HONEST FAIL · the gate refused its maker (2026-07-28)
FAIL · SharpeTooLow · CagrTooLow · WalkForwardFailed — published anywayMIZAN Level I · Honest Executionengine era · v11 · both-schools validation-complete
A cryptographic credential on the MIZAN registry — every number below is committed
inside a zero-knowledge proof and re-derived by an independent verifier. The strategy itself is
never revealed.
This credential reports its true verdict. MIZAN publishes failures with the same cryptographic care as passes — a machine that can only say yes proves nothing. The verdict above is exactly what the proof attests; nothing was retouched.
STARK sealverified — no trusted setup, re-checkable by anyone
Committed journalbound to this credential — one changed byte and every verifier rejects it
Engine erarecognized — v11 · image 3ac3b10b7930 (append-only era registry)
Gate policypinned — identical for everyone, computed in-circuit
Costsreturns are net of the committed per-side costs disclosed on this credential (in-circuit enforcement of the 7 bp + 3 bp floor is roadmap)
Lookaheadstructurally impossible — signal t → return t+1
Verdictrecomputed from the committed positions — a fabricated curve cannot pass
Independent re-verificationpassed on the standalone era verifier
The strategy itselfnever revealed — sealed by construction
Committed metrics · re-derived by the verifier
Sharpe · full / OOS0.41 / 0.49
CAGR3.3% (net +156% · 28.6y)
Max drawdown · worst bar−21.1% · -8.9%
Calmar · exposure0.16 · 55.1%
Trades89 (3961 of 7184 bars)
Independence (1−R²)44% · mkt 20% mom 55% rev 8%
Costs in-circuit7+3 bps
What this proves · what it does not
Provesthe committed computation ran on the pinned data under the locked gate — net of the committed, disclosed costs, with the committed trial ledger
Does not provefuture returns · deployable capacity · real-world fills beyond the committed cost model · transfer to other assets or windows · robustness to search multiplicity — a separate credential class, and one our own flagship fails
The verdict on this page is not an assertion by MIZAN — it is recomputed on
your machine from the proof bundle. Download the bundle, grab the pinned era verifier and
the canonical dataset from the Verify page, and run:
Minted by engine era v11 — append-only era registry: a credential verifies against its own era's engine id forever; superseded ≠ revoked. How the Standard works →
ميزان MIZAN — the verification rail for systematic finance · Mizan Verification, Inc.
Every claim on this page is re-derivable from the proof bundle by anyone, trusting no one — including us. Prove the edge. Never reveal the strategy.