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I have now updated the study to avoid the backtester putting all the
money in a few stocks when enough picks do not satisfy the ndmax price
criteria, and will comment on the differences from my original study
below.

In general, my initial conclusions looks wrong whereever fewer stocks
were available, so I will restrict my comments where less the number
of stocks actually held was 3 or less (of the wanted 5) for several
settings of the ndmax variable.

ARS, CANSLIM-26: Here it becomes obvious that improvements in the
results seems to be caused by putting more money into the few stocks
that were selected. For ARS one might argue that the result seems to
improve if one restrict the picks to stocks that have started
increasing in price. For CANSLIM-26 it looks like it does not matter
much (well, the CAGR 29 looks nice but it has the signature of an
outlier).

FCF-26, Gentle_Screamers, Microcap_Momentum: CAGR goes down if we do
not "double down" (spend more than the allocated share of the money)
whenever picks aren't available.

Net-Nets_Grahamified: Doubling down on Net-Nets with a 28 day hold
definitively looks like a poor strategy. Actually staying away from
Net-Nets that have started falling seems smart (at least based on this
backtest).

Optiman, S&P_Peg, Silver_Parachute, Small_Value, Steady_Growth,
Turnarounds, Up_5%, Zweig-26: CAGR goes down when we avoid "double
down", as mentioned with FCF-26 and similar. Also, some of these
stocks do not seem to move that much in that one day delay.

Dilution_s: A bit worse CAGR, but still not bad as mentioned in the
original analysis.

My reason for doing this in the first place was to check if my
emotional need to avoid picks that have gained a lot the next day is
costing much long term. For the screens I use, this does not seem to
bad (avoding those that gain a lot before I can buy).

On the other hand, buying falling knives does not look as good as they
did in the initial study, but for a "high risk - high return"
strategy, it might be worth looking into. I would not bet my pension
on it, but maybe my poker money.

Hope I did not confuse too many people buy posting a partially flawed
study and/or with the share amount of data shared. Use with care.

Keelix

*Original study:*

In the SIPRO universe we have some screens which look very attractive
(assuming you are willing to gamble on a relatively short backtest
period, and even shorter forward testing period). Some of the highest
yielding screens (measured in CAGR only, not based on CAGR/GSD, Sharpe
or similar) sometimes select stocks with low volumes and/or high
spreads. With these, spreads are typically very significant. When you
stare a stock down which has already risen some 3-9% on one day before
you have bought it, it becomes very hard to buy that stock
mechanically. What I usually feel like doing in these cases is to move
down the list and evaluate the next selection.

I have attempted to backtest a strategy that simply skips the picks
that have risen significantly since the screen picked them and moves
on down the list.

The backtest was done with a 28 day holding period, holding top 5,
startdate 20030627, endddate 20050527, all possible starting weeks
(total of 4 runs with different weekly data), and using the average
values for CAGR/GSD for the four runs.

All buys use a 1-day delay (rankings are produced on Sundays using
data from the Friday before, this backtest assumes stocks are bought
at the closing price the first trading day after the Friday).

The ndmax parameter is multiplied with the Friday closing price and
this is used as a buy limit (a stock is only bought if it's current
1-day delayed closing price (typically Monday's price) is less than
the Friday's price multiplied with the ndmax parameter). The row where
ndmax is "(none)" show the backtested value without using a buy limit.

Due to limitations on the available historic data for certain tickers,
if my backtester is unable to find a historic price ("Monday" price)
for a certain stock, the Friday's price (supplied by SIPRO) is used
instead. In _most_ cases, there will be a Monday price available (I'm
currently getting these from BigCharts).

For presentation purposes, I will present and discuss the SIPRO
screens in groups of four, where the grouping is more or less
alphabetically. My comments are based on what I see and think, so
consider it "IMO". Your conclusions might be different, and if so
please feel free to share your views.

I have not included the GSD numbers in the main part of the
presentation, but the raw data has been included at the end of this
posting. The main reason I have not included them in the main part of
the analysis is that the GSD number seems not to vary too much,
although I have not done an in-depth analysis of this during this
backtest. If some smart people want to, I guess they should be able to
calculate the Sharpe/Sortino based on the data I provided.

So, on to the backtest and the results:

ndmax series 78RPM ARS CANSLIM-26 Commodity

(none) Avg. CAGR 63 39 13 47

0.90 Avg. CAGR 90 54 57 84
0.93 Avg. CAGR 83 54 62 83
0.95 Avg. CAGR 80 56 55 71
0.97 Avg. CAGR 42 49 71 76
1.00 Avg. CAGR 52 41 31 59
1.03 Avg. CAGR 49 38 17 45
1.05 Avg. CAGR 50 40 14 48
1.07 Avg. CAGR 46 38 15 50
1.10 Avg. CAGR 49 39 14 49

78RPM - If you can get stocks at a serious discount (more than 5%),
CAGR increases significantly. Otherwise, using buy limits reduce CAGR.

ARS, CANSLIM-26, Commodity - For all of these, it seems using buy
limits improve CAGR significantly.

ndmax series Eastwood FCF-26 Gentle_Screamers High_Relative_Va

(none) Avg. CAGR 32 14 44 45

0.90 Avg. CAGR 70 44 75 62
0.93 Avg. CAGR 72 44 54 61
0.95 Avg. CAGR 60 42 50 53
0.97 Avg. CAGR 62 38 62 57
1.00 Avg. CAGR 33 22 64 60
1.03 Avg. CAGR 24 17 50 50
1.05 Avg. CAGR 27 14 54 48
1.07 Avg. CAGR 29 14 49 46
1.10 Avg. CAGR 29 14 41 46

For Eastwood, FCF-26, Gentle_Screamers and High_Relative_Value it
seems using buy limits mostly improves CAGR.

ndmax series Melange Microcap_Momentu Net-Nets_Grahami OptiMan

(none) Avg. CAGR 14 58 24 13

0.90 Avg. CAGR 39 11 -37 49
0.93 Avg. CAGR 42 44 -35 50
0.95 Avg. CAGR 35 60 -30 52
0.97 Avg. CAGR 26 75 -19 47
1.00 Avg. CAGR 22 69 11 13
1.03 Avg. CAGR 27 89 31 13
1.05 Avg. CAGR 13 79 29 13
1.07 Avg. CAGR 14 77 23 13
1.10 Avg. CAGR 16 72 23 13

Melange - It seems buying stocks that have fallen or not risen significantly improves CAGR.

Microcap_Momentum - Using buy limits seems fine unless the stock have
fallen significantly (more than 5%).

Net-Nets_Grahamified - Avoid buying stocks that have fallen in
price. Otherwise, using buy limits does not seem to affect performance
(then again, Net-Nets typically do not use a one month holding
period...).

Optiman - Buying stocks "on the cheap" seems to increase CAGR
significantly. Otherwise it does not seem to affect the result. Since
the numbers for buy limits above 1.00 are identical, I checked the GSD
numbers as well, and a lot of identical numbers show up there as
well. This may indicate that there is only a limited amount of picks
available OR that the tickers selected can not be looked up using
BigCharts.

ndmax series PIH_Naked POG POI P/S_I_Love_You

(none) Avg. CAGR 38 25 96 69

0.90 Avg. CAGR 98 61 53 48
0.93 Avg. CAGR 85 56 48 41
0.95 Avg. CAGR 66 53 51 37
0.97 Avg. CAGR 45 32 47 52
1.00 Avg. CAGR 38 26 66 62
1.03 Avg. CAGR 32 28 101 64
1.05 Avg. CAGR 36 36 88 67
1.07 Avg. CAGR 33 28 92 70
1.10 Avg. CAGR 34 23 90 67

PIH_Naked, POG - Buying cheap seems good. Avoiding price increases
does not seem to affect the overall result significantly.

POI, P/S_I_Love_You - Buying cheap does not look good, but avoiding high price
increases does not seem to affect the overall CAGR too much.

ndmax series Quality_Earnings S&P_Peg Shrinkage Silver_Parachute

(none) Avg. CAGR 85 35 29 60

0.90 Avg. CAGR 81 28 60 45
0.93 Avg. CAGR 75 30 65 38
0.95 Avg. CAGR 74 30 63 48
0.97 Avg. CAGR 59 38 48 59
1.00 Avg. CAGR 39 12 44 52
1.03 Avg. CAGR 74 28 29 57
1.05 Avg. CAGR 80 33 30 64
1.07 Avg. CAGR 82 35 31 61
1.10 Avg. CAGR 81 35 30 60

Quality_Earnings - Buying stocks cheap looks ok. According to the
numbers, stocks which are trading around the same price as used when
generating the rankings or with a maximum 3% price drop seems to
affect CAGR negatively. I'm not sure these numbers make a lot of sense
(buy hey, it's a short backtest!).

S&P_Peg - looks relatively stable regardless of price movements the
next day. Again, the number around ndmax 1.0 looks a lot worse, but
that number may be affected by a few stocks in this limited backtest.

Shrinkage - Buying low is good. Otherwise, avoiding expensive stocks
seems good.

Silver_Parachute - Buying stocks going down seems to affect returns
negatively. Buy limits upwards seems to work (increase CAGR).

ndmax series Small_Value Steady_Growth Turnarounds Up_5%

(none) Avg. CAGR 54 18 12 35

0.90 Avg. CAGR 17 9 -22 61
0.93 Avg. CAGR 15 9 3 69
0.95 Avg. CAGR 28 12 21 73
0.97 Avg. CAGR 22 16 35 63
1.00 Avg. CAGR 41 17 25 46
1.03 Avg. CAGR 46 17 22 41
1.05 Avg. CAGR 48 18 19 32
1.07 Avg. CAGR 50 18 12 34
1.10 Avg. CAGR 49 18 13 33

Small_Value, Steady_Growth - Buying "cheap" does not seem to work (if
a stock starts falling before you buy, stay away). Avoiding huge price
increases move the result towards the "no buying limit" result. This
might indicate that those high dividend stocks are bigger companies
and ususally do not move that much upward in a single day.

Turnarounds - Using buy limits seems fine, unless a stock has fallen
more than 5%. Then you should stay away.

Up_5% - Using buying limits seems to improve results. Specially at the
"pay no more" or "buy cheap" end.

ndmax series Value_at_the_Top Zweig-26 Current_Ratio_s Dilution_s

(none) Avg. CAGR 12 60 1 -14

0.90 Avg. CAGR 101 55 -11 48
0.93 Avg. CAGR 95 54 -17 39
0.95 Avg. CAGR 85 71 -14 42
0.97 Avg. CAGR 54 74 -7 6
1.00 Avg. CAGR 23 43 -2 -17
1.03 Avg. CAGR 11 47 11 -14
1.05 Avg. CAGR 13 51 7 -12
1.07 Avg. CAGR 13 47 6 -12
1.10 Avg. CAGR 13 49 4 -13

Value_at_the_Top - If you can get it cheap, jump in! Upwards movement
with buy limits does not seem to affect the result much, which may
indicate that the daily moves are not that big or that the number of
picks are limited.

Zweig-26 - Buy limits do not seem to improve results.

WAKEUP WARNING! The next screens discussed are short screens, so for
these "buying cheap" means ndmax > 1 and "buying expensive" means
ndmax short or buy a put on actually increased in price the following day,
which means you short/put has a potentially higher fall towards
zero. The results from the short screens have the correct sign - a
positive CAGR means you would have made money if you shorted.

Current_Ratio_s - Buying cheap seems to improve results. Buying
expensive (stocks that have already fallen a lot in price) should be
avoided.

Dilution_s - Wow. A short screen that indicate that it is good to
short if the price compared to the ranking date has fallen. Some kind
of "negative" momentum? Seems pretty consistent though. Looks like a
promising candidate to include in a blend with long screens assuming
you take the buying limits into consideration.

ndmax series Negative_FCF_s The_Mirror_s

(none) Avg. CAGR -20 -17

0.90 Avg. CAGR 1 -10
0.93 Avg. CAGR -5 -6
0.95 Avg. CAGR -7 -13
0.97 Avg. CAGR 14 -11
1.00 Avg. CAGR -11 -8
1.03 Avg. CAGR -16 -18
1.05 Avg. CAGR -21 -17
1.07 Avg. CAGR -21 -17
1.10 Avg. CAGR -21 -19

Negative_FCF_s - Same as with Dilution_s, although the actual CAGR is
nothing to seek after, but in a blend it might be some nice
insurance. AFAIK, this screen was designed for buying puts, so both
the holding period and shorting instead of puts might mean that this
screen is being used for something it was not designed for in this
context.

The_Mirror_s - In this context, does not look too good as a short
screen. The "trend" AFAICS is that the screen improves if you buy the
ones that have started dropping, but the numbers aren't significantly
different IMO.

So to summarize, it seems that for most screens skipping buying a
selection and moving on to the next on the list if the price has moved
against you compared to the price used for producing the rankings does
not significantly negatively affect the performance of the screens. In
quite a few cases buying the ones that have become a few percent
cheaper improves your CAGR a lot.

Keelix

More data from this backtest have been included below (a "c" after the
ndmax parameter indicate that the "cashfornopicks" flag was used):

ndmax 78RPM ARS CANSLIM-26 Commodity Eastwood FCF-26 Gentle_Screamers High_Relative_Va Melange Microcap_Momentu Net-Nets_Grahami OptiMan PIH_Naked POG POI P/S_I_Love_You Quality_Earnings S&P_Peg Shrinkage Silver_Parachute Small_Value Steady_Growth Turnarounds Up_5% Value_at_the_Top Zweig-26 Current_Ratio_s Dilution_s Negative_FCF_s The_Mirror_s
(none) Avg. CAGR 63 39 13 47 32 14 44 45 14 58 24 13 38 25 96 69 85 35 29 60 54 18 12 35 12 60 1 -14 -20 -17

0.90 Avg. CAGR 90 54 57 84 70 44 75 62 39 11 -37 49 98 61 53 48 81 28 60 45 17 9 -22 61 101 55 -11 48 1 -10
0.93 Avg. CAGR 83 54 62 83 72 44 54 61 42 44 -35 50 85 56 48 41 75 30 65 38 15 9 3 69 95 54 -17 39 -5 -6
0.95 Avg. CAGR 80 56 55 71 60 42 50 53 35 60 -30 52 66 53 51 37 74 30 63 48 28 12 21 73 85 71 -14 42 -7 -13
0.97 Avg. CAGR 42 49 71 76 62 38 62 57 26 75 -19 47 45 32 47 52 59 38 48 59 22 16 35 63 54 74 -7 6 14 -11
1.00 Avg. CAGR 52 41 31 59 33 22 64 60 22 69 11 13 38 26 66 62 39 12 44 52 41 17 25 46 23 43 -2 -17 -11 -8
1.03 Avg. CAGR 49 38 17 45 24 17 50 50 27 89 31 13 32 28 101 64 74 28 29 57 46 17 22 41 11 47 11 -14 -16 -18
1.05 Avg. CAGR 50 40 14 48 27 14 54 48 13 79 29 13 36 36 88 67 80 33 30 64 48 18 19 32 13 51 7 -12 -21 -17
1.07 Avg. CAGR 46 38 15 50 29 14 49 46 14 77 23 13 33 28 92 70 82 35 31 61 50 18 12 34 13 47 6 -12 -21 -17
1.10 Avg. CAGR 49 39 14 49 29 14 41 46 16 72 23 13 34 23 90 67 81 35 30 60 49 18 13 33 13 49 4 -13 -21 -19

0.90c Avg. CAGR 91 12 14 70 71 22 35 43 39 9 -12 30 80 60 48 48 65 6 37 13 11 4 10 25 100 11 1 25 3 -5
0.93c Avg. CAGR 83 11 14 72 73 23 34 42 40 17 -9 31 69 56 45 41 65 7 38 13 10 4 17 30 94 14 -6 23 3 -1
0.95c Avg. CAGR 80 11 13 67 60 23 26 38 35 25 -8 31 62 52 48 37 68 7 38 17 14 5 26 38 85 16 -11 33 -1 -4
0.97c Avg. CAGR 42 19 17 73 62 26 39 50 26 31 2 38 45 32 48 52 57 11 36 28 25 6 36 43 54 21 -6 12 14 -4
1.00c Avg. CAGR 52 39 29 59 33 22 64 60 22 51 25 13 38 26 66 62 39 20 43 51 41 15 25 42 23 35 -2 -12 -11 -6
1.03c Avg. CAGR 49 38 16 45 24 17 50 50 27 74 32 13 32 28 101 64 74 28 29 57 46 17 22 41 11 46 11 -14 -16 -18
1.05c Avg. CAGR 50 40 14 48 27 14 54 48 13 67 30 13 36 36 88 67 80 33 30 64 48 18 19 32 13 51 7 -12 -21 -17
1.07c Avg. CAGR 46 38 15 50 29 14 49 46 14 68 25 13 33 28 92 70 82 35 31 61 50 18 12 34 13 47 6 -12 -21 -17
1.10c Avg. CAGR 49 39 14 49 29 14 41 46 16 63 24 13 34 23 90 67 81 35 30 60 49 18 13 33 13 49 4 -12 -21 -19

(none) Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
0.90 Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 4 5 4 0 3 1 2 0 3 2 5 1 5 2 2 3
0.93 Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 5 5 4 0 3 1 2 0 4 2 5 1 5 2 2 3
0.95 Avg.Held 5 1 1 4 5 3 3 4 5 1 2 3 5 5 5 5 4 0 4 1 3 0 4 2 5 1 5 3 2 3
0.97 Avg.Held 5 2 1 5 5 3 4 5 5 2 3 3 5 5 5 5 5 1 4 2 4 1 5 3 5 2 5 4 3 4
1.00 Avg.Held 5 5 4 5 5 5 5 5 5 4 4 5 5 5 5 5 5 4 5 5 5 4 5 5 5 4 5 5 5 5
1.03 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.05 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.07 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.10 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

(none) Avg. GSD 47 28 31 27 27 25 38 24 44 55 67 12 38 39 44 33 33 22 19 39 35 15 35 37 23 42 37 51 38 34
(none) Avg.Up/dow 68 67 58 72 72 56 65 65 60 52 50 63 62 57 69 67 70 68 62 65 71 63 58 65 55 72 48 46 44 43
(none) Avg.Turnov 71 69 63 67 81 60 97 98 63 94 48 34 98 67 62 68 59 43 26 42 47 38 96 89 69 53 60 54 87 84
(none) Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
(none) Stdev.CAGR 21 6 15 13 9 6 17 9 24 23 23 4 24 17 14 27 13 11 4 3 18 3 10 11 11 27 12 12 11 10
(none) Stdev. GSD 6 9 7 3 5 3 5 4 8 8 25 1 18 9 4 3 2 3 3 8 7 4 6 9 3 10 3 11 7 5
(none) Std.Up/dow 4 4 4 6 3 5 8 6 4 8 8 11 13 4 2 6 6 4 9 6 6 5 9 3 4 5 5 8 7 9
(none) Std.Turnov 2 3 5 3 2 2 3 1 5 2 3 3 1 3 2 5 2 3 2 1 3 1 1 3 2 1 3 4 2 3

0.90 Avg. GSD 51 62 72 32 31 28 36 32 40 89 70 49 66 38 28 37 29 64 40 40 68 17 175 37 32 55 59 97 35 44
0.90 Avg.Up/dow 66 81 84 76 73 76 80 76 63 73 48 69 62 63 72 67 79 86 68 84 62 90 55 84 78 88 52 72 59 53
0.90 Avg.Turnov 70 78 78 41 66 26 81 68 56 82 54 31 88 66 51 61 58 61 39 57 70 55 48 89 76 59 59 45 83 76
0.90 Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 4 5 4 0 3 1 2 0 3 2 5 1 5 2 2 3
0.90 Stdev.CAGR 15 57 59 52 31 27 39 30 45 26 29 20 11 37 15 4 35 26 18 10 38 15 13 56 17 47 19 52 17 7
0.90 Stdev. GSD 6 31 44 21 11 17 9 5 11 36 22 14 15 6 4 7 6 29 3 15 31 16 70 24 5 46 9 87 12 16
0.90 Std.Up/dow 7 12 7 6 8 2 4 13 6 6 11 5 6 11 7 6 9 5 4 5 6 5 7 6 7 6 7 4 13 6
0.90 Std.Turnov 2 6 2 6 5 3 2 2 1 4 5 3 3 5 3 2 4 15 3 9 8 3 3 4 3 6 3 3 3 4

0.90c Avg. GSD 51 16 17 26 31 14 20 21 39 18 28 30 57 38 27 37 21 13 26 11 21 5 43 15 32 12 39 23 13 23
0.90c Avg.Up/dow 66 81 84 76 73 75 81 76 63 73 48 69 62 63 72 67 79 86 68 84 62 90 55 84 78 88 52 72 59 53
0.90c Avg.Turnov 70 78 78 41 66 26 81 68 56 82 54 31 88 66 51 61 58 61 39 57 70 55 48 89 76 59 59 45 83 76
0.90c Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 4 5 4 0 3 1 2 0 3 2 5 1 5 2 2 3
0.90c Stdev.CAGR 15 15 12 37 31 12 17 17 42 12 18 9 15 37 15 5 22 5 10 5 18 4 6 18 16 8 14 14 8 10
0.90c Stdev. GSD 6 6 10 13 11 7 8 4 12 7 5 2 7 6 4 7 5 4 3 6 7 3 21 9 5 7 10 12 3 10
0.90c Std.Up/dow 7 12 7 6 8 4 5 13 6 6 11 5 6 11 7 6 9 5 4 5 6 5 7 6 7 6 7 4 13 6
0.90c Std.Turnov 2 6 2 6 5 3 2 2 1 4 5 3 3 5 3 2 4 15 3 9 8 3 3 4 3 6 3 3 3 4

0.93 Avg. GSD 53 62 73 30 31 28 53 32 42 76 71 49 64 39 29 34 28 64 41 38 68 17 160 38 32 56 54 95 35 36
0.93 Avg.Up/dow 67 78 81 77 75 73 77 74 65 72 51 69 59 62 70 65 77 85 67 81 56 90 57 83 79 88 48 71 59 55
0.93 Avg.Turnov 73 80 83 45 68 28 83 69 63 88 57 33 91 73 58 64 63 64 42 63 75 57 54 90 78 64 63 55 84 81
0.93 Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 5 5 4 0 3 1 2 0 4 2 5 1 5 2 2 3
0.93 Stdev.CAGR 23 55 71 47 35 29 50 33 45 86 22 19 23 31 17 18 26 26 28 9 43 15 36 61 15 37 19 40 14 13
0.93 Stdev. GSD 6 31 42 16 11 17 30 3 12 26 18 14 20 5 5 5 5 30 4 15 24 16 83 22 4 36 10 84 11 12
0.93 Std.Up/dow 6 10 7 4 8 4 8 13 4 11 8 2 7 9 7 9 8 5 1 5 6 5 10 9 6 6 7 9 9 6
0.93 Std.Turnov 3 6 5 4 4 2 2 3 2 6 5 3 2 3 4 1 4 16 4 7 3 1 1 4 2 5 4 4 2 2

0.93c Avg. GSD 53 16 17 27 31 14 23 21 40 20 30 30 56 39 28 34 23 13 26 12 22 5 44 16 32 15 39 26 15 25
0.93c Avg.Up/dow 67 78 82 77 75 73 77 74 65 72 50 69 59 62 70 65 77 85 67 81 56 90 57 83 79 88 48 71 59 55
0.93c Avg.Turnov 73 80 83 45 68 28 83 69 63 88 57 33 91 73 58 64 63 64 42 63 75 57 54 90 78 64 63 55 84 81
0.93c Avg.Held 5 1 0 4 5 2 3 4 5 1 2 3 5 5 5 5 4 0 3 1 2 0 4 2 5 1 5 2 2 3
0.93c Stdev.CAGR 22 16 14 40 35 13 22 14 43 26 13 8 18 31 17 18 16 5 13 5 16 3 8 17 15 10 18 12 7 11
0.93c Stdev. GSD 6 6 10 13 11 7 9 4 13 7 4 2 10 5 4 5 4 4 2 6 4 3 20 8 4 7 10 11 2 10
0.93c Std.Up/dow 6 10 8 4 8 3 8 13 4 11 7 2 7 9 7 9 8 5 1 5 6 5 10 9 6 6 7 9 9 6
0.93c Std.Turnov 3 6 5 4 4 2 2 3 2 6 5 3 2 3 4 1 4 16 4 7 3 1 1 4 2 5 4 4 2 2

0.95 Avg. GSD 53 62 72 24 27 28 35 31 34 78 72 49 50 38 29 37 29 64 41 34 57 18 87 36 32 63 44 92 34 41
0.95 Avg.Up/dow 70 78 76 78 73 73 70 72 62 70 49 68 57 68 67 65 73 85 67 79 58 90 61 85 77 87 44 69 56 52
0.95 Avg.Turnov 78 82 87 52 71 35 87 74 72 90 62 39 94 79 66 70 71 64 43 71 82 60 67 92 82 70 73 68 88 85
0.95 Avg.Held 5 1 1 4 5 3 3 4 5 1 2 3 5 5 5 5 4 0 4 1 3 0 4 2 5 1 5 3 2 3
0.95 Stdev.CAGR 26 59 58 19 28 28 26 19 12 79 25 23 52 33 21 19 10 26 27 15 14 17 14 57 6 36 19 60 5 20
0.95 Stdev. GSD 10 30 43 6 11 17 4 5 4 28 16 14 9 8 7 4 2 30 6 6 8 15 30 18 2 27 3 84 11 11
0.95 Std.Up/dow 4 10 6 2 9 3 2 7 4 4 12 4 16 5 9 5 8 5 1 6 4 5 8 8 7 7 7 4 7 6
0.95 Std.Turnov 3 6 4 6 3 4 1 3 3 5 6 4 1 6 3 2 1 16 4 7 5 3 5 3 2 6 3 2 2 4

0.95c Avg. GSD 53 17 17 24 27 15 19 22 33 24 29 30 48 38 28 36 25 13 27 13 28 5 44 18 32 16 42 30 17 28
0.95c Avg.Up/dow 70 78 76 79 73 73 70 72 62 70 49 68 57 68 67 65 73 85 67 79 58 90 61 85 77 87 44 69 56 52
0.95c Avg.Turnov 78 82 87 52 71 35 87 74 72 90 62 39 94 79 66 70 71 64 43 71 82 60 67 92 82 70 73 68 88 85
0.95c Avg.Held 5 1 1 4 5 3 3 4 5 1 2 3 5 5 5 5 4 0 4 1 3 0 4 2 5 1 5 3 2 3
0.95c Stdev.CAGR 25 17 12 19 28 12 13 8 10 30 15 8 54 34 18 19 9 5 14 4 8 4 9 19 6 8 19 20 6 14
0.95c Stdev. GSD 10 5 11 6 11 7 4 5 5 7 4 1 11 8 7 3 3 4 4 3 3 3 18 7 2 6 4 8 3 6
0.95c Std.Up/dow 4 10 6 4 9 4 2 7 4 4 12 4 16 5 9 5 8 5 1 6 4 5 8 8 7 7 7 4 7 6
0.95c Std.Turnov 3 6 4 6 3 4 1 3 3 5 6 4 1 6 3 2 1 16 4 7 5 3 5 3 2 6 3 2 2 4

0.97 Avg. GSD 39 47 70 27 28 27 35 30 37 63 68 49 38 35 30 35 28 58 38 32 46 19 68 37 30 64 42 92 38 36
0.97 Avg.Up/dow 64 78 74 74 74 68 71 68 62 69 48 66 64 59 67 72 69 85 66 81 52 86 61 77 73 75 46 63 57 50
0.97 Avg.Turnov 85 86 91 66 79 56 93 86 85 92 66 56 98 88 77 78 80 76 56 80 87 74 83 95 90 80 84 74 91 88
0.97 Avg.Held 5 2 1 5 5 3 4 5 5 2 3 3 5 5 5 5 5 1 4 2 4 1 5 3 5 2 5 4 3 4
0.97 Stdev.CAGR 9 40 55 13 23 32 11 23 26 38 16 29 33 19 22 25 12 27 12 45 20 16 19 46 15 49 25 40 11 17
0.97 Stdev. GSD 9 27 34 8 10 15 2 5 8 17 15 7 4 5 4 10 5 21 5 6 7 14 36 12 4 27 8 87 5 3
0.97 Std.Up/dow 5 9 6 4 9 8 3 9 9 7 5 1 7 6 6 6 6 9 5 10 9 8 7 6 4 6 9 9 3 10
0.97 Std.Turnov 3 5 4 3 4 2 3 2 1 5 6 3 2 3 3 3 2 10 5 4 2 2 5 3 2 3 2 4 4 2

0.97c Avg. GSD 39 19 19 26 28 16 24 27 37 29 39 32 37 35 30 35 27 14 26 17 34 6 48 22 30 21 42 39 26 30
0.97c Avg.Up/dow 64 78 74 74 74 68 71 68 62 69 48 66 64 59 67 72 69 85 66 81 52 86 61 77 73 75 46 63 57 50
0.97c Avg.Turnov 85 86 91 66 79 56 93 86 85 92 66 56 98 88 77 78 80 76 56 80 87 74 83 95 90 80 84 74 91 88
0.97c Avg.Held 5 2 1 5 5 3 4 5 5 2 3 3 5 5 5 5 5 1 4 2 4 1 5 3 5 2 5 4 3 4
0.97c Stdev.CAGR 9 19 12 14 23 17 4 20 26 23 22 13 33 19 22 25 10 6 11 19 13 4 13 30 15 15 25 17 11 11
0.97c Stdev. GSD 9 6 9 9 10 5 5 5 8 7 13 2 5 5 5 10 5 4 3 3 8 3 18 4 4 8 7 9 1 3
0.97c Std.Up/dow 5 9 6 4 9 8 3 9 9 7 5 1 7 6 6 6 6 9 5 10 9 8 7 6 4 6 9 9 3 10
0.97c Std.Turnov 3 5 4 3 4 2 3 2 1 5 6 3 2 3 3 3 2 10 5 4 2 2 5 3 2 3 2 4 4 2

1.00 Avg. GSD 40 25 32 24 26 19 33 22 36 55 65 14 33 35 34 27 32 26 22 29 32 18 33 35 23 34 44 47 35 32
1.00 Avg.Up/dow 58 67 62 77 72 63 73 75 68 59 51 68 68 57 65 73 60 66 68 69 69 66 59 64 60 66 49 47 46 48
1.00 Avg.Turnov 84 89 85 79 85 80 98 96 82 95 69 76 99 83 81 83 80 75 74 80 80 70 96 96 86 80 77 69 94 88
1.00 Avg.Held 5 5 4 5 5 5 5 5 5 4 4 5 5 5 5 5 5 4 5 5 5 4 5 5 5 4 5 5 5 5
1.00 Stdev.CAGR 42 23 13 18 21 8 27 12 28 15 27 1 16 31 33 20 18 9 20 18 15 6 17 20 18 34 16 15 2 21
1.00 Stdev. GSD 4 6 4 4 3 3 9 5 3 16 25 3 13 7 4 6 4 3 1 6 10 5 8 8 4 5 8 10 5 5
1.00 Std.Up/dow 10 11 11 7 7 3 8 8 13 10 6 3 12 5 12 2 9 4 11 6 5 2 4 4 8 4 6 3 5 6
1.00 Std.Turnov 3 4 2 4 4 3 2 1 8 3 3 5 1 4 6 4 1 8 4 3 3 5 3 2 4 5 5 4 3 2

1.00c Avg. GSD 40 25 27 24 26 19 33 22 36 41 56 14 33 35 34 27 32 20 22 29 32 14 33 33 23 28 44 43 35 31
1.00c Avg.Up/dow 58 67 62 77 72 63 73 75 68 59 51 68 68 57 65 73 60 66 68 69 69 66 59 64 60 66 49 47 46 48
1.00c Avg.Turnov 84 89 85 79 85 80 98 96 82 95 69 76 99 83 81 83 80 75 74 80 80 70 96 96 86 80 77 69 94 88
1.00c Avg.Held 5 5 4 5 5 5 5 5 5 4 4 5 5 5 5 5 5 4 5 5 5 4 5 5 5 4 5 5 5 5
1.00c Stdev.CAGR 42 20 9 18 21 8 28 12 28 13 32 1 16 31 33 20 18 6 21 18 15 5 17 24 18 25 16 18 2 19
1.00c Stdev. GSD 4 6 7 4 3 3 9 5 3 9 25 3 13 7 4 6 4 2 1 6 10 4 8 7 4 4 8 13 5 4
1.00c Std.Up/dow 10 11 11 7 7 3 8 8 13 10 6 3 12 5 12 2 9 4 11 6 5 2 4 4 8 4 6 3 5 6
1.00c Std.Turnov 3 4 2 4 4 3 2 1 8 3 3 5 1 4 6 4 1 8 4 3 3 5 3 2 4 5 5 4 3 2

1.03 Avg. GSD 45 26 29 25 23 24 31 22 41 50 60 12 35 40 37 32 34 22 19 36 32 15 34 32 23 37 37 50 37 32
1.03 Avg.Up/dow 59 68 57 75 72 55 68 73 63 60 57 63 64 60 76 69 72 63 63 66 69 64 60 67 57 68 52 46 46 48
1.03 Avg.Turnov 75 74 70 68 82 63 98 98 72 95 53 34 99 75 68 70 67 49 29 57 57 40 96 92 70 61 64 58 88 85
1.03 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.03 Stdev.CAGR 30 3 16 11 13 5 6 9 18 28 36 4 15 16 26 19 14 9 9 10 11 4 9 15 10 30 9 12 11 14
1.03 Stdev. GSD 3 8 7 4 6 2 1 4 6 8 23 1 15 11 1 4 3 4 2 7 9 3 2 7 3 10 4 10 5 5
1.03 Std.Up/dow 13 3 2 7 11 7 3 5 9 5 7 11 12 5 8 4 8 3 9 10 5 4 11 5 5 9 6 6 5 11
1.03 Std.Turnov 1 1 3 4 2 3 1 1 6 3 5 3 1 6 6 5 1 4 2 5 3 4 1 3 2 4 3 3 2 2

1.03c Avg. GSD 45 26 29 25 23 24 31 22 41 46 59 12 35 40 37 32 34 22 19 36 32 15 34 32 23 37 37 50 37 32
1.03c Avg.Up/dow 59 68 57 75 72 55 68 73 63 60 57 63 64 60 76 69 72 63 63 66 69 64 60 67 57 68 52 46 46 48
1.03c Avg.Turnov 75 74 70 68 82 63 98 98 72 95 53 34 99 75 68 70 67 49 29 57 57 40 96 92 70 61 64 58 88 85
1.03c Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.03c Stdev.CAGR 30 3 17 11 13 5 6 9 18 15 37 4 15 16 26 19 14 9 9 10 11 4 9 15 10 30 9 12 11 14
1.03c Stdev. GSD 3 8 7 4 6 2 1 4 6 6 23 1 15 11 1 4 3 4 2 7 9 3 2 7 3 10 4 10 5 5
1.03c Std.Up/dow 13 3 2 7 11 7 3 5 9 5 7 11 12 5 8 4 8 3 9 10 5 4 11 5 5 9 6 6 5 11
1.03c Std.Turnov 1 1 3 4 2 3 1 1 6 3 5 3 1 6 6 5 1 4 2 5 3 4 1 3 2 4 3 3 2 2

1.05 Avg. GSD 48 27 30 26 25 24 33 24 42 51 62 12 35 38 40 33 33 22 19 38 32 15 33 34 23 41 36 51 38 32
1.05 Avg.Up/dow 59 67 57 75 72 55 68 70 59 59 53 63 63 59 70 69 70 68 63 67 69 63 58 62 56 69 52 47 44 45
1.05 Avg.Turnov 76 71 63 68 82 61 98 97 68 95 50 34 99 71 65 69 62 43 27 50 51 38 96 90 69 57 61 56 87 85
1.05 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.05 Stdev.CAGR 33 5 17 11 14 4 8 11 24 14 31 4 20 24 20 21 8 9 5 6 9 3 8 10 12 36 10 15 11 11
1.05 Stdev. GSD 3 8 7 4 3 2 3 3 7 8 23 1 13 10 4 3 2 3 2 7 7 4 1 6 3 9 3 10 7 5
1.05 Std.Up/dow 11 4 2 6 5 6 3 2 8 4 7 11 12 4 5 6 8 4 10 5 5 5 12 5 4 7 7 7 7 8
1.05 Std.Turnov 1 3 5 3 1 2 1 2 4 2 2 3 1 4 2 6 2 4 2 4 3 0 1 4 2 1 4 4 2 4

1.05c Avg. GSD 48 27 30 26 25 24 33 24 42 47 61 12 35 38 40 33 33 22 19 38 32 15 33 34 23 41 36 51 38 32
1.05c Avg.Up/dow 59 67 57 75 72 55 68 70 59 59 53 63 63 59 70 69 70 68 63 67 69 63 58 62 56 69 52 47 44 45
1.05c Avg.Turnov 76 71 63 68 82 61 98 97 68 95 50 34 99 71 65 69 62 43 27 50 51 38 96 90 69 57 61 56 87 85
1.05c Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.05c Stdev.CAGR 33 5 17 11 14 4 8 11 24 14 32 4 20 24 20 21 8 9 5 6 9 3 8 10 12 36 10 15 11 11
1.05c Stdev. GSD 3 8 7 4 3 2 3 3 7 7 23 1 13 10 4 3 2 3 2 7 7 4 1 6 3 9 3 10 7 5
1.05c Std.Up/dow 11 4 2 6 5 6 3 2 8 4 7 11 12 4 5 6 8 4 10 5 5 5 12 5 4 7 7 7 7 8
1.05c Std.Turnov 1 3 5 3 1 2 1 2 4 2 2 3 1 4 2 6 2 4 2 4 3 0 1 4 2 1 4 4 2 4

1.07 Avg. GSD 46 28 30 26 27 25 33 24 43 53 62 12 38 40 41 33 33 22 20 39 33 15 35 35 23 41 37 51 37 34
1.07 Avg.Up/dow 60 67 57 74 72 56 66 68 59 58 51 63 61 59 69 68 71 68 63 66 71 63 57 64 55 69 50 45 44 44
1.07 Avg.Turnov 74 70 62 68 81 60 98 98 65 94 48 34 98 69 63 69 60 43 26 44 47 38 96 89 68 56 61 56 87 84
1.07 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.07 Stdev.CAGR 26 6 18 13 9 7 9 12 28 11 27 4 25 18 8 27 8 11 2 5 5 3 9 11 11 30 12 16 11 8
1.07 Stdev. GSD 2 9 7 3 4 3 2 4 9 8 24 1 17 9 2 3 2 3 3 7 7 4 3 8 3 10 3 10 6 5
1.07 Std.Up/dow 8 4 2 7 3 5 4 4 5 6 8 11 13 4 2 6 7 4 10 4 6 5 10 3 4 9 6 9 7 8
1.07 Std.Turnov 1 3 5 3 2 2 1 1 3 2 3 3 1 3 2 5 1 3 2 1 3 1 1 3 2 1 4 5 2 4

1.07c Avg. GSD 46 28 30 26 27 25 33 24 43 49 62 12 38 40 41 33 33 22 20 39 33 15 35 35 23 41 37 51 37 34
1.07c Avg.Up/dow 60 67 57 74 72 56 66 68 59 58 51 63 61 59 69 68 71 68 63 66 71 63 57 64 55 69 50 45 44 44
1.07c Avg.Turnov 74 70 62 68 81 60 98 98 65 94 48 34 98 69 63 69 60 43 26 44 47 38 96 89 68 56 61 56 87 84
1.07c Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.07c Stdev.CAGR 26 6 18 13 9 7 9 12 28 21 29 4 25 18 8 27 8 11 2 5 5 3 9 11 11 30 12 16 11 8
1.07c Stdev. GSD 2 9 7 3 4 3 2 4 9 7 24 1 17 9 2 3 2 3 3 7 7 4 3 8 3 10 3 10 6 5
1.07c Std.Up/dow 8 4 2 7 3 5 4 4 5 6 8 11 13 4 2 6 7 4 10 4 6 5 10 3 4 9 6 9 7 8
1.07c Std.Turnov 1 3 5 3 2 2 1 1 3 2 3 3 1 3 2 5 1 3 2 1 3 1 1 3 2 1 4 5 2 4

1.10 Avg. GSD 44 28 31 27 27 25 35 24 44 54 62 12 37 39 43 33 33 22 20 39 34 15 36 36 23 42 37 51 38 34
1.10 Avg.Up/dow 63 67 58 73 72 56 64 67 60 56 50 63 62 58 68 67 71 68 62 65 71 63 57 65 55 70 49 45 44 43
1.10 Avg.Turnov 72 69 62 67 81 60 97 98 64 94 47 34 98 68 63 68 59 43 26 44 47 38 96 89 69 55 60 54 87 84
1.10 Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.10 Stdev.CAGR 25 6 16 12 9 6 9 11 26 16 27 4 26 19 10 29 5 11 4 5 6 3 14 11 11 24 10 16 11 9
1.10 Stdev. GSD 1 9 7 3 5 3 3 4 8 6 24 1 18 9 4 3 2 3 3 8 8 4 5 9 4 10 4 10 7 4
1.10 Std.Up/dow 4 4 4 8 3 5 5 6 4 8 8 11 13 4 4 6 7 4 9 6 6 5 10 3 4 4 5 7 7 9
1.10 Std.Turnov 2 3 5 3 1 2 2 1 4 2 4 3 1 3 3 5 2 3 2 2 3 1 1 3 2 2 3 3 2 4

1.10c Avg. GSD 44 28 31 27 27 25 35 24 44 50 62 12 37 39 43 33 33 22 20 39 34 15 36 36 23 42 37 51 38 34
1.10c Avg.Up/dow 63 67 58 73 72 56 64 67 60 56 50 63 62 58 68 67 71 68 62 65 71 63 57 65 55 70 49 45 44 43
1.10c Avg.Turnov 72 69 62 67 81 60 97 98 64 94 47 34 98 68 63 68 59 43 26 44 47 38 96 89 69 55 60 54 87 84
1.10c Avg.Held 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5
1.10c Stdev.CAGR 25 6 16 12 9 6 9 11 26 23 28 4 26 19 10 29 5 11 4 5 6 3 14 11 11 24 10 16 11 9
1.10c Stdev. GSD 1 9 7 3 5 3 3 4 8 5 24 1 18 9 4 3 2 3 3 8 8 4 5 9 4 10 4 10 7 4
1.10c Std.Up/dow 4 4 4 8 3 5 5 6 4 8 8 11 13 4 4 6 7 4 9 6 6 5 10 3 4 4 5 7 7 9
1.10c Std.Turnov 2 3 5 3 1 2 2 1 4 2 4 3 1 3 3 5 2 3 2 2 3 1 1 3 2 2 3 3 2 4