Automated mission with terrain following: Does the moving map view report the altitude relative to the home position?

I have an Arduplane mission with about ten waypoints each set to be 400 feet above ground. When I run a simulated mission the altitude reported on the moving map view is either higher than 400 feet or lower than 400 feet.

Are the higher than and lower than altitudes reported as relative to the home location?

Thanks,

Paul