{"schema_version":"v1","slug":"garman-klass-vol-jp-growth","name":"Garman-Klass Volatility Factor (JP Growth Stocks)","name_i18n":{},"verdict":"marginal","asset_class":"equity","categories":["anomaly","factor","volatility"],"hypothesis":"Garman & Klass (1980): OHLC-based volatility estimator more efficient than close-to-close. Tests low-volatility anomaly using GK vol: LONG lowest GK-vol stocks, SHORT highest GK-vol stocks. Baker, Bradley, Wurgler (2011): low-vol stocks earn higher risk-adjusted returns.","rejection_reason":{"primary":"no_edge","secondary":[],"narrative":"Across 320 grid combinations, median Sharpe=0.19, best=1.50. Primary failure mode: no_edge."},"target_universe":{"description":"Tokyo Stock Exchange Growth Market, ~495 stocks, tv >= 30M JPY","symbols":[]},"performance_summary":{"sharpe_median":0.1894,"max_drawdown_pct":-21.2,"win_rate":null,"alpha_annualized_pct":null,"p_value":0.45,"backtest_period":{"start":"2022-02-01","end":"2026-06-01"}},"grid_summary":{"sharpe":{"p25":-0.08,"p75":0.58,"best":1.5,"worst":-0.68,"median":0.19},"n_combinations":320},"methodology":{"notes":"{\"walk_forward_definition\": {\"type\": \"single_pass\", \"description\": \"Full period backtest without walk-forward split\", \"verdict_basis\": \"full_period\"}}","signal":null,"benchmark":null,"rebalance":null,"slippage_model":"open-on-open + variable bps fixed","position_sizing":"equal_weight","regime_definition":"N225 SMA20/SMA60 three-class","transaction_cost_bps":5},"provenance":{"data_source":"kabu STATION REST API + J-Quants daily bars","source_project":"qbuntu-analysis","computed_asof":"2026-07-30T01:20:51","git_sha_z":"18193e9","git_sha_genkidama":"711b855","python_version":"3.10.11","numpy_version":"2.2.6","pandas_version":"2.3.3","tier":"shallow"},"runs":[{"run_id":"r-garman-klass-vol-jp-growth-0000","name":"formation_days=10, holding_days=1, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":1,"formation_days":10},"performance":{"sharpe":1.33,"max_drawdown_pct":-7.8,"alpha_annualized_pct":13.1,"p_value":0.0064,"regime_breakdown":{"UP":1.709025,"DOWN":3.945336,"FLAT":1.048675}},"executed_at":"2026-07-30T01:03:14","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0001","name":"formation_days=10, holding_days=1, n_stocks=5, cost_bps=5, regime_gate=True","params":{"cost_bps":5,"n_stocks":5,"regime_gate":true,"holding_days":1,"formation_days":10},"performance":{"sharpe":0.95,"max_drawdown_pct":-10.9,"alpha_annualized_pct":7.4,"p_value":0.049,"regime_breakdown":{"UP":-1.116967,"DOWN":3.945336,"FLAT":1.048675}},"executed_at":"2026-07-30T01:03:14","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0002","name":"formation_days=10, holding_days=1, n_stocks=5, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":5,"regime_gate":false,"holding_days":1,"formation_days":10},"performance":{"sharpe":1.21,"max_drawdown_pct":-9.3,"alpha_annualized_pct":11.9,"p_value":0.013,"regime_breakdown":{"UP":1.611083,"DOWN":3.723157,"FLAT":0.913638}},"executed_at":"2026-07-30T01:03:14","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0003","name":"formation_days=10, holding_days=1, n_stocks=5, cost_bps=10, regime_gate=True","params":{"cost_bps":10,"n_stocks":5,"regime_gate":true,"holding_days":1,"formation_days":10},"performance":{"sharpe":0.81,"max_drawdown_pct":-12.2,"alpha_annualized_pct":6.4,"p_value":0.089,"regime_breakdown":{"UP":-1.510452,"DOWN":3.723157,"FLAT":0.913638}},"executed_at":"2026-07-30T01:03:14","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0012","name":"formation_days=10, holding_days=1, n_stocks=50, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":50,"regime_gate":false,"holding_days":1,"formation_days":10},"performance":{"sharpe":0.86,"max_drawdown_pct":-6,"alpha_annualized_pct":2.9,"p_value":0.072,"regime_breakdown":{"UP":0.20975,"DOWN":2.832269,"FLAT":1.064772}},"executed_at":"2026-07-30T01:03:15","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0018","name":"formation_days=10, holding_days=5, n_stocks=5, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":5,"regime_gate":false,"holding_days":5,"formation_days":10},"performance":{"sharpe":0.88,"max_drawdown_pct":-10.8,"alpha_annualized_pct":15.1,"p_value":0.066,"regime_breakdown":{"UP":3.842788,"DOWN":6.077077,"FLAT":0.193946}},"executed_at":"2026-07-30T01:03:15","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0032","name":"formation_days=10, holding_days=10, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":10,"formation_days":10},"performance":{"sharpe":0,"max_drawdown_pct":-30.9,"alpha_annualized_pct":0,"p_value":1,"regime_breakdown":{"UP":3.081375,"DOWN":-0.375303,"FLAT":-0.384693}},"executed_at":"2026-07-30T01:03:16","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0046","name":"formation_days=10, holding_days=10, n_stocks=50, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":50,"regime_gate":false,"holding_days":10,"formation_days":10},"performance":{"sharpe":-0.36,"max_drawdown_pct":-26.2,"alpha_annualized_pct":-3.6,"p_value":0.45,"regime_breakdown":{"UP":-1.188262,"DOWN":-0.671748,"FLAT":-0.080965}},"executed_at":"2026-07-30T01:03:17","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0060","name":"formation_days=10, holding_days=20, n_stocks=50, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":50,"regime_gate":false,"holding_days":20,"formation_days":10},"performance":{"sharpe":0.2,"max_drawdown_pct":-18.5,"alpha_annualized_pct":2.1,"p_value":0.68,"regime_breakdown":{"UP":-0.187194,"DOWN":0.518696,"FLAT":0.277001}},"executed_at":"2026-07-30T01:03:18","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0064","name":"formation_days=10, holding_days=60, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":60,"formation_days":10},"performance":{"sharpe":0.41,"max_drawdown_pct":-35.2,"alpha_annualized_pct":26.4,"p_value":0.16,"regime_breakdown":{"UP":2.296431,"DOWN":-0.765877,"FLAT":0.150343}},"executed_at":"2026-07-30T01:03:18","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0075","name":"formation_days=10, holding_days=60, n_stocks=20, cost_bps=10, regime_gate=True","params":{"cost_bps":10,"n_stocks":20,"regime_gate":true,"holding_days":60,"formation_days":10},"performance":{"sharpe":-0.09,"max_drawdown_pct":-43.9,"alpha_annualized_pct":-3.2,"p_value":0.76,"regime_breakdown":{"UP":-1.165132,"DOWN":-0.687458,"FLAT":0.066805}},"executed_at":"2026-07-30T01:03:19","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0080","name":"formation_days=20, holding_days=1, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":1,"formation_days":20},"performance":{"sharpe":1.5,"max_drawdown_pct":-5.6,"alpha_annualized_pct":14.5,"p_value":0.0023,"regime_breakdown":{"UP":1.40652,"DOWN":26.91652,"FLAT":1.431684}},"executed_at":"2026-07-30T01:03:19","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0090","name":"formation_days=20, holding_days=1, n_stocks=20, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":20,"regime_gate":false,"holding_days":1,"formation_days":20},"performance":{"sharpe":0.89,"max_drawdown_pct":-7.9,"alpha_annualized_pct":4.5,"p_value":0.063,"regime_breakdown":{"UP":0.234637,"DOWN":3.113748,"FLAT":1.094773}},"executed_at":"2026-07-30T01:03:20","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0104","name":"formation_days=20, holding_days=5, n_stocks=20, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":20,"regime_gate":false,"holding_days":5,"formation_days":20},"performance":{"sharpe":0.67,"max_drawdown_pct":-9.6,"alpha_annualized_pct":5.8,"p_value":0.16,"regime_breakdown":{"UP":0.210642,"DOWN":0.787607,"FLAT":0.819861}},"executed_at":"2026-07-30T01:03:21","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0118","name":"formation_days=20, holding_days=10, n_stocks=10, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":10,"regime_gate":false,"holding_days":10,"formation_days":20},"performance":{"sharpe":-0.28,"max_drawdown_pct":-38.3,"alpha_annualized_pct":-5.3,"p_value":0.55,"regime_breakdown":{"UP":-0.217373,"DOWN":-0.536255,"FLAT":-0.278758}},"executed_at":"2026-07-30T01:03:22","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0132","name":"formation_days=20, holding_days=20, n_stocks=10, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":10,"regime_gate":false,"holding_days":20,"formation_days":20},"performance":{"sharpe":0.39,"max_drawdown_pct":-25.7,"alpha_annualized_pct":9.3,"p_value":0.42,"regime_breakdown":{"UP":0.770834,"DOWN":0.046902,"FLAT":0.298173}},"executed_at":"2026-07-30T01:03:23","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0146","name":"formation_days=20, holding_days=60, n_stocks=5, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":5,"regime_gate":false,"holding_days":60,"formation_days":20},"performance":{"sharpe":0.19,"max_drawdown_pct":-41.8,"alpha_annualized_pct":11.2,"p_value":0.51,"regime_breakdown":{"UP":1.918435,"DOWN":-1.96114,"FLAT":-0.101257}},"executed_at":"2026-07-30T01:03:24","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0160","name":"formation_days=40, holding_days=1, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":1,"formation_days":40},"performance":{"sharpe":1.48,"max_drawdown_pct":-11.3,"alpha_annualized_pct":13.7,"p_value":0.0027,"regime_breakdown":{"UP":1.32792,"DOWN":3.460948,"FLAT":1.404017}},"executed_at":"2026-07-30T01:03:25","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0174","name":"formation_days=40, holding_days=1, n_stocks=50, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":50,"regime_gate":false,"holding_days":1,"formation_days":40},"performance":{"sharpe":0.25,"max_drawdown_pct":-9.2,"alpha_annualized_pct":0.9,"p_value":0.59,"regime_breakdown":{"UP":-0.292262,"DOWN":4.282399,"FLAT":0.289734}},"executed_at":"2026-07-30T01:03:25","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0188","name":"formation_days=40, holding_days=5, n_stocks=50, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":50,"regime_gate":false,"holding_days":5,"formation_days":40},"performance":{"sharpe":0.3,"max_drawdown_pct":-7.8,"alpha_annualized_pct":1.7,"p_value":0.53,"regime_breakdown":{"UP":-0.368935,"DOWN":1.170825,"FLAT":0.517859}},"executed_at":"2026-07-30T01:03:26","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0202","name":"formation_days=40, holding_days=10, n_stocks=20, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":20,"regime_gate":false,"holding_days":10,"formation_days":40},"performance":{"sharpe":-0.13,"max_drawdown_pct":-27.5,"alpha_annualized_pct":-1.9,"p_value":0.79,"regime_breakdown":{"UP":-0.536007,"DOWN":-1.304746,"FLAT":0.092735}},"executed_at":"2026-07-30T01:03:27","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0216","name":"formation_days=40, holding_days=20, n_stocks=20, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":20,"regime_gate":false,"holding_days":20,"formation_days":40},"performance":{"sharpe":0.49,"max_drawdown_pct":-18.4,"alpha_annualized_pct":8,"p_value":0.31,"regime_breakdown":{"UP":0.445063,"DOWN":-0.060965,"FLAT":0.553666}},"executed_at":"2026-07-30T01:03:28","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0230","name":"formation_days=40, holding_days=60, n_stocks=10, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":10,"regime_gate":false,"holding_days":60,"formation_days":40},"performance":{"sharpe":0.37,"max_drawdown_pct":-30.8,"alpha_annualized_pct":17.2,"p_value":0.2,"regime_breakdown":{"UP":1.154741,"DOWN":-1.478366,"FLAT":0.30364}},"executed_at":"2026-07-30T01:03:29","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0240","name":"formation_days=60, holding_days=1, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":1,"formation_days":60},"performance":{"sharpe":1.23,"max_drawdown_pct":-12,"alpha_annualized_pct":11.9,"p_value":0.012,"regime_breakdown":{"UP":1.029751,"DOWN":-0.367086,"FLAT":1.516345}},"executed_at":"2026-07-30T01:03:30","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0245","name":"formation_days=60, holding_days=1, n_stocks=10, cost_bps=5, regime_gate=True","params":{"cost_bps":5,"n_stocks":10,"regime_gate":true,"holding_days":1,"formation_days":60},"performance":{"sharpe":1.22,"max_drawdown_pct":-7.8,"alpha_annualized_pct":6.9,"p_value":0.013,"regime_breakdown":{"UP":-1.181182,"DOWN":1.333811,"FLAT":1.609435}},"executed_at":"2026-07-30T01:03:30","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0259","name":"formation_days=60, holding_days=5, n_stocks=5, cost_bps=10, regime_gate=True","params":{"cost_bps":10,"n_stocks":5,"regime_gate":true,"holding_days":5,"formation_days":60},"performance":{"sharpe":0.56,"max_drawdown_pct":-10.8,"alpha_annualized_pct":7.2,"p_value":0.25,"regime_breakdown":{"UP":-0.915588,"DOWN":-0.085553,"FLAT":0.775098}},"executed_at":"2026-07-30T01:03:31","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0273","name":"formation_days=60, holding_days=10, n_stocks=5, cost_bps=5, regime_gate=True","params":{"cost_bps":5,"n_stocks":5,"regime_gate":true,"holding_days":10,"formation_days":60},"performance":{"sharpe":-0.43,"max_drawdown_pct":-56.9,"alpha_annualized_pct":-10,"p_value":0.38,"regime_breakdown":{"UP":-1.186893,"DOWN":-0.603607,"FLAT":-0.40943}},"executed_at":"2026-07-30T01:03:32","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0283","name":"formation_days=60, holding_days=10, n_stocks=20, cost_bps=10, regime_gate=True","params":{"cost_bps":10,"n_stocks":20,"regime_gate":true,"holding_days":10,"formation_days":60},"performance":{"sharpe":-0.68,"max_drawdown_pct":-47,"alpha_annualized_pct":-9.7,"p_value":0.16,"regime_breakdown":{"UP":-0.229343,"DOWN":-1.363557,"FLAT":-0.695016}},"executed_at":"2026-07-30T01:03:33","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0288","name":"formation_days=60, holding_days=20, n_stocks=5, cost_bps=5, regime_gate=False","params":{"cost_bps":5,"n_stocks":5,"regime_gate":false,"holding_days":20,"formation_days":60},"performance":{"sharpe":0.19,"max_drawdown_pct":-42.5,"alpha_annualized_pct":5.7,"p_value":0.7,"regime_breakdown":{"UP":4.774569,"DOWN":0.901033,"FLAT":-0.553451}},"executed_at":"2026-07-30T01:03:33","notes":null},{"run_id":"r-garman-klass-vol-jp-growth-0302","name":"formation_days=60, holding_days=20, n_stocks=50, cost_bps=10, regime_gate=False","params":{"cost_bps":10,"n_stocks":50,"regime_gate":false,"holding_days":20,"formation_days":60},"performance":{"sharpe":-0.05,"max_drawdown_pct":-23.1,"alpha_annualized_pct":-0.6,"p_value":0.92,"regime_breakdown":{"UP":0.191818,"DOWN":0.932799,"FLAT":-0.226314}},"executed_at":"2026-07-30T01:03:34","notes":null}],"facts":[{"fact_id":"garman-klass-vol-jp-growth-fact-avg-corr-down","strategy_slug":"garman-klass-vol-jp-growth","claim":"Average monthly return correlation with other strategies in DOWN regime: -0.01","value":-0.0071,"value_text":null,"unit":"correlation","context":"Pairwise Pearson correlation of monthly returns across 42 strategies, filtered to DOWN regime months (N=3, N225 < SMA20 < SMA60)","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'-0.01':11 '3':27 '42':19 'across':18 'averag':1 'correl':4,14 'filter':21 'month':2,16,25 'n':26 'n225':28 'pairwis':12 'pearson':13 'regim':10,24 'return':3,17 'sma20':29 'sma60':30 'strategi':7,20","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-avg-corr-down"},{"fact_id":"garman-klass-vol-jp-growth-fact-avg-corr-full","strategy_slug":"garman-klass-vol-jp-growth","claim":"Average monthly return correlation with other strategies (full period): 0.01","value":0.0111,"value_text":null,"unit":"correlation","context":"Pairwise Pearson correlation of monthly returns across 42 strategies, full backtest period","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'0.01':10 '42':18 'across':17 'averag':1 'backtest':21 'correl':4,13 'full':8,20 'month':2,15 'pairwis':11 'pearson':12 'period':9,22 'return':3,16 'strategi':7,19","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-avg-corr-full"},{"fact_id":"garman-klass-vol-jp-growth-fact-best-sharpe","strategy_slug":"garman-klass-vol-jp-growth","claim":"Best grid Sharpe ratio is 1.50 (p=0.0023).","value":1.5,"value_text":null,"unit":"sharpe_ratio","context":"period 2022-02-01–2026-06-01; cost=5bps","supports_verdict":"marginal","source_run_id":"r-garman-klass-vol-jp-growth-0080","search_tsv":"'-01':12,15 '-02':11 '-06':14 '0.0023':8 '1.50':6 '2022':10 '2026':13 '5bps':17 'best':1 'cost':16 'grid':2 'p':7 'period':9 'ratio':4 'sharp':3","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-best-sharpe"},{"fact_id":"garman-klass-vol-jp-growth-fact-median-sharpe","strategy_slug":"garman-klass-vol-jp-growth","claim":"Median Sharpe across 320 grid runs is 0.19.","value":0.19,"value_text":null,"unit":"sharpe_ratio","context":"Full grid of 320 parameter combinations.","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'0.19':8 '320':4,12 'across':3 'combin':14 'full':9 'grid':5,10 'median':1 'paramet':13 'run':6 'sharp':2","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-median-sharpe"},{"fact_id":"garman-klass-vol-jp-growth-fact-regime-down","strategy_slug":"garman-klass-vol-jp-growth","claim":"Median Sharpe in DOWN regime is -0.04 across 320 runs.","value":-0.04,"value_text":null,"unit":"sharpe_ratio","context":"Regime=DOWN, N225 SMA20/SMA60 classification.","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'-0.04':7 '320':9 'across':8 'classif':15 'median':1 'n225':13 'regim':5,11 'run':10 'sharp':2 'sma20/sma60':14","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-regime-down"},{"fact_id":"garman-klass-vol-jp-growth-fact-regime-flat","strategy_slug":"garman-klass-vol-jp-growth","claim":"Median Sharpe in FLAT regime is 0.17 across 320 runs.","value":0.17,"value_text":null,"unit":"sharpe_ratio","context":"Regime=FLAT, N225 SMA20/SMA60 classification.","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'0.17':7 '320':9 'across':8 'classif':15 'flat':4,12 'median':1 'n225':13 'regim':5,11 'run':10 'sharp':2 'sma20/sma60':14","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-regime-flat"},{"fact_id":"garman-klass-vol-jp-growth-fact-regime-up","strategy_slug":"garman-klass-vol-jp-growth","claim":"Median Sharpe in UP regime is -0.30 across 320 runs.","value":-0.3,"value_text":null,"unit":"sharpe_ratio","context":"Regime=UP, N225 SMA20/SMA60 classification.","supports_verdict":"marginal","source_run_id":null,"search_tsv":"'-0.30':7 '320':9 'across':8 'classif':15 'median':1 'n225':13 'regim':5,11 'run':10 'sharp':2 'sma20/sma60':14","cite_url":"https://qbuntu.ai/cite/garman-klass-vol-jp-growth-fact-regime-up"}],"related_strategies":[],"tags":["volatility","garman-klass","factor","anomaly","growth-market","grid-search"],"_links":{"self":"https://qbuntu.ai/v1/strategies/garman-klass-vol-jp-growth","html":"https://qbuntu.ai/strategies/garman-klass-vol-jp-growth","markdown":"https://qbuntu.ai/ai/strategies/garman-klass-vol-jp-growth.md"}}