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Finaxion Research · Only invest above the 200-day average · single stocks · Recomputed 2026-09-10

Does Only invest above the 200-day average work on BX?

Only invest above the 200-day average beats buy-and-hold on BX by +0.8 points a year over 19 years.

Total return
×13
Buy and hold
×11
CAGR
14.2%
Sharpe
0.49
Max drawdown
-45.3%
Trades
127
Out of sample
—
Years
19
1×10×15×2008201020122014201620182020202220242026
StrategyBX

Findings

  1. Only invest above the 200-day average beats buy-and-hold on BX by +0.8 points a year over 19 years.
  2. Against the S&P 500 over the same window: +3.4 points a year.
  3. Total return ×13 versus ×11 for buy-and-hold, with 127 trades.
  4. Maximum drawdown -45.3%.
  5. It beat before 2017 and stopped afterwards.
  6. It ranks #34 of 235 markets for this strategy by annual excess over the S&P 500.

Findings derived from the full panel. Each carries its number and its denominator; the computations are reproducible with artifact 7a691ad4255c.

Exactly what was tested

Long while the close is above the 200-day SMA; exit when the close crosses below it. Next-close execution.

How to read it

The verdict compares the strategy with buying and holding BX over the same window, with round-trip costs per asset class. “Out of sample” is walk-forward: the rule is fit on one stretch and judged on the next. A result that beats in the full sample but not out of it is overfit. Full methodology in the protocol. How we test.

Open this backtest with its trades   Trades (CSV)

Every strategy on BX → · Full page for Only invest above the 200-day average →

How to cite

Finaxion Research (2026). Does Only invest above the 200-day average work on BX?. Daily backtest 1962-01-01–2026-08-31, artifact 7a691ad4255c. https://finaxion.app/en/research/200-day-sma-filter/bx

Not a recommendation. Past performance does not guarantee future results.