{"product_id":"average-return-calculator","title":"Average Return Calculator","description":"\u003cstyle\u003e\n.ar-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  color: var(--ink);\n  font-family: Inter, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", sans-serif;\n  font-size: 15px;\n  line-height: 1.55;\n  max-width: 1200px;\n  margin: 0 auto;\n  container-type: inline-size;\n}\n.ar-calculator,\n.ar-calculator *,\n.ar-calculator *::before,\n.ar-calculator *::after { box-sizing: border-box; }\n.ar-calculator a { color: #1d4ed8; text-decoration-thickness: 1px; text-underline-offset: 2px; }\n.ar-calculator a:hover { color: #1e40af; }\n.ar-calculator button,\n.ar-calculator input,\n.ar-calculator select { font: inherit; }\n.ar-calculator button { cursor: pointer; }\n.ar-calculator .ar-shell { display: grid; gap: 24px; min-width: 0; }\n.ar-calculator .ar-header { display: grid; gap: 12px; min-width: 0; }\n.ar-calculator .ar-header h2 { margin: 0; font-size: 24px; line-height: 1.25; font-weight: 700; letter-spacing: -.02em; }\n.ar-calculator .ar-header p { margin: 0; color: var(--muted); max-width: 850px; }\n.ar-calculator .ar-pills { display: flex; flex-wrap: wrap; gap: 8px; min-width: 0; }\n.ar-calculator .ar-pill { display: inline-flex; align-items: center; min-height: 32px; padding: 4px 10px; border: 1px solid var(--border); border-radius: 999px; background: var(--tint); color: #334155; font-size: 13px; font-weight: 600; font-variant-numeric: tabular-nums; }\n.ar-calculator .ar-toolbar { display: flex; flex-wrap: wrap; align-items: center; gap: 8px; min-width: 0; }\n.ar-calculator .ar-button { min-height: 46px; border-radius: 6px; border: 1px solid transparent; padding: 11px 16px; font-size: 15px; font-weight: 650; line-height: 1.2; display: inline-flex; align-items: center; justify-content: center; gap: 10px; white-space: nowrap; transition: background-color .15s ease, border-color .15s ease, box-shadow .15s ease, transform .15s ease; }\n.ar-calculator .ar-button:focus-visible,\n.ar-calculator input:focus-visible,\n.ar-calculator select:focus-visible,\n.ar-calculator .ar-mode-button:focus-visible { outline: 3px solid rgba(29,78,216,.32); outline-offset: 2px; }\n.ar-calculator .ar-button:hover { box-shadow: 0 2px 6px rgba(15,23,42,.12); }\n.ar-calculator .ar-button:active { transform: translateY(1px); }\n.ar-calculator .ar-download { background: var(--accent); color: #fff; border-color: var(--accent); padding-inline: 18px; }\n.ar-calculator .ar-download:hover { background: var(--accent-hover); border-color: var(--accent-hover); }\n.ar-calculator .ar-reset { background: var(--surface); color: var(--ink); border-color: #cbd5e1; }\n.ar-calculator .ar-icon { width: 18px; height: 18px; display: inline-flex; align-items: center; justify-content: center; font-size: 16px; line-height: 1; }\n.ar-calculator .ar-mode-switch { display: inline-grid; grid-template-columns: repeat(2, minmax(0, 1fr)); gap: 4px; padding: 4px; background: #e2e8f0; border-radius: 8px; width: min(100%, 620px); min-width: 0; }\n.ar-calculator .ar-mode-button { min-width: 0; min-height: 42px; border: 0; border-radius: 6px; background: transparent; color: #334155; padding: 8px 12px; font-weight: 650; }\n.ar-calculator .ar-mode-button[aria-selected=\"true\"] { background: var(--surface); color: var(--primary); box-shadow: 0 1px 2px rgba(15,23,42,.08); }\n.ar-calculator .ar-workspace { display: grid; grid-template-columns: minmax(0, .95fr) minmax(0, 1.05fr); gap: 24px; align-items: start; min-width: 0; }\n.ar-calculator .ar-panel { border: 1px solid var(--border); border-radius: 8px; background: var(--surface); box-shadow: 0 1px 2px rgba(15,23,42,.06); min-width: 0; }\n.ar-calculator .ar-panel-head { display: grid; gap: 4px; padding: 16px 16px 12px; border-bottom: 1px solid var(--border); min-width: 0; }\n.ar-calculator .ar-panel-head h3,\n.ar-calculator .ar-section-title { margin: 0; font-size: 18px; line-height: 1.35; font-weight: 650; }\n.ar-calculator .ar-panel-head p { margin: 0; color: var(--muted); font-size: 13px; }\n.ar-calculator .ar-panel-body { padding: 16px; display: grid; gap: 16px; min-width: 0; }\n.ar-calculator .ar-grid-2 { display: grid; grid-template-columns: repeat(2, minmax(0,1fr)); gap: 12px; min-width: 0; }\n.ar-calculator .ar-field { display: grid; gap: 6px; align-content: start; min-width: 0; }\n.ar-calculator .ar-field label,\n.ar-calculator .ar-field-label { font-size: 14px; font-weight: 600; color: var(--ink); }\n.ar-calculator .ar-field input,\n.ar-calculator .ar-field select { width: 100%; min-width: 0; min-height: 44px; border: 1px solid #cbd5e1; border-radius: 6px; background: #fff; color: var(--ink); padding: 9px 10px; font-variant-numeric: tabular-nums; }\n.ar-calculator .ar-field input[type=\"date\"] { padding-right: 6px; }\n.ar-calculator .ar-helper { min-height: 20px; color: var(--muted); font-size: 13px; font-weight: 500; line-height: 1.45; }\n.ar-calculator .ar-error { color: #b91c1c; font-size: 13px; font-weight: 600; min-height: 19px; }\n.ar-calculator .ar-rows { display: grid; gap: 10px; min-width: 0; }\n.ar-calculator .ar-row-head { display: none; grid-template-columns: 88px minmax(100px,1fr) minmax(126px,1fr) 36px; gap: 8px; align-items: end; color: var(--muted); font-size: 13px; font-weight: 600; padding: 0 2px; min-width: 0; }\n.ar-calculator .ar-return-head { grid-template-columns: minmax(112px,1fr) 90px 90px 36px; }\n.ar-calculator .ar-dynamic-row { display: grid; grid-template-columns: 88px minmax(100px,1fr) minmax(126px,1fr) 36px; gap: 8px; align-items: center; min-width: 0; }\n.ar-calculator .ar-return-row { grid-template-columns: minmax(112px,1fr) 90px 90px 36px; }\n.ar-calculator .ar-row-cell { display: grid; gap: 4px; min-width: 0; }\n.ar-calculator .ar-row-label { color: var(--muted); font-size: 13px; font-weight: 600; line-height: 1.3; }\n.ar-calculator .ar-dynamic-row select,\n.ar-calculator .ar-dynamic-row input { width: 100%; min-width: 0; min-height: 42px; border: 1px solid #cbd5e1; border-radius: 6px; background: #fff; color: var(--ink); padding: 8px 9px; font-variant-numeric: tabular-nums; }\n.ar-calculator .ar-remove { width: 36px; height: 36px; border-radius: 6px; border: 1px solid #cbd5e1; background: #fff; color: #475569; font-size: 18px; line-height: 1; display: inline-flex; align-items: center; justify-content: center; }\n.ar-calculator .ar-remove:hover { color: #b91c1c; border-color: #fca5a5; background: #fff7f7; }\n.ar-calculator .ar-add { justify-self: start; min-height: 40px; border: 1px solid #bfdbfe; border-radius: 6px; background: #eff6ff; color: #1e40af; font-weight: 650; padding: 8px 12px; }\n.ar-calculator .ar-results { display: grid; gap: 16px; min-width: 0; }\n.ar-calculator .ar-primary-result { padding: 16px; border: 1px solid #bfdbfe; border-radius: 8px; background: #eff6ff; display: grid; gap: 5px; min-width: 0; }\n.ar-calculator .ar-result-kicker { font-size: 13px; color: #1e3a8a; font-weight: 650; }\n.ar-calculator .ar-primary-value { font-size: 30px; line-height: 1.15; font-weight: 700; letter-spacing: -.02em; color: #1e3a8a; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.ar-calculator .ar-result-context { color: #334155; font-size: 13px; }\n.ar-calculator .ar-metric-grid { display: grid; grid-template-columns: repeat(2,minmax(0,1fr)); gap: 12px; min-width: 0; }\n.ar-calculator .ar-metric { border: 1px solid var(--border); border-radius: 8px; background: var(--tint); padding: 12px; display: grid; gap: 4px; min-width: 0; }\n.ar-calculator .ar-metric-label { color: var(--muted); font-size: 13px; font-weight: 600; }\n.ar-calculator .ar-metric-value { font-size: 20px; font-weight: 700; line-height: 1.25; font-variant-numeric: tabular-nums; overflow-wrap: anywhere; }\n.ar-calculator .ar-status { border-left: 3px solid var(--primary); background: var(--tint); border-radius: 0 6px 6px 0; padding: 10px 12px; color: #334155; font-size: 13px; }\n.ar-calculator .ar-empty { border: 1px dashed #cbd5e1; border-radius: 8px; padding: 16px; background: var(--tint); color: var(--muted); font-size: 13px; }\n.ar-calculator .ar-chart-panel { grid-column: 1 \/ -1; }\n.ar-calculator .ar-chart-cluster { display: grid; grid-template-columns: minmax(0, 1.35fr) minmax(220px, .65fr); gap: 24px; align-items: end; justify-content: center; max-width: 960px; margin: 0 auto; min-width: 0; }\n.ar-calculator .ar-chart-visual { display: grid; gap: 12px; min-width: 0; }\n.ar-calculator .ar-chart-svg { width: 100%; height: auto; min-height: 260px; display: block; overflow: visible; }\n.ar-calculator .ar-chart-legend { display: grid; gap: 10px; align-content: center; min-width: 0; }\n.ar-calculator .ar-legend-row { display: grid; grid-template-columns: 12px minmax(88px,max-content) minmax(76px,max-content); column-gap: 10px; row-gap: 3px; align-items: center; justify-content: start; min-width: 0; font-size: 13px; }\n.ar-calculator .ar-swatch { width: 12px; height: 12px; border-radius: 3px; }\n.ar-calculator .ar-legend-label { font-weight: 600; color: #334155; min-width: 0; overflow-wrap: anywhere; }\n.ar-calculator .ar-legend-value { color: var(--ink); font-weight: 650; font-variant-numeric: tabular-nums; white-space: nowrap; }\n.ar-calculator .ar-chart-summary { margin-top: 16px; border: 1px solid var(--border); border-radius: 6px; padding: 10px 12px; background: var(--tint); color: #334155; font-size: 13px; min-width: 0; }\n.ar-calculator .ar-safe-stack .ar-chart-cluster { grid-template-columns: 1fr; row-gap: 20px; }\n.ar-calculator .ar-safe-stack .ar-chart-legend { justify-self: center; }\n.ar-calculator .ar-safe-stack .ar-chart-summary { margin-top: 20px; }\n.ar-calculator .ar-table-panel { grid-column: 1 \/ -1; min-width: 0; }\n.ar-calculator .ar-table-overflow { overflow-x: auto; max-width: 100%; min-width: 0; border: 1px solid var(--border); border-radius: 6px; }\n.ar-calculator table { width: 100%; border-collapse: collapse; min-width: 650px; font-variant-numeric: tabular-nums; }\n.ar-calculator th,\n.ar-calculator td { padding: 10px 12px; text-align: left; border-bottom: 1px solid var(--border); vertical-align: top; }\n.ar-calculator th { background: #f1f5f9; color: #334155; font-size: 13px; font-weight: 700; white-space: nowrap; }\n.ar-calculator td { font-size: 14px; }\n.ar-calculator tbody tr:last-child td { border-bottom: 0; }\n.ar-calculator .ar-num { text-align: right; white-space: nowrap; }\n.ar-calculator .ar-table-note { margin-top: 16px; border: 1px solid var(--border); border-radius: 6px; background: var(--tint); color: var(--muted); padding: 10px 12px; font-size: 13px; min-width: 0; }\n.ar-calculator .ar-safe-table-stack .ar-table-note { margin-top: 20px; }\n.ar-calculator .ar-education { border-top: 1px solid var(--border); padding-top: 8px; display: grid; gap: 16px; min-width: 0; }\n.ar-calculator .ar-education h2 { margin: 16px 0 0; font-size: 24px; line-height: 1.3; font-weight: 700; }\n.ar-calculator .ar-education h3 { margin: 8px 0 0; font-size: 18px; line-height: 1.35; font-weight: 650; }\n.ar-calculator .ar-education p { margin: 0; color: #334155; max-width: 920px; }\n.ar-calculator .ar-education ul { margin: 0; padding-left: 22px; color: #334155; max-width: 920px; }\n.ar-calculator .ar-education li + li { margin-top: 6px; }\n.ar-calculator .ar-hidden { display: none !important; }\n.ar-calculator .ar-sr-only { position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0; }\n@container (max-width: 899px) {\n  .ar-calculator .ar-workspace { grid-template-columns: 1fr; }\n  .ar-calculator .ar-chart-panel,\n  .ar-calculator .ar-table-panel { grid-column: auto; }\n}\n@container (max-width: 639px) {\n  .ar-calculator .ar-chart-cluster { grid-template-columns: 1fr; gap: 16px; }\n  .ar-calculator .ar-chart-legend { justify-self: center; }\n  .ar-calculator .ar-grid-2,\n  .ar-calculator .ar-metric-grid { grid-template-columns: 1fr; }\n  .ar-calculator .ar-row-head { display: none; }\n  .ar-calculator .ar-dynamic-row,\n  .ar-calculator .ar-return-row { grid-template-columns: minmax(0,1fr) minmax(0,1fr) 36px; border: 1px solid var(--border); border-radius: 8px; padding: 10px; align-items: end; }\n  .ar-calculator .ar-row-cell-wide { grid-column: 1 \/ -1; }\n  .ar-calculator .ar-dynamic-row input::placeholder { color: #64748b; opacity: 1; }\n  .ar-calculator .ar-chart-svg { min-height: 220px; }\n}\n@container (max-width: 379px) {\n  .ar-calculator .ar-toolbar { display: grid; grid-template-columns: 1fr; }\n  .ar-calculator .ar-button { width: 100%; }\n  .ar-calculator .ar-mode-switch { grid-template-columns: 1fr; }\n  .ar-calculator .ar-panel-body { padding: 12px; }\n  .ar-calculator .ar-panel-head { padding: 14px 12px 10px; }\n  .ar-calculator .ar-dynamic-row,\n  .ar-calculator .ar-return-row { grid-template-columns: minmax(0,1fr) 36px; }\n  .ar-calculator .ar-row-cell-wide { grid-column: 1 \/ -1; }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"ar-calculator\" data-calculator-root\u003e\n  \u003cdiv class=\"ar-shell\"\u003e\n    \u003cheader class=\"ar-header\"\u003e\n      \u003ch2\u003eAverage Return Calculator\u003c\/h2\u003e\n      \u003cp\u003eMeasure an annualized return from dated cash flows or combine multiple holding-period returns into one comparable annual rate.\u003c\/p\u003e\n      \u003cdiv class=\"ar-pills\" aria-label=\"Live calculation summary\"\u003e\n        \u003cspan class=\"ar-pill\" data-ar-pill-primary\u003eAnnualized return: —\u003c\/span\u003e\n        \u003cspan class=\"ar-pill\" data-ar-pill-secondary\u003eCumulative return: —\u003c\/span\u003e\n        \u003cspan class=\"ar-pill\" data-ar-pill-span\u003eSpan: —\u003c\/span\u003e\n        \u003cspan class=\"ar-pill\" data-ar-pill-count\u003eEntries: —\u003c\/span\u003e\n      \u003c\/div\u003e\n    \u003c\/header\u003e\n\n    \u003cdiv class=\"ar-toolbar\" aria-label=\"Calculator actions\"\u003e\n      \u003cbutton class=\"ar-button ar-download\" type=\"button\" data-ar-download\u003e\u003cspan class=\"ar-icon\" aria-hidden=\"true\"\u003e⇩\u003c\/span\u003e\u003cspan\u003eDownload Excel\u003c\/span\u003e\u003c\/button\u003e\n      \u003cbutton class=\"ar-button ar-reset\" type=\"button\" data-ar-reset\u003eReset\u003c\/button\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ar-mode-switch\" role=\"tablist\" aria-label=\"Return calculation method\"\u003e\n      \u003cbutton class=\"ar-mode-button\" type=\"button\" role=\"tab\" aria-selected=\"true\" aria-controls=\"ar-cash-panel\" id=\"ar-cash-tab\" data-ar-mode=\"cash\"\u003eDated cash flows\u003c\/button\u003e\n      \u003cbutton class=\"ar-mode-button\" type=\"button\" role=\"tab\" aria-selected=\"false\" aria-controls=\"ar-period-panel\" id=\"ar-period-tab\" data-ar-mode=\"period\"\u003eMultiple return periods\u003c\/button\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ar-workspace\"\u003e\n      \u003csection class=\"ar-panel ar-input-panel\" id=\"ar-cash-panel\" role=\"tabpanel\" aria-labelledby=\"ar-cash-tab\" data-ar-panel=\"cash\"\u003e\n        \u003cdiv class=\"ar-panel-head\"\u003e\n          \u003ch3\u003eAccount and cash-flow inputs\u003c\/h3\u003e\n          \u003cp\u003eDeposits are money added to the account; withdrawals are money taken out.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ar-panel-body\"\u003e\n          \u003cdiv class=\"ar-grid-2\"\u003e\n            \u003cdiv class=\"ar-field\"\u003e\n              \u003clabel for=\"ar-start-balance\"\u003eStarting balance\u003c\/label\u003e\n              \u003cinput id=\"ar-start-balance\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$10,000.00\" data-ar-money data-ar-input=\"startBalance\"\u003e\n              \u003cdiv class=\"ar-helper\"\u003eRequired. Account value on the start date.\u003c\/div\u003e\n              \u003cdiv class=\"ar-error\" data-ar-error=\"startBalance\"\u003e\u003c\/div\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"ar-field\"\u003e\n              \u003clabel for=\"ar-start-date\"\u003eStart date\u003c\/label\u003e\n              \u003cinput id=\"ar-start-date\" type=\"date\" value=\"2021-01-01\" data-ar-input=\"startDate\"\u003e\n              \u003cdiv class=\"ar-helper\"\u003eRequired. Earliest date in the analysis.\u003c\/div\u003e\n              \u003cdiv class=\"ar-error\" data-ar-error=\"startDate\"\u003e\u003c\/div\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"ar-field\"\u003e\n              \u003clabel for=\"ar-end-balance\"\u003eEnding balance\u003c\/label\u003e\n              \u003cinput id=\"ar-end-balance\" type=\"text\" inputmode=\"decimal\" autocomplete=\"off\" value=\"$18,500.00\" data-ar-money data-ar-input=\"endBalance\"\u003e\n              \u003cdiv class=\"ar-helper\"\u003eRequired. Account value on the ending date.\u003c\/div\u003e\n              \u003cdiv class=\"ar-error\" data-ar-error=\"endBalance\"\u003e\u003c\/div\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"ar-field\"\u003e\n              \u003clabel for=\"ar-end-date\"\u003eEnding date\u003c\/label\u003e\n              \u003cinput id=\"ar-end-date\" type=\"date\" value=\"2026-01-01\" data-ar-input=\"endDate\"\u003e\n              \u003cdiv class=\"ar-helper\"\u003eMust be later than the start date.\u003c\/div\u003e\n              \u003cdiv class=\"ar-error\" data-ar-error=\"endDate\"\u003e\u003c\/div\u003e\n            \u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-field-label\"\u003eDeposits and withdrawals\u003c\/div\u003e\n          \u003cdiv class=\"ar-rows\"\u003e\n            \u003cdiv class=\"ar-row-head\" aria-hidden=\"true\"\u003e\n\u003cspan\u003eActivity\u003c\/span\u003e\u003cspan\u003eAmount\u003c\/span\u003e\u003cspan\u003eDate\u003c\/span\u003e\u003cspan\u003e\u003c\/span\u003e\n\u003c\/div\u003e\n            \u003cdiv data-ar-cash-rows\u003e\u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-error\" data-ar-error=\"cashRows\"\u003e\u003c\/div\u003e\n          \u003cbutton class=\"ar-add\" type=\"button\" data-ar-add-cash\u003e+ Add cash flow\u003c\/button\u003e\n        \u003c\/div\u003e\n      \u003c\/section\u003e\n\n      \u003csection class=\"ar-panel ar-input-panel ar-hidden\" id=\"ar-period-panel\" role=\"tabpanel\" aria-labelledby=\"ar-period-tab\" data-ar-panel=\"period\"\u003e\n        \u003cdiv class=\"ar-panel-head\"\u003e\n          \u003ch3\u003eReturn-period inputs\u003c\/h3\u003e\n          \u003cp\u003eEnter each holding-period return and the exact length of time it covers.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ar-panel-body\"\u003e\n          \u003cdiv class=\"ar-rows\"\u003e\n            \u003cdiv class=\"ar-row-head ar-return-head\" aria-hidden=\"true\"\u003e\n\u003cspan\u003eReturn\u003c\/span\u003e\u003cspan\u003eYears\u003c\/span\u003e\u003cspan\u003eMonths\u003c\/span\u003e\u003cspan\u003e\u003c\/span\u003e\n\u003c\/div\u003e\n            \u003cdiv data-ar-period-rows\u003e\u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-error\" data-ar-error=\"periods\"\u003e\u003c\/div\u003e\n          \u003cbutton class=\"ar-add\" type=\"button\" data-ar-add-period\u003e+ Add return period\u003c\/button\u003e\n          \u003cdiv class=\"ar-status\"\u003eA return of −100% cannot be compounded. Each row must have a positive holding length.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/section\u003e\n\n      \u003csection class=\"ar-panel ar-results-panel\"\u003e\n        \u003cdiv class=\"ar-panel-head\"\u003e\n          \u003ch3\u003eLive results\u003c\/h3\u003e\n          \u003cp\u003eResults update as you edit inputs.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ar-panel-body ar-results\"\u003e\n          \u003cdiv class=\"ar-primary-result\" aria-live=\"polite\" aria-atomic=\"true\"\u003e\n            \u003cdiv class=\"ar-result-kicker\" data-ar-primary-label\u003eAnnualized return\u003c\/div\u003e\n            \u003cdiv class=\"ar-primary-value\" data-ar-primary-value\u003e—\u003c\/div\u003e\n            \u003cdiv class=\"ar-result-context\" data-ar-primary-context\u003eEnter valid values to calculate.\u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-metric-grid\"\u003e\n            \u003cdiv class=\"ar-metric\"\u003e\n\u003cdiv class=\"ar-metric-label\" data-ar-metric-label-1\u003eCumulative return\u003c\/div\u003e\n\u003cdiv class=\"ar-metric-value\" data-ar-metric-value-1\u003e—\u003c\/div\u003e\n\u003c\/div\u003e\n            \u003cdiv class=\"ar-metric\"\u003e\n\u003cdiv class=\"ar-metric-label\" data-ar-metric-label-2\u003eNet contributions\u003c\/div\u003e\n\u003cdiv class=\"ar-metric-value\" data-ar-metric-value-2\u003e—\u003c\/div\u003e\n\u003c\/div\u003e\n            \u003cdiv class=\"ar-metric\"\u003e\n\u003cdiv class=\"ar-metric-label\" data-ar-metric-label-3\u003eInvestment gain\u003c\/div\u003e\n\u003cdiv class=\"ar-metric-value\" data-ar-metric-value-3\u003e—\u003c\/div\u003e\n\u003c\/div\u003e\n            \u003cdiv class=\"ar-metric\"\u003e\n\u003cdiv class=\"ar-metric-label\" data-ar-metric-label-4\u003eAnalysis span\u003c\/div\u003e\n\u003cdiv class=\"ar-metric-value\" data-ar-metric-value-4\u003e—\u003c\/div\u003e\n\u003c\/div\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-status\" data-ar-interpretation\u003eValid inputs will produce an annualized result and a detailed audit trail.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/section\u003e\n\n      \u003csection class=\"ar-panel ar-chart-panel\" data-ar-chart-card\u003e\n        \u003cdiv class=\"ar-panel-head\"\u003e\n          \u003ch3 data-ar-chart-title\u003eCapital activity timeline\u003c\/h3\u003e\n          \u003cp data-ar-chart-subtitle\u003eCash movements and cumulative investor capital across the analysis period.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ar-panel-body\"\u003e\n          \u003cdiv class=\"ar-empty ar-hidden\" data-ar-chart-empty\u003eEnter values above to see the chart.\u003c\/div\u003e\n          \u003cdiv data-ar-chart-content\u003e\n            \u003cdiv class=\"ar-chart-cluster\"\u003e\n              \u003cdiv class=\"ar-chart-visual\"\u003e\n                \u003csvg class=\"ar-chart-svg\" data-ar-chart-svg role=\"img\" aria-labelledby=\"ar-chart-svg-title ar-chart-svg-desc\" viewbox=\"0 0 680 320\" preserveaspectratio=\"xMidYMid meet\"\u003e\n                  \u003ctitle id=\"ar-chart-svg-title\"\u003eReturn analysis chart\u003c\/title\u003e\n                  \u003cdesc id=\"ar-chart-svg-desc\" data-ar-chart-desc\u003eChart updates from current calculator inputs.\u003c\/desc\u003e\n                \u003c\/svg\u003e\n              \u003c\/div\u003e\n              \u003cdiv class=\"ar-chart-legend\" data-ar-chart-legend\u003e\u003c\/div\u003e\n            \u003c\/div\u003e\n            \u003cdiv class=\"ar-chart-summary\" data-ar-chart-summary\u003e\u003c\/div\u003e\n            \u003cdiv class=\"ar-sr-only\" data-ar-chart-accessible\u003e\u003c\/div\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/section\u003e\n\n      \u003csection class=\"ar-panel ar-table-panel\" data-ar-table-card\u003e\n        \u003cdiv class=\"ar-panel-head\"\u003e\n          \u003ch3 data-ar-table-title\u003eCash-flow audit table\u003c\/h3\u003e\n          \u003cp data-ar-table-subtitle\u003eEvery amount used in the annualized-return calculation.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ar-panel-body\"\u003e\n          \u003cdiv class=\"ar-table-overflow\" data-ar-table-overflow\u003e\n            \u003ctable\u003e\n              \u003cthead data-ar-table-head\u003e\u003c\/thead\u003e\n              \u003ctbody data-ar-table-body\u003e\u003c\/tbody\u003e\n            \u003c\/table\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ar-table-note\" data-ar-table-note\u003eCash-flow signs are shown from the investor’s perspective: contributions are negative and withdrawals or ending proceeds are positive.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/section\u003e\n    \u003c\/div\u003e\n\n    \u003csection class=\"ar-education\"\u003e\n      \u003ch2\u003eHow to use the average return calculator\u003c\/h2\u003e\n      \u003cp\u003eThis tool supports two related but distinct methods. The dated cash-flow method estimates the annual rate that makes the present value of all deposits, withdrawals, and ending proceeds balance to zero. It is a money-weighted return, so both the size and timing of cash flows affect the answer. The multiple-period method chains a sequence of holding-period returns and converts the combined result into one annualized geometric rate.\u003c\/p\u003e\n\n      \u003ch3\u003eDated cash-flow inputs\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eStarting balance\u003c\/strong\u003e is the account value at the beginning of the measurement window and is required. A higher starting balance, with every other input unchanged, generally lowers the calculated return because more initial capital was required to produce the same ending value. Use the market value of the full account, not only the amount originally deposited.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eStart date\u003c\/strong\u003e fixes when the starting balance is invested. It must be earlier than every relevant ending date. Even small date changes can move the annualized result when the measurement window is short, because the calculation uses actual calendar-day spacing.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eEnding balance\u003c\/strong\u003e is the account value on the ending date and is required. Increasing it raises the return; lowering it reduces the return and can produce a negative result. Do not also enter the ending balance as a withdrawal, because that would double-count the same proceeds.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eEnding date\u003c\/strong\u003e must be later than the start date. A longer period typically reduces the annualized rate needed to explain a given total gain, while a shorter period increases it.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eDeposits and withdrawals\u003c\/strong\u003e are optional dated activities. A deposit is additional capital added to the account and therefore works against the investment return. A withdrawal is cash received from the account and works in favor of the return. Enter the absolute amount and select the activity type rather than typing a negative number. Each cash-flow date should fall inside the start and ending dates. Common mistakes include omitting a large contribution, reversing a withdrawal and deposit, or using a trade date instead of the date the cash actually entered or left the account.\u003c\/p\u003e\n\n      \u003ch3\u003eMultiple return-period inputs\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eReturn\u003c\/strong\u003e is the total percentage gain or loss for one holding period, not an annual rate unless that row covers exactly one year. For example, enter 12% for a period in which value rose from 100 to 112. A return may be negative, but not −100% or lower because the compounded value would be zero or negative.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eYears and months\u003c\/strong\u003e describe how long that row’s return took to occur. At least one of them must be positive. Months are converted to twelfths of a year. A longer holding length gives that row more influence on the annualized result because the same gain spread over more time implies a lower yearly pace.\u003c\/p\u003e\n\n      \u003ch3\u003eUnderstanding the results\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eAnnualized return\u003c\/strong\u003e is the headline measure. In dated cash-flow mode it is an XIRR-style money-weighted return. In multiple-period mode it is the constant compounded annual rate that would create the same final growth over the total holding length. Positive values indicate growth; zero means no economic gain after accounting for timing; negative values indicate a loss.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eCumulative return\u003c\/strong\u003e measures total growth across the full period without annualizing it. In cash-flow mode the displayed cumulative figure compares investment gain with net contributed capital. In multiple-period mode it is the exact chained result of all entered returns. Cumulative return is useful for understanding the whole journey, but it is less suitable for comparing investments held for different lengths of time.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eNet contributions\u003c\/strong\u003e equal the starting balance plus deposits minus withdrawals. \u003cstrong\u003eInvestment gain\u003c\/strong\u003e equals the ending balance plus withdrawals minus the starting balance and deposits. These two totals provide a practical cross-check: ending wealth and cash taken out should reconcile with the capital put in and the gain earned.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eAnalysis span\u003c\/strong\u003e reports the elapsed years. In multiple-period mode the table also shows the growth factor after each row. A factor of 1.25 means a hypothetical unit of capital has grown by 25% since the first period.\u003c\/p\u003e\n\n      \u003ch3\u003eHow the model works\u003c\/h3\u003e\n      \u003cp\u003eThe dated method solves for the rate \u003cem\u003er\u003c\/em\u003e that makes the sum of each cash flow divided by (1 + r) raised to its fraction of a year equal zero. Because irregularly timed cash flows do not produce a simple closed-form solution, the calculator uses a bounded numerical root search and rejects cases with no economically valid sign change. This is conceptually aligned with spreadsheet XIRR calculations.\u003c\/p\u003e\n      \u003cp\u003eThe multiple-period method multiplies each growth factor, such as 1.12 for a 12% return, to obtain a cumulative growth factor. It then raises that factor to the reciprocal of the total years and subtracts one. This geometric method preserves compounding and avoids the distortion caused by a simple arithmetic average.\u003c\/p\u003e\n\n      \u003ch3\u003eReading the chart and table\u003c\/h3\u003e\n      \u003cp\u003eIn dated cash-flow mode, bars show deposits and distributions at their dates while the line tracks cumulative investor capital. In return-period mode, the line shows how a hypothetical $10,000 changes after each entered period. The legend and audit table use the same underlying model values as the headline result and the Excel workbook.\u003c\/p\u003e\n\n      \u003ch3\u003ePractical cautions\u003c\/h3\u003e\n      \u003cul\u003e\n        \u003cli\u003eCompare annualized returns only when the underlying risk, fees, taxes, and liquidity are reasonably similar.\u003c\/li\u003e\n        \u003cli\u003eUse actual account values after fees when evaluating realized performance.\u003c\/li\u003e\n        \u003cli\u003eDo not interpret a high historical return as a forecast or guarantee.\u003c\/li\u003e\n        \u003cli\u003eCheck that every material external cash flow is included exactly once.\u003c\/li\u003e\n      \u003c\/ul\u003e\n      \u003cp\u003eFor broader background, see the U.S. Securities and Exchange Commission’s explanations of \u003ca href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/annual-return\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eannual return\u003c\/a\u003e and \u003ca href=\"https:\/\/www.investor.gov\/financial-tools-calculators\/calculators\/compound-interest-calculator\" target=\"_blank\" rel=\"noopener noreferrer\"\u003ecompound growth\u003c\/a\u003e, FINRA’s guide to \u003ca href=\"https:\/\/www.finra.org\/investors\/insights\/rate-return\" target=\"_blank\" rel=\"noopener noreferrer\"\u003erates of return\u003c\/a\u003e, and Microsoft’s documentation for the \u003ca href=\"https:\/\/support.microsoft.com\/en-us\/office\/xirr-function-de1242ec-6477-445b-b11b-a303ad9adc9d\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eXIRR function\u003c\/a\u003e. This calculator is educational and does not provide investment, tax, or legal advice.\u003c\/p\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909479866611,"sku":"average-return-calculator","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/average-return-calculator.webp?v=1783935358","url":"https:\/\/financialmodelslab.com\/products\/average-return-calculator","provider":"Financial Models Lab","version":"1.0","type":"link"}