“Holding period return (HPR), also referred to as total return, is the percentage by which the value of an asset has grown for a particular period. It is the sum of price appreciation (capital gains) and income (e.g. dividends) divided by the initial price. True time-weighted return uses series of single-period (usually daily) HPR’s.

P0 – Price at the beginning of the period
P1 – Price at the end of the period
D – Dividend (income)”