How to evaluate day trading / RV trading risk-adjusted return?

Would a MM Hedge Fund look at that with Sharpe Ratio? But I am thinking a day trading portfolio’s return is quite different from that of deploying a fixed capital to a stock for a few years. Second question is whether annualisation makes sense at all.

I used the typical Sharpe formula of AverageReturn/StandardDeviationOfReturn*Sqrt(t) over time horizon t for a day trading portfolio of 1year, 1 trade per day. If I choose t=52 (use weekly returns), Sharpe_w=3.6, if i choose t=252 (daily returns), Sharpe_d = 4.7. The ratio seem too good to be true and the difference due to different annulisation seem huge.

More interestingly, if I project the return to 8 years and using yearly returns (ie no annualisation needed), Sharpe becomes 14.

Would be grateful for any input.

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