| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | IPHA | SPY | Δ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 · ytd | +4.6% | −6.3% | −25.4% | +12.5% | +27.1% | +0.5% | −1.1% | — | — | — | — | — | +4.0% | +7.5% | −3.5pp |
| 2025 | −0.5% | +15.8% | −16.0% | +25.3% | −1.8% | −17.1% | +16.3% | +2.4% | −10.6% | +2.1% | −1.0% | −10.3% | −4.9% | +17.7% | −22.6pp |
| 2024 | −4.3% | −2.2% | +9.9% | −19.8% | +18.6% | −29.2% | +10.6% | +7.0% | −0.2% | −17.4% | −18.6% | +19.5% | −34.3% | +24.9% | −59.2pp |
| 2023 | −7.6% | −14.4% | −3.4% | +3.5% | −0.3% | +4.6% | −4.4% | −0.9% | −13.1% | −2.4% | −2.8% | +16.7% | −24.9% | +26.2% | −51.1pp |
| 2022 | −16.9% | −10.0% | −1.5% | −14.6% | −7.3% | +1.5% | +18.5% | −16.2% | −25.4% | +7.5% | +0.0% | +73.5% | −18.2% | −18.2% | −0.0pp |
| 2021 | +0.0% | +12.2% | −6.1% | −1.6% | −7.8% | −15.9% | +0.9% | +9.6% | +69.5% | −6.0% | −14.5% | −8.1% | +11.5% | +28.7% | −17.2pp |
| 2020 · part | — | — | — | — | −14.5% | +5.4% | −11.3% | +2.2% | −38.2% | +14.3% | +21.6% | −23.4% | −46.2% | +18.3% | −64.5pp |
A month’s return is its month-end close over the prior month-end’s, so a year’s figure is exactly the product of its twelve monthly cells — no separate annualisation, no resampling. A blank cell means no return exists for that month (the series had not started, or it is the very first month-end, which has nothing to be measured against). Blank is never zero.
Basis. IPHA is on the total return (splits + dividends) basis, SPY on the total return (splits + dividends) basis. Both columns are on the same basis, so the Δ column is a like-for-like difference.
Partial years. A year marked “ytd” or “part” does not cover the full calendar year: either the stored history starts inside it (the figure is measured from the first month-end present) or the data stops before December (the figure runs through the last stored close). The row’s own tooltip names the exact boundary. It is never dressed up as a calendar-year return.
End of day. These are stored end-of-day closes, and the window is anchored on the LAST stored bar rather than today’s date — so the newest row ends where the data ends. Nothing here is intraday.
