Benchmarking methodology

OLTA publishes two references because no single benchmark answers both questions an allocator asks of an actively-constructed basket. BTC is the single-asset reference · it reads the dominant crypto risk premium and answers did you beat just holding Bitcoin. OCBE100 is the diversified-passive reference · it reads the equal-weight 100 baseline and answers did your construction earn its keep against a naive diversification. An active basket competes against both. This mirrors the convention used by institutional crypto research desks (Bitwise, Galaxy Digital, CoinShares), where the BTC line and a broad-basket line are reported side by side on every fund factsheet.

Bitcoin is the institutional default for crypto performance comparison · every fund deck quotes against it. The risk-adjusted profile of BTC depends materially on the window an analyst selects · Sharpe over inception is not Sharpe over the last 5 years. We surface all four canonical anchors below so the comparison is honest about start-date convention. The headline figure on each Backtest panel uses the rolling 5y window, the same convention adopted by Galaxy Digital research and the Bitwise BITW factsheet.

OCBE100 is an equal-weighted composite of the 100 most liquid crypto assets in the OLTA universe, drawn from the Binance Spot allowlist with stablecoins and gold-pegged tokens excluded so the basket stays tradeable at institutional scale. Reconstitution is monthly · the constituent list freezes for the month and is reviewed on the first business day. NAV is computed by the same divisor method as any other basket, so the benchmark and the indices it benchmarks share identical math.

OCBE100 is a control group, not a target. It tells an allocator what an undifferentiated long exposure to the broad market would have returned over the same window. An active basket that does not clear OCBE100 net of rebalance cost is not earning its construction premium · either the weighting scheme adds no risk-adjusted return, or the constituent universe is the wrong one for the regime. Either finding is useful. The OCBE100 entry lives at the bottom of lib/prices.js as a self-contained block · NAV is a free side-effect of the existing price pipeline, with no parallel infrastructure.

Every vs-BTC and vs-OCBE100 delta is sliced to the basket's own backtest window, never to a global fixed window. A basket with 67 days of history is compared against the same 67 days of BTC and OCBE100 · a basket with 5 years of history is compared against the same 5 years. Mixing windows would contaminate the delta with a regime difference that has nothing to do with the construction being evaluated · a 2020 anchor captures a different macro regime than a 2024 anchor, and the resulting Sharpe delta would mostly read that mismatch rather than any property of the basket.

The same rule applies across timeframe tabs. When the BacktestPanel switches to the 6m or 3m view, the BTC and OCBE100 references shown alongside are recomputed on that same trailing window. A basket can look like a hero against BTC on the 2y window and a laggard on the 3m window not because the construction changed but because the benchmark moved differently in those two regimes. Reading both is the point.

The vs-benchmark strip reports three numbers per reference · total-return delta, Sharpe delta, max-drawdown delta. A +120% total-return delta against BTC over a 5y window means the basket compounded to roughly twice the dollar outcome of holding Bitcoin flat across that span, before any rebalance cost. A Sharpe delta of +0.4 means the basket delivered the same return per unit of volatility as the benchmark plus an extra 0.4 · in institutional terms, a meaningful efficiency improvement that survives noise on a multi-year sample.

Drawdown reads the other direction. A deeper drawdown than the benchmark is worth taking only when the Sharpe delta is clearly positive · the basket has to be earning more return per unit-of-risk despite the deeper pit. A basket with a worse drawdown and a comparable or worse Sharpe is paying for downside without compensation. The reverse pattern · a shallower drawdown with a comparable Sharpe · is the institutional definition of an improved risk profile, even when the headline return is similar. The vs-BTC and vs-OCBE100 columns are designed to be read together · BTC tells you about the crypto beta you bypassed, OCBE100 tells you about the diversification premium you earned.