So now we look at the S&P500 in a backtest using the exponential average index crossover system for 3750 days of chart history and timwindows of one to thousand. In figure 1 we see the comparison of all yields, the green line showing the buy & hold yield of 6.5% p.a.


				
					Abb. 1: Exponential average Performance Comparison for the S&P500

Abb. 1: Exponential average Performance Comparison for the S&P500


				
					Abb. 2: EMA Performance vs Buy & Hold

Abb. 2: EMA Performance vs Buy & Hold

So we see again there are not many exponential averages which can even pass the benchmark, but atleast there are more then in the DAX backtest. The highest one is the EMA 334 with 8% p.a., the region around this seem to be the best in this backtest. In figure two you see the EMA 334 performance compared to the index performance.


				
					Abb. 3: All EMA performance charts

Abb. 3: All EMA performance charts


				
					Abb. 4: All EMA performance charts (Topview)

Abb. 4: All EMA performance charts (Topview)

In figure 3 you see all performance curves of the timewindows one to thousand. Like in the DAX backtest, the best final yields are with the middle EMAs. The short exponential moving averages however did perform good back in the days to 2750, then they started to fail.