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Distribution of multiple-testing results

After testing many strategies, is the best result just chance?

Quant strategies and backtests QNT-040 Histogram Sample

Sample data. Every number, symbol and holding on these pages is generated sample data dated 2026-10-16, used only to illustrate layout and method for educational and informational purposes. It is not market data, backtest output or a forecast, and the analytics described in the specifications are not running.

Download CSV Sample JSON Specification JSON Sample as of

0700.HK Tencent Holdings | Hang Seng Index | 2025-10-16 – 2026-10-16 | HKD

Highest item: Medium-high
52 transactions
Lowest item: High percentile
19 transactions
Average
38 transactions
Number of items
5 items

Distribution of multiple-testing results

Sample size (trades) (Histogram)

Benchmark / after-cost return (%)

Benchmark / after-cost return (%) (Bar)

Event detail and data date

Sample size (trades) and Benchmark / after-cost return (%) (Table)

Sample data rows

Test results (p-value)Sample size (trades)Benchmark / after-cost return (%)Data date (sample)
Low percentile 28 7.05 2026-10-16
Medium-low 44 2.47 2026-10-16
Median 48 25.29 2026-10-16
Medium-high 52 7.54 2026-10-16
High percentile 19 1.79 2026-10-16