Which markets does the golden cross (50/200) work on?

The golden cross (50/200) beats buy-and-hold mostly on forex pairs: 10 of 40 markets (25%).

Where does the golden cross (50/200) not work?

It does worst on cryptocurrencies: it beats in 0 of 14.

Does the golden cross (50/200) work better as a portfolio or on a single asset?

It works as a portfolio, not as a single stock: as a basket it beats in 3 of 3, asset by asset in 55 of 958.

Does the golden cross (50/200) depend on exact parameters?

No neighbouring parameter beats the index: the published setting is a point, not a region.

Which timeframe suits the golden cross (50/200) best?

It improves as the bar gets longer: on 5-minute bars it beats in 1 of 118; on 4-hour bars, in 10 of 118.

What is the best market for the golden cross (50/200)?

Its best daily market is SHOP: +30.5 points a year over the S&P 500 across 11 years, 10 trades.

What is the worst market for the golden cross (50/200)?

Its worst daily market is NCLH: -29.7 points a year against the S&P 500.

FINAXIONResearch

Finaxion Research · Trend following · Updated 2026-09-10

The golden cross (50/200)

Works in few markets

Its ground: forex, on 4-hour, buying several assets in signal — it beats in 58 of 961 combinations.

Markets beaten

39 / 489

Vs. index

-1.4 pts/yr

Total return

×21

Sharpe

0.44

Max drawdown

-33.7%

Trades

StrategyBuy and hold

Detail on the index (S&P 500), which is the reference for the chart, the robustness suite and the neighbours.

What works and what does not in The golden cross (50/200)?

The golden cross (50/200) beats buy-and-hold in 10 of 40 markets (25%), mostly on forex pairs, while it does worst on cryptocurrencies with 0 of 14. It works as a portfolio, not as a single stock: as a basket it beats in 3 of 3, but asset by asset in only 55 of 958. Of the 39 daily markets where it beats, 19 hold out of sample (49%), and no neighbouring parameter beats the index, indicating the published setting is a point, not a region.

The golden cross (50/200) beats buy-and-hold mostly on forex pairs: 10 of 40 markets (25%).
It does worst on cryptocurrencies: it beats in 0 of 14.
It works as a portfolio, not as a single stock: as a basket it beats in 3 of 3, asset by asset in 55 of 958.
Of the 39 daily markets where it beats, 19 hold out of sample (49%).
No neighbouring parameter beats the index: the published setting is a point, not a region.
It improves as the bar gets longer: on 5-minute bars it beats in 1 of 118; on 4-hour bars, in 10 of 118.
Its best daily market is SHOP: +30.5 points a year over the S&P 500 across 11 years, 10 trades.
Its worst daily market is NCLH: -29.7 points a year against the S&P 500.

Findings derived from the full panel. Each carries its number and its denominator; the computations are reproducible with artifact 8fb75dc6eee1.

The promise

“When the 50-day moving average crosses above the 200-day, a bull market begins: buy. When it crosses below (the death cross), sell.”

Exactly what we tested

Long while the 50-day SMA is above the 200-day SMA; flat when it is below. Next-close execution. No leverage, no stop.

Why

Its ground: forex, on 4-hour, buying several assets in signal — it beats in 58 of 961 combinations.
Daily, it beats buy-and-hold in 39 of 489 markets: QQQ, PORTFOLIO_DOW, PORTFOLIO_NDX, PORTFOLIO_SPX, KHC, MSTR, PYPL, TMUS, AES, AIG, AKAM, ALGN, ALL, AMT, CCI, CHTR, CIEN, CMS, COO, DECK, DVN, EQIX, EVRG, GLW, HIG, LH, LVS, PODD, PSKY, SBAC, ULTA, VRSN, VTR, WMB, WYNN, EURUSD=X, GBPUSD=X, AUDUSD=X, USDCHF=X.
Indices and ETFs: 1 of 6.
Balanced portfolio: Dow 30 (max 10 positions): 1 of 1.
Balanced portfolio: Nasdaq-100 (max 20 positions): 1 of 1.
Balanced portfolio: S&P 500 (max 25 positions): 1 of 1.
Stocks, one by one (Dow 30 + Nasdaq-100): 31 of 470.
Forex: 4 of 8.
Crypto: 0 of 2.
Out of sample without overfitting in 19 of the 39 markets it beats.
Neighbouring parameter sets that also beat (on the index): 0%.

In every market

Indices and ETFs · 1 / 6 · against the s&p 500 over the same window: 1 / 6

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
S&P 500 (SPY)	+1984.3%	+3081.0%	-1096.7%	-1.4 pts	31	MARGINAL
Nasdaq-100 (QQQ)	+1634.7%	+1565.8%	+68.8%	+2.4 pts	33	OVERFIT
Russell 2000 (IWM)	+74.0%	+801.9%	-727.9%	-6.5 pts	37	OVERFIT
Emergentes (EEM)	+230.8%	+830.9%	-600.1%	-6.4 pts	35	OVERFIT
Oro (GLD)	+435.7%	+820.3%	-384.6%	-2.9 pts	28	OVERFIT
Bonos 20 años (TLT)	+41.1%	+131.2%	-90.1%	-9.8 pts	44	OVERFIT

Balanced portfolio: Dow 30 (max 10 positions) · 1 / 1 · against the s&p 500 over the same window: 1 / 1

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Dow 30 (cartera) (30 · max 10)	+29587.8%	+3081.0%	+26506.8%	+7.6 pts	676	—

Balanced portfolio: Nasdaq-100 (max 20 positions) · 1 / 1 · against the s&p 500 over the same window: 1 / 1

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Nasdaq-100 (cartera) (98 · max 20)	+67971.8%	+3081.0%	+64890.8%	+10.6 pts	1474	—

Balanced portfolio: S&P 500 (max 25 positions) · 1 / 1 · against the s&p 500 over the same window: 1 / 1

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
S&P 500 (cartera) (498 · max 25)	+9023.1%	+3081.0%	+5942.0%	+3.5 pts	2024	—

Stocks, one by one (Dow 30 + Nasdaq-100) · 31 / 470 · against the s&p 500 over the same window: 68 / 216

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
AAPL	+18579.7%	+322813.1%	-304233.4%	before 1993	59	OVERFIT
AMGN	+16451.9%	+187272.6%	-170820.7%	before 1993	71	OVERFIT
AMZN	+27147.8%	+265196.1%	-238048.3%	+11.5 pts	33	OVERFIT
AXP	+903.0%	+27029.4%	-26126.4%	before 1993	87	OVERFIT
BA	+76394.3%	+108724.7%	-32330.4%	before 1993	81	GENERALIZED
CAT	+11209.0%	+172708.3%	-161499.3%	before 1993	95	OVERFIT
CRM	+944.7%	+5992.9%	-5048.2%	+0.2 pts	30	OVERFIT
CSCO	+108001.4%	+222956.6%	-114955.2%	before 1993	39	MARGINAL
CVX	+7562.8%	+68037.6%	-60474.8%	before 1993	91	MARGINAL
DIS	+9450.9%	+189847.3%	-180396.4%	before 1993	94	OVERFIT
GOOGL	+1455.0%	+13534.3%	-12079.3%	+2.0 pts	27	OVERFIT
GS	+313.6%	+2027.1%	-1713.6%	-3.1 pts	41	OVERFIT
HD	+47666.5%	+1985758.9%	-1938092.4%	before 1993	54	MARGINAL
HON	+1839.2%	+21058.8%	-19219.6%	before 1993	99	OVERFIT
IBM	+960.3%	+16203.8%	-15243.5%	before 1993	98	OVERFIT
JNJ	+17191.6%	+445196.6%	-428005.0%	before 1993	91	OVERFIT
JPM	+1753.7%	+34522.5%	-32768.7%	before 1993	69	OVERFIT
KO	+23856.7%	+199349.6%	-175492.9%	before 1993	89	MARGINAL
MCD	+3762.3%	+236707.0%	-232944.6%	before 1993	90	GENERALIZED
MMM	+4368.0%	+31160.0%	-26792.0%	before 1993	83	OVERFIT
MRK	+56948.3%	+233375.1%	-176426.8%	before 1993	77	OVERFIT
MSFT	+47098.5%	+859506.0%	-812407.5%	before 1993	57	OVERFIT
NKE	+6523.0%	+32003.7%	-25480.7%	before 1993	60	GENERALIZED
NVDA	+315177.4%	+587720.8%	-272543.4%	+25.2 pts	27	OVERFIT
PG	+2229.4%	+59706.6%	-57477.2%	before 1993	91	OVERFIT
SHW	+5847.3%	+231766.6%	-225919.2%	before 1993	67	OVERFIT
TRV	+442.8%	+12287.7%	-11844.9%	before 1993	75	OVERFIT
UNH	+23770.3%	+353381.4%	-329611.1%	before 1993	49	OVERFIT
V	+1543.2%	+2961.1%	-1417.9%	+4.3 pts	17	INCONCLUSIVE
WMT	+54637.4%	+915365.3%	-860728.0%	before 1993	78	MARGINAL
ABNB	n/a · history < 10y (5.7y)
ADBE	+1212.3%	+147731.1%	-146518.8%	before 1993	54	OVERFIT
ADI	+3030.1%	+81534.0%	-78504.0%	before 1993	59	OVERFIT
ADP	+6690.0%	+74205.9%	-67515.9%	before 1993	63	MARGINAL
ADSK	+447.3%	+58084.6%	-57637.2%	before 1993	72	OVERFIT
AEP	+3969.3%	+13797.6%	-9828.3%	before 1993	83	OVERFIT
ALAB	n/a · history < 10y (2.4y)
ALNY	+135.9%	+3338.4%	-3202.5%	-7.1 pts	32	OVERFIT
AMAT	+35565.1%	+664974.8%	-629409.7%	before 1993	65	OVERFIT
AMD	+1736.2%	+14863.3%	-13127.0%	before 1993	71	OVERFIT
APP	n/a · history < 10y (5.4y)
ARM	n/a · history < 10y (3.0y)
ASML	+27407.5%	+96277.5%	-68870.0%	+8.6 pts	37	MARGINAL
AVGO	+3344.3%	+32512.1%	-29167.8%	+8.4 pts	27	INCONCLUSIVE
AXON	+13820.4%	+123065.2%	-109244.8%	+12.2 pts	39	OVERFIT
BKNG	+517.7%	+922.2%	-404.5%	-1.7 pts	37	OVERFIT
BKR	+87.5%	+933.9%	-846.4%	before 1993	61	OVERFIT
CCEP	+1474.6%	+7081.8%	-5607.2%	before 1993	63	OVERFIT
CDNS	+583.6%	+16839.0%	-16255.4%	before 1993	59	OVERFIT
CEG	n/a · history < 10y (4.6y)
CMCSA	+2010.1%	+47049.9%	-45039.8%	before 1993	66	MARGINAL
COST	+688.0%	+12800.7%	-12112.7%	before 1993	64	OVERFIT
CPRT	+4147.5%	+21554.9%	-17407.4%	+1.4 pts	42	OVERFIT
CRWD	n/a · history < 10y (7.2y)
CSX	+2334.5%	+40426.1%	-38091.6%	before 1993	61	OVERFIT
CTAS	+2921.5%	+123411.3%	-120489.8%	before 1993	57	OVERFIT
DASH	n/a · history < 10y (5.7y)
DDOG	n/a · history < 10y (6.9y)
DXCM	+1749.8%	+3002.6%	-1252.7%	+3.4 pts	31	OVERFIT
EA	n/a · history < 10y (9.0y)
EXC	+5753.0%	+17730.6%	-11977.6%	before 1993	65	OVERFIT
FANG	+621.2%	+1406.8%	-785.6%	+0.5 pts	17	INCONCLUSIVE
FAST	+5783.3%	+262350.7%	-256567.4%	before 1993	55	MARGINAL
FER	+85.2%	+593.7%	-508.5%	-10.3 pts	20	INCONCLUSIVE
FTNT	+538.7%	+10184.6%	-9645.9%	-2.5 pts	33	INCONCLUSIVE
GEHC	n/a · history < 10y (3.7y)
GILD	+996.7%	+33594.8%	-32598.1%	before 1993	61	OVERFIT
HONA	n/a · history < 10y (0.2y)
IDXX	+2838.0%	+58789.5%	-55951.4%	before 1993	56	MARGINAL
INTC	+9564.9%	+49216.9%	-39651.9%	before 1993	61	OVERFIT
INTU	+1260.2%	+15430.2%	-14170.0%	-2.7 pts	44	OVERFIT
ISRG	+3202.5%	+18484.9%	-15282.4%	+5.9 pts	50	MARGINAL
KDP	+361.6%	+1090.2%	-728.6%	-3.0 pts	27	INCONCLUSIVE
KHC	-33.4%	-42.2%	+8.8%	-17.9 pts	17	INCONCLUSIVE
KLAC	+13472.1%	+289399.1%	-275927.0%	before 1993	61	OVERFIT
LIN	+1126.6%	+10777.0%	-9650.4%	before 1993	43	OVERFIT
LITE	+714.0%	+5280.9%	-4567.0%	+6.6 pts	21	INCONCLUSIVE
LRCX	+24514.2%	+159814.6%	-135300.3%	before 1993	55	OVERFIT
MAR	+664.5%	+2539.5%	-1875.0%	-1.5 pts	31	MARGINAL
MCHP	+523.1%	+41961.5%	-41438.4%	-5.2 pts	51	MARGINAL
MDLZ	+29.9%	+461.4%	-431.5%	-8.4 pts	41	OVERFIT
MELI	+789.4%	+6911.0%	-6121.7%	+1.0 pts	24	INCONCLUSIVE
META	+1038.9%	+1410.2%	-371.3%	+3.4 pts	16	INCONCLUSIVE
MNST	+14662.4%	+61968.9%	-47306.5%	before 1993	56	OVERFIT
MPWR	+1229.2%	+15002.1%	-13772.9%	+1.6 pts	27	OVERFIT
MRVL	+1009.6%	+1645.0%	-635.5%	+1.2 pts	29	OVERFIT
MSTR	+7471.0%	+1158.6%	+6312.4%	+7.6 pts	38	MARGINAL
MU	+50789.7%	+70877.8%	-20088.1%	before 1993	57	MARGINAL
NFLX	+38052.2%	+67643.2%	-29591.0%	+17.5 pts	26	GENERALIZED
NXPI	+182.5%	+1721.2%	-1538.6%	-8.0 pts	15	INCONCLUSIVE
ODFL	+6757.7%	+36444.7%	-29687.0%	before 1993	41	MARGINAL
ORLY	+15597.3%	+55255.7%	-39658.5%	+5.5 pts	30	GENERALIZED
PANW	+366.1%	+4215.4%	-3849.3%	-3.4 pts	19	INCONCLUSIVE
PCAR	+2890.5%	+57106.4%	-54215.9%	before 1993	65	MARGINAL
PDD	n/a · history < 10y (8.1y)
PEP	+3233.5%	+37760.7%	-34527.2%	before 1993	66	OVERFIT
PLTR	n/a · history < 10y (5.9y)
PYPL	+235.5%	+44.7%	+190.8%	-2.8 pts	11	INCONCLUSIVE
QCOM	+562.4%	+50430.1%	-49867.7%	before 1993	59	OVERFIT
REGN	+85.9%	+3718.3%	-3632.4%	before 1993	62	OVERFIT
ROP	+3085.4%	+26003.6%	-22918.2%	before 1993	44	MARGINAL
ROST	+6272.1%	+55801.1%	-49529.1%	before 1993	51	MARGINAL
SBUX	+1774.0%	+43019.5%	-41245.5%	before 1993	47	OVERFIT
SHOP	+6150.6%	+8568.8%	-2418.2%	+30.5 pts	10	INCONCLUSIVE
SNDK	n/a · history < 10y (1.5y)
SNPS	+315.2%	+5482.1%	-5166.9%	before 1993	56	OVERFIT
STX	+6337.7%	+15614.6%	-9276.9%	+7.8 pts	29	OVERFIT
TER	+5191.0%	+31309.8%	-26118.7%	before 1993	79	OVERFIT
TMUS	+454.8%	+318.0%	+136.8%	-1.6 pts	22	INCONCLUSIVE
TRI	+511.9%	+578.4%	-66.5%	-2.9 pts	32	OVERFIT
TSLA	+2384.3%	+23002.8%	-20618.4%	+6.9 pts	30	INCONCLUSIVE
TTWO	+20.7%	+5509.7%	-5489.0%	-9.4 pts	49	OVERFIT
TXN	+3462.3%	+38040.6%	-34578.3%	before 1993	83	OVERFIT
VRTX	+66.8%	+12000.4%	-11933.6%	before 1993	69	OVERFIT
WBD	+268.9%	+302.2%	-33.2%	-4.7 pts	36	MARGINAL
WDAY	+41.1%	+305.5%	-264.4%	-12.3 pts	22	INCONCLUSIVE
WDC	+2473.3%	+66202.2%	-63728.9%	before 1993	67	OVERFIT
XEL	+2556.0%	+7388.9%	-4832.9%	before 1993	73	OVERFIT
A	+191.2%	+486.3%	-295.1%	-4.3 pts	43	OVERFIT
ABBV	+247.2%	+1156.0%	-908.8%	-5.3 pts	25	INCONCLUSIVE
ABT	+5635.9%	+62056.2%	-56420.2%	before 1993	54	MARGINAL
ACGL	+2609.7%	+4268.0%	-1658.3%	+0.7 pts	35	OVERFIT
ACN	+412.3%	+1726.5%	-1314.2%	-2.8 pts	36	OVERFIT
ADM	+730.3%	+9265.6%	-8535.3%	before 1993	75	OVERFIT
AEE	+167.8%	+813.9%	-646.1%	-5.8 pts	41	OVERFIT
AES	+1930.6%	+647.5%	+1283.1%	before 1993	49	OVERFIT
AFL	+17811.8%	+205848.4%	-188036.6%	before 1993	69	MARGINAL
AIG	+2352.0%	+468.3%	+1883.7%	before 1993	73	OVERFIT
AIZ	+703.3%	+1585.5%	-882.2%	-1.2 pts	33	OVERFIT
AJG	+5561.1%	+41899.5%	-36338.4%	before 1993	51	OVERFIT
AKAM	+2580.0%	-25.2%	+2605.2%	+4.6 pts	37	OVERFIT
ALB	+1058.2%	+3091.3%	-2033.2%	-3.1 pts	52	OVERFIT
ALGN	+995.6%	+846.9%	+148.7%	+1.0 pts	31	OVERFIT
ALL	+3800.2%	+3674.2%	+126.0%	+0.8 pts	35	MARGINAL
ALLE	+44.0%	+265.9%	-221.9%	-11.0 pts	18	INCONCLUSIVE
AMCR	-56.4%	+100.6%	-157.1%	-20.7 pts	27	INCONCLUSIVE
AME	+1141.8%	+25325.0%	-24183.2%	before 1993	55	OVERFIT
AMP	+886.6%	+2154.1%	-1267.5%	+0.4 pts	31	MARGINAL
AMT	+1336.9%	+1310.2%	+26.7%	+0.7 pts	40	MARGINAL
ANET	+998.1%	+5592.8%	-4594.7%	+8.0 pts	15	INCONCLUSIVE
AON	+1161.0%	+29815.0%	-28654.0%	before 1993	71	OVERFIT
AOS	+1609.4%	+13924.9%	-12315.5%	before 1993	64	OVERFIT
APA	-11.5%	+2417.2%	-2428.7%	before 1993	73	OVERFIT
APD	+710.7%	+20722.2%	-20011.5%	before 1993	69	MARGINAL
APH	+13085.7%	+146951.6%	-133865.8%	before 1993	39	MARGINAL
APO	+437.1%	+1845.9%	-1408.8%	-2.5 pts	26	INCONCLUSIVE
APTV	+116.6%	+174.0%	-57.4%	-9.8 pts	22	INCONCLUSIVE
ARE	+199.5%	+624.3%	-424.7%	-5.8 pts	35	OVERFIT
ARES	+441.2%	+1191.9%	-750.7%	+0.8 pts	20	INCONCLUSIVE
ATO	+1599.0%	+13696.4%	-12097.4%	before 1993	66	MARGINAL
AVB	-12.4%	+42.3%	-54.7%	-16.5 pts	11	INCONCLUSIVE
AVY	+140.0%	+8544.4%	-8404.4%	before 1993	88	OVERFIT
AWK	+351.4%	+950.9%	-599.5%	-3.3 pts	27	INCONCLUSIVE
AZO	+1337.4%	+40631.8%	-39294.4%	before 1993	50	OVERFIT
BAC	+565.3%	+4053.1%	-3487.8%	before 1993	97	OVERFIT
BALL	+3428.1%	+49568.6%	-46140.5%	before 1993	85	OVERFIT
BAX	+775.6%	+1778.4%	-1002.8%	before 1993	73	OVERFIT
BBY	+418.7%	+89506.6%	-89087.9%	before 1993	77	MARGINAL
BDX	+906.7%	+21440.4%	-20533.7%	before 1993	91	MARGINAL
BEN	+28810.6%	+130378.8%	-101568.2%	before 1993	55	OVERFIT
BF-B	+1532.2%	+14873.5%	-13341.3%	before 1993	69	MARGINAL
BG	+348.0%	+1105.5%	-757.5%	-3.4 pts	45	OVERFIT
BIIB	+745.7%	+6832.8%	-6087.1%	before 1993	57	OVERFIT
BLDR	+282.8%	+393.7%	-110.9%	-4.6 pts	30	OVERFIT
BLK	+643.1%	+13724.5%	-13081.4%	-1.0 pts	45	OVERFIT
BMY	+3661.4%	+23662.6%	-20001.2%	before 1993	81	OVERFIT
BNY	+2078.2%	+32230.3%	-30152.2%	before 1993	77	OVERFIT
BR	+298.6%	+1234.2%	-935.7%	-3.6 pts	24	INCONCLUSIVE
BRK-B	+865.9%	+2072.5%	-1206.7%	-2.6 pts	37	MARGINAL
BRO	+21253.7%	+76212.8%	-54959.0%	before 1993	60	MARGINAL
BSX	+253.1%	+1028.2%	-775.0%	before 1993	50	OVERFIT
BX	+558.8%	+1023.3%	-464.5%	-0.5 pts	29	INCONCLUSIVE
BXP	+20.0%	+888.9%	-869.0%	-8.9 pts	53	OVERFIT
C	+661.9%	+1897.9%	-1236.1%	before 1993	67	OVERFIT
CAH	+4936.2%	+39284.8%	-34348.5%	before 1993	65	MARGINAL
CARR	n/a · history < 10y (6.5y)
CASY	+4318.7%	+80461.2%	-76142.6%	before 1993	65	OVERFIT
CB	+1244.5%	+6587.6%	-5343.1%	-2.7 pts	37	OVERFIT
CBOE	+334.1%	+1060.1%	-726.0%	-5.1 pts	22	INCONCLUSIVE
CBRE	+591.5%	+2283.8%	-1692.3%	-1.8 pts	30	OVERFIT
CCI	+1968.1%	+899.9%	+1068.2%	+2.4 pts	42	MARGINAL
CCL	+317.2%	+1154.4%	-837.1%	before 1993	68	OVERFIT
CDW	+311.5%	+858.2%	-546.7%	-3.1 pts	13	INCONCLUSIVE
CF	+1309.5%	+5815.9%	-4506.4%	+2.4 pts	29	OVERFIT
CFG	-1.5%	+349.9%	-351.4%	-13.9 pts	19	INCONCLUSIVE
CHD	+1589.2%	+93736.5%	-92147.4%	before 1993	75	OVERFIT
CHRW	+448.3%	+4307.6%	-3859.3%	-3.3 pts	47	MARGINAL
CHTR	+565.2%	+335.5%	+229.7%	-2.1 pts	16	INCONCLUSIVE
CI	+2783.1%	+12980.8%	-10197.7%	before 1993	65	MARGINAL
CIEN	+312.7%	+195.6%	+117.1%	-4.9 pts	45	MARGINAL
CINF	+11208.2%	+41545.9%	-30337.7%	before 1993	61	MARGINAL
CL	+1165.7%	+20919.0%	-19753.3%	before 1993	95	OVERFIT
CLX	+316.1%	+6184.2%	-5868.1%	before 1993	90	OVERFIT
CME	+1474.5%	+6884.2%	-5409.7%	+1.0 pts	28	OVERFIT
CMG	+3211.6%	+4221.6%	-1010.0%	+7.4 pts	20	OVERFIT
CMI	+1218.2%	+28968.2%	-27750.1%	before 1993	81	OVERFIT
CMS	+5555.4%	+630.8%	+4924.6%	before 1993	65	MARGINAL
CNC	+268.8%	+4388.8%	-4120.1%	-4.6 pts	43	OVERFIT
CNP	+4637.8%	+13998.0%	-9360.2%	before 1993	99	OVERFIT
COF	+268.3%	+5724.6%	-5456.2%	-6.9 pts	49	OVERFIT
COHR	+3087.0%	+68288.9%	-65201.9%	before 1993	63	MARGINAL
COIN	n/a · history < 10y (5.4y)
COO	+2215.9%	+879.8%	+1336.1%	before 1993	54	OVERFIT
COP	+622.2%	+13561.7%	-12939.4%	before 1993	75	OVERFIT
COR	+1787.6%	+17062.1%	-15274.4%	-1.1 pts	40	OVERFIT
CPAY	+501.3%	+1383.7%	-882.3%	-2.2 pts	19	INCONCLUSIVE
CPT	+1097.7%	+2453.9%	-1356.2%	-3.1 pts	39	MARGINAL
CRH	+228.8%	+7617.9%	-7389.0%	before 1993	54	OVERFIT
CRL	+122.7%	+1210.2%	-1087.5%	-5.4 pts	37	OVERFIT
CSGP	-54.6%	+3390.6%	-3445.3%	-11.6 pts	48	OVERFIT
CTSH	+724.0%	+35498.3%	-34774.2%	-1.2 pts	48	MARGINAL
CTVA	n/a · history < 10y (7.3y)
CVNA	n/a · history < 10y (9.3y)
CVS	+6918.3%	+15658.6%	-8740.4%	before 1993	67	MARGINAL
D	+4744.3%	+17762.4%	-13018.1%	before 1993	57	MARGINAL
DAL	-39.0%	+339.1%	-378.0%	-13.3 pts	37	INCONCLUSIVE
DD	+2455.1%	+10113.6%	-7658.6%	before 1993	89	MARGINAL
DE	+1180.4%	+101089.1%	-99908.7%	before 1993	93	MARGINAL
DECK	+7444.8%	+7024.7%	+420.0%	+3.3 pts	44	OVERFIT
DELL	+1104.0%	+4059.8%	-2955.8%	+13.1 pts	15	INCONCLUSIVE
DG	+237.5%	+550.3%	-312.8%	-6.8 pts	24	INCONCLUSIVE
DGX	+517.9%	+9626.0%	-9108.1%	-3.8 pts	41	OVERFIT
DHI	+631.4%	+13111.0%	-12479.6%	before 1993	57	OVERFIT
DHR	+6134.0%	+483557.2%	-477423.3%	before 1993	70	OVERFIT
DLR	+324.1%	+3540.7%	-3216.6%	-4.3 pts	37	OVERFIT
DLTR	+759.0%	+10731.5%	-9972.5%	-4.0 pts	43	OVERFIT
DOC	+780.2%	+6136.8%	-5356.7%	before 1993	59	MARGINAL
DOV	+601.9%	+29264.8%	-28663.0%	before 1993	63	MARGINAL
DOW	n/a · history < 10y (7.4y)
DPZ	+1654.6%	+5638.6%	-3984.0%	+2.7 pts	26	MARGINAL
DRI	+784.0%	+6998.7%	-6214.7%	-3.6 pts	45	MARGINAL
DTE	+6034.2%	+35264.3%	-29230.2%	before 1993	89	OVERFIT
DUK	+4700.1%	+16239.0%	-11538.9%	before 1993	51	MARGINAL
DVA	+766.7%	+4219.3%	-3452.6%	-3.3 pts	47	OVERFIT
DVN	+6104.4%	+1411.9%	+4692.5%	before 1993	51	MARGINAL
EBAY	+1207.9%	+14035.1%	-12827.2%	+0.4 pts	41	OVERFIT
ECHO	+210.9%	+227.3%	-16.4%	-5.1 pts	28	INCONCLUSIVE
ECL	+383.9%	+20174.1%	-19790.2%	before 1993	89	OVERFIT
ED	+12903.2%	+45081.6%	-32178.4%	before 1993	83	MARGINAL
EFX	+2627.4%	+77234.4%	-74606.9%	before 1993	60	OVERFIT
EG	+766.5%	+2975.7%	-2209.3%	-3.3 pts	41	OVERFIT
EIX	+1905.4%	+14610.5%	-12705.1%	before 1993	63	OVERFIT
EL	+272.9%	+1551.3%	-1278.4%	-6.1 pts	48	OVERFIT
ELV	+273.7%	+2326.9%	-2053.2%	-4.8 pts	37	OVERFIT
EME	+9332.0%	+59203.5%	-49871.5%	+4.3 pts	45	OVERFIT
EMR	+418.0%	+19839.1%	-19421.1%	before 1993	89	OVERFIT
EOG	+760.8%	+9279.7%	-8518.9%	before 1993	55	OVERFIT
EQIX	+831.2%	+240.5%	+590.7%	+0.5 pts	33	OVERFIT
EQR	+25.4%	+44.2%	-18.8%	-12.9 pts	11	INCONCLUSIVE
EQT	+2991.8%	+19557.1%	-16565.4%	before 1993	76	MARGINAL
ERIE	+452.3%	+3362.8%	-2910.6%	-4.9 pts	38	OVERFIT
ES	+584.1%	+2960.1%	-2376.0%	before 1993	73	OVERFIT
ESS	+2002.1%	+5274.8%	-3272.7%	-1.1 pts	49	OVERFIT
ETN	+3520.1%	+116541.5%	-113021.4%	before 1993	79	MARGINAL
ETR	+3873.7%	+19797.9%	-15924.2%	before 1993	73	MARGINAL
EVRG	+7139.1%	+5086.7%	+2052.4%	before 1993	63	GENERALIZED
EW	+993.5%	+6500.0%	-5506.5%	+1.3 pts	35	OVERFIT
EXE	n/a · history < 10y (5.6y)
EXPD	+5383.9%	+148324.6%	-142940.7%	before 1993	55	OVERFIT
EXPE	+42.7%	+916.1%	-873.4%	-9.4 pts	37	OVERFIT
EXR	+1847.1%	+2698.9%	-851.9%	+3.1 pts	23	MARGINAL
F	+1074.5%	+6752.4%	-5677.9%	before 1993	93	OVERFIT
FCX	+176.0%	+1061.6%	-885.6%	-7.3 pts	57	OVERFIT
FDS	+157.8%	+9088.9%	-8931.1%	-7.1 pts	53	OVERFIT
FDX	+2711.5%	+53776.9%	-51065.4%	before 1993	79	MARGINAL
FDXF	n/a · history < 10y (0.3y)
FE	+235.1%	+563.0%	-327.9%	-5.2 pts	41	OVERFIT
FFIV	+249.0%	+5374.0%	-5125.1%	-3.8 pts	39	OVERFIT
FICO	+7092.6%	+94747.8%	-87655.2%	before 1993	54	OVERFIT
FIS	+290.3%	+363.8%	-73.4%	-3.9 pts	26	OVERFIT
FITB	+17410.6%	+28280.0%	-10869.4%	before 1993	51	MARGINAL
FIX	+1428.7%	+11966.2%	-10537.6%	+0.3 pts	43	OVERFIT
FLEX	+3537.9%	+7898.6%	-4360.7%	+0.8 pts	43	OVERFIT
FOX	n/a · history < 10y (7.5y)
FOXA	n/a · history < 10y (7.5y)
FRT	+6650.0%	+24360.2%	-17710.2%	before 1993	63	OVERFIT
FSLR	+193.6%	+716.1%	-522.5%	-5.4 pts	28	OVERFIT
FTV	-31.7%	+100.1%	-131.8%	-19.2 pts	15	INCONCLUSIVE
GD	+23184.2%	+221689.9%	-198505.6%	before 1993	83	OVERFIT
GDDY	+92.6%	+389.4%	-296.8%	-8.1 pts	14	INCONCLUSIVE
GE	+15693.6%	+54356.2%	-38662.6%	before 1993	91	OVERFIT
GEN	+2792.6%	+12085.6%	-9293.0%	before 1993	51	OVERFIT
GEV	n/a · history < 10y (2.4y)
GIS	+2260.8%	+15015.5%	-12754.7%	before 1993	62	OVERFIT
GL	+217.1%	+12680.6%	-12463.5%	before 1993	69	OVERFIT
GLW	+58672.4%	+19301.2%	+39371.2%	before 1993	59	MARGINAL
GM	+96.4%	+240.1%	-143.7%	-10.1 pts	29	INCONCLUSIVE
GNRC	+1040.5%	+2091.1%	-1050.6%	+1.3 pts	21	INCONCLUSIVE
GPC	+1223.5%	+12785.5%	-11562.1%	before 1993	73	OVERFIT
GPN	+333.7%	+2567.9%	-2234.1%	-3.1 pts	35	OVERFIT
GRMN	+4746.8%	+5377.3%	-630.6%	+7.4 pts	29	GENERALIZED
GWW	+795.8%	+55300.2%	-54504.3%	before 1993	93	OVERFIT
HAL	+423.1%	+2860.8%	-2437.6%	before 1993	74	OVERFIT
HAS	+28178.6%	+201529.8%	-173351.2%	before 1993	66	OVERFIT
HBAN	+540.3%	+3799.5%	-3259.2%	before 1993	75	OVERFIT
HCA	+268.0%	+1699.7%	-1431.7%	-5.3 pts	20	INCONCLUSIVE
HIG	+1144.4%	+951.1%	+193.3%	-1.8 pts	37	OVERFIT
HII	+474.8%	+883.6%	-408.9%	-2.2 pts	20	INCONCLUSIVE
HLT	+318.9%	+659.1%	-340.2%	-2.1 pts	11	INCONCLUSIVE
HOOD	n/a · history < 10y (5.1y)
HPE	+105.4%	+625.0%	-519.7%	-8.0 pts	19	INCONCLUSIVE
HPQ	+8569.5%	+77945.5%	-69376.1%	before 1993	89	OVERFIT
HRL	+1335.0%	+19046.1%	-17711.1%	before 1993	67	MARGINAL
HSIC	+268.6%	+1913.1%	-1644.5%	-6.2 pts	47	OVERFIT
HST	+2973.2%	+12843.9%	-9870.6%	before 1993	69	MARGINAL
HSY	+4732.4%	+53964.6%	-49232.2%	before 1993	62	MARGINAL
HUBB	+419.5%	+3853.5%	-3434.0%	-5.7 pts	41	OVERFIT
HUM	+963.6%	+20168.9%	-19205.3%	before 1993	65	OVERFIT
HWM	n/a · history < 10y (9.8y)
IBKR	+533.3%	+1526.1%	-992.8%	-0.7 pts	33	INCONCLUSIVE
ICE	+500.3%	+2307.9%	-1807.6%	-2.2 pts	24	OVERFIT
IEX	+104.3%	+12761.2%	-12656.9%	before 1993	61	OVERFIT
IFF	+255.1%	+4754.9%	-4499.9%	before 1993	77	OVERFIT
INCY	+843.0%	+6471.7%	-5628.7%	-3.8 pts	49	OVERFIT
INVH	n/a · history < 10y (9.6y)
IP	+473.4%	+4590.1%	-4116.8%	before 1993	97	OVERFIT
IQV	+24.6%	+520.3%	-495.6%	-12.6 pts	23	INCONCLUSIVE
IR	n/a · history < 10y (9.3y)
IRM	+86.7%	+9911.6%	-9824.9%	-8.3 pts	51	OVERFIT
IT	+3408.0%	+6431.0%	-3023.0%	+0.6 pts	40	MARGINAL
ITW	+2433.0%	+51254.1%	-48821.1%	before 1993	71	OVERFIT
IVZ	+326.1%	+1093.8%	-767.7%	-5.9 pts	45	OVERFIT
J	+1009.0%	+33544.7%	-32535.7%	before 1993	71	OVERFIT
JBHT	+268.3%	+24926.6%	-24658.3%	before 1993	63	OVERFIT
JBL	+6938.7%	+41217.7%	-34279.0%	+2.7 pts	43	OVERFIT
JCI	+857.0%	+4376.5%	-3519.5%	before 1993	55	OVERFIT
JKHY	+14381.2%	+71288.2%	-56907.0%	before 1993	52	OVERFIT
KEY	+409.3%	+1405.6%	-996.3%	before 1993	51	MARGINAL
KEYS	+484.1%	+1042.3%	-558.2%	+1.7 pts	11	INCONCLUSIVE
KIM	+1268.6%	+3036.5%	-1767.9%	before 1993	41	MARGINAL
KKR	+150.3%	+1784.9%	-1634.5%	-8.9 pts	20	INCONCLUSIVE
KMB	+2565.1%	+16039.9%	-13474.8%	before 1993	71	OVERFIT
KMI	+41.2%	+117.5%	-76.3%	-11.7 pts	23	INCONCLUSIVE
KR	+30240.7%	+182706.1%	-152465.4%	before 1993	94	OVERFIT
KVUE	n/a · history < 10y (3.3y)
L	+4954.0%	+22398.8%	-17444.8%	before 1993	63	OVERFIT
LDOS	+66.0%	+530.2%	-464.2%	-8.5 pts	38	OVERFIT
LEN	+12567.9%	+29032.9%	-16465.0%	before 1993	70	OVERFIT
LH	+1908.0%	+1408.2%	+499.7%	before 1993	49	MARGINAL
LHX	+583.2%	+8519.5%	-7936.4%	before 1993	68	OVERFIT
LII	+631.6%	+3122.4%	-2490.8%	-0.9 pts	36	OVERFIT
LLY	+4945.9%	+129720.0%	-124774.2%	before 1993	83	OVERFIT
LMT	+3377.2%	+67444.7%	-64067.5%	before 1993	94	OVERFIT
LNT	+2079.1%	+9408.5%	-7329.4%	before 1993	71	OVERFIT
LOW	+593.0%	+77328.4%	-76735.4%	before 1993	78	OVERFIT
LULU	+465.0%	+759.0%	-294.0%	-1.6 pts	28	INCONCLUSIVE
LUV	+1826.7%	+24508.5%	-22681.8%	before 1993	67	OVERFIT
LVS	+710.4%	+50.3%	+660.1%	-0.8 pts	30	OVERFIT
LYB	+122.1%	+648.8%	-526.7%	-9.0 pts	23	INCONCLUSIVE
LYV	+267.0%	+1558.0%	-1290.9%	-4.6 pts	23	OVERFIT
MA	+2174.3%	+14066.9%	-11892.7%	+5.4 pts	25	OVERFIT
MAA	+939.0%	+3525.2%	-2586.2%	-3.4 pts	39	OVERFIT
MAS	+753.4%	+7423.1%	-6669.7%	before 1993	69	OVERFIT
MCK	+2105.2%	+6946.5%	-4841.2%	-0.9 pts	44	OVERFIT
MCO	+882.7%	+7753.9%	-6871.2%	-3.6 pts	45	OVERFIT
MDT	+6169.6%	+51421.0%	-45251.4%	before 1993	74	OVERFIT
MET	+171.1%	+1176.9%	-1005.9%	-4.4 pts	35	OVERFIT
MGM	+164.3%	+1501.4%	-1337.1%	before 1993	61	OVERFIT
MKC	+396.8%	+14401.8%	-14005.0%	before 1993	80	OVERFIT
MLM	+508.4%	+3089.6%	-2581.2%	-5.2 pts	52	OVERFIT
MO	+88638.9%	+2914781.4%	-2826142.5%	before 1993	93	MARGINAL
MOS	+61.4%	+268.9%	-207.6%	before 1993	60	OVERFIT
MPC	+792.8%	+2972.8%	-2179.9%	+1.0 pts	17	INCONCLUSIVE
MRNA	n/a · history < 10y (7.7y)
MRSH	+1146.7%	+21192.9%	-20046.2%	before 1993	81	OVERFIT
MS	+898.3%	+6159.1%	-5260.9%	-3.8 pts	49	OVERFIT
MSCI	+568.6%	+2406.7%	-1838.1%	-0.6 pts	29	INCONCLUSIVE
MSI	+6693.9%	+79243.2%	-72549.3%	before 1993	101	MARGINAL
MTB	+8027.6%	+105049.8%	-97022.2%	before 1993	55	MARGINAL
MTD	+1758.5%	+9346.3%	-7587.8%	+1.2 pts	47	GENERALIZED
NCLH	-88.9%	-34.9%	-54.0%	-29.7 pts	28	INCONCLUSIVE
NDAQ	+2029.8%	+2371.2%	-341.4%	+2.6 pts	33	OVERFIT
NDSN	+1295.0%	+37769.3%	-36474.3%	before 1993	91	OVERFIT
NEE	+4104.3%	+23772.9%	-19668.5%	before 1993	74	OVERFIT
NEM	+52.5%	+2099.8%	-2047.3%	before 1993	80	OVERFIT
NI	+2057.8%	+5234.9%	-3177.1%	before 1993	75	MARGINAL
NOC	+2857.8%	+23369.3%	-20511.5%	before 1993	62	OVERFIT
NOW	+422.4%	+2907.9%	-2485.5%	-2.5 pts	18	INCONCLUSIVE
NRG	+887.7%	+1442.6%	-554.9%	-0.4 pts	30	OVERFIT
NSC	+742.5%	+24520.7%	-23778.1%	before 1993	67	MARGINAL
NTAP	+9221.6%	+19659.8%	-10438.1%	+5.4 pts	35	OVERFIT
NTRS	+9864.2%	+53074.8%	-43210.6%	before 1993	61	OVERFIT
NUE	+2230.1%	+70209.1%	-67979.0%	before 1993	69	OVERFIT
NVR	+22252.0%	+61512.0%	-39260.0%	+7.0 pts	40	MARGINAL
NWS	+74.4%	+152.4%	-78.0%	-10.1 pts	21	INCONCLUSIVE
NWSA	+77.2%	+122.2%	-45.1%	-9.9 pts	19	INCONCLUSIVE
O	+703.4%	+5366.4%	-4663.0%	-4.3 pts	39	MARGINAL
OKE	+3702.5%	+19101.6%	-15399.1%	before 1993	57	OVERFIT
OMC	+645.0%	+15677.5%	-15032.6%	before 1993	75	OVERFIT
ON	+28.8%	+208.7%	-179.9%	-7.5 pts	37	OVERFIT
ORCL	+27797.5%	+296729.4%	-268932.0%	before 1993	58	MARGINAL
OTIS	n/a · history < 10y (6.5y)
OXY	+1674.6%	+3580.0%	-1905.4%	before 1993	67	OVERFIT
PCG	+631.4%	+1389.7%	-758.3%	before 1993	67	OVERFIT
PEG	+1900.3%	+18884.4%	-16984.1%	before 1993	70	OVERFIT
PFE	+2171.6%	+20062.7%	-17891.1%	before 1993	85	OVERFIT
PFG	+722.7%	+920.1%	-197.4%	-1.3 pts	37	MARGINAL
PGR	+31721.7%	+819581.9%	-787860.3%	before 1993	57	MARGINAL
PH	+627.1%	+41129.4%	-40502.3%	before 1993	79	OVERFIT
PHM	+7845.7%	+95847.7%	-88002.0%	before 1993	63	GENERALIZED
PLD	+314.8%	+1782.5%	-1467.7%	-4.2 pts	47	OVERFIT
PM	+123.8%	+785.7%	-661.9%	-7.8 pts	37	INCONCLUSIVE
PNC	+2664.6%	+37937.9%	-35273.3%	before 1993	67	MARGINAL
PNR	+677.4%	+11510.8%	-10833.5%	before 1993	74	OVERFIT
PNW	+970.0%	+2247.6%	-1277.5%	before 1993	73	MARGINAL
PODD	+1150.6%	+831.5%	+319.1%	+3.2 pts	24	INCONCLUSIVE
PPG	+459.2%	+21327.4%	-20868.3%	before 1993	67	OVERFIT
PPL	+2043.5%	+7311.8%	-5268.3%	before 1993	70	OVERFIT
PRU	+108.4%	+767.8%	-659.4%	-7.0 pts	43	OVERFIT
PSA	+5417.1%	+13958.7%	-8541.6%	before 1993	57	MARGINAL
PSKY	+384.9%	-34.8%	+419.7%	-3.2 pts	22	OVERFIT
PSX	+149.7%	+1071.7%	-922.0%	-8.0 pts	21	INCONCLUSIVE
PTC	+558.1%	+8443.5%	-7885.3%	before 1993	52	OVERFIT
PWR	+3258.5%	+8155.1%	-4896.6%	+4.0 pts	37	OVERFIT
Q	n/a · history < 10y (0.8y)
RCL	+1222.8%	+4611.6%	-3388.8%	-2.9 pts	47	OVERFIT
REG	+1195.0%	+2046.5%	-851.5%	-2.7 pts	49	OVERFIT
RF	+1857.5%	+7230.0%	-5372.5%	before 1993	73	MARGINAL
RJF	+1467.4%	+52691.1%	-51223.6%	before 1993	69	OVERFIT
RL	+141.0%	+1376.9%	-1236.0%	-6.5 pts	43	OVERFIT
RMD	+4667.2%	+43254.4%	-38587.1%	+2.4 pts	44	GENERALIZED
ROK	+3718.6%	+57325.7%	-53607.1%	before 1993	65	MARGINAL
ROL	+2033.2%	+36503.9%	-34470.8%	before 1993	68	OVERFIT
RSG	+281.3%	+1977.7%	-1696.4%	-4.0 pts	39	OVERFIT
RTX	+4399.7%	+231131.9%	-226732.1%	before 1993	91	OVERFIT
RVTY	+801.8%	+25547.2%	-24745.4%	before 1993	91	OVERFIT
SBAC	+2365.9%	+2259.6%	+106.3%	+4.0 pts	32	OVERFIT
SCHW	+1805.1%	+45501.9%	-43696.7%	before 1993	61	OVERFIT
SJM	+69.0%	+1119.0%	-1050.0%	-9.4 pts	51	OVERFIT
SLB	+431.5%	+1125.4%	-693.9%	before 1993	59	OVERFIT
SMCI	+225.2%	+4155.7%	-3930.5%	-4.8 pts	28	INCONCLUSIVE
SNA	+73.1%	+12522.0%	-12448.9%	before 1993	91	OVERFIT
SO	+3298.3%	+32617.4%	-29319.1%	before 1993	57	OVERFIT
SOLV	n/a · history < 10y (2.4y)
SPG	+3097.2%	+5330.6%	-2233.4%	+0.3 pts	37	MARGINAL
SPGI	+1198.6%	+140503.3%	-139304.7%	before 1993	92	OVERFIT
SRE	+337.4%	+1463.0%	-1125.6%	-3.5 pts	40	OVERFIT
STE	+485.0%	+15491.4%	-15006.4%	before 1993	56	OVERFIT
STLD	+427.9%	+7831.8%	-7403.9%	-4.2 pts	47	OVERFIT
STT	+22737.7%	+199686.1%	-176948.5%	before 1993	53	MARGINAL
STZ	+1293.4%	+10007.0%	-8713.5%	before 1993	48	OVERFIT
SW	+185.7%	+775.0%	-589.3%	-6.1 pts	25	INCONCLUSIVE
SWK	+650.0%	+5887.9%	-5237.9%	before 1993	69	OVERFIT
SWKS	+181.7%	+1317.3%	-1135.5%	before 1993	63	OVERFIT
SYF	-4.9%	+325.2%	-330.1%	-14.4 pts	23	INCONCLUSIVE
SYK	+11323.1%	+430371.4%	-419048.4%	before 1993	58	GENERALIZED
SYY	+2739.7%	+115885.9%	-113146.2%	before 1993	81	OVERFIT
T	+2187.1%	+10219.8%	-8032.7%	before 1993	62	OVERFIT
TAP	-30.4%	+518.8%	-549.2%	before 1993	80	OVERFIT
TDG	+2782.3%	+13285.3%	-10503.0%	+6.8 pts	24	OVERFIT
TDY	+643.5%	+7164.6%	-6521.1%	-0.6 pts	35	OVERFIT
TECH	+9954.0%	+79246.8%	-69292.7%	before 1993	55	OVERFIT
TEL	+109.1%	+671.1%	-561.9%	-6.9 pts	34	INCONCLUSIVE
TFC	+383.8%	+10226.4%	-9842.7%	before 1993	73	OVERFIT
TGT	+5114.0%	+90566.5%	-85452.5%	before 1993	75	MARGINAL
TJX	+11203.8%	+36154.4%	-24950.6%	before 1993	52	OVERFIT
TKO	+675.2%	+1638.9%	-963.7%	-0.9 pts	40	OVERFIT
TMO	+3183.4%	+36784.3%	-33600.8%	before 1993	57	MARGINAL
TPL	+1784.5%	+75277.1%	-73492.7%	before 1993	70	OVERFIT
TPR	+1243.0%	+7766.6%	-6523.6%	+1.9 pts	39	OVERFIT
TRGP	+871.9%	+2202.9%	-1331.0%	+1.2 pts	15	INCONCLUSIVE
TRMB	+232.7%	+3366.4%	-3133.7%	before 1993	50	OVERFIT
TROW	+1230.7%	+35932.6%	-34701.9%	before 1993	65	MARGINAL
TSCO	+1048.6%	+15199.0%	-14150.4%	-3.1 pts	46	OVERFIT
TSN	+23.0%	+4340.8%	-4317.9%	before 1993	76	OVERFIT
TT	+4391.6%	+49748.2%	-45356.5%	before 1993	61	OVERFIT
TTD	n/a · history < 10y (9.9y)
TXT	+865.8%	+4901.2%	-4035.5%	before 1993	88	OVERFIT
TYL	+1622.7%	+43359.1%	-41736.4%	before 1993	64	OVERFIT
UAL	-66.8%	+240.6%	-307.5%	-16.4 pts	37	OVERFIT
UBER	n/a · history < 10y (7.3y)
UDR	+3147.5%	+14119.5%	-10972.0%	before 1993	67	MARGINAL
UHS	+159.2%	+15293.2%	-15134.0%	before 1993	70	OVERFIT
ULTA	+1755.2%	+1721.3%	+33.9%	+5.8 pts	18	INCONCLUSIVE
UNP	+3915.5%	+30311.4%	-26395.9%	before 1993	57	OVERFIT
UPS	+13.9%	+233.2%	-219.3%	-8.0 pts	39	OVERFIT
URI	+234.2%	+7088.3%	-6854.1%	-5.1 pts	43	OVERFIT
USB	+801.7%	+44799.0%	-43997.3%	before 1993	81	OVERFIT
VEEV	+371.4%	+668.8%	-297.4%	-1.4 pts	19	INCONCLUSIVE
VICI	n/a · history < 10y (8.7y)
VLO	+6540.7%	+23394.0%	-16853.3%	before 1993	61	OVERFIT
VLTO	n/a · history < 10y (2.9y)
VMC	+1331.7%	+48759.3%	-47427.6%	before 1993	86	OVERFIT
VRSK	+352.7%	+648.8%	-296.1%	-5.1 pts	26	INCONCLUSIVE
VRSN	+16116.2%	+5322.0%	+10794.1%	+10.2 pts	33	OVERFIT
VRT	n/a · history < 10y (8.1y)
VST	n/a · history < 10y (9.9y)
VTR	+2814.9%	+1496.8%	+1318.1%	+2.5 pts	35	OVERFIT
VTRS	+10.1%	+1568.8%	-1558.7%	before 1993	79	OVERFIT
VZ	+679.3%	+4889.1%	-4209.9%	before 1993	69	OVERFIT
WAB	+578.4%	+4137.7%	-3559.4%	-4.4 pts	45	OVERFIT
WAT	+238.0%	+10865.4%	-10627.4%	-6.5 pts	55	OVERFIT
WEC	+3683.9%	+23656.8%	-19972.9%	before 1993	61	MARGINAL
WELL	+7325.7%	+58774.1%	-51448.4%	before 1993	67	MARGINAL
WFC	+4001.9%	+63452.2%	-59450.4%	before 1993	87	OVERFIT
WM	+909.1%	+8471.2%	-7562.1%	before 1993	59	OVERFIT
WMB	+19572.5%	+11974.1%	+7598.4%	before 1993	51	OVERFIT
WSM	+2163.1%	+69865.8%	-67702.7%	before 1993	67	OVERFIT
WST	+8665.9%	+79208.6%	-70542.7%	before 1993	57	OVERFIT
WTW	+92.0%	+1181.6%	-1089.6%	-6.8 pts	45	OVERFIT
WY	-21.4%	+1781.4%	-1802.8%	before 1993	95	OVERFIT
WYNN	+1357.1%	+1217.6%	+139.5%	+0.5 pts	30	OVERFIT
XOM	+33556.9%	+183657.9%	-150101.0%	before 1993	83	MARGINAL
XYL	+27.7%	+455.0%	-427.3%	-13.6 pts	28	INCONCLUSIVE
XYZ	+65.7%	+527.5%	-461.8%	-9.9 pts	21	INCONCLUSIVE
YUM	+1007.3%	+4282.5%	-3275.1%	-0.7 pts	46	MARGINAL
ZBH	+43.1%	+292.2%	-249.0%	-8.2 pts	35	OVERFIT
ZBRA	+1088.8%	+8617.7%	-7528.9%	before 1993	51	OVERFIT
ZTS	+137.4%	+179.3%	-41.9%	-8.0 pts	20	INCONCLUSIVE

Forex · 4 / 8 · against the s&p 500 over the same window: 0 / 8

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
EUR/USD	+3.8%	-3.1%	+6.9%	-10.9 pts	32	OVERFIT
GBP/USD	-15.5%	-21.2%	+5.7%	-11.8 pts	36	OVERFIT
USD/JPY	+4.4%	+40.2%	-35.9%	-10.1 pts	43	OVERFIT
USD/MXN	-17.8%	+49.9%	-67.8%	-11.9 pts	40	OVERFIT
AUD/USD	-1.7%	-6.6%	+5.0%	-11.3 pts	35	OVERFIT
USD/CAD	-5.8%	+1.7%	-7.5%	-11.4 pts	37	OVERFIT
USD/CHF	-21.7%	-41.4%	+19.7%	-12.2 pts	37	OVERFIT
NZD/USD	-9.9%	-8.1%	-1.8%	-11.5 pts	40	OVERFIT

Crypto · 0 / 2 · against the s&p 500 over the same window: 1 / 2

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Bitcoin	+13445.4%	+17075.3%	-3629.9%	+19.0 pts	20	INCONCLUSIVE
Ether	n/a · history < 10y (8.8y)
Litecoin	+361.1%	+859.3%	-498.2%	-4.5 pts	32	INCONCLUSIVE
Solana	n/a · history < 10y (6.4y)
Cardano	n/a · history < 10y (8.8y)
Dogecoin	n/a · history < 10y (8.8y)

And intraday?

5-minute to 4-hour bars, every asset from where intraday history exists (stocks 2016, forex 2003, crypto 2015), against holding that same asset. Difference versus buy-and-hold. No walk-forward (see protocol).

Asset	5 min	15 min	1 hour	4 hours	Daily
Litecoin	-1348.2%	-1109.6%	-737.6%	-160.8%	-498.2%
Solana	n/a	n/a	n/a	n/a	n/a
Cardano	n/a	n/a	n/a	n/a	n/a
Dogecoin	n/a	n/a	n/a	n/a	n/a
EUR/USD	-54.8%	-21.1%	-15.3%	+12.2%	+6.9%
GBP/USD	-45.2%	-15.0%	+1.5%	+14.8%	+5.7%
USD/JPY	-15.9%	+15.5%	-47.1%	-24.4%	-35.9%
AUD/USD	—	—	—	—	+5.0%
USD/CAD	-90.6%	-71.9%	-30.3%	-9.4%	-7.5%
USD/CHF	-45.8%	-36.2%	+12.3%	+5.3%	+19.7%
NZD/USD	-41.6%	-36.9%	-23.5%	-4.1%	-1.8%
S&P 500 (SPY)	-418.5%	-297.4%	-196.4%	-216.8%	-1096.7%
Nasdaq-100 (QQQ)	-641.2%	-488.8%	-293.1%	-320.3%	+68.8%
Russell 2000 (IWM)	-267.3%	-223.3%	-126.6%	-177.6%	-727.9%
Emergentes (EEM)	-238.8%	-167.5%	-135.9%	-24.3%	-600.1%
Oro (GLD)	-356.4%	-228.1%	-220.4%	-92.6%	-384.6%
Bonos 20 años (TLT)	-74.1%	-41.3%	-10.2%	+21.3%	-90.1%
AAPL	-1207.2%	-922.3%	-607.3%	-866.7%	-304233.4%
AMGN	-278.7%	-226.4%	-200.9%	-274.4%	-170820.7%
AMZN	-580.1%	-662.9%	-564.9%	-655.6%	-238048.3%
AXP	-492.7%	-392.9%	-392.3%	-376.3%	-26126.4%
BA	-1.1%	+42.9%	-57.5%	-88.8%	-32330.4%
CAT	-1325.3%	-1162.7%	-665.5%	-1121.1%	-161499.3%
CRM	-284.9%	-82.1%	-267.4%	-128.7%	-5048.2%
CSCO	-532.6%	-494.5%	-406.8%	-333.5%	-114955.2%
CVX	-298.9%	-273.2%	-194.0%	-259.9%	-60474.8%
DIS	-100.5%	-3.7%	-1.4%	-11.6%	-180396.4%
GOOGL	-846.2%	-805.6%	-669.9%	-470.7%	-12079.3%
GS	-641.3%	-380.1%	-505.1%	-303.2%	-1713.6%
HD	-258.6%	-186.8%	-65.1%	-237.9%	-1938092.4%
HON	-251.0%	-155.0%	-178.4%	-162.8%	-19219.6%
IBM	-202.5%	-87.9%	-164.0%	-223.0%	-15243.5%
JNJ	-310.9%	-230.9%	-173.5%	-245.1%	-428005.0%
JPM	-711.1%	-485.3%	-580.0%	-197.1%	-32768.7%
KO	-257.2%	-212.6%	-199.4%	-153.2%	-175492.9%
MCD	-244.1%	-183.2%	-97.3%	-166.6%	-232944.6%
MMM	-156.5%	-123.3%	-121.0%	-99.2%	-26792.0%
MRK	-370.7%	-271.6%	-267.9%	-227.5%	-176426.8%
MSFT	-1029.7%	-926.0%	-799.2%	-481.5%	-812407.5%
NKE	-53.2%	-15.2%	-19.7%	-3.3%	-25480.7%
NVDA	-25602.4%	-24641.9%	-23026.6%	-22641.4%	-272543.4%
PG	-214.2%	-191.0%	-72.3%	-131.5%	-57477.2%
SHW	-409.4%	-375.1%	-199.7%	-292.3%	-225919.2%
TRV	-391.1%	-354.9%	-296.8%	-186.8%	-11844.9%
UNH	-323.1%	-280.0%	-272.3%	-294.9%	-329611.1%
V	-516.5%	-424.4%	-396.3%	-338.2%	-1417.9%
WMT	-559.7%	-492.1%	-418.0%	-327.8%	-860728.0%
ABNB	n/a	n/a	n/a	n/a	n/a
ADBE	-270.2%	-187.7%	-137.0%	-80.8%	-146518.8%
ADI	-776.7%	-710.5%	-684.3%	-642.7%	-78504.0%
ADP	-407.0%	-272.3%	-205.6%	-266.1%	-67515.9%
ADSK	-352.4%	-279.8%	-324.7%	-348.3%	-57637.2%
AEP	-256.2%	-216.0%	-135.2%	-211.1%	-9828.3%
ALAB	n/a	n/a	n/a	n/a	n/a
ALNY	-153.8%	-144.9%	-219.9%	-213.2%	-3202.5%
AMAT	-2746.7%	-2136.5%	-2107.2%	-1526.1%	-629409.7%
AMD	-16268.6%	-15682.9%	-11681.2%	-14600.3%	-13127.0%
APP	n/a	n/a	n/a	n/a	n/a
ARM	n/a	n/a	n/a	n/a	n/a
ASML	-2082.0%	-2012.2%	-1817.6%	-969.0%	-68870.0%
AVGO	-3034.0%	-3077.2%	-3101.5%	-2513.1%	-29167.8%
AXON	-3126.2%	-2564.6%	-3267.5%	-2524.8%	-109244.8%
BKNG	-368.3%	-302.6%	-346.2%	-277.3%	-404.5%
BKR	n/a	n/a	n/a	n/a	-846.4%
CCEP	-378.0%	-305.7%	-208.7%	-326.6%	-5607.2%
CDNS	-1516.6%	-1326.7%	-1307.0%	-1407.2%	-16255.4%
CEG	n/a	n/a	n/a	n/a	n/a
CMCSA	-128.5%	-85.3%	-19.2%	-10.8%	-45039.8%
COST	-593.8%	-522.9%	-328.6%	-483.9%	-12112.7%
CPRT	-629.8%	-356.1%	-389.2%	-299.6%	-17407.4%
CRWD	n/a	n/a	n/a	n/a	n/a
CSX	-662.3%	-538.6%	-368.3%	-512.2%	-38091.6%
CTAS	-936.6%	-775.0%	-563.4%	-832.3%	-120489.8%
DASH	n/a	n/a	n/a	n/a	n/a
DDOG	n/a	n/a	n/a	n/a	n/a
DXCM	-425.0%	-53.4%	+67.0%	-316.4%	-1252.7%
EA	—	—	—	—	n/a
EXC	-286.4%	-217.6%	-196.1%	-237.1%	-11977.6%
FANG	-321.8%	-270.5%	-283.9%	-248.8%	-785.6%
FAST	-608.1%	-544.3%	-441.1%	-538.2%	-256567.4%
FER	n/a	n/a	n/a	n/a	-508.5%
FTNT	-2602.6%	-2316.7%	-2228.7%	-2591.3%	-9645.9%
GEHC	n/a	n/a	n/a	n/a	n/a
GILD	-182.7%	-148.7%	-107.0%	-52.5%	-32598.1%
HONA	n/a	n/a	n/a	n/a	n/a
IDXX	-750.5%	-646.2%	-318.5%	-356.3%	-55951.4%
INTC	-294.0%	-205.5%	-262.6%	+123.2%	-39651.9%
INTU	-355.6%	-317.3%	-305.1%	-147.0%	-14170.0%
ISRG	-557.7%	-533.4%	-174.0%	-364.3%	-15282.4%
KHC	-36.6%	-21.9%	+43.9%	+3.2%	+8.8%
KLAC	-2920.8%	-2827.6%	-2425.1%	-2585.3%	-275927.0%
LIN	n/a	n/a	n/a	n/a	-9650.4%
LITE	-3864.5%	-3812.5%	-3240.3%	-3572.0%	-4567.0%
LRCX	-4353.1%	-4121.5%	-3392.3%	-3427.2%	-135300.3%
MAR	-498.0%	-411.6%	-468.1%	-361.6%	-1875.0%
MCHP	-339.4%	-166.8%	-228.9%	-323.5%	-41438.4%
MDLZ	-161.5%	-120.5%	-89.6%	-106.5%	-431.5%
MELI	-1607.9%	-1484.2%	-1573.6%	-1452.7%	-6121.7%
META	-497.0%	-416.8%	-293.7%	+153.6%	-371.3%
MNST	-178.3%	-42.0%	-17.6%	-76.4%	-47306.5%
MPWR	-2192.8%	-2047.5%	-1947.8%	-1905.8%	-13772.9%
MRVL	-2460.4%	-2579.6%	-1642.6%	-2256.1%	-635.5%
MSTR	-353.4%	+1609.8%	-243.0%	-579.0%	+6312.4%
MU	-5822.2%	-5679.8%	-5946.9%	-4285.6%	-20088.1%
NFLX	-695.9%	-495.2%	-332.9%	+498.9%	-29591.0%
NXPI	-278.7%	-231.8%	-134.9%	-215.6%	-1538.6%
ODFL	-955.2%	-837.8%	-778.1%	-822.6%	-29687.0%
ORLY	-485.8%	-452.1%	-372.6%	-330.6%	-39658.5%
PANW	-724.5%	-619.3%	-974.9%	-1107.0%	-3849.3%
PCAR	-543.6%	-512.1%	-390.0%	-359.9%	-54215.9%
PDD	n/a	n/a	n/a	n/a	n/a
PEP	-178.6%	-141.7%	-72.4%	-104.0%	-34527.2%
PLTR	n/a	n/a	n/a	n/a	n/a
PYPL	-140.2%	-84.2%	-49.2%	+29.9%	+190.8%
QCOM	-383.0%	-193.5%	+159.6%	-363.3%	-49867.7%
REGN	-119.7%	-89.1%	-69.9%	+11.9%	-3632.4%
ROP	-228.0%	-168.5%	-70.5%	-119.8%	-22918.2%
ROST	-437.3%	-373.6%	-194.6%	-257.4%	-49529.1%
SBUX	-208.7%	-183.7%	-79.7%	-97.2%	-41245.5%
SHOP	-3641.6%	-5674.4%	-4495.0%	-4234.2%	-2418.2%
SNDK	n/a	n/a	n/a	n/a	n/a
SNPS	-751.9%	-720.2%	-615.2%	-763.2%	-5166.9%
STX	-3526.1%	-3464.4%	-2224.0%	-658.5%	-9276.9%
TER	-1783.0%	-1223.1%	-842.3%	-902.7%	-26118.7%
TMUS	-437.0%	-406.3%	-354.9%	-214.5%	+136.8%
TRI	-328.0%	-222.8%	-164.3%	-137.0%	-66.5%
TSLA	+1171.2%	-194.4%	-399.4%	-1918.4%	-20618.4%
TTWO	-651.1%	-640.5%	-563.2%	-282.6%	-5489.0%
TXN	-618.2%	-524.8%	-415.3%	-387.2%	-34578.3%
VRTX	-412.5%	-376.7%	-395.6%	-255.5%	-11933.6%
WBD	n/a	n/a	n/a	n/a	-33.2%
WDAY	-220.6%	-171.0%	-140.6%	-106.3%	-264.4%
WDC	-899.8%	-766.2%	-539.1%	-797.7%	-63728.9%
XEL	-266.8%	-169.0%	-114.2%	-183.7%	-4832.9%
KDP	-257.6%	-202.3%	-159.9%	-154.6%	-728.6%
USD/MXN	-93.6%	-71.0%	-55.5%	-47.6%	-67.8%
Bitcoin	-18084.5%	-16792.3%	-9385.6%	-3967.9%	-3629.9%
Ether	—	—	—	—	n/a

19 / 472 · against the s&p 500 over the same window: 46 / 472

What if I nudge the parameters? (on the index)

Parameters	Return	Sharpe	Max DD	Vs. index
fast 50, slow 200	×21	0.44	-33.7%	-1096.7%
fast 20, slow 50	525.1%	0.18	-36.6%	-2556.0%
fast 50, slow 150	×20	0.43	-33.7%	-1220.7%
fast 40, slow 200	×19	0.42	-33.7%	-1265.7%
fast 60, slow 200	×20	0.42	-33.7%	-1220.6%
fast 100, slow 200	×18	0.40	-33.7%	-1370.2%

A rule that only works at the exact textbook numbers and dies one notch away is not an edge: it is luck.

Out of sample and robustness (on the index)

Walk-forward: MARGINAL · 60%

Deflated Sharpe: 0.99 (≥ 0.95)

Robustness suite: MODERATE

By halves: First half beat (+407.9% vs +237.3%); Second half did not beat (+310.4% vs +843.1%).

5 fold(s) scored; 60% within the robust degradation band [0.5, 1.5].

Mean OOS/IS Sharpe degradation = 0.5231.

Deflated Sharpe 0.9867 >= 0.95 — the best fold's edge survives multiple-trials selection bias.

Receipt

Computed on 2026-09-10 · period: each asset from its first bar (1962-01-01 to 2026-08-31) · round-trip costs: stocks and index 10 bps, forex 2 bps, crypto 30 bps · artifact 8fb75dc6eee1 · Finaxion engine

By market

Each market's page, ordered by annual excess over the S&P 500. The first 12 are shown; the rest are in the sitemap. See all 50 markets

Sources for the claim

Investopedia — Golden Cross

How to cite

Finaxion Research (2026). The golden cross (50/200): works in few markets. Daily backtest 1962-01-01–2026-08-31, artifact 8fb75dc6eee1. https://finaxion.app/en/research/golden-cross

Reproduce it with your own strategy