# Time-Weighted Return Calculator

This page calculates the Time-Weighted Return for an investment given the investment valuation, and any deposits and withdrawals, on a series of dates.

The Time-Weighted Return Calculator is used to calculate the Time-Weighted Return of an investment, given the investment valuation, and any deposits and withdrawals, on a series of dates

## Initial Value

**Date** - Use this field to enter the start date of the investment.

**Valuation** - This is the value of the investment on the start date. This value must be a positive amount.

## Valuations

Every time there was a deposit or withdrawal requires a valuation.

**Date** - Use this field to enter the date of the valuation.

**Total Deposits** - This is the value of any deposits made into the investment on this date.
Deposits are typically one-off or regular payments you make into the investment.
This value can be left empty or set to 0 if no deposit was made, otherwise it must be a positive amount

**Total Withdrawals** - This is the value of any withdrawals taken from the investment on this date.
Withdrawals may include fees that are deducted from the value of the investment or money you take out of the investment yourself.
This value can be left empty or set to 0 if no withdrawal was made, otherwise it must be a positive amount

**Valuation** - This is the value of the investment on the specified date. This value must be a positive amount. If there are transactions (deposits and/or withdrawals) on this date, then the valuation entered should be the valuation after all the transactions. For example, if an investment is worth 100000 and a deposit of 20000 is made, the valuation entered should be 120000.

When entering values, you can use whatever currency you like, as long as both values are in the same currency. You don't need to use a currency symbol such as $ or £ (and doing so will cause an error).

Click the **+** button to add another period. Another set of fields will appear on the form to allow you to enter another valuation.

## Using the Calculator

Click the **Calculate** button to calculate the Time-Weighted Return. The results will be displayed below the button.

If any of the values have been entered incorrectly an error message will be displayed next to the field.
Fix the error, then click **Calculate** again to perform the calculation.

Click the **Clear** button to clear all data from the form and start again.

## Results and Annualization

The time-weighted return calculator now displays two values in the result. The first value is the time-weighted return as a percentage. The second value is an annualized percentage, using the following formula:

`R_{a\n\n\ual} = (1 + R_(tw))^(365/(days)) - 1`

Note that it uses 365 for the number of days in a year, so the results can differ in a leap year. If your start and end dates are both 1st Jan in a non-leap year, the time-weighted and annual return will be the same. But in a non-leap year they may differ slightly.

(If you used the calculator before this change was made, the result displayed was the annualized result.)