In today's digital age, multimedia content is omnipresent, and the demand for efficient compression techniques is everincreasing. In particular, the successful delivery of services based on video transmission largely depends on achieving the lowest latency values. One solution has been to use extrapolation for latency compensation in video transmission that allows to reduce the latency by an arbitrary amount. Nevertheless, this latency reduction comes at the cost of an increased distortion of the displayed images, since they are based on temporal extrapolation. Latency can also be traded with coding rate. This paper introduces ELR-PSNR and EPR-Latency as unified metrics to assess the three-way trade-off between rate, distortion, and latency simultaneously.