Generate controlled variants.
Branch from a base portfolio. Each variant changes one asset, allocation, contribution, or rebalancing decision.
THE CORE WORKFLOW
One base portfolio.Multiple controlled variants.
Generate several variants from one comparison, change a single variable in each, and compare which configuration performs best under the criteria you choose.
See what drove the difference.
Trace an advantage to the periods and assets that created it—not just the summary metric that made it look convincing.
Test whether the conclusion holds.
Change the start date, market regime, allocation range, and assumptions before you decide a result is reliable.
FIVE WAYS TO READ A COMPARISON
What Is Portfolio Comparison?
Portfolio comparison means evaluating two or more portfolios under the same rules. A useful portfolio comparison does not only ask which portfolio ended higher. It asks which allocation produced the return, how much risk came with it, and whether the result depended on one favorable market period.
01Outcome
How much did each portfolio finish with?
Ending value, annualized return, and money-weighted return reveal the result after contributions.
02Downside
What did the investor have to endure?
Maximum drawdown, recovery time, and the worst periods make the cost of the return visible.
03Path
Was one portfolio easier to hold?
Volatility and rolling results show whether the experience was consistently different or only different at the end.
04Consistency
Would another start date change the answer?
Nearby parameters, start dates, and market conditions reveal whether the result remains consistent or changes easily.
05Cause
Where did the difference come from?
A period-by-period and asset-by-asset breakdown separates a broad advantage from one unusually favorable episode.
BASE 10% TO GLD
FULL WINDOW+1.7 ptsshallower maximum drawdownPrimary driver · GLD allocation
2020-062026-07
DIFFERENCE BREAKDOWN
Understand when and why two backtests diverged.
Trace a difference to specific market periods and asset contributions. Avoid treating a summary return as the whole explanation.
- Identify periods that created the advantage
- Separate asset contribution from allocation effects
- Measure what was gained and what was sacrificed