Glossary· Returns
What is Absolute return?
Plain point-to-point growth over a period under a year, not annualized.
Used for the 1M, 3M, 6M and YTD figures. A +9% six-month return is +9% for six months — stretching it to an annual rate would imply the next six months repeat it, which nothing here claims.
For the formula and the constants behind this figure, see Methodology.
Guides that use Absolute return
2 guides put this term to work.
- Absolute, CAGR, XIRR: which return are you looking at?Three numbers that all answer “how did it do?” and disagree with each other. Which one your statement shows, which one this site shows, and when each is the honest one.
- Rolling returns, and the start date that flatters a fundA trailing return runs from one day to one day, and moving either changes it. What sliding that window across the whole history shows that a single figure cannot.
More on returns
What the fund made, and over what stretch of time.
- NAV
- The per-unit price of the fund, published once each business day.
- CAGR
- The steady yearly rate that would have taken the start NAV to the end NAV.
- YTD
- Return from 1 January of the current calendar year to the latest NAV.
- Rolling returns
- The same holding period measured from every possible start date, not just today's.
- Since inception
- Annualized return over the fund's whole available NAV history.
- XIRR
- The annualized return of a series of cash flows on different dates.
- Benchmark
- The market index a fund's mandate says it is trying to beat.