The Performance Overview evaluates how returns on an Account or group of aggregated accounts have been achieved. Performance is measured for a specified time period e.g. Year-to-date, which measures performance from the beginning of the year to the previous day's end-of-day.
The Performance Overview assesses performance using the following measures:
Account Value
The change in Account Value provides a summary of the difference between the Account Value at the beginning of an investment period (e.g. the beginning of the year) and the Account Value at the end of the investment period (e.g. the previous day's end-of-day). Factors such as Position P/L, other bookings etc. impact the end-of-period Account Value.
Instrument Profit & Loss
Shows the daily profit of each position held in the Account. The instrument profit and loss calculation includes realised (made from closing positions) and unrealised (resulting from changes in the price of open positions) profits, and capital gains and costs (including fees, dividends, coupon payments and other corporate action distributions).
It measures the daily change in a position's value, from the beginning of the trading day to the end of the trading day; making adjustments for external cash flows and security transfers. Cash inflows and security deposit transfers impact the value of a position positively, while cash outflows and security withdrawal transfers are subtracted from the end-of-day position value.
Returns
Returns are measured as a rate of return and as risk-adjusted returns.
The rate of return calculates the net profit or loss observed each day on an Account, over a specified investment period. These returns include realised (made from closing positions) and unrealised (increase in Account Value from changes in the price of open positions) profits, and capital gains and costs (including fees, dividends, coupon payments and other corporate action distributions). These returns can be measured against a benchmark to make a comparison as to whether an Account has outperformed or underperformed, relative to benchmark returns.
The risk-adjusted returns measure how much risk was involved in generating the returns observed realised returns) within a given investment period. When Accounts with similar returns are measured against each other, the Account with the lowest risk outperforms the Account with higher risk. This is because the lower risk Account achieved the same returns at a lower risk. Such risk-adjusted measures include Standard Deviation, Maximum Drawdown, Sharpe ratio and Sortino Ratio.
Cash
The change in Cash provides a summary of the difference between the Cash at the beginning of an investment period (e.g. the beginning of the year) and the Cash at the end of the investment period (e.g. the previous day's end-of-day). Factors such as Position Bookings, cash transfers etc. impact the end-of-period Cash.