def annualize_metric(metric: float, holding_periods: int = 1) -> float:
    """
    Annualize metric of arbitrary periodicity

    :param metric: Metric to analyze
    :param holding_periods:
    :return: Annualized metric
    """

    days_per_year = 365
    trans_ratio = days_per_year / holding_periods

    return (1 + metric) ** trans_ratio - 1