{"schema":1,"generated_at":"2026-10-08T19:35:19Z","name":"Inverse volatility: holdings at each month-end","resolution":"month-end","meta":{"spec":"docs/research/models_v1_spec.md","disclaimer":"Rules registered in advance and tracked in public. Not investment advice: a model's holdings describe what its rule says, not what anyone should buy. Backtests before a model's entry date are not evidence of future results.","as_of":"2026-10-06","n_trials":191,"signal_freshness":{"cape":"2026-08-31","yield_gap":"2026-10-08","pe_n500":"2026-10-08"},"notes":["Returns after costs. After-tax figures: resident individual in the 30% slab, Indian capital-gains rules by date, everything sold at the end.","Foreign legs: S&P 500 and Nasdaq-100 price indices in rupees, held through LRS (0.60% each way, 0.10% a year), one session behind the NSE close.","dsr_* is the deflated Sharpe ratio over all counted trials; 0.95 is the usual bar."],"source":"tipsheet models, computed from NSE total-return indices, domestic gold (World Gold Council), the NSE 5-year G-sec index, the 91-day T-bill, and for foreign legs the S&P 500 and Nasdaq-100 in rupees (ECB rates).","assets":{"w_gold":"Gold (domestic, rupees)","w_gsec5":"G-sec 5-year (NSE benchmark index)","w_n500":"Nifty 500"}},"dates":["2005-04-29","2005-05-31","2005-06-30","2005-07-29","2005-08-31","2005-09-30","2005-10-31","2005-11-30","2005-12-30","2006-01-31","2006-02-28","2006-03-31","2006-04-29","2006-05-31","2006-06-30","2006-07-31","2006-08-31","2006-09-29","2006-10-31","2006-11-30","2006-12-29","2007-01-31","2007-02-28","2007-03-30","2007-04-30","2007-05-31","2007-06-29","2007-07-31","2007-08-31","2007-09-28","2007-10-31","2007-11-30","2007-12-31","2008-01-31","2008-02-29","2008-03-31","2008-04-30","2008-05-30","2008-06-30","2008-07-31","2008-08-29","2008-09-30","2008-10-31","2008-11-28","2008-12-31","2009-01-30","2009-02-27","2009-03-31","2009-04-29","2009-05-29","2009-06-30","2009-07-31","2009-08-31","2009-09-30","2009-10-30","2009-11-30","2009-12-31","2010-01-29","2010-02-26","2010-03-31","2010-04-30","2010-05-31","2010-06-30","2010-07-30","2010-08-31","2010-09-30","2010-10-29","2010-11-30","2010-12-31","2011-01-31","2011-02-28","2011-03-31","2011-04-29","2011-05-31","2011-06-30","2011-07-29","2011-08-30","2011-09-30","2011-10-31","2011-11-30","2011-12-30","2012-01-31","2012-02-29","2012-03-30","2012-04-30","2012-05-31","2012-06-29","2012-07-31","2012-08-31","2012-09-28","2012-10-31","2012-11-30","2012-12-31","2013-01-31","2013-02-28","2013-03-28","2013-04-30","2013-05-31","2013-06-28","2013-07-31","2013-08-30","2013-09-30","2013-10-31","2013-11-29","2013-12-31","2014-01-31","2014-02-28","2014-03-31","2014-04-30","2014-05-30","2014-06-30","2014-07-31","2014-08-28","2014-09-30","2014-10-31","2014-11-28","2014-12-31","2015-01-30","2015-02-28","2015-03-31","2015-04-30","2015-05-29","2015-06-30","2015-07-31","2015-08-31","2015-09-30","2015-10-30","2015-11-30","2015-12-31","2016-01-29","2016-02-29","2016-03-31","2016-04-29","2016-05-31","2016-06-30","2016-07-29","2016-08-31","2016-09-30","2016-10-30","2016-11-30","2016-12-30","2017-01-31","2017-02-28","2017-03-31","2017-04-28","2017-05-31","2017-06-30","2017-07-31","2017-08-31","2017-09-29","2017-10-31","2017-11-30","2017-12-29","2018-01-31","2018-02-28","2018-03-28","2018-04-30","2018-05-31","2018-06-29","2018-07-31","2018-08-31","2018-09-28","2018-10-31","2018-11-30","2018-12-31","2019-01-31","2019-02-28","2019-03-29","2019-04-30","2019-05-31","2019-06-28","2019-07-31","2019-08-30","2019-09-30","2019-10-31","2019-11-29","2019-12-31","2020-01-31","2020-02-28","2020-03-31","2020-04-30","2020-05-29","2020-06-30","2020-07-31","2020-08-31","2020-09-30","2020-10-30","2020-11-27","2020-12-31","2021-01-29","2021-02-26","2021-03-31","2021-04-30","2021-05-31","2021-06-30","2021-07-30","2021-08-31","2021-09-30","2021-10-29","2021-11-30","2021-12-31","2022-01-31","2022-02-28","2022-03-31","2022-04-29","2022-05-31","2022-06-30","2022-07-29","2022-08-30","2022-09-30","2022-10-31","2022-11-30","2022-12-30","2023-01-31","2023-02-28","2023-03-31","2023-04-28","2023-05-31","2023-06-30","2023-07-31","2023-08-31","2023-09-29","2023-10-31","2023-11-30","2023-12-29","2024-01-31","2024-02-29","2024-03-28","2024-04-30","2024-05-31","2024-06-28","2024-07-31","2024-08-30","2024-09-30","2024-10-31","2024-11-29","2024-12-31","2025-01-31","2025-02-28","2025-03-28","2025-04-30","2025-05-30","2025-06-30","2025-07-31","2025-08-29","2025-09-30","2025-10-31","2025-11-28","2025-12-31","2026-01-30","2026-02-27","2026-03-30","2026-04-30","2026-05-29","2026-06-30","2026-07-31","2026-08-31","2026-09-30","2026-10-06"],"series":{"w_gold":[21.87,21.59,23.41,23.18,24.06,23.57,22.27,21.31,17.83,15.67,14.19,14.11,14.02,13.17,9.36,9.57,8.1,8.27,8.87,9.04,8.74,8.99,10.17,9.66,9.67,9.66,11.25,12.47,15.02,15.95,16.84,16.88,16.13,16.21,14.37,12.79,11.44,12.07,12.21,11.21,11.16,13.21,10.36,14.82,13.28,15.35,16.95,15.06,15.13,17.0,17.2,17.96,18.19,18.51,18.83,21.5,18.66,18.72,17.87,17.2,17.27,17.95,15.57,14.11,14.58,13.58,13.49,12.76,12.18,13.24,14.3,13.33,14.71,13.23,13.64,15.74,17.24,10.96,10.95,11.61,10.96,12.02,12.16,12.28,12.65,12.58,12.66,12.71,12.93,14.69,16.43,17.23,16.09,16.01,15.47,15.07,14.09,10.39,9.89,12.37,18.93,16.98,18.64,18.78,18.31,19.62,19.81,18.17,19.98,19.43,22.52,21.92,20.68,19.52,17.68,17.71,16.72,16.66,15.32,14.85,15.56,14.68,14.98,14.91,16.81,14.09,15.21,14.19,15.29,15.22,15.12,14.13,14.64,14.02,14.46,11.47,11.38,11.92,11.55,11.25,13.1,14.9,14.91,15.58,15.05,14.65,15.03,16.43,18.7,18.42,17.8,17.98,17.46,17.79,18.31,18.54,20.02,20.47,21.17,19.75,20.99,21.42,22.68,22.1,22.76,23.8,21.74,21.48,21.46,20.75,21.06,20.8,21.5,18.03,19.03,17.45,18.3,18.52,16.95,16.06,19.06,21.72,25.21,18.66,16.69,16.61,17.26,16.47,17.21,16.62,16.09,16.57,15.94,12.54,10.92,15.65,15.36,16.05,15.47,14.71,14.67,15.22,16.61,13.84,13.76,14.44,16.77,16.97,16.49,17.73,17.62,18.7,19.24,19.51,18.16,18.61,18.9,18.03,15.53,15.38,15.48,14.42,15.58,14.08,13.42,12.83,12.95,13.91,13.78,12.26,11.58,11.46,10.77,10.44,9.99,8.61,8.2,8.88,8.98,8.55,8.53,8.56,8.4,8.52,9.23,10.23,9.54,8.69,8.87,10.45,6.85,5.72,5.97,7.04,6.25,7.1,7.98,6.98,7.25],"w_gsec5":[68.25,66.97,60.47,59.7,58.81,60.32,64.68,64.84,70.2,73.14,73.63,73.35,73.93,76.44,81.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