small cap
We backtested small-cap value on XETRA from 2000 to 2025. 11.42% CAGR, +6.38% excess over the DAX, with a 0.396 Sharpe ratio. Germany's Mittelstand small industrials are a natural fit for P/B screening.
Germany
Testing capital efficiency on XETRA: low-capex, high-ROIC German companies delivered 8.56% CAGR from 2000-2025, beating the DAX by 3.52%/year. Lower volatility and better drawdown protection than the benchmark.
Multi-Market
Testing capital efficiency across 6 major markets (2000-2025): India +6.96% vs Sensex, Switzerland +7.13% vs SMI, UK +8.12% vs FTSE, Germany +3.52% vs DAX, US +2.54% vs SPY, China -0.64% vs SSE. How low-capex, high-ROIC strategies travel across markets.
Cash Flow
OCF momentum returned 6.6% annually on German stocks, underperforming SPY by 1.2% with -50% max drawdown. Export-heavy economy where cash flows are more volatile than earnings.
dividend investing
We ran a dividend growth screen on German stocks (XETRA). 5.94% CAGR with 323% total return, beating the DAX by +0.90% annually with 8% down capture. Genuine alpha with spectacular downside protection.
analyst ratings
We measured 12,835 analyst upgrades on XETRA-listed German stocks from 2012 to 2025. Unlike the US where drift disappears by next-day entry, German upgrades keep running, reaching +0.78% vs DAX at one month and +1.63% at three months. Clustered upgrades reach +2.17% at T+63. Downgrades fully...
GARP
GARP on XETRA stocks from 2000 to 2025. 7.81% CAGR vs the DAX's 5.12%. 2.69% annual excess, 63% down capture, Sharpe nearly doubles the index. Germany is one of the few markets where GARP generates real alpha vs its local benchmark.