Portfolio Performance Report

Systematic Trading Strategies for Institutional Capital

JTM SpreadHunters | 2022–2026 | 50 Months

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Executive Summary

Two uncorrelated strategies combined into a single portfolio

This portfolio combines two systematically different risk premium sources: a mean-reversion engine and a trend-following engine. Their near-zero correlation produces a blended return profile with significantly reduced drawdowns while maintaining strong absolute returns.

Total Return
+514%
Max Drawdown
11.8%
Sharpe Ratio
2.79
Calmar (Avg DD)
7.30
2022
+29.2%
2023
+84.1%
2024
+51.7%
2025
+49.7%
2026
+15.1%
BTC Buy & Hold
+41%
Max DD: 67%
SOL Buy & Hold
-52%
Max DD: 95%

5-year backtest on BTC and SOL perpetual futures | 30/70 capital allocation

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Strategy I: Mean Reversion

DGT — Dynamic Grid Trading System

Mechanism

The system deploys capital in a grid structure around a calculated fair value. As price deviates from the mean, positions accumulate. Profit is captured when price reverts.

Position sizing follows a geometric progression, allowing larger exposure at statistically favorable price levels.

Characteristics

  • High win rate (~70–80%)
  • Balanced profits across market conditions
  • Controlled, bounded losses
  • Performs best in ranging markets
  • Struggles under outsized volatility spikes

Edge: Statistical volatility modeling combined with overfitting prevention. All parameters validated through stress testing against historical flash crashes. Mean reversion exploits crypto's natural oscillation — prices consistently snap back to equilibrium, generating systematic profit from volatility that directional strategies cannot capture.

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Strategy II: Trend Following

APEX — Volatility Adjusted Tiered Strategies

Mechanism

The system accepts small, defined losses while positioning for directional moves. When trends emerge, positions are held to capture extended price movements.

A single successful trend typically recovers multiple small losses, generating positive expectancy despite a low win rate.

Characteristics

  • Low win rate (~28%)
  • Uncapped winners and tight losers
  • Profits from both long and short
  • Performs best in trending markets
  • Controlled bleed during consolidation

Dual Engine Architecture: Two independent sub-strategies operate on different time horizons. One captures macro swings; the other targets shorter momentum bursts. Contribution is balanced, providing internal diversification.

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Portfolio Construction

Complementary return profiles reduce aggregate risk

Mean Reversion Regime

Ranging, consolidating markets favor mean reversion. Repeated oscillations around fair value generate consistent returns.

During these periods, trend following experiences controlled losses as directional signals fail to materialize.

Trending Regime

Strong directional moves favor trend following. Extended price runs generate outsized returns on positioned capital.

During these periods, mean reversion draws down as price moves away from historical anchors.

Metric DGT (Mean Reversion) APEX (Trend Following) Blended Portfolio
Max Drawdown 23.8% 16.0% 11.8%
Sharpe Ratio 1.14 2.52 2.79
Calmar Ratio 1.25 3.97 4.64
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Performance Metrics

5-year backtest results | 2022–2026

DGT (BTC)

Total Return +197.1%
Max Drawdown 23.8%
Sharpe Ratio 1.14
CAGR 29.9%
Calmar 1.25

APEX (SOL)

Total Return +676.2%
Max Drawdown 16.0%
Sharpe Ratio 2.52
CAGR 63.5%
Calmar 3.97

Note: Blended portfolio achieves significant drawdown reduction while maintaining comparable returns. Risk-adjusted metrics improve significantly through systematic uncorrelation.

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Return Distribution

Monthly returns analysis

Distribution Characteristics

The blended portfolio exhibits a right-skewed (positive) fat tail distribution. This is the preferred profile for systematic strategies:

  • — Losses are bounded and controlled
  • — Upside is uncapped during favorable regimes
  • — 78% of months are profitable
  • — Maximum monthly loss contained at -7.0%

Key Statistics

Profitable Months 39 / 50 (78%)
Average Monthly Return +3.8%
Best Month +17.9%
Worst Month -7.0%
Max Recovery Period 120 days
Avg Yearly Drawdown 7.5%
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Year-to-Date Performance

January 2026 Results

DGT (Mean Reversion)

-2.0%
January 2026 Return
Max DD
7.0%
BTC January 2026
Return: -10.2%
DD: 14.2%

Challenging month due to sustained BTC trend. Losses contained within expected parameters.

APEX (Trend Following)

+9.3%
January 2026 Return
Max DD
3.7%
SOL January 2026
Return: -15.3%
DD: 19.4%

Strong performance capturing SOL momentum. 55 trades executed with 29% win rate.

January 2026 validates the portfolio thesis: while mean reversion struggled with trending conditions, trend following captured the directional move. Estimated blended return: +3.6% (30/70 allocation).

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Systematic Framework

Quantitative risk management architecture

Execution Infrastructure

  • — Volatility-normalized position sizing
  • — Dynamic risk allocation per signal
  • — Automated execution with latency controls
  • — No discretionary overrides

Risk Architecture

  • — Pre-trade risk validation layer
  • — Portfolio-level drawdown constraints
  • — Real-time exposure monitoring
  • — Automated regime detection and response

Detailed performance breakdown available upon request

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