$ Within the "perform scenario" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation somewhat) $begingroup$ When you look at just just one illustration, it could seem like the frequency of hedging instantly consequences the EV/Avg(Pnl), like in your situation you described the place hedging https://pnl31075.dailyblogzz.com/34668583/pnl-for-dummies