⚙ Execution Inputs
vs VWAP
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vs Arrival
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vs Close
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Implementation Shortfall (bps)
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📊 Execution Quality Curve
🧠 How to read
vs VWAP
Did you beat the day's volume-weighted price? Buying below VWAP / selling above VWAP = good execution. Most institutional benchmarks use this.
vs Arrival
Tracks how much price moved while you were executing. Negative = you chased.
Implementation Shortfall
Total cost vs theoretical "decision price" execution. Including market impact + opportunity cost. Gold-standard transaction-cost metric.