daily GOOGL Bull 2X ETF","class":"single-stock-2x","role":"2x Alphabet","signal":"GOOGL","firstClose":null,"launch":"2022-09-07","simulatedUntil":"2022-09-07","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0672,"p95Pct":0.1082,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/ggll/"},{"ticker":"MSFU","name":"Direxion Daily MSFT Bull 2X ETF","class":"single-stock-2x","role":"2x Microsoft","signal":"MSFT","firstClose":null,"launch":"2022-09-07","simulatedUntil":"2022-09-07","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0476,"p95Pct":0.1273,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/msfu/"},{"ticker":"FBL","name":"GraniteShares 2x Long META Daily ETF","class":"single-stock-2x","role":"2x Meta","signal":"META","firstClose":null,"launch":"2022-12-13","simulatedUntil":"2022-12-13","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0582,"p95Pct":0.3005,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/fbl/"},{"ticker":"NVDL","name":"GraniteShares 2x Long NVDA Daily ETF","class":"single-stock-2x","role":"2x Nvidia","signal":"NVDA","firstClose":null,"launch":"2022-12-13","simulatedUntil":"2022-12-13","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.057,"p95Pct":0.1833,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/nvdl/"},{"ticker":"TSLL","name":"Direxion Daily TSLA Bull 2X ETF","class":"single-stock-2x","role":"2x Tesla","signal":"TSLA","firstClose":null,"launch":"2022-08-09","simulatedUntil":"2022-08-09","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0894,"p95Pct":0.1787,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/tsll/"},{"ticker":"AVL","name":"Direxion Daily AVGO Bull 2X ETF","class":"single-stock-2x","role":"2x Broadcom","signal":"AVGO","firstClose":null,"launch":"2024-10-10","simulatedUntil":"2024-10-10","halfSpreadBps":20.0,"spreadSource":"default for single-stock-2x (no spread on file)","premium":{"medianPct":0.0975,"p95Pct":0.2203,"note":"a premium or discount is already inside the close price the returns are built from; reported, not charged again"},"link":"/funds/avl/"}],"rules":{"op":"trend_filter","params":{"smaDays":200,"weighting":"equal","out":"cash"},"rebalance":{"calendar":"monthly"},"paperTradeTiming":"A rule reads the close of the last trading day of the month and trades at the next close."},"hindsightWarning":"Hindsight: these eight stocks are today's large winners, picked in 2026. Back-test results are flattered; most of the history is simulated.","cannotMeasure":["The paper applies the filter to a 3x S&P 500 index; this applies it to single-stock 2x funds, which no paper tests.","Simulated days do not charge the financing cost of the borrowed half or swap spreads, so they run high.","Taxes.","The universe is fixed in hindsight: the funds named are those that exist and are large in 2026, so every result flatters a strategy a reader could have run only with this list in 2013."],"simulation":{"assets":[{"ticker":"AAPU","launch":"2022-08-09","simulatedUntil":"2022-08-09","underlying":"AAPL","expenseRatioPct":0.96,"fit":{"days":1063,"actualTotal":1.281877,"simulatedTotal":1.281877,"dailyRmsGap":0.004204,"slope":1.81266,"dailyIntercept":-0.00023798,"recipeTotal":1.979131,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"AMZU","launch":"2022-09-07","simulatedUntil":"2022-09-07","underlying":"AMZN","expenseRatioPct":0.99,"fit":{"days":1043,"actualTotal":0.517867,"simulatedTotal":0.517867,"dailyRmsGap":0.005553,"slope":1.77738,"dailyIntercept":-0.0004131,"recipeTotal":1.24476,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"GGLL","launch":"2022-09-07","simulatedUntil":"2022-09-07","underlying":"GOOGL","expenseRatioPct":0.96,"fit":{"days":1043,"actualTotal":1.796017,"simulatedTotal":1.796017,"dailyRmsGap":0.005052,"slope":1.80569,"dailyIntercept":-0.00035987,"recipeTotal":3.183752,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"MSFU","launch":"2022-09-07","simulatedUntil":"2022-09-07","underlying":"MSFT","expenseRatioPct":0.98,"fit":{"days":1043,"actualTotal":0.880072,"simulatedTotal":0.880072,"dailyRmsGap":0.004476,"slope":1.78984,"dailyIntercept":-0.00045009,"recipeTotal":2.081615,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"FBL","launch":"2022-12-13","simulatedUntil":"2022-12-13","underlying":"META","expenseRatioPct":1.05,"fit":{"days":975,"actualTotal":5.527752,"simulatedTotal":5.527752,"dailyRmsGap":0.006026,"slope":1.85639,"dailyIntercept":-0.00075766,"recipeTotal":13.799874,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"NVDL","launch":"2022-12-13","simulatedUntil":"2022-12-13","underlying":"NVDA","expenseRatioPct":1.64,"fit":{"days":975,"actualTotal":21.543017,"simulatedTotal":21.543017,"dailyRmsGap":0.007794,"slope":1.83621,"dailyIntercept":-0.0007196,"recipeTotal":50.983588,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"TSLL","launch":"2022-08-09","simulatedUntil":"2022-08-09","underlying":"TSLA","expenseRatioPct":0.83,"fit":{"days":1063,"actualTotal":-0.457127,"simulatedTotal":-0.457127,"dailyRmsGap":0.008683,"slope":1.82007,"dailyIntercept":-0.00017118,"recipeTotal":-0.532918,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}},{"ticker":"AVL","launch":"2024-10-10","simulatedUntil":"2024-10-10","underlying":"AVGO","expenseRatioPct":1.0,"fit":{"days":517,"actualTotal":0.535248,"simulatedTotal":0.535248,"dailyRmsGap":0.002338,"slope":1.98877,"dailyIntercept":-0.00043905,"recipeTotal":0.883125,"note":"calibrated on the fund's real days: simulated total return over them against the actual; recipeTotal is the uncalibrated 2x minus expense ratio over the same days"}}],"rule":"Before each fund launched, daily 2x of the stock's total return minus the fund's expense ratio. 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every fund in the list had traded: real days only, no simulation. A short window and a hindsight list."},"stats":{"total":122.641131,"cagr":0.425414,"volatility":0.372961,"sharpe":1.089737,"maxDrawdown":-0.453296,"maxDrawdownPeak":"2020-02-19","maxDrawdownTrough":"2020-03-16","maxDrawdownRecovered":"2020-06-09","days":3420,"years":13.590691},"history":{"file":"leveraged-trend-filter-history.json","cutoff":"2025-04-01","before":"weekly points (the last close of each week)","from":"daily points"}},"paper":{"start":null,"configuredStart":"2026-11-04","days":0,"series":{"dates":[],"nav":[]},"windows":{},"label":"Paper record not started: it begins on the first trading day after launch. Hypothetical."},"signals":{"asOf":"2026-11-03","states":[{"ticker":"AAPU","signalOn":"AAPL","state":"in","value":0.117299,"threshold":1141.611492,"distance":-0.104985,"distanceUnit":"percent move in the price to flip","text":"AAPU (reads AAPL): AAPL is 11.7% above its 200-day average: in. It flips out if it falls 10.5%."},{"ticker":"AMZU","signalOn":"AMZN","state":"in","value":0.029546,"threshold":2486.764596,"distance":-0.028698,"distanceUnit":"percent move in the price to flip","text":"AMZU (reads AMZN): AMZN is 3.0% above its 200-day average: in. It flips out if it falls 2.9%."},{"ticker":"GGLL","signalOn":"GOOGL","state":"out","value":-0.175965,"threshold":136.352222,"distance":0.213541,"distanceUnit":"percent move in the price to flip","text":"GGLL (reads GOOGL): GOOGL is 17.6% below its 200-day average: out, in cash. It flips in if it rises 21.4%."},{"ticker":"MSFU","signalOn":"MSFT","state":"in","value":0.191005,"threshold":1166.842242,"distance":-0.160373,"distanceUnit":"percent move in the price to flip","text":"MSFU (reads MSFT): MSFT is 19.1% above its 200-day average: in. It flips out if it falls 16.0%."},{"ticker":"FBL","signalOn":"META","state":"out","value":-0.016241,"threshold":16.666801,"distance":0.016509,"distanceUnit":"percent move in the price to flip","text":"FBL (reads META): META is 1.6% below its 200-day average: out, in cash. It flips in if it rises 1.7%."},{"ticker":"NVDL","signalOn":"NVDA","state":"in","value":0.011839,"threshold":5443.336173,"distance":-0.0117,"distanceUnit":"percent move in the price to flip","text":"NVDL (reads NVDA): NVDA is 1.2% above its 200-day average: in. It flips out if it falls 1.2%."},{"ticker":"TSLL","signalOn":"TSLA","state":"in","value":0.035254,"threshold":241.688866,"distance":-0.034053,"distanceUnit":"percent move in the price to flip","text":"TSLL (reads TSLA): TSLA is 3.5% above its 200-day average: in. It flips out if it falls 3.4%."},{"ticker":"AVL","signalOn":"AVGO","state":"out","value":-0.093668,"threshold":318.750774,"distance":0.103349,"distanceUnit":"percent move in the price to flip","text":"AVL (reads AVGO): AVGO is 9.4% below its 200-day average: out, in cash. It flips in if it rises 10.3%."}],"rejected":[],"lastDecision":{"signalDate":"2026-10-30","reasons":{"AAPU":"AAPL is 16.3% above its 200-day average","AMZU":"AMZN is 1.3% below its 200-day average, so its 12.5% slot is cash","GGLL":"GOOGL is 17.8% below its 200-day average, so its 12.5% slot is cash","MSFU":"MSFT is 19.5% above its 200-day average","FBL":"META is 2.6% below its 200-day average, so its 12.5% slot is cash","NVDL":"NVDA is 0.3% above its 200-day average","TSLL":"TSLA is 3.8% above its 200-day average","AVL":"AVGO is 11.1% below its 200-day average, so its 12.5% slot is cash"}},"nextSignalDate":"2026-11-30","nextTradeDate":"2026-12-01","pill":"partly-in"},"holdings":{"asOf":"2026-11-03","rebalanceDate":"2026-11-02","weights":[{"ticker":"CASH","name":null,"weight":49.845,"link":null},{"ticker":"MSFU","name":"Direxion Daily MSFT Bull 2X ETF","weight":13.126,"link":"/funds/msfu/"},{"ticker":"NVDL","name":"GraniteShares 2x Long NVDA Daily ETF","weight":12.985,"link":"/funds/nvdl/"},{"ticker":"TSLL","name":"Direxion Daily TSLA Bull 2X ETF","weight":12.11,"link":"/funds/tsll/"},{"ticker":"AAPU","name":"Direxion Daily AAPL Bull 2X ETF","weight":11.934,"link":"/funds/aapu/"}],"pending":null},"blotter":[],"scorecard":{"kind":"strategy","a":"leveraged-trend-filter","b":"SPY","window":{"from":"2013-04-12","to":"2026-11-03","firstReturn":"2013-04-19","weeklyReturns":708,"years":13.56,"short":false},"riskFree":{"rate":0.01887126,"perWeek":0.0003629088,"days":3392,"series":"13-week Treasury bill, coupon equivalent, average of daily yields","source":"U.S. Department of the Treasury, Daily Treasury Bill Rates","url":"https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates"},"measures":{"total":{"a":119.26223763,"b":4.97501694,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"annualised":{"a":0.42160145,"b":0.14030035,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"volatility":{"a":0.3510363,"b":0.1586785,"edge":"SPY","lead":"SPY"},"downsideDeviation":{"a":0.2169142,"b":0.10984349,"edge":"SPY","lead":"SPY"},"maxDrawdown":{"a":-0.41287199,"b":-0.3181115,"edge":"SPY","lead":"SPY","aPeak":"2020-02-14","aTrough":"2020-03-20","bPeak":"2020-02-14","bTrough":"2020-03-20"},"excess":{"a":0.39525288,"b":0.12525522,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"sharpe":{"a":1.12596015,"b":0.78936476,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"sortino":{"a":1.82216234,"b":1.14030625,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"calmar":{"a":1.02114325,"b":0.44104144,"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"}},"relative":{"leveraged-trend-filter":{"on":"SPY","beta":1.52256126,"r2":0.47367632,"alpha":0.20454414,"alphaT":2.94391997,"alphaLow":0.0681316,"alphaHigh":0.34095668,"upsideCapture":null,"downsideCapture":1.32271795,"treynor":0.25959736,"trackingError":0.26782945,"informationRatio":1.0080955,"upWeeks":415,"downWeeks":293,"heldOut":{"upsideCapture":{"value":3.0433,"bound":3.0,"arithmetic":1.9876,"scale":1.0,"reason":"upside capture held out for leveraged-trend-filter: 3.0 is past 3, 3 times the fund's stated daily multiple over its reference's; the same weeks' own ratio is 1.99"}},"treynorReference":0.12525522,"edges":{"beta":{"edge":"Higher beta","lead":null,"neutral":true},"r2":{"edge":null,"lead":null,"neutral":true},"alpha":{"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"alphaRange":{"edge":null,"lead":null},"downsideCapture":{"edge":"SPY","lead":"SPY"},"treynor":{"edge":"leveraged-trend-filter","lead":"leveraged-trend-filter"},"informationRatio":{"edge":null,"lead":"leveraged-trend-filter","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"lead":null,"neutral":true}}}}},"scorecardListed":{"kind":"strategy","a":"leveraged-trend-filter-listed","b":"SPY","window":{"from":"2024-10-18","to":"2026-11-03","firstReturn":"2024-10-25","weeklyReturns":107,"years":2.04,"short":true},"riskFree":{"rate":0.04044275,"perWeek":0.0007777451,"days":510,"series":"13-week Treasury bill, coupon equivalent, average of daily yields","source":"U.S. Department of the Treasury, Daily Treasury Bill Rates","url":"https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates"},"measures":{"total":{"a":0.06531076,"b":0.32008387,"edge":"SPY","lead":"SPY"},"annualised":{"a":0.03122391,"b":0.14448495,"edge":"SPY","lead":"SPY"},"volatility":{"a":0.34748606,"b":0.14876232,"edge":"SPY","lead":"SPY"},"downsideDeviation":{"a":0.22361053,"b":0.09751359,"edge":"SPY","lead":"SPY"},"maxDrawdown":{"a":-0.35021426,"b":-0.16877308,"edge":"SPY","lead":"SPY","aPeak":"2024-12-27","aTrough":"2025-04-17","bPeak":"2025-02-14","bTrough":"2025-04-04"},"excess":{"a":0.0491312,"b":0.10568365,"edge":"SPY","lead":"SPY"},"sharpe":{"a":0.14139043,"b":0.71041948,"edge":"SPY","lead":"SPY"},"sortino":{"a":0.21971775,"b":1.08378386,"edge":"SPY","lead":"SPY"},"calmar":{"a":0.0891566,"b":0.85609004,"edge":"SPY","lead":"SPY"}},"relative":{"leveraged-trend-filter-listed":{"on":"SPY","beta":1.51227886,"r2":0.41915521,"alpha":-0.11069195,"alphaT":-0.59383177,"alphaLow":-0.4802944,"alphaHigh":0.25891051,"upsideCapture":2.65825453,"downsideCapture":1.61069203,"treynor":0.03248819,"trackingError":0.27557692,"informationRatio":-0.20521474,"upWeeks":57,"downWeeks":50,"treynorReference":0.10568365,"edges":{"beta":{"edge":"Higher beta","lead":null,"neutral":true},"r2":{"edge":null,"lead":null,"neutral":true},"alpha":{"edge":"Not significant","lead":null},"alphaRange":{"edge":"Includes zero","lead":null},"upsideCapture":{"edge":"leveraged-trend-filter-listed","lead":"leveraged-trend-filter-listed"},"downsideCapture":{"edge":"SPY","lead":"SPY"},"treynor":{"edge":"SPY","lead":"SPY"},"informationRatio":{"edge":null,"lead":"SPY","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"lead":null,"neutral":true}}}}},"erosion":{"window":["2025-11-03","2026-11-03"],"rows":[{"fund":"AAPU","stock":"AAPL","from":"2025-11-03","to":"2026-11-03","stock1Y":0.23818,"fund1Y":0.31825},{"fund":"AMZU","stock":"AMZN","from":"2025-11-03","to":"2026-11-03","stock1Y":-0.01303,"fund1Y":-0.2132},{"fund":"GGLL","stock":"GOOGL","from":"2025-11-03","to":"2026-11-03","stock1Y":-0.01043,"fund1Y":-0.2124},{"fund":"MSFU","stock":"MSFT","from":"2025-11-03","to":"2026-11-03","stock1Y":0.016,"fund1Y":-0.15411},{"fund":"FBL","stock":"META","from":"2025-11-03","to":"2026-11-03","stock1Y":-0.023,"fund1Y":-0.26843},{"fund":"NVDL","stock":"NVDA","from":"2025-11-03","to":"2026-11-03","stock1Y":0.00148,"fund1Y":-0.2168},{"fund":"TSLL","stock":"TSLA","from":"2025-11-03","to":"2026-11-03","stock1Y":-0.14918,"fund1Y":-0.48218},{"fund":"AVL","stock":"AVGO","from":"2025-11-03","to":"2026-11-03","stock1Y":-0.07714,"fund1Y":-0.38687}],"left":[],"note":"real days only: the fund against its stock over the same 12 months; twice the stock is the 2x multiple before daily resets"},"costs":{"basis":"Half the quoted bid/ask spread, charged on the value traded, each way. The 30-day median spread from site/data/trading-cost.json where ETFIQ has one for the fund, else the default for its class. Fund expense ratios are already inside each fund's total return, so no fee is charged twice. Simulated 2x days charge the fund's expense ratio daily.","halfSpreadBpsByFund":{"AAPU":20.0,"AMZU":20.0,"AVL":20.0,"FBL":20.0,"GGLL":20.0,"MSFU":20.0,"NVDL":20.0,"TSLL":20.0},"turnoverPerYear":1.727,"costDragPerYear":0.00653,"totalCostPct":6.3879,"grossAnnualised":0.43195,"netAnnualised":0.42541,"taxDragPerYear":null,"taxDragNote":"Not measured: ETFIQ has no lot-level or investor-level tax data. A strategy that trades monthly realises short-term gains."},"skepticInputs":{"paperDays":0,"backtestYears":13.59,"simulatedShare":0.8199,"costDragPerYear":0.00653,"turnoverPerYear":1.727,"parameters":3,"largestHoldingPct":13.126,"holdingsCount":4,"survivorshipRisk":true},"moves":{"signalDate":"2026-10-30","effective":"2026-10-31","moves":[{"ticker":"AMZU","text":"out of AMZU: 12.5% to 0.0%. AMZN is 1.3% below its 200-day average, so its 12.5% slot is cash."},{"ticker":"FBL","text":"out of FBL: 12.5% to 0.0%. META is 2.6% below its 200-day average, so its 12.5% slot is cash."},{"ticker":"GGLL","text":"out of GGLL: 12.5% to 0.0%. GOOGL is 17.8% below its 200-day average, so its 12.5% slot is cash."},{"ticker":"TSLL","text":"into TSLL: 0.0% to 12.5%. TSLA is 3.8% above its 200-day average."}]},"secondSource":{"method":"independent rebuild: no code shared with the Model Hub engine or the scorecard (QuantStats is not installed in this environment)","agree":true,"checks":[{"name":"allocations well formed","count":164},{"name":"signal dates are month-end closes","count":164,"bad":0},{"name":"independent rebuild of the net series","days":3421,"worstRelativeGap":5.028238190263323e-07,"tolerance":2e-06,"date":"2013-04-19"},{"name":"total return","published":122.641131,"fromPublishedSeries":122.6411309792137,"independentRebuild":122.6411312506815,"gap":2.0274927292618372e-09,"tolerance":2e-06},{"name":"deepest fall","published":-0.453296,"fromPublishedSeries":-0.4128719888359397,"independentRebuild":-0.45329554286604995,"gap":4.5713395002699997e-07,"tolerance":2e-06},{"name":"since-listing scorecard total return","published":0.06531076,"independentRebuild":0.06531076465632091,"gap":4.3708568986389196e-09,"tolerance":2e-06},{"name":"erosion rows from daily returns","rows":8},{"name":"rules replayed on the cache","allocations":164,"differing":0},{"name":"benchmark SPY against the cache","differing":0},{"name":"prices: our total return against the vendor's adjusted close","days":58674,"mismatches":0,"tolerance":0.005}],"findings":[],"asOf":"2026-11-03"}}