CFA portfolio management tool

Brinson Attribution Calculator

Break active return into allocation, selection, and interaction effects, then reconcile portfolio return back to benchmark return with segment-level diagnostics.

Examples

Load an attribution case

Segments

SegmentPortfolio weightBenchmark weightPortfolio returnBenchmark return
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Portfolio return
6.30%
Benchmark return
5.01%
Active return
1.29%
Residual
-0.0000%

Active return minus attribution effects

Live interpretation
  • Active return is 1.29%; total attribution explains 1.29%.
  • The largest current driver is selection, with allocation 0.230%, selection 0.740%, and interaction 0.320%.
  • Portfolio weights sum to 100.00% and benchmark weights sum to 100.00%.
  • Residual is effectively zero, so the attribution bridge reconciles.

Portfolio vs benchmark weights

Portfolio and benchmark weights by segmentEquity portfolio60.00%Equity benchmark50.00%Fixed Income portfolio30.00%Fixed Income benchmark40.00%Alternatives portfolio8.00%Alternatives benchmark7.00%Cash portfolio2.00%Cash benchmark3.00%
Hover or focus a bar to inspect the value.

Stacked effect bars

Allocation, selection, and interaction are stacked per segment so positive and negative drivers are easy to isolate.

Stacked Brinson effects by segmentEquity1.299%Fixed Income-0.199%Alternatives0.160%Cash0.030%
AllocationSelectionInteractionNegative effect
Hover or focus a segment to inspect the stacked effect.

Attribution waterfall

Benchmark return to portfolio return waterfallBenchmark5.01%Allocation0.23%Selection0.74%Interaction0.32%Portfolio6.30%
Hover or focus a bar to inspect the attribution bridge.

Contribution heatmap

Hover or focus a cell to inspect the diagnostic value.

Reconciliation

Allocation effect
0.230%
Selection effect
0.740%
Interaction effect
0.320%
Total attribution
1.290%

Attribution table

SegmentAllocationSelectionInteractionTotal effect
Equity0.099%1.000%0.200%1.299%
Fixed Income0.101%-0.400%0.100%-0.199%
Alternatives-0.000%0.140%0.020%0.160%
Cash0.030%0.000%0.000%0.030%

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FAQ

Which Brinson model does this calculator use?

It uses Brinson-Hood-Beebower attribution with allocation, selection, and interaction effects.

Does the calculator normalize weights?

No. It warns when portfolio or benchmark weights do not sum to 100%, but it keeps the entered weights so the reconciliation remains transparent.

What does the residual mean?

The residual is active return minus the total attribution effect. With complete segment data and weights that sum to 100%, it should be approximately zero.