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The annualized return is the geometric mean of the returns with respect to one year. If we denote by NumYears the number of years covered by the returns, the formula becomes:
AnnRtn(r1, ..., rn) =
where r1, ..., rn is a return series, i.e., a sequence of returns for n time periods.
All returns greater than one year are annualized in StyleADVISOR.