XIRR Calculator
Compute the annualized return from a custom set of dated cash flows.
XIRR is the annualized return that makes the net present value of all dated cash flows equal to zero — it accounts for irregular timing and amounts, unlike a simple absolute or CAGR return.
Independent · No commissions · No fund-house data — how the numbers are computed
How it works
XIRR (Extended Internal Rate of Return) is the annualized return of a series of cash flows that happen on irregular dates and in irregular amounts — which is what real investing looks like. Enter each cash flow with its date, negative for money you put in and positive for money you got back (including the current value of what you still hold), and the calculator solves for the one annual rate that makes them all consistent.
It is the right measure whenever money moved more than once. A CAGR needs exactly one investment and one final value; the moment there is a second purchase, a SIP, a partial redemption or a dividend, CAGR either does not apply or misleads. XIRR weights every rupee by exactly how long it was invested, which is why mutual fund statements and portfolio trackers report SIP returns as XIRR.
Two practical notes. The calculation needs at least one negative and one positive cash flow — an open position is closed for the purpose of the math by adding today's value as a final positive row. And XIRR is an annualized rate: over periods much shorter than a year it extrapolates, so a good month can print a spectacular-looking annual figure that means little.
Σ CFᵢ / (1 + XIRR)^(dᵢ/365) = 0Each CFᵢ is a cash flow — negative for money invested, positive for money received — and dᵢ is the number of days between that cash flow and the first one. XIRR is the single annual rate that discounts all of them to a net present value of zero; it has no closed form and is found numerically.
Frequently asked questions
What is XIRR in mutual funds?
XIRR is the annualized return of an investment with multiple cash flows on arbitrary dates — every SIP installment, additional purchase, redemption and the current holding value, each weighted by how long that money was actually invested. It is the single annual rate that makes all the dated cash flows consistent, and it is the standard return figure on mutual fund account statements, because a simple point-to-point return cannot describe a SIP.
What is the difference between XIRR and CAGR?
CAGR measures the annualized growth between exactly two points — one amount invested, one final value — so it fits a single lumpsum held untouched. XIRR generalizes it to any number of cash flows on any dates. For one investment with no additions or withdrawals, XIRR and CAGR give the same answer; the moment money moves in or out mid-way, only XIRR remains meaningful, because it accounts for how long each rupee was at work.
Why does my SIP's XIRR differ from the fund's published return?
The fund's published return is point-to-point: one hypothetical investment at the period's start, valued at its end. A SIP's money entered in installments across the period, each exposed to a different stretch of the market. If the fund rose mostly early on, later installments missed that rise and the SIP's XIRR trails the published figure; if it dipped mid-way, the installments that bought the dip can push the SIP's XIRR above it.
How do I enter cash flows to calculate XIRR correctly?
Use negative amounts for money leaving your pocket (purchases, SIP installments) and positive amounts for money coming back (redemptions, payouts), each with its actual date. If you still hold the investment, add its current value as a final positive cash flow dated today — without it, the calculation has nothing to measure the invested money against. At least one negative and one positive flow are required for a result to exist.
Can XIRR be negative or misleading?
XIRR is negative whenever the money returned is worth less, time-adjusted, than the money invested — a factual loss, not an error. It can mislead in two situations: over very short periods it annualizes a small move into an extreme rate, and with unusual cash-flow patterns that change sign several times the underlying equation can have multiple mathematical solutions, of which a solver reports one. For typical invest-then-redeem patterns it is unambiguous.
Go further
The two-point version, for a single investment held untouched.
The glossary definition, alongside the other return measures.
What XIRR reduces to when there is only one cash flow in and one out.
Backtests here report XIRR — see it computed on a real fund's history.