> For the complete documentation index, see [llms.txt](https://vaultbook.gauntlet.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vaultbook.gauntlet.xyz/vaults/gauntlet-usd-alpha-vault/backtest-and-benchmarking.md).
# 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
### 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.
* Vaults.fyi benchmark: 6.75% annualized APY since start, 4.48% t30d annualized
* gtUSDa: 11.02% annualized return since start, 7.76% t30d annualized
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