Chained Returns

Calculating the total rate of return on a chain of returns produces a time weighted rate of return. I covered this in my post “Time & Dollar Weighted Rates of Return Calculator“. In this spreadsheet I have segregate the time weighted return into an easier calculator for someone interested in taking their annual, monthly, quarterly, etc. rates of return over time and calculating the annual rate of return for the total period. There are two formulas I have used in the past to do the calculation. One is an array formula and one is not. This spreadsheet uses the non array formula which incorporates the Excel built in function “FVSCHEDULE”.


The calculator is simple. Just add the rates of return in the yellow cells and tell the calculator what times periods the rates are for, using the drop down box. The formula calculates an APY (annual percentage yield) and then calculates the equivalent APR (annual percentage rate). Clicking the green button clears the yellow data cells:

Chain2 Your choices in the dropdown box are:

Chain3 Download “Chain

Don Pistulka
Don Pistulka

Retired Credit Union CFO - Finance
Background: over 40 years in investments, asset/Liability management, banking, securities trader.
Worked for: California Credit Union, WesCorp, CalFed S&L, Crocker Bank, Carroll McEntee, Federal Home Loan Bank Board (D.C.), Western Asset Management, Security Pacific National Bank.


  1. Love your site! Have you ever produced any illustrations of “strip funding”?

    I am working on a project that is looking to transform our funding approach to a strip funding approach…..and I am not familiar with it at all!



    1. Brian,

      I had to do a Google search to find strip funding. Most of my investment career was on the fixed income side, and as CFO of a credit union, I had use for strip funding. If I can help with specific calculations of what you are working on, let me know.


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