Merck & Co., Inc. (MRK) Stock Total Returns
Growth of $10,000 chart
2021-04-14 to 2026-04-14 to
$
%
%
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Investment Performance
Final Value
$18,653
Total Return
86.53%
CAGR
13.28%
Dividends
$2,191.40
Yield on Cost
21.91%
Rolling Returns
1-Month (21 Trading Days)
| Average | +1.24% |
| Median | +0.98% |
| Best | +23.98% |
| Worst | -19.28% |
| % of Windows Positive | 55.5% |
1-Year (252 Trading Days)
| Average | +10.05% |
| Median | +15.56% |
| Best | +59.16% |
| Worst | -42.18% |
| % of Windows Positive | 72.5% |
3-Year (756 Trading Days)
| Average | +27.71% |
| Median | +20.02% |
| Best | +97.19% |
| Worst | -13.07% |
| % of Windows Positive | 77.2% |
Risk Metrics
| Maximum Drawdown | -43.71% |
| Average Drawdown | -12.15% |
| Drawdown Duration | 452 Trading Days (Unrecovered) |
| Sortino Ratio | 0.94 |
| Calmar Ratio | 0.30 |
| CVaR (5%) | -3.38% |
Yearly Returns
| Year | Percentage | Abs. Return | Dividends | Taxes | Trans. Costs |
|---|---|---|---|---|---|
| 2026 partial | +14.64% (+61.56% ann.) | +$1463.54 | $80.75 | $16.15 | $0.13 |
| 2025 | +8.97% | +$897.29 | $333.44 | $66.69 | $0.53 |
| 2024 | -6.76% | $676.39 | $288.38 | $57.68 | $0.46 |
| 2023 | +0.44% | +$44.04 | $268.99 | $53.80 | $0.43 |
| 2022 | +48.44% | +$4844.49 | $369.12 | $73.82 | $0.59 |
| 2021 | +1.02% | +$101.80 | $338.02 | $67.60 | $0.54 |
| 2020 | -7.79% | $779.30 | $275.29 | $55.06 | $0.44 |
| 2019 | +21.61% | +$2160.51 | $298.22 | $59.64 | $0.48 |
| 2018 | +39.14% | +$3914.04 | $357.22 | $71.44 | $0.57 |
| 2017 | -2.07% | $207.28 | $323.89 | $64.78 | $0.52 |
| 2016 | +14.32% | +$1431.92 | $353.76 | $70.75 | $0.57 |
| 2015 | -4.51% | $450.75 | $321.80 | $64.36 | $0.51 |
| 2014 | +16.24% | +$1624.00 | $356.93 | $71.39 | $0.57 |
| 2013 | +25.88% | +$2587.50 | $427.33 | $85.47 | $0.68 |
| 2012 | +12.20% | +$1220.14 | $454.08 | $90.82 | $0.73 |
| 2011 | +8.53% | +$853.03 | $438.94 | $87.79 | $0.70 |
| 2010 | +2.00% | +$199.88 | $421.26 | $84.25 | $0.67 |
| 2009 | +25.39% | +$2539.19 | $509.06 | $101.81 | $0.81 |
| 2008 | -45.82% | $4582.09 | $264.58 | $52.92 | $0.42 |
| 2007 | +36.53% | +$3652.68 | $352.02 | $70.40 | $0.56 |
| 2006 | +41.52% | +$4151.51 | $484.07 | $96.81 | $0.77 |
| 2005 | +3.00% | +$300.13 | $479.88 | $95.98 | $0.77 |
| 2004 | -28.31% | $2830.84 | $327.80 | $65.56 | $0.52 |
| 2003 | -12.80% | $1279.98 | $779.30 | $155.86 | $1.25 |
| 2002 | -1.76% | $175.72 | $243.29 | $48.66 | $0.39 |
| 2001 | -36.20% | $3619.68 | $148.24 | $29.65 | $0.24 |
| 2000 | +41.28% | +$4128.31 | $188.60 | $37.72 | $0.30 |
| 1999 | -7.77% | $776.61 | $152.57 | $30.51 | $0.24 |
| 1998 | +40.88% | +$4088.22 | $187.72 | $37.54 | $0.30 |
| 1997 | +35.10% | +$3509.65 | $219.76 | $43.95 | $0.35 |
| 1996 | +23.43% | +$2343.30 | $227.05 | $45.41 | $0.36 |
| 1995 | +75.67% | +$7567.48 | $338.61 | $67.72 | $0.54 |
| 1994 | +14.02% | +$1402.37 | $341.17 | $68.23 | $0.55 |
| 1993 | -18.84% | $1883.90 | $246.48 | $49.29 | $0.39 |
| 1992 | -20.61% | $2061.33 | $173.96 | $34.79 | $0.28 |
| 1991 | +88.16% | +$8815.51 | $266.52 | $53.30 | $0.43 |
| 1990 | +18.34% | +$1833.73 | $262.73 | $52.55 | $0.42 |
| 1989 | +36.80% | +$3680.46 | $300.12 | $60.02 | $0.48 |
| 1988 | +11.37% | +$1137.49 | $248.75 | $49.75 | $0.40 |
| 1987 | +29.57% | +$2957.49 | $219.03 | $43.80 | $0.35 |
| 1986 | +83.79% | +$8379.12 | $293.96 | $58.79 | $0.47 |
| 1985 | +49.20% | +$4920.08 | $354.38 | $70.87 | $0.56 |
| 1984 | +6.93% | +$692.94 | $340.94 | $68.19 | $0.55 |
| 1983 | +9.50% | +$949.76 | $340.11 | $68.02 | $0.55 |
| 1982 | +2.80% | +$280.50 | $334.10 | $66.82 | $0.54 |
| 1981 | +2.42% | +$241.59 | $315.46 | $63.09 | $0.51 |
| 1980 | +20.47% | +$2047.46 | $332.28 | $66.46 | $0.53 |
| 1979 | +9.39% | +$939.20 | $298.46 | $59.70 | $0.48 |
| 1978 | +24.82% | +$2482.49 | $318.34 | $63.67 | $0.52 |
| 1977 | -16.70% | $1670.36 | $229.47 | $45.90 | $0.37 |
| 1976 | +0.03% | +$3.08 | $207.06 | $41.41 | $0.33 |
| 1975 | +5.85% | +$585.26 | $212.06 | $42.42 | $0.35 |
| 1974 | -16.86% | $1685.78 | $130.49 | $26.10 | $0.22 |
| 1973 | -8.36% | $835.69 | $139.14 | $27.83 | $0.23 |
| 1972 | +45.05% | +$4505.40 | $136.74 | $27.35 | $0.22 |
| 1971 | +27.30% | +$2729.73 | $223.67 | $44.73 | $0.35 |
| 1970 partial | -9.71% (-9.77% ann.) | $971.06 | $140.00 | $28.00 | $0.22 |
Market Regimes
| Regime | Period | Percentage | Annual | Abs. Return | Dividends | Taxes | Trans. Costs |
|---|---|---|---|---|---|---|---|
| Dot-com bubble / TMT mania | August 9, 1995 – March 10, 2000 | +149.91% | +22.11% | +$14990.97 | $1770.57 | $354.11 | $2.83 |
| Dot-com bust / post-bubble disinflation scare | March 13, 2000 – October 9, 2002 | -16.59% | -6.81% | $1659.05 | $608.41 | $121.68 | $0.97 |
| China-WTO / housing-credit / commodity boom | October 10, 2002 – October 9, 2007 | +41.24% | +7.15% | +$4123.78 | $2448.02 | $489.60 | $3.92 |
| GFC / deleveraging / dollar shortage | October 10, 2007 – March 9, 2009 | -58.42% | -46.26% | $5841.59 | $436.01 | $87.20 | $0.70 |
| Policy-led rebound / euro-sovereign-crisis overlay | March 10, 2009 – July 25, 2012 | +115.84% | +25.60% | +$11583.52 | $2411.82 | $482.36 | $3.86 |
| Secular stagnation / QE / low inflation / duration bull | July 26, 2012 – February 19, 2020 | +128.92% | +11.57% | +$12892.33 | $3618.88 | $723.78 | $5.79 |
| Pandemic shock / liquidity crash | February 20, 2020 – March 23, 2020 | -18.99% | -90.97% | $1899.46 | $73.95 | $14.79 | $0.12 |
| Policy bazooka / monetary euphoria | March 24, 2020 – November 6, 2020 | +17.80% | +30.16% | +$1780.01 | $177.25 | $35.45 | $0.28 |
| Reopening reflation / fiscal boom / supply bottlenecks | November 9, 2020 – November 29, 2021 | +0.20% | +0.19% | +$20.47 | $334.12 | $66.82 | $0.53 |
| Inflation shock / duration crash / aggressive tightening | November 30, 2021 – November 9, 2022 | +39.37% | +42.26% | +$3937.17 | $372.43 | $74.49 | $0.60 |
| Disinflation rebound / AI-led narrow bull / higher-for-longer | November 10, 2022 – September 17, 2024 | +21.11% | +10.88% | +$2110.60 | $600.21 | $120.04 | $0.96 |
| Disinflationary easing / resilient growth / AI capex under oil-shock test partial | September 18, 2024 – April 14, 2026 | +5.42% | +3.42% | +$542.41 | $423.94 | $84.79 | $0.68 |
Dividend History
Annual Dividends Per Share
TTM Yield
—
Consecutive Years Paid
— current
Consecutive Years of Growth
— current
| Date | Per Share | Yield % |
|---|---|---|
| 1970-06-02 | $0.0066 | 0.58% |
| 1970-09-02 | $0.0066 | 0.63% |
| 1970-12-01 | $0.0073 | 0.62% |
| 1971-03-02 | $0.0073 | 0.57% |
| 1971-06-07 | $0.0073 | 0.52% |
| 1971-09-03 | $0.0073 | 0.50% |
| 1971-12-06 | $0.0073 | 0.45% |
| 1972-03-02 | $0.0073 | 0.41% |
| 1972-06-09 | $0.0073 | 0.39% |
| 1972-12-05 | $0.0078 | 0.34% |
| 1973-03-05 | $0.0078 | 0.32% |
| 1973-06-05 | $0.0078 | 0.34% |
| 1973-08-31 | $0.0078 | 0.36% |
| 1973-12-03 | $0.0093 | 0.41% |
| 1974-03-04 | $0.0093 | 0.44% |
| 1974-06-03 | $0.0093 | 0.44% |
| 1974-08-30 | $0.0093 | 0.57% |
| 1975-03-03 | $0.0093 | 0.47% |
| 1975-06-02 | $0.0093 | 0.42% |
| 1975-08-29 | $0.0093 | 0.49% |
| 1975-12-01 | $0.0093 | 0.44% |
| 1976-03-02 | $0.0093 | 0.52% |
| 1976-06-01 | $0.0093 | 0.50% |
| 1976-08-30 | $0.0093 | 0.49% |
| 1976-11-30 | $0.0099 | 0.58% |
| 1977-03-01 | $0.0099 | 0.67% |
| 1977-05-31 | $0.0099 | 0.74% |
| 1977-08-29 | $0.0099 | 0.65% |
| 1977-11-28 | $0.0113 | 0.72% |
| 1978-03-02 | $0.0113 | 0.81% |
| 1978-05-26 | $0.0113 | 0.73% |
| 1978-08-28 | $0.0113 | 0.70% |
| 1978-12-04 | $0.0126 | 0.77% |
| 1979-03-01 | $0.0126 | 0.73% |
| 1979-05-25 | $0.0126 | 0.75% |
| 1979-08-31 | $0.0126 | 0.68% |
| 1979-12-03 | $0.0152 | 0.79% |
| 1980-02-28 | $0.0152 | 0.93% |
| 1980-06-02 | $0.0152 | 0.80% |
| 1980-08-29 | $0.0152 | 0.74% |
| 1980-12-02 | $0.0172 | 0.84% |
| 1981-03-02 | $0.0172 | 0.78% |
| 1981-06-01 | $0.0172 | 0.65% |
| 1981-08-31 | $0.0172 | 0.77% |
| 1981-12-01 | $0.0186 | 0.82% |
| 1982-03-01 | $0.0186 | 0.89% |
| 1982-06-01 | $0.0186 | 0.97% |
| 1982-08-30 | $0.0186 | 0.94% |
| 1982-11-30 | $0.0186 | 0.88% |
| 1983-02-28 | $0.0186 | 0.82% |
| 1983-05-31 | $0.0186 | 0.80% |
| 1983-08-29 | $0.0186 | 0.73% |
| 1983-11-29 | $0.0199 | 0.77% |
| 1984-03-01 | $0.0199 | 0.80% |
| 1984-05-29 | $0.0199 | 0.86% |
| 1984-08-31 | $0.0199 | 0.89% |
| 1984-12-03 | $0.0212 | 0.90% |
| 1985-02-28 | $0.0212 | 0.80% |
| 1985-06-03 | $0.0212 | 0.74% |
| 1985-08-30 | $0.0212 | 0.70% |
| 1985-12-03 | $0.0239 | 0.70% |
| 1986-02-27 | $0.0239 | 0.60% |
| 1986-06-03 | $0.0239 | 0.47% |
| 1986-09-02 | $0.0292 | 0.48% |
| 1986-12-02 | $0.0292 | 0.50% |
| 1987-03-02 | $0.0292 | 0.36% |
| 1987-06-02 | $0.0292 | 0.35% |
| 1987-08-28 | $0.0424 | 0.39% |
| 1987-12-01 | $0.0424 | 0.47% |
| 1988-02-29 | $0.0509 | 0.59% |
| 1988-06-03 | $0.0509 | 0.58% |
| 1988-08-29 | $0.0469 | 0.53% |
| 1988-11-29 | $0.0588 | 0.67% |
| 1989-03-02 | $0.0652 | 0.64% |
| 1989-05-30 | $0.0652 | 0.58% |
| 1989-08-29 | $0.0716 | 0.60% |
| 1989-12-04 | $0.0716 | 0.57% |
| 1990-03-05 | $0.0716 | 0.65% |
| 1990-05-29 | $0.0716 | 0.54% |
| 1990-08-28 | $0.0891 | 0.69% |
| 1990-12-03 | $0.0891 | 0.65% |
| 1991-03-04 | $0.0891 | 0.55% |
| 1991-06-03 | $0.0891 | 0.47% |
| 1991-08-30 | $0.1002 | 0.49% |
| 1991-12-02 | $0.1002 | 0.43% |
| 1992-03-02 | $0.1097 | 0.44% |
| 1992-06-02 | $0.1097 | 0.45% |
| 1992-08-31 | $0.1193 | 0.51% |
| 1992-12-02 | $0.1193 | 0.55% |
| 1993-03-02 | $0.1193 | 0.63% |
| 1993-06-02 | $0.1193 | 0.66% |
| 1993-09-02 | $0.1336 | 0.88% |
| 1993-12-02 | $0.1336 | 0.82% |
| 1994-03-02 | $0.1336 | 0.88% |
| 1994-06-02 | $0.1336 | 0.92% |
| 1994-09-02 | $0.1431 | 0.87% |
| 1994-12-02 | $0.1431 | 0.81% |
| 1995-03-03 | $0.1431 | 0.71% |
| 1995-06-02 | $0.1431 | 0.63% |
| 1995-09-05 | $0.1622 | 0.68% |
| 1995-12-06 | $0.1622 | 0.54% |
| 1996-03-06 | $0.1622 | 0.49% |
| 1996-06-06 | $0.1622 | 0.51% |
| 1996-09-04 | $0.1908 | 0.61% |
| 1996-12-05 | $0.1908 | 0.50% |
| 1997-03-05 | $0.2004 | 0.46% |
| 1997-06-05 | $0.2004 | 0.47% |
| 1997-09-03 | $0.2147 | 0.47% |
| 1997-12-03 | $0.2147 | 0.47% |
| 1998-03-04 | $0.2147 | 0.35% |
| 1998-06-03 | $0.2147 | 0.39% |
| 1998-09-02 | $0.2576 | 0.44% |
| 1998-12-02 | $0.2576 | 0.34% |
| 1999-03-03 | $0.2576 | 0.34% |
| 1999-06-02 | $0.2576 | 0.40% |
| 1999-09-01 | $0.2767 | 0.43% |
| 1999-12-01 | $0.2767 | 0.37% |
| 2000-03-01 | $0.2767 | 0.47% |
| 2000-05-31 | $0.2767 | 0.39% |
| 2000-08-30 | $0.3244 | 0.48% |
| 2000-12-06 | $0.3244 | 0.38% |
| 2001-03-07 | $0.3244 | 0.44% |
| 2001-05-31 | $0.3244 | 0.46% |
| 2001-08-30 | $0.3340 | 0.52% |
| 2001-12-05 | $0.3340 | 0.52% |
| 2002-03-06 | $0.3340 | 0.57% |
| 2002-06-05 | $0.3340 | 0.64% |
| 2002-09-04 | $0.3435 | 0.75% |
| 2002-12-04 | $0.3435 | 0.61% |
| 2003-03-05 | $0.3435 | 0.70% |
| 2003-06-04 | $0.3435 | 0.64% |
| 2003-08-20 | $2.7443 | 5.35% |
| 2003-09-03 | $0.3531 | 0.72% |
| 2003-12-03 | $0.3531 | 0.87% |
| 2004-03-03 | $0.3531 | 0.77% |
| 2004-06-02 | $0.3531 | 0.77% |
| 2004-09-01 | $0.3626 | 0.85% |
| 2004-12-01 | $0.3626 | 1.36% |
| 2005-03-02 | $0.3626 | 1.18% |
| 2005-06-01 | $0.3626 | 1.17% |
| 2005-08-31 | $0.3626 | 1.34% |
| 2005-11-30 | $0.3626 | 1.27% |
| 2006-03-08 | $0.3626 | 1.09% |
| 2006-05-31 | $0.3626 | 1.15% |
| 2006-08-30 | $0.3626 | 0.92% |
| 2006-12-06 | $0.3626 | 0.84% |
| 2007-03-07 | $0.3626 | 0.85% |
| 2007-06-06 | $0.3626 | 0.74% |
| 2007-09-05 | $0.3626 | 0.76% |
| 2007-12-05 | $0.3626 | 0.65% |
| 2008-03-05 | $0.3626 | 0.87% |
| 2008-06-04 | $0.3626 | 0.99% |
| 2008-09-03 | $0.3626 | 1.09% |
| 2008-12-03 | $0.3626 | 1.42% |
| 2009-03-04 | $0.3626 | 1.65% |
| 2009-06-04 | $0.3626 | 1.38% |
| 2009-09-02 | $0.3626 | 1.20% |
| 2009-12-11 | $0.3626 | 1.01% |
| 2010-03-11 | $0.3626 | 1.04% |
| 2010-06-11 | $0.3626 | 1.10% |
| 2010-09-13 | $0.3626 | 1.04% |
| 2010-12-13 | $0.3626 | 1.06% |
| 2011-03-11 | $0.3626 | 1.16% |
| 2011-06-13 | $0.3626 | 1.07% |
| 2011-09-13 | $0.3626 | 1.19% |
| 2011-12-13 | $0.4008 | 1.19% |
| 2012-03-13 | $0.4008 | 1.10% |
| 2012-06-13 | $0.4008 | 1.08% |
| 2012-09-13 | $0.4008 | 0.94% |
| 2012-12-13 | $0.4103 | 0.95% |
| 2013-03-13 | $0.4103 | 0.95% |
| 2013-06-13 | $0.4103 | 0.91% |
| 2013-09-12 | $0.4103 | 0.89% |
| 2013-12-12 | $0.4198 | 0.90% |
| 2014-03-13 | $0.4198 | 0.77% |
| 2014-06-12 | $0.4198 | 0.75% |
| 2014-09-11 | $0.4198 | 0.72% |
| 2014-12-11 | $0.4294 | 0.75% |
| 2015-03-12 | $0.4294 | 0.80% |
| 2015-06-11 | $0.4294 | 0.75% |
| 2015-09-11 | $0.4294 | 0.85% |
| 2015-12-11 | $0.4389 | 0.86% |
| 2016-03-11 | $0.4389 | 0.87% |
| 2016-06-13 | $0.4389 | 0.81% |
| 2016-09-13 | $0.4389 | 0.73% |
| 2016-12-13 | $0.4485 | 0.76% |
| 2017-03-13 | $0.4485 | 0.72% |
| 2017-06-13 | $0.4485 | 0.73% |
| 2017-09-14 | $0.4485 | 0.72% |
| 2017-12-14 | $0.4580 | 0.84% |
| 2018-03-14 | $0.4580 | 0.87% |
| 2018-06-14 | $0.4580 | 0.77% |
| 2018-09-14 | $0.4580 | 0.68% |
| 2018-12-14 | $0.5248 | 0.70% |
| 2019-03-14 | $0.5248 | 0.67% |
| 2019-06-14 | $0.5248 | 0.66% |
| 2019-09-13 | $0.5248 | 0.66% |
| 2019-12-13 | $0.5821 | 0.68% |
| 2020-03-13 | $0.5821 | 0.82% |
| 2020-06-12 | $0.5821 | 0.79% |
| 2020-09-14 | $0.5821 | 0.72% |
| 2020-12-14 | $0.6202 | 0.78% |
| 2021-03-12 | $0.6202 | 0.87% |
| 2021-06-14 | $0.6500 | 0.85% |
| 2021-09-14 | $0.6500 | 0.89% |
| 2021-12-14 | $0.6900 | 0.94% |
| 2022-03-14 | $0.6900 | 0.88% |
| 2022-06-14 | $0.6900 | 0.81% |
| 2022-09-14 | $0.6900 | 0.80% |
| 2022-12-14 | $0.7300 | 0.66% |
| 2023-03-14 | $0.7300 | 0.69% |
| 2023-06-14 | $0.7300 | 0.66% |
| 2023-09-14 | $0.7300 | 0.68% |
| 2023-12-14 | $0.7700 | 0.72% |
| 2024-03-14 | $0.7700 | 0.63% |
| 2024-06-17 | $0.7700 | 0.59% |
| 2024-09-16 | $0.7700 | 0.66% |
| 2024-12-16 | $0.8100 | 0.79% |
| 2025-03-17 | $0.8100 | 0.86% |
| 2025-06-16 | $0.8100 | 0.99% |
| 2025-09-15 | $0.8100 | 0.98% |
| 2025-12-15 | $0.8500 | 0.85% |
| 2026-03-16 | $0.8500 | 0.74% |
| Total | 223 payments |
Portfolio Dividend Returns
Based on $10,000 initial investment, 20% tax rate, 0.2% transaction cost. Showing 2021-04-14 to 2026-04-14. Change
| Date | Total Yield | Tax | Trans. Cost | Shares Bought |
|---|---|---|---|---|
| 2021-06-14 | $89.16 | $17.83 | $0.14 | 0.9435 |
| 2021-09-14 | $89.78 | $17.96 | $0.14 | 0.9940 |
| 2021-12-14 | $95.99 | $19.20 | $0.15 | 1.0395 |
| 2022-03-14 | $96.70 | $19.34 | $0.15 | 0.9926 |
| 2022-06-14 | $97.39 | $19.48 | $0.16 | 0.9202 |
| 2022-09-14 | $98.02 | $19.60 | $0.16 | 0.9001 |
| 2022-12-14 | $104.36 | $20.87 | $0.17 | 0.7470 |
| 2023-03-14 | $104.91 | $20.98 | $0.17 | 0.7830 |
| 2023-06-14 | $105.48 | $21.10 | $0.17 | 0.7750 |
| 2023-09-14 | $106.05 | $21.21 | $0.17 | 0.7822 |
| 2023-12-14 | $112.46 | $22.49 | $0.18 | 0.8480 |
| 2024-03-14 | $113.11 | $22.62 | $0.18 | 0.7494 |
| 2024-06-17 | $113.69 | $22.74 | $0.18 | 0.7119 |
| 2024-09-16 | $114.24 | $22.85 | $0.18 | 0.7732 |
| 2024-12-16 | $120.80 | $24.16 | $0.19 | 0.9639 |
| 2025-03-17 | $121.58 | $24.32 | $0.19 | 1.0240 |
| 2025-06-16 | $122.41 | $24.48 | $0.20 | 1.2071 |
| 2025-09-15 | $123.39 | $24.68 | $0.20 | 1.2159 |
| 2025-12-15 | $130.51 | $26.10 | $0.21 | 1.0393 |
| 2026-03-16 | $131.40 | $26.28 | $0.21 | 0.9088 |
| Total | $2191.40 | $438.28 | $3.51 | 18.3187 |
All calculations use split-adjusted closing prices. Dividends are reinvested on the ex-dividend date at that day's closing price.
For each rolling window, returns are calculated at every possible starting point:
return = (value[i] ÷ value[i − windowSize] − 1) × 100
- Windows
- 1-month = 21 trading days, 1-year = 252 trading days, 3-year = 756 trading days.
- Statistics
- Average: arithmetic mean. Median: middle value when sorted. Best / Worst: max and min. % Positive: share of windows with return > 0.
The series is segmented by calendar year:
return = (endValue ÷ startValue − 1) × 100
startValue is the last value of the prior year (or the first value for the initial year). Partial first/last years are flagged. Dividends, taxes, and transaction costs are scaled proportionally to the initial investment.