federicocaruso.com · analisi 2026-07-06

Accelerating Dual Momentum con la fiscalità italiana

Periodo 2003-05 → 2026-07. Capitale iniziale 49,957 €. Costi IBKR, tasse in dichiarativo.

Equity line: ADM, Blend 40/60, VWCE, ADM lordo (diagnostica)

Metriche

StrategiaCAGR nettoVolatilitàSharpeMax DDPeggior annoRecupero (mesi)Liquidazione netta
ADM4.1%16.0%0.33-39.4%-25.9%126,180 €
Blend 40/607.6%12.2%0.66-38.9%-25.0%55236,116 €
VWCE9.4%13.4%0.74-49.8%-37.6%69304,805 €

Costo di costi+tasse: 5.19% di CAGR l'anno (lordo 9.3% → netto 4.1%).

Drawdown Rolling 3 anni
StrategiaRolling 3a minmedianamax
ADM-12.3%4.3%25.7%
Blend 40/60-12.7%8.6%21.0%
VWCE-17.7%10.3%21.2%
Rendimenti annuali
AnnoADMBlend 40/60VWCE
200310.9%13.2%14.7%
20040.4%3.6%5.8%
200525.0%26.0%26.6%
20061.4%5.0%7.5%
2007-4.2%-3.3%-2.7%
2008-6.2%-25.0%-37.6%
2009-8.6%13.4%28.1%
201022.5%22.0%21.7%
201128.4%8.4%-5.0%
201211.7%13.5%14.6%
201314.4%16.2%17.4%
20141.3%11.1%17.6%
2015-5.4%3.3%9.1%
201638.5%22.5%11.8%
2017-13.5%0.1%9.1%
20188.7%-0.1%-6.0%
2019-0.5%17.4%29.3%
2020-3.0%2.1%5.5%
202122.3%25.6%27.7%
2022-25.9%-18.4%-13.4%
2023-2.7%9.4%17.4%
20247.2%17.1%23.6%
2025-8.5%1.3%7.9%
20264.2%10.1%14.1%

Da dove vengono i rendimenti

Contributi per asset

Tasse pagate per anno (ADM)

AnnoImposta 26%IVAFE
20032,369 €116 €
20041,669 €115 €
20052,380 €144 €
20065,261 €152 €
20071,333 €138 €
20081,403 €130 €
20092,900 €122 €
20103,250 €149 €
20115,350 €193 €
20125,338 €215 €
20133,541 €241 €
20145,162 €247 €
20155,225 €234 €
20161,221 €312 €
201710,370 €289 €
20182,394 €296 €
20196,394 €302 €
20201,327 €283 €
202117,535 €379 €
20221,850 €258 €
20233,395 €254 €
20242,834 €271 €
20253,861 €251 €
20265,707 €265 €

Diagnostica USD lorda

Run diagnostica in USD lordo: CAGR 8.4%, max drawdown -40.9%.

Ultimi ribilanciamenti

Log completo in trades_adm.csv.

date asset side qty price value cost tax
2024-08-31 INTL_EQ BUY 357.141225 348.262684 124378.961501 102.503169 0.000000
2024-09-30 INTL_EQ SELL 357.141225 348.548629 124481.084320 102.584867 26.551933
2024-09-30 US_SCV BUY 224.747172 552.959476 124276.078590 102.420863 0.000000
2025-01-31 US_SCV SELL 5.062448 613.468444 3105.651836 5.484521 79.644104
2025-02-28 US_SCV SELL 219.684725 579.218818 127245.526680 104.796421 1499.881877
2025-02-28 INTL_EQ BUY 345.494060 367.678163 127030.621240 104.624497 0.000000
2025-04-30 INTL_EQ SELL 345.494060 349.966890 120911.481550 99.729185 0.000000
2025-04-30 TREASURY_LONG BUY 611.281428 197.473990 120712.182618 99.569746 0.000000
2025-05-31 TREASURY_LONG SELL 611.281428 191.694404 117179.229065 96.743383 0.000000
2025-05-31 INTL_EQ BUY 317.069519 368.959771 116985.896964 96.588718 0.000000
2025-08-31 INTL_EQ SELL 317.069519 381.945751 121103.355465 99.882684 1070.539210
2025-08-31 US_SCV BUY 221.531622 545.762942 120903.749781 99.723000 0.000000
2025-12-31 US_SCV SELL 221.531622 566.784873 125560.772455 103.448618 1210.825895
2025-12-31 INTL_EQ BUY 304.402875 411.803077 125354.040605 103.283232 0.000000
2026-01-31 INTL_EQ SELL 304.402875 430.153579 130939.986155 107.751989 1452.345843
2026-01-31 US_SCV BUY 212.848707 594.865451 126616.341925 104.293074 0.000000
2026-02-28 US_SCV SELL 212.848707 608.887598 129600.937738 106.680750 775.994911
2026-02-28 INTL_EQ BUY 280.817799 460.753368 129387.746791 106.510197 0.000000
2026-03-31 INTL_EQ SELL 280.817799 432.250420 121383.611851 100.106889 0.000000
2026-03-31 US_SCV BUY 200.663250 603.915057 121183.558115 99.946846 0.000000
2026-05-31 US_SCV SELL 200.663250 657.633069 131962.789023 108.570231 2802.600036
2026-05-31 INTL_EQ BUY 275.658858 477.930667 131745.822134 108.396658 0.000000
2026-06-30 INTL_EQ SELL 275.658858 487.367753 134347.238500 110.477791 676.368255
2026-06-30 US_SCV BUY 190.115635 705.499365 134126.459541 110.301168 0.000000

Assunzioni

Questo contenuto ha finalità esclusivamente informative e didattiche e non costituisce consulenza finanziaria, raccomandazione personalizzata né sollecitazione all'investimento. I rendimenti passati e i risultati di backtest non sono indicativi di risultati futuri. Le assunzioni fiscali riflettono un caso specifico (regime dichiarativo) e possono non applicarsi alla tua situazione. Strategia originale: engineeredportfolio.com, allocatesmartly.com. Replica, codice e verifiche: Federico Caruso. Vedi anche le note legali.