01Descriptive resultMarkets / Data Investigation
The Calendar Is Not a Catalyst
A cross-asset investigation into magnitude, frequency, and the limits of seasonal evidence
- Question
- Does a recurring calendar-month average provide enough evidence to treat the month itself as a market catalyst?
- Hypothesis
- A seasonal pattern deserves attention only when magnitude, positive frequency, and sample size reinforce one another across related markets.
- Method
- Compare monthly mean returns, positive hit rates, and observation counts across the eight markets in the recurring seasonality dataset.
- Result
- The calendar is useful for framing a question, but no monthly average is sufficient on its own to establish a present-tense catalyst.
- Counterargument
- A recurring month can still provide useful conditional context when a current catalyst, explicit risk level, and independent evidence point the same way.
- Limitation
- Even the longest series in this investigation has only fifteen annual observations, and newer listings have fewer.
- Version
- 1.0, 2026
- Reproduction
- Download the source dataset