I am looking at a company's financial report and there is a table in it that lists returns over different annualized periods. It ranges from 1 year to 20 years. Would a 2 year return in this table be defined as the average return you would get in two years based off previous returns, or is it the average return based only on the last two years of data?
Also, how is this calculated? Annualized returns are raised to the 1/n power, where n is the number of years, so would a 2 year return just be 2/n power?