Table 8 Annualized sharpe ratio (\(SR_{ann}\)) of the simulations (1500 random investing paths) for the different strategies

1.398

1.370

2.264

1.624

1.594

1.424

1.617

0.351

0.510

0.548

0.572

0.418

0.530

0.451

− 0.103

− 1.991

0.590

− 0.378

0.180

− 0.842

− 0.282

1.349

1.389

2.238

1.623

1.601

1.440

1.637

2.758

2.793

4.638

3.408

2.836

3.370

3.226

1.496

1.327

2.082

1.624

1.684

1.232

1.850

0.441

0.570

0.494

0.572

0.468

0.537

0.493

0.287

− 1.731

0.483

− 0.378

− 0.146

− 1.134

0.131

1.449

1.379

2.062

1.623

1.681

1.251

1.847

3.489

3.524

4.033

3.408

3.712

2.752

3.590

1.672

1.163

0.965

1.624

2.488

0.628

2.116

1.105

0.376

0.554

0.262

0.572

0.508

0.675

0.467

0.260

0.678

− 1.859

− 0.101

− 0.378

1.085

− 1.527

1.051

0.303

1.662

1.194

0.979

1.623

2.469

0.680

2.078

1.121

3.168

3.131

1.800

3.408

4.340

2.395

3.553

1.865