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ProShares UltraShort Gold backtest

10 trend-following strategies were compared on the full daily history of ProShares UltraShort Gold. 10 beat buy-and-hold CAGR; 볼린저 밴드 돌파 ranks first by Sharpe, matching the main backtester. The return/drawdown alternative is 볼린저 밴드 돌파 (CAGR 0.9%, MDD -33.8%).

Data 2008-12-03 ~ 2026-07-31daily bars 4,441 (17.7 years)Costs 0.5%Venue XASEMonthly snapshot 2026-07-31

Results by strategy

10 of 10 beat buy and hold (CAGR -21.8%, drawdown -99.2%).

Sharpe leader (same as main): 볼린저 밴드 돌파 — CAGR 0.9%, MDD -33.8%, Sharpe 0.15, 5% exposure.

Return/drawdown alternative: 볼린저 밴드 돌파 — CAGR is 22.8%p higher than buy and hold, while drawdown improves by 65.4%p (CAGR 0.9%, MDD -33.8%, exposure 5%).

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=67, k=3.5
0.9%-33.8%0.150.031.2x65%
Donchian 채널 돌파
entryN=105, exitN=21
-0.4%-50.9%0.03-0.010.9x2312%
Keltner 채널 돌파
emaPeriod=98, atrPeriod=10, mult=4
-0.7%-48.0%0.02-0.010.9x2515%
SMA 크로스오버
fast=51, slow=140
-2.2%-56.5%-0.04-0.040.7x2729%
EMA 크로스오버
fast=19, slow=66
-2.3%-64.8%-0.05-0.030.7x5731%
ROC 모멘텀
n=81, threshold=0.13
-2.0%-54.4%-0.09-0.040.7x11312%
ADX / DI 방향성
period=35, threshold=20
-1.5%-39.9%-0.15-0.040.8x204%
Supertrend
period=17, mult=5
-5.4%-76.4%-0.16-0.070.4x6339%
MACD
fast=24, slow=26, signal=24
-11.4%-92.8%-0.39-0.120.1x16853%
Parabolic SAR
step=0.03, maxStep=0.28
-16.5%-97.0%-0.64-0.170.0x44546%
Buy and hold-21.8%-99.2%-0.55-0.220.0x1100%
0.01 0.1 1x 2009 2012 2015 2018 2021 2024 볼린저 밴드 돌파Buy and hold
볼린저 밴드 돌파: Solid strategy line versus dashed buy-and-hold line. Log scale.
0% -25% -50% -74% -99% 2009 2012 2015 2018 2021 2024 Buy and hold볼린저 밴드 돌파
볼린저 밴드 돌파 maximum drawdown -33.8% (2013-06-27 → 2016-11-04), prior peak not yet recovered.

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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