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Manage Your Account: Performance Reporting

*Past performance is no guarantee of future results.

Past performance is no guarantee of future results.

What does the Performance page show?

The Performance page allows you to analyze how your accounts have performed. The performance graph shows a time-weighted return of the aggregate performance of the securities you have held during the period that you specify. We track data from the day you open your account and allow you to specify any period from that time onward to generate a performance graph. Any new securities begin contributing to performance the day you buy them, and any securities that you sell cease contributing to performance the day that you sell them.

The performance numbers are not annualized returns. Instead, they are the returns during the chosen period. If you select a one-year period then you will have an annual return but if you select a week, or a month, or another time period then you will see the return for that period.

We can display returns with and without fees. Learn more about returns with fees and returns without fees.

In addition, we display the personal rate of return on the Performance page in the Portfolio Summary sidebar. Learn more about personal rate of return.

We make reasonable attempts to prepare the charts and performance information we provide in a manner consistent with basic performance reporting methodology. Charts and other performance reports are prepared on demand by our system based on specific information requested by the user, are not audited, and may contain errors, exhibit anomalies under certain circumstances and conditions, or be assembled from historical, not real time, pricing information.

Past performance is no guarantee of future results. Performance data quoted herein represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their original value. Current performance may be lower or higher than the performance data provided.

Which time-weighted return calculation is used?

We use the Mid-Weighted Dietz Method to calculate daily returns and then geometrically link those returns to produce a time-weighted return series.

The Mid-Weighted Dietz Method is commonly used to approximate a true time-weighted return, which is most useful for comparing performance to a benchmark. Time-weighted returns remove the impact of cash and security movement into or out of an account in order to capture the performance of the strategy rather than the timing and size of the cash and security movement. Consequently, these returns are not a measure of the actual profit or loss, or actual cash return of your portfolio or account.

We can display returns with and without fees therefore we have two return calculations. Please note that items accrued, both debits (e.g., margin interest charges) and credits (e.g., sweep interest credits), are not included in performance calculation until they are posted to your account.

The Mid-Weighted Dietz Method Without Fees

Return(R) =  (EMV + EA − (BMV + BA) −CF)
BMV + BA + (CF × 0.5)
  • EMV = Ending Market Value.
    This is the market value of your portfolio at the end of the period to be tested.
  • EA = Ending Accrual.
    This is the total amount of interest and/or dividends that have been accrued at the end of the period and have not yet been paid out to the portfolio.
  • BMV = Beginning Market Value.
    This is the market value of your portfolio at the beginning of the period to be tested.
  • BA = Beginning Accrual.
    This is the total amount of interest and/or dividends that have been accrued at the beginning of the period and have not yet been paid out to the portfolio.
  • CF = Total Cash Flows During the Period.
    Inflows of cash are treated as a positive number, while outflows are treated as a negative number.
  • R = Total Return for the Day.
    After the Mid-Weighted Dietz calculation, this number is then used in the Unit Value calculation.

The Mid-Weighted Dietz Method With Fees

Return(R) =  (EMV + EA − (BMV + BA) − (CF + F)
BMV + BA + (CF + F) × 0.5
  • F = Fees.
    This is the total amount of fees that have been accrued or withdrawn from the account. Fees are defined as transactions, such as wire transfer fees, and ADR fees. Trade commissions and SRO fees are part of the cost of a transaction, and are therefore included in both return calculations.

What is the Personal Rate of Return?

The Personal Rate of Return is useful in measuring the performance of an account. The personal rate of return is the same as the internal rate of return (IRR), which takes into account the timing and size of cash and security movement into or out of the count when measuring performance.

The IRR cannot be computed directly, but requires a trial and error process to converge on a return. In some circumstances the IRR can produce an error or a counter intuitive result due to the unique series of cash and security movements into or out of the account. If N/A is displayed the return cannot be found for the given period.

IRR Calculation

NPV = N

n = 0
Cn
(1 + r)n
  • NPV = Net Present Value.
    The beginning value of the account at the selected time period.
  • Cn = Cash/security movement on day n.
  • r = IRR.
    The return where the sum of the cash and securities movements over the period is equal to the NPV.

The solved IRR is in annualized form therefore one final calculation is required to reflect the chosen period.

Personal Rate of Return = (1 + r )
( t )
365
− 1
  • t = Total Time. The difference in days between the start date and end date of the chosen time period.

What is the Return Without Fees?

Return Without Fees calculates the performance of the account without the impact of fee transactions, such as wire transfer fees. Trade commissions, if charged, and SRO fees are not fee transactions, but are incorporated in the cost of the original transaction and are included in this return calculation.

What is the Return With Fees?

Return With Fees calculates the performance of the account with the impact of fee transactions, such as wire transfer fees. Trade commissions, if charged, and SRO fees are not fee transactions, but are incorporated in the cost of the original transaction and are included in this return calculation

Do returns include dividends and dividend accruals?

Yes, dividends and other distributions, such as capital gains and interest, are included in both account performance as of the ex-date (date that new buyers are not entitled to the dividend), when available from our data vendor. Accrual information that is not available until payment date will trigger a recalculation of the account performance back to the ex-date of the transaction to provide accurate returns.

How do I download returns?

You can download returns with and without fees by selecting the Download Data icon on the Performance page. The download will provide daily returns for each trading day for the time range selected on the performance graph. The download also includes daily market values, the amount of cash or security movement into or out of an account, dividend and distribution accrual amounts from ex-date (i.e., the date you are entitled to the distribution) to payment date, and fees.

What is the Total Flow reported in the data download?

The Total Flow is the net movement of cash and securities into or out of an account on a particular day. Cash and security movements out are negative, while movements in are positive.

Security transfers into or out of an account are valued at their previous closing price multiplied by the number of shares moved, for the purpose of calculating the performance of the account.

What is the Save Comparison button?

The Save Comparison button allows you to save a single benchmark per account. If multiple benchmarks are displayed on the performance graph, then the save feature will ask you to select a single benchmark. The next time you revisit performance for the account the benchmark will be displayed automatically. This feature may not be available based on access level.

What are Net Assets In/Out?

Total cash and security movement into or out of the account over the time period selected. Cash and security movements out are negative, while movements in are positive. Cash and security movements can be due to deposits, withdrawals, transfers, or fees.

What is the Accrued column reported in the data download?

The Accrued column reflects open accruals on any given day. Accruals are dividends and other distributions that are expected to be paid to the account but have not been paid yet. These pending dividends and distributions will be reflected in the Accrued column from ex-date (date that new buyers are not entitled to the dividend) up until pay-date (date the distribution is expected to be paid by the company or fund).

The accrual is added to the market value since the account is entitled to the dividend or distribution. In addition, the accrual will offset the security price drop on the ex-date (since the security price drops on this day to reflect the distribution) if a record of the dividend is available from our data vendor on ex-date. If the dividend or distribution is paid as expected then the accrual amount will not be reflected in the Accrued column on pay-date because the dividend has been paid to the account and therefore is already included in the market value. The Accrued column will change as new dividends or distributions accrue or as they are paid.