Rolling Returns 101
The Three-Year
Number That
Changes Every Day
Same index. Same horizon. Same market. Eleven different three-year windows. The CAGR ranged from 8.8% to 18.3%.
The factsheet printed one of these eleven bars. The other ten did not make the page.
A three-year return is not a property of the fund. It is a property of the three years you happened to measure.