The fund's annual total return based on market prices, as opposed net asset value (NAV). Market-price returns are calculated by taking the change in the fund's market price, reinvesting all income and capital- gains distributions during the period, and dividing by the starting market price. Annual returns are expressed in terms of compounded average annual returns.
This figure can also be compared with the NAV annual-return figure.
Origin
Morningstar calculates these figures in-house.