Building CetaResearch. Data analysis for policy, research, and startups.
dividend investing
We tested the Dogs of the Dow strategy on 13 global exchanges from 2000 to 2025. The strategy beat the S&P 500 in 6 of 13 markets. India and Sweden stood out. Japan beat the Nikkei but trailed SPY.
dividend investing
The Dogs of the Dow adapted for India. Take the 30 largest BSE stocks by market cap, buy the 10 highest-yielding. Over 25 years, this returned 14.6% annually, beating the Sensex by 3.2% with a 60% win rate.
asset growth
We backtested the asset growth anomaly with quality filters across all US exchanges (NYSE, NASDAQ, AMEX) from 2000 to 2025. 12.78% CAGR vs 7.85% for the S&P 500. During the dot-com bust, the portfolio gained 26% while the market lost 34%. Capital discipline beats aggressive expansion.
interest coverage
We backtested an interest coverage screen with quality filters across 25 years of US stock data (NYSE, NASDAQ, AMEX). 8.15% CAGR vs 8.02% for the S&P 500. The real story is crisis protection: +89 percentage points of cumulative excess return during the dot-com bust.
interest coverage
We ran the same interest coverage screen on 13 exchanges from Tokyo to Stockholm to New York, each measured against its local benchmark. 11 of 13 beat their local market. NSE (India) led at 17.4% CAGR, +6.2% vs Sensex. Sweden (STO) is the best risk-adjusted result at 0.523 Sharpe.
asset growth
The asset growth anomaly on SAO returned 10.57% CAGR over 25 years with a max drawdown of just -9.6%, beating the Bovespa by +1.87% annually. That's the best drawdown of any exchange we tested. In a market known for violent swings, the quality-filtered low-asset-growth screen delivered strong...
asset growth
The asset growth anomaly on TSX-listed Canadian stocks returned 7.52% annually from 2000-2025, beating the TSX Composite by +3.57% per year. With a 0.824 beta and 53.08% down capture, the quality-filtered screen delivers genuine alpha over its local benchmark while cutting downside nearly in half.
asset growth
We ran the same asset growth screen on 16 exchanges from London to Tokyo. 14 of 16 beat their local benchmark. The UK led with +9.72% vs FTSE 100. Switzerland (+4.83% vs SMI), US (+4.93% vs SPY), and Sweden (+3.78% vs OMX) follow. Local benchmarks changed the story.
asset growth
The asset growth anomaly on XETRA returned 6.39% CAGR from 2000-2025, beating the DAX by +1.35% annually with a beta of just 0.455. It delivered +50.1% in 2000 when the dot-com bubble burst. German industrials that resisted excess were rewarded. Against its local benchmark, the screen generates...
asset growth
The asset growth anomaly with quality filters returned 13.01% CAGR on NSE from 2000 to 2025. That's +0.95% annual excess over the Sensex. The signal adds modest value, but the ride is volatile and early data gaps left five years in cash.
asset growth
The asset growth anomaly on JPX-listed Japanese stocks returned 6.99% CAGR from 2000-2025, beating the Nikkei 225 by +3.68% annually with a 60% win rate. Max drawdown of -29.29% vs -50.38% for the Nikkei. Capital discipline works in Japan, especially during crisis years.
asset growth
The asset growth anomaly on Nasdaq Stockholm returned 6.33% annually vs 2.55% for the OMX Stockholm 30 from 2000-2025. A +3.78% annual edge, 60% win rate, -35.69% max drawdown vs -60.54% for OMX. Seven cash years protected capital during the OMX's brutal early crashes.