Real return (Realrendite)
The return after inflation, meaning how much your purchasing power has actually grown.
In short
As of 8 October 2026The real return is the return after inflation. It shows how much your purchasing power has actually grown. Roughly, it is the nominal return minus the inflation rate. If a savings account pays 2 % interest while inflation is 3 %, the real return is negative. If an ETF returns 7 % with 2.5 % inflation, it is about 4.4 %.
The real return shows what is left of your gain once you subtract inflation. The ordinary return is called nominal. Roughly: real return equals nominal return minus the inflation rate. More precisely: (1 + return) divided by (1 + inflation), minus 1.
This is why saving in an account can cost money. If your instant-access savings pay 2 % interest while inflation is 3 %, your real return is negative. Long-run averages such as the CAGR should also be viewed in real terms when you plan over decades.
Example: your ETF returns 7 % in a year and inflation is 2.5 %. The real return is about 4.4 %. Whether a savings account or an ETF suits your goal better is the subject of the topic Tagesgeld or ETF.
Related terms
Sources
As of 8 October 2026 · Educational content, not investment or tax advice.