The number of pull requests and/or work items completed.
It's not perfect, but when the numbers are crunched over the course of 6+ months or longer then it approximately aligns with our anecdotal observations about "our best developers".
Metrics that (I believe) are important to track.
1. number of days (for a new employee) to complete first pull request.
2. number of pull requests complete within first thirty days.
3. number of pull requests complete within first six months.
4. number of kickbacks (a work item that goes back to development because it failed testing).
#4 is kind of difficult to measure. The work item systems that I have experience with do not have an easy way to track this metric so it takes effort to produce/track.
Finally, I'm transparent with my direct reports about this information and that I believe it's important. I ask them if they feel it's fair, or if there is another metric/measurement I should use or look at to assess productivity/performance. Thus far, no one has yet to bring anything serious to me so either people don't really care or they feel this is fair/sufficient (or maybe I'm a giant smug jerk who is hostile to feedback from subordinates, I don't believe this to be the case but this is Hacker News after all so very prepared for this response).