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XIRR Calculator

XIRR gives the annualised return when money went in and out on different dates. It is the right measure for a SIP, for top-ups, and for partial redemptions — anywhere a single start-to-finish figure like CAGR does not apply.

Check the working

A worked example

A fixed case, for reference.

You invested ₹1,00,000 on 1 January 2023, added ₹50,000 on 1 July 2023, and the holding was worth ₹1,90,000 on 1 January 2025.

  1. Write each flow with its sign and elapsed days

    C1=−1,00,000  (d=0),C2=−50,000  (d=181),C3=+1,90,000  (d=731)C_1 = -1{,}00{,}000 \;(d=0), \quad C_2 = -50{,}000 \;(d=181), \quad C_3 = +1{,}90{,}000 \;(d=731)

  2. Set the present value of all flows to zero

    −1,00,000−50,000(1+r)0.4959+1,90,000(1+r)2.0027=0-1{,}00{,}000 - \frac{50{,}000}{(1+r)^{0.4959}} + \frac{1{,}90{,}000}{(1+r)^{2.0027}} = 0

  3. Solve for r numerically

    r≈0.13702=13.70%r \approx 0.13702 = 13.70\%

The ₹40,000 gain on ₹1,50,000 is a 26.7% total return, but that took two years and the second instalment was only invested for eighteen months of it. XIRR accounts for both and reports 13.70% a year. These are this page’s default cash flows, so you can see the same figure above.

The formula

∑k=1NCk(1+r) dk/365=0\sum_{k=1}^{N} \frac{C_k}{(1 + r)^{\,d_k / 365}} = 0

XIRR is the rate r at which the present value of every cash flow sums to zero. There is no closed form — it must be solved numerically.

What each symbol means

C_k
the kth cash flow; negative when paid in, positive when received
d_k
days between the first cash flow and the kth
r
the annualised rate being solved for
N
the number of cash flows

What this assumes, and where it stops

Assumptions

  • A year is 365 days. Leap days are not treated specially, which is the same convention Excel and Google Sheets use.
  • All intermediate returns are reinvested at the same rate the calculation solves for.
  • The dates you enter are the dates money actually moved.
  • The final value of any holding you still own is entered as a positive cash flow on the valuation date.

Limitations

  • XIRR assumes you could reinvest at the calculated rate throughout, which is rarely true in practice.
  • Cash flow patterns that alternate in sign several times can have more than one mathematically valid rate. This page reports one; treat such results with caution.
  • It says nothing about risk or volatility, only about the rate that reconciles the cash flows.
  • Every cash flow must be dated correctly. A wrong date changes the answer, sometimes substantially for flows near the start.

What this calculator does

  • Calculates one annualised rate from any number of dated cash flows.
  • Weights every flow by how long it was actually invested, down to the day.
  • Tells you clearly when no rate exists, rather than returning a misleading number.

Common questions

Related calculators

Different questions about the same money. These use the same conventions, so the numbers are comparable.

  • CAGR Calculator

    Work out the compound annual growth rate between a starting value and an ending value over a given period.

  • SIP Calculator

    Project what a monthly SIP could grow to over time, and see how much of the total is your own contribution versus assumed returns.

  • DCF Calculator

    Discount projected future cashflows back to a present value — the core of intrinsic valuation, with its assumptions made explicit.