LC · Factor Donchian · Factors + Defensives

Active Holding▶ LIVE

DGRO

Div. Growth · Factor leadership

Days In

Since

22 Oct 2026

DBMF

Switches

SPMO

$134.43

DGRO

$81.85

SPYG

$115.86

SPHQ

$84.35

IVE

$241.68

GLD

$354.89

DBMF

$32.32

SPY

$757.12

Pairwise Donchian Signal StateN=30 · shift(1) · ratio breakout / latch

Pair

Current

Upper

Lower

Status / Direction

Vote

SPMO/DGRO

1.6424
23% of range

2.0248upper

1.5259lower

flip 28d ago
IN BAND
▼ last down

+1 DGRO
vote

SPMO/SPYG

1.1603
43% of range

1.2379upper

1.1015lower

flip 119d ago
IN BAND
▼ last down

+1 SPYG
vote

SPMO/SPHQ

1.5937
28% of range

1.8057upper

1.5102lower

flip 29d ago
IN BAND
▼ last down

+1 SPHQ
vote

SPMO/IVE

0.5562
26% of range

0.6682upper

0.5178lower

flip 28d ago
IN BAND
▼ last down

+1 IVE
vote

SPMO/GLD

0.3788
65% of range

0.4070upper

0.3261lower

flip 10d ago
IN BAND
▼ last down

+1 GLD
vote

SPMO/DBMF

4.1593
31% of range

4.6560upper

3.9398lower

flip 118d ago
IN BAND
▼ last down

+1 DBMF
vote

DGRO/SPYG

0.7065
87% of range

0.7219upper

0.6045lower

flip 27d ago
IN BAND
▲ last up

+1 DGRO
vote

DGRO/SPHQ

0.9704
81% of range

0.9898upper

0.8884lower

flip 27d ago
IN BAND
▲ last up

+1 DGRO
vote

DGRO/IVE

0.3387
93% of range

0.3394upper

0.3300lower

flip 27d ago
IN BAND
▲ last up

+1 DGRO
vote

DGRO/GLD

0.2306
109% of range

0.2278upper

0.1971lower

flip 45d ago
ABOVE
▲ last up

+1 DGRO
vote

DGRO/DBMF

2.5325
73% of range

2.6211upper

2.2958lower

flip 21d ago
IN BAND
▲ last up

+1 DGRO
vote

SPYG/SPHQ

1.3736
6% of range

1.4820upper

1.3663lower

flip 21d ago
IN BAND
▼ last down

+1 SPHQ
vote

SPYG/IVE

0.4794
12% of range

0.5472upper

0.4701lower

flip 21d ago
IN BAND
▼ last down

+1 IVE
vote

SPYG/GLD

0.3265
76% of range

0.3360upper

0.2961lower

flip 7d ago
IN BAND
▼ last down

+1 GLD
vote

SPYG/DBMF

3.5848
8% of range

3.8287upper

3.5635lower

flip 58d ago
IN BAND
▼ last down

+1 DBMF
vote

SPHQ/IVE

0.3490
22% of range

0.3715upper

0.3429lower

flip 27d ago
IN BAND
▼ last down

+1 IVE
vote

SPHQ/GLD

0.2377
126% of range

0.2332upper

0.2159lower

flip 45d ago
ABOVE
▲ last up

+1 SPHQ
vote

SPHQ/DBMF

2.6098
49% of range

2.6878upper

2.5359lower

flip 8d ago
IN BAND
▲ last up

+1 SPHQ
vote

IVE/GLD

0.6810
110% of range

0.6733upper

0.5973lower

flip 45d ago
ABOVE
▲ last up

+1 IVE
vote

IVE/DBMF

7.4777
68% of range

7.7263upper

6.9577lower

flip 21d ago
IN BAND
▲ last up

+1 IVE
vote

GLD/DBMF

10.9805
1% of range

12.1566upper

10.9639lower

flip 3d ago
IN BAND
▲ last up

+1 GLD
vote

Vote Tally · max 6 per factor · latching signal

DGRO

Div. Growth

6

★★★★★★

IVE

Value

5

★★★★★·

SPHQ

Quality

4

★★★★··

GLD

Gold

3

★★★···

DBMF

Mgd Futures

2

★★····

SPYG

Growth

1

★·····

SPMO

Momentum

0

······

Winner: DGRO — Div. Growth (6/6 votes) · Each ratio votes for the ETF breaking above its 30-day Donchian high (latches until broken down).

Performancevs SPY B&H

Since Inception

Ann. Return

+25.5%

SPY: +16.2%

Sharpe Ratio

1.32

SPY: 0.82

Max Drawdown

-16.6%

SPY: -33.7%

Calmar

1.54

SPY: 0.48

200d MA filter (toggle on chart): +25.7% ann · Sharpe 1.37 · MaxDD -16.6% · now DGRO · 74 switches

Total Returns

Strategy

+394.6%

since inception

SPY B&H

+188.3%

since inception

Volatility

19.3%

annualised

Regime Allocation

SPMO

SPYG

IVE

GLD

DBMF

SPMO 23%

DGRO 5%

SPYG 16%

IVE 9%

GLD 31%

DBMF 14%

Signal Pipeline N=30 · Shift=1 · Pairwise ratio Donchian · Latching · No confirmation window

⚠ MONITORING

DGRO leads by 1 vote · IVE (5/6) within striking range
Hold DGRO · reassess on any pair flip

Current Regime

DGRO

Div. Growth · 6/6 votes · 22 days

since 22 Oct 2026 · prev: DBMF

Pairs near boundary · vote could shift

GLD ▼ DBMF  GLD/DBMF · 1%

Vote Spread

DGRO

IVE

SPHQ

GLD

DBMF

SPYG

SPMO

Cumulative Returns — Full Period (rebased 100) Rotation vs Factors vs SPY B&H 200d MA filter

SPMO/DGRO IN BAND

+1 DGRO

SPMO/SPYG IN BAND

+1 SPYG

SPMO/SPHQ IN BAND

+1 SPHQ

SPMO/IVE IN BAND

+1 IVE

SPMO/GLD IN BAND

+1 GLD

SPMO/DBMF IN BAND

+1 DBMF

DGRO/SPYG IN BAND

+1 DGRO

DGRO/SPHQ IN BAND

+1 DGRO

DGRO/IVE IN BAND

+1 DGRO

DGRO/GLD ABOVE

+1 DGRO

DGRO/DBMF IN BAND

+1 DGRO

SPYG/SPHQ IN BAND

+1 SPHQ

SPYG/IVE IN BAND

+1 IVE

SPYG/GLD IN BAND

+1 GLD

SPYG/DBMF IN BAND

+1 DBMF

SPHQ/IVE IN BAND

+1 IVE

SPHQ/GLD ABOVE

+1 SPHQ

SPHQ/DBMF IN BAND

+1 SPHQ

IVE/GLD ABOVE

+1 IVE

IVE/DBMF IN BAND

+1 IVE

GLD/DBMF IN BAND

+1 GLD

Annual ReturnsStrategy vs SPY

Individual Factor Performance (Buy & Hold)

Factor	Ann Ret	Sharpe	Max DD	Total Ret
SPMO Momentum	+19.9%	0.85	-30.9%	+258.0%
DGRO Div. Growth	+14.1%	0.77	-35.1%	+153.6%
SPYG Growth	+17.9%	0.77	-32.7%	+219.4%
SPHQ Quality	+15.9%	0.81	-31.6%	+183.0%
IVE Value	+13.4%	0.72	-37.0%	+142.9%
GLD Gold	+13.5%	0.73	-28.4%	+143.5%
DBMF Mgd Futures	+7.3%	0.58	-23.3%	+64.3%

Switch Log (last 20)Total: 79 switches

Date	From → To
22 Oct 2026	DBMF → DGRO
22 Sep 2026	GLD → DBMF
19 Aug 2026	DGRO → GLD
16 Jul 2026	SPMO → DGRO
08 Apr 2026	DBMF → SPMO
18 Mar 2026	GLD → DBMF
02 Sep 2025	SPMO → GLD
12 May 2025	GLD → SPMO
21 Jan 2025	DBMF → GLD
13 Jan 2025	GLD → DBMF
10 Jan 2025	SPYG → GLD
09 Dec 2024	SPMO → SPYG
06 Nov 2024	GLD → SPMO
05 Aug 2024	IVE → GLD
30 Jul 2024	DGRO → IVE
24 Jul 2024	SPYG → DGRO
16 Jul 2024	SPMO → SPYG
07 Jun 2024	SPYG → SPMO
23 May 2024	GLD → SPYG
15 May 2024	DBMF → GLD