"What if your tactical strategy... isn't?"
Point & figure relative strength sounds sophisticated. But sophisticated doesn't mean effective. Below is a data-driven analysis of Dorsey Wright's largest tactical equity funds vs. simply owning the S&P 500. All data from public filings. You be the judge.
| Fund | AUM | Expense | 1Y Return | 3Y Ann. | 5Y Ann. |
|---|---|---|---|---|---|
| FV | $3.68B | 0.89% | +7.27% | +11.51% | +9.86% |
| PDP | $1.2B | 0.62% | +17.00% | +6.50% | +6.07% |
| DWAS | $464M | 0.60% | +6.08% | +1.20% | +5.80% |
| SPY | $570B | 0.09% | +25.00% | +12.50% | +14.42% |
OPPORTUNITY COST DETECTED
A $10,000,000 investment in PDP over 5 years grew to approximately $13,430,000.
The same $10,000,000 in SPY grew to $19,590,000.
$6,160,000 in missed gains.
"More risk. Less reward. That's not a strategy. That's a fee."
Translation: FV takes on 25% more market risk than the S&P 500, swings 40% wider, and delivers a Sharpe ratio that is three times worse. The alpha of -13.52 means this fund is actively destroying value relative to the risk it takes. You could literally buy SPY and take a nap.
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Filter out "noise" by only plotting price when it moves by a set box size. Sounds smart. Guarantees lag.
Layer momentum (already lagging) on top of P&F (also lagging). It's a lag sandwich.
Require 3x the box size to confirm a reversal. By the time it signals, the move is over.
The "tactical" fund dropped more than the index it was supposed to protect against. So much for downside management.
FV fell more than twice as far as SPY. Their $3.68 billion flagship. More than double the damage.
Once again, FV fell harder than the market it claims to tactically navigate.
Oct 2023: FV still at -14.30% while SPY at -8.43%
Apr 2025: FV at -16.81% while SPY at -12.49%
Deeper drawdowns AND slower recoveries. The worst of both worlds.
The momentum strategy offered zero protection. Fell just as hard as a plain index fund. Why pay 7x the fees?
PDP fell 43% farther than SPY. The "momentum" strategy got caught holding yesterday's winners as they collapsed.
PDP fell 5.4 percentage points farther than the S&P 500 during the worst crisis in modern history. So much for "tactical" defense.
2022: PDP at -30.35% while SPY at -21.32%
2020: PDP at -21.82% while SPY at -21.57%
2009: PDP at -55.31% while SPY at -49.88%
In every major crash since inception, PDP matched or EXCEEDED the S&P 500's drawdown.
DWAS crashed 28% harder than the S&P 500. Small-cap "momentum" amplified the pain instead of avoiding it.
DWAS fell 41% farther than SPY. The Dorsey Wright methodology failed to rotate out of declining small caps in time.
DWAS fell nearly 3x as far as SPY. While the market dipped, DWAS cratered.
Even in the most recent downturn, DWAS fell more than double what SPY lost. The pattern never changes.
PATTERN DETECTED ACROSS ALL FUNDS
In every single major downturn, Dorsey Wright's "tactical" funds fell as much or more than the S&P 500. The red line is almost always below the blue line.
You're paying 7-10x more in fees for a strategy that amplifies losses instead of reducing them.
| A: Fund | B: Turnover | C: SPY Turnover | D: Multiple | E: Expense | |
|---|---|---|---|---|---|
| 1 | PIE | 204% | 3% | 68x | 0.90% |
| 2 | DWAS | 186% | 3% | 62x | 0.60% |
| 3 | DALI | 123% | 3% | 41x | 0.90% |
| 4 | PIZ | 122% | 3% | 41x | 0.35% |
| 5 | PDP | 109% | 3% | 36x | 0.62% |
| 6 | FV | 60% | 3% | 20x | 0.89% |
| 7 | SPY | 3% | 3% | 1x | 0.09% |
=SUM(Frustration) Result: You're paying 10x more in fees while they churn your portfolio 20-68x more than SPY. The fees are guaranteed. The returns are not.
A fatal error has occurred in the Dorsey Wright allocation system.
Investors have begun emergency exit procedures.
* FV net outflows (1yr) ......... -$536,870,000
* DWAS net outflows (1yr) ....... -$225,940,000
* PDP net outflows (5yr) ........ -$699,640,000
* Methodology confidence ........ CRITICAL
The smart money is asking questions.
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