Exactly, but if you compare to the market, even though 5.7% absolute returns is a poor 15 month performance, much of the model's relative outperformance came fr

Exactly, but if you compare to the market, even though 5.7% absolute returns is a poor 15 month performance, much of the model's relative outperformance came from those 15 months where at the same point, the SPX was still highly negative