Credential · honest fail · 2026-08-08

the S&P 500, 12-month momentum

FAIL — published anyway

A track record judged by the MIZAN gate inside a zero-knowledge proof: returns after costs, the out-of-sample split and the overfitting corrections recomputed in-circuit, the strategy never revealed. Anyone can verify this credential offline. Every verdict on the registry is published, including this one.

Disclosed metrics
0.57Sharpe
0.61OOS Sharpe
7.0%CAGR
+596.7%Net return
33.7%Max drawdown

the S&P 500, 12-month momentum (Momentum(252) > 0). Net +596.72% — refused. Sharpe 0.57 against the 1.20 bar, drawdown 33.67%, 46 trades, independence 39%. spy.csv is published alongside the credential, so anyone can re-derive the data root and verify offline, trusting no one.

Verify it yourself

Download the bundle, run the verifier with the network off. The verdict recomputes on your machine in about 81 ms.

./mizan-verifier-v11-macos-arm64 legend_spy_momentum12m_20260808.bundle spy.csv
The record
DatasetSPY · daily OHLC · 1997-12-31→2026-07-24 (7,184 bars) · published for offline verification
Minted (UTC)2026-08-08T00:00:00Z
VerdictFAIL — published anyway
Kindhonest_fail
Engine erav11 · both-schools validation-complete
Engine statuslive
Credential hash6ec8e99f5960d0b3
Anchor SHA-2566ec8e99f5960d0b3a7488127afdfe246f333c7c9fadd5df3ef2a7d86642ed04a
Timestamp (TSA)Aug 8 16:06:03 2026 GMT
Bitcoin / OTSpending confirmation
Data rootd05c76d2fb0724d3977ece83c8473b68926d5b2fad835f426a3c243eff8c8713
Registry leafc16945303e7452783ec35abaea659bb2e8edc4e444b5a52371d64b15e745f564
Leaf index59
Registry rootf878bf4d24bda7d7e90d09c9345418b9c77ec4ac866df57ac76eff8ee44c5f26
Proof size220 KB
IssuerMIZAN

What a verdict means: what a PASS asserts · what we refuse to certify · reading a verdict · the VTR-1 standard.