Core Viewpoint - The article discusses the performance of various CTA (Commodity Trading Advisor) strategies in 2023, highlighting the significant differences in returns among different sub-strategies and the impact of market conditions on these performances [10][18]. Strategy Environment - The overall volatility in the commodity market in 2023 was relatively low compared to the previous two years, with specific events causing temporary spikes in volatility [10][12]. - The market experienced a mix of trends, with a clear upward trend in commodities following the "anti-involution" sentiment in July, but subsequently entering a phase of oscillation and correction [13][16]. Performance Analysis Top Performers - The best-performing strategy was the composite CTA strategy, which integrates multiple sub-strategies to adapt to varying market conditions, achieving strong absolute returns [20]. - Long-term trend-following strategies also performed well, effectively filtering out short-term noise and capturing significant trends in precious metals and industrial commodities [21][22]. Underperformers - Short to medium-term trend strategies struggled due to their reliance on weekly signals, which often led to losses as market reversals occurred shortly after trend identification [24]. - Stock index CTA strategies performed poorly overall, primarily due to low volatility and insufficient trend continuity throughout the year [25]. - Subjective trend CTA strategies showed mixed results, heavily dependent on the fund managers' ability to accurately interpret market trends [26]. Future Outlook - The article suggests that the value of CTA strategies lies not only in crisis alpha but also in the diverse trading methods that provide high Sharpe ratios [27]. - For a better holding experience, it is recommended to choose composite CTAs, while those optimistic about commodity market opportunities in the coming year may consider private commodity index enhancements [28].