> 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

<figure><img src="/files/a2eW3kkbHhEHangjHLwP" 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.

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

<figure><img src="/files/lBzbbCwC45122iyV6hRg" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/ULmmeipw8J0ZfHuDn95I" alt=""><figcaption></figcaption></figure>


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