What is the difference between cumulative and annualised returns?
A cumulative return is the total change over a period. An annualised return is the constant yearly rate that would produce it.
Over three years, +33% cumulative is about +10% annualised. Over six months, +6% is a cumulative period return - presenting it as "12% annualised" projects half a year of results onto a full year, which is not a measurement.
InvestHAQ labels every figure. Any period under one year is shown as a cumulative period return and is never annualised. Periods of one year and above are labelled annualised where that is what they are.
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