
1
SG Analytics' backtest demonstrated that the top decile outperformed the bottom decile with an average monthly return of 2.48% and an annualized Sharpe ratio of 1.13

2
A long-short fund using the two deciles with equal dollar values would have yielded average annualized returns of 36% and Sharpe ratios of 1.67 with all 12 years yielding positive returns.