Could a belt cause loss of speed

2008 800 RZR:

I have Dalton clutch installed and many other mods including HMF full exhaust, PC5 tuner, Alba big bore, UMP air intake…..

The fuel pump pressure is correct. The problem is that my speeds are just not what they should be. Top speed is around 46-48 MPH. I’m running 29.5 terminators but I have friends that are running them as well and I cant keep up with them.

My question is: Could this simply be a matter of a belt slipping at top end. I have inspected it and there is no signs of threads coming off. I’m not sure what the sides would like like if it was glazed over. I do not notice any smells or smoke from the belt , but does that mean that it isnt slipping any? Could a mildly slipping belt cause reduced speeds?

Thanks
Rick