The total return measures the investment performance (usually in per cent per year) including the price changes of an investment and the distributions paid out (dividends or coupon payments). For hypothetical portfolios and in particular for benchmarks, the calculation of the total return is based on the assumption that the distributions are immediately reinvested without any change in the portfolio structure. The total return is determined historically. It therefore reflects realised returns. The total return should not be confused with the direct return.