ByteTrend 101
Local and CAPR
The same five rules, run twice — once on the asset's own price, once on its price relative to the world.
Two questions, not one
“Is it going up?” and “is it beating the market?” are different questions, and an asset can answer them differently. ByteTrend scores both.
- Local — the asset’s price in its own currency. Is it trending up in absolute terms?
- CAPR — Currency-Adjusted Price Relative: the asset’s price converted into US dollars, divided by the MSCI World index. Is it beating the global equity market, on a constant-currency basis?
Why CAPR is a ratio
Because both sides of the ratio are in dollars, currency effects wash out — what remains is relative performance rather than a mix of performance and FX.
A rising CAPR means the asset is outperforming the global equity benchmark. A falling CAPR means it is lagging. It is a performance measure, not a valuation one: a cheap asset and an outperforming asset are different things.
Reading the pair
The interesting cases are where the two disagree.
| Local | CAPR | What it means |
|---|---|---|
| 5 | 2 | Rising in price, losing ground to the market — a trend, but not leadership |
| 2 | 5 | Falling less than the market — relative strength in a downtrend |
| 5 | 5 | Rising and beating the market — the high-conviction quadrant |
| 0 | 0 | Falling and lagging |
A portfolio measured against a benchmark cares about CAPR. Someone holding cash and asking “is this going up?” cares about Local. Most people end up watching both, which is why the platform never makes you choose one.
Which one you’re looking at
ByteTrend shows Weekly CAPR by default: the asset tables lead with the CAPR (W) score, and the dashboards, Macro and the Trends pages open on it. The Weekly / Daily and CAPR / Local switches at the top of those pages change the score on show; every asset’s page has a selector for all four combinations, and the list tables carry all four as sortable columns.