> For the complete documentation index, see [llms.txt](https://docs.mozaic.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.mozaic.finance/vaults/theseus-vault/theseus-performance.md).

# Theseus Performance

Theseus V2’s performance is measured in terms of yield (APY) and is benchmarked against Bitcoin ($BTC) returns. The following factors are considered when evaluating performance:

* Yield performance - Mozaic tracks the vault’s yield performance, which is influenced by factors such as trading fees, liquidity mining rewards from GM pools, and bonus incentive yields.
* Benchmark - Theseus’ performance is compared against Bitcoin returns as a benchmark. This provides context for the vault’s performance within the broader cryptocurrency market.

### APY calculation

Theseus’ APY is calculated using the following methodology:

* The APY comprises yield from the GMX GM pools and the capital performance of underlying assets.
* It is calculated using backtested data based on historical 3-month returns of the Theseus Vault strategy compared to Bitcoin performance.
* Whilst this backtested data is based on past performance, it is important to note that it may not predict future performance.
* Based on this data, the APY provides users with an annualised perspective on potential returns.