# Backtest and Benchmarking

Institutional capital allocators typically review a backtest: a quantitative evaluation of how a strategy would have performed in past market conditions. We’re excited to make this information available for Gauntlet USD Alpha.

### Backtest Including Pendle Markets

<figure><img src="https://2839649440-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FvnIVJ3cqsrJLuRhLmk6a%2Fuploads%2FYXDoPFNs2EbWGJI5MdHn%2Fpendle-chart-01.png?alt=media&#x26;token=a0a336e6-4bde-42c1-84ed-11de76f547e8" alt=""><figcaption></figcaption></figure>

### First Backtest

The backtest evaluated the initial strategy: a mix of Morpho vaults across Mainnet and Base with reinvested rewards for one year (to September 1, 2024) and 30-day relative performance. The benchmark consists of the USD yield opportunities tracked by vaults.fyi.&#x20;

* Vaults.fyi benchmark: 6.75% annualized APY since start, 4.48% t30d annualized&#x20;
* gtUSDa: 11.02% annualized return since start, 7.76% t30d annualized&#x20;

<figure><img src="https://2839649440-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FvnIVJ3cqsrJLuRhLmk6a%2Fuploads%2FNndgVE82xV3DcZiY9ILG%2FBacktest%20Performance%20by%20Size%20vs%20Benchmark.png?alt=media&#x26;token=2c658f5c-bb68-40e5-af9a-af63b213ec96" alt=""><figcaption></figcaption></figure>

<figure><img src="https://2839649440-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FvnIVJ3cqsrJLuRhLmk6a%2Fuploads%2FUR4we0liPt0SalYqZNJv%2F30%20Day%20Annualized%20Yield.png?alt=media&#x26;token=e9e9798e-3ca6-45cf-8cae-a0e56fe41d53" alt=""><figcaption></figcaption></figure>