把 $10,000 平均分给两条腿，各自独立运行同一套规则，用分散换取更平滑的曲线。
纵轴对数刻度，起点 $10,000，每个点为季度末已实现权益。
策略与买入持有并列，方便直接比较。
| 指标 | 策略 | 买入持有 |
|---|---|---|
| 期末权益 | $2,961,677 | $112,951 |
| 年化收益率 | +132.4% | +43.2% |
| 季均收益（算术） | +33.95% | +18.36% |
| 季均收益（几何） | +23.46% | +9.39% |
| 最好季度 | +238.1% | +131.4% |
| 最差季度 | -27.4% | -66.9% |
| 逐根最大回撤 | −45.6% | −79.5% |
| 盈利季度 | 19 / 27 | — |
| 季度收益 ≥ 30% | 10 / 27 | — |
| 交易笔数 | 193 | 1（一次买入） |
27 个自然季度的逐季收益，绿正红负。
每一格都可以与自行复现的结果对照。
| 季度 | 策略权益 | 策略收益 | 买入持有权益 | 买入持有收益 | 超额 |
|---|---|---|---|---|---|
| 2020Q1 | $13,947 | +39.47% | $6,939 | -30.61% | +70.08pp |
| 2020Q2 | $16,575 | +18.84% | $10,858 | +56.47% | -37.63pp |
| 2020Q3 | $23,406 | +41.21% | $15,157 | +39.59% | +1.62pp |
| 2020Q4 | $20,412 | -12.79% | $34,764 | +129.37% | -142.16pp |
| 2021Q1 | $34,316 | +68.12% | $80,437 | +131.38% | -63.26pp |
| 2021Q2 | $38,351 | +11.76% | $73,633 | -8.46% | +20.22pp |
| 2021Q3 | $47,761 | +24.54% | $101,619 | +38.01% | -13.47pp |
| 2021Q4 | $41,479 | -13.15% | $125,226 | +23.23% | -36.38pp |
| 2022Q1 | $48,791 | +17.63% | $112,989 | -9.77% | +27.40pp |
| 2022Q2 | $58,638 | +20.18% | $37,378 | -66.92% | +87.10pp |
| 2022Q3 | $49,135 | -16.21% | $46,105 | +23.35% | -39.55pp |
| 2022Q4 | $41,179 | -16.19% | $40,518 | -12.12% | -4.07pp |
| 2023Q1 | $139,235 | +238.12% | $63,392 | +56.45% | +181.67pp |
| 2023Q2 | $110,793 | -20.43% | $64,786 | +2.20% | -22.63pp |
| 2023Q3 | $135,242 | +22.07% | $58,710 | -9.38% | +31.45pp |
| 2023Q4 | $414,511 | +206.50% | $83,263 | +41.82% | +164.67pp |
| 2024Q1 | $645,170 | +55.65% | $132,960 | +59.69% | -4.04pp |
| 2024Q2 | $468,214 | -27.43% | $122,450 | -7.90% | -19.52pp |
| 2024Q3 | $522,874 | +11.67% | $102,261 | -16.49% | +28.16pp |
| 2024Q4 | $812,638 | +55.42% | $140,802 | +37.69% | +17.73pp |
| 2025Q1 | $639,584 | -21.30% | $93,023 | -33.93% | +12.64pp |
| 2025Q2 | $843,431 | +31.87% | $122,569 | +31.76% | +0.11pp |
| 2025Q3 | $651,720 | -22.73% | $168,813 | +37.73% | -60.46pp |
| 2025Q4 | $772,979 | +18.61% | $125,531 | -25.64% | +44.25pp |
| 2026Q1 | $1,047,194 | +35.48% | $89,701 | -28.54% | +64.02pp |
| 2026Q2 | $1,330,351 | +27.04% | $72,368 | -19.32% | +46.36pp |
| 2026Q3 | $2,961,677 | +122.62% | $112,951 | +56.08% | +66.54pp |
对这张曲线的客观描述，不含任何结论性建议。
双腿组合的最终权益几乎全部来自 BTC 一条腿；ETH 腿的作用主要是分散，而不是增益。