Calculating the MWRR using the (X)IRR Function

[Avengerooo]

Hello guys and a Happy New Year!

I am struggling with calculating the Money-Weighted Rate of Return (MWRR) using Excel. I know that the IXX/XIRR functions serve that purpose but I get some strange results.
I tried to use the XIRR function and used to columns with dates and cashflows:

01.12.23 10.927$ (balance at the start of the month)
15.12.23 -42,11$ (cashflow through dividends, has to be negative)
01.01.24 -11.131$ (balance at the end of the month, had to make it negative for the function to work)

Then I used the following function to calculate the MWRR: =XIRR(N27:N29;M27:M29)
The result was 30,06% and thats probably because it is an annualized value? I need the monthly MWRR and thats why I added something to the function: =XIRR(N27:N29;M27:M29)^(30/365)-1
This time the result was -9,41% which makes no sense at all.

I also tried the IRR function but the returns were a bit strange aswell.

What am I missing here? Is there a better way to calculate the monthly MWRR or do I have to change something with the IRR/XIRR functions?

 

[Avengerooo]

I think I found the solution. Firstly, I calculated the MWRR with the XIRR function (=XIRR(N27:N29;M27:M29) and afterwards I used this function: =(1+XIRR)^(1/12)-1 to get a monthly value. The results seem appropriate. Can someone confirm that this makes any sense haha