Are we being paid for the risk we take? That is the single question Kenneth Grant's Trading Risk organizes everything around — not "how much did we make," but "how much did we make relative to the risk borne, and is that edge real, repeatable, and survivable." This page measures the AQI model book against that lens, rebuilt every mark cycle from the live curve, the closed-trade log, and current exposure.

1 · Performance & risk-adjusted returns

Return per unit of risk is the numerator of the whole framework. Over 38 trading days the book has earned +$285,908 (22.87% of the $1.25M base) at +$2,357/day against $11,612 of daily volatility.

P&L by trading day of the month. Each bar is the Nth trading day of the month (1–21), stacked by month so the calendar pattern compounds as new months land — Grant's time-based P&L view, testing whether particular days of the cycle consistently pay.

2 · Drawdown discipline

Drawdown — not volatility — is what ends books. The worst peak-to-trough was -$71,209 (5.7% of NAV) over 1 days; the current drawdown is -$13,609. Calmar (return ÷ max drawdown) is 4.0.

Underwater curve — distance below the running high-water mark at every mark.

3 · P&L distribution & attribution

The shape of the edge across 564 closed trades: a 66% hit rate paired with a 1.19× payoff ratio produces a positive expectancy of +$545 per trade. Positive skew (1.95) says the winners tail out further than the losers.

Attribution — which strategies actually earn the edge:

4 · Exposure, VaR & the alpha-vs-beta test

Exposure is measured on a margin-blended basis — cash value for equities and options, but margin for futures, because a copper future is a margin instrument (~$5.5k of margin per lot), not $167k of cash. Gross runs 42% of NAV, net 20%. The largest single position is 7.0% (AMGN long 200 - Daily Testing (Open & Go)).