{"version":"v1.0","published_at":"2026-08-13","summary":"Performance is computed from the platform's own order, fill and position rows under this versioned definition. No figure is supplied by a user, an admin, or a strategy author, and no backtest result is ever presented as a realised track.","inputs":["trading.order_fills — every fill the book wrote, strategy or ticket","trading.order_events — the deployment timeline; counted only where no order_fills row carries the same fill, so a fill written to both tables is measured once","trading.equity_curve — end-of-session marks, when the venue has written them","strategy.backtest_metrics — the reference backtest, shown only as a backtest"],"formula":{"net_pnl":"Σ(sell notional) − Σ(buy notional) − Σ(fees), in integer minor units. Fees are the full country fee stack as charged, never a bps estimate.","equity_series":"End-of-session marks from trading.equity_curve when present (basis EOD_MARK); otherwise starting capital plus the cumulative realised cash flow of the fill spine (basis REALISED_CASH_FLOW), which does not mark an open position to market. The basis in force is reported beside every figure derived from it.","total_return":"last(equity) / first(equity) − 1","cagr":"(last/first) ^ (365 / days) − 1","sharpe":"(mean(R) − r_f) / stdev(R) × sqrt(252) over the equity series' period returns, with r_f = 0 (see risk_free_rate).","max_drawdown":"min over the series of (equity / running peak − 1)","win_rate":"closed round trips with net P&L > 0, over all closed round trips","profit_factor":"Σ gross profit / Σ gross loss over closed round trips","raw_return":"annualised, time-weighted return of the track (cagr)","risk_penalty":"1 / (1 + realised_volatility), realised_volatility = stdev(R) × sqrt(252)","drawdown_penalty":"1 − 0.5 × min(1, |max_drawdown| / raw_return)","concentration_penalty":"1 − 0.3 × herfindahl, herfindahl = Σ(wᵢ²) over per-instrument shares of gross contribution; applied only when the top 3 exceed 50% of the book","sample_penalty":"min(1, sample / sample_floor)","skill_score":"raw_return × risk_penalty × drawdown_penalty × concentration_penalty × sample_penalty, expressed as a percentage","implementation_gap":"reference (backtest) return − realised return"},"weights":{"volatility_multiplier":1.0,"drawdown_multiplier":0.5,"concentration_multiplier":0.3,"concentration_top3_threshold":0.5},"minimum_track_length_days":90,"low_sample_trades":30,"sample_floor":{"DEPLOYERS":60,"OWN_TRADES":30},"risk_free_rate":0.0,"risk_free_note":"RISK_FREE_ASSUMED_ZERO","risk_free_rationale":"The metrics catalog requires r_f as a per-period series from the country pack. This deployment ingests no risk-free series, so r_f = 0 and every figure derived from it carries the RISK_FREE_ASSUMED_ZERO note. A Sharpe computed at r_f = 0 is NOT comparable with a published Sharpe that subtracts a T-bill; it is an upper bound on it.","gap_decomposition":{"delay":"return between the reference fill and the deployment's order intent","drift":"return between the order intent and its fill in the simulated venue","partial":"contribution of reference legs the deployment did not take","sizing":"contribution of position sizing differing from the reference weights"},"quality_flags":[{"key":"low_sample","meaning":"fewer than 30 closed round trips — every trade statistic is shown with a caveat rather than bare"},{"key":"short_track","meaning":"fewer than 90 days of track — no skill score is published"},{"key":"no_eod_marks","meaning":"no end-of-session marks exist, so the equity series is realised cash flow and open positions are not marked to market"},{"key":"RISK_FREE_ASSUMED_ZERO","meaning":"no risk-free series available for the span; ratios use r_f = 0"}],"not_computed_from":["any value supplied by a user, an admin, or a strategy author","any backtest result presented as a realised track","any provider or third-party performance report"],"changelog":[{"version":"v1.0","date":"2026-08-13","change":"Initial published methodology."}],"deprecated":true}