Line the three momentum cards up. The top two earn a hair more and shake a lot harder.
Same engine on all three. The difference is how concentrated the book is. Five names, forty names, fifty names. Watch what widening the spread does to the ride while the destination barely moves.
Five year backtest
CAGR
Max DD
Volatility
Sharpe
Focused Alpha 5
5 names . Alpha 50 universe . Strategy 01
58.34pct
24.72pct
31.68pct
1.61
Midcap Smallcap
40 names . max 2000 . Strategy 02
48.98pct
26.17pct
27.09pct
1.61
Allcap
50 names . Total Market max 5000 . Strategy 03
48.02pct
22.70pct
23.83pct
1.77
Nifty 50
Benchmark
10.68pct
16.92pct
14.03pct
0.79
CAGR given up
0.96pp
What Allcap concedes to the 40-name card. Under one point a year.
Drawdown saved
3.47pp
Shallower hole than the 40-name card. The hole you actually live inside.
Win to loss
1.14
Strongest single-trade expectancy of the three. 62.07 pct of fortnights closed green.
The honest part
Smoothest does not mean painless. That 22.70 pct drawdown ran 469 days, from Dec 2024 into early April 2026. Over fifteen months under water before it climbed back, twenty four days before this data was pulled. Lower volatility buys you a shallower hole, not a shorter one. You still have to hold.
Strategy 01, 02, 03 platform 5Y rolling backtest 23 Apr 2021 to 27 Apr 2026 . Risk Metrics Report export, all estimated charges deducted. Allcap net 611.24 pct = gross 719.00 minus cost 107.77, roughly 15 pct of gross. Past performance . backtest only . not a guarantee. Live tracking diverges with inception date, slippage and rebalance execution.