Updated October 2026. Overview › Performance shows a portfolio's cumulative return over any period and splits it into factors, alpha and residual, with the factors that helped and hurt most.
Performance or Risk overview.
Date range: MTD, 1M, 3M, 6M, YTD, 1 Year, 3 Years or a custom range.
Risk model used for every number in the portfolio.
Cumulative returns: Total, Alpha, Factor and Residual. Click a chart to update the contributors for that day.
Top factor contributors: the factors that added and subtracted the most. Click a name to open its factor profile.
Factor return: how the factor itself did over the period.
Cumulative total return = Factors + Alpha + Residual. Residual captures rate, currency, ETF and other effects. A Trading component appears only if you upload per-security P&L (see Per-security P&L).
Prefer dollars? Use Analyze › Factors (Display › Currency performance), the Analyze › Trends % / currency toggle, or the dashboard's Factors module (Display › Currency Performance).
New to this? What the split means
New to this? What the split means
Factor return is what shared drivers (the market, sectors, style traits such as Momentum) did to your book, given your exposure to them. Alpha is what's left that comes from each company's own news: the part stock picking drives. A strong period that's mostly factor return means you rode the market or a theme rather than out-picked it.
Active vs. absolute
Use the active toggle (the half-filled circle at the top right) to show returns relative to the portfolio's benchmark index or portfolio. Active return is your return minus the benchmark's, attributed the same way.
Changing the model or benchmark
The risk model and benchmark apply across the portfolio's Overview, Analyze, Rebalance and Dashboard pages. See Portfolio operations. To get access to other models or benchmarks, including custom benchmarks, contact [email protected].
Methodology notes
Methodology notes
Daily returns are holdings-based: each day's closing positions are held through the next day.
Cumulative % returns compound daily returns; components are linked (Frongello) so they add up to the total. Cumulative $ returns are the plain sum of daily dollar P&L, so the two can rank factors differently when the book's size changes.