Time-Weighted Return Calculator
Chain investment subperiod returns while excluding external cash flows at the boundaries.
YOUR CALCULATION
Result
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Calculation steps
Work through one step at a time or reveal the complete calculation. The steps use your current inputs.
How to calculate
Value each subperiod immediately after its opening external flow and immediately before the next flow. Geometrically link end/start ratios.
TWR=product(end value/start value)−1
Worked example
A first subperiod 1000→1100 is +10%; after a 500 deposit the next is 1600→1440, −10%. Linked TWR is −1%, irrespective of that deposit.
Assumptions and input details
Each start must be positive and each end nonnegative. Supply a new row at every external flow. No unmeasured cash-flow timing is estimated. Total elapsed years is user supplied; annualization over short histories can be misleading. Values should consistently include reinvested distributions and chosen fees. A zero end followed by a positive start represents a newly funded subperiod. No live market data or national tax rules are inferred. Enter consistent amounts in one currency unless explicitly stated otherwise.
References: GIPS: return calculation methodology
Using this calculator
Can I enter my own problem?
Yes. Replace the example values with your own inputs. The result, calculation steps, tables and applicable diagrams update from those inputs. Blank or invalid values clear the result; example values are never silently substituted for missing inputs.
Are the results exact?
Results use floating-point arithmetic and displayed rounding. Read the formula, assumptions and any stated data precision before interpreting the result.
Is my input uploaded?
The calculation runs in your browser. No account, file upload or external AI service is required. Inputs are not saved between page reloads.
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