# Dual momentum: Rules, Holdings and Paper Record

> Dual momentum: the rule, what it holds at the Nov 3, 2026 close, its signal and its paper record. A hypothetical ETF strategy. Based on Antonacci, 2014.

Data as of Nov 3, 2026. Rebuilt every trading night.

Data as of Nov 3, 2026. Rebuilt every trading night.

## Dual momentum

Hold US stocks or foreign stocks, whichever gained more over 12 months, if they beat T-bills. Otherwise hold bonds.

At the Nov 3, 2026 close Dual momentum is risk on and holds ACWX 100%. Hypothetical back-test since 2010: +8.7% a year against ACWI’s +10.6%, deepest fall −31.8%.

Hypothetical. No money is invested.

| Fund | Name | Weight |
| --- | --- | --- |
| ACWX | iShares MSCI ACWI ex U.S. ETF | 100.0% |

### The rule

- Hold US stocks or foreign stocks, whichever gained more over 12 months, if they beat T-bills. Otherwise hold bonds.

- A rule reads the close of the last trading day of the month and trades at the next close.

- The universe is 3 funds; the benchmark is iShares MSCI ACWI ETF (ACWI).

- It is checked at each month end.

Source: Antonacci, G. (2014). Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk. McGraw-Hill (book); working paper: Risk Premia Harvesting Through Dual Momentum, SSRN 2042750 (2012).

Computed by ETFIQ from Tiingo daily prices. Data sourced by Tiingo .

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ Strategy Lab, Dual momentum, data as of Nov 3, 2026. https://etfiq.com/models/strategies/dual-momentum/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/models/strategies/dual-momentum/