Trend-Following Backtester · Guide · backtest 한국어

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Pantheon International Plc backtest

10 trend-following strategies were compared on the full daily history of Pantheon International Plc. 0 beat buy-and-hold CAGR; 볼린저 밴드 돌파 ranks first by Sharpe, matching the main backtester.

Data 1987-09-18 ~ 2026-07-31daily bars 9,971 (38.9 years)Costs 0.5%Venue LSEMonthly snapshot 2026-07-31

Results by strategy

0 of 10 beat buy and hold (CAGR 8.1%, drawdown -90.4%).

Sharpe leader (same as main): 볼린저 밴드 돌파 — CAGR 4.6%, MDD -45.8%, Sharpe 0.48, 34% exposure.

No strategy retained at least 75% of buy-and-hold CAGR while reducing drawdown by both 20% relatively and 5 percentage points absolutely.

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
볼린저 밴드 돌파
n=52, k=2.6
4.6%-45.8%0.480.105.8x11034%
SMA 크로스오버
fast=8, slow=40
3.3%-90.8%0.370.043.5x25160%
ADX / DI 방향성
period=16, threshold=34
2.4%-32.4%0.340.072.5x13619%
Donchian 채널 돌파
entryN=35, exitN=88
2.3%-90.9%0.320.032.4x7575%
EMA 크로스오버
fast=42, slow=57
1.9%-92.4%0.310.022.1x8166%
ROC 모멘텀
n=149, threshold=-0.09
0.7%-92.7%0.260.011.3x12982%
Parabolic SAR
step=0.005, maxStep=0.38
0.4%-92.0%0.240.001.2x26754%
MACD
fast=18, slow=32, signal=14
3.5%-92.7%0.180.043.8x44747%
Supertrend
period=10, mult=3.4
3.5%-90.7%0.170.043.8x26765%
Keltner 채널 돌파
emaPeriod=37, atrPeriod=29, mult=1.6
-1.1%-91.0%0.17-0.010.7x25247%
Buy and hold8.1%-90.4%0.220.0920.8x1100%
1x 10x 1988 1993 1998 2003 2008 2013 2018 2023 볼린저 밴드 돌파Buy and hold
볼린저 밴드 돌파: Solid strategy line versus dashed buy-and-hold line. Log scale.
0% -23% -45% -68% -90% 1988 1993 1998 2003 2008 2013 2018 2023 Buy and hold볼린저 밴드 돌파
볼린저 밴드 돌파 maximum drawdown -45.8% (2009-01-15 → 2010-03-30), recovered after 1,513 days.

Rules of the top strategy

Breaking above the upper band (average plus a multiple of volatility) signals a strong move up.

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 setupAll asset reports

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