Excess return +0.9% | IR 0.36 | TE 2.2% | Sharpe 1.03 vs 0.99 | Beta 1.00 | Max DD -25.7% vs -25.4%

Hypothetical backtest, net of 10 bps per dollar traded. Universe: current S&P 500 constituents (survivorship bias affects both series). Hugo Hoenn, 2026.