Alpha Report
Silver | April 2026

1. Executive Summary

SI Macro Review for April 2026

During April 2026, the Silver benchmark declined approximately 1.59% as precious metals faced headwinds from a continued monetary tightening trajectory by major central banks, with the Federal Reserve maintaining its hawkish stance amid persistent inflationary pressures. Geopolitical tensions in Eastern Europe showed signs of de-escalation mid-month, reducing safe-haven demand for precious metals, while a late-month rally in risk assets further pressured silver's defensive appeal. Our strategy underperformed the benchmark with a -1.93% return, as tactical positioning was challenged by the metal's volatile intramonth swings and the sharp reversal in sentiment during the final week of April.

Signal Performance Overview for April 2026

Trailing 12-month Sharpe 1.40 and return 22.48% (through the period in Table 3 below). During the report month, the Silver benchmark declined approximately 1.59%; the strategy returned -1.93% over the same window. The strategy maintained its disciplined risk profile with maximum drawdown holding steady at -7.70%, while the win rate experienced a modest decline from 54.94% to 54.00%. This represents a slight deterioration in hit rate consistency compared to the previous period, though overall risk management remains well-controlled within established parameters.

Signal Coverage — Silver

2. Trading Strategy

In order to produce the metrics below we use the signal in combination with the trading strategy below:

• Leverage: No leverage is applied for this strategy and metrics
• Positions:
  • Entry positions: Every 5 minutes (between 09:45 and 15:30 ET) we decide to take a long, short or no position using 1/70 of our starting portfolio for the day (there are 70 possible openings per day). Each long/short position is then split into 5 parts and executed on each minute for the next 5 minutes following the decision. There is no sizing adjustment.
  • Exit positions: We exit all positions at the end of the day. The exits are split over five minutes (15:55–16:00 ET).
• Costs: 3.0 bp round-turn assumption. Extra exchange/clearing fees not included.
• Contract series & roll: Front-month continuous. Switch at the open T–10 trading days before expiration; stop trading the expiring contract and start trading the next.

For detailed examples, flowcharts, and a full walkthrough of the trading strategy, see Benchmark Trading Strategy.

3. Model Training Data and Timeframe

4. Performance Metrics

Table 1: Monthly Return and Win Rate Metrics (Last 12 Months)

Table 2: Year over Year Performance Comparison

Table 3: 12-Months Ending Performance

Figure 1: Cumulative equity curve showing the trading strategy net long/short performance compared with the SI price (100 = Apr 01, 2026)

5. Next Steps

Download historical predictions for this month using the Client API and confirm performance in your own test harness.

• Sign-up: Start Free Trial
• API Documentation: https://quantumsignals.ai/documentation

6. Contact

Please reach out with any questions or comments at: info[at]quantumsignals.ai