# Money-Weighted Return

*Saving & Investing — Finicade finance glossary*

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.

**Also known as:** MWR, dollar-weighted return, personal rate of return

**Related terms:** [Time-Weighted Return](https://finicade.com/glossary/time-weighted-return), [IRR (Internal Rate of Return)](https://finicade.com/glossary/irr), [Dollar-Cost Averaging](https://finicade.com/glossary/dollar-cost-averaging), [Annualized Return](https://finicade.com/glossary/annualized-return), [Cash Flow](https://finicade.com/glossary/cash-flow)

Source: https://finicade.com/glossary/money-weighted-return