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Are you sure the return for two years is 0.7214? It should be 0.3422 per year if you are using 31/12/2011, and 0.3416 if you are using 01/01/2012 as the end date. Assuming the last number (because it makes for two full years, therefore easier to calculate), yes, there is a formula to derive it from the return of the individual years. It's the geometric ...
It depends on what makes more economic sense: If you are calculating CAGR for FX (which is traded effectively 24/7) strategy returns for instance, it would seem fair to use 365.25 calendar days. If you are calculating CAGR for internal reporting of trading strategy returns on a product with 5 market sessions per week, it would seem fair to use 252 calendar ...
You can use both standards, but when you apply or compare this rate the standards must be equal, and it should be noted which convention you used. Note that 300/365 yeardays would in percentage be equal to 205/250 tradingdays, so its really just a convention that would make no difference in actual time.
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