dupont analysis - Ceta Research

Cumulative growth of DuPont Quality ROE portfolio vs margin-driven, leverage-driven, and S&P 500 from 2000 to 2025.

dupont analysis

DuPont ROE Backtest: Quality ROE Beat the S&P 500 by 1.5% Per Year (2000-2025)

We decomposed ROE for 7,900+ US stocks over 25 years. Margin-driven ROE does NOT beat leverage-driven ROE. But filtering for quality ROE (high margin, low leverage) adds 1% annual alpha with 78% down capture.

CAGR comparison of DuPont ROE portfolios across 13 global stock exchanges vs local benchmarks.

dupont analysis

DuPont ROE Across 13 Markets: Where Margin Beats Leverage (and Where It Doesn't)

We tested DuPont ROE decomposition across 13 stock markets. Leverage-driven ROE beats margin-driven in 8 of 13 exchanges. Brazil leads with 19.1% Quality ROE CAGR. The margin advantage is market-dependent.

Growth of $1 invested in DuPont Quality ROE Brazil (SAO) vs Bovespa from 2000 to 2025.

dupont analysis

DuPont ROE Brazil: 19.3% CAGR, +10.7% Over Bovespa (2000-2025)

DuPont ROE decomposition on B3 (SAO) from 2000 to 2025. Quality ROE returned 19.10% CAGR with only -32.7% max drawdown. Down capture of 21.9% is the lowest of any market tested. Margin beats leverage by 6.0% annually.

Growth of $1 invested in DuPont Quality ROE Germany (XETRA) vs DAX from 2000 to 2025.

dupont analysis

DuPont ROE Germany: Quality Beats the DAX by 1.77% Per Year (2000-2025)

DuPont ROE decomposition on XETRA from 2000 to 2025. Quality ROE returned 5.40% CAGR. Margin-driven ROE (8.30%) slightly outperforms leverage-driven (7.10%). Germany rewards operational efficiency over financial engineering.

Growth of $1 invested in DuPont Quality ROE India (NSE) vs Sensex from 2000 to 2025.

dupont analysis

DuPont ROE India: Quality ROE Returned 9.6% on NSE, Trailing the Sensex (2000-2025)

DuPont ROE decomposition on BSE+NSE from 2000 to 2025. Quality ROE returned 9.10% CAGR vs 7.30% SPY. Leverage-driven ROE dominated at 11.30%, the widest leverage premium of any market tested.