... as J4B was saying in hist post #3, it's abit tricky. This tells me what's published for the "public" is iffy (if not misleading).
So how about this? Can we just estimate it. Eg. 10 years return is 10% as published, then prepare that the real return is 9%? Of course, if you own the funds, then your Personal ROR should be accurate.
It's a wise man who said "it's a bit tricky".
I checked two of my holdings, a mutual fund where I have the distributions reinvested, and an ETF where I take the distributions in cash. I compared my personal returns from Quicken, which calculates money weighted returns against the fund provider's reported total returns, over 1, 3 and 5 years.
My personal returns for the mutual fund were within 0.1 percentage points of the fund's reported returns. I attribute that either rounding error or slight difference in the calculation method. Quicken reports money weighted return, whereas the funds would report time weighted returns. Because the distributions are automatically reinvested, my personal return is the same as the fund's return.
My personal returns for the ETF ranged from 0.3 percentage points lower to 0.6 percentage points higher than the returns reported by the fund provider. I attribute the difference to cash drag and market fluctuations.
There is the fund's return vs. the investor's return. Without reinvesting the distributions, the investor's return for the holding will be lower than the fund's actual return if the fund's returns are positive. On the other hand, if the fund's return is negative, your personal return can be higher than the fund's return if the distributions are not reinvested.
But I don't leave the distributions in cash, I reinvest them in something. Right now I have <0.2% cash. So while my returns on any one holding may be lower because I don't reinvest the distributions, my return on my overall portfolio will be close to the aggregate of all my holdings.
My lesson from this is keep your money invested. If you don't DRIP, then reinvest cash distributions in something else, without incurring high transaction costs. Also some retired investors may use the cash from distributions to fund living expenses. This has been a bit of a navel gazing exercise, but there are worse hobbies than tracking and managing investments.