i What this calculator does
Quick answer: When money goes in and out of an account at different times, XIRR is the single annual return that makes all the cash flows and the final value balance; it is the return your money actually earned. With the default inputs the calculator returns xIRR (money-weighted): 16.81%.
A simple percentage gain is misleading for any account that receives deposits or pays out withdrawals: a large deposit just before a good month makes performance look better than it was, and one before a bad month makes it look worse. XIRR, the extended internal rate of return used in spreadsheets, solves this by finding the annual rate that, applied to every cash flow on its actual date, produces the account value you have today. This calculator computes it from a list of dated deposits and withdrawals, pasted or loaded from a CSV file, and compares it with the time-weighted return and with the same cash flows invested at a benchmark rate.
Add the account value just before each cash flow and it also computes the time-weighted return, the measure fund managers report, so you can see how much of your result came from the strategy and how much from timing. A simple start-to-end comparison without cash flows is the CAGR calculator.
This calculator is for educational purposes only. Results are estimates and may vary depending on market conditions, spreads, commissions, platform settings, and exchange rates. It should not be considered financial advice.
Common results
What the calculator returns as the account value at the end changes, with every other input at its default (end date 2026-10-28, benchmark return to compare 10).
| Account value at the end | XIRR (money-weighted) | Time-weighted return | Profit |
|---|---|---|---|
| 22000 | 0.00% | 4.32% | 0.00 |
| 26000 | 7.77% | 10.76% | 4 000.00 |
| 29000 | 13.11% | 15.19% | 7 000.00 |
| 31200 | 16.81% | 18.26% | 9 200.00 |
| 35000 | 22.82% | 23.23% | 13 000.00 |
| 40000 | 30.14% | 29.28% | 18 000.00 |
Money-weighted against time-weighted
XIRR is a money-weighted return: periods when more money was in the account count for more. That makes it the right measure of what you personally earned. The time-weighted return links the return of each period between cash flows and gives every period equal weight, which removes the effect of when you added or withdrew money. That makes it the right measure of the strategy or the manager. When the two differ by more than a percentage point a year, the gap is the effect of your timing, good or bad.
Preparing your cash flows
Take deposits and withdrawals from your broker or bank statements, one line per transaction: the date, the amount with deposits positive and withdrawals negative, and if you have it the account value just before the transaction. Leave out trades inside the account; they are part of the return, not cash flows. Enter the current account value and date at the end. The guide to reading an account statement shows where to find each figure.
Comparing yourself with a benchmark
The benchmark row compounds the same deposits and withdrawals at a fixed annual rate, for example the long-run return of an index fund, so the comparison is fair to your timing. If the account ends below the benchmark value, the trading or stock picking cost money compared with the simple alternative. Recording this every year is part of tracking an equity curve honestly.
Spotted an outdated figure? If a rate, limit or formula in this calculator no longer matches its source, email us the page and the source. A material correction is dated on the Updates Log.
Frequently asked questions
What is XIRR?
The annual rate of return that makes the present value of all your cash flows, deposits, withdrawals and the final value, equal to zero, using their actual dates. It is the spreadsheet function for an internal rate of return with irregular dates.
What is the difference between XIRR and CAGR?
CAGR measures growth from one starting value to one end value with no cash flows in between. XIRR handles any number of deposits and withdrawals on any dates.
Should I use money-weighted or time-weighted return?
Use money-weighted (XIRR) to know what you earned; use time-weighted to judge the strategy or compare with a fund, because it removes the effect of your deposit timing.
Why can XIRR be very high over short periods?
Because it is annualised. A 5% gain in one month annualises to about 80%. Treat XIRR over periods shorter than a year with caution.
Can XIRR fail to give an answer?
Yes, when the cash flows change sign several times there can be no solution or more than one. Check that deposits are positive and withdrawals negative in the list.
Is my data stored anywhere?
No. The calculation runs in your browser and nothing is uploaded.
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