What is a live composite, and how is it different from a backtest?

A live composite here is the time-weighted return of actual Autopilot client accounts that follow a Portfolio, measured only from Autopilot launch. A backtest is a hypothetical path, often from before that launch. They are different objects. Averaging them produces a number that describes neither. Vendor pages may show the backtest. This site publishes the live composite.

As of 2026-08-18. Source: Measurement rule on this site; Congress Buys live composite versus vendor backtest.