I'm working on a finance project where I need to compare the effectiveness of traditional vs. algorithmic trading strategies using recent case studies, but I'm unsure how to measure performance accurately across different market conditions.

I've collected data from a few high-frequency trading cases and some traditional fund management examples, but when I try to benchmark them, the metrics like Sharpe ratio and alpha seem inconsistent. I've attempted to normalize for risk and liquidity, but it's not yielding clear results. Any advice on standardized approaches or specific case studies to reference?