How do you split local return and FX effect in euro?

(1 + r_EUR) = (1 + r_local) × (FX_buy / FX_valuation) with FX in ECB quantity quotation (foreign units per 1 EUR).

Can the same +8% USD move mean +15% or +3% in euro?

Yes. With a $200 dividend, a stronger dollar (EUR/USD 1.10→1.05) can lift euro XIRR to about +15.24% p.a.; a weaker dollar (1.05→1.12) can leave about +3.13% p.a.

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Broker price vs true return

The green or red percentage in your brokerage app almost never equals how your euro wealth compounded — dividends, fees and FX are missing.

1. What brokers usually hide

Paid-out dividends and bond coupons leave the position line.
No day-exact timing (1 month vs 8 years).
USD/CHF FX between buy and valuation day.
Fees, accrued interest, partial sales / FIFO cost basis.

2. FX formula (ECB quantity quotation)

(1 + r_EUR) = (1 + r_local) × (FX_buy / FX_valuation)

FX = foreign units per 1 EUR. If EUR/USD falls from 1.10 to 1.05, the dollar strengthened: FX effect 1.10/1.05 − 1 = +4.76%.

3. World ETF case A vs B

Buy $10,000, +8% price to $10,800, +$200 dividend after one year:

	Case A (USD stronger 1.10→1.05)	Case B (USD weaker 1.05→1.12)
Broker USD price	+8.00%	+8.00%
Euro XIRR (approx.)	+15.24% p.a.	+3.13% p.a.

Interactive: FX calculator · XIRR calculator. German full article: Broker-Kurs vs. echte Rendite.