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Nominally independent vaults are often in the same trade. When the market moves against them they do not leave one by one — they leave together, through the same liquidity, turning a controlled loss into a cascade. This page measures how much of that is happening, and is honest about how much of it we can see. Click an instrument to see exactly which vaults hold it.
How much of one market do tracked vaults hold, and how one-sided is it? Neither alone is a crowd.
Vaults entering a crowd went on to underperform matched vaults that did not by -135281.76% at the worst point of the following 20 days. Shuffling the event dates produces a path that extreme 26% of the time, so this is not yet distinguishable from noise.
| Day | Entered a crowd | Matched controls | Difference | Events |
|---|---|---|---|---|
| -5 | 1347.03% | 887.77% | 459.26% | 119 |
| -4 | 1071.39% | 205.99% | 865.40% | 119 |
| -3 | 450.37% | 71.20% | 379.17% | 119 |
| -2 | 292.07% | 28.83% | 263.24% | 119 |
| -1 | 36.11% | 6.62% | 29.49% | 119 |
| +1 | 62.24% | 0.66% | 61.58% | 119 |
| +2 | 3663.23% | 12.43% | 3650.79% | 119 |
| +3 |
| 15637.06% |
| 3359.97% |
| 12277.09% |
| 119 |
| +4 | 44341.31% | 28647.83% | 15693.48% | 120 |
| +5 | 81299.32% | 111480.06% | -30180.74% | 120 |
| +6 | 125772.40% | 261054.16% | -135281.76% | 120 |
| +7 | 940495.95% | 448420.52% | 492075.43% | 121 |
| +8 | 90033927.05% | 734160.48% | 89299766.57% | 121 |
| +9 | 11896849066.26% | 1870513.00% | 11894978553.26% | 121 |
| +10 | 12111414679.95% | 4240060.65% | 12107174619.29% | 121 |
| +11 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +12 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +13 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +14 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +15 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +16 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +17 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +18 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +19 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +20 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |