- V1 EW top-10: OOS ret +1157.7%, SR 1.07, maxDD -36.2%, residSR +0.41, boot-p 0.000
- V2 cap-3-per-sector: OOS ret +950.7%, SR 1.05, maxDD -33.5%, residSR +0.37, boot-p 0.000
- V3 cap-2-per-sector: OOS ret +820.3%, SR 1.04, maxDD -33.7%, residSR +0.32, boot-p 0.000
- V4 top-2-per-sector: OOS ret +695.1%, SR 0.99, maxDD -33.9%, residSR +0.24, boot-p 0.001
101-name EqMom universe, raw-12m momentum top-10, hold 21, 10bps.
ALL DONE
Verdict: V2/V3 caps cut maxDD ~2.4pp (-33.5%/-33.7% vs -36.2%) but cost ~0.02�0.03 SR and ~2-5x residual lag; V4 sector-neutral drops to 0.99 SR. Improvement is marginal DD-cost tradeoff only -> not sufficient for adoption (pre-registered bar requires clean SR/bootstrap win). Keep live rule; EQMOM_SECTOR_NEUTRAL=1 remains the only production gate if we want this seasonally.