---
hedgefund: 1
name: Example trend and rates book
currency: USD
nav: 100000000
updated: 2026-11-01
---

# Example trend and rates book

A made-up book of three sleeves: a hypothetical trend walk with a vol target, risk parity and a bond ladder. All three are net long here, so the correlation between them does most of the work. A run shows the correlation at which the volatility limit changes sides. It isn't a system to follow. Every number is made up.

The numbers in this file are the author's own. A run describes only these numbers. It is not a forecast, an offer, a record of real trading or advice. It isn't a fund document, and it isn't for investors or clients. Format: https://hedgefund.md/spec.md Terms: https://hedgefund.md/terms

## Limits

```json
{
  "max_gross_pct": 200,
  "max_net_pct": 110,
  "max_vol_pct": 8,
  "max_var99_pct": 1.5,
  "min_liquid_7d_pct": 80
}
```

## Correlation

```json
0.3
```

## Sleeves

### trend

```json
{
  "model": "trend_vol_target",
  "capital_pct": 50,
  "assumed": { "liquidity_days": 2, "carry_pct": 0 },
  "inputs": {
    "markets": [
      {
        "name": "Market A",
        "prices": [
          100, 100.75, 101.5, 100.58, 100.6, 100.67, 100.47, 101.2, 101.41, 101.65, 101.94, 102.84, 105.17, 105.55, 105.61, 104.46,
          103.6, 101.81, 101.97, 102.47, 101.82, 102.83, 102.63, 103.33, 103.71, 103.92, 105.19, 105.67, 106.18, 104.98, 104.41, 104.57,
          104.43, 103.44, 103.42, 104.85, 105.56, 103.6, 102.56, 103.77, 103.04, 102.06, 101.88, 102.44, 103.09, 104.63, 105.06, 104.62,
          107.61, 107.76, 107.08, 107.32, 107.97, 108.93, 109.2, 109.84, 111.49, 112.69, 113.29, 113.88, 113.95, 111.6, 110.9, 111.46,
          113.46, 113.83, 111.87, 112.15, 113.03, 113.47, 114.16, 114.68, 114.23, 114.84, 116.6, 116.44, 116.68, 117.1, 117.12, 116.21,
          115.73, 115.65, 115.04, 115.33, 114.9, 116.37, 115.62, 116.93, 117.77, 118.28, 119.32, 116.7, 114.84, 113.48, 112.14, 114.2,
          113.23, 111.96, 112.44, 113.18, 113.66, 115.72, 116.51, 117.58, 118.9, 118.11, 119.46, 117.12, 116.18, 117.11, 115.91, 115.88,
          115.89, 116.5, 118.34, 119.64, 119.61, 119.05, 118.45, 119.04, 118.26, 118.66, 119.54, 122.23, 123.01, 124.49, 124.53, 123.77,
          122.91, 123.75, 125.02, 126.37, 127.02, 125.88, 126.2, 127.8, 126.41, 126.18, 127.78, 126.7, 127.73, 126.6, 127.41, 127.72,
          126.63, 126.71, 128.44, 128.39, 128.32, 130.73, 133.16, 132.23, 132.48, 133.26, 133.23, 134.34, 132.26, 129.77, 129.75, 130.69,
          131.68, 132.14, 132.26, 133.93, 133.05, 132.99, 131.49, 131.54, 134.37, 135.63, 136.33, 136.68, 136.64, 135.85, 136.7, 136.69,
          138.63, 138.05, 137.48, 138.22, 137.24, 137.78, 139.63, 139.58, 142.4, 140.94, 141.49, 142.13, 144.49, 146.43, 147.69, 146.5,
          147.79, 148.51, 149.6, 148.48, 150.1, 152.78, 155.12, 155.54, 155.2, 156.4, 157.75, 159.6, 159, 158.07, 157.95, 157.71,
          158.75, 157.66, 157.33, 157.3, 155.53, 155.46, 155.65, 155.89, 156.05, 156.13, 155.14, 156.23, 155.64, 156.58, 156.11, 154.65,
          155.08, 155.92, 158.2, 159.01, 160.73, 161.66, 161.4, 162.48, 165.56, 166.34, 164.35, 163.7, 163.78, 166.87, 164.54, 165.84,
          166.62, 165.54, 163.49, 164.4, 165.86, 166.41, 167.84, 167.1, 167.74, 165.26, 166.27, 167.87, 168.75, 167.9, 168.26, 169.75,
          169.1, 169.93, 169.32, 172.34, 173.22, 168.91, 168.88, 167.08, 167.11, 168.36, 166.73, 164.48, 163.33, 164.81, 165.79, 164.41,
          166.28, 168.77, 171.47, 172.77, 171.37, 170.91, 170.77, 169.17, 168.4, 166.12, 166.25, 166.97, 166.36, 166, 165.02, 166.34,
          167.38, 167.71, 166.95, 163.85, 163.25, 163.65, 163.6, 163.23, 165.87, 166.64, 165.79, 165.28, 164.55, 163.49, 164.73, 162.78,
          165.43, 166.58, 165.41, 164.98, 164.82, 163.34, 163.55, 159.99, 161.73, 158.72, 158.43, 158.16, 159.71, 161.02, 159.42, 160.59,
          162.4, 162.45, 163.53, 161.9, 162.12, 161.97, 163.62, 162.45, 163.8, 163.72, 161.77, 165.06, 166.79, 166.55, 166.55, 167.46,
          169.15, 168.84, 166.77, 168.58, 168.62, 168.57, 168.23, 166.81, 164.73, 165.35, 165.71, 166.57, 167.02, 168.76, 169.22, 167.52,
          169.37, 166.66, 168.91, 168.16, 166.34, 166.11, 165.54, 168.3, 169.33, 168.88, 170.96, 168.55, 169.89, 169.83, 172.41, 175.11,
          175.37, 174.33, 175.83, 174.73, 174.15, 176.33, 175.08, 176.28, 177.32, 174.66, 172.8, 172.67, 174.02, 173.45, 177.46, 173.14,
          173.99, 174.6, 175.76, 172.61, 172.29, 172.02, 172.14, 172.92, 174.54, 171.18, 171.33, 171.35, 172.1, 172.88, 172.83, 172.22,
          172.63, 173.31, 170.85, 171.62, 171.26, 171.24, 169.54, 172.43, 171.71, 171.86, 171.06, 170.41, 171.36, 170.31, 171.34, 169.3,
          168.77, 167.73, 166.99, 167.13, 163.4, 162.07, 163.52, 162.01, 160.94, 159.92, 160.27, 161.69, 160.9, 162.03, 160.23, 160.9,
          160.85, 160.19, 160.75, 160.56, 160.79, 161.97, 162.24, 161.03, 159.61, 159.45, 158.89, 158.92, 158.49, 160.8, 161.64, 161.31,
          160.24, 159.26, 160.57, 161.07, 161.56, 159.84, 158.94, 158.68, 159.84, 160.85, 159.45, 158.89, 158.12, 158.09, 157.35, 156.85,
          157.61, 157.62, 156.28, 159.55, 158.47, 159.69, 159.42, 157.19, 155.94, 156.03, 154.61, 152.5, 151.69, 153.23, 152.41, 154.44,
          155.44, 155.66, 155.07, 154.29, 155.04, 154.8, 157.76, 157.87, 158.59, 157.17, 156.89, 154.73, 154.35, 153.59, 154.19, 153.79,
          153.68, 154.21, 153.87, 153.55, 155.22, 153.65, 150.93, 150.6
        ]
      },
      {
        "name": "Market B",
        "prices": [
          100, 100.03, 100.41, 99.77, 99.15, 98.75, 98.47, 98.62, 98.52, 98.62, 99.11, 99.9, 100.37, 99.69, 99.74, 99.31,
          99.65, 99.7, 99.54, 100, 99.36, 99.68, 99.93, 100.23, 101.25, 101.16, 101.61, 101.18, 100.76, 100.26, 100.73, 100.85,
          100.66, 100.73, 101.06, 100.77, 100.2, 99.4, 99.17, 99.51, 99.32, 99.23, 99.22, 99.63, 100.07, 100.44, 100.08, 99.75,
          99.94, 100.32, 99.79, 99.35, 98.88, 99.34, 99.15, 99.59, 99.81, 100.45, 100.35, 99.23, 99.33, 98.88, 98.11, 98.6,
          98.31, 98.9, 99.13, 98.16, 98.24, 98.2, 98.62, 99.04, 98.43, 97.9, 98.6, 98.46, 98.5, 99.17, 98.86, 98.4,
          98.87, 99.08, 98.95, 98.54, 97.91, 97.55, 97.2, 96.91, 98.2, 99.17, 99.5, 99.49, 99.42, 98.98, 98.39, 98.56,
          98.5, 98.4, 97.92, 97.69, 98.5, 98.78, 99.4, 99.96, 100.79, 101.17, 100.43, 99.9, 99.99, 100.12, 99.54, 99.53,
          98.58, 99.61, 100.63, 100.61, 101.44, 101.1, 101.01, 101.31, 102.24, 102.28, 102.51, 103.3, 104.17, 105.27, 105.22, 105.36,
          105.04, 104.7, 105.18, 105.41, 105.15, 105.38, 105.36, 105.56, 105.49, 106.02, 106.01, 105.16, 105.01, 104.31, 104.39, 104.98,
          104.53, 104.4, 104.8, 105.36, 105.86, 106.8, 107.04, 106.45, 106.61, 107.35, 107.03, 107.17, 106.36, 105.95, 107.18, 107.2,
          108.12, 108.28, 107.73, 107.68, 107.37, 106.93, 106.6, 106.79, 106.55, 106.41, 106.72, 107.17, 107.11, 106.81, 107.88, 107.27,
          108.17, 108.35, 108.55, 108.49, 108.41, 108.48, 108.79, 108.63, 109.76, 109.41, 109.79, 109.24, 109.24, 109.35, 110.33, 110.88,
          110.65, 109.69, 110.19, 110.36, 110.72, 111.71, 112.6, 112.34, 111.99, 112.97, 112.94, 112.65, 112.21, 112.09, 112.07, 111.77,
          112.44, 111.02, 110.14, 110.38, 109.28, 109.58, 108.76, 109.18, 110.52, 109.82, 108.59, 108.67, 108.48, 109.06, 109.48, 109.59,
          109.95, 109.5, 108.63, 109.17, 109.27, 108.5, 109.09, 108.7, 109.22, 109.23, 108.58, 108.11, 108.78, 110.19, 109.06, 109.61,
          109.21, 108.82, 107.97, 108.82, 109.08, 108.57, 108.61, 108.55, 107.57, 107.23, 107.07, 107.15, 107.42, 107.51, 107.64, 107.56,
          107.37, 107.6, 107.42, 106.82, 107.08, 106.21, 105.22, 104.66, 104.66, 104.79, 104.57, 103.65, 104.38, 104.56, 104.37, 104.41,
          104.47, 104.7, 105.23, 105.16, 105.06, 106.02, 107.16, 107.4, 107.21, 106.19, 105.61, 105.51, 105.48, 104.77, 104.58, 104.46,
          104.59, 104.64, 103.67, 102.58, 102.06, 102.53, 102.2, 101.88, 102.63, 103.25, 103.08, 103.25, 104.02, 103.91, 104.29, 103.92,
          104.46, 105.34, 105.14, 103.88, 104.3, 104.69, 105.07, 104.39, 104.15, 104.15, 104.16, 103.84, 103.49, 103.12, 103.68, 104.32,
          104.68, 105.12, 105.47, 105.41, 105.3, 105.73, 105.8, 104.75, 104.76, 105.07, 104.97, 105.74, 106.67, 106.57, 106.52, 106.91,
          107.34, 107.74, 106.8, 107.7, 107.95, 107.47, 108.33, 108.11, 108.16, 108.17, 108.23, 108.65, 108.56, 109.1, 109.25, 108.86,
          110.04, 109.46, 110.25, 110.06, 109.35, 107.93, 107.88, 108.27, 108.42, 108.05, 108.63, 107.98, 107.77, 108.17, 108.73, 109.7,
          109.71, 109.36, 109.47, 109.23, 109.71, 109.71, 110.16, 110.29, 109.88, 110.14, 110.5, 110.23, 110.65, 110.6, 112.15, 111.66,
          111.69, 112.04, 113.01, 112.62, 113.51, 113.75, 113.46, 113.46, 113.63, 112.46, 112.54, 112.01, 112.16, 111.66, 112.73, 112.24,
          112.56, 112.52, 112.61, 112.21, 112.17, 112.44, 111.76, 112.5, 111.86, 112, 112.88, 113.36, 114.43, 115.09, 114.95, 114.27,
          114.27, 113.7, 114.07, 113.84, 113.22, 112.64, 112.05, 111.66, 111.42, 111.27, 111.28, 111.99, 112.08, 112.61, 113.06, 112.51,
          111.6, 110.85, 110.35, 110.57, 111.69, 112.27, 112.38, 112.62, 113.21, 112.32, 112.18, 111.08, 111.43, 111.93, 112.88, 113.45,
          113.54, 113.47, 114.05, 114.67, 115.48, 115.1, 114.54, 113.64, 114.3, 113.77, 112.67, 112.37, 112.84, 112.73, 112.27, 112.53,
          113.09, 113.2, 113.47, 114.37, 113.74, 113.9, 113.61, 112.08, 113.18, 112.93, 113.1, 113.53, 113.83, 113.84, 113.52, 113.76,
          113.75, 114.18, 114.43, 114.14, 113.97, 114.56, 115.08, 114.72, 114.32, 114.05, 114, 113.37, 113.06, 113.12, 113.03, 112.91,
          112.87, 113.62, 112.78, 113.01, 113.02, 112.57, 112.58, 112.27
        ]
      },
      {
        "name": "Market C",
        "prices": [
          80, 79.43, 80.14, 80.44, 78.01, 77.12, 78.2, 78.74, 79.15, 81.07, 82.6, 84.21, 84.53, 82.38, 83.75, 82.32,
          81.45, 78.5, 78.03, 81.04, 79.98, 80.23, 80.21, 80.4, 82.49, 83.22, 83.15, 83.06, 81.59, 79.86, 79.48, 79.37,
          78.74, 79.19, 80.83, 81.47, 81.77, 80.17, 80.36, 81.36, 81.28, 82.72, 82.86, 82.74, 84, 84.54, 86.31, 86.97,
          90.45, 92.64, 91.28, 90.29, 90.28, 91.73, 90.71, 91.48, 92.76, 93.23, 91.63, 89.64, 89.48, 89.69, 89.27, 89.51,
          90.32, 93.17, 92.46, 91.73, 92.22, 91.03, 91.58, 92.16, 91.39, 92.18, 92.67, 93.09, 93.52, 93.08, 92.84, 92.13,
          92.9, 92.72, 92.82, 91.14, 91.28, 92.43, 90.49, 91.85, 94.42, 95.49, 96.43, 95.25, 94.83, 94.3, 92.56, 93.05,
          93.71, 91.74, 90.83, 91.75, 90.59, 89.12, 88.96, 89.31, 92.2, 91.29, 90.91, 91.1, 90.14, 90.14, 89.58, 88.86,
          89.04, 90.97, 93.04, 93.15, 92.81, 93.28, 92.66, 91.3, 91.58, 92.55, 93.25, 93.8, 95.8, 96.73, 96.27, 96.66,
          94.86, 93.53, 95.12, 96.29, 96.98, 95.91, 98.02, 97.98, 96.79, 97.97, 98.65, 98.55, 99.05, 97.45, 98.21, 98.2,
          97.17, 98.29, 95.87, 96.72, 97.31, 100.23, 101.09, 101.43, 102.25, 104.66, 103.59, 104.63, 103.59, 102.6, 103.58, 104.51,
          105.26, 102.86, 101.97, 102.59, 103.19, 102.21, 99.11, 99.16, 98.75, 100.02, 99.07, 98.75, 99.63, 98, 100.16, 101.43,
          103.07, 102.45, 102.85, 103.06, 99.76, 101.1, 102.32, 103.79, 106.87, 105.62, 106.44, 105.12, 105.96, 108.62, 110.62, 111.08,
          111.35, 111.22, 111.88, 110.23, 112.79, 112.73, 111, 111.57, 111.37, 113.23, 115.61, 118.73, 118.58, 117.51, 117.02, 112.83,
          113.36, 111.29, 109.51, 110.19, 107.94, 108.25, 107.37, 109.28, 110.33, 108.41, 109.72, 111.55, 111.06, 112.33, 112.72, 110.54,
          111.71, 111.35, 109.74, 112.96, 113.16, 113.69, 115.12, 114.83, 116.79, 117.48, 116.45, 118.39, 116.68, 119.67, 119.07, 120.19,
          119.04, 118.93, 120.48, 122.43, 122.87, 122.64, 123.31, 124.51, 122.88, 120.09, 121.84, 122.19, 121.99, 122.54, 125.99, 126.98,
          126.91, 128.82, 131.76, 132.03, 132.03, 129.17, 127.74, 128.13, 130.37, 129.29, 126.89, 125.16, 125.9, 126.21, 126.45, 122.3,
          122.85, 122.67, 125.89, 130.03, 129.19, 129.83, 133.04, 133.54, 132.19, 130.29, 130.49, 132.02, 132.09, 132.22, 128.86, 129.9,
          132.02, 132.65, 131.08, 128.38, 126.66, 130.1, 129.25, 130.21, 132.53, 133.7, 134.28, 132.91, 134.3, 131.73, 132.53, 130.55,
          132.37, 134.73, 133.82, 131.74, 132.79, 134.83, 134.69, 131.12, 131.23, 129.4, 131.45, 130.6, 129.01, 129.73, 127.83, 129.66,
          130.34, 131.78, 134.2, 133.24, 131.7, 129.6, 130.15, 129.1, 130.63, 133.17, 133.78, 134.72, 137.18, 135.75, 136.62, 138.03,
          140.02, 141.77, 140.21, 141.73, 142.95, 140.13, 140.87, 140.88, 140.01, 140.4, 140.45, 141.93, 141.65, 143.87, 143.92, 141.26,
          142.54, 139.32, 140.52, 140.28, 138.55, 136.4, 137.02, 138.48, 137.01, 136.03, 133.98, 130.53, 129.15, 131.38, 131.63, 134.14,
          133.76, 133.07, 132.3, 130.91, 132.57, 134.3, 134.81, 137.35, 139.06, 138.74, 136.75, 139.45, 139.79, 139.62, 143.87, 140.35,
          138.86, 137.63, 135.86, 135.05, 134.38, 133.93, 134.25, 135.32, 134.64, 131.28, 131.41, 131.53, 132.72, 132.35, 132.56, 132.83,
          133.1, 134.57, 131.72, 129.65, 130.59, 130.22, 128.25, 128.17, 128.51, 127.49, 129.14, 127.23, 125.89, 127.41, 126.14, 124.5,
          124.3, 123.75, 122.74, 123.45, 122.05, 122.22, 120.58, 119.86, 121.9, 120.83, 120.99, 121.88, 122.9, 123.49, 123.69, 123.3,
          122.26, 121.49, 120.66, 119.5, 118.77, 118.88, 118.41, 118.91, 120.01, 116.57, 116.16, 115.1, 112.26, 114.07, 115.62, 116.31,
          116.03, 115.38, 116.39, 117.82, 121.71, 121.26, 119.95, 118.08, 119.46, 120.85, 118.15, 117.22, 120.59, 120.71, 120.45, 120.1,
          120.34, 119.21, 122.94, 126.18, 124.54, 123.8, 123.31, 120.22, 121.59, 123.56, 123.81, 124.45, 126.44, 126.72, 123.94, 125.3,
          123.79, 123.75, 122.64, 123.26, 123.86, 125.78, 130.23, 130.65, 130.76, 127.99, 125.72, 122.8, 121.34, 119.16, 119.19, 120.02,
          120.11, 119.35, 119.14, 118.67, 119.82, 117.23, 118.08, 116.33
        ]
      },
      {
        "name": "Market D",
        "prices": [
          120, 119.94, 121.62, 121.9, 120.79, 120.17, 120.6, 120.74, 120.65, 121.5, 121.61, 122.17, 122.32, 122.86, 123.42, 122.52,
          122.26, 120.88, 119.32, 120.03, 119.42, 120.1, 119.73, 120.23, 120.22, 120.48, 121.19, 121.54, 120.87, 119.84, 120.66, 121.48,
          121.88, 121.25, 121.81, 120.63, 119.9, 119.93, 118.69, 120.06, 118.86, 118.26, 118.02, 118.47, 118.92, 119.92, 119.51, 119.57,
          121.77, 121.77, 121.34, 121.3, 121.25, 121.2, 121.42, 121.71, 122.5, 121.95, 122.18, 121.5, 121.69, 121.46, 121.35, 121.12,
          121.4, 121.72, 121.72, 121.46, 121.33, 121.61, 121.37, 122.08, 121.78, 121.82, 121.86, 122.16, 122.49, 122.48, 122.94, 122.1,
          123.25, 123.1, 122.47, 122, 121.67, 123.44, 122.33, 123.06, 124.52, 124.53, 124.88, 124.57, 124.59, 124.88, 124.83, 125.29,
          124.73, 124.99, 123.76, 123.67, 123.9, 123.88, 125.47, 125.57, 127.26, 127.3, 126.84, 126.87, 127.11, 126.13, 125.27, 125.54,
          125.45, 126.41, 127.9, 128.16, 129.14, 129.67, 129.63, 129.61, 130.17, 130.89, 131.03, 132.29, 133.99, 134.98, 135.05, 134.5,
          133.91, 134.38, 134.92, 135.15, 135.99, 136.61, 135.72, 136.17, 135.39, 135.65, 135.78, 135.81, 136.15, 135.45, 136.14, 136.11,
          135.26, 135.17, 134.15, 134.6, 134.99, 137.18, 137.61, 138, 137.6, 137.61, 136.46, 135.89, 135.3, 134.28, 135.11, 136.36,
          135.75, 135.04, 135.35, 134.37, 135.28, 135.32, 134.2, 134.77, 135.73, 136.61, 136.7, 136.82, 137.54, 137.43, 138.35, 138.69,
          137.68, 137.27, 136.85, 137.63, 137.63, 138.04, 138.25, 138.35, 140.41, 140.16, 139.52, 139.3, 140.01, 140.53, 141.79, 141.72,
          143.37, 142.39, 143.13, 142.68, 141.42, 142.33, 143.01, 143.27, 143.01, 143.76, 145.02, 144.65, 143.5, 143.43, 142.92, 142.11,
          142.15, 141.57, 140.35, 140.4, 138.89, 139.37, 139.39, 139.18, 140.64, 140.05, 140.04, 140.37, 140.63, 141.55, 142.06, 142.25,
          143.26, 142.76, 141.95, 142.52, 142.96, 142.96, 143.58, 143.68, 144.25, 144.21, 143.51, 142.47, 142.17, 143.37, 143.06, 143.3,
          142.34, 141.01, 141.58, 142.69, 143.39, 142.74, 142.35, 141.81, 140.51, 138.99, 140.45, 142.26, 143.64, 144.06, 143.86, 144.24,
          144.74, 144.89, 144.81, 145.08, 146.15, 144.54, 143.03, 142.46, 142.49, 141.33, 140.57, 139.27, 140.04, 139.72, 140.16, 138.83,
          138.27, 139.13, 139.57, 138.99, 138.36, 138.84, 139.77, 139.5, 139.44, 139.51, 138.85, 139.28, 139.3, 138.35, 137.96, 138.41,
          139.15, 138.14, 136.97, 135.52, 135.01, 136.17, 134.95, 135.55, 136.67, 135.63, 135.75, 134.73, 134.55, 134.49, 134.46, 133.19,
          133.63, 134.78, 134.31, 133.91, 133.38, 132.57, 132.64, 131.38, 130.3, 131.14, 131.16, 131.14, 132.53, 132.81, 131.87, 133.84,
          134.77, 134.38, 135.88, 135.65, 135.65, 134.5, 135.94, 135.08, 134.68, 135.2, 134.55, 136.3, 137.95, 137.74, 137.51, 138.31,
          139.65, 139.49, 138.85, 139.32, 138.65, 138.61, 139.92, 138.39, 137.41, 137.16, 138.56, 138.28, 138.24, 139.41, 139.46, 137.95,
          138.79, 138.01, 139.34, 139.62, 140.16, 139.78, 140.97, 142.33, 142.1, 142.02, 142.81, 141.66, 141.47, 142.49, 142.32, 143.36,
          143.51, 143.48, 143.43, 142.66, 143.3, 144.09, 144.02, 144.24, 145.09, 144.4, 143.91, 144.8, 144.77, 146.35, 147.91, 145.31,
          144.22, 144.56, 144.66, 143.72, 144.94, 143.65, 144.26, 144.45, 145.39, 143.08, 142.62, 143.52, 144.09, 144.37, 145.19, 144.69,
          143.67, 143.64, 143.13, 142.59, 143.37, 143.41, 142.9, 145.92, 145.96, 145.96, 145.84, 146.75, 147.39, 147.36, 147.94, 148.73,
          147.96, 147.09, 145.43, 145, 142.71, 143.28, 143.51, 143.16, 144.48, 145.27, 143.44, 143.84, 143.4, 144.24, 144.15, 143.83,
          142.99, 142.61, 143.04, 142.73, 143.3, 144.3, 143.74, 144.27, 143.71, 143.22, 142.98, 142.02, 141.34, 142.83, 143.95, 143.94,
          144.8, 145.17, 144.81, 145.58, 146.09, 145.89, 144.7, 143.82, 144.41, 144.59, 143.06, 143.86, 144.49, 143.85, 143.84, 143.38,
          143.73, 142.52, 142.27, 143.34, 141.99, 142.68, 141.41, 139.64, 140.18, 140.51, 141.46, 141.41, 141.85, 142.15, 141.88, 142.3,
          142.32, 143.41, 144.73, 143.56, 143.8, 144.73, 146.49, 146.4, 146.36, 145.85, 146.01, 145.16, 144.77, 145.26, 146.25, 146.75,
          145.63, 146.69, 147.28, 147.41, 148.24, 146.03, 145.14, 144.95
        ]
      }
    ],
    "lookback_days": 126,
    "vol_days": 63,
    "target_vol_pct": 10,
    "max_leverage": 2,
    "cost_bps": 5,
    "periods_per_year": 252
  }
}
```

### risk_parity

```json
{
  "model": "risk_parity",
  "capital_pct": 35,
  "assumed": { "tail_loss_pct": 20, "liquidity_days": 3 },
  "inputs": {
    "assets": [
      { "name": "Stock sleeve", "vol_pct": 16, "expected_return_pct": 7 },
      { "name": "Bond sleeve", "vol_pct": 6, "expected_return_pct": 4.5 },
      { "name": "Commodity sleeve", "vol_pct": 18, "expected_return_pct": 5 },
      { "name": "Inflation bond sleeve", "vol_pct": 7, "expected_return_pct": 4.5 }
    ],
    "corr": [
      [1, 0.1, 0.3, 0.1],
      [0.1, 1, -0.1, 0.6],
      [0.3, -0.1, 1, 0.2],
      [0.1, 0.6, 0.2, 1]
    ],
    "target_vol_pct": 10,
    "financing_rate_pct": 4,
    "reference_weights_pct": [60, 40, 0, 0]
  }
}
```

### rates

```json
{
  "model": "rates_ladder",
  "capital_pct": 15,
  "assumed": { "vol_pct": 5, "liquidity_days": 1 },
  "inputs": {
    "bonds": [
      {
        "name": "Bond 1.25y",
        "face": 1000000,
        "coupon_pct": 3.5,
        "maturity_years": 1.25,
        "yield_pct": 3.9,
        "freq": 2
      },
      {
        "name": "Bond 2.5y",
        "face": 1000000,
        "coupon_pct": 4,
        "maturity_years": 2.5,
        "yield_pct": 4.1,
        "freq": 2
      },
      {
        "name": "Bond 3.75y",
        "face": 1000000,
        "coupon_pct": 4,
        "maturity_years": 3.75,
        "yield_pct": 4.3,
        "freq": 4
      },
      {
        "name": "Bond 5y",
        "face": 1000000,
        "coupon_pct": 4.5,
        "maturity_years": 5,
        "yield_pct": 4.5,
        "freq": 1
      },
      {
        "name": "Bond 10y",
        "face": 1000000,
        "coupon_pct": 5,
        "maturity_years": 10,
        "yield_pct": 5.1,
        "freq": 2
      }
    ],
    "shocks_bps": [-100, -50, 50, 100, 200],
    "horizon_years": 0.5,
    "curve": [
      { "years": 0.5, "yield_pct": 3.6 },
      { "years": 1, "yield_pct": 3.8 },
      { "years": 2, "yield_pct": 4 },
      { "years": 3, "yield_pct": 4.2 },
      { "years": 5, "yield_pct": 4.5 },
      { "years": 10, "yield_pct": 5 }
    ]
  }
}
```