Similarly to how benchmarks work, allow to choose an index (e.g. inflation), benchmark, asset or filter to discount the return with.
When inflation index is chosen - it gives you the Real Return.
If a benchmark is chosen, it gives you the Excess Return - the added value beyond what could be achieved by simply investing in the benchmark (it’s not a simple difference!).
The discount would be applied to:
RoR of the portfolio - both in metrics, tables and charts
Benchmark rate - in metrics and charts
Market Price change rate
It (rather) won’t be applied to return $ amounts, as it may quickly get very confusing. However, there could be a separate metric displaying the discounted return
Now you can see return as TWR, MWR or ROI. Imagine having possibility of see return rate corrected by inflation rate - means anyway more real return.
Trick here is there is different inflation per each currency. Different periods have different official currency inflation. For me personally big picture would be enough - annually.
With variability of inflation over years, variability of stocks value and currency exchange rate changes having understanding of result is key. Adding impact of inflation would add even more clarity of picture. Especially for more diversify portfolios.