U-Global Navigator 200 Strategy Overview
| CAGR | 17.9% |
|---|---|
| Maximum drawdown | -22.3% |
| MAR ratio | 0.80 |
| History | 46 years (561 months) |
U-Global Navigator 200 is U-Global Navigator, the UCITS version of Global Navigator, with Smart Leverage added in the same way as Global Navigator 200. During the recovery phase of a U.S. equity drawdown, and only then, the U.S. large cap position is held through a 2x S&P 500 UCITS fund. Every other rule is U-Global Navigator's.
U-Global Navigator's logic and its UCITS funds are on the U-Global Navigator page. How Smart Leverage arms, deploys and exits is on the Global Navigator 200 page; U-Global Navigator 200 uses the same module with the same settings.
What the 200 means
U-Global Navigator holds a single fund whenever it is Risk On. When Smart Leverage is deployed and that fund is U.S. large cap, the whole position is held through the 2x fund, so notional exposure is 200%. Leverage never applies to the international position or to the defensive position.
The UCITS Funds
| Role | Fund | Ticker (London, USD) | GBP line | ISIN |
|---|---|---|---|---|
| U.S. large cap (S&P 500) | iShares Core S&P 500 UCITS ETF (Acc) | CSPX | CSP1 | IE00B5BMR087 |
| International equities | Vanguard FTSE All-World ex-US UCITS ETF (Acc) | VXUA | VXUS | IE0009A5ADV9 |
| Long Treasuries | iShares $ Treasury Bond 20+yr UCITS ETF (Acc) | DTLA | none | IE00BFM6TC58 |
| Short Treasuries (T-bills) | iShares $ Treasury Bond 0-1yr UCITS ETF (Acc) | IB01 | none | IE00BGSF1X88 |
| 2x S&P 500 (Smart Leverage) | Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF | XS2D | none | LU0411078552 |
Performance Highlights
January 1980 through September 2026, net of trading friction:
| CAGR | Max Drawdown | Ulcer Index | UPI | |
|---|---|---|---|---|
| U-Global Navigator 200 | +17.9% | -22.3% | 5.96 | 2.29 |
| U-Global Navigator | +14.7% | -25.1% | 6.40 | 1.63 |
| Global Navigator 200 | +17.5% | -21.8% | 5.74 | 2.32 |
| S&P 500 | +12.0% | -51.0% | 12.72 | 0.61 |
The Ulcer Index measures how deep and how long drawdowns were, not just the single worst one: lower is better. UPI (Ulcer Performance Index) is return above T-bills per unit of Ulcer Index: higher is better.
Leverage was deployed in the same 108 of 561 months as Global Navigator 200. Over the full history the two are close on every measure. Since 2013, U-Global Navigator 200 returned 15.7% a year against Global Navigator 200's 16.1%, with a UPI of 2.20 against 2.46.
Notes for Investors Outside the US
- Results are in US dollars. The strategy is calculated on the history of the equivalent US funds, in US dollars. If you measure your portfolio in pounds, euros or another currency, your results will also move with the exchange rate.
- Why UCITS funds. Irish-domiciled UCITS funds are the standard way for non-US investors to hold US markets. They often receive US dividends at a lower withholding rate than a non-US investor holding US-listed ETFs directly would, and they are not US assets for US estate tax purposes. Rules vary by country, so check with a tax adviser where you live.
- Leveraged funds reset daily. The 2x UCITS funds target twice the daily return of their index. Over longer periods their returns can differ from twice the index return, especially in volatile markets, which is why Smart Leverage holds them only in defined recovery phases.
- Listings. The tickers above are the London Stock Exchange USD lines unless noted. Most of the funds also trade in London in pounds and on European exchanges in euros, under the same ISIN, which is the surest way to find the right fund at any broker.
Who It's For
U-Global Navigator 200 is for investors outside the US who want U-Global Navigator with optional, rules-based leverage during recoveries, built only from UCITS funds. It is not a starting point for anyone who has not held a leveraged position through a drawdown before.
Past performance, including backtested results, is not indicative of future results. Backtested performance is hypothetical, does not reflect actual trading, and benefits from hindsight in the selection of strategy rules. U-Global Navigator 200 is calculated on the history of the equivalent US-listed funds; the UCITS funds track the same or closely matching indexes but their returns will differ, including from fees, tax treatment and currency. Portions of the long-term history rely on reconstructed proxy data for funds that did not exist for the full period, including the international, Treasury and leveraged funds. Investors should carefully consider their risk tolerance and consult with a financial advisor.
For the latest details, visit www.DualMomentumSystems.com