Net return vs TWR
What each of the two percentages on your portfolio page measuresYour portfolio page shows two percentages. The Net return card tells you how much you made on the money you put in. The small pill next to the return amount is your time-weighted return (TWR), which tells you how well your investments did. Most of the time they are close. When you add or take out large amounts, they can be far apart, even with opposite signs.
Net return
Net return compares what you have gained with the money you have in the portfolio:
total return = price gains + dividends − fees net return = total return ÷ (total value − total return)
The bottom part is your current value minus everything you have earned on it, which is the money you put in that is still invested. Net return answers "how much money did I make, relative to what I put in?". It depends on when you added money: a large deposit just before a fall hurts it a lot, and the same deposit just before a rise helps it.
Time-weighted return
TWR measures each day on its own and chains the days together, leaving out the money you moved in or out. It answers "how did my investments perform?", whatever you added and whenever you added it. That makes it the right number to compare with an index, a fund or someone else's portfolio. The Time-weighted return page explains how it is calculated.
Why they disagree
You invest €1,000 and it grows 10% to €1,100. Then you add €10,000, so you have €11,100, and the market falls 5%, leaving €10,545. You put in €11,000 and have €10,545, a net return of about −4.1%. Your investments rose 10% and then fell 5%, a TWR of 1.10 × 0.95 − 1 = +4.5%.
TWR is positive because the investments gained over the period. Net return is negative because most of your money arrived just before the fall.
Which one to look at
To judge your investment choices, use TWR and compare it with a benchmark over the same period on the Performance page. To see how much money you made, use net return and the return amount next to it.