2018–2025 Historical Composite
The full month-by-month series behind the Track Record.
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
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. 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: the record in context.
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