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TWR and final withdrawal

Personal Finance & Money Asked by gontrollez on June 1, 2021

When calculating TWR for an investment, what is the best way for calculating the return of a period that ends with the withdrawal of the funds?

When there is a withdrawal of the funds, the last period TWR is -100% if one follows the standard formula.

But in the example posted below, I’d like it to be -10%, as that’s the quantity that remained just before the withdrawal.
I can detect the case (last row and / or final value == 0) and write an IF but I was wondering if there is some way of generalizing including this case.

Example:

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