Each row is one rebalance cycle: the cohort bought at that month's rebalance, held until the next one — so its gain or loss stays on its own row and a new cycle starts near zero. Capital compounds: each cycle opens with the previous closing (opening + P&L). Risk-ON deploys 100%, Risk-OFF only 20% (80% cash). Profit % on deployed = cycle P&L ÷ capital deployed. Cycles come from your momentum transactions; P&L from your daily snapshots.