XIRR Calculator
Calculate the annualized IRR for cash flows occurring at irregular dates.
Enter amounts and days from start to find the exact XIRR rate.
XIRR - Extended Internal Rate of Return
XIRR is the annualized internal rate of return for a series of cash flows that do not occur at regular intervals. It is the Excel XIRR function brought to the web.
When to use XIRR vs IRR:
| Scenario | Use |
|---|---|
| Annual or monthly payments on a fixed schedule | Standard IRR |
| Investments made on irregular dates | XIRR |
| Real estate transactions, project disbursements, startup investments | XIRR |
How XIRR works:
XIRR finds the rate r that makes the net present value (NPV) of all cash flows equal to zero:
Σᵢ Cᵢ / (1 + r)^(tᵢ) = 0
Where:
- Cᵢ = cash flow at time i (negative = outflow, positive = inflow)
- tᵢ = time in years since the first cash flow = daysᵢ / 365
- r = annual discount rate (what we solve for)
Cash flow sign convention:
The initial investment must be entered as a negative number. Returns and proceeds are entered as positive numbers.
Example: invest $10,000 today → enter −10000 on day 0 Receive $3,000 after 180 days → enter 3000 on day 180
Using this calculator:
Enter the cash flow amounts as a comma-separated list, and the number of days from the start date as a second list of the same length. There is no limit on how many, so a fund with forty capital calls works as well as a single flip. The first amount must be negative, because you have to put money in before any rate of return means anything.
XIRR as a benchmark:
A rate on its own tells you nothing. Compare it to your cost of capital or hurdle rate: above it the investment creates value, below it the investment destroys value. Enter your hurdle in the third field and this page will make the comparison for you and show what the same cash flows are worth discounted at that rate.
A positive XIRR does not make an investment good. It says nothing about the risk taken to earn it, and short holding periods flatter it badly. Doubling your money in a month annualizes to something absurd; it is still one month of luck.
Worked example: invest $10,000 and receive $2,500 after 180 days, $3,000 at one year, $4,500 at 548 days and $3,000 at two years. You get $13,000 back on $10,000, which sounds like 30% over two years, or 15% a year. The actual XIRR is 22.78%, because most of the money comes back early and is available to reinvest. That gap between 15% and 22.78% is the entire reason XIRR exists.
How we build and check this calculator
This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
SuperGlobalCalculator is independently built and maintained. See how we build and verify our calculators.