How we measure performance
Plain-language disclosure for allocators reviewing live and backtest numbers on this site.
Live returns
- Live performance is sourced directly from the executing broker API (account equity history). Returns shown on /track-record are simple cumulative returns anchored at account inception: (current equity − starting equity) / starting equity.
- This is not time-weighted return (TWR) or money-weighted return (MWR). External cash flows are not applicable while accounts are firm-funded proprietary sleeves.
- Live Sharpe, Sortino, max drawdown, volatility, beta, and win rate are computed from daily equity changes over the live period only, annualized with √252 trading days.
- Live risk metrics do not subtract a risk-free rate in the headline dashboard; backtest metrics use the stated risk-free rate from the tearsheet.
Fees and costs
- All live returns displayed on this site are gross of management fees, performance fees, and fund expenses.
- Indicative investor fee schedules appear on /investors and /faq; actual fees are set in definitive offering documents.
- Live fills reflect broker-reported execution prices. Slippage vs arrival price is not separately modelled on the public dashboard.
Benchmarks
- SPY, QQQ, and GLD benchmark series are rebased to 100 at each model’s live start date for comparison.
- Benchmark daily bars use the IEX feed via the broker data API where available; GLD history may supplement via Yahoo Finance.
- When today’s daily bar is stale, the latest snapshot price is appended so charts reflect current session activity.
Backtest vs live (Alpha only)
- Alpha’s full-history chart splices hypothetical backtest data (Feb 2020 – live start) with live broker equity from 2026-01-16. The live series is re-anchored at the transition date so the chart does not show a discontinuity.
- Backtest results are hypothetical, generated by applying the strategy rules to historical data. They do not represent actual trading and may not reflect slippage, fees, liquidity, or market impact.
- Bravo Balanced and Bravo Aggressive are live-only models with no published backtest on this site.
Data freshness
- Portfolio summaries refresh on a 15–30 second cache. Client pages poll every 30–60 seconds.
- Each live activity snapshot includes a generated-at timestamp. Verification hashes are internal response fingerprints, not third-party attestations.
Not financial or legal advice. No offer or solicitation. High risk. Seek independent advice. See Terms and risk disclosures.
Questions? Submit an allocator inquiry or email info@qentari.com.