All at once, or monthly

How this is calculated

Both runs commit the same sum on the same day, which is what makes them comparable. One deploys it all immediately; the other holds it and buys monthly. Cash awaiting deployment earns the 3-month Treasury yield of the day, compounded daily on an actual/365 basis including weekends. That assumption matters: treating idle cash as earning nothing understates monthly buying, and a single fixed rate is wrong across eras — 2021 and 2023 differ by five percentage points. Because both runs have one cash flow on the same date, the annualised figures are directly comparable.

The heaviest horizontal line on the chart marks the total amount committed.