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Investmentreturns

XIRR Calculator

The annualised return on transactions that happened on real dates rather than on neat period boundaries. This is the right measure for a monthly investment plan, a portfolio with top-ups, or anything with irregular timing.

Also called: irregular cashflow return calculator, mutual fund xirr.

Outflows negative, inflows positive.

One number per amount. Use 0 for the first.

Annualised return
7.91%

7.91% a year across 4 transactions spanning 3 years. You put in $30,000.00 and took out $35,000.00.

Total invested
$30,000.00
Total returned
$35,000.00
Transactions
4
Years covered
3
Simple return, ignoring timing
16.67%
How this is calculated

An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.

Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for United States change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

A plain rate of return assumes every contribution was there for the whole period, which is wrong the moment you add money part-way through. XIRR discounts each transaction by exactly how long it was invested, in days over 365, and finds the single annual rate that makes the whole set balance. The simple return shown alongside ignores timing entirely, and the gap between the two is what timing was worth.

XIRR is the annual rate at which flows discounted by their own day counts sum to zero
C_i
The amount of transaction i (currency)
d_i
Days from the first transaction (days)

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

ten percent over exactly one year

Amounts
-1000, 1100
Days from the first transaction
0, 365

Annualised return10%

A single year at a single rate must return that rate exactly

Open this example

the same gain in half the time annualises higher

Amounts
-1000, 1100
Days from the first transaction
0, 183

Annualised return20.94%

boundary: the simple return is unchanged while the annualised rate roughly doubles

Open this example

Method and limits

What it assumes

  • A 365-day year, which is the spreadsheet convention.

What it deliberately does not model

  • It needs at least one outflow and one inflow. A series going one way has no rate.
  • Where several rates satisfy the equation, one is reported.

Formula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator

Frequently asked questions

Why is XIRR different from my fund fact sheet?
A fact sheet reports the return on the fund, which assumes one lump sum at the start. XIRR reports the return on your money, which accounts for when you actually put it in. For a regular monthly investment the two are rarely the same.