diff --git a/scripts/research/combo_leverage_sim.py b/scripts/research/combo_leverage_sim.py
new file mode 100644
index 0000000..d14871e
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+++ b/scripts/research/combo_leverage_sim.py
@@ -0,0 +1,74 @@
+"""Simulazione LEVA 1x/2x/3x su COMBO (TP01+GTAA) e TP01-solo, da $2k e $5k.
+
+Leva modellata onestamente: ritorno_giorno = L*r - (L-1)*financing/252 (costo del nozionale preso a
+prestito ~8%/anno blended: perp funding crypto + margin IB). MaxDD calcolato sul PERCORSO LEVATO REALE
+(non scalato: il compounding peggiora il DD oltre ×L). Check RUINA/margin-call: se l'equity tocca la
+soglia di liquidazione (perdita cumulata >= 1/L del picco -> margin call).
+
+CLAUDE.md: la leva NON e' la scorciatoia; raddoppia (e oltre) il drawdown. Caso base = 1x.
+"""
+import sys
+from pathlib import Path
+import numpy as np, pandas as pd
+ROOT = Path(__file__).resolve().parents[2]
+sys.path.insert(0, str(ROOT)); sys.path.insert(0, str(ROOT / "scripts" / "research"))
+from combo_yearly_report import combo_daily
+from src.portfolio.sleeves import _tp01_returns
+
+FIN = 0.08   # costo finanziamento annuo sul nozionale preso a prestito (perp funding + margin IB), blended
+
+
+def lever(ret: pd.Series, L: float) -> pd.Series:
+    return L * ret - (L - 1) * FIN / 252.0
+
+
+def analyze(ret: pd.Series, L: float, cap0: float):
+    r = lever(ret.dropna().sort_index(), L)
+    curve = cap0 * np.cumprod(1 + r.values)
+    peak = np.maximum.accumulate(curve)
+    dd = (peak - curve) / peak
+    maxdd = float(np.max(dd))
+    # margin call: perdita dal picco >= 1/L (a leva L, un drawdown del sottostante di 1/L azzera il margine)
+    ruin = bool(np.any(dd >= 1.0 / L - 1e-9)) if L > 1 else False
+    yrs = (r.index[-1] - r.index[0]).days / 365.25
+    cagr = (curve[-1] / cap0) ** (1 / yrs) - 1 if yrs > 0 and curve[-1] > 0 else -1
+    sh = float(r.mean() / r.std() * np.sqrt(252)) if r.std() > 0 else 0
+    worst_y = min((np.prod(1 + r[r.index.year == y].values) - 1) for y in sorted(set(r.index.year)))
+    return dict(L=L, final=float(curve[-1]), cagr=cagr, maxdd=maxdd, sharpe=sh, ruin=ruin,
+                worst_y=float(worst_y), perday=(curve[-1] - cap0) / yrs / 365)
+
+
+def main():
+    print("=" * 92)
+    print("  LEVA su COMBO vs TP01-solo — percorso reale (fin 8%/anno sul prestito), 2019-2026 (~7.3y)")
+    print("=" * 92)
+    strat = {"COMBO TP01+GTAA": combo_daily(), "TP01 solo (crypto)": _tp01_returns()}
+    for nm, r in strat.items():
+        if r.index.tz is None:
+            r.index = r.index.tz_localize("UTC")
+    for cap0 in (2000.0, 5000.0):
+        print(f"\n  ##### capitale iniziale ${cap0:,.0f} #####")
+        print(f"  {'strategia':20}{'leva':>5}{'CAGR':>8}{'MaxDD':>8}{'Sharpe':>8}{'pegg.anno':>10}{'$/giorno':>10}{'eq fine':>12}{'  RUINA?':>9}")
+        for nm, r in strat.items():
+            for L in (1, 2, 3):
+                a = analyze(r, L, cap0)
+                flag = "MARGIN-CALL" if a["ruin"] else "ok"
+                print(f"  {nm:20}{L:>4}x{a['cagr']*100:>7.1f}%{a['maxdd']*100:>7.1f}%{a['sharpe']:>8.2f}"
+                      f"{a['worst_y']*100:>9.1f}%{('$'+format(a['perday'],',.0f')):>10}{('$'+format(a['final'],',.0f')):>12}{flag:>11}")
+    # per-anno del COMBO a 2x e 3x da 2k (dettaglio)
+    print(f"\n  ##### COMBO per-anno a leva, da $2.000 #####")
+    cd = combo_daily()
+    for L in (2, 3):
+        print(f"\n  --- COMBO {L}x ---")
+        print(f"  {'anno':6}{'PnL %':>9}{'MaxDD %':>9}{'eq fine':>11}")
+        eq = 2000.0; r = lever(cd, L)
+        for y in sorted(set(r.index.year)):
+            ry = r[r.index.year == y]
+            if len(ry) < 5: continue
+            eq0 = eq; curve = eq0 * np.cumprod(1 + ry.values); peak = np.maximum.accumulate(curve)
+            ddp = float(np.max((peak - curve) / peak)); eq = float(curve[-1])
+            print(f"  {y:<6}{(eq/eq0-1)*100:>+8.1f}%{ddp*100:>8.1f}%{('$'+format(eq,',.0f')):>11}")
+
+
+if __name__ == "__main__":
+    main()