CAGR Calculator
Calculate the compound annual growth rate between two values and a time period, or project a future value at a target rate. Supports date-range input.
Switch between finding the compound annual growth rate of an investment or projecting a future value at a target rate.在"求CAGR"与"预测终值"两种模式之间切换。
Fill in the fields to calculate.填入字段即可计算。
- Total gain总增益
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- Years used使用年数
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The compound annual growth rate (CAGR) is the single percentage that, if applied uniformly each year, turns a beginning value into an ending value over the stated period. It smooths out the volatile path and tells you the constant-rate equivalent.复合年均增长率（CAGR）是一个单一百分比——若每年以此固定速率增长，能在给定期间将起始值变为终止值。它平滑掉波动的路径，告诉你等效的固定增长率。
01The formula公式
where n = number of years其中 n = 年数
Project value (inverse): End = Begin × (1 + CAGR)n预测终值（反向）: 终值 = 起始值 × (1 + CAGR)n
When you supply two dates instead of a year count, the calculator derives n = days ÷ 365.25 — handling leap years automatically. Periods under one year still produce a result, but the annualization exaggerates short-term moves.若提供两个日期而非年数，计算器自动换算 n = 天数 ÷ 365.25——自动处理闰年。不足一年的区间仍会给出结果，但年化会放大短期波动。
02A worked example一个算例
Suppose an investment grows from $10,000 to $19,672 over 10 years.假设一笔投资在 10年 内从 $10,000 增长至 $19,672。
- CAGR = (19,672 ÷ 10,000)1/10 − 1 ≈ 7.00%CAGR = (19,672 ÷ 10,000)1/10 − 1 ≈ 7.00%
- Inverse check: 10,000 × 1.0710 ≈ $19,672反向验证：10,000 × 1.0710 ≈ $19,672
The 7% CAGR says that a steady 7% per year would have produced the same ending value — even if the actual year-by-year returns were all over the place.7%的CAGR意味着每年稳定增长7%将得到相同的终值——即使实际每年的回报率大相径庭。
03The common trap常见陷阱
If a fund reports a 10-year CAGR of 12%, that does not mean you earned 12% every year. Some years were far above 12%, some below, possibly negative. CAGR describes the net result of the full period, smoothed into a single rate. It says nothing about the volatility of the ride or the risk of timing.若一只基金报告10年CAGR为12%，这不代表你每年赚到12%。某些年份远高于12%，某些年份低于12%，甚至可能为负。CAGR描述的是整个周期净结果平滑后的单一速率，不反映波动性或时机风险。
04Where this breaks它的局限
- Under a year. A 50% return in six months annualizes to 125%. That is mathematically correct — and practically misleading. Short holding periods inflate the CAGR dramatically.不足一年。六个月50%的回报年化后为125%。这在数学上是正确的——实际上却具有误导性。短持仓期会大幅抬高CAGR。
- Negative or zero start value. CAGR is undefined when the beginning value is zero or negative. Use absolute change instead.起始值为零或负数。当起始值为零或负时，CAGR无意义。改用绝对变化量。
- Cash flows during the period. CAGR uses only the beginning and ending values. It does not account for dividends, withdrawals, or additional contributions made during the period. For those, use IRR.期间存在现金流。CAGR只使用起始和终止两个值，不考虑期间的股息、取款或追加投入。此情形应使用IRR（内部收益率）。
CAGR is a summary statistic, not a promise. It tells you where you ended up relative to where you started — nothing about the path between.CAGR是一个汇总统计量，而非承诺。它告诉你相对于起点到达了哪里——对中间的路径一无所言。
Explore what your CAGR compounds into over time with the 用 compounding calculator复利计算器, or see how drawdowns interrupt compound growth in Compound growth for traders and Why a 50% loss needs a 100% gain.探索你的CAGR随时间复利增长的结果，或在 交易者的复利增长 和 为什么亏损50%需要盈利100%才能回本 中了解回撤如何打断复利增长。