Cash-flow replay
Cash-flow replay takes every deposit and withdrawal you made and repeats it into an index tracker on the same date and for the same amount. The result is a second history that follows your schedule exactly and holds none of your choices. Comparing the two removes timing from the question, because both sides received the same money on the same days.
Why it matters
A simple index percentage is not a fair opponent for an investor who paid in monthly. If your contributions happened to land before a strong stretch, your own result flatters you; if they landed before a weak one, it punishes you, and neither says anything about your selection. Replaying the flows puts both portfolios on the same footing, so what remains between them is the effect of what you bought rather than when you happened to have money.
How BullBenchmark shows it
We build the comparison this way rather than quoting an index return over a fixed calendar period, using the deposits and withdrawals we read from your own export. Because the replay follows your dates, the comparison stays valid for a portfolio that started mid-year, paused for two years and resumed. The replayed line is drawn next to the portfolio line in the live demo.
Related terms
Ghost portfolio · Benchmark · Money-weighted return (MWR)
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