Money-Weighted Return
Also called: MWR, dollar-weighted return, personal rate of return
Money-weighted return is the internal rate of return on your actual cash flows — what you personally earned, including the timing of every contribution. It's the right measure for your own portfolio and the wrong one for judging a manager, since it rewards or punishes them for your deposits. When it lags a fund's time-weighted return, the gap is behaviour: money arriving after rallies and leaving after crashes.