**5. Results**

Following the high-frequency research studies of Mitchell (2010) and Knoll et al. (2018), we conducted a fully-fledged performance evaluation for the top 10 stocks of JDS from January 1998–December 2015 compared to the benchmarks BHS, FTS, GVS, and RVS. In particular, we evaluated the return characteristics and risk metrics (Section 5.1), examined the performance over time (Section 5.2), and analyzed the robustness of the strategies (Section 5.3). According to Gatev et al. (2006) and Avellaneda and Lee (2010), this paper calculated the total return based on committed capital, i.e., we divided the sum of daily net profits at the current day by the deployed capital.
