MWR (money-weighted)

MWR reflects the size and timing of deposits. In practice it often matches portfolio XIRR.

MWR (money-weighted return) weights return by how much capital was invested in each period. A large deposit just before a rally affects the result more than a small buy.

For a personal portfolio, MWR is often computed like XIRR from cashflows. It complements TWR: one number is strategy performance, the other is your money’s return.