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Trend-Following Backtester · Guide · backtest 한국어

equity · BR

Grupo Ser Educacional SA backtest

10 trend-following strategies were compared on the full daily history of Grupo Ser Educacional SA. 10 beat buy-and-hold CAGR; Donchian 채널 돌파 ranks first by Sharpe, matching the main backtester. The return/drawdown alternative is Keltner 채널 돌파 (CAGR 7.1%, MDD -33.1%).

Data 2013-10-29 ~ 2026-07-31daily bars 3,171 (12.8 years)Costs 0.5%Venue BMFBOVESPAMonthly snapshot 2026-07-31

Results by strategy

10 of 10 beat buy and hold (CAGR -2.3%, drawdown -91.8%).

Sharpe leader (same as main): Donchian 채널 돌파 — CAGR 10.4%, MDD -33.9%, Sharpe 0.50, 27% exposure.

Return/drawdown alternative: Keltner 채널 돌파 — CAGR is 12.7%p higher than buy and hold, while drawdown improves by 57.9%p (CAGR 7.1%, MDD -33.1%, exposure 26%).

The alternative must retain 75% of buy-and-hold CAGR, improve drawdown by at least 20% and 5 percentage points, and stay below 95% exposure; the ranking weights return retention 60% and drawdown improvement 40%.

Strategy · parametersCAGRMDDSharpeCalmarTotalTradesExposure
Donchian 채널 돌파
entryN=60, exitN=19
10.4%-33.9%0.500.313.5x3827%
Keltner 채널 돌파
emaPeriod=45, atrPeriod=26, mult=2.2
7.1%-33.1%0.390.212.4x5426%
EMA 크로스오버
fast=7, slow=188
7.2%-53.4%0.380.132.4x2547%
볼린저 밴드 돌파
n=43, k=2.2
6.4%-49.9%0.370.132.2x5026%
ROC 모멘텀
n=137, threshold=0.06
6.6%-68.1%0.360.102.3x8146%
MACD
fast=18, slow=35, signal=19
6.5%-72.6%0.360.092.2x13353%
SMA 크로스오버
fast=6, slow=219
5.7%-58.3%0.340.102.0x2347%
Supertrend
period=9, mult=2.8
2.9%-78.1%0.260.041.4x8951%
ADX / DI 방향성
period=15, threshold=31
2.3%-34.2%0.220.071.3x4011%
Parabolic SAR
step=0.015, maxStep=0.14
-0.6%-74.6%0.17-0.010.9x22351%
Buy and hold-2.3%-91.8%0.23-0.030.7x1100%
1x 2014 2016 2018 2020 2022 2024 2026 Donchian 채널 돌파Buy and hold
Donchian 채널 돌파: Solid strategy line versus dashed buy-and-hold line. Log scale.
0% -23% -46% -69% -92% 2014 2016 2018 2020 2022 2024 2026 Buy and holdDonchian 채널 돌파
Donchian 채널 돌파 maximum drawdown -33.9% (2025-06-18 → 2026-05-18), prior peak not yet recovered.

Rules of the top strategy

A new high means a trend starting; a new low means it’s over (turtle-trading style).

Method and caveats

Past performance does not guarantee future returns. Parameters were selected on the same full-history sample using sharpe over 40 trials per strategy, so results contain in-sample bias. 0.5% trading costs are included; taxes, slippage and rejected orders are not.
Re-run the same setupMore BR assetsAll asset reports

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