Less so. Log-normal returns are better because they have the property that a summation of log-normal returns over contiguous intervals is equal to the log-normal returns of the combined interval. In other words: Losing 5% and then gaining 5% doesn’t put you back at exactly 100%, and log-normal fixes that.

In the extreme, two successive trades, where the first gains 110% and the second loses 100%, “average” out to a 5% return. However, you don’t want to make that pair of trades.

Ah, that makes sense. Many thanks.