> 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](/files/EvKLnRpoFs5SdnfoInD2) 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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/historical-track-record/long-run-composite.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.