Dividenden-Experiment 2022

[hattifnatt]

Update August 2026

 

Edit: Ich hatte vorhin die Ausschüttung des Fidelity Global Quality Income IE00BYXVGZ48 übersehen - habe die Zahlen und den Screenshot nochmal aktualisiert.

 

Es gab 1.236,79 € Netto-Dividenden:

 

 

 

Vom Benchmark-ETF A1JX52 müssen 8,26422 Stücke à 161,40 € verkauft werden. Es verbleiben 5701,20 Stücke mit einem aktuellen Wert von 920.174 € vs. 852.034 € im Dividenden-Portfolio).

 

Das Dividenden-Portfolio online:

• auf Parqet: https://app.parqet.com/p/62d5aed218bfc29f2e16dddb
• auf Getquin: https://app.getquin.com/de/dashboard/FQsVxkjxFo

[Legolino]

@hattifnattVielen Dank für dein monatliches Update.

Zum letzten Monat erstmal keine große Veränderung

[hattifnatt]

Update September 2026

 

Es gab 1.937,78 € Dividenden (2 Ausschüttungen des Vanguard EM Govt Bond):

 

 

Der Benchmark-ETF A1JX52 hat Netto 2.243,42 € ausgeschüttet, somit bleiben 305,64 € zur Verrechnung mit den Oktober-Dividenden.

 

Der Depotwert liegt aktuell bei 839.441 € vs. 933.182 € beim Benchmark-ETF. In den letzten beiden Monaten gab es starke Verluste gegenüber dem Benchmark:

 

Hauptverlierer war Broadcom, das 26% von seinem Höchststand von 420€ am 3. 6. 2026 gefallen ist, aber aktuell immer noch 11% des Depotwerts ausmacht. Man sieht hier ein Risiko von striktem "Buy&Hold" bei wenigen Positionen im Depot:

 

 

Das Dividenden-Portfolio online:

• auf Parqet: https://app.parqet.com/p/62d5aed218bfc29f2e16dddb
• auf Getquin: https://app.getquin.com/de/dashboard/FQsVxkjxFo
• auf divvydiary: https://divvydiary.com/en/p/248276

[hattifnatt]

Update Oktober 2026

 

Es gab 861,43 € Dividenden:

 

Mit der Verrechnung vom September von 305,64 € bleiben 555,79 €, wofür 3,70571 Stücke des Benchmark-ETF A1JX52 zum Kurs von 162,06 € verkauft werden müssen. Es verbleiben 5697,52 Stücke mit einem aktuellen Wert von 923.340 € vs. 878.527 € im Dividenden-Portfolio.

 

Das Dividenden-Portfolio online:

• auf Parqet: https://app.parqet.com/p/62d5aed218bfc29f2e16dddb
• auf Getquin: https://app.getquin.com/de/dashboard/FQsVxkjxFo

[hattifnatt]

vor einer Stunde von hattifnatt:

aktuellen Wert von 923.340 € vs. 878.527 € im Dividenden-Portfolio.

Es ist immer etwas seltsam, wenn man diese absoluten Performance-Zahlen mit den TTWROR-Renditecharts auf Rentablo vergleicht, die Zu- und Abflüsse wegmodellieren, aber Dividenden beinhalten - hier hat das Dividenden-Portfolio aktuell die Benchmark wieder überholt:

 

 

Zum Glück gibt's ja inzwischen KI, um das erklären zu lassen  Hier die volle Antwort von Gemini (A ist das Dividenden-Experiment, B der Benchmark-ETF): https://share.gemini.google/2ccUUyi8UVUQ

 

TL;DR: Das Dividenden-Portfolio "generated a higher compound rate of return on the capital actually at risk during each sub-period" - NEHMT DAS, thesaurierende-ETF-Zeloten! 

Zitat

Zitat

I compare two portfolios on the Rentablo Website. Both started with 600.000€ in July 2022. Portfolio A contains dividend stocks, Portfolio B the ETF A1JX52 as a benchmark. Some of the stocks were delisted, and others were bought, so that the total inflow to portfolio A is 582.847€, the gains 295.680€ (excluding dividends), current value is 878.527€, i.e. 50,73% gains excluding dividends. Since the benchmark ETF is also distributing, the difference between the dividends in A and the distributions of B (after taxes) were compensated by selling positions of B to generate equal netto outflows. (In german tax law, 30% of ETF distributions are exempt of the normal taxes on gains of 26,375%). The inflow value of Portfolio B was reduced by the sales to 557.096€, current value is 912.865€, giving 355.769€ gains or 63,86%. So B performed about 13% better than A since 2022, and the dividends were subtracted from the final values of both depots. The question is: How can the Rentablo performance chart showing TTWROR (True Time-Weighted Rate of Return) and including dividends show both depots with about equal gains, portfolio A even a bit higher than portfolio B, with 75,17% vs. 72,36% respectively?

The discrepancy you are seeing comes down to a fundamental mathematical difference between Absolute Percent Gain (Total Return / Money-Weighted) and True Time-Weighted Rate of Return (TTWROR), combined with how cash flows and dividends are treated in time-weighted calculations.

 

Here is the exact breakdown of why Portfolio A shows a higher TTWROR (75.17%) than Portfolio B (72.36%) despite Portfolio B having a higher absolute percentage gain on paper (63.86% vs. 50.73%).

 

1. Simple Return vs. TTWROR: Money Timing Matters

 

Your absolute calculation measures simple return over net invested capital:

 

 

However, TTWROR eliminates the distortion of capital inflows and outflows by breaking the investment period into micro-sub-periods (every time cash enters or leaves) and calculating the geometric compound return:

• In Portfolio B: You repeatedly sold positions to match net cash flows. If those sales took place after market runs (or during local peaks), you withdrew capital after strong compound growth occurred. TTWROR gives full weight to the percentage returns achieved during periods when more capital was invested, whereas simple gain divides by your final adjusted cost base.
• In Portfolio A: You had net delistings, new stock purchases, and higher gross dividend receipts. If capital was added before key market rallies, those sub-period gains compound heavily in the TTWROR formula, boosting the percentage even if the net ending monetary gain looks lower relative to capital.

 

2. The Dividend Re-investment & Tax Arbitrage Effect

 

This is the largest factor on Rentablo:

• Dividend Ex-Date Drops vs. Cash Handling: When stocks in Portfolio A pay high dividends, the stock price drops on the ex-dividend date by the exact dividend amount. Rentablo credits the gross or net dividend into the portfolio's cash performance component on that precise date.
• TTWROR Includes Dividends: You noted your simple returns excluded dividends. However, Rentablo's performance chart explicitly includes dividends in TTWROR.
• The Math Shift: Dividend-heavy stocks suffer price drops (lowering price-only gains), but TTWROR adds the dividends back immediately into total period return. Portfolio A's dividend yields were likely significantly higher than A1JX52's (~1.5-2% distribution yield). Adding back 3.5-5% annual dividend returns over 4+ years (July 2022 to late 2026) adds 15-20 percentage points back to Portfolio A's TTWROR, which wasn't reflected in your 50.73% price-only number.

 

3. German ETF Tax Shield (Teilfreistellung) Creates a Cost-Basis Distortion

 

In your manual calculation for Portfolio B:

• You sold shares of A1JX52 to match Portfolio A's net payouts.
• Because of the 30% Teilfreistellung (partially tax-exempt distribution/gains for equity funds under § 20 InvStG), Portfolio B incurred less tax leakage on sales and distributions than individual dividend stocks in Portfolio A.
• To match net cash outflows, you sold fewer gross Euros of Portfolio B than you would have needed without the tax exemption.
• This kept Portfolio B's ending principal balance higher (€912.865), inflating its absolute euro end-value and simple return relative to Portfolio A.
• Rentablo tracks pre-tax asset performance for TTWROR (or applies uniform tax handling across cash flows), meaning the tax advantage that helped Portfolio B retain higher monetary value in real life does not boost its asset-level TTWROR curve.

 

Summary Table

 

Conclusion

 

Both numbers are correct, but they measure different things:

• Portfolio B won in absolute wealth generation (€912k vs €878k) due to tax efficiency (Teilfreistellung) and overall market consistency.
• Portfolio A won in pure investment performance (TTWROR) because its high dividend yield (re-added in Rentablo's chart) and timing of buy/sell cash flows generated a higher compound rate of return on the capital actually at risk during each sub-period.