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I would agree with that

Just but there is a fine line between all candidates and final choices..

many systems mine included roughly take the smallest SP first; which introduce a bias mostly to small caps..

[rough approximation the smaller the SP the smaller the company..]

if ranking is doing most of the filtering vs the selective being done for a smaller pool of candidates l, it can make a big difference;

Hope I convey my thoughts?

Anyway, I agree that the total number of trades possible vs nb of trades taken is indeed statistically relevant