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Example output of /backtest 2020-01-01 2024-12-31 100000
What arrives in Telegram after a 5-year historical backtest.
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🔬 Starting backtest
   Period:        2020-01-01  →  2024-12-31
   Initial cash:  100,000.00 €
   Universes:     CDAX (top 8), NASDAQ100 (top 7) — 15 positions
   Rebalance:     weekly (every Saturday)
   Taxes:         German capital gains (Abgeltungssteuer 25% + Soli 5.5%)

📈 Fetching historical data (5 years, 712 tickers)...
   712/712 tickers loaded
   Cache reused for 87% of data

⚙️ Simulating 261 weekly rebalances over 5 years...
   2020 progress: ████████████ 100%
   2021 progress: ████████████ 100%
   2022 progress: ████████████ 100%
   2023 progress: ████████████ 100%
   2024 progress: ████████████ 100%

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📊 BACKTEST RESULTS — 2020-01-01 to 2024-12-31
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💰 Performance (net of taxes & trading costs)
   Start value:                       100,000.00 €
   End value:                         287,453.17 €
   Total return:                         +187.5 %
   CAGR (annualized):                     +23.5 %

📉 Risk metrics
   Max Drawdown:                          -34.2 %
   Date of max DD:                    2022-09-30
   Recovery duration:                  213 days
   Sharpe Ratio:                            1.18
   Sortino Ratio:                           1.74
   Calmar Ratio:                            0.69
   Volatility (annualized):              22.4 %

🏆 Trade statistics
   Trades total:                            487
   Win rate:                              58.3 %
   Profit factor:                           2.14
   Avg win:                              +6.8 %
   Avg loss:                             -3.2 %
   Best trade:                NVDA   +124.5 %
   Worst trade:               WAC.DE  -28.7 %
   Average holding period:           41 days

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📊 Benchmark comparison (same period, no rebalancing)
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                          Total Ret.   CAGR    Max DD    Sharpe
   FinanzUnity Momentum       +187.5%   23.5%   -34.2%     1.18
   MSCI World (URTH)           +85.2%   13.1%   -25.7%     0.84
   S&P 500    (SPY)            +94.6%   14.2%   -23.9%     0.91
   NASDAQ 100 (QQQ)           +112.3%   16.3%   -32.8%     0.95
   DAX        (^GDAXI)         +47.8%    8.1%   -22.1%     0.61

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📋 Top contributing positions
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   1. NVDA       +12,478.31 €  (held 167 days)
   2. AVGO       + 8,234.92 €  (held 89 days)
   3. R3NK.DE    + 7,891.45 €  (held 142 days)
   4. RHM.DE     + 6,712.83 €  (held 198 days)
   5. META       + 6,134.27 €  (held 76 days)

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📋 Worst contributing positions
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   1. WAC.DE     - 4,892.13 €  (held 23 days, -28.7%)
   2. TSLA       - 3,421.78 €  (held 41 days, -19.4%)
   3. ZAL.DE     - 2,734.91 €  (held 58 days, -16.2%)

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📊 Year-by-year breakdown
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   2020:  +28.4 %    Tech boom + COVID-19 stimulus
   2021:  +41.7 %    Strong rally, growth stocks dominant
   2022:  -18.3 %    Rate-hike crash, max DD year
   2023:  +52.1 %    AI rally (NVDA, AVGO, META)
   2024:  +33.2 %    Continued tech outperformance + German defense

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🔍 Files written
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   instances/default/logs/runs/backtest_2026-05-23_15-42-08/
      ├── portfolio_history.csv       (daily portfolio value)
      ├── trades.csv                  (all 487 trades with PnL)
      ├── monthly_returns.csv         (returns per month)
      └── chart.png                   (equity curve vs benchmarks)

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⚠️ SANITY CHECK
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   CAGR of 23.5% is plausible. No survivorship bias warnings.
   For comparison:
     - S&P 500 CAGR same period: +14.2%
     - Strategy outperformance:  +9.3 percentage points/year
     - This is within the expected range for momentum
       strategies during a tech-heavy bull market.

NOTE: Past performance does NOT predict future returns.
      This strategy had a -34% drawdown in 2022; expect
      similar pain in future bear markets.
