Attribution
Portfolio performance concepts for choosing a benchmark, measuring results consistently, attributing active return, and comparing behavior in rising and falling markets.
Portfolio-return methods, benchmark selection, and attribution concepts used to calculate and explain investment performance.
Return measurement establishes what a portfolio earned; attribution examines why it differed from a benchmark or policy allocation. The result depends on valuation dates, external cash flows, income, currency, fees, taxes, and whether the return is historical or hypothetical.
Use Return Calculation Methods to distinguish basic return, return on investment, time-weighted return, money-weighted return, and Modified Dietz. Use Performance Attribution, Benchmarks, and Capture to choose comparison portfolios and interpret allocation, selection, and market-condition effects.
Return figures should not be compared until their period, cash-flow treatment, benchmark, currency, and gross- or net-of-fee basis are aligned.
This section is for financial education and does not recommend a portfolio, benchmark, or return method.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
Portfolio performance concepts for choosing a benchmark, measuring results consistently, attributing active return, and comparing behavior in rising and falling markets.
Portfolio-return methods for income, annualization, external cash flows, investor experience, and manager comparison.