RCR Capital Request access

Athena RCR in other markets

Brazil, Spain and Sweden.

Since October 2026 the Athena RCR model runs every day on RCR’s production servers, in simulation, on equities listed in Brazil, Spain and Sweden. It applies the same method as in the US, calibrated for each market.

These are simulated model results. They are not client account results. They show what the Athena RCR model portfolio returned over the period in a back-test and a theoretical account, net of costs. They are not a guarantee or a forecast of what any investor will earn, and past performance, simulated or real, is not a reliable indicator of future results.

These markets are in validation. Their model history will be recalculated on RCR’s production servers in the coming weeks, and the figures on this page will change when that happens.

B3, São Paulo, 50 equities listed on B3

Brazil.

Simulated results since January 2020, beside BOVA11, an ETF that tracks the Ibovespa. Figures as of 7 Oct 2026, in BRL.

Cumulative return since 2020

+216.7%

BOVA11 +80.9%

Annualised return

+18.6%

BOVA11 +9.2%

Annualised volatility

18.0%

BOVA11 24.2%

Largest drawdown

−20.7%

BOVA11 −46.9%

Athena RCR, Brazil 316.7 +216.7% BOVA11 180.9 +80.9% 7 Oct 2026
60801001502003000%−10%−20%−30%−40%2020202120222023202420252026Drawdown from the previous peakAthena RCR317BOVA11181

Both lines start at 100 on the first day of the selected period. Athena RCR is the simulated model portfolio in Brazil, in BRL. It is not a client account. BOVA11 is the daily closing price of BOVA11, an ETF that tracks the Ibovespa, as used by the model.

Brazil, Since 2020: 30 Dec 2019 to 7 Oct 2026, 1,687 trading days.
Since 2020 Athena RCR BOVA11
Total return +216.73% +80.93%
Annualised return +18.56% +9.15%
Annualised volatility 17.97% 24.22%
Largest drawdown −20.70% −46.93%
Drawdown, peak to trough 14 Apr 2026 to 5 Jun 2026 23 Jan 2020 to 23 Mar 2020
Correlation of daily returns 0.582
Brazil, calendar years. In simulation, the model finished ahead of BOVA11 in 4 of 7 years , counting 2026 to 7 Oct 2026. Difference in percentage points.
Year Athena RCR BOVA11 Difference Correlation Days
2020 +45.01% +3.07% +41.93 pp 0.415 249
2021 +10.28% −12.08% +22.36 pp 0.779 247
2022 −3.19% +5.11% −8.30 pp 0.600 250
2023 +27.33% +23.07% +4.26 pp 0.687 248
2024 +5.85% −10.06% +15.91 pp 0.634 251
2025 +21.04% +34.73% −13.69 pp 0.765 250
2026 to date +25.41% +27.37% −1.96 pp 0.809 192
2020 to 2026 +216.73% +80.93% +135.80 pp 0.582 1,687

BME, Madrid, 35 equities listed on the Madrid exchange

Spain.

Simulated results since January 2018, beside LYXIB, an ETF that tracks the IBEX 35. Figures as of 8 Oct 2026, in EUR.

Cumulative return since 2018

+208.7%

LYXIB +104.7%

Annualised return

+13.7%

LYXIB +8.5%

Annualised volatility

13.6%

LYXIB 18.4%

Largest drawdown

−17.7%

LYXIB −41.4%

Athena RCR, Spain 308.6 +208.6% LYXIB 204.7 +104.7% 8 Oct 2026
60801001502003000%−10%−20%−30%−40%201820192020202120222023202420252026Drawdown from the previous peakAthena RCR309LYXIB205

Both lines start at 100 on the first day of the selected period. Athena RCR is the simulated model portfolio in Spain, in EUR. It is not a client account. LYXIB is the daily closing price of LYXIB, an ETF that tracks the IBEX 35, as used by the model.

Spain, Since 2018: 29 Dec 2017 to 8 Oct 2026, 2,243 trading days.
Since 2018 Athena RCR LYXIB
Total return +208.65% +104.74%
Annualised return +13.71% +8.51%
Annualised volatility 13.60% 18.45%
Largest drawdown −17.70% −41.44%
Drawdown, peak to trough 6 Mar 2023 to 27 Oct 2023 23 Jan 2018 to 16 Mar 2020
Correlation of daily returns 0.535
Spain, calendar years. In simulation, the model finished ahead of LYXIB in 5 of 9 years , counting 2026 to 8 Oct 2026. Difference in percentage points.
Year Athena RCR LYXIB Difference Correlation Days
2018 +0.63% −14.54% +15.17 pp 0.241 255
2019 +16.93% +11.59% +5.34 pp 0.450 255
2020 +3.91% −14.81% +18.72 pp 0.481 257
2021 +1.52% +6.92% −5.41 pp 0.765 256
2022 +4.94% −4.24% +9.18 pp 0.328 257
2023 +17.86% +23.21% −5.35 pp 0.712 255
2024 +27.94% +16.30% +11.64 pp 0.497 256
2025 +40.47% +52.38% −11.91 pp 0.710 255
2026 to date +11.86% +12.72% −0.86 pp 0.747 197
2018 to 2026 +208.65% +104.74% +103.91 pp 0.535 2,243

Nasdaq Stockholm, 30 equities listed on Nasdaq Stockholm

Sweden.

Simulated results since January 2018, beside XACT OMXS30, an ETF that tracks the OMX Stockholm 30. Figures as of 8 Oct 2026, in SEK.

Cumulative return since 2018

+219.9%

XACT OMXS30 +161.1%

Annualised return

+14.2%

XACT OMXS30 +11.6%

Annualised volatility

13.2%

XACT OMXS30 17.9%

Largest drawdown

−14.0%

XACT OMXS30 −31.9%

Athena RCR, Sweden 319.9 +219.9% XACT OMXS30 261.1 +161.1% 8 Oct 2026
1001502003000%−10%−20%−30%201820192020202120222023202420252026Drawdown from the previous peakAthena RCR320XACT OMXS30261

Both lines start at 100 on the first day of the selected period. Athena RCR is the simulated model portfolio in Sweden, in SEK. It is not a client account. XACT OMXS30 is the daily closing price of XACT OMXS30, an ETF that tracks the OMX Stockholm 30, as used by the model.

Sweden, Since 2018: 29 Dec 2017 to 8 Oct 2026, 2,205 trading days.
Since 2018 Athena RCR XACT OMXS30
Total return +219.90% +161.10%
Annualised return +14.17% +11.56%
Annualised volatility 13.15% 17.90%
Largest drawdown −13.99% −31.92%
Drawdown, peak to trough 19 Feb 2020 to 12 Jun 2020 19 Feb 2020 to 23 Mar 2020
Correlation of daily returns 0.625
Sweden, calendar years. In simulation, the model finished ahead of XACT OMXS30 in 6 of 9 years , counting 2026 to 8 Oct 2026. Difference in percentage points.
Year Athena RCR XACT OMXS30 Difference Correlation Days
2018 −3.48% −7.13% +3.66 pp 0.398 250
2019 +30.03% +30.88% −0.85 pp 0.774 250
2020 +8.32% +7.73% +0.59 pp 0.603 252
2021 +29.35% +33.28% −3.93 pp 0.831 253
2022 −9.19% −14.54% +5.35 pp 0.348 253
2023 +26.37% +20.62% +5.75 pp 0.682 251
2024 +26.15% +8.35% +17.80 pp 0.790 251
2025 +9.07% +18.57% −9.50 pp 0.556 251
2026 to date +15.21% +12.98% +2.23 pp 0.855 194
2018 to 2026 +219.90% +161.10% +58.80 pp 0.625 2,205

Method

How the figures are calculated.

Nature of the results
Simulated throughout. The figures come from the Athena RCR model run on each market, in a back-test and a theoretical account in the currency of that market, with the model’s cost assumptions. They are not the results of client accounts.
Status
These markets are in validation. Their model history will be recalculated on RCR’s production servers in the coming weeks, and the figures on this page will change when that happens.
Method
The model is the same as in the US. Its parameters are calibrated for each market with the same optimisation, and its forecasts come from the same proprietary machine-learning models, trained on the data of that market.
Benchmark
Each market is compared with the ETF of its main index, the same one the model uses in its own rules. The benchmark value is the daily closing price of the ETF. Distributions paid by the ETF, if any, are not added.
Period
Results are reported from the first full calendar year after the model starts trading in each market. Everything is measured from the last close of the year before.
Calculations
Returns, annualised returns, volatility, drawdowns and correlations follow the definitions on the Performance page. There is no Daily Closing Report for these markets yet, so these figures are not reconciled with one.

Ask for the full results.

One of the founding partners can present the model in each market and the data behind these figures.

Request access