> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fincept.in/llms.txt
> Use this file to discover all available pages before exploring further.

# Back-tests

> Back-tests of trading policies on your own history with a market simulator that charges spreads, market impact, per-share fees and holding costs: single- and multi-period optimisation policies with constraints, and rule-based policies (hold, equal weight, fixed weights, rebalancing, rank long-short, market portfolio), with every performance metric, drawdown, turnover, leverage, cost breakdown and weights over time.

Toolset `mpo_backtest`: 2 tools.

| Tool | What it does | Notes |
| - | - | - |
| `mpo_backtest` | Back-tests a single-period (planning\_horizon 1) or multi-period optimisation policy on your history: at each date it maximises the objective (forecast return minus weighted risk, transaction and holding costs) under the constraints, trades the first step and pays the market's costs in the simulator. | |
| `mpo_backtest_rules` | Back-tests one or several rule-based policies side by side on your history with the market simulator and its costs: hold, all cash, equal weight, volume-weighted market portfolio, fixed weights or dated targets, periodic, proportional or drift-triggered (adaptive) rebalancing, rank long-short on a signal, fixed trades. | |

Inputs, limits and outputs are described in [Fincept Multi-Period](/guides/fincept-multi-period). Full schemas: `fincept_describe_tool`.


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