---
title: "Regime timeline"
description: "The regime timeline is the band under a strategy's growth chart showing, day by day, when it ran Risk-On and when Risk-Off, one row per strategy of a Combined."
canonical_url: "https://fincanva.com/docs/analysis/regime-timeline"
last_updated: "2026-09-24"
md_url: "https://fincanva.com/docs/analysis/regime-timeline.md"
---

# Regime timeline

The regime timeline is the band under the growth chart on a strategy's **Performance Metrics** tab that shows, day by day, whether the strategy was running its normal **Risk-On** allocation or its defensive **Risk-Off** one. It lines up with the chart above it, so a Risk-Off stretch sits directly under the part of the curve it shaped, and beside each row it gives the share of time spent in each: "Risk-Off 18% · Risk-On 82%". It appears only on a strategy with an active [risk condition](/docs/strategies/risk-condition) — without one, a strategy is Risk-On from start to finish and there is nothing to show.

**Also seen as:** regime band, time in Risk-Off, Risk-On/Risk-Off timeline

## How do I read the regime timeline?

Each row is one strip running along the same time axis as the growth chart above it.

- **Grey** marks the days in Risk-On, **solid dark grey** the days in Risk-Off. The band uses neutral shades on purpose: green and red already mean gain and loss everywhere else in the app.
- A small **triangle** marks a switch whose risk condition was set to rebalance immediately — see [auto-rebalance on flip](/docs/strategies/auto-rebalance-on-flip). A switch without one waits for the next scheduled rebalance.
- Hovering a stretch names its regime and its first and last day, in the form "Risk-Off · … to …".
- Beside the row, the time shares — "Risk-Off 18% · Risk-On 82%" — or, for an element that never switched, "always Risk-On".

What Risk-On and Risk-Off mean for the allocation is on [Risk-On and Risk-Off](/docs/strategies/risk-on-and-risk-off).

## Why does a Combined show more than one row?

Because on a [Combined](/docs/getting-started/combined) the rules can act at two levels, and each keeps its own timeline. The first row, labelled **Combined**, is the Combined's own rule — the one that watches the portfolio as a whole. Below it comes one row per strategy inside it, each following that strategy's own rule. A Combined whose own rule is off still shows its row, grey from end to end, so its strategies' rows can be read against it. A single strategy shows one row: its own.

## How does Fincanva handle it?

- The timeline appears on **Performance Metrics**, under the growth chart, whenever the strategy or any strategy inside a Combined has an active risk condition. The band has no plan of its own: it follows the risk conditions, and which plan includes those is stated on [Risk-On and Risk-Off](/docs/strategies/risk-on-and-risk-off).
- It follows the tab's **Simulation settings**. A rule that watches the strategy's own value can switch on different days when **Costs & interests**, **Taxes** or **Reinvest profits** change what that value was, so the band is redrawn for the figures the tab is showing.
- It reads the switch dates the backtest itself recorded; it is not recomputed or estimated after the fact.
- A simulation stored before the regime timeline existed shows no band until the backtest is run again.

## What does it look like in practice?

A strategy with a trend-following risk condition is backtested over twenty years. Its timeline is grey for most of the period with three dark stretches: a long one through 2008, a short one in early 2020, and one across most of 2022; the row reads "Risk-Off 14% · Risk-On 86%". Two of the three switches into Risk-Off carry a triangle, so those rebalanced the same day; the third waited for the monthly rebalance. Laid under the growth chart, the 2008 stretch sits under the flatter part of the curve — the defensive allocation was in charge while the market fell.

Fincanva is for education and illustration only. It is not personalised financial advice, and past or simulated results do not predict future ones. [Read the Terms Addendum](https://fincanva.com/terms/addendum#section-3)