> back tested it shows significantly lower variance Not sure what you're using as the measure of variance, but Morningstar found DCA has higher variance in IRR

> back tested it shows significantly lower variance Not sure what you're using as the measure of variance, but Morningstar found DCA has higher variance in IRR: https://www.morningstar.com.au/learn/article/the-dollar-cost-averaging-myth-why-lump-sum-i/197410 https://www.morningstar.com.au/learn/article/the-dollar-cost... > These are not mutually exclusive. One can lump sum all into the lowest risk allocation and then risk on over time I never said they were mutually exclusive, just that it is suboptimal.