Broker price vs true return
The green or red percentage in your brokerage app almost never equals how your euro wealth compounded — dividends, fees and FX are missing.
1. What brokers usually hide
- Paid-out dividends and bond coupons leave the position line.
- No day-exact timing (1 month vs 8 years).
- USD/CHF FX between buy and valuation day.
- Fees, accrued interest, partial sales / FIFO cost basis.
2. FX formula (ECB quantity quotation)
(1 + r_EUR) = (1 + r_local) × (FX_buy / FX_valuation)
FX = foreign units per 1 EUR. If EUR/USD falls from 1.10 to 1.05, the dollar strengthened: FX effect 1.10/1.05 − 1 = +4.76%.
3. World ETF case A vs B
Buy $10,000, +8% price to $10,800, +$200 dividend after one year:
| Case A (USD stronger 1.10→1.05) | Case B (USD weaker 1.05→1.12) | |
|---|---|---|
| Broker USD price | +8.00% | +8.00% |
| Euro XIRR (approx.) | +15.24% p.a. | +3.13% p.a. |
Interactive: FX calculator · XIRR calculator. German full article: Broker-Kurs vs. echte Rendite.
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