diff --git a/docs/reference/config/projections-srf.md b/docs/reference/config/projections-srf.md
index edeac8e..b2afc24 100644
--- a/docs/reference/config/projections-srf.md
+++ b/docs/reference/config/projections-srf.md
@@ -66,6 +66,15 @@ cash, CDs, options, and anything with no `metadata.srf` row -- so a raw
 sleeve, and would not be comparable against the portfolio row (which is
 renormalized). Both rows therefore describe invested assets only.
 
+The row labels say so, and they are renormalized to match: a leg reads
+`SPYM (89.4% of benchmark)`, not its raw portfolio weight, so that
+multiplying the printed weights by the printed returns reproduces the
+printed blend. The blend row names the share of the portfolio it covers,
+`Benchmark (94.9% of portfolio)`, and omits that clause entirely once
+coverage reaches 99.5%. A leg's raw portfolio weight is still recoverable
+as `of benchmark x of portfolio` -- here `0.894 x 0.949 = 84.9%`, which
+is the figure the `Target allocation` line reports.
+
 The year columns are **total return** (dividend-reinvested). The `Week`
 column is price-only, because dividends over seven days are negligible;
 the table header says so.
diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index 8d31b67..f647488 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -892,27 +892,36 @@ pub fn runBands(
         "", "1 Year", "3 Year", "5 Year", "10 Year", "Week",
     });
 
-    // Build return rows via view model
+    // Build return rows via view model. Weights are renormalized to the blend,
+    // matching what `comparison.*_returns` were actually computed from.
+    const bw = view.benchmarkWeights(ctx.stock_pct, ctx.bond_pct);
+
     var spy_bufs: [5][16]u8 = undefined;
-    var spy_label_buf: [32]u8 = undefined;
+    var spy_label_buf: [48]u8 = undefined;
     const spy_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&spy_label_buf, ctx.config.benchmarkStock(), ctx.stock_pct * 100),
+        view.fmtBenchmarkLabel(&spy_label_buf, ctx.config.benchmarkStock(), bw.stock),
         comparison.stock_returns,
         &spy_bufs,
         false,
     );
 
     var agg_bufs: [5][16]u8 = undefined;
-    var agg_label_buf: [32]u8 = undefined;
+    var agg_label_buf: [48]u8 = undefined;
     const agg_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&agg_label_buf, ctx.config.benchmarkBond(), ctx.bond_pct * 100),
+        view.fmtBenchmarkLabel(&agg_label_buf, ctx.config.benchmarkBond(), bw.bond),
         comparison.bond_returns,
         &agg_bufs,
         false,
     );
 
     var bench_bufs: [5][16]u8 = undefined;
-    const bench_row = view.buildReturnRow("Benchmark", comparison.benchmark_returns, &bench_bufs, true);
+    var bench_label_buf: [48]u8 = undefined;
+    const bench_row = view.buildReturnRow(
+        view.fmtBenchmarkAggregateLabel(&bench_label_buf, bw.covered),
+        comparison.benchmark_returns,
+        &bench_bufs,
+        true,
+    );
 
     var port_bufs: [5][16]u8 = undefined;
     const port_row = view.buildReturnRow("Your Portfolio", comparison.portfolio_returns, &port_bufs, true);
diff --git a/src/tui/projections_tab.zig b/src/tui/projections_tab.zig
index 37d669d..a2ca268 100644
--- a/src/tui/projections_tab.zig
+++ b/src/tui/projections_tab.zig
@@ -1137,11 +1137,13 @@ fn buildHeaderSection(state: *State, app: *App, arena: std.mem.Allocator, lines:
         .style = th.headerStyle(),
     });
 
-    // Return rows
+    // Return rows. Weights renormalized to the blend - see `benchmarkWeights`.
+    const bw = view.benchmarkWeights(stock_pct, pctx.bond_pct);
+
     var spy_bufs: [5][16]u8 = undefined;
-    var spy_label_buf: [32]u8 = undefined;
+    var spy_label_buf: [48]u8 = undefined;
     const spy_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&spy_label_buf, config.benchmarkStock(), stock_pct * 100),
+        view.fmtBenchmarkLabel(&spy_label_buf, config.benchmarkStock(), bw.stock),
         comparison.stock_returns,
         &spy_bufs,
         false,
@@ -1149,9 +1151,9 @@ fn buildHeaderSection(state: *State, app: *App, arena: std.mem.Allocator, lines:
     try appendReturnRow(lines, arena, th, spy_row);
 
     var agg_bufs: [5][16]u8 = undefined;
-    var agg_label_buf: [32]u8 = undefined;
+    var agg_label_buf: [48]u8 = undefined;
     const agg_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&agg_label_buf, config.benchmarkBond(), pctx.bond_pct * 100),
+        view.fmtBenchmarkLabel(&agg_label_buf, config.benchmarkBond(), bw.bond),
         comparison.bond_returns,
         &agg_bufs,
         false,
@@ -1159,7 +1161,13 @@ fn buildHeaderSection(state: *State, app: *App, arena: std.mem.Allocator, lines:
     try appendReturnRow(lines, arena, th, agg_row);
 
     var bench_bufs: [5][16]u8 = undefined;
-    const bench_row = view.buildReturnRow("Benchmark", comparison.benchmark_returns, &bench_bufs, true);
+    var bench_label_buf: [48]u8 = undefined;
+    const bench_row = view.buildReturnRow(
+        view.fmtBenchmarkAggregateLabel(&bench_label_buf, bw.covered),
+        comparison.benchmark_returns,
+        &bench_bufs,
+        true,
+    );
     try appendReturnRow(lines, arena, th, bench_row);
 
     try lines.append(arena, .{ .text = "", .style = th.contentStyle() });
@@ -1887,11 +1895,13 @@ fn buildLines(state: *State, app: *App, arena: std.mem.Allocator) ![]const Style
         .style = th.headerStyle(),
     });
 
-    // Return rows
+    // Return rows. Weights renormalized to the blend - see `benchmarkWeights`.
+    const bw = view.benchmarkWeights(stock_pct, ctx.bond_pct);
+
     var spy_bufs: [5][16]u8 = undefined;
-    var spy_label_buf: [32]u8 = undefined;
+    var spy_label_buf: [48]u8 = undefined;
     const spy_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&spy_label_buf, config.benchmarkStock(), stock_pct * 100),
+        view.fmtBenchmarkLabel(&spy_label_buf, config.benchmarkStock(), bw.stock),
         comparison.stock_returns,
         &spy_bufs,
         false,
@@ -1899,9 +1909,9 @@ fn buildLines(state: *State, app: *App, arena: std.mem.Allocator) ![]const Style
     try appendReturnRow(&lines, arena, th, spy_row);
 
     var agg_bufs: [5][16]u8 = undefined;
-    var agg_label_buf: [32]u8 = undefined;
+    var agg_label_buf: [48]u8 = undefined;
     const agg_row = view.buildReturnRow(
-        view.fmtBenchmarkLabel(&agg_label_buf, config.benchmarkBond(), ctx.bond_pct * 100),
+        view.fmtBenchmarkLabel(&agg_label_buf, config.benchmarkBond(), bw.bond),
         comparison.bond_returns,
         &agg_bufs,
         false,
@@ -1909,7 +1919,13 @@ fn buildLines(state: *State, app: *App, arena: std.mem.Allocator) ![]const Style
     try appendReturnRow(&lines, arena, th, agg_row);
 
     var bench_bufs: [5][16]u8 = undefined;
-    const bench_row = view.buildReturnRow("Benchmark", comparison.benchmark_returns, &bench_bufs, true);
+    var bench_label_buf: [48]u8 = undefined;
+    const bench_row = view.buildReturnRow(
+        view.fmtBenchmarkAggregateLabel(&bench_label_buf, bw.covered),
+        comparison.benchmark_returns,
+        &bench_bufs,
+        true,
+    );
     try appendReturnRow(&lines, arena, th, bench_row);
 
     try lines.append(arena, .{ .text = "", .style = th.contentStyle() });
diff --git a/src/views/projections.zig b/src/views/projections.zig
index c402e53..751bfdc 100644
--- a/src/views/projections.zig
+++ b/src/views/projections.zig
@@ -144,9 +144,52 @@ pub fn fmtAllocationNote(buf: []u8, target_stock_pct: ?f64, current_stock_pct: f
     return .{ .text = text, .style = style };
 }
 
-/// Format the stock benchmark label with weight.
+/// Benchmark weights as the blend actually uses them.
+///
+/// `deriveAllocationSplit` returns stock/bond as fractions of the WHOLE
+/// portfolio, so they do not sum to 1 - the remainder is cash, CDs, options and
+/// anything with no `metadata.srf` row. `blendReturns` then renormalizes to the
+/// weight present (`benchmark.blendOptional`), which is what stops a cash sleeve
+/// dragging the benchmark down against a portfolio return that excludes it too.
+///
+/// The labels have to agree with that arithmetic. Printing the raw 84.9%/10.0%
+/// beside a row computed from 89.5%/10.5% invites the reader to multiply out and
+/// get 17.14% where the row says 18.06%. Both numbers are correct and the
+/// mismatch is entirely in the caption - the same trap that already cost an hour
+/// on the `--as-of` table and is why `review` prints that table's date.
+///
+/// Nothing is lost by renormalizing the caption: the raw portfolio weight of
+/// either leg is `stock/100 * covered`.
+pub const BenchmarkWeights = struct {
+    /// Share of the BENCHMARK. Sums to 100 with `bond`.
+    stock: f64,
+    bond: f64,
+    /// Share of the PORTFOLIO the benchmark covers.
+    covered: f64,
+};
+
+pub fn benchmarkWeights(stock_pct: f64, bond_pct: f64) BenchmarkWeights {
+    const w = stock_pct + bond_pct;
+    if (w <= 0) return .{ .stock = 0, .bond = 0, .covered = 0 };
+    return .{
+        .stock = stock_pct / w * 100.0,
+        .bond = bond_pct / w * 100.0,
+        .covered = w * 100.0,
+    };
+}
+
+/// Format the benchmark leg label with its weight *within the benchmark*.
 pub fn fmtBenchmarkLabel(buf: []u8, symbol: []const u8, weight_pct: f64) []const u8 {
-    return std.fmt.bufPrint(buf, "{s} ({d:.1}% weight)", .{ symbol, weight_pct }) catch symbol;
+    return std.fmt.bufPrint(buf, "{s} ({d:.1}% of benchmark)", .{ symbol, weight_pct }) catch symbol;
+}
+
+/// Label for the blended row. Discloses how much of the portfolio the blend
+/// covers, but only when it is materially short of all of it - on a fully
+/// classified stock/bond portfolio there is nothing to disclose and the bare
+/// word is less noise.
+pub fn fmtBenchmarkAggregateLabel(buf: []u8, covered_pct: f64) []const u8 {
+    if (covered_pct >= 99.5) return "Benchmark";
+    return std.fmt.bufPrint(buf, "Benchmark ({d:.1}% of portfolio)", .{covered_pct}) catch "Benchmark";
 }
 
 // ── Precomputed projection data (shared by CLI and TUI) ────────