FINAXIONResearch
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 ZTS?

Only invest above the 200-day average beats buy-and-hold on ZTS by +1.1 points a year over 14 years.

Total return
217.7%
Buy and hold
179.3%
CAGR
8.9%
Sharpe
0.34
Max drawdown
-31.7%
Trades
80
Out of sample
—
Years
14
1×4.6×2014201520162017201820192020202120222023202420252026
StrategyZTS

Findings

  1. Only invest above the 200-day average beats buy-and-hold on ZTS by +1.1 points a year over 14 years.
  2. Against the S&P 500 over the same window: -5.7 points a year.
  3. Total return +217.7% versus +179.3% for buy-and-hold, with 80 trades.
  4. Maximum drawdown -31.7%.
  5. It did not beat before 2019 and started afterwards.
  6. It ranks #145 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 ZTS 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 ZTS → · 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 ZTS?. Daily backtest 1962-01-01–2026-08-31, artifact 7a691ad4255c. https://finaxion.app/en/research/200-day-sma-filter/zts

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