Why is the price higher, but my return is negative?

This usually happens when the price you see and the return you measure are not in the same currency or context. The most common cause is FX. 

If your base currency is EUR but the investment is in USD or GBP, the exchange rate can outweigh the price move. Example: a US share rises +3% in USD, but if the euro strengthens +5% against the dollar in the same period, your EUR return shows about -2% even though the USD price is higher.

Another cause is timing. Your performance is calculated from your trade price (including costs) or from the start of the period you selected. If you bought after a bounce, or you are viewing a different time window than your purchase date, your return can be negative while today’s quote looks higher than an earlier point.

Costs and taxes matter too. Trading fees, FX conversion, and any withholding tax reduce net return even when the market price is up.

For bonds and bond ETFs, two extras:

• Quotes are often shown as clean price (without accrued interest), while what you pay or receive is the dirty price (clean price plus accrued interest). Right after purchase, performance can look negative until the next coupon arrives.

• If you bought above par (at a premium), part of that premium is gradually lost as the bond moves toward 100 at maturity. The coupon helps compensate, but short term your price return can be negative.

Finally, markets move and spreads change. If the current bid (what you could sell for) has not risen as much as the last ask (what you would buy at), your mark to market return can be negative even though a charted last price looks higher.

Quick checklist

1. Confirm the instrument currency versus your base currency.

2. Check the period used for performance and your actual fill price.

3. Review any fees, taxes, or accrued interest included in the calculation.

If you want help on a specific position, open the in app chat and share the instrument name or ticker and your trade date. We will walk through it with you.