Personal rate of return is the investment performance of individual or household accounts based on the transaction history and resulting cash flows net of any fees. The growth of your portfolio is based upon both the performance of your mutual funds and college savings investments, and the timing and amount of your transactions. Personal rate of return was calculated using Time-Weighted Rate of Return (TWRR) Method. Price or transaction corrections for previously declared values that were posted after the calculation date may not be reflected in the results. Your personal rate of return may not match the historical performance of the fund or college savings investment due to timing of transactions and holding period of securities in your account. Other approaches to calculating personal rate of return could yield different results.

The growth of your portfolio should be monitored over an extended period of time. Keep in mind that your portfolio may perform differently in the future than in the past. Past performance cannot guarantee future results. Before making changes to your portfolio, there are several other factors that should be considered, such as your investment objectives, your tolerance for risk, and your time horizon.

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Personal rate of return is the investment performance of individual or household accounts based on the transaction history and resulting cash flows, net of any fees. Personal rate of return was calculated using the Time-Weighted Rate of Return (TWRR) Method.

Time-Weighted Rate of Return (TWRR) is widely used by financial analysts. It takes into account the amount of time you held investments in your account, the overall portfolio performance, as well as external cash flows, such as purchase and redemption transactions into and out of your account.

Among the many methods used to calculate TWRR is the TWRR Daily Valuation Method, which yields the most accurate TWRR, as it captures valuation of your account and portfolio each time a transaction occurs. We use this method, as it calculates the return for each time period between transactions and then links those periodic returns geometrically to derive the return for the total time period.

Similar to TWRR Daily Valuation Method, True TWRR yields the most accurate TWRR, but valuation of your account is triggered by account cash flows. Even with a different frequency of account valuation, True TWRR like TWRR Daily Valuation Method calculates the return for each time period between transactions and then links those periodic returns geometrically to derive the return for the total time period.

Price or transaction corrections for previously declared values that were posted after the calculation date may not be reflected in the results. Your personal rate of return may not match the historical performance of the mutual fund or college savings investment due to timing of transactions and holding period of securities in your account. Other approaches to calculating personal rate of return could yield different results.

An interval (or sub-period) return calculation is performed for your account whenever an external cash flow or month-end interval valuation occurs:

R = the total interval return percentage
BV = the beginning value (the market value at the end of the previous period), including any cash flows at the end of the previous period and accrued income up to the end of the previous period.
EV = the ending market value of the portfolio at the end of the period before any cash flows in this period, but including accrued income for the period

All interval returns calculated must be geometrically linked together to provide the three-month, month-to-date, quarter-to-date, year-to-date, 1-year, 3-year. 5-year, 10-year, and since inception returns. Any returns more than one year are annualized. The following sample calculation shows how the formula works.

* Sample calculations are subject to rounding errors.

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Returns only reflect activity in active personal investing mutual fund accounts, College Savings Plan (529 Plan) accounts, Retirement Advisory Service accounts and accounts in the ActivePlus Portfolios® program. Assets in any self-managed brokerage accounts or external investment accounts are not included. These returns reflect the performance of your T. Rowe Price accounts since the inception of your oldest account with the following exceptions:

• Activity in personal investing mutual fund accounts prior to 1/1/1992 is not included. 
• Activity in 529 Plan accounts prior to 1/1/2004 is not included.

Activity in personal investing mutual fund accounts and 529 Plan accounts that have been closed since 2005 may be included. For information about which accounts are included, view the “Personal Rate of Return Breakdown” table.

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We offer a number of free investment tools that you can use online to help you manage your portfolio, analyze your holdings, or check your diversification level.

Your net investment, represented by the orange line in the chart, consists of the money that you have invested and withdrawn from your mutual fund accounts over the specified time period. Income proceeds are not included. At the beginning of the time period, the beginning value, net investment, and market value are all equal.

Your market value, represented by the blue line in the chart, is the number of shares held (which includes any purchases and sale and reinvested income) multiplied by the share price. At the beginning of the time period, the market value is equal to the net investment. At the end of the time period, the market value is equal to the ending value. Periods of gains, where your market value is greater than your net investment, are shaded in green, while periods of losses, where your market value is less than your net investment, are shaded red.

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This activity summary summarizes the key activities for the mutual fund account(s) included in the analysis for the specified time period. Here is a definition for each of the items in the activity summary:

1. Beginning Value—The beginning value is the total dollar value of all accounts included in the analysis for the beginning date chosen.
2. Additions—Additions reflect any transactions to move money into your account(s) such as the purchase of new shares, exchanges into a fund, transfers from any other accounts, and dividends invested in an account from another account. It does not include income or market fluctuations.
3. Deductions—Deductions reflect any transactions to move money out of your account(s), including redemptions, exchanges out of a fund, transfers to other accounts, or checkwriting activity. Any applicable redemption fees are also included in the deduction amount. Proceeds from any income that is not reinvested in the same account (cash dividends paid to you and dividends invested into another account) are also reflected as a deduction.
4. Income—Income is any proceeds (cash or reinvested dividends, short- and long-term capital gain distributions) earned in your accounts. Income that is not reinvested in the same account (cash dividends paid to you and dividends invested into another account) is reflected as a deduction.
5. Market Fluctuation—Market fluctuation is any increase or decrease in the value of your accounts over the period selected caused by the changes in the mutual funds' beginning and ending share prices (net asset values). If all of your holdings are money market funds, there should be no change in value due to market fluctuation, although this is not guaranteed.
6. Ending Value—Ending value is the total dollar value of all accounts included in the analysis for the ending date chosen.
7. Change in Value—Change in value is the dollar value difference between the beginning value and the ending value for the specified time period.

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The information in this module is intended to assist you in tracking the historical growth of your mutual fund investments over time. The module consists of three components in tracking the historical growth of your mutual fund investments over time. The module consists of three components that allow you to visualize your performance—Personal Rate of Return, Net Investment vs. Market Value, and Activity Summary.

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Returns only reflect activity in active personal investing mutual fund accounts, College Savings Plan (529 Plan) accounts, Retirement Advisory Service accounts and accounts in the ActivePlus Portfolios® program. Assets in any self-managed brokerage accounts or external investment accounts are not included. These returns reflect the performance of your T. Rowe Price accounts since the inception of your oldest account with the following exceptions:

• Activity in personal investing mutual fund accounts prior to 1/1/1992 is not included.
• Activity in 529 Plan accounts prior to 1/1/2004 is not included.

Activity in personal investing mutual fund accounts and 529 Plan accounts that have been closed since 2005 may be included. For information about which accounts are included, view the “Personal Rate of Return Breakdown” table.

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