Return Excluding Holdings

Calculate the return a fund would have had without some of its holdings or sectors: the contribution of the other holdings over their weight, Σ contribution / Σ start weight over the holdings that remain, so the rest of the fund reweighted to a whole. It answers “what did the S&P 500 do without technology?” or “without Nvidia?”, showing how much of an index move comes from a few stocks.

The contributions come from get_contribution: weights rolled back from the fund’s current holdings to the start of the period, price returns from the close before the start date to the close on the end date. The same caveats apply: the longer the period, the more the rolled back weights drift from the fund’s actual weights. Only the priced holdings count: what get_contribution puts in the Remainder (cash, holdings without a price and that drift) would otherwise all fall on the holdings that remain and, once most of the fund is excluded, dominate their return. The Priced Holdings Return, the same calculation without excluding anything, is therefore the like-for-like comparison; for a stock index fund it is close to the fund’s own Return.

Also known as: index ex technology, equal footing return, return without the largest holdings, ex-sector return.

Return Excluding Holdings in Python or via the MCP

Install the Finance Toolkit with:

pip install financetoolkit -U

Then call get_return_excluding as shown below.

from financetoolkit import Toolkit

toolkit = Toolkit(
    ["SPY", "QQQ"],
    api_key="FINANCIAL_MODELING_PREP_KEY",
    start_date="2026-10-01",
    end_date="2026-10-31",
    benchmark_ticker=None,
)

toolkit.etf.get_return_excluding(["NVDA", "MSFT"])

Or, after setting up the Finance Toolkit MCP, ask:

Which returns:

Parameters

get_return_excluding accepts the following parameters.

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