We measure how much one recurrence is worth to a looped (depth-recurrent) transformer, in equivalent unique parameters. From an iso-depth pretraining sweep across recurrence counts
r∈{1,2,4,8} spanning
∼50× in training compute, we fit a joint scaling law
L=E+A(Nonce+rφNrec)−α+BD−β and measure a recurrence-equivalence exponent
φ=0.46. Intuitively,
φ tells us whether looping a block
r times is equivalent in validation loss to
r unique blocks of a non-looped model (full equivalence,
φ=1) or to a single block run repeatedly with no capacity gain (
φ=0). Our
φ=0.46 sits in between, so replacing unique blocks with shared recurrences increases validation loss at matched training compute. For example, at
r=4 a 410M looped model performs on par with a 580M non-looped model, but incurs the training cost of a 1B non-looped one. We demonstrate the utility of
φ as a diagnostic tool on two case studies: commonly used truncated backpropagation lowers
φ to
0.38, indicating that the loop mechanism is poorly trained under truncation, even though validation loss decreases. Conversely, hyperconnections raise
φ to
0.65, a genuine capacity gain. Our method separates true loop improvements from training-side gains, a distinction raw validation loss cannot make.