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Choosing & Comparing Mutual Funds · Madhyam · 5 min read

XIRR Kya Hai Aur Yeh SIP Investors Ke Liye Kyun Maayne Rakhta Hai?

Chhota jawab

XIRR — Extended Internal Rate of Return — alag-alag dates par hue cash flows ki ek series ka annualised return hai. Yeh SIP ya kisi bhi real portfolio ke liye sahi measure hai, kyunki har instalment alag-alag samay ke liye invest rahi hai aur CAGR ke naapne ke liye koi ek starting date nahi hai. XIRR har dated inflow aur outflow ko portfolio ki current value ke saath consistent banane wali ek annual rate dhoondta hai.

Amit Chadha · Mutual Fund Distributor · AMFI ARN: 349461 · Aakhri review

Agar aapne kabhi apni SIP ke return ki tulna kisi fund ki factsheet par chhape return se ki hai aur kuch galat hone ka nateeja nikala hai, to XIRR wo concept hai jo ise suljhata hai.

Kuch bhi galat nahi tha. Dono numbers alag-alag sawaalon ke jawab de rahe the.

CAGR SIP Ke Liye Kyun Toot Jaata Hai

CAGR is sawaal ka jawab deta hai: kis constant annual rate se ek raqam ko badhna padta taaki wo kisi period mein starting value se ending value tak pahunche? Ise bilkul ek starting date aur ek ending date chahiye.

SIP ke paas koi nahi hoti. Aapki pehli instalment paanch saal ke liye invest rahi ho sakti hai, aapki sabse recent instalment ek mahine ke liye. Poori invest ki gayi raqam ko aise maanna jaise wo sab pehle din gayi ho, aapke paise ke asal mein kaam karne ke samay ko bahut badha-chadhakar dikhata hai, aur ek aisa return number deta hai jo seedhe taur par galat hai.

XIRR Iske Badle Kya Karta Hai

XIRR har cash flow ko uski asli date ke saath leta hai — har purchase ko negative flow ke roop mein, har redemption ko positive flow ke roop mein, aur current portfolio value ko ek final positive flow ke roop mein — aur wo ek akeli annualised rate dhoondta hai jo inke present values ko zero par le aaye.

Asar mein, yeh har rupee ko utne hi samay ka credit deta hai jitne ke liye wo invest tha, na zyada na kam. Yahi wajah hai ki yeh kisi real portfolio ke liye sahi number hai, jo lagbhag kabhi ek baar kiye gaye ek investment jaisa nahi hota.

Number Milne Ke Baad Uska Matlab Kya Hai

11% ka XIRR ka matlab hai ki aapke asli dated cash flows 11% annualised return ke saath consistent hain. Yeh ek money-weighted number hai: jab aapne zyada invest kiya wo raqamein nateeje par zyada asar daalti hain.

Yeh bilkul wahi hai jo aapko apna outcome jaanne ke liye chahiye, aur bilkul wahi nahi jo aapko kisi fund manager ko aankne ke liye chahiye — kyunki aapke contributions ki timing aapka faisla thi, unka nahi.

Aapka XIRR Fund Ke Bataye Gaye Return Se Alag Kyun Hai

Fund ka published return time-weighted hota hai: yeh maan leta hai ki ek investment period ki shuruaat mein hua aur bina chhede end tak rakha gaya, aur jaanboojhkar paise ke andar-bahar hone ka asar hata deta hai taaki manager ke performance ki fair tulna ho sake.

Aapka XIRR money-weighted hai, aur aapki dates par depend karta hai. Agar aapne tezi ke baad zyada aur giravat ke baad kam invest kiya, to aapka XIRR fund ke number se peeche rahega — isliye nahi ki fund ne galat bataya, balki isliye ki aapka paisa kam favourable moments par aaya. Dono ki tulna aapko apne khud ke behaviour ke baare mein kuch kaam ki baat batati hai.

Ise Imaandari Se Padhna

Chhoti avadhi mein XIRR kisi bhi direction mein extreme dikh sakta hai, kyunki kuch mahino ki halchal ko poore saal par annualise karna use badha deta hai. Do mahine mein 4% ka fayda annualise hokar ek aisa number banta hai jiska bahut kam matlab hai.

Yeh poori tarah historical bhi hai. Ooncha XIRR yeh batata hai ki aapke past cash flows ne past market conditions mein kya diya; ismein agli period kya karegi, iski koi jaankari nahi hoti.

Mukhya baatein

  • XIRR alag-alag dates par hue cash flows ki ek series ko annualise karta hai.
  • CAGR ko ek starting aur ek ending date chahiye, jo kisi SIP ke paas nahi hoti.
  • XIRR money-weighted hai — yeh aapki timing ko bhi dikhata hai, fund ke performance ke saath-saath.
  • Fund ka published return time-weighted hai aur maanta hai ki ek investment poori period tak rakha gaya.
  • Dono ke beech fark normal hai aur aam taur par yeh dikhata hai ki aapne kab invest kiya.
  • Chhoti avadhiyon mein XIRR misleading ho sakta hai, aur yeh hamesha historical hota hai.

Apne numbers par aazmaiye

For illustration only. Not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Returns assumed are hypothetical and not guaranteed.

Aksar pooche jaane wale sawaal

Sources aur editorial review

Aage kya padhein

Mutual Fund Ka Return Asal Mein Kaise Kaam Karta HaiAbsolute banaam annualised returns, CAGR banaam XIRR, point-to-point banaam rolling returns, aur fund jo return batata hai wo aksar investor ke asal experience kiye return se alag kyun hota hai.Maujooda Mutual Fund Portfolio Ki Review Kaise KareinEk structured review jo shuru hoti hai aapke paas kya hai aur kyun hai se, allocation drift, overlap, cost aur aapka asli XIRR check karti hai — aur aise fund mein fark karti hai jo underperform kar raha hai aur jo sirf out of favour hai.SIP (Systematic Investment Plan) Kya Hai Aur Yeh Kaise Kaam Karta Hai?SIP kya hai, instalments units mein kaise badalti hain, rupee-cost averaging kya karti hai, aur SIP kya guarantee nahi deta — iska seedhi bhasha mein guide.

Sirf educational content. Investment advice nahi.

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