Trend Following: 12% CAGR — Does It Beat SPY?

Full backtest of Trend Following (Alexandre Chaldecott, Campbell R. Harvey, Erik Ristuben (2019)) Applied to: TQQQ, UPRO, SPXL, TNA, SOXL, TLT, GLD, SHY 📊 Results (2017–present): CAGR: 11.6% Max Drawdown: -33.4% Sharpe Ratio: 0.61 Total Return: 198.0% 📄 Original Paper: A Century of Trend Following Investing ⚠️ Not financial advice. Past performance does not guarantee future results. Subscribe for weekly strategy breakdowns and live portfolio updates. 📖 Full write-up: https://quant.avalonquant.com/2026/08/trend-following-12-cagr-does-it-beat-spy.html

Added 8 Sept 2026