Include dividends in portfolio performance

apps/api/src/app/portfolio/calculator/portfolio-calculator.ts

@@ -946,7 +946,6 @@ export abstract class PortfolioCalculator {
     const currentExchangeRate = exchangeRates[format(new Date(), DATE_FORMAT)];
     const currentValues: { [date: string]: Big } = {};
     const currentValuesWithCurrencyEffect: { [date: string]: Big } = {};
-    let dividends = new Big(0);
     let fees = new Big(0);
     let feesAtStartDate = new Big(0);
     let feesAtStartDateWithCurrencyEffect = new Big(0);
@@ -1124,16 +1123,6 @@ export abstract class PortfolioCalculator {
         activity.feeInBaseCurrencyWithCurrencyEffect ?? 0
       );
 
-      if (activity.type === 'DIVIDEND') {
-        // The amount of a dividend in the base currency is the same with and
-        // without currency effect, like the dividend of the holding
-        dividends = dividends.plus(
-          activity.quantity
-            .mul(activity.unitPrice)
-            .mul(exchangeRateAtActivityDate ?? 1)
-        );
-      }
-
       totalQuantity = totalQuantity.plus(
         activity.quantity.mul(getFactor(activity.type))
       );
@@ -1201,14 +1190,12 @@ export abstract class PortfolioCalculator {
 
       const newGrossPerformance = valueOfInvestment
         .minus(totalInvestment)
-        .plus(grossPerformanceFromSells)
+        .plus(grossPerformanceFromSells);
-        .plus(dividends);
 
       const newGrossPerformanceWithCurrencyEffect =
         valueOfInvestmentWithCurrencyEffect
           .minus(totalInvestmentWithCurrencyEffect)
-          .plus(grossPerformanceFromSellsWithCurrencyEffect)
+          .plus(grossPerformanceFromSellsWithCurrencyEffect);
-          .plus(dividends);
 
       grossPerformance = newGrossPerformance;
 

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-btceur.spec.ts

@@ -143,7 +143,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[0]).toEqual({
         date: '2021-12-11',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,
@@ -164,7 +163,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[1]).toEqual({
         date: '2021-12-12',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 44558.42,
         netPerformance: 5535.42, // 1 * (50098.3 - 44558.42) - 4.46 = 5535.42
@@ -186,7 +184,6 @@ describe('PortfolioCalculator', () => {
       ).toEqual({
         date: '2022-01-14',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: -1463.18,

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-btcusd.spec.ts

@@ -143,7 +143,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[0]).toEqual({
         date: '2021-12-11',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,
@@ -164,7 +163,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[1]).toEqual({
         date: '2021-12-12',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 44558.42,
         netPerformance: 5535.42, // 1 * (50098.3 - 44558.42) - 4.46 = 5535.42
@@ -186,7 +184,6 @@ describe('PortfolioCalculator', () => {
       ).toEqual({
         date: '2022-01-14',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: -1463.18,

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-cash.spec.ts

@@ -322,7 +322,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData.at(-1)).toEqual({
         date: '2025-01-01',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,
@@ -463,7 +462,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData.at(-1)).toEqual({
         date: '2025-01-01',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,
@@ -608,7 +606,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData.at(-1)).toEqual({
         date: '2025-01-01',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-msft-buy-with-dividend.spec.ts

@@ -155,25 +155,25 @@ describe('PortfolioCalculator', () => {
               '0.001144362748184'
             ),
             fee: new Big('19'),
-            grossPerformance: new Big('33.87'),
+            grossPerformance: new Big('33.25'),
-            grossPerformancePercentage: new Big('0.11343693482483756447'),
+            grossPerformancePercentage: new Big('0.11136043941322258691'),
             grossPerformancePercentageWithCurrencyEffect: new Big(
-              '0.11343693482483756447'
+              '0.11136043941322258691'
             ),
-            grossPerformanceWithCurrencyEffect: new Big('33.87'),
+            grossPerformanceWithCurrencyEffect: new Big('33.25'),
             investment: new Big('298.58'),
             investmentWithCurrencyEffect: new Big('298.58'),
             marketPrice: 331.83,
             marketPriceInBaseCurrency: 331.83,
-            netPerformance: new Big('14.87'),
+            netPerformance: new Big('14.25'),
-            netPerformancePercentage: new Big('0.04980239801728180052'),
+            netPerformancePercentage: new Big('0.04772590260566682296'),
             netPerformancePercentageWithCurrencyEffectMap: {
-              max: new Big('0.04980239801728180052')
+              max: new Big('0.04772590260566682296')
             },
             netPerformanceWithCurrencyEffectMap: {
               '1d': new Big('-5.39'),
-              '5y': new Big('14.87'),
+              '5y': new Big('14.25'),
-              max: new Big('14.87'),
+              max: new Big('14.25'),
               wtd: new Big('-5.39')
             },
             quantity: new Big('1'),
@@ -199,12 +199,11 @@ describe('PortfolioCalculator', () => {
         '1d': {
           date: '2023-07-10',
           dividendInBaseCurrency: 0,
-          dividendInPercentage: 0,
           dividendInPercentageWithCurrencyEffect: 0,
-          netPerformance: -5.390000000000002,
+          netPerformance: -5.390000000000001,
-          netPerformanceInPercentage: -0.015983630864124316,
+          netPerformanceInPercentage: -0.015983630864124312,
-          netPerformanceInPercentageWithCurrencyEffect: -0.015983630864124316,
+          netPerformanceInPercentageWithCurrencyEffect: -0.015983630864124312,
-          netPerformanceWithCurrencyEffect: -5.390000000000002,
+          netPerformanceWithCurrencyEffect: -5.390000000000001,
           totalInvestmentValueWithCurrencyEffect: 298.58,
           valueWithCurrencyEffect: 331.83
         },
@@ -212,22 +211,21 @@ describe('PortfolioCalculator', () => {
           date: '2023-07-10',
           dividendInBaseCurrency: 0.62,
           dividendInPercentageWithCurrencyEffect: 0.002076495411614967,
-          netPerformance: 14.87,
+          netPerformance: 14.25,
-          netPerformanceInPercentage: 0.049802398017281556,
+          netPerformanceInPercentage: 0.04772590260566659,
-          netPerformanceInPercentageWithCurrencyEffect: 0.049802398017281556,
+          netPerformanceInPercentageWithCurrencyEffect: 0.04772590260566659,
-          netPerformanceWithCurrencyEffect: 14.87,
+          netPerformanceWithCurrencyEffect: 14.25,
           totalInvestmentValueWithCurrencyEffect: 298.58,
           valueWithCurrencyEffect: 331.83
         },
         ytd: {
           date: '2023-07-10',
           dividendInBaseCurrency: 0,
-          dividendInPercentage: 0,
           dividendInPercentageWithCurrencyEffect: 0,
-          netPerformance: -7.6800000000000015,
+          netPerformance: -7.68,
-          netPerformanceInPercentage: -0.022620835910577015,
+          netPerformanceInPercentage: -0.022620835910577012,
-          netPerformanceInPercentageWithCurrencyEffect: -0.022620835910577015,
+          netPerformanceInPercentageWithCurrencyEffect: -0.022620835910577012,
-          netPerformanceWithCurrencyEffect: -7.6800000000000015,
+          netPerformanceWithCurrencyEffect: -7.68,
           totalInvestmentValueWithCurrencyEffect: 298.58,
           valueWithCurrencyEffect: 331.83
         }

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-novn-buy-and-sell.spec.ts

@@ -140,7 +140,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[0]).toEqual({
         date: '2022-03-06',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 0,
@@ -162,7 +161,6 @@ describe('PortfolioCalculator', () => {
       expect(portfolioSnapshot.historicalData[1]).toEqual({
         date: '2022-03-07',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 151.6,
         netPerformance: 0, // 2 * (75.8 - 75.8) = 0
@@ -184,7 +182,6 @@ describe('PortfolioCalculator', () => {
       ).toEqual({
         date: '2022-04-11',
         dividendInBaseCurrency: 0,
-        dividendInPercentage: 0,
         dividendInPercentageWithCurrencyEffect: 0,
         investmentValueWithCurrencyEffect: 0,
         netPerformance: 19.86,

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator.ts

@@ -192,13 +192,6 @@ export class RoaiPortfolioCalculator extends PortfolioCalculator {
       }
     ] of Object.entries(accumulatedValuesByDate)) {
       performancePercentagesByDate[date] = {
-        dividendInPercentage:
-          hasDividendWithoutAverageInvestment ||
-          totalAverageInvestmentValue.eq(0)
-            ? 0
-            : totalDividendValueWithCurrencyEffect
-                .div(totalAverageInvestmentValue)
-                .toNumber(),
         dividendInPercentageWithCurrencyEffect:
           hasDividendWithoutAverageInvestment ||
           totalAverageInvestmentValueWithCurrencyEffect.eq(0)
@@ -282,10 +275,6 @@ export class RoaiPortfolioCalculator extends PortfolioCalculator {
           : 0;
 
       performancePercentagesByDate[historicalDataItem.date] = {
-        dividendInPercentage:
-          !hasDividendWithoutAverageInvestment && averageInvestmentValue > 0
-            ? historicalDataItem.dividendInBaseCurrency / averageInvestmentValue
-            : 0,
         dividendInPercentageWithCurrencyEffect:
           !hasDividendWithoutAverageInvestment &&
           averageInvestmentValueWithCurrencyEffect > 0

apps/api/src/app/portfolio/portfolio.service.ts

@@ -1226,7 +1226,6 @@ export class PortfolioService {
           currentNetWorth: 0,
           currentValueInBaseCurrency: 0,
           dividendInBaseCurrency: 0,
-          dividendPercentage: 0,
           dividendPercentageWithCurrencyEffect: 0,
           netPerformance: 0,
           netPerformancePercentage: 0,
@@ -1260,7 +1259,6 @@ export class PortfolioService {
 
     const {
       dividendInBaseCurrency,
-      dividendInPercentage,
       dividendInPercentageWithCurrencyEffect,
       netPerformance,
       netPerformanceInPercentage,
@@ -1272,7 +1270,6 @@ export class PortfolioService {
       valueWithCurrencyEffect
     } = chart?.at(-1) ?? {
       dividendInBaseCurrency: 0,
-      dividendInPercentage: 0,
       dividendInPercentageWithCurrencyEffect: 0,
       netPerformance: 0,
       netPerformanceInPercentage: 0,
@@ -1296,7 +1293,6 @@ export class PortfolioService {
         totalInvestmentValueWithCurrencyEffect,
         currentNetWorth: netWorth,
         currentValueInBaseCurrency: valueWithCurrencyEffect,
-        dividendPercentage: dividendInPercentage,
         dividendPercentageWithCurrencyEffect:
           dividendInPercentageWithCurrencyEffect,
         netPerformancePercentage: netPerformanceInPercentage,
@@ -2144,6 +2140,7 @@ export class PortfolioService {
 
     const {
       currentValueInBaseCurrency,
+      dividendPercentageWithCurrencyEffect,
       netPerformance,
       netPerformancePercentage,
       netPerformancePercentageWithCurrencyEffect,
@@ -2240,6 +2237,7 @@ export class PortfolioService {
       cash,
       currentValueInBaseCurrency,
       dateOfFirstActivity,
+      dividendPercentageWithCurrencyEffect,
       excludedAccountsAndActivities,
       netPerformance,
       netPerformancePercentage,

apps/api/src/app/portfolio/types/performance-percentages.type.ts

@@ -3,7 +3,6 @@ import { HistoricalDataItem } from '@ghostfolio/common/interfaces';
 export type PerformancePercentages = Required<
   Pick<
     HistoricalDataItem,
-    | 'dividendInPercentage'
     | 'dividendInPercentageWithCurrencyEffect'
     | 'netPerformanceInPercentage'
     | 'netPerformanceInPercentageWithCurrencyEffect'

apps/client/src/app/components/portfolio-summary/portfolio-summary.component.html

@@ -94,13 +94,7 @@
         [locale]="locale"
         [precision]="precision"
         [unit]="displayedCurrency"
-        [value]="
+        [value]="summary?.grossPerformanceWithCurrencyEffect"
-          user?.settings?.isExperimentalFeatures &&
-          summary?.grossPerformanceWithCurrencyEffect !== null
-            ? summary?.grossPerformanceWithCurrencyEffect -
-              summary?.dividendInBaseCurrency
-            : summary?.grossPerformanceWithCurrencyEffect
-        "
       />
     </div>
   </div>
@@ -153,7 +147,7 @@
         [locale]="locale"
         [precision]="precision"
         [unit]="displayedCurrency"
-        [value]="summary?.netPerformanceWithCurrencyEffect"
+        [value]="netPerformanceWithCurrencyEffect"
       />
     </div>
   </div>
@@ -166,8 +160,7 @@
       ) {
         <abbr
           class="d-none d-sm-inline-block initialism ml-2 text-muted"
-          i18n-title
+          title="Return on Average Investment"
-          title="Return on Average Investment (total return with dividends)"
           >(ROAI)</abbr
         >
       }
@@ -180,7 +173,7 @@
         [isLoading]="isLoading"
         [isPercent]="true"
         [locale]="locale"
-        [value]="summary?.netPerformancePercentageWithCurrencyEffect"
+        [value]="netPerformancePercentageWithCurrencyEffect"
       />
     </div>
   </div>

apps/client/src/app/components/portfolio-summary/portfolio-summary.component.ts

@@ -137,6 +137,36 @@ export class GfPortfolioSummaryComponent implements OnChanges {
     );
   }
 
+  protected get netPerformancePercentageWithCurrencyEffect() {
+    if (
+      !this.user?.settings?.isExperimentalFeatures ||
+      !isNumber(this.summary?.netPerformancePercentageWithCurrencyEffect)
+    ) {
+      return this.summary?.netPerformancePercentageWithCurrencyEffect;
+    }
+
+    // Include the dividends (total return)
+    return (
+      this.summary.netPerformancePercentageWithCurrencyEffect +
+      (this.summary.dividendPercentageWithCurrencyEffect ?? 0)
+    );
+  }
+
+  protected get netPerformanceWithCurrencyEffect() {
+    if (
+      !this.user?.settings?.isExperimentalFeatures ||
+      !isNumber(this.summary?.netPerformanceWithCurrencyEffect)
+    ) {
+      return this.summary?.netPerformanceWithCurrencyEffect;
+    }
+
+    // Include the dividends (total return)
+    return (
+      this.summary.netPerformanceWithCurrencyEffect +
+      this.summary.dividendInBaseCurrency
+    );
+  }
+
   public ngOnChanges() {
     if (this.summary) {
       if (

apps/client/src/app/pages/faq/overview/faq-overview-page.html

@@ -52,8 +52,8 @@
           calculation method based on the average amount of capital invested
           over time. ROAI aims to provide a more insightful view of investment
           performance than simpler approaches, especially when contributions are
-          made over time. Dividends are included in the calculation (total
+          made over time. Dividends are not part of the
-          return).</mat-card-content
+          calculation.</mat-card-content
         >
       </mat-card>
       <mat-card appearance="outlined" class="mb-3">

apps/client/src/app/pages/portfolio/analysis/analysis-page.component.ts

@@ -133,6 +133,36 @@ export class GfAnalysisPageComponent implements OnInit {
     addIcons({ copyOutline, ellipsisVertical });
   }
 
+  protected get netPerformancePercentageWithCurrencyEffect() {
+    if (
+      !this.user?.settings?.isExperimentalFeatures ||
+      !isNumber(this.performance?.netPerformancePercentageWithCurrencyEffect)
+    ) {
+      return this.performance?.netPerformancePercentageWithCurrencyEffect;
+    }
+
+    // Include the dividends (total return)
+    return (
+      this.performance.netPerformancePercentageWithCurrencyEffect +
+      (this.performance.dividendPercentageWithCurrencyEffect ?? 0)
+    );
+  }
+
+  protected get netPerformanceWithCurrencyEffect() {
+    if (
+      !this.user?.settings?.isExperimentalFeatures ||
+      !isNumber(this.performance?.netPerformanceWithCurrencyEffect)
+    ) {
+      return this.performance?.netPerformanceWithCurrencyEffect;
+    }
+
+    // Include the dividends (total return)
+    return (
+      this.performance.netPerformanceWithCurrencyEffect +
+      this.performance.dividendInBaseCurrency
+    );
+  }
+
   get savingsRate() {
     if (!this.savingsRatePerMonth) {
       return undefined;

apps/client/src/app/pages/portfolio/analysis/analysis-page.html

@@ -167,13 +167,7 @@
                 [isLoading]="isLoadingInvestmentChart"
                 [locale]="user?.settings?.locale"
                 [unit]="user?.settings?.baseCurrency"
-                [value]="
+                [value]="performance?.netPerformance"
-                  user?.settings?.isExperimentalFeatures &&
-                  performance?.netPerformance !== null
-                    ? performance?.netPerformance -
-                      performance?.dividendInBaseCurrency
-                    : performance?.netPerformance
-                "
               />
             </div>
           </div>
@@ -189,12 +183,7 @@
                 [isLoading]="isLoadingInvestmentChart"
                 [isPercent]="true"
                 [locale]="user?.settings?.locale"
-                [value]="
+                [value]="performance?.netPerformancePercentage"
-                  user?.settings?.isExperimentalFeatures
-                    ? performance?.netPerformancePercentage -
-                      (performance?.dividendPercentage ?? 0)
-                    : performance?.netPerformancePercentage
-                "
               />
             </div>
           </div>
@@ -232,7 +221,7 @@
                   [isLoading]="isLoadingInvestmentChart"
                   [isPercent]="true"
                   [locale]="user?.settings?.locale"
-                  [value]="performance?.dividendPercentage"
+                  [value]="performance?.dividendPercentageWithCurrencyEffect"
                 />
               </div>
             </div>
@@ -297,7 +286,7 @@
                 [isLoading]="isLoadingInvestmentChart"
                 [locale]="user?.settings?.locale"
                 [unit]="user?.settings?.baseCurrency"
-                [value]="performance?.netPerformanceWithCurrencyEffect"
+                [value]="netPerformanceWithCurrencyEffect"
               />
             </div>
           </div>
@@ -310,8 +299,7 @@
               ) {
                 <abbr
                   class="d-none d-sm-inline-block initialism ml-2 text-muted"
-                  i18n-title
+                  title="Return on Average Investment"
-                  title="Return on Average Investment (total return with dividends)"
                   >(ROAI)</abbr
                 >
               }
@@ -324,9 +312,7 @@
                 [isLoading]="isLoadingInvestmentChart"
                 [isPercent]="true"
                 [locale]="user?.settings?.locale"
-                [value]="
+                [value]="netPerformancePercentageWithCurrencyEffect"
-                  performance?.netPerformancePercentageWithCurrencyEffect
-                "
               />
             </div>
           </div>

libs/common/src/lib/interfaces/historical-data-item.interface.ts

@@ -2,7 +2,6 @@ export interface HistoricalDataItem {
   averagePrice?: number;
   date: string;
   dividendInBaseCurrency?: number;
-  dividendInPercentage?: number;
   dividendInPercentageWithCurrencyEffect?: number;
   grossPerformancePercent?: number;
   investmentValueWithCurrencyEffect?: number;

libs/common/src/lib/interfaces/portfolio-performance.interface.ts

@@ -3,7 +3,6 @@ export interface PortfolioPerformance {
   currentNetWorth?: number;
   currentValueInBaseCurrency: number;
   dividendInBaseCurrency: number;
-  dividendPercentage?: number;
   dividendPercentageWithCurrencyEffect?: number;
   netPerformance: number;
   netPerformancePercentage: number;