diff --git a/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator-msft-buy-with-dividend.spec.ts b/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator-msft-buy-with-dividend.spec.ts
index 543985424..dab40443c 100644
--- a/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator-msft-buy-with-dividend.spec.ts
+++ b/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator-msft-buy-with-dividend.spec.ts
@@ -154,25 +154,25 @@ describe('PortfolioCalculator', () => {
             dividendInBaseCurrency: new Big('0.62'),
             fee: new Big('19'),
             firstBuyDate: '2021-09-16',
-            grossPerformance: new Big('33.25'),
-            grossPerformancePercentage: new Big('0.11136043941322258691'),
+            grossPerformance: new Big('33.87'),
+            grossPerformancePercentage: new Big('0.11343693482483756447'),
             grossPerformancePercentageWithCurrencyEffect: new Big(
-              '0.11136043941322258691'
+              '0.11343693482483756447'
             ),
-            grossPerformanceWithCurrencyEffect: new Big('33.25'),
+            grossPerformanceWithCurrencyEffect: new Big('33.87'),
             investment: new Big('298.58'),
             investmentWithCurrencyEffect: new Big('298.58'),
             marketPrice: 331.83,
             marketPriceInBaseCurrency: 331.83,
-            netPerformance: new Big('14.25'),
-            netPerformancePercentage: new Big('0.04772590260566682296'),
+            netPerformance: new Big('14.87'),
+            netPerformancePercentage: new Big('0.04980239801728180052'),
             netPerformancePercentageWithCurrencyEffectMap: {
-              max: new Big('0.04772590260566682296')
+              max: new Big('0.04980239801728180052')
             },
             netPerformanceWithCurrencyEffectMap: {
               '1d': new Big('-5.39'),
-              '5y': new Big('14.25'),
-              max: new Big('14.25'),
+              '5y': new Big('14.87'),
+              max: new Big('14.87'),
               wtd: new Big('-5.39')
             },
             quantity: new Big('1'),
diff --git a/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator.ts b/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator.ts
index 059b85441..e5bdb5e59 100644
--- a/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator.ts
+++ b/apps/api/src/app/portfolio/calculator/twr/portfolio-calculator.ts
@@ -142,6 +142,8 @@ export class TWRPortfolioCalculator extends PortfolioCalculator {
     let grossPerformanceAtStartDateWithCurrencyEffect = new Big(0);
     let grossPerformanceFromSells = new Big(0);
     let grossPerformanceFromSellsWithCurrencyEffect = new Big(0);
+    let grossPerformanceFromDividends = new Big(0);
+    let grossPerformanceFromDividendsWithCurrencyEffect = new Big(0);
     let initialValue: Big;
     let initialValueWithCurrencyEffect: Big;
     let investmentAtStartDate: Big;
@@ -559,28 +561,27 @@ export class TWRPortfolioCalculator extends PortfolioCalculator {
         order.unitPriceInBaseCurrencyWithCurrencyEffect
       );
 
-      const grossPerformanceFromSell =
-        order.type === 'SELL'
-          ? order.unitPriceInBaseCurrency
-              .minus(lastAveragePrice)
-              .mul(order.quantity)
-          : new Big(0);
-
-      const grossPerformanceFromSellWithCurrencyEffect =
-        order.type === 'SELL'
-          ? order.unitPriceInBaseCurrencyWithCurrencyEffect
-              .minus(lastAveragePriceWithCurrencyEffect)
-              .mul(order.quantity)
-          : new Big(0);
-
-      grossPerformanceFromSells = grossPerformanceFromSells.plus(
-        grossPerformanceFromSell
-      );
-
-      grossPerformanceFromSellsWithCurrencyEffect =
-        grossPerformanceFromSellsWithCurrencyEffect.plus(
-          grossPerformanceFromSellWithCurrencyEffect
-        );
+      ({
+        grossPerformanceFromSells,
+        grossPerformanceFromSellsWithCurrencyEffect
+      } = this.handleSellOrder(
+        order,
+        lastAveragePrice,
+        lastAveragePriceWithCurrencyEffect,
+        grossPerformanceFromSells,
+        grossPerformanceFromSellsWithCurrencyEffect
+      ));
+
+      ({
+        grossPerformanceFromDividends,
+        grossPerformanceFromDividendsWithCurrencyEffect
+      } = this.handleDividend(
+        order,
+        grossPerformanceFromDividends,
+        grossPerformanceFromDividendsWithCurrencyEffect,
+        currentExchangeRate,
+        exchangeRateAtOrderDate
+      ));
 
       lastAveragePrice = totalQuantityFromBuyTransactions.eq(0)
         ? new Big(0)
@@ -602,19 +603,21 @@ export class TWRPortfolioCalculator extends PortfolioCalculator {
           grossPerformanceFromSells.toNumber()
         );
         console.log(
-          'grossPerformanceFromSellWithCurrencyEffect',
-          grossPerformanceFromSellWithCurrencyEffect.toNumber()
+          'grossPerformanceFromSellsWithCurrencyEffect',
+          grossPerformanceFromSellsWithCurrencyEffect.toNumber()
         );
       }
 
       const newGrossPerformance = valueOfInvestment
         .minus(totalInvestment)
-        .plus(grossPerformanceFromSells);
+        .plus(grossPerformanceFromSells)
+        .plus(grossPerformanceFromDividends);
 
       const newGrossPerformanceWithCurrencyEffect =
         valueOfInvestmentWithCurrencyEffect
           .minus(totalInvestmentWithCurrencyEffect)
-          .plus(grossPerformanceFromSellsWithCurrencyEffect);
+          .plus(grossPerformanceFromSellsWithCurrencyEffect)
+          .plus(grossPerformanceFromDividendsWithCurrencyEffect);
 
       grossPerformance = newGrossPerformance;
 
@@ -966,4 +969,67 @@ export class TWRPortfolioCalculator extends PortfolioCalculator {
         timeWeightedAverageInvestmentBetweenStartAndEndDateWithCurrencyEffect
     };
   }
+
+  private handleSellOrder(
+    order: PortfolioOrderItem,
+    lastAveragePrice,
+    lastAveragePriceWithCurrencyEffect,
+    grossPerformanceFromSells,
+    grossPerformanceFromSellsWithCurrencyEffect
+  ) {
+    if (order.type === 'SELL') {
+      const grossPerformanceFromSell = order.unitPriceInBaseCurrency
+        .minus(lastAveragePrice)
+        .mul(order.quantity);
+
+      const grossPerformanceFromSellWithCurrencyEffect =
+        order.unitPriceInBaseCurrencyWithCurrencyEffect
+          .minus(lastAveragePriceWithCurrencyEffect)
+          .mul(order.quantity);
+
+      grossPerformanceFromSells = grossPerformanceFromSells.plus(
+        grossPerformanceFromSell
+      );
+
+      grossPerformanceFromSellsWithCurrencyEffect =
+        grossPerformanceFromSellsWithCurrencyEffect.plus(
+          grossPerformanceFromSellWithCurrencyEffect
+        );
+    }
+    return {
+      grossPerformanceFromSells,
+      grossPerformanceFromSellsWithCurrencyEffect
+    };
+  }
+
+  private handleDividend(
+    order: PortfolioOrderItem,
+    grossPerformanceFromDividends,
+    grossPerformanceFromDividendsWithCurrencyEffect,
+    currentExchangeRate: number,
+    exchangeRateAtDateOfOrder: number
+  ) {
+    if (order.type === 'DIVIDEND') {
+      const grossPerformanceFromDividend = order.unitPrice
+        .mul(currentExchangeRate)
+        .mul(order.quantity);
+
+      const grossPerformanceFromDividendWithCurrencyEffect = order.unitPrice
+        .mul(exchangeRateAtDateOfOrder)
+        .mul(order.quantity);
+
+      grossPerformanceFromDividends = grossPerformanceFromDividends.plus(
+        grossPerformanceFromDividend
+      );
+
+      grossPerformanceFromDividendsWithCurrencyEffect =
+        grossPerformanceFromDividendsWithCurrencyEffect.plus(
+          grossPerformanceFromDividendWithCurrencyEffect
+        );
+    }
+    return {
+      grossPerformanceFromDividends,
+      grossPerformanceFromDividendsWithCurrencyEffect
+    };
+  }
 }