One approach to answering the question is to find out what yacht owners use. For many, many years the product of choice was Epiphanes, a marine spar varnish made in The Netherlands. It remains, in my opinion, the standard by which others are judged. I have never been disappointed with the appearance and durability of Epiphanes varnish. I have used Sikkens Cetol, and also General Finishes 450, and they are both superior products and worth consideration. The main drawback to Epiphanes is the application process, which is time consuming. The manufacturer recommends seven (that's correct - 7) coats for the initial application. The first few are cut with decreasing amounts of thinner, and the last 2 or 3 are unthinned. Also, they recommend the high gloss finish as the most durable. If you want a satin finish, then a couple of coats of the satin finish are applied over the gloss.
With that being said, I have been happy with Sikkens and General Finishes on some other projects, but do not have the many years of results to evaluate as I do with the Epiphanes. I would definitely not recommend the "spar varnishes" or polyurethanes that you find at the big box stores. None of the mentioned products are inexpensive, but the initial cost is more than compensated for by the durability. Of course, this is just my own personal experience, but based upon over 40 years of using various products. Hope this helps.