NUMERIX — CHARTIS QUANTITATIVE ANALYTICS50 2026 #1 OVERALL

PolyPaths vs. LSEG Yield Book

Structured finance analytics comparison: model transparency, private credit and whole-loan depth, and an open data partner ecosystem versus a single-vendor LSEG data bundle.

BOTTOM LINE: LSEG Yield Book wins on data ecosystem integration, brand, and cloud distribution. PolyPaths wins on prepayment model transparency, non-agency and whole-loan depth, private credit coverage, MSR workflow fit, an open multi-partner data ecosystem, and the absence of CPU-minute compute metering.

INDEPENDENT VALIDATION — CHARTIS RESEARCH

Numerix ranked #1 Overall (81.80) in Chartis Quantitative Analytics50 2026 | PolyPaths: Chartis RiskTech Quadrant — Pricing & Valuation Systems (Securitization) 2024

Numerix holds the #1 overall position in the Chartis Quantitative Analytics50 2026 ranking. PolyPaths was specifically recognized in the Chartis RiskTech Quadrant for Pricing and Valuation Systems — Securitization in 2024, reflecting its structured finance analytical depth. LSEG received the Risk.net FRTB Solution of the Year award — a different analytical dimension. The Chartis securitization recognition is the relevant independent validation for the structured products fight.

Open data and model integrations

PARTNER ECOSYSTEM — DATA AND MODEL INTEGRATIONS

PolyPaths integrates directly with the industry's leading data and model providers — giving clients the flexibility to use best-in-class sources for each asset class rather than accepting a single-vendor data bundle.
Andrew Davidson & Co. Leading provider of risk analytics for MBS, ABS, and mortgage whole loans. Industry-standard prepayment and OAS models for agency and non-agency RMBS.
Moody's Analytics Sophisticated structured product analysis combining Moody's breadth of global market coverage with PolyPaths' analytical toolkit.
Black Knight AFT AFT Prepayment and Credit Model — combines default, prepayment, loss, and valuation into a single holistic view of mortgage performance across residential loans, agency/non-agency MBS, multifamily, and HECM.
Intex Solutions The world's leading provider of structured fixed-income cash flow models — the most complete library of RMBS, ABS, CMBS, and CDO deal models for accurate cash flow projections and price/yield analytics.
Trepp Announced partnership bringing Trepp's loan-level CMBS cash flow modeling into PolyPaths — enabling prepayment and default scenario simulation with seamless integration into valuation and risk workflows.
MSCI Newly announced partnership expanding PolyPaths' data and analytics integration ecosystem.

How the platforms compare

DIMENSION	POLYPATHS BY NUMERIX	COMPETITOR
Chartis Recognition	Numerix #1 Overall QA50 2026; PolyPaths: Chartis RiskTech Quadrant — Pricing & Valuation Securitization 2024	Risk.net FRTB Solution of the Year; 35+ year MBS model heritage
Prepayment Model Control	User-modifiable assumptions; quant teams set and override prepayment vectors, default curves, refi burnout	Proprietary black-box models; clients receive outputs, not assumptions
Private Credit & Whole Loan	Loan-level analytics, scenario-based default simulation, cash flow analysis for private credit and direct lending portfolios	Whole Loan Analytics Module added recently; primary heritage is securities analytics
MSR Analytics	Purpose-built MSR valuation and hedging; native whole loan portfolio loading	MSR cash-flow projection framework as overlay on bond analytics platform
Compute Model	No compute metering — run scenarios at the pace the market demands	Boost CPU-minute metering: variable compute add-on priced per CPU-minute block
Data Ecosystem	Open: Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, MSCI (newly announced)	Integrated: LSEG Pricing Services, FTSE Russell, Tradeweb — single-vendor bundle

Direct comparison across key dimensions

DIMENSION	POLYPATHS BY NUMERIX	COMPETITOR
Prepayment Model Transparency	POLYPATHS ADVANTAGE User-modifiable model architecture throughout. Quant teams set and override prepayment vectors, default curves, OAS parameterization, and refi burnout assumptions. When the model disagrees with the desk's view, the desk can investigate and override. PolyPaths lets quants own the model, not just consume its output.	PROPRIETARY MODEL Yield Book's prepayment and OAS models are proprietary. Clients receive calculated outputs — they cannot inspect assumptions, tune prepayment speed vectors, or override default curve parameterization. When the model changes in a release, clients detect it in outputs, not in advance.
Instrument Coverage — Private Credit, Whole Loans & Structured Finance	POLYPATHS ADVANTAGE MBS, ARM, CMO, ABS, CMBS, CLOs, whole loans, MSRs, non-agency RMBS, non-QM, private credit loans, structured notes, bonds, agency debt, derivatives, CDS. Private credit analytics including loan-level modeling, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios.	SECURITIES-FIRST COVERAGE Yield Book's primary heritage is securities analytics — agency MBS, non-agency RMBS, CMBS, ABS, CLOs, bonds, and derivatives. A Whole Loan Analytics Module was recently added. Primary private credit loan-level analytics and direct lending portfolio workflows are not documented as a core Yield Book capability.
Data Partner Ecosystem	OPEN MULTI-PARTNER ECOSYSTEM PolyPaths integrates with Andrew Davidson & Co. (MBS/ABS prepayment and OAS), Moody's Analytics (structured product analysis), Black Knight AFT (prepayment, default, loss, and valuation across residential loans and MBS), Intex Solutions (RMBS/ABS/CMBS/CDO cash flow models), Trepp (CMBS loan-level modeling), and MSCI (newly announced). Institutions choose best-in-class data and models for each asset class — not a single vendor's ecosystem.	SINGLE-VENDOR BUNDLE Yield Book integrates natively with LSEG Pricing Services, FTSE Russell indices, and Tradeweb pricing. For institutions already in the LSEG ecosystem this eliminates reconciliation between analytics and market data. Yield Book's value proposition is increasingly inseparable from the broader LSEG commercial relationship.
Non-Agency, Whole Loan & MSR Analytics	POLYPATHS ADVANTAGE Full user-controllable loss severity and prepayment assumptions for non-agency RMBS, non-QM, whole loans, and MSRs. Purpose-built MSR valuation and hedging integrated natively into the platform — load and value whole loan portfolios and MSR books directly alongside the securities portfolio.	FIXED PARAMETERIZATION Yield Book covers non-agency RMBS with credit roll rate and loss severity models, and offers an MSR cash-flow projection framework. Parameterization is built into the LSEG model — not user-controlled at the assumption level. The MSR module is an overlay on a bond analytics system, not a native mortgage servicer workflow.
Scenario Computation Model	POLYPATHS ADVANTAGE No compute metering. Distributed processing architecture supporting grids with thousands of processors for large-scale Monte Carlo workloads. Run scenarios at the pace the market demands — stress testing, path-dependent OAS on large pools, intraday reruns — without a variable cost penalty for doing more analysis.	BOOST CPU-MINUTE METERING Yield Book's Boost licensing adds compute capacity via CPU-minute block purchases on top of base subscription. Heavy batch users pay more when they analyze more. The metering model creates an implicit financial disincentive to run the scenarios the desk needs in fast-moving markets.
Cloud & Deployment	FLEXIBLE DEPLOYMENT On-premises and client-managed cloud instance. Integrates into existing infrastructure as a file-based system or through API. No migration mandate. Open to all cloud environments without forcing a cloud provider relationship.	CLOUD DISTRIBUTION EXPANSION Yield Book has aggressively expanded cloud distribution in 2025-2026: Snowflake native app (Q1 2026), Databricks Delta Sharing (September 2025), and all major cloud providers. Strong distribution story for quant teams already working in cloud data environments.
ALM	POLYPATHS ALM PolyPaths ALM unifies accounting and income simulation with market value economics. Covers the full fixed income and structured finance product suite including private credit and whole loans. Automated BatchALM, 50+ standard reports, 400+ descriptive fields.	BOND ANALYTICS PLATFORM Yield Book is a securities analytics platform, not an ALM system. Institutions needing to bridge from securities analytics to balance sheet management require a separate ALM tool alongside Yield Book.

DIMENSION

POLYPATHS BY
NUMERIX

COMPETITOR

Prepayment Model Transparency

POLYPATHS ADVANTAGE

User-modifiable model architecture throughout. Quant teams set and override prepayment vectors, default curves, OAS parameterization, and refi burnout assumptions. When the model disagrees with the desk's view, the desk can investigate and override. PolyPaths lets quants own the model, not just consume its output.

PROPRIETARY MODEL

Yield Book's prepayment and OAS models are proprietary. Clients receive calculated outputs — they cannot inspect assumptions, tune prepayment speed vectors, or override default curve parameterization. When the model changes in a release, clients detect it in outputs, not in advance.

Instrument Coverage — Private Credit, Whole Loans & Structured Finance

POLYPATHS ADVANTAGE

MBS, ARM, CMO, ABS, CMBS, CLOs, whole loans, MSRs, non-agency RMBS, non-QM, private credit loans, structured notes, bonds, agency debt, derivatives, CDS. Private credit analytics including loan-level modeling, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios.

SECURITIES-FIRST COVERAGE

Yield Book's primary heritage is securities analytics — agency MBS, non-agency RMBS, CMBS, ABS, CLOs, bonds, and derivatives. A Whole Loan Analytics Module was recently added. Primary private credit loan-level analytics and direct lending portfolio workflows are not documented as a core Yield Book capability.

Data Partner Ecosystem

OPEN MULTI-PARTNER ECOSYSTEM

PolyPaths integrates with Andrew Davidson & Co. (MBS/ABS prepayment and OAS), Moody's Analytics (structured product analysis), Black Knight AFT (prepayment, default, loss, and valuation across residential loans and MBS), Intex Solutions (RMBS/ABS/CMBS/CDO cash flow models), Trepp (CMBS loan-level modeling), and MSCI (newly announced). Institutions choose best-in-class data and models for each asset class — not a single vendor's ecosystem.

SINGLE-VENDOR BUNDLE

Yield Book integrates natively with LSEG Pricing Services, FTSE Russell indices, and Tradeweb pricing. For institutions already in the LSEG ecosystem this eliminates reconciliation between analytics and market data. Yield Book's value proposition is increasingly inseparable from the broader LSEG commercial relationship.

Non-Agency, Whole Loan & MSR Analytics

POLYPATHS ADVANTAGE

Full user-controllable loss severity and prepayment assumptions for non-agency RMBS, non-QM, whole loans, and MSRs. Purpose-built MSR valuation and hedging integrated natively into the platform — load and value whole loan portfolios and MSR books directly alongside the securities portfolio.

FIXED PARAMETERIZATION

Yield Book covers non-agency RMBS with credit roll rate and loss severity models, and offers an MSR cash-flow projection framework. Parameterization is built into the LSEG model — not user-controlled at the assumption level. The MSR module is an overlay on a bond analytics system, not a native mortgage servicer workflow.

Scenario Computation Model

POLYPATHS ADVANTAGE

No compute metering. Distributed processing architecture supporting grids with thousands of processors for large-scale Monte Carlo workloads. Run scenarios at the pace the market demands — stress testing, path-dependent OAS on large pools, intraday reruns — without a variable cost penalty for doing more analysis.

BOOST CPU-MINUTE METERING

Yield Book's Boost licensing adds compute capacity via CPU-minute block purchases on top of base subscription. Heavy batch users pay more when they analyze more. The metering model creates an implicit financial disincentive to run the scenarios the desk needs in fast-moving markets.

Cloud & Deployment

FLEXIBLE DEPLOYMENT

On-premises and client-managed cloud instance. Integrates into existing infrastructure as a file-based system or through API. No migration mandate. Open to all cloud environments without forcing a cloud provider relationship.

CLOUD DISTRIBUTION EXPANSION

Yield Book has aggressively expanded cloud distribution in 2025-2026: Snowflake native app (Q1 2026), Databricks Delta Sharing (September 2025), and all major cloud providers. Strong distribution story for quant teams already working in cloud data environments.

ALM

POLYPATHS ALM

PolyPaths ALM unifies accounting and income simulation with market value economics. Covers the full fixed income and structured finance product suite including private credit and whole loans. Automated BatchALM, 50+ standard reports, 400+ descriptive fields.

BOND ANALYTICS PLATFORM

Yield Book is a securities analytics platform, not an ALM system. Institutions needing to bridge from securities analytics to balance sheet management require a separate ALM tool alongside Yield Book.

When to use PolyPaths

POLYPATHS BY NUMERIX

Best fit for institutions that want model ownership and open data flexibility

PolyPaths is the right choice for institutions whose internal quant teams want full model transparency, user-controlled prepayment and OAS assumptions, independent validation capability, private credit and structured finance depth, and best-in-class data and model integrations across Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and MSCI — rather than a single-vendor data bundle.

COMPLEMENTARY DEPLOYMENT

PolyPaths integrates alongside existing platforms

PolyPaths is designed to integrate as the specialist analytical depth layer alongside existing ALM systems, bond analytics platforms, and data environments. Many institutions run PolyPaths for the structured finance, private credit, and mortgage analytics where model transparency and specialist coverage are non-negotiable.

Frequently asked questions

What is the difference between PolyPaths and LSEG Yield Book?

LSEG Yield Book is a 35+ year fixed income analytics incumbent with deep agency MBS prepayment model heritage, native integration with LSEG Pricing Services and FTSE Russell indices, and an expanding cloud distribution presence on Snowflake and Databricks. PolyPaths is the specialist challenger with user-modifiable prepayment and OAS assumptions, private credit and whole-loan depth, purpose-built MSR analytics, an open data partner ecosystem spanning Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and the newly announced MSCI integration, and no CPU-minute compute metering. Numerix is ranked #1 in the Chartis Quantitative Analytics50 2026; PolyPaths was recognized in the Chartis RiskTech Quadrant for Pricing and Valuation — Securitization in 2024.

Does PolyPaths cover private credit?

Yes. PolyPaths covers private credit through loan-level analytics, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios. The Trepp partnership extends CMBS loan-level modeling directly into PolyPaths workflows. Moody's Analytics and Intex integrations further strengthen the credit analytics coverage across structured credit vehicles. Yield Book's primary heritage is securities analytics — a Whole Loan Analytics Module was recently added, but native private credit loan analytics is not a documented core capability.

How does the PolyPaths data partner ecosystem compare to Yield Book's LSEG integration?

They are structurally different approaches. Yield Book's integration with LSEG Pricing Services, FTSE Russell, and Tradeweb creates a single-source data environment that eliminates reconciliation for institutions already in the LSEG ecosystem — a genuine advantage for those firms. PolyPaths takes the opposite approach: an open ecosystem where institutions integrate with Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex Solutions, Trepp, and the newly announced MSCI — using best-in-class data and models for each specific asset class rather than a single vendor's offering. The right choice depends on whether data consistency across a single vendor or best-of-breed flexibility across multiple specialized providers better fits the institution's strategy.

Can PolyPaths users modify prepayment model assumptions that Yield Book locks?

Yes. PolyPaths is built on a user-modifiable model architecture. Quant teams can set their own prepayment vectors, adjust refi burnout curves, modify default assumptions, and override OAS parameterization. Yield Book's prepayment and OAS models are proprietary — clients receive outputs and cannot modify underlying assumptions.

What is Yield Book's Boost compute metering and why does it matter?

Yield Book's Boost licensing adds compute capacity via CPU-minute block purchases on top of the base subscription. Institutions running large-pool path-dependent OAS, high-frequency scenario analysis, or heavy overnight batch runs pay more as they analyze more. In volatile rate environments when scenario throughput matters most, the metering model creates a direct financial disincentive to do more analysis. PolyPaths has no equivalent compute metering.

Is PolyPaths recognized by independent analysts?

Yes. PolyPaths was recognized in the Chartis Research RiskTech Quadrant for Pricing and Valuation Systems — Securitization in 2024. PolyPaths is part of the Numerix platform, which holds the #1 overall position in the Chartis Quantitative Analytics50 2026. LSEG received the Risk.net FRTB Solution of the Year award — reflecting a different analytical capability dimension.

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Yield Book owns the LSEG data bundle. PolyPaths owns the model and the open partner ecosystem. For structured finance desks that need private credit depth, prepayment transparency, and best-in-class data for each asset class, PolyPaths is the specialist answer.

LSEG Yield Book's 35+ year prepayment model heritage, native FTSE Russell index alignment, and 2025-2026 cloud distribution expansion are genuine institutional strengths — particularly for buy-side firms already in the LSEG ecosystem. The conversation changes for desks with private credit exposure, non-agency and whole-loan books requiring proprietary prepayment assumptions, MSR portfolios needing a native servicer workflow, or scenario-intensive operations where CPU-minute metering creates real cost friction. PolyPaths integrates with Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and the newly announced MSCI — an open ecosystem that gives institutions the flexibility to use the right data and model for each asset class. Backed by the Numerix platform, Chartis #1 ranked quantitative analytics enterprise in 2026.

LSEG Yield Book information derived from publicly available product materials, press releases, and analyst sources as of May 2026. PolyPaths capabilities and partner integrations sourced from numerix.com and polypaths.com. Chartis Quantitative Analytics50 2026 and Chartis RiskTech Quadrant 2024 data from published Chartis Research reports. This page is produced by Numerix for informational purposes.