> For the complete documentation index, see [llms.txt](https://docs.axis.to/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record/long-run-composite.md).

# 2018–2025 Historical Composite

{% hint style="warning" %}
**This is prior trading performance, not onchain protocol results.** It is not a track record of USDx or sUSDx and not a forecast of sUSDx yield.
{% endhint %}

The full month-by-month series behind the [Track Record](/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record.md).

![Monthly return by year](https://2477139792-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1qpxd00p4nKGSXWm7QiH%2Fuploads%2Fgit-blob-6599341f45c669ffb40e3486c376c053073a72c3%2Fmonthly-grid.svg?alt=media)

77 months, July 2018 to December 2024. Compounded, this is **360.7% cumulative**.

The May 2022 month is shown rather than smoothed. It is the largest monthly loss in the record, it sits inside the industry-wide contraction of that period, and the book recovered without gating or suspending redemptions.

## Basis of every figure

* **Return basis.** Gross, before fees. No net-of-fees figure is published, because that requires a stated fee schedule matched to the period and none is reconcilable to this series.
* **Observation frequency.** Monthly. Annual and cumulative figures are compounded from these observations, not annualized from a mean.
* **Drawdown basis.** Monthly. Does not establish maximum intraday, daily, or position-level loss.
* **Realization.** Historical realized results, not simulated, and not a live onchain protocol result.
* **Comparability.** Compare against another record only when period, compounding convention, gross-versus-net treatment and risk-free-rate convention all match.

## Capital structure

| Segment       | Period    | Structure                                             |
| ------------- | --------- | ----------------------------------------------------- |
| Proprietary   | 2018–2021 | Own capital plus lenders at fixed and variable rates  |
| Licensed fund | 2022–2025 | External investor capital alongside partners' capital |
| Axis          | 2026–     | Protocol-sourced capital                              |

The same core team ran the book across all three. The 2022 transition was a licensing decision, not a change of strategy.

## Coverage

The monthly series ends December 2024. Trading continued into July 2025 and is reflected in the volume and market-share figures on the [Track Record](/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record.md). The intervening months are not published here pending reconciliation to the same basis as the rest of the series, rather than being estimated.

## Read next

* [Track Record](/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record.md): the record in context.


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