📈 Ladder Backtester Ladder strategy vs. buy & hold

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AAPL · Apple Inc. #10

2023-05-30T00:00 → 2026-05-29T00:00 · fmp · 1d · scale deploy-excess · created 2026-06-01T03:46

Strategy return 63.84% $16,384
Buy & hold return 76.01% $17,601
Strategy − Buy&Hold -12.16 pp $-1,216
Trades 73 / 73 buys / sells
Start price (B)177.3000 Target (Z)350.0000 (not hit)
Capital (A)10,000 First step (C)7,000
Steps (N)5 Threshold (X)2.0%

Annualized & capital-efficiency metrics (3.00 yr)

Strategy CAGR 17.90% whole pot, annualized
Buy & hold CAGR 20.75% all-in at t0, annualized
Money-weighted IRR 22.37% on capital while deployed
Avg capital deployed 80.1% rest sat idle in cash

CAGR grows the whole pot A, so idle ladder cash dilutes it. IRR counts only dollars actually in the market over time, so it runs higher — the gap is the cash drag, which Avg capital deployed measures directly. IRR only "counts" if that idle cash earns its opportunity cost elsewhere.

Strategy vs benchmarks — returns & drawdown

Series XIRR Max drawdown Downside capture
Ladder strategy 22.37% -29.95%
Buy & hold 20.75% -33.22% 97%

Max drawdown is the bad-market headline — how deep each fell from its high. Downside capture is the bear-market analog to alpha: of a benchmark's loss in its down periods, the share the strategy absorbed (under 100% = protective, negative = the strategy gained while the benchmark fell).

Portfolio value: strategy vs. buy & hold

⬇ Equity CSV

Price & trades

Trade log (147)

⬇ Trades CSV
# WhenActionPriceShares Amount Shares held Cash bal. Portfolio
1 2023-05-30T00:00 INITIAL 177.3000 39.4811 7,000.00 39.4811 3,000.00 10,000.00
2 2023-06-02T00:00 SELL 180.9500 3.3158 600.00 36.1653 3,600.00 10,144.11
3 2023-06-02T00:00 DEPLOY 180.9500 3.3158 600.00 39.4811 3,000.00 10,144.11
4 2023-06-15T00:00 SELL 186.0100 3.2256 600.00 36.2555 3,600.00 10,343.88
5 2023-06-15T00:00 DEPLOY 186.0100 3.2256 600.00 39.4811 3,000.00 10,343.88
6 2023-06-30T00:00 SELL 193.9700 3.0933 600.00 36.3878 3,600.00 10,658.15
7 2023-06-30T00:00 DEPLOY 193.9700 3.0933 600.00 39.4811 3,000.00 10,658.15
8 2023-07-10T00:00 BUY 188.6100 3.1812 600.00 42.6623 2,400.00 10,446.53
9 2023-07-17T00:00 SELL 193.9900 3.0929 600.00 39.5693 3,000.00 10,676.05
10 2023-08-04T00:00 BUY 181.9900 3.2969 600.00 42.8662 2,400.00 10,201.22
11 2023-08-09T00:00 BUY 178.1900 3.3672 600.00 46.2334 1,800.00 10,038.33
12 2023-08-17T00:00 BUY 174.0000 3.4483 600.00 49.6817 1,200.00 9,844.61
13 2023-08-23T00:00 SELL 181.1200 3.3127 600.00 46.3690 1,800.00 10,198.35
14 2023-08-24T00:00 BUY 176.3800 3.4017 600.00 49.7707 1,200.00 9,978.56
15 2023-08-28T00:00 SELL 180.1900 3.3298 600.00 46.4409 1,800.00 10,168.18
16 2023-08-29T00:00 SELL 184.1200 3.2587 600.00 43.1821 2,400.00 10,350.70
17 2023-08-31T00:00 SELL 187.8700 3.1937 600.00 39.9884 3,000.00 10,512.63
18 2023-09-06T00:00 BUY 182.9100 3.2803 600.00 43.2687 2,400.00 10,314.29
19 2023-09-07T00:00 BUY 177.5600 3.3791 600.00 46.6479 1,800.00 10,082.80
20 2023-09-21T00:00 BUY 173.9300 3.4497 600.00 50.0976 1,200.00 9,913.47
21 2023-09-27T00:00 BUY 170.4300 3.5205 600.00 53.6181 600.00 9,738.13
22 2023-10-05T00:00 SELL 174.9100 3.4303 600.00 50.1877 1,200.00 9,978.33
23 2023-10-09T00:00 SELL 178.9900 3.3521 600.00 46.8356 1,800.00 10,183.10
24 2023-10-20T00:00 BUY 172.8800 3.4706 600.00 50.3062 1,200.00 9,896.94
25 2023-10-26T00:00 BUY 166.8900 3.5952 600.00 53.9014 600.00 9,595.60
26 2023-10-30T00:00 SELL 170.2900 3.5234 600.00 50.3780 1,200.00 9,778.87
27 2023-11-01T00:00 SELL 173.9700 3.4489 600.00 46.9291 1,800.00 9,964.26
28 2023-11-02T00:00 SELL 177.5700 3.3789 600.00 43.5502 2,400.00 10,133.20
29 2023-11-07T00:00 SELL 181.8200 3.3000 600.00 40.2502 3,000.00 10,318.29
30 2023-11-10T00:00 SELL 186.4000 3.2189 600.00 37.0313 3,600.00 10,502.64
31 2023-11-10T00:00 DEPLOY 186.4000 3.2189 600.00 40.2502 3,000.00 10,502.64
32 2023-11-20T00:00 SELL 191.4500 3.1340 600.00 37.1162 3,600.00 10,705.90
33 2023-11-20T00:00 DEPLOY 191.4500 3.1340 600.00 40.2502 3,000.00 10,705.90
34 2023-12-08T00:00 SELL 195.7100 3.0658 600.00 37.1844 3,600.00 10,877.36
35 2023-12-08T00:00 DEPLOY 195.7100 3.0658 600.00 40.2502 3,000.00 10,877.36
36 2024-01-02T00:00 BUY 185.6400 3.2321 600.00 43.4823 2,400.00 10,472.05
37 2024-01-04T00:00 BUY 181.9100 3.2983 600.00 46.7806 1,800.00 10,309.86
38 2024-01-08T00:00 SELL 185.5600 3.2335 600.00 43.5471 2,400.00 10,480.61
39 2024-01-19T00:00 SELL 191.5600 3.1322 600.00 40.4150 3,000.00 10,741.89
40 2024-01-31T00:00 BUY 184.4000 3.2538 600.00 43.6688 2,400.00 10,452.52
41 2024-02-06T00:00 SELL 189.3000 3.1696 600.00 40.4992 3,000.00 10,666.49
42 2024-02-13T00:00 BUY 185.0400 3.2425 600.00 43.7417 2,400.00 10,493.97
43 2024-02-26T00:00 BUY 181.1600 3.3120 600.00 47.0537 1,800.00 10,324.25
44 2024-03-04T00:00 BUY 175.1000 3.4266 600.00 50.4803 1,200.00 10,039.10
45 2024-03-05T00:00 BUY 170.1200 3.5269 600.00 54.0072 600.00 9,787.71
46 2024-03-18T00:00 SELL 173.7200 3.4538 600.00 50.5534 1,200.00 9,982.14
47 2024-03-20T00:00 SELL 178.6700 3.3581 600.00 47.1953 1,800.00 10,232.38
48 2024-03-21T00:00 BUY 171.3700 3.5012 600.00 50.6965 1,200.00 9,887.85
49 2024-04-10T00:00 BUY 167.7800 3.5761 600.00 54.2726 600.00 9,705.85
50 2024-04-11T00:00 SELL 175.0400 3.4278 600.00 50.8448 1,200.00 10,099.87
51 2024-04-16T00:00 BUY 169.3800 3.5423 600.00 54.3871 600.00 9,812.09
52 2024-04-19T00:00 BUY 165.0000 3.6364 600.00 58.0235 0.00 9,573.87
53 2024-04-24T00:00 SELL 169.0200 3.5499 600.00 54.4736 600.00 9,807.13
54 2024-04-29T00:00 SELL 173.5000 3.4582 600.00 51.0154 1,200.00 10,051.17
55 2024-05-01T00:00 BUY 169.3000 3.5440 600.00 54.5594 600.00 9,836.91
56 2024-05-02T00:00 SELL 173.0300 3.4676 600.00 51.0918 1,200.00 10,040.41
57 2024-05-03T00:00 SELL 183.3800 3.2719 600.00 47.8199 1,800.00 10,569.21
58 2024-05-14T00:00 SELL 187.4300 3.2012 600.00 44.6187 2,400.00 10,762.88
59 2024-05-21T00:00 SELL 192.3500 3.1193 600.00 41.4994 3,000.00 10,982.41
60 2024-05-23T00:00 BUY 186.8800 3.2106 600.00 44.7100 2,400.00 10,755.41
61 2024-05-30T00:00 SELL 191.2900 3.1366 600.00 41.5734 3,000.00 10,952.58
62 2024-06-05T00:00 SELL 195.8700 3.0633 600.00 38.5101 3,600.00 11,142.98
63 2024-06-05T00:00 DEPLOY 195.8700 3.0633 600.00 41.5734 3,000.00 11,142.98
64 2024-06-11T00:00 SELL 207.1500 2.8965 600.00 38.6770 3,600.00 11,611.93
65 2024-06-11T00:00 DEPLOY 207.1500 2.8965 600.00 41.5734 3,000.00 11,611.93
66 2024-06-12T00:00 SELL 213.0700 2.8160 600.00 38.7574 3,600.00 11,858.04
67 2024-06-12T00:00 DEPLOY 213.0700 2.8160 600.00 41.5734 3,000.00 11,858.04
68 2024-06-21T00:00 BUY 207.4900 2.8917 600.00 44.4651 2,400.00 11,626.07
69 2024-06-26T00:00 SELL 213.2500 2.8136 600.00 41.6515 3,000.00 11,882.18
70 2024-07-02T00:00 SELL 220.2700 2.7239 600.00 38.9276 3,600.00 12,174.58
71 2024-07-02T00:00 DEPLOY 220.2700 2.7239 600.00 41.6515 3,000.00 12,174.58
72 2024-07-05T00:00 SELL 226.3400 2.6509 600.00 39.0006 3,600.00 12,427.40
73 2024-07-05T00:00 DEPLOY 226.3400 2.6509 600.00 41.6515 3,000.00 12,427.40
74 2024-07-10T00:00 SELL 232.9800 2.5753 600.00 39.0762 3,600.00 12,703.97
75 2024-07-10T00:00 DEPLOY 232.9800 2.5753 600.00 41.6515 3,000.00 12,703.97
76 2024-07-11T00:00 BUY 227.5700 2.6366 600.00 44.2881 2,400.00 12,478.63
77 2024-07-15T00:00 SELL 234.4000 2.5597 600.00 41.7283 3,000.00 12,781.12
78 2024-07-17T00:00 BUY 228.8800 2.6215 600.00 44.3498 2,400.00 12,550.78
79 2024-07-18T00:00 BUY 224.1800 2.6764 600.00 47.0262 1,800.00 12,342.34
80 2024-07-24T00:00 BUY 218.5400 2.7455 600.00 49.7717 1,200.00 12,077.11
81 2024-08-05T00:00 BUY 209.2700 2.8671 600.00 52.6388 600.00 11,615.73
82 2024-08-09T00:00 SELL 216.2400 2.7747 600.00 49.8641 1,200.00 11,982.62
83 2024-08-13T00:00 SELL 221.2700 2.7116 600.00 47.1525 1,800.00 12,233.43
84 2024-08-16T00:00 SELL 226.0500 2.6543 600.00 44.4982 2,400.00 12,458.82
85 2024-09-04T00:00 BUY 220.8500 2.7168 600.00 47.2150 1,800.00 12,227.43
86 2024-09-16T00:00 BUY 216.3200 2.7737 600.00 49.9887 1,200.00 12,013.55
87 2024-09-18T00:00 SELL 220.6900 2.7187 600.00 47.2699 1,800.00 12,232.00
88 2024-09-19T00:00 SELL 228.8700 2.6216 600.00 44.6483 2,400.00 12,618.67
89 2024-10-07T00:00 BUY 221.6900 2.7065 600.00 47.3548 1,800.00 12,298.09
90 2024-10-09T00:00 SELL 229.5400 2.6139 600.00 44.7409 2,400.00 12,669.83
91 2024-10-18T00:00 SELL 235.0000 2.5532 600.00 42.1877 3,000.00 12,914.11
92 2024-10-30T00:00 BUY 230.1000 2.6076 600.00 44.7953 2,400.00 12,707.39
93 2024-11-01T00:00 BUY 222.9100 2.6917 600.00 47.4869 1,800.00 12,385.31
94 2024-11-07T00:00 SELL 227.4800 2.6376 600.00 44.8494 2,400.00 12,602.33
95 2024-11-25T00:00 SELL 232.8700 2.5765 600.00 42.2728 3,000.00 12,844.07
96 2024-12-02T00:00 SELL 239.5900 2.5043 600.00 39.7685 3,600.00 13,128.14
97 2024-12-02T00:00 DEPLOY 239.5900 2.5043 600.00 42.2728 3,000.00 13,128.14
98 2024-12-09T00:00 SELL 246.7500 2.4316 600.00 39.8412 3,600.00 13,430.81
99 2024-12-09T00:00 DEPLOY 246.7500 2.4316 600.00 42.2728 3,000.00 13,430.81
100 2024-12-17T00:00 SELL 253.4800 1.5577 394.86 40.7151 3,394.86 13,715.31
101 2024-12-17T00:00 DEPLOY 253.4800 1.5577 394.86 42.2728 3,000.00 13,715.31
102 2024-12-18T00:00 BUY 248.0500 2.4189 600.00 44.6917 2,400.00 13,485.77
103 2024-12-20T00:00 SELL 254.4900 2.3577 600.00 42.3340 3,000.00 13,773.58
104 2025-01-02T00:00 BUY 243.8500 2.4605 600.00 44.7945 2,400.00 13,323.15
105 2025-01-10T00:00 BUY 236.8500 2.5332 600.00 47.3278 1,800.00 13,009.59
106 2025-01-16T00:00 BUY 228.2600 2.6286 600.00 49.9564 1,200.00 12,603.04
107 2025-01-21T00:00 BUY 222.6400 2.6949 600.00 52.6513 600.00 12,322.29
108 2025-01-27T00:00 SELL 229.8600 2.6103 600.00 50.0410 1,200.00 12,702.43
109 2025-01-28T00:00 SELL 238.2600 2.5183 600.00 47.5228 1,800.00 13,122.77
110 2025-02-03T00:00 BUY 228.0100 2.6315 600.00 50.1542 1,200.00 12,635.67
111 2025-02-04T00:00 SELL 232.8000 2.5773 600.00 47.5769 1,800.00 12,875.91
112 2025-02-07T00:00 BUY 227.6300 2.6359 600.00 50.2128 1,200.00 12,629.93
113 2025-02-11T00:00 SELL 232.6200 2.5793 600.00 47.6335 1,800.00 12,880.49
114 2025-02-13T00:00 SELL 241.5300 2.4842 600.00 45.1493 2,400.00 13,304.91
115 2025-02-24T00:00 SELL 247.1000 2.4282 600.00 42.7211 3,000.00 13,556.39
116 2025-02-26T00:00 BUY 240.3600 2.4963 600.00 45.2174 2,400.00 13,268.45
117 2025-03-06T00:00 BUY 235.3300 2.5496 600.00 47.7670 1,800.00 13,041.01
118 2025-03-10T00:00 BUY 227.4800 2.6376 600.00 50.4046 1,200.00 12,666.04
119 2025-03-11T00:00 BUY 220.8400 2.7169 600.00 53.1215 600.00 12,331.35
120 2025-03-13T00:00 BUY 209.6800 2.8615 600.00 55.9830 0.00 11,738.51
121 2025-03-17T00:00 SELL 214.0000 2.8037 600.00 53.1792 600.00 11,980.36
122 2025-03-24T00:00 SELL 220.7300 2.7183 600.00 50.4610 1,200.00 12,338.26
123 2025-04-03T00:00 BUY 203.1900 2.9529 600.00 53.4139 600.00 11,453.17
124 2025-04-04T00:00 BUY 188.3800 3.1851 600.00 56.5989 0.00 10,662.11
125 2025-04-09T00:00 SELL 198.8500 3.0173 600.00 53.5816 600.00 11,254.70
126 2025-04-10T00:00 BUY 190.4200 3.1509 600.00 56.7325 0.00 10,803.01
127 2025-04-11T00:00 SELL 198.1500 3.0280 600.00 53.7045 600.00 11,241.55
128 2025-04-14T00:00 SELL 202.5200 2.9627 600.00 50.7418 1,200.00 11,476.24
129 2025-04-16T00:00 BUY 194.2700 3.0885 600.00 53.8303 600.00 11,057.62
130 2025-04-22T00:00 SELL 199.7400 3.0039 600.00 50.8264 1,200.00 11,352.07
131 2025-04-23T00:00 SELL 204.6000 2.9326 600.00 47.8939 1,800.00 11,599.09
132 2025-04-25T00:00 SELL 209.2800 2.8670 600.00 45.0269 2,400.00 11,823.23
133 2025-05-05T00:00 BUY 198.8900 3.0167 600.00 48.0436 1,800.00 11,355.40
134 2025-05-12T00:00 SELL 210.7900 2.8464 600.00 45.1972 2,400.00 11,927.12
135 2025-05-21T00:00 BUY 202.0900 2.9690 600.00 48.1662 1,800.00 11,533.90
136 2025-05-23T00:00 BUY 195.2700 3.0727 600.00 51.2389 1,200.00 11,205.41
137 2025-05-27T00:00 SELL 200.2100 2.9969 600.00 48.2420 1,800.00 11,458.53
138 2025-06-17T00:00 BUY 195.6400 3.0669 600.00 51.3089 1,200.00 11,238.07
139 2025-06-20T00:00 SELL 201.0000 2.9851 600.00 48.3238 1,800.00 11,513.08
140 2025-06-30T00:00 SELL 205.1700 2.9244 600.00 45.3994 2,400.00 11,714.59
141 2025-07-02T00:00 SELL 212.4400 2.8243 600.00 42.5751 3,000.00 12,044.64
142 2025-07-31T00:00 BUY 207.5700 2.8906 600.00 45.4656 2,400.00 11,837.30
143 2025-08-01T00:00 BUY 202.3800 2.9647 600.00 48.4304 1,800.00 11,601.34
144 2025-08-06T00:00 SELL 213.2500 2.8136 600.00 45.6168 2,400.00 12,127.78
145 2025-08-07T00:00 SELL 220.0300 2.7269 600.00 42.8899 3,000.00 12,437.06
146 2025-08-08T00:00 SELL 229.3500 0.6171 141.52 42.2728 3,141.52 12,836.79
147 2025-08-08T00:00 DEPLOY 229.3500 0.6171 141.52 42.8899 3,000.00 12,836.79