So you’ve rejected the hypothesis that his portfolio has the same distribution of returns as the SPY. Looks reasonable, because his portfolio does not track the

So you’ve rejected the hypothesis that his portfolio has the same distribution of returns as the SPY. Looks reasonable, because his portfolio does not track the S&P 500. Congratulations! The QQQ (Nasdaq 100) also generates alpha without any doubt then, as does the SPUU (leveraged S&P 500).