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Multiple teams, multiple versions, single project: version report

I have about 6 teams all using one single project in JIRA. They each have their own scrum board with unique filters, and it's going swimmingly. We've had our ups and downs but it's sort of working at this point. Recently, someone got the idea to have each team create a unique version to track their progress towards a milestone. My list of open versions on this shared project now looks something like this...

ThetaTeam_Nov152018
OmegaTeam_Nov152018
KappaTeam_Nov152018

This means that I have 3 unique versions all tracking simultaneously with a similar start date and identical end date.


So now I go to the version report and select a version to see how things are looking and this brings up my question...

How is velocity calculated in this report? Is it calculated project-wide? Does it magically know to use the velocity of the board listed? If I operate in this manner, will the version reports be directionally correct?

 

I am on JIRA Server 7.1.4

 

 

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