Q1: What is CAGR and why is it important?
CAGR (Compound Annual Growth Rate) is the mean annual growth rate of an investment over a specified time period longer than one year. It represents one of the most accurate ways to calculate and determine returns for investments that can rise or fall in value over time.
Q2: How is CAGR calculated?
CAGR is calculated using the formula: CAGR = (Ending Value / Beginning Value)^(1/Number of Years) - 1. This formula smooths out the volatility of returns and shows the average annual growth rate, assuming the investment grew at a steady rate.
Q3: What is the difference between CAGR and average return?
CAGR accounts for compounding effects, while simple average return does not. CAGR shows what the annual return would have been if the investment grew at a steady rate, making it more accurate for comparing investments over different time periods.
Q4: Why use CAGR instead of total return?
Total return shows the overall percentage gain, but CAGR shows the annualized rate, making it easier to compare investments of different durations. For example, a 100% return over 5 years (14.87% CAGR) is better than 100% over 10 years (7.18% CAGR).
Q5: Can CAGR be negative?
Yes, CAGR can be negative if the ending value is less than the beginning value. A negative CAGR indicates that the investment lost value over the period. For example, if $10,000 becomes $7,000 over 3 years, the CAGR is -11.20%.
Q6: What is a good CAGR for investments?
A good CAGR depends on the investment type and risk level. Stocks historically average 7-10% CAGR, bonds 3-5%, and real estate 4-8%. Higher returns typically come with higher risk. Compare CAGR to benchmarks like market indices to evaluate performance.
Q7: How does CAGR help in investment comparison?
CAGR allows you to compare investments with different time periods and volatility on an equal basis. For example, you can compare a 5-year investment with a 10-year investment using their respective CAGR values to see which performed better annually.
Q8: What are the limitations of CAGR?
CAGR assumes steady growth and doesn't account for volatility or intermediate fluctuations. It doesn't show the actual year-by-year returns, which may have varied significantly. CAGR is most useful for investments with relatively stable growth patterns.