What is the formula for Upmarket/Downmarket(Portfolio Compare with Benchmark/Monthly Performance mmm/yyyy - mmm/yyyy)

Average use the geometric average method

1. Outperform Rate(%)

2Average Value AddMonthly)

3. Average Outperform RateMonthly)

4. Average Underperform RateMonthly)

Example:

Date January February March Protfolio Return Benchmark Return 3% 2% 1% 2% 3% 2% 2% 4% 3% 3% 5% 3% 190 5% 3% 6% ril May June July August September October November December 1% 190 5% 190 8% 2%