Monday morning, friend forwards a fund brochure
Same large-cap fund. Same NAV today. Three different CAGR numbers depending on which Monday you decided to call the start. Each one is technically true. Only one of them is yours.
Start 2018
11.4 pct
CAGR to today . 7Y window
Start 2020
22.7 pct
CAGR to today . COVID-low base
Start 2021
9.6 pct
CAGR to today . post-rally base
A point-to-point CAGR is a chosen story. The brochure picks the start date that makes the line look best. Rolling returns is the same fund evaluated across every Monday you could have started on.