The devil is really in the details on how the orders were executed in the backtest, slippage, etc. Instead of comparing to the S&P 500 I'd love to see it benchmarked against a range of active strategies, including common non-AI approaches (e.g. mean reversion, momentum, basic value focus, basic growth focus, etc.) and some simple predictive (non-generative) AI models. This would help shake out whether there is selection alpha coming out of the models, or whether there is execution alpha coming out of the backtest.