[makeset]

True, although conventional metrics like Sharpe ratio or ROI are not very meaningful for HFT models, because they can't scale with any additional capital (you can safely assume they are scaled to the max). Their returns are extremely consistent, but also ultimately limited in magnitude. Rather than magical money-making machines who have cracked the "secret code" of financial markets, HFTs are essentially a fixed-cost utility service for reducing market inefficiency through improved price discovery.