I’ve been looking at multiple strategies and thought this was a bug when I noticed ACC Total, the natural log buy and hold return, was almost exactly zero for this period.

If an investor had invested equal amounts in these guys at the end of 2017, he would now have $7.26 for each $6 invested as shown in column $A. 7.26 / 6 = 1.21, so he is making a 21% return over the 2.75 year period.

The summed natural log return is correct if you invest an amount consecutively instead of simultaneously. The consecutive return will always be the same regardless of the order that the returns are made.

Probably pretty elementary stuff to those who stayed alert in secondary school math class. The table is a pretty illustration of the concept though.