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I also have lower hematocrit with test propionate vs enanthate at comparable dosage (48% with enanthate, 45% with prop, pre-TRT 40%, doses in the 140-175 mg weekly range for both).

I suspect changes in hematocrit are a good proxy for the anabolic effects of testosterone, as test prop is also less anabolic than enanthate at equivalent dosages in my experience.