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ProShares UltraShort Bloomberg Natural Gas backtest

10 trend-following strategies were compared on the full daily history of ProShares UltraShort Bloomberg Natural Gas. 10 beat buy-and-hold CAGR; Donchian 채널 돌파 ranks first by Sharpe, matching the main backtester. The return/drawdown alternative is Supertrend (CAGR 5.4%, MDD -78.3%).

Data 2011-10-06 ~ 2026-07-31daily bars 3,725 (14.8 years)Costs 0.5%Venue XASEMonthly snapshot 2026-07-31

Results by strategy

10 of 10 beat buy and hold (CAGR -11.6%, drawdown -99.5%).

Sharpe leader (same as main): Donchian 채널 돌파 — CAGR 7.6%, MDD -93.9%, Sharpe 0.50, 84% exposure.

CAGR reference leader: ROC 모멘텀 — CAGR 11.6%, MDD -86.5%, exposure 51%.

Return/drawdown alternative: Supertrend — CAGR is 19.3%p higher than buy and hold, while drawdown improves by 5.5%p (CAGR 5.4%, MDD -78.3%, exposure 45%).

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=12, exitN=121
7.6%-93.9%0.500.083.0x3784%
ROC 모멘텀
n=83, threshold=-0.03
11.6%-86.5%0.490.135.1x16951%
SMA 크로스오버
fast=53, slow=96
9.5%-90.6%0.460.103.8x4549%
Supertrend
period=8, mult=3
5.4%-78.3%0.390.072.2x13545%
ADX / DI 방향성
period=12, threshold=12
4.3%-82.6%0.370.051.9x36944%
MACD
fast=10, slow=48, signal=10
-3.2%-93.0%0.30-0.030.6x25753%
EMA 크로스오버
fast=13, slow=49
-1.4%-81.2%0.29-0.020.8x8549%
볼린저 밴드 돌파
n=14, k=1.1
-0.5%-79.5%0.28-0.010.9x28339%
Parabolic SAR
step=0.03, maxStep=0.28
-4.5%-95.2%0.24-0.050.5x41149%
Keltner 채널 돌파
emaPeriod=21, atrPeriod=9, mult=1.1
-1.7%-88.6%0.24-0.020.8x21937%
Buy and hold-11.6%-99.5%0.34-0.120.2x1100%
0.1 1x 10x 2012 2014 2016 2018 2020 2022 2024 2026 ROC 모멘텀Donchian 채널 돌파Buy and hold
Donchian 채널 돌파 (Sharpe leader), ROC 모멘텀 (CAGR reference), Buy and hold.
0% -25% -50% -75% -99% 2012 2014 2016 2018 2020 2022 2024 2026 Buy and holdROC 모멘텀Donchian 채널 돌파
Donchian 채널 돌파 maximum drawdown -93.9% (2020-06-25 → 2022-09-14), recovered after 1,329 days.

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 setupAll asset reports

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