Overview
This metric normalizes past bull markets to percentage growth and time since cycle start, enabling comparison of their strength and duration.
It helps determine if the ongoing cycle is progressing faster or slower relative to historical norms.

Formula

$RelativeReturn_{t} = \frac{Price_{t}}{Price_{CycleStart}} \times 100$

Interpretation

• If the curve exceeds prior cycles → stronger momentum.

• If it lags → delayed cycle or extended consolidation.

Insights
Provides context for macro timing and investor psychology through cross-cycle benchmarking.

Available Metric

• Bull Market Comparison