Research the edge.Govern the risk.

Holding period

JAN 2021 — JUN 2026

Annualized

Salarium 48.2%SPY 14.9%

Maximum drawdown

Salarium -49.6%SPY -22.0%

Observations

139 rebalances

Both lines begin with a hypothetical $100,000 on identical dates. Salarium compounds the governed out-of-sample portfolio stream after modeled transaction costs; the market comparison is a buy-and-hold SPY adjusted-close total-return proxy. Taxes, capacity limits, additional market impact, and the benchmark's initial trade cost are excluded. Simulated research—not live performance.