Unified returns basis
Explains how PnL Plus keeps returns comparable when history moves from reconstructed balance to measured equity or NAV.
What it is. Returns are calculated on one chain adjusted for capital flows. Deposits, withdrawals, broker credits, sub-account transfers, security transfers and the first measured NAV transition are treated as flows, not performance.
Why it matters. Without a single basis, a deposit, withdrawal or first current-market-value jump could look like return or drawdown. This is especially important for Exante and IBKR histories: before monitoring, the system may only reconstruct booked balance from account operations; after monitoring starts, broker-measured NAV includes open positions and revaluation.
How it works here. For MT4/MT5 the basis is equity when measured, with reconstructed equity between measured points when needed. For Exante/IBKR, history before the first measured NAV uses realized booked balance from transactions; from the first measured NAV onward it uses measured NAV. The difference at the transition is disclosed and excluded from return as a synthetic flow, so unknown pre-monitoring unrealized P&L is not counted as fresh performance.
How we compute it
Each capital flow splits the curve into segments. In each segment we compare ending value with starting value after the flow, then compound the segments into TWR and VAMI from a starting value of 1000. For investment accounts, the difference between the first measured NAV and the previous booked balance is treated as a synthetic flow at the transition point.