XIRR vs CAGR — mutual fund me invest karne wale lagbhag har vyakti ke saamne kabhi na kabhi yeh sawal aata hai. Aapke SIP account statement par XIRR likha hota hai, fund ki factsheet par CAGR, aur kisi advertisement me “3 saal me 50% return” jaisa absolute number. Teeno alag-alag sawalon ke jawab dete hain — aur galat metric chunne par aapke return ki tasveer poori tarah badal jaati hai. Is 2026 guide me hum teeno ka formula, sahi istemal aur real-number examples dekhenge, taaki aap apne SIP ka asli return khud nikaal sakein.
XIRR vs CAGR vs Absolute Return: Teenon Ka Matlab Ek Line Me
| Metric | Ek line me matlab | Formula |
|---|---|---|
| Absolute Return | Kul kitna badha (time ko gine bina) | (Final − Initial) ÷ Initial |
| CAGR | Har saal ausatan kitni growth hui (lump sum ke liye) | (End ÷ Start)^(1/n) − 1 |
| XIRR | Har cash flow ke time aur rakam ko dhyaan me rakhkar saalana return (SIP ke liye) | Cash flows ka annualised internal rate of return |
Inme se koi bhi metric “galat” nahi hai — galat hota hai inhe galat jagah istemal karna. Aage hum teeno ko ek-ek karke samjhenge.
Absolute Return: Sabse Simple Metric, Sirf 1 Saal Se Kam Ke Liye
Absolute return sabse seedha hisaab hai: paisa kitna laga tha, ab kitna hai — bas.
Formula: (Final value − Initial investment) ÷ Initial investment × 100.
Example: ₹1,00,000 lagaye, 2 saal baad value ₹1,20,000 ho gayi.
Absolute return = (1,20,000 − 1,00,000) ÷ 1,00,000 = 20%.
Lekin dhyaan dein: yeh 20% do saal ka kul return hai, “har saal 20%” nahi. Absolute return time ko dhyaan me nahi rakhta — isliye yeh sirf 1 saal se kam ki avadhi ke liye sahi metric hai. 1 saal se kam ke returns ko annualise karna — jaise 6 mahine ke 10% ko “20% p.a.” batana — galat hai, aur SEBI ke advertisement code ke tahat aisa dikhana mana bhi hai.
CAGR: Lump Sum Investment Ke Liye Annualised Growth
CAGR (Compounded Annual Growth Rate) batata hai ki agar paisa har saal ek samaan rate se badhta, to woh rate kya hoti. Yeh one-time lump sum investment ke liye bana hai — aur yahi number fund factsheets par 1 saal, 3 saal, 5 saal ke performance ke roop me dikhta hai.
Formula: CAGR = (End value ÷ Start value)^(1/n) − 1, jahan n = saalon ki sankhya.
Example 1 — headline vs haqeeqat:
₹1,00,000 lagaye, 3 saal me value ₹1,50,000 ho gayi.
- Absolute return = 50% — sunne me bahut bada lagta hai.
- CAGR = (1,50,000 ÷ 1,00,000)^(1/3) − 1 = 1.5^(1/3) − 1 = 1.1447 − 1 = 14.47% p.a.
- Verify kar lein: 1.1447 × 1.1447 × 1.1447 ≈ 1.50 — hisaab sahi hai.
- Matlab 50% ka headline, asal me har saal 14.47% ki growth hai. Yahi is article ka sabse zaroori sabak hai: bada headline number hamesha saalana haqeeqat se bada dikhta hai.
Example 2:
₹1,00,000 lagaye, 2 saal me value ₹1,20,000.
- Absolute return = 20%
- CAGR = 1.2^(1/2) − 1 = 1.0954 − 1 = 9.54% p.a.
Example 3:
5 saal me 35% absolute return = 1.35^(1/5) − 1 = 6.19% p.a. CAGR.
XIRR vs CAGR: ₹10,000 SIP Example Se Samjhein
Ab sabse zaroori hissa. XIRR (Extended Internal Rate of Return) money-weighted return hai — time-weighted nahi. Matlab yeh har cash flow ke timing aur rakam dono ko gin-ta hai. SIP, SWP ya irregular investments ke liye sirf XIRR sahi metric hai. CAGR yahan kaam nahi karta, kyunki CAGR maan kar chalta hai ki saara paisa pehle din ek saath laga tha — jo SIP me hota hi nahi.
Worked example — ₹10,000 mahine ki SIP:
- 12 mahine tak har mahine ₹10,000 invest = kul ₹1,20,000.
- 12 mahine baad portfolio value = ₹1,26,000.
- Absolute return = (1,26,000 − 1,20,000) ÷ 1,20,000 = 5%.
Ab galti yahan hoti hai: 5% ko “saal bhar ka return” samajh lena. Haqeeqat me pehli ₹10,000 ne 12 mahine kaam kiya, lekin aakhri ₹10,000 ne sirf 1 mahina. Ausatan paisa sirf lagbhag 6.5 mahine laga raha — to 5% kul return hai, 12 mahine ka annualised return nahi.
XIRR ka hisaab (steps):
- Monthly rate r nikalo jahan: 10,000 × [((1+r)^12 − 1) ÷ r] = 1,26,000.
- Trial se: r ≈ 0.87% per month. Check: ((1.0087)^12 − 1) ÷ 0.0087 ≈ 12.59, aur 10,000 × 12.59 ≈ ₹1,25,900 ≈ ₹1,26,000 — hisaab mil gaya.
- Annualised XIRR = (1.0087)^12 − 1 ≈ 10.96%, yani lagbhag 11% p.a.
Seekh: Wahi 5% absolute number, SIP ki haqeeqat me lagbhag 11% XIRR hai. Aur tulna ke liye — agar ₹1,20,000 ek saath lump sum 12 mahine ke liye lagta aur ₹1,26,000 banta, to CAGR sirf 5% hota. Isliye aapke SIP statement ka XIRR aur fund factsheet ka CAGR kabhi ek jaise nahi hote — dono alag cheez naap rahe hain. SIP ko samay ke saath badhane ke tareeqe yahan padhein: https://jagatindia.com/step-up-sip-kya-hai/
SEBI Ka Niyam: Ads Me Kaunsa Number Dikh Sakta Hai
SEBI ke advertisement code ke tahat mutual fund ads ke liye sakht niyam hain:
- 1 saal se zyada ki performance compounded/annualised roop me dikhayi jaati hai — 1 saal, 3 saal, 5 saal aur since-inception ke liye CAGR.
- 1 saal se kam ki performance sirf absolute (total) return me dikhayi jaati hai — annualise karke dikhana mana hai.
Iske alawa, SEBI ke observation ke baad AMFI ne sabhi AMCs ko nirdesh diya hai ki advertisements me 10 saal ke compounded annual rolling returns bhi dikhaye jaayein — taaki investor sirf chhote, chuninda period ke chamakdaar numbers dekhkar faisla na lein. Lambe period ka rolling return fund ki asal consistency dikhata hai.
Tulna: Teeno Metrics Ek Saath
| Pehlu | Absolute Return | CAGR | XIRR |
|---|---|---|---|
| Formula | (Final − Initial) ÷ Initial | (End ÷ Start)^(1/n) − 1 | Cash flows ka annualised IRR |
| Time ko ginta hai? | Nahi | Haan (saalon me) | Haan (har cash flow ki date) |
| Sahi istemal | 1 saal se kam ki avadhi | Lump sum, 1 saal se zyada | SIP / SWP / irregular flows |
| Galat istemal | 3 saal ke 50% ko “50% return” samajhna | SIP par lagana | 2–3 mahine ke XIRR se future ka andaza |
| Example (upar se) | 20% (2 saal me) | 14.47% p.a. (3 saal me 50% par) | Lagbhag 11% p.a. (₹10k SIP example) |
| Kahan dikhta hai | Chhote period ke ads | Fund factsheets | Aapke SIP account statement |
Aam Galtiyan
- Chhote period ko annualise karna: 6 mahine me 10% ka matlab “20% p.a.” nahi hai. 1 saal se kam ki avadhi par sirf absolute return dekhein — annualised number gumrah karta hai.
- SIP ka return CAGR se nikalna: CAGR lump sum ke liye hai. SIP me har mahine paisa alag time par lagta hai — yahan XIRR hi sahi metric hai.
- Factsheet ke CAGR se apne XIRR ki seedhi tulna karna: Dono alag tareeqe hain. Fund ka 5-saal CAGR aur aapke 14-mahine ke SIP ka XIRR tulna-yogya nahi hain — avadhi aur tareeqa dono alag hain.
- Absolute headline se impress ho jaana: “3 saal me 50%” sunne me bahut bada lagta hai, lekin asal me yeh 14.47% p.a. hai. Achha return hai, par 50%-per-year nahi.
- 2–3 mahine ke XIRR ko future projection samajhna: Bahut chhote period ka XIRR bahut zyada ya negative bhi aa sakta hai — isse lambe samay ka andaza lagana galat hai. Kam se kam 1–2 saal ka XIRR dekhein.
FAQs
Q1. Excel ya Google Sheets me XIRR kaise nikalein?
Do column banayein — ek me dates, doosre me amounts (investment ko negative, final value ko positive likhein). Phir formula lagayein: =XIRR(amounts_range, dates_range). Jo number aayega, wahi aapke SIP ka annualised return (XIRR) hai.
Q2. SIP ke liye CAGR kyun galat hai?
Kyunki CAGR maan leta hai ki poori rakam pehle din ek saath invest hui thi. SIP me paisa har mahine alag-alag time par lagta hai — is timing ka hisaab sirf XIRR rakhta hai, kyunki woh money-weighted hai.
Q3. Kya mera SIP XIRR fund ke factsheet CAGR se alag ho sakta hai?
Bilkul. Factsheet ka CAGR fund ke NAV ki growth hai (lump sum nazariya), jabki aapka XIRR aapke khareedne ke samay aur rakam par nirbhar hai. Dono ka alag hona poori tarah normal hai. Regular vs direct plan ka farq bhi return badal deta hai: https://jagatindia.com/direct-vs-regular-mutual-fund/
Q4. 1 saal se kam ke investment ke liye kaunsa metric use karun?
Absolute (total) return. SEBI ke niyam bhi yahi kehte hain — 1 saal se kam ke returns ko annualise karke dikhana sahi nahi hai.
Q5. XIRR negative aaye to iska kya matlab hai?
Matlab us avadhi me aapke cash flows ke hisaab se portfolio ki value aapke lagaye hue paise se kam hai — khaas taur par market girawat me ya bahut chhote period me aisa hota hai. Lambe samay ka XIRR hi asli tasveer deta hai, isliye ghabrane se pehle avadhi check karein.
Yeh sirf jaankari hai, financial advice nahi hai.
Sources: AMFI — mutual fund performance reporting standards (https://www.amfiindia.com); SEBI — mutual fund advertisement code circulars, compounded/annualised disclosure norms (https://www.sebi.gov.in); annualised returns explainer — https://www.mstock.com/articles/annualised-returns-in-mutual-funds