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UTI - Gold ETF backtest

10 trend-following strategies were compared on the full daily history of UTI - Gold ETF. 2 beat buy-and-hold CAGR; ROC 모멘텀 ranks first by Sharpe, matching the main backtester.

Data 2018-05-08 ~ 2026-07-31daily bars 2,007 (8.2 years)Costs 0.5%Venue NSEMonthly snapshot 2026-07-31

Results by strategy

2 of 10 beat buy and hold (CAGR 19.1%, drawdown -23.4%).

Sharpe leader (same as main): ROC 모멘텀 — CAGR 19.7%, MDD -23.4%, Sharpe 1.25, 93% 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
ROC 모멘텀
n=76, threshold=-0.07
19.7%-23.4%1.250.844.4x1793%
Donchian 채널 돌파
entryN=23, exitN=62
19.2%-23.4%1.240.824.2x783%
EMA 크로스오버
fast=49, slow=125
18.5%-23.4%1.220.794.1x779%
SMA 크로스오버
fast=42, slow=209
18.4%-23.4%1.210.794.0x776%
Keltner 채널 돌파
emaPeriod=60, atrPeriod=23, mult=2.3
13.7%-17.9%1.050.762.9x2450%
볼린저 밴드 돌파
n=55, k=1.4
13.5%-18.2%1.030.742.8x3652%
ADX / DI 방향성
period=39, threshold=16
10.7%-26.5%0.990.402.3x2057%
Supertrend
period=26, mult=4.5
12.8%-18.3%0.980.702.7x2267%
Parabolic SAR
step=0.015, maxStep=0.02
8.5%-27.7%0.670.312.0x6062%
MACD
fast=22, slow=27, signal=23
6.5%-23.8%0.570.271.7x7950%
Buy and hold19.1%-23.4%1.200.824.2x1100%
1x 2019 2020 2021 2022 2023 2024 2025 2026 ROC 모멘텀Buy and hold
ROC 모멘텀: Solid strategy line versus dashed buy-and-hold line. Log scale.
0% -6% -12% -18% -23% 2019 2020 2021 2022 2023 2024 2025 2026 Buy and holdROC 모멘텀
ROC 모멘텀 maximum drawdown -23.4% (2026-01-29 → 2026-03-23), prior peak not yet recovered.

Rules of the top strategy

Rides the trend when recent return (momentum) over a window is above a threshold.

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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