Relative-value model
Benchmark-relative movement without post-hoc benchmark selection.
#Benchmark delta
Relative movement equals equal-weight universe momentum minus the configured benchmark momentum.
#Requirements
The benchmark must be declared in the agent definition and have a complete fresh series. Missing benchmark data blocks the score.
#Interpretation
A positive delta increases the relative contribution until clipping; a negative delta reduces it. This is not a fundamental fair-value estimate.
#Limits
The universe can contain the benchmark itself, which influences the equal-weight average. The configuration must be interpreted as written.