diff --git a/tests/misc/roi.test b/tests/misc/roi.test
new file mode 100644
index 000000000..aec7df6e6
--- /dev/null
+++ b/tests/misc/roi.test
@@ -0,0 +1,212 @@
+# 1. investment that does not grow has no return
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Y
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-06-01 investment
+   assets:cash  -$100
+   investment
+>>>
++---++------------+------------++---------------+----------+-------------+-----++-------+-------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||   IRR |   TWR |
++===++============+============++===============+==========+=============+=====++=======+=======+
+| 1 || 2017/01/01 | 2017/12/31 ||             0 |      200 |         200 |   0 || 0.00% | 0.00% |
++---++------------+------------++---------------+----------+-------------+-----++-------+-------+
+
+>>>=0
+
+# 2. Growth by 12% from single investment transaction should show 12% IRR and 12% TWR
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Y
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-12-31 investment valuation
+   investment  = $112
+   pnl
+>>>
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||    IRR |    TWR |
++===++============+============++===============+==========+=============+=====++========+========+
+| 1 || 2017/01/01 | 2017/12/31 ||             0 |      100 |         112 |  12 || 12.00% | 12.00% |
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+
+>>>=0
+
+# 3. Same as (2), but grow by 1% per month
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Y
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-01-31 investment valuation
+   investment  = $101
+   pnl
+
+2017-02-28 investment valuation
+   investment  = $102
+   pnl
+
+2017-03-31 investment valuation
+   investment  = $103
+   pnl
+
+2017-04-30 investment valuation
+   investment  = $104
+   pnl
+
+2017-05-31 investment valuation
+   investment  = $105
+   pnl
+   
+2017-06-30 investment valuation
+   investment  = $106
+   pnl
+   
+2017-07-31 investment valuation
+   investment  = $107
+   pnl
+   
+2017-08-31 investment valuation
+   investment  = $108
+   pnl
+   
+2017-09-30 investment valuation
+   investment  = $109
+   pnl
+   
+2017-10-31 investment valuation
+   investment  = $110
+   pnl
+   
+2017-11-30 investment valuation
+   investment  = $111
+   pnl
+   
+2017-12-31 investment valuation
+   investment  = $112
+   pnl
+
+>>>
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||    IRR |    TWR |
++===++============+============++===============+==========+=============+=====++========+========+
+| 1 || 2017/01/01 | 2017/12/31 ||             0 |      100 |         112 |  12 || 12.00% | 12.00% |
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+
+>>>=0
+
+# 4. When $100 invested over 12 month + $100 invested over 6 month yield $220, that's 10% TWR, but 12.73% IRR
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Y
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-06-01 investment
+   assets:cash  -$100
+   investment
+
+2017-12-31 investment valuation
+   investment  = $220
+   pnl
+>>>
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||    IRR |    TWR |
++===++============+============++===============+==========+=============+=====++========+========+
+| 1 || 2017/01/01 | 2017/12/31 ||             0 |      200 |         220 |  20 || 12.73% | 10.00% |
++---++------------+------------++---------------+----------+-------------+-----++--------+--------+
+
+>>>=0
+
+# 5. When $100 invested over 12 month + $100 invested over 6 month yield $20, that's -90% TWR, but -95.73% IRR
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Y
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-06-01 investment
+   assets:cash  -$100
+   investment
+
+2017-12-31 investment valuation
+   investment  = $20
+   pnl
+>>>
++---++------------+------------++---------------+----------+-------------+------++---------+---------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) |  PnL ||     IRR |     TWR |
++===++============+============++===============+==========+=============+======++=========+=========+
+| 1 || 2017/01/01 | 2017/12/31 ||             0 |      200 |          20 | -180 || -95.73% | -90.00% |
++---++------------+------------++---------------+----------+-------------+------++---------+---------+
+
+>>>=0
+
+# 6. Check that deposits/withdrawals and profit/loss are reflected in the right periods
+hledger -f- roi --inv investment --pnl pnl -b 2017 -e 2018 -Q
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-06-30 investment valuation
+   investment  = $110
+   pnl
+
+2017-07-01 investment
+   assets:cash  -$100
+   investment
+
+2017-10-01 withdrawal
+   assets:cash  $50
+   investment
+
+2017-12-31 investment valuation
+   investment  = $155
+   pnl
+>>>
++---++------------+------------++---------------+----------+-------------+-----++---------+---------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||     IRR |     TWR |
++===++============+============++===============+==========+=============+=====++=========+=========+
+| 1 || 2017/01/01 | 2017/03/31 ||             0 |      100 |         100 |   0 ||   0.00% |   0.00% |
+| 2 || 2017/04/01 | 2017/06/30 ||           100 |        0 |         110 |  10 ||  46.56% |  46.56% |
+| 3 || 2017/07/01 | 2017/09/30 ||           110 |      100 |         210 |   0 ||   0.00% |   0.00% |
+| 4 || 2017/10/01 | 2017/12/31 ||           210 |      -50 |         155 |  -5 || -11.83% | -11.82% |
++---++------------+------------++---------------+----------+-------------+-----++---------+---------+
+
+>>>=0
+
+# 7. Check that reporting for the part of the total history of investment works
+hledger -f- roi --inv investment --pnl pnl -b 2017-06 -e 2018
+<<<
+2017-01-01 investment
+   assets:cash  -$100
+   investment
+
+2017-06-30 investment valuation
+   investment  = $110
+   pnl
+
+2017-07-01 investment
+   assets:cash  -$100
+   investment
+
+2017-10-01 withdrawal
+   assets:cash  $50
+   investment
+
+2017-12-31 investment valuation
+   investment  = $155
+   pnl
+>>>
++---++------------+------------++---------------+----------+-------------+-----++-------+--------+
+|   ||      Begin |        End || Value (begin) | Cashflow | Value (end) | PnL ||   IRR |    TWR |
++===++============+============++===============+==========+=============+=====++=======+========+
+| 1 || 2017/06/01 | 2017/12/31 ||           100 |       50 |         155 |   5 || 5.24% | 11.45% |
++---++------------+------------++---------------+----------+-------------+-----++-------+--------+
+
+>>>=0