Buy & hold % gain

The percentage change in the asset's price from the moment the strategy's first position was opened until the final bar of the test period. This represents the total growth (or decline) of the underlying security on a relative basis.

Exclusions: This is a "passive" calculation. It does not account for active trading. It simply measures the market's movement over time.

Strategic value: This is your primary "yardstick" for relative performance. If your strategy’s Net Profit % is significantly higher than this value, your strategy has generated "Alpha" (outperformed the market).

Reference Point: Unlike the dollar-based Return, this percentage remains constant regardless of your starting capital, making it ideal for comparing different backtests.

Calculation Formula

This is the percentage difference between the asset price at the end of the test and the price at the start.