$1,000,000 initial capital. Includes unrealized gains. Full transparency.
| Year | Return | Trades |
|---|---|---|
| 2002 | +0.0% | 49 |
| 2003 | -3.2% | 285 |
| 2004 | -5.3% | 363 |
| 2005 | -9.6% | 370 |
| 2006 | -9.5% | 239 |
| 2007 | -4.8% | 286 |
| 2008 | +33.1% | 8 |
| 2009 | -0.8% | 71 |
| 2010 | +39.4% | 115 |
| 2011 | +15.1% | 111 |
| 2012 | +1.7% | 226 |
| 2013 | -8.4% | 69 |
| 2014 | +76.3% | 76 |
| 2015 | +5.2% | 50 |
| 2016 | +36.0% | 37 |
| 2017 | +8.8% | 4 |
| 2018 | +50.6% | 28 |
| 2019 | +22.9% | 88 |
| 2020 | +7.2% | 12 |
| 2021 | +78.1% | 0 |
| 2022 | +39.1% | 34 |
| 2023 | -26.4% | 50 |
| 2024 | +22.6% | 8 |
| 2025 | +43.7% | 10 |
| 2026 | -8.6% | 3 |
This backtest uses real S&P 500 constituents per year (2001: 49 stocks, 2026: 62). No survivorship bias. Delisted companies (WCOM, LEH, BSC, MER) are included up to their actual delisting dates.
The equity curve includes both realized and unrealized gains. The annual return table shows total portfolio appreciation per calendar year (including open positions marked-to-market). Individual trade P&L shows only closed positions.
Benchmarks are normalized to the same $1,000,000 starting value for fair comparison.