How Profitable Are High-Frequency Strategies?

High frequency trading has been taking Wall Street by storm.  While no institution thoroughly tracks performance of high-frequency funds as of the date this article is written, colloquial evidence suggests that the majority of high-frequency managers delivered positive returns through the most recent financial crises.

The discourse on what is the profitability of high-frequency trading strategies always runs into the question of availability of performance data on returns realized at different frequencies.  Hard data on performance of high-frequency strategies is indeed hard to find.  Hedge funds successfully running high-frequency strategies tend to shun the public limelight.  Others produce data from questionable sources.

Yet, performance at different frequencies can compared using publicly available data by estimating the maximum potential profitability.  Profitability of trading strategies is often measured by Sharpe ratios, a risk-adjusted return metric first proposed by a Nobel Prize winner, William Sharpe.  A Sharpe ratio measures return per unit of risk; a Sharpe ratio of 2 means that the average annualized return on the strategy twice exceeds the annualized standard deviation of strategy returns: if the annualized return of a strategy is 12%, the standard deviation of returns is 6%.  The Sharpe ratio further implies the distribution of returns: statistically, in 95% of cases, the annual returns are likely stay within 2 standard deviations from the average.  In other words, in any given year, the strategy of Sharpe ratio of 2 and annualized return of 12% is expected to generate returns from 0% to 24% with 95% statistical confidence, or 95% of time.

The maximum possible Sharpe ratio for a given trading frequency is computed as a sample period’s average range (High – Low) divided by the sample period’s standard deviation of the range, adjusted by square root of the number of observations in a year.  Note that high-frequency strategies normally do not carry overnight positions, and, therefore, do not incur the overnight carry cost often proxied by the risk-free rate in Sharpe ratios of longer-term investments.

Table 1 compares the maximum Sharpe Ratios that could be attained at 10-second, 1-minute, 10-minute, 1-hour and 1-day frequencies in EUR/USD.  The results are computed ex-post with perfect 20/20 hindsight on the data for 30 trading days from March 11, 2009 through March 22, 2009.  The return is calculated as the maximum return attainable during the observation period within each interval at different frequencies.  Thus, the average 10-second return is calculated as the average of ranges (high-low) of EUR/USD prices in all 10-second intervals from March 11, 2009, through March 22, 2009.  The standard deviation is then calculated as the standard deviation of all price ranges at a given frequency within the sample.

Table 1. Theoretical Performance Limits for Trading Strategies Running at Different Frequencies

2010-07-26-tradingpicture.jpg
As Table 1 shows, the maximum profitability of trading strategies measured using Sharpe ratios increases with increases in trading frequencies. From March 11, 2009, through March 22, 2009, the maximum possible annualized Sharpe ratio for EUR/USD trading strategies with daily position rebalancing was 37.3, while EUR/USD trading strategies that held positions for 10 seconds could potentially score Sharpe ratios well over 5,000 (five thousand) mark.

In practice, well-designed and implemented strategies trading at the highest frequencies tend to produce double-digit Sharpe ratios. Real-life Sharpe ratios for well-executed daily strategies tend to fall in the 1-2 range.

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  82. A menudo se usa durante la fabricación fabricación de piezas para maquinaria y otros dispositivos. MECADIS se reserva el derecho de modificar en cualquier momento la presentación, configuración y localización de la página web, así como los contenidos, productos y servicios en él dispuestos.

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  86. En el caso de que una vez comenzada la reparación haya la necesidad de cambiar más piezas la avería sea más grave de lo previsto incrementándose el precio del presupuesto inicial, el técnico instalador deberá notificar de estas circunstancias lo antes posible al cliente realizando un nuevo presupuesto adicional que se corresponda con el coste de la reparación de la avería no localizada en un principio.

  87. Itís hard to come by educated people for this topic, but you sound like you know what youíre talking about! Thanks

  88. Ayudamos a crear, reparar y darle la mejor calidad de vida útil a las maquinarias, siempre se recomienda para el sector industrial, contar con un equipo profesional que pueda dar el mantenimiento de piezas de mecanizado que siempre has deseado. Disponemos de 5 Tornos de CNC y somos capaces de tornear cualquier tipo de pieza hasta un diámetro máximo de 500 mm. Estamos especializados en la mecanización de series medianas y largas.

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  93. Buena prueba de ellos, son las diferencias de material empleado: mientras en los electrodomésticos antiguos existe mayor empleo de piezas metálicas de acero inoxidable, en los electrodomésticos actuales predominan las plásticas, lo que influye en la durabilidad de los mismos. Reparación de consolas y dispositivos móviles, equipos de sonido, refrigerador de vinos, trituradoras, televisores antiguos, etcétera. Para darte un servicio más personalizado, QDQ utiliza cookies propias y de terceros.

  94. Con objeto de cubrir el campo de piezas de pequeño diámetro, ISCAR ha ampliado su oferta con nuevas herramientas de mandrinado positivas y negativas con mangos de acero y de metal duro y con nuevas plaquitas de pequeño tamaño. Y así y todo, las piezas siempre tendrán pequeñas variaciones.

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  98. En nuestro taller podemos mecanizar piezas de pequeñas y grandes dimensiones, con máquinas de CNC (Control Numérico Computarizado). Cada vez más vamos a procesos de mecanizado que mejoren la productividad del proceso sin perjudicar el acabado de las superficies mecanizadas y reduzcan la tolerancia y por lo tanto afinen la precisión, entre otros.


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  102. La cuestión es que la heladera deja de enfriar luego de un tiempo, es decir, al ver que la heladera no enfría la desenchufo por un rato (20 minutos), luego la enchufo de nuevo la dejo cerrada por horas y enfría sin problemas durante al menos un día entero (de hecho hasta se congelan gotas de humedad en la pared trasera del lado de adentro de la heladera).

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