Benchmark framework

Did the research beat doing nothing?

A benchmark exists to answer one question — and the answer depends on what 'doing nothing' looks like for each reader. Acies reports against both passive baselines, separately, in every monthly recap. Never combined, blended, or averaged.

Benchmark 1 · US-based readers

S&P 500 Total Return

The passive baseline for a US investor: price appreciation plus dividends reinvested.

Benchmark 2 · Mexican & LatAm readers

CETES 28-Day (USD-adjusted)

The peso risk-free rate, adjusted for USD/MXN movement — the honest USD opportunity cost of holding CETES.

The honest adjustment

Why CETES is USD-adjusted

Because all Acies performance is reported in USD, the peso risk-free rate is adjusted for exchange-rate movement. If the peso depreciates against the dollar, the USD-equivalent CETES return is lower than the peso nominal return — reflecting what a Mexican investor actually received in USD by staying home.

USD-Equivalent CETES Return = (1 + CETES nominal rate) × (USD/MXNstart ÷ USD/MXNend) − 1

Every monthly recap

Three figures, side by side

Acies Paper PortfolioCumulative USD return from inception, paper performance, gross of friction.
S&P 500 TR (USD)Cumulative S&P 500 Total Return over the same period.
CETES (USD-adjusted)CETES 28-day return converted to USD equivalent over the same period.

If the portfolio underperforms one or both benchmarks, that outcome is reported without qualification, the contributing positions are identified, and the post-mortem is published. The benchmark framework has no exceptions.

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