Shouldn’t we be comparing the profits of the medallion fund to large market-making operations rather than HFs? 
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Does Citadel as a MM have similar returns? Could be a way to compare.
I expect that citsec and other mms have massively higher return on capital and sharpe ratio but lower margin (profit per $ of turnover).
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Makes sense, perhaps comparing apples with oranges in that perspective.
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i mean profit per $ turnover doesn't seem like a useful metric for comparing a market maker to a non market maker...
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