A daily contrarian, single-asset, metals-focused strategy. Each day it buys the worst-performing of five ETFs (gold, silver, palladium, platinum, or steel stocks) over the last 10 days and holds only that asset, rechecking each day. It aims to capitalize on mean-reversion but trades with high turnover and concentrated risk in a metal-themed universe.

- Universe: GLD (gold), SLV (silver), PALL (palladium), PPLT (platinum), SLX (steel equities). - Window: Look at the last 10 trading days to compute cumulative return for each asset. - Selection: Pick the single asset with the lowest cumulative return (the worst performer). - Allocation: Put all available cash into that one asset for the day (effectively 100% in that ETF for that rebalance period). - Rebalance: Do this every day, potentially switching which asset you hold daily. - Goal: A contrarian bet—buying what’s underperforming with the expectation it will rebound. - Caveats: High turnover, concentrated risk (one asset at a time), includes an equity ETF (SLX) which adds stock-market sensitivity, and real-world costs can affect results.

Out-of-sample metals contrarian: Sharpe 3.86 vs SPY 2.34, Calmar 26.3, annualized return ~166% vs ~28%, and beta ~0.58—lower market sensitivity with strong mean-reversion upside; note drawdowns may be higher than SPY.