I spent an evening recomputing the headline statistics on four Collective2 strategy pages. The profit factors mostly hold up. The Calmar ratios do not — none of the four.

This is not a fraud hunt. It is a reproducibility check, the same one I would run on any backtest: take the numbers a page publishes, recompute the derived metrics from them, and see whether they agree.

The two definitions I used

Calmar ratio = annualized return ÷ maximum drawdown

Profit factor = (win % × average win) ÷ ((1 − win %) × average loss)

Both are standard. If a page shows all five inputs, its Calmar and profit factor are arithmetic, not opinion.

Results

Four pages had complete summary blocks on 2026-10-27 (twelve candidates were listed, nine fetched; five showed all-zero stats and were excluded as inactive).

Strategy Annual return Max DD Calmar (page) Calmar (recomputed) page ÷ recomputed

131145247 32.4% 14.1% 3.52 2.30 1.53×

132169961 22.3% 31.8% 0.95 0.70 1.35×

146455121 56.9% 29.7% 2.76 1.92 1.44×

146649042 22.8%…