What is the difference between the Average and the Compounded result?

And what does "Estimate" represent?

I have also noticed that eventhough I use the same universe and timeframe in factors, the average nubers of stocks can differ a bit, how come?

Compounded is the compounded return of the bucket (product of period returns, shown in the chart), and Average is the average return of the bucket (average of period returns).

Estimate comes from a linear regression on the compounded returns (shown in the chart). It shows precisely the value of the first and last point of the line on the chart. The Y intercept is Bucket 1 Estimate, and the slope is shown at the bottom of the table, so, for Bucket 20 Estimate, you have something like `-22.05 + 3.706 * 19`

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The radio buttons at the top allow you to switch between total return and excess return; the report will be recomputed for the selected option.

All return statistics are annualized.

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