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The Carino arithmetic algorithm is similar to the Menchero arithmetic algorithm. The difference lies in the scaling coefficients used for smoothing. These are calculated differently. The single-period Carino coefficients are calculated as:
where if 
then
The product 
is then a continuously compounding form of the currency effect. The sum of the continuously compounded currency, cross product, allocation, and selection attribution effects sum to the difference in continuously compounding returns:
To transform back to the difference in returns (instead of the difference in log-returns), the combined period factor is calculated as follows:
where again if 
then
The formula for the combined currency effect is:
The cross product, allocation, and selection effects are calculated similarly.
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