{
  "schema": "QE-RESEARCH-03/1.0",
  "source_kind": "INTERNAL_RESEARCH_RETROSPECTIVE",
  "as_of": "2026-09-22",
  "initial_capital_usd": 100000,
  "observed_period": [
    "2026-08-01",
    "2026-09-14"
  ],
  "unit": "USD",
  "row_unit": "variant/control pair within a group; each PnL and DD is a within-group median, not an individual model",
  "matching": "22 pairs per variant; 21 shared groups across A/B and 23 groups in the union. Recorded training conditions matched; optimized model weights may differ. Groups share research history and are not independent trials.",
  "selection": "The observed period had already influenced the research; not a fresh confirmation.",
  "rows": [
    {
      "variant": "A",
      "group": "G01",
      "control_pnl": -3271.1481086819113,
      "control_dd_pct": 4.869885406248282,
      "control_models": 2,
      "variant_pnl": -858.5987530014099,
      "variant_dd_pct": 1.2908579594807796,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G01",
      "control_pnl": -3271.1481086819113,
      "control_dd_pct": 4.869885406248282,
      "control_models": 2,
      "variant_pnl": -441.8420560085797,
      "variant_dd_pct": 0.8188433385381904,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G02",
      "control_pnl": -747.7901770597018,
      "control_dd_pct": 0.9478882647122813,
      "control_models": 2,
      "variant_pnl": -2441.3175848167957,
      "variant_dd_pct": 2.7734486121538042,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G02",
      "control_pnl": -747.7901770597018,
      "control_dd_pct": 0.9478882647122813,
      "control_models": 2,
      "variant_pnl": 0.0,
      "variant_dd_pct": 0.0,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G03",
      "control_pnl": 1733.6521269826262,
      "control_dd_pct": 4.801930810755389,
      "control_models": 2,
      "variant_pnl": -192.0778741116519,
      "variant_dd_pct": 1.1908383254866957,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G03",
      "control_pnl": 1733.6521269826262,
      "control_dd_pct": 4.801930810755389,
      "control_models": 2,
      "variant_pnl": 316.0829041220495,
      "variant_dd_pct": 1.9163533019977255,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G04",
      "control_pnl": -5411.149333383888,
      "control_dd_pct": 6.451384310197932,
      "control_models": 2,
      "variant_pnl": -639.0649893219525,
      "variant_dd_pct": 1.1917493036532785,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G04",
      "control_pnl": -5411.149333383888,
      "control_dd_pct": 6.451384310197932,
      "control_models": 2,
      "variant_pnl": 184.95341030355485,
      "variant_dd_pct": 0.2720181052617429,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G05",
      "control_pnl": -5720.531887748984,
      "control_dd_pct": 7.933411310440453,
      "control_models": 2,
      "variant_pnl": -561.3715149013078,
      "variant_dd_pct": 0.8662042109433628,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G05",
      "control_pnl": -5720.531887748984,
      "control_dd_pct": 7.933411310440453,
      "control_models": 2,
      "variant_pnl": -140.4502114957795,
      "variant_dd_pct": 1.0416094997454972,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G06",
      "control_pnl": -998.0626929365244,
      "control_dd_pct": 3.38359807898589,
      "control_models": 2,
      "variant_pnl": 309.45395249439025,
      "variant_dd_pct": 3.334976050864805,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G06",
      "control_pnl": -998.0626929365244,
      "control_dd_pct": 3.38359807898589,
      "control_models": 2,
      "variant_pnl": 1204.1248817712185,
      "variant_dd_pct": 1.015270867216777,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G07",
      "control_pnl": -3343.462731485306,
      "control_dd_pct": 5.167544415152535,
      "control_models": 2,
      "variant_pnl": 0.0,
      "variant_dd_pct": 0.0,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G08",
      "control_pnl": -3232.7042628559866,
      "control_dd_pct": 5.8438064139176715,
      "control_models": 2,
      "variant_pnl": -166.49950649058155,
      "variant_dd_pct": 0.4290048170686932,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G09",
      "control_pnl": -1570.6023463875754,
      "control_dd_pct": 4.314906225095238,
      "control_models": 1,
      "variant_pnl": -187.0078833927837,
      "variant_dd_pct": 0.96489116908807,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G09",
      "control_pnl": -1570.6023463875754,
      "control_dd_pct": 4.314906225095238,
      "control_models": 1,
      "variant_pnl": -1380.2794709802838,
      "variant_dd_pct": 1.3802794709802837,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G10",
      "control_pnl": -4155.296010924445,
      "control_dd_pct": 6.904957127273992,
      "control_models": 2,
      "variant_pnl": 2448.7064503865113,
      "variant_dd_pct": 4.306042026762154,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G10",
      "control_pnl": -4155.296010924445,
      "control_dd_pct": 6.904957127273992,
      "control_models": 2,
      "variant_pnl": -244.1970356274178,
      "variant_dd_pct": 0.2730868866150367,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G11",
      "control_pnl": -1879.9443860626925,
      "control_dd_pct": 3.837696730976656,
      "control_models": 1,
      "variant_pnl": 90.27787117623666,
      "variant_dd_pct": 0.2772889298404754,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G11",
      "control_pnl": -1879.9443860626925,
      "control_dd_pct": 3.837696730976656,
      "control_models": 1,
      "variant_pnl": -471.96600344889885,
      "variant_dd_pct": 3.9886018673964405,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G12",
      "control_pnl": -1269.5740619913122,
      "control_dd_pct": 7.360633230706799,
      "control_models": 2,
      "variant_pnl": -6298.879868475575,
      "variant_dd_pct": 8.266359641897479,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G12",
      "control_pnl": -1269.5740619913122,
      "control_dd_pct": 7.360633230706799,
      "control_models": 2,
      "variant_pnl": -207.1437133010768,
      "variant_dd_pct": 0.9784723410538129,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G13",
      "control_pnl": 1982.8802396562241,
      "control_dd_pct": 1.3794507091026407,
      "control_models": 2,
      "variant_pnl": -2514.0152690771793,
      "variant_dd_pct": 3.9948810601191393,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G13",
      "control_pnl": 1982.8802396562241,
      "control_dd_pct": 1.3794507091026407,
      "control_models": 2,
      "variant_pnl": 170.22965734115132,
      "variant_dd_pct": 1.0887128182698462,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G14",
      "control_pnl": 444.7535914823093,
      "control_dd_pct": 2.7921864483519685,
      "control_models": 2,
      "variant_pnl": 1388.4554100239766,
      "variant_dd_pct": 3.306873843251176,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G14",
      "control_pnl": 444.7535914823093,
      "control_dd_pct": 2.7921864483519685,
      "control_models": 2,
      "variant_pnl": 1388.4554100239766,
      "variant_dd_pct": 3.306873843251176,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G15",
      "control_pnl": -4711.128033055182,
      "control_dd_pct": 6.666648704447549,
      "control_models": 1,
      "variant_pnl": 581.9759741983944,
      "variant_dd_pct": 0.6245854470203553,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G15",
      "control_pnl": -4711.128033055182,
      "control_dd_pct": 6.666648704447549,
      "control_models": 1,
      "variant_pnl": -869.6123574682788,
      "variant_dd_pct": 0.9465573574682785,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G16",
      "control_pnl": 1971.0141619169735,
      "control_dd_pct": 1.0397753756223282,
      "control_models": 1,
      "variant_pnl": -2878.139257484436,
      "variant_dd_pct": 3.005647286128773,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G16",
      "control_pnl": 1971.0141619169735,
      "control_dd_pct": 1.0397753756223282,
      "control_models": 1,
      "variant_pnl": -1494.3139307245292,
      "variant_dd_pct": 2.1111840529316845,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G17",
      "control_pnl": 430.1979160917981,
      "control_dd_pct": 0.694819915051368,
      "control_models": 1,
      "variant_pnl": 1721.4611538555255,
      "variant_dd_pct": 0.9901513987428557,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G17",
      "control_pnl": 430.1979160917981,
      "control_dd_pct": 0.694819915051368,
      "control_models": 1,
      "variant_pnl": 996.1545007727254,
      "variant_dd_pct": 3.2664263799427293,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G18",
      "control_pnl": -3540.10111663329,
      "control_dd_pct": 6.826799223120134,
      "control_models": 1,
      "variant_pnl": 3025.230122032779,
      "variant_dd_pct": 3.777554454090494,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G18",
      "control_pnl": -3540.10111663329,
      "control_dd_pct": 6.826799223120134,
      "control_models": 1,
      "variant_pnl": -189.54923152009724,
      "variant_dd_pct": 0.6550229831536037,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G19",
      "control_pnl": 19.614964929045527,
      "control_dd_pct": 0.2786163498977442,
      "control_models": 2,
      "variant_pnl": -491.79036982649995,
      "variant_dd_pct": 0.49179036982649993,
      "variant_models": 1
    },
    {
      "variant": "B",
      "group": "G19",
      "control_pnl": 19.614964929045527,
      "control_dd_pct": 0.2786163498977442,
      "control_models": 2,
      "variant_pnl": -771.7241150700211,
      "variant_dd_pct": 0.973550632313241,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G20",
      "control_pnl": -377.9096784201538,
      "control_dd_pct": 2.1355199037249633,
      "control_models": 2,
      "variant_pnl": -310.2159260297776,
      "variant_dd_pct": 1.2907484228816355,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G20",
      "control_pnl": -377.9096784201538,
      "control_dd_pct": 2.1355199037249633,
      "control_models": 2,
      "variant_pnl": -533.0105531940426,
      "variant_dd_pct": 0.8253035149617345,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G21",
      "control_pnl": -483.6744809483862,
      "control_dd_pct": 1.693356251968145,
      "control_models": 2,
      "variant_pnl": 267.14659184089396,
      "variant_dd_pct": 0.45015940767470713,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G21",
      "control_pnl": -483.6744809483862,
      "control_dd_pct": 1.693356251968145,
      "control_models": 2,
      "variant_pnl": -646.0095589771081,
      "variant_dd_pct": 1.0356797558242261,
      "variant_models": 2
    },
    {
      "variant": "A",
      "group": "G22",
      "control_pnl": -635.7377657470934,
      "control_dd_pct": 1.052780259115411,
      "control_models": 1,
      "variant_pnl": 718.1740338805394,
      "variant_dd_pct": 4.52802272027926,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G22",
      "control_pnl": -635.7377657470934,
      "control_dd_pct": 1.052780259115411,
      "control_models": 1,
      "variant_pnl": 523.798840475225,
      "variant_dd_pct": 0.1678638562658438,
      "variant_models": 1
    },
    {
      "variant": "A",
      "group": "G23",
      "control_pnl": -142.34531411062926,
      "control_dd_pct": 0.20012955395754198,
      "control_models": 2,
      "variant_pnl": -644.2319342256087,
      "variant_dd_pct": 0.7479053877902536,
      "variant_models": 2
    },
    {
      "variant": "B",
      "group": "G23",
      "control_pnl": -142.34531411062926,
      "control_dd_pct": 0.20012955395754198,
      "control_models": 2,
      "variant_pnl": 0.0,
      "variant_dd_pct": 0.0,
      "variant_models": 1
    }
  ],
  "costs": "Cost assumptions of the original simulations; not evidence of net profitability or live trading results"
}