How to use this calculator
- Enter subperiod returns (%).
- Choose a display currency, then select Calculate. Results also update after a brief pause while you edit.
- Read the result with the assumptions below. Export details or save a second scenario to compare your choices.
Formula and method
Assumptions and limitations
Use your own matching-period observations. These descriptive calculations are not forecasts, investment advice or a national dataset. Lists accept up to 100 comma-separated numbers; do not enter thousands separators. Not annualized. Each return must exceed −100%.
Worked example
For the sample inputs shown above, time-weighted return produces a first result of approximately 18.8. The assumptions below explain what this result represents.
What the result means
Link cash-flow-adjusted subperiod returns to measure investment performance independently of contribution size.
Common questions
How is the calculation performed?
Linked return = product(1+rᵢ)−1; each supplied subperiod return must already exclude external cash-flow distortion.
What does the model leave out?
Use your own matching-period observations. These descriptive calculations are not forecasts, investment advice or a national dataset. Lists accept up to 100 comma-separated numbers; do not enter thousands separators. Not annualized. Each return must exceed −100%.
Methodology and transparency
Calculation specification reviewed on 2026-10-14. Mathematical implementation is tested against independent reference fixtures. This does not imply review by a licensed financial professional. Read the testing and precision policy.