Score Calculation
The total USD value of each Participant's competition account is recorded once daily. All figures below derive from that daily record together with the Participant's deposits and withdrawals.
1. Daily return
r(t) = ( V(t) − F(t) ) ÷ V(t−1) − 1
V(t) = account value at the end of day t
F(t) = deposits minus withdrawals during day t
Funds transferred into or out of an account are never treated as investment return.
2. Absolute Portfolio Return
Return = (1 + r(1)) × (1 + r(2)) × … × (1 + r(n)) − 1
The Participant's daily returns compounded across the Trading Period.
3. Realized Volatility
Volatility = √( Σ ( r(t) − r̄ )² ÷ (n − 1) )
The sample standard deviation of the daily returns, where r̄ is their mean and n is the number of daily returns. The figure is not annualized.
4. Risk-Adjusted Return
Risk-Adjusted = Return ÷ Volatility
Expressed as a ratio rather than a percentage.
5. Percentile
Percentile = (rank − 1) ÷ (n − 1) × 100
Each metric is ranked across all qualified Participants, where rank is the Participant's position counting upward from the lowest and n is the number of qualified Participants. The highest-ranked Participant scores 100 and the lowest-ranked scores 0. Identical values receive identical scores.
6. Composite Score
Composite = (0.50 × Risk-Adjusted Percentile) + (0.50 × Return Percentile)
Participants finishing the Trading Period with a negative return rank below all Participants with a positive return, regardless of Composite Score.
Worked example
Return = 1.1000 × 1.0909 × 0.8846 − 1 = +6.15%
Volatility = stdev(0.1000, 0.0909, −0.1154) = 12.18%
Risk-Adjusted = 0.0615 ÷ 0.1218 = 0.51
On day 2, equity increased by $200, of which $100 was a deposit. The daily return is therefore 9.09% rather than 18.18%.
Trading volume does not affect the Composite Score. It determines the portion of the prize pool unlocked and serves as a tie-breaker.
Absolute Portfolio Return and Risk-Adjusted Return can be calculated by a Participant from their own account data. Percentile and Composite Score are relative to all qualified Participants and will change as other Participants' results change, including on days when a Participant does not trade.
†Disclosures: $0 commission refers to AndX execution fees. All trades are subject to a market spread. Additional third-party costs, such as blockchain network (gas) fees and intermediary bank fees for deposits or withdrawals, may apply. AI-driven risk features are currently in phased rollout and may be subject to beta testing terms.