> For the complete documentation index, see [llms.txt](https://gitbook-docs.coinmetrics.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gitbook-docs.coinmetrics.io/network-data/protocol-metrics/vault-metrics.md).

# Vault Metrics

## Overview

Vault metrics apply to vaults that follow the ERC-4626 tokenized vault standard (or a close variant of it), which currently includes `morpho_vaults_v1`. They do not apply to lending-pool protocols such as `aave_v3`. `share_price_ntv` (and its `_mean` form) is a property of any ERC-4626-style vault: how much a single share is worth in terms of the vault's underlying asset. `fee_performance_pct` (and its `_mean` form) is not part of the ERC-4626 standard itself, so it applies specifically to vault protocols, like `morpho_vaults_v1`, that charge such a fee, rather than to ERC-4626 vaults generally. They are part of the [Protocol Metrics](/network-data/protocol-metrics.md) family. See that page for the shared entity model (protocol, chain, market), the beginning-of-interval timestamp convention, and for what an instantaneous value versus a `_mean` value represents at each frequency.

## At a Glance

<table data-full-width="true"><thead><tr><th>Data type</th><th>Entities</th><th width="159">Frequency / cadence</th><th>Unit</th><th>Primary endpoint</th><th>Coverage</th></tr></thead><tbody><tr><td>Vault share price and performance fee</td><td>Vault protocol markets (currently <code>morpho_vaults_v1</code> only)</td><td>1d and 1m</td><td>Native units per share (share price) or percent (fee)</td><td><code>/timeseries/protocol-metrics</code></td><td><em>coming soon....</em></td></tr></tbody></table>

## Metrics

<table data-full-width="true"><thead><tr><th width="290">Metric</th><th>Description</th><th width="90">Frequency</th></tr></thead><tbody><tr><td><code>share_price_ntv</code></td><td>The value of one vault share. This multiplier can be used to convert assets to shares and vice versa.</td><td>1d, 1m</td></tr><tr><td><code>share_price_ntv_mean</code></td><td>The mean <code>share_price_ntv</code> value over the time interval.</td><td>1d, 1m</td></tr><tr><td><code>fee_performance_pct</code></td><td>The percentage of the vault's performance (yield generated) taken as a fee, closing value for the interval.</td><td>1d, 1m</td></tr><tr><td><code>fee_performance_pct_mean</code></td><td>The mean <code>fee_performance_pct</code> value over the time interval.</td><td>1d, 1m</td></tr></tbody></table>

{% hint style="info" %}
**Conventions.**

* Metric values are returned as JSON strings to preserve precision.
* `share_price_ntv` is denominated in the vault's underlying asset (for example USDC for a USDC vault), not in U.S. dollars directly, so a share price near `1.0` on a stablecoin vault indicates the underlying asset itself is close to par, not that the vault has returned nothing.
* `fee_performance_pct` is already scaled to percent (for example `10` means 10%).
  {% endhint %}

## Methodology

See [Protocol Metrics: Frequency and the daily mean](/network-data/protocol-metrics.md#frequency-and-the-daily-mean) for how the instantaneous and `_mean` forms differ at each frequency.

### Share price

A vault issues shares against deposits of its underlying asset, following the ERC-4626 tokenized vault standard (or a close variant of it). `share_price_ntv` is the current exchange rate between one share and the underlying asset, equivalent to the ERC-4626 `convertToAssets` view for a single share, and it rises over time as the vault's strategies earn yield (net of fees). This is how a vault depositor's return is expressed without needing a separate rebasing balance.

### Performance fee

`fee_performance_pct` is the fee the vault takes on the yield it generates, set by the vault's curator. This is not a property of the ERC-4626 standard itself: ERC-4626 defines how shares convert to and from the underlying asset, but says nothing about fees, so whether a vault charges a performance fee, and how it is defined, is up to the individual vault protocol rather than the standard.

## Accessing the Data

* [`/timeseries/protocol-metrics`](https://docs.coinmetrics.io/api/v4/#operation/getTimeseriesProtocolMetrics)

{% tabs %}
{% tab title="Python Client" %}

```python
import os
from coinmetrics.api_client import CoinMetricsClient

client = CoinMetricsClient(os.environ["CM_API_KEY"])

df = client.get_protocol_metrics(
    protocols="morpho_vaults_v1",
    markets="ausdc",
    metrics=["share_price_ntv", "share_price_ntv_mean", "fee_performance_pct"],
    frequency="1d",
).to_dataframe()
```

{% endtab %}

{% tab title="Shell" %}

```shell
curl --compressed "https://api.coinmetrics.io/v4/timeseries/protocol-metrics?protocols=morpho_vaults_v1&markets=ausdc&metrics=share_price_ntv,share_price_ntv_mean,fee_performance_pct&frequency=1d&page_size=10000&api_key=$CM_API_KEY"
```

{% endtab %}

{% tab title="Python" %}

```python
import os, requests

response = requests.get(
    "https://api.coinmetrics.io/v4/timeseries/protocol-metrics",
    params={"protocols": "morpho_vaults_v1", "markets": "ausdc",
            "metrics": "share_price_ntv,share_price_ntv_mean,fee_performance_pct",
            "frequency": "1d", "page_size": 10000, "api_key": os.environ["CM_API_KEY"]},
).json()
print(response)
```

{% endtab %}
{% endtabs %}

Full parameter reference: see the API Reference for [`/timeseries/protocol-metrics`](https://docs.coinmetrics.io/api/v4/#operation/getTimeseriesProtocolMetrics).

## Examples

The example below is a live pull, returned as JSON strings, and changes on each pull.

### Example: vault share price and fee

`share_price_ntv`, `share_price_ntv_mean`, and `fee_performance_pct` for a Morpho vault on Ethereum ([browser](https://api.coinmetrics.io/v4/timeseries/protocol-metrics?markets=ausdc\&protocols=morpho_vaults_v1\&metrics=share_price_ntv,share_price_ntv_mean,fee_performance_pct\&frequency=1d\&page_size=3\&paging_from=end\&api_key=YOUR_API_KEY)):

```json
[
  {
    "protocol": "morpho_vaults_v1",
    "market": "ausdc",
    "chain": "ethereum",
    "time": "2026-08-07T00:00:00.000000000Z",
    "fee_performance_pct": "10",
    "share_price_ntv": "1.105472",
    "share_price_ntv_mean": "1.105362704741980423"
  },
  {
    "protocol": "morpho_vaults_v1",
    "market": "ausdc",
    "chain": "ethereum",
    "time": "2026-08-08T00:00:00.000000000Z",
    "fee_performance_pct": "10",
    "share_price_ntv": "1.105669",
    "share_price_ntv_mean": "1.10556758102822019"
  },
  {
    "protocol": "morpho_vaults_v1",
    "market": "ausdc",
    "chain": "ethereum",
    "time": "2026-08-09T00:00:00.000000000Z",
    "fee_performance_pct": "10",
    "share_price_ntv": "1.105856",
    "share_price_ntv_mean": "1.105763864725550336"
  }
]
```

## Coverage

See [Protocol Metrics: Coverage](/network-data/protocol-metrics.md#coverage) for how to check current availability against the catalog directly. As of this writing, vault metrics are only available for `morpho_vaults_v1` markets.

## Related

* [Protocol Metrics](/network-data/protocol-metrics.md): the parent page, with the shared entity model and frequency semantics.
* [Rates and Yield](/network-data/protocol-metrics/rates-and-yield.md): the lending-pool equivalent of yield, for protocols like `aave_v3` that are not vaults.


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