Strategy backtest

Sell in May, buy in November

Hold the S&P 500 ETF only from the first close of November to the last close of April each year.

Result from 2024-10-16 to 2026-10-15: +3.1% across 2 trades, 50% of them winners, against +32.5% for buying and holding the same asset. Maximum drawdown -2.2%. Long only, no fees or slippage — what did happen, not what will.