A common starting point
Each published series starts at $10,000. The chart shows monthly portfolio values supplied by the source.
VALUATION BACKTEST
A look at historical valuation results.
The published global comparison from AlphaSpread, starting with $10,000.
Bought undervalued$58,933+489%
Bought overvalued$7,680-23%
S&P 500$17,763+78%
Published result date: September 2026
Source: AlphaSpread global valuation backtest. Past performance does not guarantee future results. This is not a backtest of a Sardis strategy.
Three published series
Compare the source’s undervalued and overvalued groups with the S&P 500 benchmark. Toggle a series to focus the chart.
Inspect any month
Use the chart or date slider to read the published values. Changing the view does not rerun or alter the underlying strategy.
How the published comparison is constructed
This is the source’s global study, not the result of screening Sardis’s current US catalogue. Sardis displays the published series; it does not select the stocks or rerun the strategy.
- Universe
- Active primary listings; current capitalization ≥ $100m.
- Historical inputs
- Month-end cutoffs; histories can be revised.
- Portfolios
- Cheapest and dearest quintiles; equal weights; monthly rebalancing.
- Return basis
- Portfolios reinvest dividends; the S&P 500 benchmark excludes them.
- Forward-return checks
- 12-month adjusted-close returns, translated to USD.
- Estimated costs
- Commission 0.05%; one-way slippage 0.10%; non-USD FX 0.05%.
- Taxes and timing
- Before personal taxes; signal and execution share month-end closes.
- Statistical eligibility
- Minimum 30 observations; ±5% neutral signals excluded from hit rate.
- Publication
- Monthly results; methodology changes can revise history.
Source methodology reviewed: Oct 23, 2026. Read the source methodology ↗
What to keep in mind
A historical comparison is not a promise
The chart is a simulation, not a brokerage statement. Its universe, accounting revisions and assumptions can affect the result. In particular, selecting stocks that are active today can exclude businesses that disappeared; using the same close for a signal and execution also simplifies real trading.
A valuation gap does not set a deadline
An estimate and a market price can remain apart for a long time. The estimate itself can also change. Neither the chart nor an individual valuation tells you when to buy, sell or expect the gap to close.
Different metrics answer different questions
Directional accuracy counts whether a signal and the subsequent return agree. A quintile spread compares the median returns of the extreme groups. Rank correlation looks at how valuation ordering relates to later return ordering. These are different from the cumulative dollar values in this chart; Sardis does not infer them from those three lines.
Published results and refresh dates are different
A daily check can find the same monthly result again. The date displayed with the chart identifies the published period. We do not have a complete archive of methodology versions or the underlying trades for independent reconstruction.