Time-weighted return

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The time-weighted return (TWR) is a method of calculating investment return. To apply the time-weighted return method, combine the returns over sub-periods by compounding them together, resulting in the overall period return. The rate of return over each different sub-period is weighted according to the duration of the sub-period.
The time-weighted method differs from other methods of calculating investment return only in the particular way it compensates for external flows - see below.

Source: https://en.wikipedia.org/wiki/Time-weighted_return
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