Why do tracert latencies not add up to ping latency?

One might expect the sum of the tracert latencies to equal 267ms:

Solution 1:

Traceroute involves sending UDP packets to each node along the way, and waiting for its timeout response (then moving on to the next node), whereas a ping is just forwarded. What you're seeing is the time it takes for each node to respond to the request instead of just forwarding a small packet.

This is a pretty nice explanation of the whole process, and the differences.

http://www.cisco.com/c/en/us/support/docs/ios-nx-os-software/ios-software-releases-121-mainline/12778-ping-traceroute.html

Have a look at the performance section, which explains also why ping isn't a particularly accurate method for determining latency.