# XIRR Calculator | Returns on Dated Cash Flows > Calculate XIRR from contributions and distributions on any dates. Matches Excel XIRR (actual/365) and shows MOIC, net gain and holding period. Free. URL: https://raziel.co/tools/xirr-calculator Annualized return from cash flows on any dates. Enter what you put in and what came back, and get the same XIRR Excel would, plus your multiple and holding period. ## Results XIRR 12.74% Annualized across 4 cash flows from Mar 15, 2019 to Nov 15, 2024. **Total invested** $35,000 **Total returned** $65,000 **Net gain or loss** $30,000 **MOIC** 1.86x Returned / invested **Holding period** 5.7 years First to last cash flow **Cash flows** 4 You put in $35,000 and got back $65,000 (1.86x). Given when each dollar moved, that works out to 12.74% a year, compounded. Cash flows by date $25K $10K $60K Mar ’19Jun ’20Sep ’22Nov ’24 - Invested - Returned Track IRR across every investment Log contributions and distributions for your startups, funds and SPVs, and Raziel keeps MOIC, IRR and TVPI current. [Start free](https://app.raziel.co/sign-up) The math ## How XIRR is *calculated* XIRR is the single annual rate that, used to discount every cash flow back to the date of the first one, makes them all add up to zero. Put another way: it is the interest rate a bank account would have needed to pay to turn your contributions into your distributions on exactly the same dates. 1. **Count days.** Each cash flow is placed in time by the number of days since the first one, divided by 365 (the actual/365 convention Excel uses). 2. **Discount.** At a trial rate, each amount is divided by (1 + rate) raised to that fraction of a year, and the results are summed. 3. **Solve.** The calculator adjusts the rate with Newton’s method until the sum is zero. If that does not converge, it scans a wide range of rates and narrows in by bisection. Because timing matters, the same dollars returned sooner produce a higher XIRR. That is why XIRR and MOIC can tell different stories about the same investment. 0 = sum of amount_i / (1 + XIRR) ^ (days_i / 365) days_i = days from the first cash flow to cash flow i ### Assumptions and simplifications - Rows with no date and no amount are ignored. Rows are sorted by date, so you can enter them in any order. - Needs at least one negative and one positive amount. With several sign changes, more than one rate can solve the equation; the one nearest 10% is shown. - Taxes, fees and currency effects are only included if you enter them as cash flows. Worked example ### An angel check with a follow-on, a partial sale and an exit **Mar 15, 2019** -$25,000 **Jun 1, 2020** -$10,000 **Sep 30, 2022** $5,000 **Nov 15, 2024** $60,000 **MOIC** 1.86x **Days, first to last** 2,072 days XIRR**12.74%** ## Further reading - [Raziel Learn MOIC vs IRR: Which Number to Trust on an Angel or LP Statement](https://raziel.co/learn/moic-vs-irr) - [Raziel Learn Net IRR vs Gross IRR: Which Number Belongs on Your Tracker](https://raziel.co/learn/net-irr-vs-gross-irr) - [Raziel Learn How to Track Paid-to-Paid IRR as an LP After You Close](https://raziel.co/learn/paid-to-paid-irr-tracking) ## Frequently Asked Questions Common questions about the XIRR calculator and the math behind it. ### What is the difference between XIRR and IRR? IRR assumes cash flows arrive at even intervals, usually once a year. XIRR uses the actual date of each cash flow, so a capital call in March and a distribution in November are weighted by the exact number of days between them. For private investments, where money moves on irregular dates, XIRR is the more accurate measure. ### Does this match Excel’s XIRR function? Yes. It uses the same equation as Excel and Google Sheets: each cash flow is discounted by (1 + rate) raised to the number of days since the first cash flow divided by 365. On Microsoft’s published example it returns 37.34%, the same as Excel. Where Excel returns #NUM! because its solver fails to converge, this calculator tries a second method before giving up. ### Which cash flows should be negative? Money you pay out is negative: the initial investment, follow-on checks, capital calls and fees you pay in. Money you receive is positive: distributions, dividends, sale proceeds. To measure an investment you still hold, add its current value as a positive cash flow dated today. ### Why is my XIRR so high on a short holding period? XIRR is annualized. Doubling your money in three months compounds to roughly 1,500% a year, even though the absolute gain is 1x. For short holds, read XIRR next to MOIC, which shows the total multiple without annualizing it. ### Can XIRR have more than one answer? Yes, when the signs of the cash flows flip more than once (for example invest, receive, invest again, receive). Several rates can then make the cash flows net to zero. The calculator returns the one closest to 10%, the same starting point Excel uses. ### Is XIRR the same as a fund’s net IRR? A fund’s reported net IRR is usually an XIRR on the LP’s capital calls and distributions, plus the remaining NAV as a final positive cash flow. Enter those flows from your capital account statements to reproduce it. Some funds use subscription lines or quarterly conventions that make their figure differ slightly. Related tools ## More free *calculators* [All tools](https://raziel.co/tools) - [Returns IRR Calculator Annualized return from any series of dated cash flows. Open calculator](https://raziel.co/tools/irr-calculator) - [Returns MOIC Calculator Multiple on invested capital, realized and unrealized. Open calculator](https://raziel.co/tools/moic-calculator) - [Returns CAGR Calculator Compound annual growth rate, or the value a growth rate gets you to. Open calculator](https://raziel.co/tools/cagr-calculator)