Performance Page

Alpha Vaults's performance metrics are taken from on-chain data.

It can be independently verified by anyone.

Performance Charts

Alpha Vaults track the vault's performance at each Rebalance - it is therefore an approximation to the real time performance. To track the real time performance, users will need to track the USD value of their deposits.

There is a performance chart for every vault, measuring:

The performance versus holding the assets

Example of a performance chart in Alpha Vaults

This chart tracks the vault's Net Performance* versus the performance if depositors did not deposit into the vault (ie holding the assets). The blue line shows the vault's performance during the period, and the dotted line shows the performance if depositors just held the assets.

*Net Performance = Fees Income Performance - Capital Loss - Protocol Fees - Manager Fees

For example:

The chart above shows the WETH/USDT 0.05% vault's Net Performance is 8.24%** better than holding the assets from 17th February to 25th June. This is an annualized performance of 23.5%.

**101.33/93.61 - 1

Performance versus hold can vary significantly between periods, because it is based on the token ratio at the start of the period.

The full-range performance chart (see below) is a performance metric that do not depend on the token ratio.

The performance versus a full-range position

This chart tracks the vault's Net Performance* versus the performance if depositors deposit into a full-range position, assuming the fees income for a full-range position is negligible. The grey line ('Benchmark') in the chart above shows the performance of a Full-Range Position.

For example:

The chart above shows the WETH/USDT 0.05% vault's Net Performance is 8.49%** better than a Full-Range Position from 17th February to 25th June. This is an annualized performance of 24.23%.

**101.33/93.40 - 1

The vault's token ratio

This tracks the token ratio within the vault, and indicates how much of each asset is required for deposits, and what assets will be returned after withdrawing.

The vault's liquidity distribution

This is the % of liquidity within the vault that's held in the base order, limit order, and full range. It's a useful indicator of the vault's risk.

With all else being equal, a vault is more risky if it has a low full range %, and more % deposited into a narrower range (determined by the baseThreshold and limitThreshold).

For example, the vault above has 4.3% in full-range, 56.8% in a limit range, and 38.9% in a base range. The vault is quite risky because 38.9% of its liquidity is in a narrower base range. It will have higher risk of Capital Loss, but can also earn higher Fees Income.

Verifying the performance

If you wish to verify the performance, or to build you own performance charts, you can:

Use the Alpha Vaults subgraph

This is how the Alpha Vaults front-end tracks performance. It uses the Alpha Vaults subgraph to index information from the blockchain, and specifically, the events emitted by the Core Contracts.

Directly querying the contract

The real time performance of a vault can be tracked by querying the following contract methods:

• getTotalAmount() - this gets the total amount of tokens held by the vault.
• totalSupply()- this is the total number of vault shares that has been minted.

and then calculate the % difference between Value Per Share* to get the performance between 2 dates.

*Value per Share = getTotalAmount() x spot price / getTotalSupply())