{"id":3036,"date":"2026-02-20T14:00:00","date_gmt":"2026-02-20T13:00:00","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=3036"},"modified":"2026-01-26T11:00:00","modified_gmt":"2026-01-26T10:00:00","slug":"%f0%9f%94%8d-nav-development","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/en\/%f0%9f%94%8d-nav-entwicklung\/","title":{"rendered":"\ud83d\udd0d NAV development"},"content":{"rendered":"

How the value of a fund or ETF really changes<\/strong><\/p>\n\n\n\n

The NAV (Net Asset Value)<\/strong> is the intrinsic value<\/strong> of a fund or ETF. It shows how much a share purely arithmetically<\/em> value, based on all assets in the fund.<\/p>\n\n\n\n

The NAV development<\/strong> thus describes, how this intrinsic value changes over time<\/strong> - independent of stock market prices, supply\/demand or trading volumes.<\/p>\n\n\n\n

\ud83d\udd0d 1. how is the NAV calculated?<\/strong><\/h1>\n\n\n\n

NAV<\/mtext>=<\/mo>Value of all assets<\/mtext>o<\/mtext>\u00a8<\/mo><\/mover>assets<\/mtext><\/mrow>\u2212<\/mo>Liabilities<\/mtext><\/mrow>Number of shares<\/mtext><\/mfrac><\/mrow><\/math><\/p>\n\n\n\n

The NAV increases if:<\/p>\n\n\n\n

    \n
  • die enthaltenen Aktien\/Anleihen im Wert steigen<\/li>\n\n\n\n
  • Dividenden oder Zinsen zuflie\u00dfen<\/li>\n\n\n\n
  • Currencies develop positively<\/li>\n<\/ul>\n\n\n\n

    It falls when:<\/p>\n\n\n\n

      \n
    • Falling markets<\/li>\n\n\n\n
    • Kosten abgezogen werden<\/li>\n\n\n\n
    • Currencies burden<\/li>\n<\/ul>\n\n\n\n

      \ud83d\udcc8 2 NAV vs. stock market price<\/strong><\/h1>\n\n\n\n

      There are two values for ETFs:<\/p>\n\n\n\n

        \n
      • NAV<\/strong> \u2192 inner value (calculated once a day)<\/li>\n\n\n\n
      • Market price<\/strong> \u2192 Market price (fluctuates every second)<\/li>\n<\/ul>\n\n\n\n

        As a rule, both are close together. Deviations arise due to:<\/p>\n\n\n\n

          \n
        • Trading hours<\/li>\n\n\n\n
        • Liquidity<\/li>\n\n\n\n
        • Market stress<\/li>\n<\/ul>\n\n\n\n

          For long-term investors, the NAV development<\/strong> the better indicator of real performance.<\/p>\n\n\n\n

          \ud83d\udca1 3. what influences NAV development?<\/strong><\/h1>\n\n\n\n

          1. market movements<\/strong><\/h3>\n\n\n\n

          Aktien steigen \u2192 NAV steigt Anleihen fallen \u2192 NAV f\u00e4llt<\/p>\n\n\n\n

          2. Dividenden & Zinsen<\/strong><\/h3>\n\n\n\n
            \n
          • Accumulating<\/strong>Dividends increase the NAV<\/li>\n\n\n\n
          • Distributing<\/strong>NAV decreases by the distribution amount on the distribution date<\/li>\n<\/ul>\n\n\n\n

            3. costs<\/strong><\/h3>\n\n\n\n

            TER, transaction costs, swap costs \u2192 minimally but continuously depress the NAV.<\/p>\n\n\n\n

            4. currencies<\/strong><\/h3>\n\n\n\n

            An ETF on US equities in EUR \u2192 NAV reacts to EUR\/USD.<\/p>\n\n\n\n

            \ud83e\udde9 4 NAV development for accumulating vs. distributing ETFs<\/strong><\/h1>\n\n\n\n
            ETF type<\/th>Effect on NAV<\/th><\/tr><\/thead>
            Accumulating<\/strong><\/td>Dividends are reinvested \u2192 NAV increases more strongly<\/td><\/tr>
            Distributing<\/strong><\/td>Dividends are paid out \u2192 NAV falls on the distribution date<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            Important: The total return is identical<\/strong>, if distributions are reinvested.<\/p>\n\n\n\n

            \ud83e\udde0 5 Why NAV development is important<\/strong><\/h1>\n\n\n\n
              \n
            • shows the real<\/em> Performance of a fund<\/li>\n\n\n\n
            • independent of stock market sentiment<\/li>\n\n\n\n
            • Basis for key performance indicators<\/li>\n\n\n\n
            • Important for comparability between ETFs<\/li>\n\n\n\n
            • shows how efficiently a fund works<\/li>\n<\/ul>\n\n\n\n

              NAV development is a key indicator for long-term, structured strategies in particular - because it is free of market noise and only reflects actual value creation.<\/p>\n\n\n\n

              \ud83e\uddfe 6 NAV development in practice<\/strong><\/h1>\n\n\n\n

              Example: Accumulating ETF<\/strong><\/h3>\n\n\n\n
                \n
              • Shares rise + dividends flow \u2192 NAV rises continuously<\/li>\n\n\n\n
              • No distribution \u2192 smooth progression<\/li>\n<\/ul>\n\n\n\n

                Example: Distributing ETF<\/strong><\/h3>\n\n\n\n
                  \n
                • NAV increases due to price gains<\/li>\n\n\n\n
                • on the distribution date: NAV falls by e.g. \u20ac 0.50<\/li>\n\n\n\n
                • Anleger erh\u00e4lt 0,50\u202f\u20ac Cash \u2192 Gesamtwert bleibt gleich<\/li>\n<\/ul>\n\n\n\n

                  \u2705 Conclusion<\/strong><\/h1>\n\n\n\n

                  NAV development is the most accurate indicator of real performance<\/strong> of a fund or ETF. It shows:<\/p>\n\n\n\n

                    \n
                  • how efficiently a fund works<\/li>\n\n\n\n
                  • How strong dividends work<\/li>\n\n\n\n
                  • wie Kosten und W\u00e4hrungen Einfluss nehmen<\/li>\n\n\n\n
                  • how an ETF performs independently of the stock market price<\/li>\n<\/ul>\n\n\n\n

                    For investors who invest in a structured and long-term manner, the NAV development is an indispensable tool - clearer, cleaner and more reliable than the pure market price.<\/p>","protected":false},"excerpt":{"rendered":"

                    Wie sich der Wert eines Fonds oder ETFs wirklich ver\u00e4ndert Der NAV (Net Asset Value) ist der innere Wert eines Fonds oder ETFs. Er zeigt, wie viel ein Anteil rein rechnerisch wert ist, basierend auf allen Verm\u00f6genswerten im Fonds. Die NAV\u2011Entwicklung beschreibt also, wie sich dieser innere Wert \u00fcber die Zeit ver\u00e4ndert \u2014 unabh\u00e4ngig von […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59],"tags":[218,276,249],"class_list":["post-3036","post","type-post","status-publish","format-standard","hentry","category-themen-deep-dive","tag-anleihen","tag-dividenden","tag-zinsen","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/comments?post=3036"}],"version-history":[{"count":1,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3036\/revisions"}],"predecessor-version":[{"id":3037,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3036\/revisions\/3037"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/media?parent=3036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/categories?post=3036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/tags?post=3036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}