U-GPMv Strategy Overview
| CAGR | 12.8% |
|---|---|
| Maximum drawdown | -11.7% |
| MAR ratio | 1.10 |
| History | 46 years (561 months) |
U-GPMv is the UCITS version of GPMv, developed by Randy Harris of Dual Momentum Systems for investors outside the United States who buy UCITS funds rather than US-listed ETFs.
Every rule is GPMv's: the same eleven risk assets, the same momentum and correlation scoring, the same safety assets and the same trade-only-when-the-target-changes rebalancing. The full logic is on the GPMv page. U-GPMv's backtest is identical to GPMv's, month for month, because only the funds that hold each position change.
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 |
| Nasdaq 100 | iShares Nasdaq 100 UCITS ETF (Acc) | CNDX | CNX1 | IE00B53SZB19 |
| U.S. mid cap | Vanguard Russell US Mid-Cap UCITS ETF (Acc) | VRMA | VRMG | IE000650M1V4 |
| Pacific: Japan (55%) | Vanguard FTSE Japan UCITS ETF (Acc) | VJPA | VJPB | IE00BFMXYX26 |
| Pacific: ex Japan (45%) | Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF (Acc) | VAPU | VDPG | IE00BK5BQZ41 |
| Europe | Vanguard FTSE Developed Europe UCITS ETF (Acc) | VWCG | VEUA | IE00BK5BQX27 |
| Gold | iShares Physical Gold ETC | IGLN | SGLN | IE00B4ND3602 |
| Commodities | Invesco Bloomberg Commodity UCITS ETF (Acc) | CMOD | CMOP | IE00BD6FTQ80 |
| U.S. real estate | iShares US Property Yield UCITS ETF (Dist) | IDUP | IUSP | IE00B1FZSF77 |
| High yield bonds | iShares $ High Yield Corp Bond UCITS ETF (Acc) | IHYA | none | IE00BYXYYL56 |
| Investment grade bonds | iShares $ Corp Bond UCITS ETF (Acc) | LQDA | none | IE00BYXYYJ35 |
| Long Treasuries | iShares $ Treasury Bond 20+yr UCITS ETF (Acc) | DTLA | none | IE00BFM6TC58 |
| Intermediate Treasuries | iShares $ Treasury Bond 7-10yr UCITS ETF (Acc) | CBU0 | none | IE00B3VWN518 |
| Short Treasuries (T-bills) | iShares $ Treasury Bond 0-1yr UCITS ETF (Acc) | IB01 | none | IE00BGSF1X88 |
How Closely the Funds Match
- Close or identical index. The Nasdaq 100, U.S. mid cap, Europe, high yield and investment grade bonds, and the Treasury funds track the same or the same family of index as GPMv's US funds. The S&P 500 fund stands in for GPMv's Russell 1000 fund, and the two move very closely together.
- Pacific as a pair. There is no single UCITS fund for GPMv's Pacific position. It is held as Vanguard FTSE Japan 55% and Vanguard FTSE Developed Asia Pacific ex Japan 45%, which matches the Pacific fund's own split at the end of September 2026. Both use the same FTSE index family, which counts South Korea as a developed market, so together they cover the same countries. The split drifts with markets and will be reviewed from time to time.
- U.S. real estate is the loosest match. The UCITS real estate fund screens U.S. REITs for dividend yield and only comes in a distributing share class, so expect some difference in the months GPMv holds real estate.
- Short-term Treasuries. The short-term safety asset is held as a US T-bill fund in US dollars.
Performance Highlights
January 1980 through September 2026, net of trading friction:
| CAGR | Max Drawdown | Ulcer Index | UPI | |
|---|---|---|---|---|
| U-GPMv | +12.8% | -11.7% | 3.15 | 2.73 |
| GPMv | +12.8% | -11.7% | 3.15 | 2.73 |
| 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.
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.
- Gold is held as an ETC. UCITS rules do not allow a fund that holds only gold, so gold is held through the iShares Physical Gold ETC, a security backed by physical gold. It is not a UCITS fund, but it is UCITS eligible and widely available to investors in the UK, Europe and elsewhere.
- 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-GPMv is for investors outside the US who want a conservative, broadly diversified tactical strategy that prioritizes low drawdowns, built from UCITS funds and a physical gold ETC.
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-GPMv 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 for many of its eleven risk assets. Investors should carefully consider their risk tolerance and consult with a financial advisor.
For the latest details, visit www.DualMomentumSystems.com