Twice the Sharpe.
Half the volatility.
Across four independent test anchors (February to May 2025, 365‑day forward), the Hedonix top-discount cohort delivered roughly 2× the Sharpe ratio and 30 to 46% lower volatility than the most-premium cohort.
Risk reduction held in 100% of anchors. Return spread did not.
Hedonix is a risk-management tool, not a directional alpha signal. The full sprint and caveats are in the working papers.
These figures reflect a single-anchor 365-day backtest. Multi-anchor walk-forward validation confirms the cohort-spread persists across four independent test periods, but past performance does not predict future returns.
Full methodology, anchor-by-anchor results, and known caveats are open in our working papers.
One anchor, one path.
This chart is a single 365-day backfill anchored at the most favourable point of our test window (May 2025). The multi-anchor validation sprint shows the return spread does not hold up when the anchor date is moved. At later anchors (April 2025 and May 2025 independently re-fit), the spread is in fact negative. The robust finding is risk reduction. Sharpe ratio and volatility, shown in the metrics above, are the defensible signals. Treat this NAV chart as illustrative reference, not as a track record. Full caveats in the working papers.
See the picks behind the line.
The full discount cohort, daily NAV, and the screener live inside Hedonix. We don't publish names publicly. Beta access is invite-only.