There was a post in 2016 listing returns for {ROEPLOW} and {ROIC}. I made SIP versions. {ROEPLOW} has inconsistent results, maybe because of the zero dividend criteria. {ROIC} might outperform the market by about 2. A ranked version {rankROTC} does better. Results (5 deep, 0.4% friction, 21 day hold):

Screen             CAGR  GSD  MDD  UI  Sharpe    From       To
ROEPLOW             12   28   -48  16   0.53   20060526  20160527
ROIC                 8   25   -59  26   0.43   20060526  20160527
ticker_SPY           7   23   -55  17   0.40   20060526  20160527
ROEPLOW_SI          14   24   -48  14   0.71   20060526  20160527
ROTC_SI             10   25   -57  22   0.50   20060526  20160527
SP1500EqualWeight    9   25   -60  14   0.45   20060526  20160527
rankROTC            12   26   -56  22   0.56   20060526  20160527
 
ROEPLOW_SI           6   22   -36  12   0.31   20131231  20231229
ROTC_SI             11   22   -42  14   0.55   20131231  20231229
SP1500EqualWeight    9   23   -42  8    0.49   20131231  20231229
rankROTC            12   24   -46  16   0.57   20131231  20231229
 
ROEPLOW_SI          13   30   -78  33   0.47   19870302  20240116
ROTC_SI             13   26   -60  22   0.52   19870302  20240116
SP1500EqualWeight   11   22   -60  11   0.50   19870302  20240116
rankROTC            16   28   -62  23   0.61   19870302  20240116

2016 results are from: Comparing GTR1 results and Weekly Trade Ledgers, 06/01/2016
http://www.datahelper.com/mi/search.phtml?nofool=y...

gtr1.net: GTR1 Backtester - ROEPLOW_SI
gtr1.net: GTR1 Backtester - ROTC_SI
gtr1.net: GTR1 Backtester - rankROTC_20240120_lizgdal

Define {ROEPLOW}
Uses [Domicile Code] [Div'd Yield] [% Retained to Common Equity] [Market Cap $ (Mil)] [Total Return 26-Week]
Deblank [Domicile Code] [Div'd Yield] [% Retained to Common Equity] [Market Cap $ (Mil)]
Keep :[Domicile Code]="us"
Keep :[Div'd Yield]=0
Keep :[% Retained to Common Equity]>20
Sort Descending [Market Cap $ (Mil)]
Top :15 PlusTies
Deblank [Total Return 26-Week]
Sort Descending [Total Return 26-Week]
; Top :5
End

Define {ROEPLOW_SI}
step0: [Security Type; lag=1 days] == 0,10,11,12,18,30,31,48
step1: [Mkt Days Since Security Opened; lag=1 days] >= 1265
step2: [MktCap] Top 1700
step3: country is U.S.
step4: [Div] == 0
step5: [Equity] > 0
step6: [ROE] > 0.2
step7: [MktCap] Top 15
step8: [Total Return % over 126 days; lag=1 days] Top 5

Define {ROIC}
Uses [Return on Total Capital] [Market Cap $ (Mil)] [Total Return 13-Week] [Total Return 26-Week] [Total Return 1-Year]
Deblank [Return on Total Capital] [Market Cap $ (Mil)]
Keep :[Return on Total Capital]>=25
Sort Descending [Market Cap $ (Mil)]
Top :20 PlusTies
Deblank [Total Return 13-Week] [Total Return 26-Week] [Total Return 1-Year]
Create [RSW] :.4*[Total Return 13-Week]+.3*[Total Return 26-Week]+.3*[Total Return 1-Year]
Sort Descending [RSW]
; Top :5
End

Define {ROTC_SI}
step0: [Security Type; lag=1 days] == 0,10,11,12,18,30,31,48
step1: [Mkt Days Since Security Opened; lag=1 days] >= 1265
step2: [MktCap] Top 1700
step3: [ROTC] > 0.25
step4: [Equity] > 0
step5: [MktCap] Top 20
step6: [RSW] Top 5

Define {rankROTC}
Create [sumRanks]: [[rMC] + [rROTC] + [rMo]]
step0: [Security Type; lag=1 days] == 0,10,11,12,18,30,31,48
step1: [Mkt Days Since Security Opened; lag=1 days] >= 1265
step2: [MktCap] Top 1700
step3: [Equity] > 0
step4: [sumRanks] Top 5