Short answer: Yep.
Long answer: If the market is consistently on an uptrend, lump sum definitely beats DCA.
But if the market is on a downtrend, DCA beats lumpsum.
How about if the market fluctuates and ends at the same price as at the start of your investment? (assuming the start and end of investment period is the same price)
Consider the following simplified example: 1st mth: 1k at $1 = 1000units 2nd mth: 1k at $1.1 = 909units 3rd mth: 1k at $0.9 = 1111units 4th mth 1k at $1 = 1000units
Total number of units: 4020units for 4k ($0.995 per unit) Compared to lump sum where its 4000units for 4k ($1 per unit)
Simplified example, but the idea is there
Hence DCA is advised because we wouldnt accurate guess where the market is heading
Other advantages include
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