@Stefano_Peron This is true, SNR is very low. Avg. 1000-day SNR of returns (mean/stdev) is 0.04 for $SPX since 1940 but that has not prevented a 7.27% CAGR. So yes, this is a paradox how such low SNR can generate such a high CAGR. Maybe SNR is not a good indicator. https://t.co/Qn8Qis7Twr