diff --git a/README.md b/README.md
index 1b73df6..52e6f62 100644
--- a/README.md
+++ b/README.md
@@ -719,6 +719,51 @@ and a muted note flags the scaling.
 The TUI surfaces this caveat on a status line whenever the overlay is
 active.
 
+### Forecast-vs-actual evaluation (`--convergence`, `--return-backtest`)
+
+Two evaluation views over the spreadsheet's historical forecasts in
+`imported_values.srf`. They complement `--overlay-actuals`:
+
+- **Overlay** answers "did the actual trajectory fall inside the
+  model's bands?"
+- **Convergence** answers "did the model converge on a retirement
+  date as data accumulated?"
+- **Return back-test** answers "was the model's expected-return
+  assumption honest, in hindsight?"
+
+```bash
+zfin projections --convergence
+zfin projections --return-backtest [--real]
+```
+
+`--convergence` reads each historical row's `projected_retirement`
+field — the date the spreadsheet predicted you could retire — and
+emits a table of `(observation_date, projected_date, years-until)`.
+A flat downward slope of ~1y/year means the model was honestly
+counting down. A flat-line at constant N means each year passes with
+no progress (the prediction always says "N years away"). A `reached`
+sentinel marks rows where the model said "you're already
+retirement-ready."
+
+`--return-backtest` reads each row's `expected_return` claim and
+compares it to the realized 1y/3y/5y forward CAGR of the `liquid`
+series. Useful for gut-checking whether the spreadsheet's
+`min(1y,3y,5y,10y)`-weighted formula systematically over- or
+under-predicted. Pair with `--real` to compare against
+inflation-deflated realized returns (the expected column stays
+nominal — it's a return rate the source spreadsheet captured as
+nominal).
+
+The CLI emits sampled tables (every Nth observation/anchor) for
+quick scanning. The TUI projections tab renders the same data as
+high-fidelity Kitty-graphics line charts; press `c` (convergence)
+or `r` (return back-test) on the projections tab to switch views.
+
+Both views are also subject to the "directional honesty, not SWR
+validity" caveat: they evaluate the model's inputs and outputs over
+time, not whether the underlying SWR claim will hold up over a
+30-year retirement.
+
 ### Life events
 
 Life events modify the simulation's annual cash flow. Positive
diff --git a/src/analytics/forecast_evaluation.zig b/src/analytics/forecast_evaluation.zig
new file mode 100644
index 0000000..9658ad1
--- /dev/null
+++ b/src/analytics/forecast_evaluation.zig
@@ -0,0 +1,432 @@
+//! Forecast-vs-actual evaluation analytics.
+//!
+//! Two evaluation views over the spreadsheet's historical
+//! forecasts (loaded from `imported_values.srf` via
+//! `src/data/imported_values.zig`):
+//!
+//!   1. **Convergence**: how the spreadsheet's predicted
+//!      retirement date moved over time as data accumulated.
+//!      For each anchor row that supplied a
+//!      `projected_retirement` field, emit a
+//!      `(observation_date, years_until_retirement)` pair so a
+//!      chart can show whether the prediction was converging on
+//!      "now" (slope -1) or pushing out (slope > -1).
+//!
+//!   2. **Return back-test**: how the spreadsheet's
+//!      `expected_return` claim compared to what actually
+//!      happened over the next 1y/3y/5y. For each anchor row
+//!      that supplied an `expected_return`, find the future
+//!      data point ~N years later and compute the realized
+//!      CAGR of the `liquid` series over that window.
+//!
+//! Both functions are pure: deterministic over their inputs,
+//! no I/O, no allocation lifetime concerns beyond the returned
+//! slice. The view layer (`src/views/forecast_evaluation.zig`)
+//! and the rendering layer (CLI braille / TUI Kitty graphics)
+//! consume these structs.
+
+const std = @import("std");
+const Date = @import("../Date.zig");
+const imported = @import("../data/imported_values.zig");
+const milestones = @import("milestones.zig");
+
+const HistoryPoint = imported.HistoryPoint;
+const ProjectedRetirement = imported.ProjectedRetirement;
+
+// ── View 1: Convergence ──────────────────────────────────────
+
+/// One emitted point on the retirement-date convergence chart.
+///
+/// `years_until_retirement` is computed as
+/// `Date.yearsBetween(observation_date, projected_date)` for
+/// `projected_retirement = .date`, or `0.0` when the source
+/// row was `.reached`. The reached_at_observation flag lets
+/// renderers style "reached" rows differently (e.g. a
+/// distinct marker color) without having to detect them by
+/// the `0.0` value alone — a row could legitimately have the
+/// projected date EQUAL the observation date and produce
+/// `years_until_retirement = 0.0` without being a `reached`
+/// sentinel.
+pub const ConvergencePoint = struct {
+    observation_date: Date,
+    projected_date: Date,
+    years_until_retirement: f64,
+    reached: bool,
+};
+
+/// Extract convergence points from a slice of imported history
+/// rows. Rows with `projected_retirement = null` are skipped
+/// (they don't contribute to the chart). The output is in
+/// `points`-input order, which the importer guarantees is
+/// date-ascending.
+///
+/// Caller owns the returned slice.
+pub fn convergencePoints(
+    allocator: std.mem.Allocator,
+    points: []const HistoryPoint,
+) ![]ConvergencePoint {
+    var out: std.ArrayList(ConvergencePoint) = .empty;
+    errdefer out.deinit(allocator);
+
+    for (points) |p| {
+        const proj = p.projected_retirement orelse continue;
+        switch (proj) {
+            .reached => try out.append(allocator, .{
+                .observation_date = p.date,
+                // The "projected_date" for a reached row is the
+                // observation date itself — the model said
+                // "retirement-ready right now."
+                .projected_date = p.date,
+                .years_until_retirement = 0.0,
+                .reached = true,
+            }),
+            .date => |target| try out.append(allocator, .{
+                .observation_date = p.date,
+                .projected_date = target,
+                .years_until_retirement = Date.yearsBetween(p.date, target),
+                .reached = false,
+            }),
+        }
+    }
+
+    return out.toOwnedSlice(allocator);
+}
+
+// ── View 2: Return back-test ─────────────────────────────────
+
+/// One row of back-test output: realized forward CAGR for one
+/// (anchor_date, horizon_years) pair, alongside the spreadsheet's
+/// claimed `expected_return` at that anchor.
+///
+/// `realized_cagr` is `null` when no future data point exists at
+/// or near `anchor + horizon` (i.e., the anchor is too recent
+/// for that horizon).
+///
+/// `expected_return` is replicated from the anchor row so the
+/// chart layer can plot expected and realized side-by-side
+/// without re-joining against the source data.
+pub const BacktestPoint = struct {
+    anchor_date: Date,
+    horizon_years: u16,
+    expected_return: f64,
+    realized_cagr: ?f64,
+};
+
+/// Tolerance window around `anchor + horizon` years when
+/// matching a future data point. ±2 weeks per spec — wider
+/// than 1 week (catches week-of-the-month drift) but narrow
+/// enough that the matched point is still meaningfully "N
+/// years later."
+const horizon_match_tolerance_days: i32 = 14;
+
+/// Compute realized forward CAGR for each (anchor row, horizon)
+/// pair. Anchors lacking `expected_return` are skipped (no
+/// claim to back-test). Anchors with `expected_return` but no
+/// matching future data point at any requested horizon emit
+/// rows with `realized_cagr = null` for that horizon.
+///
+/// `points` must be date-ascending (the importer guarantees
+/// this via `parseImportedValues`). `horizons` lists the
+/// forward windows to evaluate, in years (typical: 1, 3, 5).
+///
+/// When `real_mode` is true, both the anchor and matched-future
+/// `liquid` values are deflated to a common reference year (the
+/// year of the most recent anchor in `points`) before the CAGR
+/// is computed. Uses the Shiller annual CPI series via
+/// `milestones.deflate`. The `expected_return` on the anchor
+/// row is left as-is — it's a return rate not a level, and the
+/// source spreadsheet captured it as nominal.
+///
+/// Caller owns the returned slice. Output order is
+/// `(anchor_index, horizon_index)` — anchors in input order,
+/// horizons in `horizons` order. Skipped anchors produce zero
+/// output rows; partially-skipped anchors produce one row per
+/// horizon with `realized_cagr = null` only for the
+/// horizons that lack matching future data.
+pub fn returnBacktest(
+    allocator: std.mem.Allocator,
+    points: []const HistoryPoint,
+    horizons: []const u16,
+    real_mode: bool,
+    cpi: []const milestones.YearCpi,
+) ![]BacktestPoint {
+    var out: std.ArrayList(BacktestPoint) = .empty;
+    errdefer out.deinit(allocator);
+
+    if (points.len == 0 or horizons.len == 0) return out.toOwnedSlice(allocator);
+
+    // Pick the reference year for `--real` deflation: the year
+    // of the most recent anchor. All values normalize to that
+    // year's dollars.
+    const ref_year: u16 = blk: {
+        const last_year = points[points.len - 1].date.year();
+        break :blk @intCast(@max(last_year, 0));
+    };
+
+    for (points) |anchor| {
+        const expected = anchor.expected_return orelse continue;
+
+        for (horizons) |h| {
+            const matched = matchForwardPoint(points, anchor.date, h);
+            const realized: ?f64 = if (matched) |fp|
+                computeCagr(anchor, fp, h, real_mode, ref_year, cpi)
+            else
+                null;
+
+            try out.append(allocator, .{
+                .anchor_date = anchor.date,
+                .horizon_years = h,
+                .expected_return = expected,
+                .realized_cagr = realized,
+            });
+        }
+    }
+
+    return out.toOwnedSlice(allocator);
+}
+
+/// Find a `HistoryPoint` whose `date` is within
+/// `±horizon_match_tolerance_days` of `anchor + horizon` years.
+/// Returns the closest matching point, or null if no point is
+/// within tolerance.
+///
+/// Linear scan — `points` is at most a few hundred rows, no
+/// indexing optimization needed.
+fn matchForwardPoint(
+    points: []const HistoryPoint,
+    anchor_date: Date,
+    horizon_years: u16,
+) ?HistoryPoint {
+    const target = anchor_date.addYears(horizon_years);
+    var best: ?HistoryPoint = null;
+    var best_dist: i32 = std.math.maxInt(i32);
+
+    for (points) |p| {
+        const diff: i32 = @intCast(@abs(p.date.days - target.days));
+        if (diff > horizon_match_tolerance_days) continue;
+        if (diff < best_dist) {
+            best = p;
+            best_dist = diff;
+        }
+    }
+    return best;
+}
+
+/// Compute the CAGR of `from.liquid` → `to.liquid` over
+/// `horizon_years`. When `real_mode` is true, both endpoints
+/// are deflated to `ref_year` dollars first. Returns null if
+/// the math would produce a non-finite result (e.g. zero or
+/// negative liquid value at either endpoint).
+fn computeCagr(
+    from: HistoryPoint,
+    to: HistoryPoint,
+    horizon_years: u16,
+    real_mode: bool,
+    ref_year: u16,
+    cpi: []const milestones.YearCpi,
+) ?f64 {
+    var v0 = from.liquid;
+    var v1 = to.liquid;
+
+    if (real_mode) {
+        const from_year: u16 = @intCast(@max(from.date.year(), 0));
+        const to_year: u16 = @intCast(@max(to.date.year(), 0));
+        v0 = milestones.deflate(v0, from_year, ref_year, cpi);
+        v1 = milestones.deflate(v1, to_year, ref_year, cpi);
+    }
+
+    if (v0 <= 0 or v1 <= 0) return null;
+    const ratio = v1 / v0;
+    const exponent = 1.0 / @as(f64, @floatFromInt(horizon_years));
+    return std.math.pow(f64, ratio, exponent) - 1.0;
+}
+
+// ── Tests ────────────────────────────────────────────────────
+
+const testing = std.testing;
+
+fn pt(year: i16, month: u8, day: u8, liquid: f64, exp_ret: ?f64, proj: ?ProjectedRetirement) HistoryPoint {
+    return .{
+        .date = Date.fromYmd(year, month, day),
+        .liquid = liquid,
+        .expected_return = exp_ret,
+        .projected_retirement = proj,
+    };
+}
+
+test "convergencePoints: empty input returns empty" {
+    const out = try convergencePoints(testing.allocator, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 0), out.len);
+}
+
+test "convergencePoints: skips rows with null projected_retirement" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, null, null),
+        pt(2020, 1, 8, 1010, null, .{ .date = Date.fromYmd(2030, 1, 1) }),
+        pt(2020, 1, 15, 1020, null, null),
+    };
+    const out = try convergencePoints(testing.allocator, &points);
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expect(out[0].observation_date.eql(Date.fromYmd(2020, 1, 8)));
+}
+
+test "convergencePoints: years_until_retirement is yearsBetween" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, null, .{ .date = Date.fromYmd(2030, 1, 1) }),
+    };
+    const out = try convergencePoints(testing.allocator, &points);
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expectApproxEqAbs(@as(f64, 10.0), out[0].years_until_retirement, 0.01);
+    try testing.expect(!out[0].reached);
+}
+
+test "convergencePoints: reached emits zero years and reached=true" {
+    const points = [_]HistoryPoint{
+        pt(2025, 6, 15, 5000000, null, .reached),
+    };
+    const out = try convergencePoints(testing.allocator, &points);
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expectEqual(@as(f64, 0.0), out[0].years_until_retirement);
+    try testing.expect(out[0].reached);
+    // For reached rows, projected_date == observation_date so
+    // the chart can plot them on the y=0 axis at the anchor x.
+    try testing.expect(out[0].projected_date.eql(out[0].observation_date));
+}
+
+test "convergencePoints: preserves source date order" {
+    // Importer guarantees ascending; we should preserve that.
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, null, .{ .date = Date.fromYmd(2030, 1, 1) }),
+        pt(2021, 1, 1, 1100, null, .{ .date = Date.fromYmd(2031, 1, 1) }),
+        pt(2022, 1, 1, 1200, null, .{ .date = Date.fromYmd(2030, 6, 1) }),
+    };
+    const out = try convergencePoints(testing.allocator, &points);
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 3), out.len);
+    try testing.expectApproxEqAbs(@as(f64, 10.0), out[0].years_until_retirement, 0.01);
+    try testing.expectApproxEqAbs(@as(f64, 10.0), out[1].years_until_retirement, 0.01);
+    // 2022-01-01 → 2030-06-01 ≈ 8.4 years
+    try testing.expectApproxEqAbs(@as(f64, 8.42), out[2].years_until_retirement, 0.05);
+}
+
+test "returnBacktest: empty input returns empty" {
+    const out = try returnBacktest(testing.allocator, &.{}, &.{ 1, 3, 5 }, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 0), out.len);
+}
+
+test "returnBacktest: empty horizons returns empty" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, 0.10, null),
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 0), out.len);
+}
+
+test "returnBacktest: skips rows lacking expected_return" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, null, null),
+        pt(2021, 1, 1, 1100, null, null),
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 0), out.len);
+}
+
+test "returnBacktest: 1y CAGR matches hand-computed value" {
+    const points = [_]HistoryPoint{
+        // Anchor 2020-01-01 with claimed 10%; future point one
+        // year later at $1100 → realized 10%.
+        pt(2020, 1, 1, 1000, 0.10, null),
+        pt(2021, 1, 2, 1100, null, null), // close to 2021-01-01 (+1 day, within 14-day tolerance)
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expectEqualDeep(Date.fromYmd(2020, 1, 1), out[0].anchor_date);
+    try testing.expectEqual(@as(u16, 1), out[0].horizon_years);
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[0].expected_return, 0.001);
+    try testing.expect(out[0].realized_cagr != null);
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[0].realized_cagr.?, 0.005);
+}
+
+test "returnBacktest: realized null when no future data point in tolerance" {
+    const points = [_]HistoryPoint{
+        // Only one row, no future data — 1y horizon can't match.
+        pt(2025, 6, 1, 1000, 0.08, null),
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expectEqual(@as(?f64, null), out[0].realized_cagr);
+}
+
+test "returnBacktest: emits one row per horizon per qualifying anchor" {
+    const points = [_]HistoryPoint{
+        pt(2018, 1, 1, 1000, 0.10, null),
+        pt(2019, 1, 1, 1100, null, null), // +1y match
+        pt(2021, 1, 1, 1331, null, null), // +3y match (1.10^3 = 1.331)
+        pt(2023, 1, 1, 1611, null, null), // +5y match (1.10^5 ≈ 1.611)
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{ 1, 3, 5 }, false, &.{});
+    defer testing.allocator.free(out);
+    // One anchor × three horizons = 3 rows.
+    try testing.expectEqual(@as(usize, 3), out.len);
+    try testing.expectEqual(@as(u16, 1), out[0].horizon_years);
+    try testing.expectEqual(@as(u16, 3), out[1].horizon_years);
+    try testing.expectEqual(@as(u16, 5), out[2].horizon_years);
+    // Each horizon's realized CAGR is ~10%.
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[0].realized_cagr.?, 0.005);
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[1].realized_cagr.?, 0.005);
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[2].realized_cagr.?, 0.005);
+}
+
+test "returnBacktest: tolerance picks the closest point within ±14 days" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, 0.10, null),
+        // Two candidates both within tolerance for the 1y window;
+        // closer one (2021-01-01, exact match) should win over
+        // the +10-day candidate.
+        pt(2021, 1, 11, 1200, null, null),
+        pt(2021, 1, 1, 1100, null, null),
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    // Closer match (2021-01-01) wins → realized = 1100/1000 - 1 = 10%.
+    try testing.expectApproxEqAbs(@as(f64, 0.10), out[0].realized_cagr.?, 0.005);
+}
+
+test "returnBacktest: real mode deflates endpoints to reference year" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 1000, 0.10, null),
+        pt(2021, 1, 1, 1100, null, null),
+    };
+    // Synthetic CPI: 2020 had 5% inflation. With real mode
+    // and 2021 as ref year:
+    //   v0 (2020) inflated to 2021 dollars: 1000 * 1.05 = 1050
+    //   v1 (2021) stays at 1100
+    //   CAGR = 1100/1050 - 1 ≈ 4.76%  (vs 10% nominal)
+    const cpi = [_]milestones.YearCpi{
+        .{ .year = 2020, .cpi = 0.05 },
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, true, &cpi);
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(usize, 1), out.len);
+    try testing.expectApproxEqAbs(@as(f64, 0.0476), out[0].realized_cagr.?, 0.001);
+}
+
+test "returnBacktest: zero or negative liquid yields null realized" {
+    const points = [_]HistoryPoint{
+        pt(2020, 1, 1, 0, 0.10, null), // zero starting value
+        pt(2021, 1, 1, 1100, null, null),
+    };
+    const out = try returnBacktest(testing.allocator, &points, &.{1}, false, &.{});
+    defer testing.allocator.free(out);
+    try testing.expectEqual(@as(?f64, null), out[0].realized_cagr);
+}
diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index f972430..d49c725 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -21,6 +21,10 @@ const valuation = @import("../analytics/valuation.zig");
 const view = @import("../views/projections.zig");
 const history = @import("../history.zig");
 const timeline = @import("../analytics/timeline.zig");
+const imported = @import("../data/imported_values.zig");
+const forecast = @import("../analytics/forecast_evaluation.zig");
+const milestones = @import("../analytics/milestones.zig");
+const shiller = @import("../data/shiller.zig");
 
 /// Hardcoded benchmark symbols (configurable in a future version).
 const stock_benchmark = "SPY";
@@ -586,6 +590,249 @@ pub fn runCompare(
     try out.print("\n", .{});
 }
 
+// ── Forecast-vs-actual evaluation views ──────────────────────
+
+/// Horizons used by `--return-backtest`. 1y/3y/5y per the
+/// V1 spec; 10y is a polish-pass addition.
+const backtest_horizons: []const u16 = &.{ 1, 3, 5 };
+
+/// `zfin projections --convergence` entry point. Renders a
+/// summary table of `(observation_date, projected_date,
+/// years_until)` from the imported spreadsheet history. The CLI
+/// is intentionally table-based — the high-fidelity chart lives
+/// on the TUI projections tab.
+///
+/// Source data: `<portfolio_dir>/history/imported_values.srf`,
+/// loaded via `data.imported_values.loadImportedValues`. Missing
+/// file is treated as "no historical data," not an error: the
+/// command emits a one-line note and returns successfully.
+///
+/// Caveat (per spec): this view shows whether the model was
+/// directionally honest about retirement timing. It does NOT
+/// validate the SWR claim itself — that's a 30-year claim we
+/// can't validate within either of our lifetimes.
+pub fn runConvergence(
+    io: std.Io,
+    allocator: std.mem.Allocator,
+    file_path: []const u8,
+    color: bool,
+    out: *std.Io.Writer,
+) !void {
+    var arena_state = std.heap.ArenaAllocator.init(allocator);
+    defer arena_state.deinit();
+    const va = arena_state.allocator();
+
+    const hist_dir = try history.deriveHistoryDir(va, file_path);
+    const iv_path = try std.fs.path.join(va, &.{ hist_dir, "imported_values.srf" });
+
+    var iv = imported.loadImportedValues(io, allocator, iv_path) catch |err| {
+        try cli.stderrPrint(io, "Error: cannot load imported_values.srf.\n");
+        return err;
+    };
+    defer iv.deinit();
+
+    const points = try forecast.convergencePoints(va, iv.points);
+
+    try cli.setBold(out, color);
+    try out.print("Projection convergence (spreadsheet-projected retirement date over time)\n", .{});
+    try cli.reset(out, color);
+
+    if (points.len == 0) {
+        try cli.printFg(out, color, cli.CLR_MUTED, "No convergence data available (imported_values.srf empty or missing projected_retirement fields).\n", .{});
+        return;
+    }
+
+    // Range header — first/last observation dates.
+    try cli.printFg(
+        out,
+        color,
+        cli.CLR_MUTED,
+        "  {d} observations from {f} → {f}\n",
+        .{ points.len, points[0].observation_date, points[points.len - 1].observation_date },
+    );
+    try cli.printFg(
+        out,
+        color,
+        cli.CLR_MUTED,
+        "  Caveat: tracks the model's directional honesty, not SWR validity.\n",
+        .{},
+    );
+    try out.print("\n", .{});
+
+    // Table header
+    try cli.setFg(out, color, cli.CLR_MUTED);
+    try out.print("  {s:<12}  {s:<12}  {s:>14}\n", .{ "Observed", "Projected", "Years until" });
+    try out.print("  {s:-<12}  {s:-<12}  {s:->14}\n", .{ "", "", "" });
+    try cli.reset(out, color);
+
+    // Body — show first, last, and every 13th in between for a
+    // ~quarterly cadence on weekly imported data. Reading the
+    // entire 11.5-year history line-by-line is rarely useful;
+    // the chart on the TUI is the high-fidelity surface.
+    const stride: usize = if (points.len > 26) (points.len + 25) / 26 else 1;
+    for (points, 0..) |p, i| {
+        if (i != 0 and i != points.len - 1 and (i % stride) != 0) continue;
+
+        var proj_buf: [16]u8 = undefined;
+        const proj_str: []const u8 = if (p.reached) "reached" else std.fmt.bufPrint(&proj_buf, "{f}", .{p.projected_date}) catch "??????????";
+
+        var years_buf: [16]u8 = undefined;
+        const years_str: []const u8 = if (p.reached)
+            "0.00"
+        else
+            std.fmt.bufPrint(&years_buf, "{d:.2}", .{p.years_until_retirement}) catch "??";
+
+        try out.print("  {f}    {s:<12}  {s:>14}\n", .{ p.observation_date, proj_str, years_str });
+    }
+
+    if (stride > 1) {
+        try out.print("\n", .{});
+        try cli.printFg(out, color, cli.CLR_MUTED, "  (Showing every {d}th observation — full chart on TUI projections tab.)\n", .{stride});
+    }
+    try out.print("\n", .{});
+}
+
+/// `zfin projections --return-backtest [--real]` entry point.
+/// Renders a summary table comparing the spreadsheet's
+/// `expected_return` claim to realized 1y/3y/5y forward CAGR
+/// for each anchor row.
+///
+/// When `real_mode` is true, the realized CAGR is computed
+/// against inflation-deflated `liquid` values (Shiller annual
+/// CPI). The expected_return column is left as-is (it's a return
+/// rate, not a level — but it's a nominal return as captured by
+/// the source spreadsheet, which means real-mode is comparing
+/// nominal-claim against real-realized; useful but watch the
+/// caveat in the output).
+pub fn runReturnBacktest(
+    io: std.Io,
+    allocator: std.mem.Allocator,
+    file_path: []const u8,
+    real_mode: bool,
+    color: bool,
+    out: *std.Io.Writer,
+) !void {
+    var arena_state = std.heap.ArenaAllocator.init(allocator);
+    defer arena_state.deinit();
+    const va = arena_state.allocator();
+
+    const hist_dir = try history.deriveHistoryDir(va, file_path);
+    const iv_path = try std.fs.path.join(va, &.{ hist_dir, "imported_values.srf" });
+
+    var iv = imported.loadImportedValues(io, allocator, iv_path) catch |err| {
+        try cli.stderrPrint(io, "Error: cannot load imported_values.srf.\n");
+        return err;
+    };
+    defer iv.deinit();
+
+    // Build the YearCpi slice from Shiller's annual_returns. Same
+    // shape `milestones.deflate` accepts.
+    var cpi_list: std.ArrayList(milestones.YearCpi) = .empty;
+    defer cpi_list.deinit(va);
+    for (shiller.annual_returns) |yr| {
+        try cpi_list.append(va, .{ .year = yr.year, .cpi = yr.cpi_inflation });
+    }
+
+    const rows = try forecast.returnBacktest(va, iv.points, backtest_horizons, real_mode, cpi_list.items);
+
+    try cli.setBold(out, color);
+    try out.print("Expected vs realized return back-test\n", .{});
+    try cli.reset(out, color);
+
+    if (rows.len == 0) {
+        try cli.printFg(out, color, cli.CLR_MUTED, "No back-test data available (imported_values.srf empty or missing expected_return fields).\n", .{});
+        return;
+    }
+
+    // Header note explaining the methodology.
+    try cli.printFg(
+        out,
+        color,
+        cli.CLR_MUTED,
+        "  expected_return = spreadsheet's min(1y,3y,5y,10y)-weighted claim at each anchor.\n",
+        .{},
+    );
+    if (real_mode) {
+        try cli.printFg(
+            out,
+            color,
+            cli.CLR_MUTED,
+            "  realized = inflation-deflated forward CAGR (Shiller CPI). expected is left nominal.\n",
+            .{},
+        );
+    } else {
+        try cli.printFg(
+            out,
+            color,
+            cli.CLR_MUTED,
+            "  realized = nominal forward CAGR. Pair with --real to deflate.\n",
+            .{},
+        );
+    }
+    try cli.printFg(
+        out,
+        color,
+        cli.CLR_MUTED,
+        "  Caveat: tracks the model's expected-return honesty, not SWR validity.\n",
+        .{},
+    );
+    try out.print("\n", .{});
+
+    // Group rows by anchor: emit one line per anchor with three
+    // realized columns. Rows are emitted in (anchor, horizon)
+    // order from `forecast.returnBacktest`.
+    try cli.setFg(out, color, cli.CLR_MUTED);
+    try out.print("  {s:<12}  {s:>10}  {s:>10}  {s:>10}  {s:>10}\n", .{ "Anchor", "Expected", "1y", "3y", "5y" });
+    try out.print("  {s:-<12}  {s:->10}  {s:->10}  {s:->10}  {s:->10}\n", .{ "", "", "", "", "" });
+    try cli.reset(out, color);
+
+    // Show at most ~30 evenly-spaced anchors so the table
+    // stays scannable. Anchors are in ascending order.
+    var anchor_rows = std.ArrayList(struct { date: Date, expected: f64, r1: ?f64, r3: ?f64, r5: ?f64 }).empty;
+    defer anchor_rows.deinit(va);
+
+    var i: usize = 0;
+    while (i < rows.len) {
+        const anchor_date = rows[i].anchor_date;
+        const expected = rows[i].expected_return;
+        var r1: ?f64 = null;
+        var r3: ?f64 = null;
+        var r5: ?f64 = null;
+        while (i < rows.len and rows[i].anchor_date.eql(anchor_date)) : (i += 1) {
+            switch (rows[i].horizon_years) {
+                1 => r1 = rows[i].realized_cagr,
+                3 => r3 = rows[i].realized_cagr,
+                5 => r5 = rows[i].realized_cagr,
+                else => {},
+            }
+        }
+        try anchor_rows.append(va, .{ .date = anchor_date, .expected = expected, .r1 = r1, .r3 = r3, .r5 = r5 });
+    }
+
+    const stride: usize = if (anchor_rows.items.len > 30) (anchor_rows.items.len + 29) / 30 else 1;
+    for (anchor_rows.items, 0..) |a, idx| {
+        if (idx != 0 and idx != anchor_rows.items.len - 1 and (idx % stride) != 0) continue;
+
+        var ebuf: [16]u8 = undefined;
+        const e_str = std.fmt.bufPrint(&ebuf, "{d:.2}%", .{a.expected * 100}) catch "??";
+
+        var r1_buf: [16]u8 = undefined;
+        var r3_buf: [16]u8 = undefined;
+        var r5_buf: [16]u8 = undefined;
+        const r1_str: []const u8 = if (a.r1) |v| std.fmt.bufPrint(&r1_buf, "{d:.2}%", .{v * 100}) catch "??" else "—";
+        const r3_str: []const u8 = if (a.r3) |v| std.fmt.bufPrint(&r3_buf, "{d:.2}%", .{v * 100}) catch "??" else "—";
+        const r5_str: []const u8 = if (a.r5) |v| std.fmt.bufPrint(&r5_buf, "{d:.2}%", .{v * 100}) catch "??" else "—";
+
+        try out.print("  {f}  {s:>10}  {s:>10}  {s:>10}  {s:>10}\n", .{ a.date, e_str, r1_str, r3_str, r5_str });
+    }
+
+    if (stride > 1) {
+        try out.print("\n", .{});
+        try cli.printFg(out, color, cli.CLR_MUTED, "  (Showing every {d}th anchor — full chart on TUI projections tab.)\n", .{stride});
+    }
+    try out.print("\n", .{});
+}
+
 /// Shared key-metrics comparison used by both `projections --vs` and
 /// `compare --projections`. Returns `then`/`now` metrics ready for
 /// rendering, plus the snapshot resolutions for header rendering.
diff --git a/src/main.zig b/src/main.zig
index d4a6687..a69cba6 100644
--- a/src/main.zig
+++ b/src/main.zig
@@ -108,6 +108,14 @@ const usage =
     \\                           and safe-withdrawal @99% for live vs DATE, with
     \\                           deltas. Combine with --as-of to compare two
     \\                           historical dates (--vs = then, --as-of = now).
+    \\  --convergence            Plot the spreadsheet's predicted retirement date
+    \\                           over time as data accumulated. Sources data from
+    \\                           imported_values.srf. Caveat: this evaluates the
+    \\                           model's directional honesty, not its SWR claim.
+    \\  --return-backtest        Plot the spreadsheet's expected_return claim over
+    \\                           time alongside realized 1y/3y/5y forward CAGR.
+    \\                           Sources data from imported_values.srf. Pair with
+    \\                           --real to compare in inflation-adjusted dollars.
     \\
     \\Milestones command options:
     \\  --step <expr>            Threshold step. Required.
@@ -525,6 +533,9 @@ fn runCli(init: std.process.Init) !u8 {
         var as_of: ?zfin.Date = null;
         var vs_date: ?zfin.Date = null;
         var overlay_actuals = false;
+        var convergence = false;
+        var return_backtest = false;
+        var real_mode = false;
         var i: usize = 0;
         while (i < cmd_args.len) : (i += 1) {
             const a = cmd_args[i];
@@ -532,6 +543,12 @@ fn runCli(init: std.process.Init) !u8 {
                 events_enabled = false;
             } else if (std.mem.eql(u8, a, "--overlay-actuals")) {
                 overlay_actuals = true;
+            } else if (std.mem.eql(u8, a, "--convergence")) {
+                convergence = true;
+            } else if (std.mem.eql(u8, a, "--return-backtest")) {
+                return_backtest = true;
+            } else if (std.mem.eql(u8, a, "--real")) {
+                real_mode = true;
             } else if (std.mem.eql(u8, a, "--as-of") or std.mem.eql(u8, a, "--vs")) {
                 if (i + 1 >= cmd_args.len) {
                     try cli.stderrPrint(io, "Error: ");
@@ -566,12 +583,38 @@ fn runCli(init: std.process.Init) !u8 {
                 return 1;
             }
         }
+
+        // Mutually-exclusive view flags. Forecast-evaluation flags
+        // (`--convergence`, `--return-backtest`) replace the default
+        // bands view entirely; combining them with each other,
+        // `--vs`, or `--overlay-actuals` is rejected.
+        if (convergence and return_backtest) {
+            try cli.stderrPrint(io, "Error: --convergence and --return-backtest are mutually exclusive.\n");
+            return 1;
+        }
+        if ((convergence or return_backtest) and vs_date != null) {
+            try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --vs.\n");
+            return 1;
+        }
+        if ((convergence or return_backtest) and overlay_actuals) {
+            try cli.stderrPrint(io, "Error: --convergence/--return-backtest cannot be combined with --overlay-actuals.\n");
+            return 1;
+        }
+        if (real_mode and !return_backtest) {
+            try cli.stderrPrint(io, "Error: --real only applies to --return-backtest.\n");
+            return 1;
+        }
+
         if (as_of != null and vs_date == null) {
             // Single-date mode: view that snapshot only.
         }
         const pf = resolveUserPath(io, allocator, config, globals.portfolio_path, zfin.Config.default_portfolio_filename);
         defer if (pf.resolved) |r| r.deinit(allocator);
-        if (vs_date) |d| {
+        if (convergence) {
+            try commands.projections.runConvergence(io, allocator, pf.path, color, out);
+        } else if (return_backtest) {
+            try commands.projections.runReturnBacktest(io, allocator, pf.path, real_mode, color, out);
+        } else if (vs_date) |d| {
             // Compare mode. `as_of` (if set) designates the "now"
             // side — otherwise now is live. `--vs` alone compares
             // live against a historical date; `--vs X --as-of Y`