Portfolio Performance Calculator (TWR & MWR)
Your real portfolio return, time-weighted and money-weighted, with deposits.
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- Free preview: the time-weighted return in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden.
- Locked until you unlock it: download and copy.
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Growth of 100, time-weighted
Sub-periods between the flows
How this was calculated
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For education only, not investment advice: no tool here tells you what to buy, sell or hold. Results use only the figures you enter, the files you load (read in your browser, never uploaded) and the published rules each page names. Check them against your broker's or exchange's own figures, and consider a licensed or registered adviser for advice on your situation.
About the Portfolio Performance Calculator (TWR & MWR)
How well did your portfolio really do? When you add or take out money, the change in its value is not its return. This calculator gives the two returns professionals use: the time-weighted return (TWR), which removes the effect of your deposits and withdrawals and so measures the investments themselves, and the money-weighted return (MWR, the XIRR of your cash flows), which measures what your own money earned, timing included.
Type or paste the portfolio’s value on each date you added or took out money, load a statement of values and transactions, or try the example. You get both returns for the whole period and a year, every sub-period between flows, a benchmark’s return over the same dates if you load its prices, and the effect of the exchange rate when you give one. Where a flow has no value next to it, the tool uses the Modified Dietz method for that stretch and says so.
It works in any currency and for any market. Everything is worked out in your browser; nothing is uploaded.
How to use it
- For each date money went in or out, write the portfolio’s value just before it and the amount (a deposit above zero, a withdrawal below), with the value at the start and at the end; or load a file of values and transactions.
- Optionally load a benchmark’s prices (an index or a fund you compare with) and give an exchange rate on each row for the return in another currency.
- Read the time-weighted and the money-weighted return, each sub-period, and the benchmark’s return over the same dates.
- Copy the summary or download the sub-periods as CSV — with a pass, or after unlocking this result.
Examples
10,000 on 1 January; 11,000 on 2 July, then a deposit of 5,000; 15,000 on 1 January the next year
TWR +3.125% (1.1 × 0.9375 − 1) · MWR 0.00%: the investments gained, but the larger sum invested later lost what the first half earned
10,000 invested; 2,750, 4,250, 3,250 and 2,750 taken out over 15 months, the last leaving nothing
MWR 37.34% a year (Microsoft’s XIRR example); the TWR of that stretch uses Modified Dietz, since only the first and last values are known
The same first example, with an index at 1,000 at the start and 1,080 at the end
Benchmark +8.00%; your time-weighted return is 4.88 points below it
Common uses
- See whether a fund or a portfolio you manage did better than an index, without your own deposits distorting the comparison.
- Find out what your money really earned after years of regular deposits and occasional withdrawals.
- Check the return a broker or an adviser reports against your own statements.
- Split a return in another currency into the investments’ part and the exchange rate’s part.
The formulas
- Time-weighted return = Π(1 + rᵢ) − 1, with each sub-period’s rᵢ = value at its end ÷ (value at its start + the flow at its start) − 1. A new sub-period starts at every deposit or withdrawal, so the flows do not count as growth — the method of the GIPS standards, which define it as a method of calculating returns that “negates the effects of external cash flows”.
- Modified Dietz (for a stretch where a flow has no value next to it) = (end value − start value − Σ flows) ÷ (start value + Σ wₖ × flowₖ), with wₖ the share of the stretch still to run after the flow, in days.
- Money-weighted return = the rate r that solves Σ Pᵢ ÷ (1 + r)^((dᵢ − d₁) ÷ 365) = 0 for your cash flows: the start value and deposits as money in, withdrawals and the end value as money out (Microsoft’s XIRR).
- A year: (1 + TWR)^(1 ÷ years) − 1; the XIRR is already a rate a year.
Reading the results
- The time-weighted return answers “how did the investments do?”: it is the figure to compare with a fund, an index or another manager, because your own deposits and withdrawals are taken out of it.
- The money-weighted return answers “how did my money do?”: it is higher than the TWR when you added money before the good periods, and lower when you added it before the bad ones, as in the first example.
- Modified Dietz is an approximation: an exact time-weighted return needs the value on every date money moved.
- The benchmark line compares the time-weighted return with the price return of what you loaded over the same dates; a benchmark’s dividends count only if its prices include them.
What it leaves out
Taxes, and the value of anything not in the figures you give. Dividends and interest that stay in the portfolio are part of its return; if you took them out, enter them as withdrawals. The effect of the exchange rate is worked out from the rates you give, one on each date.
Limitations
- Needs the value at the start and at the end; for an exact time-weighted return, also the value on each date money moved.
- One portfolio at a time, in one currency (with optional rates into another).
- Returns are of the figures you enter; no prices are looked up.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What do I get without a pass?
Without a pass, Portfolio Performance Calculator (TWR & MWR) shows the time-weighted return in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden. Until you unlock it, the result can’t be downloaded or copied. A Premium or Ultimate pass, a one-time payment that never renews, unlocks the full result. The pricing page lists the passes and their prices.
Which return should I use, time-weighted or money-weighted?
To judge the investments — a fund, a strategy, an adviser — use the time-weighted return, because it ignores when money was added. To judge your own result, timing included, use the money-weighted return. In the first example the investments gained 3.125% while your money earned nothing, because more of it was invested in the weaker half-year.
Why do I need the value on the dates I added money?
A time-weighted return splits the period at each deposit or withdrawal and needs the value at that moment to measure each part. Without it, the tool uses the Modified Dietz method for that stretch, which assumes the gains were spread evenly over it.
Do dividends count as a withdrawal?
Only if you took them out of the portfolio. Dividends and interest that stay in it are part of its return, not a flow.
Can I load a statement?
Yes: a CSV or Excel file with the portfolio’s value on some dates and its deposits and withdrawals, one a row. The tool reads the dates, the amounts and the type of each row, and shows what it found.
Is my data uploaded?
No. It is read and worked out in your browser, and nothing you enter or load is sent to our server.