Measure investment performance with the method that fits your data. Calculate a dated, cash-flow-based annualized return for an account, or combine annual return assumptions across periods to estimate cumulative and annualized performance.
Returns are historical or hypothetical calculations, not forecasts. Enter all amounts in one currency. The currency selector only changes display formatting.
Cash-flow return
The result accounts for the dates and amounts of deposits and withdrawals.
Combined period result
The compound annualized return reflects compounding and period lengths. The arithmetic average does not account for compounding or duration.
Understanding average investment returns
Account cash-flow return is money-weighted: it estimates the annual rate that connects the starting balance, dated deposits and withdrawals, and ending balance. A deposit is treated as an investor contribution and a withdrawal as money received by the investor. This makes the timing of each cash flow matter.
What is the difference between money-weighted and time-weighted return?
Money-weighted return reflects both performance and the timing and size of cash flows. Time-weighted return separates investment performance from when an investor adds or removes money; calculating it generally requires account values at each cash-flow date. This page calculates a money-weighted return in cash-flow mode.
How is the cash-flow return solved?
The calculator finds the annualized rate that makes the present value of dated investor cash flows equal to zero. It uses actual calendar days divided by 365 for each date interval. Results can be unavailable or ambiguous for unusual cash-flow patterns with multiple possible rates.
How does the return-period mode work?
Each entered rate is treated as an annualized rate that applies over the specified years and months. The calculator compounds those periods consecutively, then annualizes the combined growth over the total duration. It also shows a simple arithmetic average for comparison.
Does the result include taxes, fees, or inflation?
No. Enter account balances and cash flows as you want them measured. The calculator does not separately adjust for taxes, fees, inflation, dividends, or changes in valuation methodology.
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