vs Benchmark (Alpha)

How your Time-Weighted Return compares to a passive index over the same period — the default benchmark is the S&P 500, but you can change it. Positive alpha means your decisions (stock selection, timing, weighting) outperformed simply holding the index; negative means the index would have done better.

This is a fair comparison specifically because it uses TWR, not IRR — both your return and the benchmark's return are measured the same way, independent of your personal deposit timing.