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Home» annualization

Annualization of returns: it’s more challenging than you may think

Posted by David Spaulding - February 7, 2019 - annualization, annualized returns, cumulative returns, Investment Performance Guy

When it comes to annualizing returns, most folks think that the rules are pretty straightforward and agreed by all. However, that truly is not the case. And, it is most notable when we’re dealing with a “point-to-point” cumulative return such as June 15, 2016 to January 8, 2019. How do we annualiize this? Well, I […]

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Charles Schwab Performance Charts: what’s good/what’s bad?

Posted by David Spaulding - June 3, 2017 - annualization, annualized returns, Investment Performance Guy, performance charts, performance measurement

This post is about performance charts; it just so happens that I’m using one that just appeared on Twitter by Charles Schwab. As the saying goes, “credit where credit is due,” so I’m obligated to acknowledge my source. But, I’m not really wanting to critique Charles Schwab’s charts … it just that, well, I am […]

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Annualizing rates of return: might trade days be better than calendar days?

Posted by David Spaulding - August 26, 2015 - annualization, Investment Performance Guy, performance measurement

We teach how to annualize rates of return in our Fundamentals of Performance Measurement course. Invariably, someone will ask whether using trade days might be better than calendar days. I normally give a brief explanation as to why it wouldn’t, and then move on. But a funny thing happened recently: While conducting a “non-GIPS” verification […]

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Why Don’t We Annualize Returns of Less Than One Year?

Posted by admin - August 6, 2012 - annualization, CIPM Exam Tips & Tricks, CIPM expert, CIPM formulae, CIPM Principles, geometric linking, GIPS, time-weighted return

Most performance analysts have heard it said that we should never annualize returns of less than one year.  Some may also be aware that GIPS provision I.5.A.4 (2010 edition of GIPS) forbids compliant firms from annualizing returns for periods of less than a year? But why shouldn’t this be done?  Certainly, we could do it […]

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about Roots and Exponents…

Posted by admin - April 11, 2011 - annualization, CIPM, CIPM expert, CIPM Principles, exponents, geometric linking, roots

Sometimes when we are calculating returns, we need to know the meanings of roots and exponents. This may be especially true when we have to enter things on the calculator, like CIPM candidates are required to do on exams. In mathematics, the n-th root of a number x is a number r which, when raised […]

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