"Hear (sic) are year by year results for the 40 HTD 60 backtest, the version without dividends.
Includes reinvested dividends, and allows 0.4% per round trip for trading costs.

Period     Screen    S&P      Diff
   1997      32.2     27.9     4.3
   1998      42.8     34.5     8.3
   1999      16.3     18.4    -2.1
   2000      23.9    -10.8    34.7
   2001      -6.3     -8.0     1.7
   2002     -16.5    -18.9     2.4
   2003      23.0     23.0     0.0
   2004      15.3      8.9     6.3
   2005      10.4      7.5     2.9
   2006      16.7     13.8     2.9
   2007       6.1      1.9     4.3
   2008     -27.8    -32.9     5.1
   2009      39.5     25.5    14.0
   2010      20.5     14.2     6.3
   2011       4.2      2.5     1.7
   2012      14.7     17.1    -2.5
   2013      28.7     27.6     1.0
   2014      18.7     12.9     5.8
   2015       1.5      1.9    -0.4
   2016      18.5     14.4     4.1
   2017      31.5     21.8     9.7
   2018      -2.7     -3.5     0.9
   2019      34.5     29.9     4.6
   2020      31.0     16.9    14.1
Jan-Mar      13.7      9.8     3.8 (not annualized)

Overall      14.8      9.3     5.5
So, from the backtest anyway, when it underperforms it usually isn't by much.
The long run advantage is heavily flattered by 2000. Best to ignore that.
In reality I wouldn't expect an advantage of more than 3 points as a wild guess."