The time-weighted equity of this strategy as of this test date
Notes
If a test uses compounded stats (if S.Compounded is 1) then S.TWEQ is a compounded series of daily returns.
In this case, S.TWEQ starts at $1 and then is multiplied each day by (1 + that day's percent return), resulting in a "growth of $1" series.
When a test does not use compounding, S.TWEQ is the same as S.Equity.
The compounded series shows a strategy's performance in its own terms — the growth of $1 riding its daily returns — which makes it the right graph to look at when a strategy's dollar equity line in a combined test is distorted by combined-account position sizing (see Asset Allocation and Position Sizing).
