cyb50-quant/research/dragon/v2/dragon_equity_curve_review.md

Dragon Equity Curve Review

• Evaluation window: 2016-01-01 to 2025-12-31.
• Equity is compounded in trade sequence order.

Summary

• workbook_preserving: compounded 923.08%, CAGR 26.18%, max_drawdown -15.54%, drawdown_duration 36 trades, Calmar 1.69
• alpha_first_selective_veto: compounded 1146.08%, CAGR 28.70%, max_drawdown -14.84%, drawdown_duration 36 trades, Calmar 1.93
• alpha_first_glued_refined_hot_cap: compounded 1424.12%, CAGR 31.32%, max_drawdown -12.79%, drawdown_duration 16 trades, Calmar 2.45

Quant Judgment

• Best growth profile in this pack: alpha_first_glued_refined_hot_cap with CAGR 31.32%, max_drawdown -12.79%, Calmar 2.45.
• Use this review to judge whether higher alpha is being purchased with unacceptable drawdown concentration.