Performance

What Performance is for

Performance explains the financial and trading outcome of the selected Run Output. It combines point metrics, path behavior, costs, trade distributions, and contribution views without hiding the scope or assumptions behind them.

Read Overview and Validation first so you know which run, fidelity, and evidence depth the metrics describe.

Read the main outcome together

Summary evidence includes the applicable core values for Strategy and Portfolio runs:

• starting and ending capital;
• gross and net profit;
• total return;
• maximum drawdown in currency and percent;
• return-to-drawdown measures;
• trade count, wins, losses, and scratches;
• win rate, expectancy, average and largest wins and losses;
• profit factor, Sharpe, Sortino, Calmar, R-multiple, and SQN where applicable;
• exposure, holding periods, gaps, sessions, and long/short split;
• commissions, fees, slippage, and total cost drag; and
• annualized return and volatility when the run has sufficient duration and the metric contract applies.

Unavailable metrics remain unavailable. Results does not replace a missing value with zero or borrow a calculation from another run.

Reconcile profit and costs

1. Establish which currency and capital base the run uses.
2. Compare gross profit with commissions, fees, slippage, and other retained costs.
3. Confirm that net profit and ending capital reconcile with the recorded cash-flow convention.
4. Compare long and short results separately.
5. Inspect the equity and drawdown path for when losses occurred and how long recovery took.
6. Use individual positions and trades when an aggregate cannot be explained.

For a Portfolio, open Strategy Attribution and Risk & Exposure to understand which Strategy Configurations and risk allocations produced the account-level result.

Read distributions and path behavior

Performance can include:

• trade P&L and R-multiple distributions;
• holding-period and bars-held distributions;
• winning and losing trade summaries;
• period-by-period P&L;
• drawdown depth and duration;
• exit-reason or module contribution; and
• Strategy or Configuration contribution for coordinated Portfolios.

Look for concentration in a small number of trades, periods, markets, or members. A strong average can hide a weak median or a result dominated by one outlier.

Read Portfolio performance

Portfolio Summary adds the coordinated account measures that apply to its policy:

• turnover and cost-adjusted return;
• gross, net, and open-risk exposure;
• admission and participation rates;
• risk-rule violations;
• Strategy and risk-bucket attribution; and
• risk-scaling and member-contribution summaries.

The account total is the primary Portfolio outcome. Member rows explain contribution; they should not be summed or compared without checking their allocation, overlap, and shared-capital treatment.

Compare two runs fairly

Keep these inputs aligned before calling one run better than another:

• exact Strategy or Portfolio version;
• Dataset, Prepared Data, instruments, and time window;
• parameters, weights, and Portfolio policy;
• execution model and effective fidelity;
• starting capital, sizing, and shared-capital rules;
• fees, slippage, latency, and fill assumptions;
• Summary or Robust depth; and
• retained-detail profile.

If the inputs differ, describe a scenario comparison rather than a direct performance ranking.

Missing, short, or unusual samples

Results identifies no-trade, insufficient-sample, unavailable, and blocked states separately. Annualized or risk-adjusted metrics require enough appropriate observations. Nonpositive capital, irregular gaps, unresolved cash flows, or missing price history can make a metric inapplicable.

Do not calculate a replacement from rounded values in the page. Use the retained exact outputs or a Notebook when an independent reconciliation is required.