Tool 40

Mutual fund calculators · NAV and cash distributions

Mutual Fund Return Calculator

Created by Arunangshu DasReviewed Nov 10, 2026

Calculate holding-period mutual fund return from raw NAV change and cash distributions received.

See the NAV and cash contributions separately on one opening value.

One unchanged mutual fund holding

Compare raw NAV per unit and cash distributions held outside the fund. Use one fund share class and one currency.

Display market and currency

Formatting only. The calculator performs no currency conversion.

Unchanged units held

Include fractional units held throughout the interval.

Opening raw NAV per unit (USD)

Use a positive opening value in major currency units.

Ending raw NAV per unit (USD)

Use the valuation of the same share class, before any total-return adjustment. Zero is allowed.

Total cash distributions for the holding (USD)

Enter the whole-holding amount before withholding. Enter 0 explicitly if there were none.

I confirm unchanged units, comparable raw NAV and whole-holding cash distributions kept outside the fund.

Gross holding-period return

Enter all values and confirm the basis, or load the worked example.

All percentages use the opening valuation. The result covers the whole holding period, with cash kept outside the fund and no annualization.

Understand what drives the projection

See how distributions and a falling NAV can combine to produce a positive or negative total return.

Read the complete Mutual Fund Return guide

Formula and methodology

Holding-period return = (NAV change for all units + aggregate cash distributions) ÷ opening valuation.

Let U be units, B opening NAV per unit, E ending NAV per unit and D aggregate cash distributions. Opening value is U × B. NAV change is U × (E − B). Total gain is NAV change plus D. Divide by opening value to report the NAV, cash and total percentages.

Definitions

Gross holding-period return combines raw NAV change and cash distributions received by one unchanged fund holding. It uses a positive opening valuation as the denominator.

Verified worked examples

Hold 10 units with opening NAV of 100 and ending NAV of 90. The opening value is 1,000 and the ending valuation is 900. With 200 of cash distributions, ending valuation plus cash is 1,100 and total gain is 100. NAV contributed −10 percentage points and cash contributed +20, giving 10% total return.

Interpretation

Ending valuation can include unrealized change. Both component percentages use the same opening valuation and add before display rounding. The cash contribution measures the supplied holding period rather than a forward yield.

Inputs and interpretation

Use the same share class, unchanged unit count and major currency. Enter both comparable raw NAVs and all cash paid to the holding during the interval. Confirm the basis and enter zero if no cash was paid.

Assumptions and limitations

No additional purchases, redemptions or reinvested distributions occur. Cash is held outside the fund without interest. Use gross distributions before withholding, and keep other charges or taxes outside the calculation.

Supported domain and common mistakes

Units and opening NAV range from 10^−12 to 10^12. Ending NAV and cash can be zero and are capped at 10^12. Inputs support 12 fractional digits and the calculation uses 120 significant digits. Monetary and percentage outputs have magnitude caps of 2 × 10^24 and 2 × 10^38 respectively.

Do not multiply the aggregate cash amount by units again or add it to total-return-adjusted endpoints. Use Mutual Fund XIRR for dated external flows and choose a consistent return basis before comparing with fund reports.

Frequently asked questions

How do I calculate a mutual fund holding-period return?

Add the change in fund valuation to cash distributions, then divide by the positive opening valuation. This uses the same unit count at both endpoints.

Do I enter distributions per unit?

Enter the total gross cash for all entered units during the interval. If your source only quotes cash per unit, calculate the whole-holding amount first.

What if no cash was paid?

Enter zero explicitly. With zero cash distributions, holding-period return equals raw NAV change divided by opening NAV.

Can falling NAV still produce a gain?

Yes. Cash received can offset some or all of the decline in NAV, and can exceed that decline.

Can I use adjusted NAV with distributions?

Use comparable raw NAV only. Adding distributions to an endpoint already adjusted for those distributions would count them twice.

Does the calculator annualize the result?

No. It reports total return over the entered holding interval, with no date or annualization assumption.

Sources and educational scope

Educational before-fee and before-tax cash-held calculation. It excludes annualization, dates, NAV adjustments, fund rules, fees, taxes, FX and personalized investment advice.

Reviewed 2026-11-10. AI-assisted content under operator editorial responsibility. No independent expert financial review is claimed.