> For the complete documentation index, see [llms.txt](https://docs.dexponent.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dexponent.com/sharpe-consensus.md).

# Performance and transparency

Evaluate a DTF using its strategy, net share-value history, costs and risks together. A high return over a short period does not establish a repeatable strategy.

Useful measures include:

* NAV and NAV per share, with an observation time.
* Returns over clearly stated periods.
* Drawdown and volatility where enough data exists.
* Holdings or positions, liquidity and concentration.
* Fees, deposits and withdrawals that affect the displayed figures.

Availability of each measure depends on the beta screen and data coverage. Do not treat an empty chart as evidence of zero risk.

The earlier “Sharpe Consensus” concept is not an active verifier or reward mechanism in this beta. Performance data is not a guarantee or certification.

See [benchmarking](/sharpe-consensus/performance-benchmarking.md) and [checking performance records](/sharpe-consensus/proof-of-returns.md).