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The Tear Sheet in Scrab helps you analyze your portfolio or strategy's performance by comparing it with benchmarks. 

First, run a backtest to get results. Then, from the results page of either Model Portfolios or Backtests*, click the 'Open Tear Sheet' button to open the Tear Sheet. This feature allows for a detailed performance review against selected benchmarks. 

It's up to you which benchmark you'd like to choose, whether an index (written with a ^ mark) or any of the 37K+ financial instruments available. The most popular way is to compare your results against the S&P 500.

Once you click the tear sheet button, you should see a view like the one below:

*(Note that Backtest Tear sheets provide an option to show the Tear sheet settings, but this button is no longer present in Model Portfolios).

Backtest Tear Sheet

The Tear Sheet provides detailed performance insights of your strategy, including annual and cumulative returns, maximum drawdown, volatility, and key ratios like beta and alpha, alongside a direct comparison with a benchmark (e.g., S&P 500). This enables a clear evaluation of whether your strategy outperforms or underperforms the market.