Performance Calculation

CircleBlack’s performance calculation engine delivers multi-level performance insights, enabling advisors to analyze returns by position, asset class, account, household, or any custom-defined grouping, shown net or gross of fees. Advisors can isolate top and bottom contributors and toggle between time-weighted and money-weighted returns. Layer on top a Performance X-Ray that reveals the daily values, cash flows, and fees behind every return, and the result is a foundation of explainability that makes every performance review simple.
Experience the difference
Performance Analysis

Precision and simplicity in performance measurement

PERFORMANCE ANALYSIS

Performance measured and presented intuitively

Multi-level performance insights (TWR or MWR) that enable advisors to evaluate returns across positions, asset classes, accounts, and households—gross or net of fees.
PERFORMANCE X-RAY

X-Ray visibility into underlying data

Full transparency into market values, cash flows, fees, and sub-period calculations behind every figure.
ATTRIBUTION & BENCHMARKING

Insights behind the returns

At a glance, advisors can identify top and bottom contributors—the holdings, asset classes, or allocations with the greatest impact on total performance—while benchmarking against relevant ETFs or blended indices.
REPORT GROUPING

Report grouping that mirrors your portfolios

Flexible report grouping empowers advisors to organize performance across accounts, models, tax wrappers, or custom groupings—so reporting reflects real portfolio construction and management workflows.
Diversified Capital Group
CircleBlack gives me a clear way to measure account performance against different benchmarks and to provide clear explanations to clients. The software has made the experience of working with clients a lot more seamless.
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Ben Treece
Senior Advisor
San Blas Securities

Frequently asked questions

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How do you calculate Time-Weighted Return?

Automated using CircleBlack’s Performance Calculation Application, the TWR calculation breaks the investment period into sub-periods whenever there is a cash flow (contributions or withdrawals), then calculates the return for each sub-period before and after each cash flow event. The sub-period returns are then geometrically linked together to compute the total return over the entire period.

How do you calculate Money-Weighted Return?

Automated using CircleBlack’s Performance Calculation Application, the MWR calculation, also known as the Internal Rate of Return (IRR), determines the discount rate that equates all cash inflows and outflows to the final portfolio value over the measurement period. Unlike TWR, MWR assigns greater weight to periods where more capital is invested, making it highly sensitive to the timing and size of cash flows.

How do you calculate Gross and Net-of-Fee Returns?

Automated using CircleBlack’s Performance Calculation application, Gross-of-fee return calculation measures performance before deducting advisory fees, providing a view of investment gains driven by market performance and asset allocation. In contrast, Net-of-Fee return accounts for advisory fees, reflecting the actual return realized by the investor after fees have been deducted.

Do you have a list of existing custodian feeds?

These are the direct integrations we have with custodians. We also offer access to thousands more through aggregators like DAZL BNY Mellon, DST FANMail, and ByAllAccounts. This list grows continuously.

If I don’t see my custodian on your list, can you add it?

Let us know! We’re always adding custodial feeds either directly or through our partners.

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