Calendar-year total return (%)

Signal column is green when the rotation portfolio beat the 34/33/33 daily-rebalanced baseline that year, red when it underperformed. A red row is the answer to "did we lose to just holding the equal-weight?".

Year	Signal Rotation	Baseline (34/33/33)	SPY buy-and-hold	XAUUSD buy-and-hold	QQQ buy-and-hold	ZB rolled + T-bill
1998	+54.0%	+34.2%	+28.0%	+0.0%	+82.1%	+10.7%
1999	+60.1%	+35.1%	+20.7%	+0.1%	+96.7%	-9.0%
2000	-18.8%	-16.3%	-8.8%	-5.8%	-38.4%	+23.2%
2001	-1.8%	-9.4%	-10.1%	+3.6%	-27.2%	+1.2%
2002	-28.3%	-14.5%	-22.4%	+24.9%	-39.2%	+19.3%
2003	+34.3%	+30.4%	+24.2%	+20.1%	+43.6%	+5.2%
2004	+9.6%	+9.6%	+10.7%	+5.4%	+10.8%	+10.5%
2005	+9.5%	+9.5%	+5.3%	+20.4%	+2.6%	+5.9%
2006	+13.4%	+13.4%	+13.8%	+19.2%	+4.8%	+1.9%
2007	+23.5%	+18.9%	+5.3%	+32.9%	+18.8%	+8.7%
2008	-21.4%	-24.8%	-36.2%	+2.9%	-40.8%	+22.6%
2009	+40.9%	+33.1%	+22.7%	+25.3%	+48.3%	-11.5%
2010	+18.4%	+19.8%	+13.1%	+26.4%	+18.4%	+10.4%
2011	+10.5%	+5.5%	+0.9%	+10.6%	+1.9%	+23.3%
2012	+14.3%	+11.6%	+14.2%	+3.7%	+15.9%	+4.9%
2013	-1.6%	+7.8%	+29.0%	-28.5%	+32.4%	-8.4%
2014	+9.6%	+10.5%	+14.6%	-3.4%	+20.1%	+16.6%
2015	+6.3%	+0.4%	+1.3%	-10.5%	+9.8%	-1.8%
2016	+8.9%	+10.8%	+13.6%	+7.1%	+9.4%	+1.3%
2017	+15.1%	+21.6%	+20.8%	+12.4%	+31.5%	+5.9%
2018	-8.3%	-2.7%	-5.2%	-2.8%	-1.8%	+0.3%
2019	+34.6%	+29.7%	+31.1%	+18.4%	+38.4%	+10.4%
2020	+62.0%	+30.4%	+17.2%	+23.9%	+46.0%	+12.9%
2021	+7.5%	+17.3%	+30.5%	-5.9%	+29.2%	-3.6%
2022	-13.1%	-17.2%	-18.6%	+1.2%	-33.2%	-19.1%
2023	+42.4%	+31.0%	+26.7%	+12.1%	+55.9%	+2.8%
2024	+27.5%	+27.5%	+25.6%	+27.4%	+27.7%	-3.7%
2025	+52.3%	+33.5%	+18.0%	+62.6%	+21.0%	+7.0%
2026 (YTD)	+8.9%	+5.9%	+12.0%	-9.1%	+13.7%	-7.2%
All-time cumulative	+4836.7%	+2309.4%	+1174.9%	+1265.9%	+3169.2%	+212.8%