Which number should I actually use?

Use the time-weighted return when comparing against an index or a fund, because that is what those figures are. Use the money-weighted return when asking what your own money earned. Neither is more correct — they answer different questions.

Why does my broker show a different percentage?

Most brokers show profit divided by what you paid in, which ignores when you paid it. Over a year of regular contributions that can be several percentage points away from either honest figure, and it is usually the flattering direction.

Is this the same as XIRR in Excel?

The money-weighted figure is exactly that: the annual rate that discounts every deposit, withdrawal and your closing value back to zero. Miw solves it from your statement, so you do not have to keep the spreadsheet.

RETURNS

What is my real return?

Your broker shows profit in euros and a percentage that quietly assumes you invested everything on day one. If you have added money over time — and almost everyone has — that percentage is not your return. There are two honest answers, and the gap between them is worth knowing.

Import your statementNo account needed. The file is read in your browser and stays there.

Why one percentage is not enough

Imagine two people who both put €10,000 into the same fund over a year and both end with €11,000. One invested it all in January. The other added €1,000 a month. They did not have the same experience, and no single percentage describes both. The first question is “how did the investments do?” — the second is “how did my money do?”, and they only agree when you never add or withdraw anything.

Time-weighted and money-weighted, in plain terms

The time-weighted return ignores when you paid in. It breaks the period at every deposit and links the pieces, so it measures the investments themselves — this is the figure funds quote, and the only fair one to compare against an index. The money-weighted return does the opposite: it counts the timing, because money added just before a good run really did earn more. Miw shows both. When they differ, the gap is what your timing was worth — and it says so in a sentence rather than leaving you to work it out.

What Miw shows you

Both figures sit side by side on the chart, over any period you pick.

Your return, solved exactly — the same number a spreadsheet’s XIRR() gives
The investments’ return, time-weighted and chain-linked at every cash flow
A plain sentence saying whether your timing helped or hurt, and by how much
The same comparison against an index of your choice, on the same basis

Questions

Which number should I actually use?: Use the time-weighted return when comparing against an index or a fund, because that is what those figures are. Use the money-weighted return when asking what your own money earned. Neither is more correct — they answer different questions.
Why does my broker show a different percentage?: Most brokers show profit divided by what you paid in, which ignores when you paid it. Over a year of regular contributions that can be several percentage points away from either honest figure, and it is usually the flattering direction.
Is this the same as XIRR in Excel?: The money-weighted figure is exactly that: the annual rate that discounts every deposit, withdrawal and your closing value back to zero. Miw solves it from your statement, so you do not have to keep the spreadsheet.

Descriptive, not advice. Every figure is computed from the statement you upload, in your browser.

Start from your broker

The figures come from the statement your broker already gives you — nothing is typed in by hand.

Import your statement