= We also use third-party cookies that help us analyze and understand how you use this website. Preparation of quarterly VAT return and other statutory returns . 5 First of all, it has to be clarified that the term return since inception refers typically to the realized return of a real estate investment from its acquisition up to the present. In a new cell type KURT. This image may not be used by other entities without the express written consent of wikiHow, Inc.
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\u00a9 2023 wikiHow, Inc. All rights reserved. Once the formula is entered as an array formula, you will see it bracketed by {curly parentheses} in the formula bar. In the example below, using a 20%discount rate, investment #2 shows higher profitability thaninvestment #1. Therefore, the cumulative CRSI in our example is 4.2% and the annualized CRSI would be: Annualized CRSI = (1+0.042)1/3 1 = 1.0139 1 = 1.39%. r To do this, add 1 to each, multiply them all together, and then subtract 1 at the end. Trailing Returns vs. Rolling Returns. 3 The annualized return of Mutual Fund A is calculated as: IRR represents the actual annual return on investment only when the project generates zero interim cash flows, or if those investments can be invested at the current IRR. 1 1 Excel allows a user to get the quarterly internal rate of return of an investment using the XIRR function. Equivalently (but more confusingly!) one that is applied to an array, or range, as opposed to a single cell at a time). . Conversely, a negative number is a cash flow out, aka a withdrawal. It is the income and capital realized from investments less expenses and liabilities. AnnualizedReturn Now what? FV= Future Value. The portfolio returns do not have the same inception date - that is some portfolio's have as little as 12 months of history, other as much as 15 years. In substance, the two measures are the same. To do this, we simply use the Excel IRR function: When a company uses different borrowing rates of reinvestment, the modified internal rate of return (MIRR) applies. For example, suppose you've had your portfolio for 4 years and your simple rates of return are 5% (0.05), 7% (0.07), 2% (0.02), and 4% (0.04). Thus, if a fund has been operating for only six months and earned 5%, it is not allowed to say its annualized performance is approximately 10% since that is predicting future performance instead of stating facts from the past. 4 I have a list of the closing price of a stock going all the way back to 1996, I was wondering how I could calculate the performance/return since inception ? Weve got a list of HPRs, but how do we convert that to a return for the whole period? The value of the mutual fund invests stands at Rs. t: Time of acquisition of the asset. Gross Income Multiplier Why does Mister Mxyzptlk need to have a weakness in the comics? Below are examples of how to arrive at 1-year annualized, 3-year annualized and since inception returns for data comprising of monthly or quarterly returns for the period ending June 30, 2002. So when comparing two investment opportunities, the choice of the discount rate, which is often based on a degree of uncertainty, will have a considerable impact. The S&P 500 is regarded as a gauge of the large cap U.S. equities market. . ) Thus, it is based on the actual net cash flows of the property over that period. 1 You use a weighted average during the month for the cash flow in the Cash Flow column. He is a Chartered Market Technician (CMT). + Excel. This will pull data from the default exchange for the instrument. Oh, one last thing. Cash Yield How do you drill down and get the number that actually matters, the performance of your investing decisions? With months, you would use the exponent 12/n (where "n" is the total number of investment periods) to get the annualized return, since there are 12 months in a year. Thats all you need to know. What is the fastest way to copy a formula? Let's also assume you bought JNJ at the close of Dec. 31, 2019, and held it through the close of business on Dec. 31, 2020. Subtract 1 to get 0.04, then multiply by 100. He also earned his Accredited Investment Fiduciary (AIF) credential from Fi360. Since is the point at which , it is the point at which . You don't necessarily have to dispose of the investment on the end date to calculate your return. First, we will calculate the ROI value. i.e. However, selecting projects based on maximizing the IRR as opposed to the NPV could result in suboptimal economic outcomes. ) PV=FV/ (1+IRR%)^t. There is no formula listed under tools for Annualized return or CAGR in excel. Stock Advisor list price is $199 per year. 1 Rolling returns represent the average annualized return for a set time period. To calculate annualized portfolio return, start by subtracting your beginning portfolio value from your ending portfolio value. Redoing the align environment with a specific formatting. But opting out of some of these cookies may have an effect on your browsing experience. To reiterate, each HPR is found as (Ending Value) / (Previous Value After Cash Flow) 1. Start Now! Assuming that your monthly returns are in A1:A12 for one years worth, you can try this array formula: From the Analysis Toolpak, use the FVSCHEDULE function. That is, no overlapping. XIRR Example. The date of the end of the period and the balance on that date. Learn more about Stack Overflow the company, and our products. This website uses cookies to improve your experience. In column C, enter = (A1*B1). For example, if you want to calculate the annualized return of an investment over a period of five years, you would use "5" for the "N" value. During the five-year period, the fund showed positive returns. Necessary cookies are absolutely essential for the website to function properly. 1 That return is called the Time-Weighted Return, or TWR. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. What does an annualized portfolio tell you about your portfolio's performance? It only takes a minute to sign up. + The annualized total return is conceptually the same as the CAGR, in that both formulas seek to capture the geometric return of an investment over time. n This kind of interest is a key tool. The XIRR function is able to calculate a realized rate of return for an . When a new period's data (additional cash flows and a new ending value) are available, the entire return is recalculated from the inception date. This image may not be used by other entities without the express written consent of wikiHow, Inc.
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\u00a9 2023 wikiHow, Inc. All rights reserved. Calculating the annualized rate of return needs only two variables: the returns for a given period and the time the investment was held. When using different borrowing rates of reinvestment, a modified internal rate of return (MIRR) applies. Easy. But CAGR, the annualized return, changes: Thats the annualized return the portfolio earned over two years. 5 + Heres the result, with a new column added showing the Value After Cash Flow, which is used as the denominator for the next periods HPR calculation. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 1 Disconnect between goals and daily tasksIs it me, or the industry? The initial balance on Jan. 1, 2009 is $25,453. The annualized rate of return would be: or 1 Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Connect and share knowledge within a single location that is structured and easy to search. n Simple. 1. If the second parameter is not used in the function, Excel will find an IRR of -10%. This, however, is more a matter of convention. (1 + 7.26%) * (1 + 7.47%) * (1 + (6.60%)) * (1 + 8.62%) * (1 + 3.89%) 1 =, 1.0726 * 1.0747 * 0.9340 * 1.0862 * 1.0389 1 = 21.49%. If you held Amazon stock since inception and sold at an all-time high, you'd have netted yourself a 54,000% return not bad for less than three decades of work. negative All the periods must be independent of each other. To subscribe to this RSS feed, copy and paste this URL into your RSS reader. wikiHow, Inc. is the copyright holder of this image under U.S. and international copyright laws. Jonathan has been featured in the New York Times, the Wall Street Journal, Money Tips, Mindful Magazine, and Business Insider among others. We have a great community of people providing Excel help here, but the hosting costs are enormous. Within the provisions are words . The internal rate of return (IRR) is a metric used in capital budgeting to estimate the return of potential investments. Start with $10,000 on Jan 1 and in one case have a daily return Jan 1 - Jun 30 of 2% and then July 1 to Dec 31 of 4% and in the 2nd case flip the return, that is 4% for Jan 1 to June 30. This means that in the case ofinvestment #1, with an investment of $2,000 in 2013, the investment will yield an annual return of 48%. For example, the formula in E3 is =B3 / D2 1. 3 Select B2. Personal interests include traveling (has explored 100+ cities across 27 countries), playing Chess . This article has been viewed 535,170 times. In Excel, the date function is =DATE(Year,Month,Day). Nothing inside counts as a cash flow. XIRR stands for Extended Internal Rate of Return is a method used to calculate returns on investments where there are multiple transactions happening at different times. In other words, if you have a holding period return that covers 10 years, you would use t = 10 to determine your annualized return. 5 If you're a stockholder, you may be eligible to receive income in the form of dividends, and, if you're a bondholder, you may receive interest income. Double-check with a calculator if you're working by hand. 1 However, it would be very useful for investors to breakdown the IRR estimate to these two components. If I have daily returns of my portfolio over a period (let's say January to December), how do I calculate the total return over the period or per month? You can calculate an annualized rate of return using any investment period, as long as all the periods are the same. Investment Analysis for Real Estate Decisions, 8th Edition. I have a list of the closing price of a stock going all the way back to 1996, I was wondering how I could calculate the performance/return since inception ? . How Much Did Investment Property Values Fall in 2020? Please note this role is fulltime office based. Should I put my dog down to help the homeless? By signing up you are agreeing to receive emails according to our privacy policy. ( We add it to the ending value on 2/27/2016 which is $21,773 and use the new amount of $22,273 as the Previous Ending Value for the period: HPR = $23,937 / ($21,773 + $500) 1 = 7.47%. The serial number is the date-time code used by Excel for date and time calculations. References. But if you want to set this up in a spreadsheet to make it easier, heres how. In Excel and Google Sheets, the actual function in use is called the XIRR. The internal rate of return (IRR) is a metric used in capital budgeting to estimate the return of potential investments. Definition and Example Calculation, Internal Rate of Return (IRR) Rule: Definition and Example, How to Use the Time-Weighted Rate of Return (TWR) Formula, Global Investment Performance Standards (GIPS). In the example below, the cash flows are not disbursed at the same time each year as is the case in the above examples. ( Market beating stocks from our award-winning service, Investment news and high-quality insights delivered straight to your inbox, You can do it. 5 Annualized return can be very helpful in assessing long-term stock performance and can be one of many metrics used to evaluate your portfolio. Home . If the is in months say 3 months or in years say 2, or in days say 100, in that case, the above formula can be used as. 6 Its called the Modified Dietz method, if you want to look it up and geek out. Understanding the CPI. And how does that number compare to the professionals or to the S&P 500 or your investment advisor? Web The skewness of S -043 ie. Property Resale Price Formula: Use it with Caution. Here, we discuss how to calculate investment return in Excel, the traditional ROI formula, but we can overcome this by using the annualized ROI formula. \begin{aligned} \text{Annualized Return} = &\big ( (1 + r_1 ) \times (1 + r_2) \times (1 + r_3) \times \\ &\dots \times (1 + r_n) \big ) ^ \frac{1}{n} - 1 \\ \end{aligned} 5 This image may not be used by other entities without the express written consent of wikiHow, Inc.
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\u00a9 2023 wikiHow, Inc. All rights reserved. 1.3. To understand annualized total return, we'll compare the hypothetical performances of two mutual funds. Heres how to calculate the weighted average cash flow: ($300 * 20 / 30) + ($200 * 7 / 30) = $246.67, The 20 and the 7 are the number of days each deposit had been in the portfolio during May, and the 30 is the number of days in a month. The XIRR function takes into consideration different periods. I tried the =product(1+a1:a12) and got a value that doesn't seem to make any sense. Capital Budgeting: What It Is and How It Works, Modified Internal Rate of Return (MIRR) vs. The initial capital outlay is provided, and the cash flows are 15 constant, annual payments. You never type these curly parentheses. Internal Rate of Return is that value of discount percentage that makes the XNPV = 0. AnnualizedReturn Making the world smarter, happier, and richer. Caroline Banton has 6+ years of experience as a freelance writer of business and finance articles. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Therefore, in our example the cumulative income return since inception is 15.1%. Then apply to 1.5 the exponent 1/10 to get 1.04. 1 Thats because TWR corrects for the three $500 deposits and the $250 withdrawal. 0 The annualized total return is a metric that captures the average annual performance of an investment or portfolio of investments. + Whenopting instead for a discount rate of 1%, investment #1 shows a return bigger than investment #2. Find the right brokerage account for you. Either type of income is figured into your total return. Apply the above-mentioned formula to calculate investment return in excel. That is, how can one extrapolate an annual return (for example) from daily returns? r However, what if the final date was 12/31/2017 instead, leaving everything else the same? Annualized Total Return: An annualized total return is the geometric average amount of money earned by an investment each year over a given time period. Copyright 2023 Smart Property Investment. = When companies are doing well, they often split their stock. 5 Payback Period Annualized returns however have one limitation - they assume that we will be able to reinvest the money at the same rate. This image is not<\/b> licensed under the Creative Commons license applied to text content and some other images posted to the wikiHow website. % If you want to find out how much you're earning on your investments, you likely know that you can subtract the starting value from the ending value. By using our site, you agree to our. Excel enters them automatically. , We've added a "Necessary cookies only" option to the cookie consent popup, Calculating Daily Returns for Futures Contract. Annual Return = (Ending Value / Initial Value) (1 / No. Usually yahoo does this, but there is some other analysis I want to do once I am done calculating the performance. In addition to trailing returns, you can also calculate rolling returns for mutual funds. The data given is shown below: The formula to use will be: We will leave the guess as blank so Excel takes the default value of 10%. This step by step tutorial will assist all levels of Excel users to learn how to calculate the quarterly IRR in Excel. D= # of days since the beginning of the period in which the cashflow occured (ie # of days up until the cashflow occured). {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/9\/90\/Calculate-Annualized-Portfolio-Return-Step-1-Version-4.jpg\/v4-460px-Calculate-Annualized-Portfolio-Return-Step-1-Version-4.jpg","bigUrl":"\/images\/thumb\/9\/90\/Calculate-Annualized-Portfolio-Return-Step-1-Version-4.jpg\/aid1029274-v4-728px-Calculate-Annualized-Portfolio-Return-Step-1-Version-4.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":" \u00a9 2023 wikiHow, Inc. All rights reserved. ) Your choice depends on whether you want to control for the effect that your contributions and withdrawals have on your portfolio's performance. 7 Weuse the XIRR function below to solve this calculation. ( Per year as well would be nice, so both! HPR is calculated as the number in B divided by the number in D from the previous row. Relevance and Use of Annual Return Formula. ( 0 4 1 Like so: (Ending Beginning) / Beginning = (Ending / Beginning) (Beginning / Beginning) = Ending / Beginning 1 = Return. Answer provided by Fool senior analyst, Jim Mueller, CFA. The formula to calculate the present value of money from the future value is. For example, you can use months rather than years. The best answers are voted up and rise to the top, Not the answer you're looking for? $1025 grew to $1175. 3 ) [1] An analyst substitutes each of the "r" variables with the appropriate return, and "n" with the number of years the investment was held. 0 In the example you can download here, we want to calculate the investment returns from Jan. 1, 2009 to Sept. 30, 2010. You also have the option to opt-out of these cookies. = STEP 3: Since compounding is done monthly, we need to multiple the no of years (cell B6) with compounding frequency . Dropping 20% to $8,000 after year . frate Sharpe Ratio = (Rp - Rf . XIRR De-Annualized: (1+ [XIRR result])^ (Days/365)-1. Your return data is not in mathematical percentage form, so you must convert it. Finally, at the end of the full three-year duration, the total ROI is 23.0% over three years (invested $10,000 and earned $2,300 in interest), the IRR for the three-year investment remains 10%. ( Plugging these values into the return rate . If the cell format was General before the function was entered, Excel changes the cell format to Date. + If you don't have a guess, you can leave this blank. Microsoft Excel provides 3 functions for finding the internal rate of return: IRR - the most commonly used function to calculate the internal rate of return for a series of cash flows that occur at regular intervals. % This image may not be used by other entities without the express written consent of wikiHow, Inc. \u00a9 2023 wikiHow, Inc. All rights reserved. AnnualizedReturn=(1+CumulativeReturn)DaysHeld3651. For example, consider the case of an investment that loses 50% of its value in year 1 but has a 100% return in year 2. An annualized return does not have to be limited to yearly returns. This image is not<\/b> licensed under the Creative Commons license applied to text content and some other images posted to the wikiHow website. AnnualizedReturn=((1+.03)(1+.07)(1+.05)(1+.12)(1+.01))511=1.3090.201=1.05531=.0553,or5.53%. 3 Also, I were to calculate the return in February, I take: In this case, five years. 1 How do I annualize a return on an investment that has cash added or subtracted during the year? . Next, divide 1 by the number of years you're measuring and write that number as an exponent next to your previous answer. In column C, enter = (B1/A1). Those actions have to be corrected for. NPV The third value is your guess as to what you think the IRR will be. Investment Return Formula. The XIRR function calculates an annualized internal rate of return (IRR) (an IRR is a method that can be used to calculate an MWR). What Is the Difference Between 'Man' And 'Son of Man' in Num 23:19? \begin{aligned} \text{Annualized Return} &= ( 1 + .2374) ^ \frac{365}{575} - 1 \\ &= 1.145 - 1 \\ &= .145, \text{or } 14.5\% \\ \end{aligned} 1 According to the formula, the risk-free rate of the return is subtracted from the expected portfolio return. If you want to measure the annualized rate (if the portfolios been running longer than a year), you convert the TWR to a Compounded Annual Growth Rate (CAGR). The commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. F9 is the chaining equation from above, and uses this formula: =PRODUCT(F3.F7) 1. 4 Then type a formula like one of the following. Upside capture ratio measures a strategy's performance in up markets relative to an index. To derive a per period capital return measure the following formula should be used: As indicated previously, n is the number of periods from the time of acquisition until the time the return since inception is calculated. CumulativeReturn How should you calculate the average daily return on an investment based on a history of gains? In the case of SIP, since there are multiple investments (therefore multiple purchase prices) and different time periods for each installment, calculating returns is a bit . SKEW B5B15 returns 08924. Commercial Real Estate Analysis and Investments (with CD-ROM). wikiHow, Inc. is the copyright holder of this image under U.S. and international copyright laws. She also writes biographies for Story Terrace. This category only includes cookies that ensures basic functionalities and security features of the website. . If you examine this formula, you will see it does indeed work for monthly returns, but I cannot figure out how to do inception-to-date returns accounting for the additional contributions. It helps determine the average return generated by an asset over its entire holding period, which may include instances of extreme losses and gains. Create an account to follow your favorite communities and start taking part in conversations. Double-click the Fill Handle and Excel will shoot the formula down to B50000. Dearborn Real Estate Education. CF = Cash Flow. In this case, the maximum drawdown . 1 2 If you want sub annual periods annualized, take out the MIN function call, leaving . Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Last Updated: March 3, 2023 Beginning value is also valuable from a time perspective because it indicates the beginning of your holding period. By using this service, some information may be shared with YouTube. Divide 150,000 by 100,000 to get 1.5. When you fill the above three variables, the CAGR calculator will give you the rate of return on investment. By calculating a geometric average, the annualized total return formula accounts for compounding when depicting the yearly earnings that the investment would generate over the holding period. ( I have monthly investment return numbers (not monthly values) and need to know how to annualize them in Excel. Holding period return means the total return gained or lost during a given time period. The sum of your capital appreciation and income return is yourtotal return. usually I just use =+ (1+G1)* (1+G2).. (1+etc)-1 but this is far too large to go through typing all of it. Property Valuation: What is the Adjusted Sales Price? The total time period cannot contain any gaps. + Time Weighted Return Formula. Suppose a project started on January 1, 2018. If Excel does not find any rate reducing the NPV to zero, it shows the error "#NUM.". First, start off by measuring the return between any two cash flow events. I am looking to convert portfolio (monthly) returns into annualized returns (YTD, 1 year, 5 year, from inception). However, common sense would tell you that the investor in this scenario has actually broken even on their money (losing half its value in year one, then regaining that loss in year 2). Description. = Very clear. The main difference between them is that the CAGR is often presented using only the beginning and ending values, whereas the annualized total return is typically calculated using the returns from several years. Watch your order of operations on the calculations to make sure you get the correct answer. Let's look at the performance of Johnson & Johnson (NYSE:JNJ) during 2020. This image may not be used by other entities without the express written consent of wikiHow, Inc. \u00a9 2023 wikiHow, Inc. All rights reserved. The IRR function calculates the internal rate of return for a series of cash flows, the MIRR function works with interest rates for borrowing and investing, and the XIRR function calculates a more accurate internal rate of return as it considers time periods. The result Excel and other spreadsheet programs reach is accurate within 0.000001%, so it's a result you can rely on. In other words, common real-world situations. This difference in sub-period returns during the year is going to drive the return differences between the time-weighted rate of . {3M Return, 6M Return, YTD Return, 12M Return, 2Yr Return, 5Yr Return, Since Inception}. AnnualizedReturn=((1+r1)(1+r2)(1+r3)(1+rn))n11. Total Return 5 The range C5 to E5 represents the investment's cash flow range, and cells D10 and D11 represent the rate on corporate bonds and the rate on investments. positive IRR: A capital-weighted return that provides a single cumulative figure since inception. ) The annualized return formula shows what an investor would earn over a period of time if the annual return was compounded. It was over only a single year. Stack Exchange network consists of 181 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. The highest quarterly (three month) return of the investment since its inception or for Best Quarter as long as Morningstar has data available. There's a nice little Excel function that will calculate the rate of return on any asset like a stock or fund including income/dividends with purchases and sales over time. = 1 1 Jonathan DeYoe is a Financial Advisor and the CEO of Mindful Money, a comprehensive financial planning and retirement income planning service based in Berkeley, California. Investopedia does not include all offers available in the marketplace. This image is not<\/b> licensed under the Creative Commons license applied to text content and some other images posted to the wikiHow website. Calculated by Time-Weighted Return since 2002. = What Is the Internal Rate of Return (IRR)? The value of the portfolio just before the cash flow. Similar to gambling, investors try to profit on market ups and downs. Geltner, M., Miller, N. G., Clayton, J., &Eichholtz, P. (2013). Let's say we have 6% returns over 100 days. The formula is: . The annualized return formula is calculated as a geometric average to show what an investor would earn over a period of time if the annual return was compounded. Here's why and how. The formula to calculate annualized rate of return needs only two variables: the returns for a given period of time and the time the investment was held.
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