This chart is a measure of consistency of excess returns.
What does the chart show?
The chart shows the number of months with positive excess returns divided by the total number of months. Total Period Consistency shows outperformance for all months within the specified periods, Up Period Consistency shows outperformance when the benchmark is rising while Down Period Consistency shows outperformance when the benchmark is falling.
How to interpret the chart
A high Consistency number indicates that the investment is consistent in delivering Excess Returns. Defensive strategies tend to have higher Down Period consistency than Up Period Consistency, and vice versa.
When to use the chart
This chart is useful in assessing if the fund is consistent in delivering excess returns relative to a benchmark.