You can create a rules based index out of anything. Defining a strategy and making an index out of it doesn't invalidate the strategy.
When people say "the market", they are referring to the S&P 500. If a rules based strategy beats the S&P500, then it is outperforming the market. If it's offered as a mutual fund, then that fund is beating the market too
When people say "the market", they are referring to the S&P 500. If a rules based strategy beats the S&P500, then it is outperforming the market. If it's offered as a mutual fund, then that fund is beating the market too