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Philippe
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Thanks a lot for your comment and for confirming this from a client’s perspective — that’s incredibly helpful.
If the app today only shows ITD (Inception-To-Date) performance without specifying that it’s TWR, and there’s no other breakdown (like TWR vs. MWR), then it’s fair to say that the methodology is unclear. You’re absolutely right: this makes it hard — if not impossible — to compare Alpian’s performance with other platforms that explicitly report TWR.
I originally received confirmation from Alpian that TWR was used, but clearly the current user experience doesn’t reflect that. I really appreciate your feedback, and I’ll update the review to flag this more transparently for readers.
Thank you very much for your detailed follow-up — and no worries at all about reposting!
You’re absolutely right to highlight the discrepancy. I did originally check with Alpian, and they stated that the performance figure was based on TWR (Time-Weighted Rate of Return), which is the GIPS-recommended standard. However, your observation is very valid: the earlier screenshot showed “TWR 3.7% (ITD)”, but today neither the app nor their website seems to mention TWR anymore.
If clients are now only seeing P/L (ITD), that strongly suggests a shift — either in reporting methodology or simply in transparency. And yes, P/L is not equivalent to TWR. This definitely makes comparisons with other banks and robo-advisors more difficult, which contradicts Alpian’s original claim of standardised reporting.
Thank you again for your insightful contribution — I’ll add a note to the article to reflect this concern more clearly. You’re helping make this resource better for everyone!
Thank you for your comment, I double checked with Alpian and this is what they say: This refers to TWR performance (time-weighted), which is the industry-standard practice (per the GIPS recommendations). It allows you to compare one platform’s performance to another’s by excluding the impact of cash flows.
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