Hey Ignacio, thanks for staying with me here. Apologies for what’s ahead hehe:

Let’s zoom out. In my last post I (thought) understood the tools to look at past divergence (“backtest” + “investors’ tab divergence chart: Divergence in %”) so I was asking about a different thing: The “divergence-investors chart”.

Back to my initial question which hasn’t been answered.

The “Monthly divergence” is an estimation of the Future divergence for the next month (next 20 trading days?), correct?

**During the next 20 trading days, Darwinex estimates, THA will suffer an accumulated divergence of -0.41% for that period. Am I interpreting it correctly?**
One way I am using this number is to have a rough calculation on the estimated future annual divergence: I would do -0.41%*12 (monthly estimated divergence * 12 = yearly estimated divergence)…

- QUESTION 3 (related to your last reply). This is what I understood so far: There are two ways to look at past real divergence for a Darwin, Backtest and “investors’ tab divergence chart named [Divergence in %]”. What I understand from your last reply is that, of these two tools,
**backtest is more reliable/accurate**, correct?

The next findings are a bit confusing, may be a got something wrong, apologies if that’s the case. Since you implied one method being more reliable than the other, I wanted to see the differences:

**A) Backtest**: From 14thJan to 11thFeb shows THA had, as Divergence, the difference between 2.15% and 1.85%: **-0.30% Divergence.**

**B) “investors’ tab divergence chart named [Divergence in %]”:** From 14thJan to 11thFeb shows THA had a **Divergence of -0.97%**. **More than 3 times more than the other method.**

If I do the same comparison but on a period of a year (making sure I substract the performance fee, in the Back test method). The difference is much smaller but still significant:

**A) Backtest method: -7.63%**

*Calculation: The difference in % between the backtest and THA’s performance is 10.18% (19.47%-9.29%), of which -2.5534% correspond to performance fees. Hence, the past divergence through this method would be the difference of both numbers: -7.63%*
**B) “investors’ tab divergence chart named [Divergence in %]”: -10.10%**