Latest Articles13 Articles
📘 Guides
3 articlesTool walkthroughs, engine deep-dives, and start-here reads for systematic factor investing on NSE.
BacktestIndia: Free Tax-Aware Backtesting Tool for Factor Investing on NSE Stocks (18+ Years Data)
BacktestIndia is India's only backtesting platform with automatic LTCG/STCG tax calculations. Test momentum, low volatility, quality, and value factor strategies on 18+ years of NSE data covering 1,700+ stocks — including delisted companies. No coding required. Start free with 10 backtests per month.
Advanced Backtesting Engine: Sequential Filtering, Z-Score Scoring, 14 Parameters on NSE
Full breakdown of BacktestIndia's engine: sequential filtering (60 low-vol → 30 momentum), Z-score mixing (momentum + low PE + ROE), 14 parameters, NSE tax-accurate results. Educational deep-dive.
Factor Investing India: Complete Guide 2025
Compare Low Volatility (12.38% CAGR), Momentum (14.01%), and Multi-Factor (14.61%) strategies. Complete hub for systematic investing in Indian markets.
📊 Backtests
6 articles18-year NSE backtests across Low Volatility, Momentum, Quality-Momentum, Multi-Factor, and Value-Quality strategies vs Nifty 50 benchmark.
Does Low Volatility Outperform in India? 18-Year NSE Backtest
Low volatility stocks delivered 12.38% CAGR vs Nifty's 10.42% with 20% less risk.
Momentum Investing India: 18-Year NSE Backtest
14.01% CAGR with brutal -70% drawdowns. Complete tax-aware analysis for aggressive investors.
Multi-Factor Investing India: 14.61% CAGR with Lower Risk (18-Year NSE Backtest)
Sequential factor filtering combines defensive and growth for superior risk-adjusted returns. Complete 18-year NSE backtest with tax analysis.
Quality Momentum India: 18% Returns with Anti-Speculation Filter (18-Year Backtest)
Sequential filtering with scaled turnover delivered 17.95% CAGR—beating pure momentum by 3.94% annually. Complete 18-year backtest with DHFL & Yes Bank case studies showing how to identify pump-and-dump plays.
Value-Quality Investing India: 11.38% Returns After 4% Tax Drag (18-Year Backtest)
Low PE/PB + High ROE growth delivered 11.38% net CAGR—but 4.02% consumed by taxes and costs. Sequential Z-score filtering with 7-month recovery vs Nifty's 60 months. Complete friction analysis.
Backtesting Drawdown-Resistant Factor Strategies in India: Complete Guide (2006-2025)
Sequential filtering (Top 200→60 Low Vol→30 Momentum) showed -16.5% drawdown in 2020 vs Nifty's -29%. Complete 18-year crisis analysis across 2008 GFC, 2020 COVID, 2022 rate hikes with tax-aware calculations.
🔬 Research
3 articlesOriginal findings: liquidity premium decomposition, rolling returns across 102 periods, and index comparisons on Indian equity markets.
Indian Momentum Factor Is a Liquidity Premium in Disguise: 19-Year NSE Backtest
We split Nifty 200 Momentum 30 by Scaled Turnover (volume ÷ market cap). High-turnover momentum returned just 8.51% CAGR — below Nifty 50. Low-turnover momentum returned 19.43%. All alpha lives in illiquid stocks. Original research.
India's Lost Decade: We Tested Every Entry Point—Low Volatility Won 100% of the Time
Reddit users said we cherry-picked 2007-2017. We tested 102 different 10-year entry points. Low Volatility beat Nifty in every single period (100% win rate). Complete rolling returns analysis with SIP comparison.
Nifty 50 vs Nifty Next 50: The Surprising 26-Year Results
Counterintuitive findings: Nifty 50 delivered 11.41% CAGR vs Next 50's 11.18% over 26 years—but rolling returns reveal Next 50 averaged 16.49% on 5-year basis. Complete drawdown analysis (-55% vs -76%) showing when each index wins.
🧾 Tax Analysis
1 articleHow LTCG vs STCG rebalancing frequency affects compounded returns — quantified across all 5 factor strategies.
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