In this note
Significance summary
The first visible interruption to a mostly positive path.
OSIQ 30 fell 1.69% from its 23 July peak to its 25 July trough, then recovered to within 0.19% of that peak by 27 July. The episode adds a real loss-and-recovery path to the forward public record, making it more useful for evaluating Exposure Discipline and Non-Fragility over time.
What happened
A peak, two lower observations, then two positive days.
OSIQ 30 reached 113.94 on 23 July. It declined to 113.09 on 24 July and 112.01 on 25 July, producing a maximum peak-to-trough drawdown of 1.69% across published daily observations.
The Index then rose 0.54% on 26 July and 0.98% on 27 July. Its latest level is 113.72, which remains 0.19% below the 23 July peak and 13.72% above its 1 July inception level of 100.00.
All figures use the final published daily observation series. The aggregate CSV record and JSON record are available from the public Index page.
What the drawdown begins to reveal
A forward record becomes more credible when weaker outcomes remain visible.
The 13.72% inception-to-date gain is the obvious headline. The drawdown and near-recovery create richer evidence because they show how the research cohort behaved when the path changed direction.
The drawdown contributes something different. It begins to show how the research cohort behaves when the path is no longer uniformly positive.
Within the O.P.E.N. Framework, this evidence sits across Exposure Discipline and Non-Fragility. Exposure Discipline asks what happened to drawdown and current risk during the loss. Non-Fragility asks how observed performance behaves across time, positions and regimes. The two-day near-recovery is now a real observation the record can build on.
The useful fact is simple: both the decline and recovery remain visible. Every new episode compounds the evidence instead of leaving the audience with a cropped performance headline.
What this record cannot yet tell us
Daily aggregate observations leave important questions unanswered.
The drawdown is calculated from one scheduled observation each day. Intraday losses may have been larger and are not measured by this record.
The public Index is also an aggregate. It does not reveal whether the decline was broad across the cohort or concentrated in a smaller number of strategies. It does not establish individual strategy capacity, liquidity, accessibility or implementation feasibility.
Twenty-seven observations remain an early record. Every additional drawdown, recovery and market regime expands the evidence available to evaluate persistence.
What to watch next
The value is in the longer sequence, not the next headline.
Watch whether later drawdowns show similar exposure control and recovery across different market regimes. Each episode will make comparison more useful.
Method and limitations
How to interpret the observation.
OSIQ 30 uses equal-weight Index construction and flow-adjusted, time-weighted constituent returns. The public record is based on official selected-strategy activity evidence. Constituent identities and cloneable thresholds are not published.
Index inclusion does not constitute an O.P.E.N. Profile, human-reviewed Strategy Passport assessment, investment recommendation, institutional approval or conclusion that a strategy is accessible or investable.
OSIQ 30 is a public research benchmark and is not currently investable.
Citation format
Cite this Index Research note.
Jun Hao, Teo. “A 1.69% Drawdown, Then a Near-Recovery.” OpenStrategy Research, 27 July 2026. Data through 27 July 2026, 00:05 UTC scheduled snapshot. https://openstrategy.trade/research/index/weekly-note-2026-07-27/