--- title: "Analysis" description: "What a strategy's Analysis shows: ten views of one backtest, from capital growth and every metric to the projection cone and whether the result could be luck." canonical_url: "https://fincanva.com/docs/analysis" last_updated: "2026-10-11" md_url: "https://fincanva.com/docs/analysis.md" --- # Analysis A [strategy](/glossary/strategy)'s **Analysis** is where you read what its [backtest](/glossary/backtest) produced: ten tabs on the same run, from how the capital grew to whether the result could be luck. In the app these are its tabs: touch one. Analysis in the app: Capital Growth, Trade History, Performance Metrics, Monthly Returns, Sub-strategy Weights, Sub-strategies, Start-Date Sensitivity, Correlations, Projection, Robustness — each is a group below. ## Capital Growth The capital over the whole backtest against your [benchmark](/glossary/benchmark), and how to move between the tabs — some of which depend on your plan. - [Find your way around a strategy's Analysis tabs](/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs): A strategy's Analysis reads one backtest through ten tabs, from Capital Growth to Robustness; open the strategy and choose Analysis to move between them. Key terms: [Equity curve](/glossary/equity-curve), [Final value](/glossary/final-value), [CAGR](/glossary/cagr), [Max drawdown](/glossary/max-drawdown), [Capital chart](/glossary/capital-chart). [All 15 terms](/glossary?subject=analysis&group=capital-growth) ## Trade History Everything the backtest traded: each [symbol](/glossary/instrument), position and trade. - [Read a strategy's trade history](/docs/analysis/read-a-strategy-s-trade-history): The Trade History tab lists everything a strategy's backtest traded — each symbol, then each position in it, then each trade — with Gross, Costs and Net at every level. Key terms: [Positions detail drill-down](/glossary/positions-detail-drill-down), [Positions summary table](/glossary/positions-summary-table), [Realized vs open P&L](/glossary/realized-vs-open-p-l), [Total P&L](/glossary/total-p-l). [All 5 terms](/glossary?subject=analysis&group=trade-history) ## Performance Metrics Every figure of the run beside its benchmark, overall and year by year; like every figure in Analysis, they follow the [simulation assumptions](/glossary/simulation-assumptions) — costs, taxes, reinvested profits. - [What every number in Performance Metrics means](/docs/analysis/what-every-number-in-performance-metrics-means): Performance Metrics turns your backtest into a table of return, drawdown, volatility, worst-day and monthly figures; here is each row, in the order the app shows it, with its convention. - [Compare a strategy with its benchmark in Performance Metrics](/docs/analysis/compare-a-strategy-with-its-benchmark-in-performance-metrics): Performance Metrics sets every figure of your strategy beside the same figure for its benchmark, over the same dates: in Summary for the whole period and in By year for each calendar year. Key terms: [Metrics table](/glossary/metrics-table), [Sharpe ratio](/glossary/sharpe-ratio), [Sortino ratio](/glossary/sortino-ratio), [Volatility](/glossary/volatility), [Fincanva score](/glossary/fincanva-score), [Return-to-drawdown ratio](/glossary/return-to-drawdown-ratio). [All 35 terms](/glossary?subject=analysis&group=performance-metrics) ## Monthly Returns Each month's return in a grid of years, with each year's total, deepest fall and [NP/DD](/glossary/return-to-drawdown-ratio). - [Reading the monthly returns heatmap](/docs/analysis/reading-the-monthly-returns-heatmap): The Monthly Returns tab lays your strategy's return for every month in a grid, one row per year, with each year's Total, DD and NP/DD on the right. Key terms: [Months matrix](/glossary/months-matrix), [Positive months](/glossary/positive-months), [Best month and worst month](/glossary/best-month-and-worst-month), [Monthly and yearly average](/glossary/monthly-and-yearly-average). [All 9 terms](/glossary?subject=analysis&group=monthly-returns) ## Sub-strategy Weights On a [Combined](/glossary/combined), how the money was split between its strategies. Key terms: [Allocations chart](/glossary/allocations-chart). [All 1 terms](/glossary?subject=analysis&group=sub-strategy-weights) ## Sub-strategies On a Combined, what each strategy contributed and cost. Key terms: [Strategy analytics](/glossary/strategy-analytics), [Contribution analytics](/glossary/contribution-analytics). [All 2 terms](/glossary?subject=analysis&group=sub-strategies) ## Correlations How strategies move with each other and with the big markets; on a Combined, part of the tab reads the strategies inside it. Key terms: [Correlation matrix](/glossary/correlation-matrix), [Rolling correlation](/glossary/rolling-correlation). [All 2 terms](/glossary?subject=analysis&group=correlations) ## Start-Date Sensitivity How much of the result was the day it started. Key terms: [Start-date sensitivity](/glossary/start-date-sensitivity), [Return windows](/glossary/return-windows). [All 2 terms](/glossary?subject=analysis&group=start-date-sensitivity) ## Projection A range of values the strategy could reach in one to five years — not a forecast. - [See where a strategy could go with the Projection tab](/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab): The Projection tab draws a cone of values a strategy could reach one to five years ahead, built from the daily returns its backtest has already lived — the spread its past makes plausible, never a forecast. Key terms: [Projection cone](/glossary/projection-cone). [All 2 terms](/glossary?subject=analysis&group=projection) ## Robustness Whether the result could be luck, and how it bears a stress scenario. - [Test how much to trust a backtest with the Robustness tab](/docs/analysis/test-how-much-to-trust-a-backtest-with-the-robustness-tab): The Robustness tab questions a backtest instead of reporting it: Backtest reliability asks whether the result could be luck, and Stress test replays the same history under a scenario you choose. Key terms: [Backtest reliability](/glossary/backtest-reliability), [Stress test](/glossary/stress-test). [All 9 terms](/glossary?subject=analysis&group=robustness) ## Frequent questions - [What does a tab outside my plan show?](/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#what-does-a-tab-outside-my-plan-show) - [Why do my figures say they are gross of costs?](/docs/analysis/find-your-way-around-a-strategy-s-analysis-tabs#why-do-my-figures-say-they-are-gross-of-costs) - [Why does a row read n/a, or AAGR instead of CAGR?](/docs/analysis/what-every-number-in-performance-metrics-means#why-does-a-row-read-na-or-aagr-instead-of-cagr) - [How far ahead does my plan let me project?](/docs/analysis/see-where-a-strategy-could-go-with-the-projection-tab#how-far-ahead-does-my-plan-let-me-project) - [How is the Robustness tab different from the Projection tab?](/docs/analysis/test-how-much-to-trust-a-backtest-with-the-robustness-tab#how-is-the-robustness-tab-different-from-the-projection-tab) Fincanva is for education and illustration only. It is not personalised financial advice, and past or simulated results do not predict future ones. [Read the Terms Addendum](https://fincanva.com/terms/addendum#section-3)