{"id":10956,"date":"2020-08-09T22:52:36","date_gmt":"2020-08-09T14:52:36","guid":{"rendered":"https:\/\/\/?p=10956"},"modified":"2021-06-18T14:14:31","modified_gmt":"2021-06-18T06:14:31","slug":"core-4-asset-alloctions-back-test","status":"publish","type":"post","link":"https:\/\/\/core-4-asset-alloctions-back-test\/","title":{"rendered":"\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7b56\u7565\u300b\u83ef\u723e\u8857\u6295\u8cc7\u9867\u554f24\u7a2e\u6295\u8cc7\u7d44\u5408\uff0c\u904e\u53bb\u7e3e\u6548\u5be6\u6e2c\u5b8c\u5168\u89e3\u6790"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-10959\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529224313_7.jpg\" alt=\"\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7b56\u7565 \u83ef\u723e\u8857\u5c08\u5bb624\u7a2e\u6295\u8cc7\u7d44\u5408\u904e\u53bb\u7e3e\u6548\u5be6\u6e2c\" width=\"960\" height=\"502\" \/><\/p>\n<p><a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8cc7\u7522\u914d\u7f6e<\/a>\u662f\u6307\u5c07\u8cc7\u91d1\u6295\u8cc7\u5230\u4e0d\u540c\u985e\u578b\u7684\u8cc7\u7522\u985e\u5225\u4e0a\uff0c\u9054\u6210\u671f\u671b\u7684\u98a8\u96aa\u8207\u5831\u916c\u914d\u7f6e\uff0c<br \/>\n\u4e4b\u524d\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u4e86\u83ef\u723e\u8857\u8cc7\u6df1\u91d1\u878d\u9867\u554f-\u91cc\u514b\u2027\u6cd5\u5229(Rick Ferri)\u768424\u7a2e\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u5be6\u969b\u544a\u8a34\u4f60\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7684\u7b56\u7565\uff0c\u5305\u542b6\u7a2e\u6295\u8cc7\u4e3b\u984cx 4\u7a2e\u98a8\u96aa\u5c6c\u6027\uff0c<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5c31\u4f86\u5be6\u6e2c\u901924\u7a2e\u6295\u8cc7\u7d44\u5408\u7684\u904e\u53bb\u7e3e\u6548\u5be6\u6e2c\uff0c<br \/>\n\u5305\u542b\uff1a<strong>\u5e74\u5316\u5831\u916c\u7387\u3001\u6a19\u6e96\u5dee\u3001\u590f\u666e\u6307\u6578\u3001\u6700\u4f73\u5e74\u5ea6\u5831\u916c\u3001\u6700\u7cdf\u5e74\u5ea6\u5831\u916c\u3001<br \/>\n\u6700\u5927\u56de\u8abf\u7684\u5be6\u6e2c\u7d50\u679c<\/strong>\uff0c\u4f86\u770b\u770b\u5404\u7a2e\u7d44\u5408\u7684\u8868\u73fe\u60c5\u5f62\u3002<\/p>\n<p><!--more--><\/p>\n<h2>24\u7a2e\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u5340\u9593<\/h2>\n<p>\u8acb\u5148\u8907\u7fd2\u4e00\u4e0b\u4e0a\u4e00\u7bc7\u6587\u7ae0\u63d0\u5230\uff0c<br \/>\n\u901924\u7a2e\u6295\u8cc7\u7d44\u5408\u6295\u8cc7\u7684\u8cc7\u7522\u985e\u5225\u3001\u98a8\u96aa\u5c6c\u6027\u8ddf\u4ee3\u8868\u6027\u6295\u8cc7\u6a19\u7684\u3002<br \/>\n\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/core-4-asset-alloctions-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7b56\u7565\u300b\u83ef\u723e\u8857\u5c08\u5bb6\u6559\u4f605\u500b\u8cc7\u7522\u914d\u7f6e\u6b65\u9a5f\uff0c\u517124\u7a2e\u6295\u8cc7\u7d44\u5408\u5927\u516c\u958b<\/a><\/p>\n<h3>\u5be6\u6e2c\u5340\u9593<\/h3>\n<p>\u7531\u65bc\u5404\u7a2e\u6295\u8cc7\u4e3b\u984c\u7684\u4ee3\u8868\u6027\u57fa\u91d1\u6216ETF\u6642\u9593\u9577\u77ed\u4e0d\u4e00\uff0c<br \/>\n\u6211\u5011\u6311\u4e86\u5404\u985e\u5225\u4e2d\u6b77\u53f2\u6700\u60a0\u4e45\u7684\u6a19\u7684\u4f86\u505a\u5be6\u6e2c\uff0c\u5404\u7a2e\u4e3b\u984c\u80fd\u5be6\u6e2c\u7684\u5340\u9593\u5982\u4e0b\uff1a<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"3\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u5340\u9593&quot;}\">\n<h3 style=\"text-align: center;\"><strong>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u5340\u9593<\/strong><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6295\u8cc7\u4e3b\u984c&quot;}\"><strong>\u6295\u8cc7\u4e3b\u984c<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5be6\u6e2c\u5340\u9593&quot;}\"><strong>\u5be6\u6e2c\u5340\u9593<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5be6\u6e2c\u6a19\u7684&quot;}\"><strong>\u5be6\u6e2c\u6a19\u7684<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7d93\u5178\u6295\u8cc7\u7d44\u5408(Classic portfolio)&quot;}\">\u7d93\u5178\u6295\u8cc7\u7d44\u5408(Classic portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2008\/01-2020\/04&quot;}\">2008\/01-2020\/04<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITOT+VEU+VNQ+AGG&quot;}\">ITOT+VEU+VNQ+AGG<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7e3d\u9ad4\u7d93\u6fdf\u6295\u8cc7\u7d44\u5408(Total Economy portfolio)&quot;}\">\u7e3d\u9ad4\u7d93\u6fdf\u6295\u8cc7\u7d44\u5408(Total Economy portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2008\/01-2020\/04&quot;}\">2008\/01-2020\/04<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;IOO+IJS++VNQ+AGG&quot;}\">IOO+IJS++VNQ+AGG<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5168\u7403\u5e02\u5834\u6295\u8cc7\u7d44\u5408(Global Market portfolio)&quot;}\">\u5168\u7403\u5e02\u5834\u6295\u8cc7\u7d44\u5408(Global Market portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2008\/01-2020\/04&quot;}\">2008\/01-2020\/04<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;ITOT+VEU+AGG+BWX&quot;}\">ITOT+VEU+AGG+BWX<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408(Income Seeker portfolio)&quot;}\">\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408(Income Seeker portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2008\/01-2020\/06&quot;}\">2008\/01-2020\/06<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DVY+PID+LQD+PFF&quot;}\">DVY+PID+LQD+PFF<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408(Inflation Fighter portfolio)&quot;}\">\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408(Inflation Fighter portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2012\/01-2020\/04&quot;}\">2012\/01-2020\/04<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;IOO+VNQ+TIP+FLOT&quot;}\">IOO+VNQ+TIP+FLOT<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408(ESG portfolio)&quot;}\">\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408(ESG portfolio)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2016\/01-2020\/04&quot;}\">2016\/01-2020\/04<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DSI+TSORX+TSBRX+BAB&quot;}\">DSI+TSORX+TSBRX+BAB<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" colspan=\"3\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8cc7\u6599\u6574\u7406\uff1aMr.Market\u5e02\u5834\u5148\u751f &quot;}\"><span style=\"font-size: 14px;\">\u8cc7\u6599\u6574\u7406\uff1aMr.Market\u5e02\u5834\u5148\u751f<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u4e0a\u8868\u53ef\u770b\u51fa\u300c\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408\u300d\u53ca\u300c\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408\u300d\u80fd\u6293\u5230\u7684\u6642\u9593\u662f\u6bd4\u8f03\u77ed\u7684\uff0c<br \/>\n\u56e0\u6b64\u6211\u5011\u5148\u5c31\u524d\u9762\u56db\u7a2e\u7d44\u5408\u4f86\u505a\u6bd4\u8f03\uff0c\u518d\u500b\u5225\u8ac7\u5f8c\u9762\u5169\u7a2e\u3002<\/p>\n<h2>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a<br \/>\n\u7d93\u5178\u6295\u8cc7vs\u7e3d\u9ad4\u7d93\u6fdfvs\u5168\u7403\u5e02\u5834vs\u8ffd\u6c42\u6536\u76ca<\/h2>\n<p>\u524d\u56db\u7a2e\u7d44\u5408\u5be6\u6e2c\u7d50\u679c\u5982\u4e0b\u8868\u683c\uff0c\u5206\u5225\u986f\u793a\u51fa\u5404\u7a2e\u7d44\u5408\u7684\uff1a<br \/>\n\u5e74\u5316\u5831\u916c\u7387\u3001\u6a19\u6e96\u5dee\u3001\u590f\u666e\u6307\u6578\u3001\u6700\u4f73\u5e74\u5ea6\u5831\u916c\u3001\u6700\u7cdf\u5e74\u5ea6\u5831\u916c\u3001\u6700\u5927\u56de\u8abf\u7684\u5be6\u6e2c\u7d50\u679c\uff0c<br \/>\n\u6a19\u793a\u7da0\u5e95\u7684\u6578\u5b57\u4ee3\u8868\u540c\u4e00\u98a8\u96aa\u4e2d\uff0c\u8868\u73fe\u6700\u597d\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n<p><strong>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10961\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529230213_25.jpg\" alt=\"\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u7d50\u679c\" width=\"651\" height=\"567\" \/><\/p>\n<h3>\u8907\u5408\u5e74\u5316\u5831\u916c\u7387(CAGR)\uff1a<\/h3>\n<p>\u4ee5\u8907\u5408\u5e74\u5316\u5831\u916c\u7387\u4f86\u770b\uff0c\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u6574\u9ad4\u8868\u73fe\u8f03\u4f73\uff0c\u96a8\u8457\u98a8\u96aa\u5c6c\u6027\u8d8a\u9ad8\uff0c\u5831\u916c\u7387\u4e5f\u8d8a\u9ad8\u3002<br \/>\n\u7136\u800c\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u537b\u51fa\u73fe\u4e86\u9055\u53cd\u5e38\u7406\u7684\u7d50\u679c\uff0c<br \/>\n\u904e\u53bb\u7684\u6578\u503c\u5448\u73fe\u4f4e\u98a8\u96aa\u7d44\u5408\u53cd\u800c\u5831\u916c\u7387\u8f03\u9ad8\u98a8\u96aa\u7d44\u5408\u4f73\uff0c\u539f\u56e0\u4e3b\u8981\u70ba\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u5176\u8cc7\u7522\u985e\u5225\u300c\u9ad8\u80a1\u5229\u975e\u7f8e\u570b\u80a1\u7968\u300d(\u4ee3\u8868\u6a19\u7684\uff1aPID)\u56e0\u57282008\u30012015\u53ca2020\u5747\u8dcc\u5e45\u5f88\u6df1\uff0c<br \/>\n\u4f46\u4e0a\u6f32\u5e45\u5ea6\u53c8\u4e0d\u8db3\u4ee5\u5f4c\u88dc\u8dcc\u5e45\uff0c2008\uff5e2020\u671f\u9593\u7684\u8907\u5408\u5e74\u5316\u5831\u916c\u7387\u70ba-0.82%\uff0c<br \/>\n\u62d6\u7d2f\u80a1\u7968\u9019\u500b\u985e\u5225\uff0c\u9020\u6210\u80a1\u7968\u914d\u7f6e\u8d8a\u5c11\u7684\u4f4e\u98a8\u96aa\u7d44\u5408\u5831\u916c\u53cd\u800c\u66f4\u597d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u9ad8\u80a1\u5229\u7684\u80a1\u7968\u96d6\u5e73\u6642\u8868\u73fe\u7a69\u5b9a\uff0c\u4f46\u56e0\u591a\u70ba\u7a69\u5b9a\u7684\u7522\u696d\uff0c<br \/>\n\u5982\u50b3\u7d71\u7522\u696d\u3001\u516c\u7528\u4e8b\u696d\u3001\u91d1\u878d\u3001\u80fd\u6e90\u7b49\uff0c\u672c\u76ca\u6bd4\u504f\u9ad8\uff0c\u80a1\u50f9\u4e0a\u6f32\u5e45\u5ea6\u6709\u9650\uff0c<br \/>\n\u4f46\u662f\u5728\u5e02\u5834\u5371\u6a5f\u6642\u537b\u53c8\u5bb9\u6613\u8dcc\u6df1\uff0c\u4fb5\u8755\u6574\u9ad4\u7372\u5229\uff0c2008\uff5e2020\u671f\u9593\uff0c<br \/>\n\u300c\u9ad8\u80a1\u5229\u7f8e\u570b\u80a1\u7968\u300d(\u4ee3\u8868\u6a19\u7684\uff1aDVY)\u7684\u8907\u5408\u5e74\u5316\u5831\u916c\u7387\u50c5\u70ba58%\uff0c<br \/>\n\u540c\u671f\u300c\u7f8e\u570b\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u300d(\u4ee3\u8868\u6a19\u7684\uff1aLQD)\u7684\u8907\u5408\u5e74\u5316\u5831\u916c\u7387\u70ba5.85%\uff0c<br \/>\n\u6545\u50b5\u5238\u8868\u73fe\u53cd\u800c\u8f03\u9ad8\u80a1\u5229\u80a1\u7968\u4f73\u3002<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10962\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529230650_35.jpg\" alt=\"\u8907\u5408\u5e74\u5316\u5831\u916c\u7387\" width=\"650\" height=\"478\" \/><\/p>\n<h3>\u6a19\u6e96\u5dee(Standard deviation)\uff1a<\/h3>\n<p><a href=/index.html"https:\/\/\/fund-indicator-3\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6a19\u6e96\u5dee<\/a>\u662f\u7528\u4f86\u8861\u91cf\u904e\u53bb\u4e00\u6bb5\u6642\u9593\u7684\u6ce2\u52d5\u5927\u5c0f\uff0c\u6ce2\u52d5\u8d8a\u5927\u4ee3\u8868\u4e0d\u78ba\u5b9a\u6027\u8d8a\u5927\uff0c\u6545\u6a19\u6e96\u5dee\u8d8a\u5c0f\u8d8a\u597d\u3002<br \/>\n\u4ee5\u9019\u56db\u7a2e\u7d44\u5408\u4f86\u770b\uff0c\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u6a19\u6e96\u5dee\u660e\u986f\u9ad8\u65bc\u5176\u4ed6\u7d44\u5408\uff0c<br \/>\n\u4ee3\u8868\u5176\u6f32\u8dcc\u8f03\u70ba\u5287\u70c8\uff0c\u5176\u9918\u4e09\u7a2e\u7d44\u5408\u5247\u76f8\u5dee\u4e0d\u5927\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10963\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529230851_7.jpg\" alt=\"\u6a19\u6e96\u5dee\" width=\"650\" height=\"452\" \/><\/p>\n<h3>\u590f\u666e\u6307\u6578(Sharpe ratio)\uff1a<\/h3>\n<p><a href=/index.html"https:\/\/\/what-sharpe-ratio\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u590f\u666e\u6307\u6578<\/a>\u662f\u7528\u4f86\u8861\u91cf\u57fa\u91d1\u662f\u5426\u80fd\u7528\u300c\u8d8a\u5c0f\u7684\u6ce2\u52d5\u300d\u5275\u9020\u300c\u8d8a\u9ad8\u7684\u7372\u5229\u300d\uff0c\u6545\u6578\u503c\u8d8a\u9ad8\u8d8a\u597d\u3002<br \/>\n\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u7684\u590f\u666e\u6307\u6578\u660e\u986f\u9ad8\u65bc\u5176\u4ed6\u7d44\u5408\uff0c\u800c\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u7684\u6307\u6578\u70ba\u6700\u4f4e\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10964\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529231242_28.jpg\" alt=\"\u590f\u666e\u6307\u6578\" width=\"650\" height=\"486\" \/><\/p>\n<h3>\u6700\u4f73\u5e74\u5ea6\u5831\u916c(Best year) vs \u6700\u7cdf\u5e74\u5ea6\u5831\u916c(Worst year)\uff1a<\/h3>\n<p>\u56e0\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u7684\u6ce2\u52d5\u8f03\u5927\uff0c\u6545\u5728\u6700\u4f73\u5e74\u5ea6\u5831\u916c\u53ca\u6700\u7cdf\u5e74\u5ea6\u5831\u916c\uff0c<br \/>\n\u5747\u6709\u5176\u8f03\u7a81\u51fa\u7684\u8868\u73fe\uff0c\u6f32\u7684\u9ad8\u4e5f\u8dcc\u7684\u6df1\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10965\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529231441_86.jpg\" alt=\"\u6700\u4f73\u5e74\u5ea6\u5831\u916c\" width=\"650\" height=\"490\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10966\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529231628_18.jpg\" alt=\"\u6700\u7cdf\u5e74\u5ea6\u5831\u916c\" width=\"650\" height=\"487\" \/><\/p>\n<h3>\u6700\u5927\u56de\u8abf(Max Drawdown)\uff1a<\/h3>\n<p>\u6700\u5927\u56de\u8abf\u6307\u7684\u662f\u6295\u8cc7\u671f\u9593\u5167\u5f9e\u6700\u9ad8\u9ede\u81f3\u6700\u4f4e\u9ede\u7684\u8dcc\u5e45\uff0c<br \/>\n\u53ef\u4ee5\u770b\u5230\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u5728\u5404\u7a2e\u98a8\u96aa\u5c6c\u6027\u90fd\u6709\u76f8\u7576\u5927\u7684\u8dcc\u5e45\uff0c\u5f9e-27.53%\u81f3-47.08%\u3002<br \/>\n\u76f8\u5c0d\u7684\uff0c\u5176\u4ed6\u4e09\u7a2e\u6295\u8cc7\u7d44\u5408\u5728\u4f4e\u98a8\u96aa\u6642\u5247\u80fd\u7dad\u6301-10%\u5de6\u53f3\u7684\u8dcc\u5e45\uff0c<br \/>\n\u4f46\u7a4d\u6975\u6210\u9577\u7684\u8dcc\u5e45\u7686\u8dcc\u8d85\u904e-40%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10967\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529231844_39.jpg\" alt=\"\u6700\u5927\u56de\u8abf(\u6700\u9ad8\u9ede\u81f3\u6700\u4f4e\u9ede\u7684\u8dcc\u5e45)\" width=\"650\" height=\"457\" \/><\/p>\n<h2>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a\u7d93\u5178\u6295\u8cc7vs\u6297\u901a\u81a8<\/h2>\n<p>\u7531\u65bc\u300c\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408\u300d\u50c5\u80fd\u6293\u53d62012\u5e74\u5f8c\u7684\u8cc7\u6599\uff0c\u6545\u4ee5\u4e0b\u6bd4\u8f032012\/01\uff5e2020\/04\u9593\uff0c<br \/>\n\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u53ca\u300c\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408\u300d\u7684\u5be6\u6e2c\u7d50\u679c\u3002<\/p>\n<p>\u5be6\u6e2c\u7d50\u679c\u5728\u5831\u916c\u7387\u53ca\u590f\u666e\u6307\u6578\u4e0a\uff0c\u5747\u662f\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u8f03\u4f73\u3002<br \/>\n\u63a8\u6e2c\u56e0\u6297\u901a\u81a8\u7d44\u5408\u56e0\u9700\u4ed8\u51fa\u6297\u901a\u81a8\u7684\u907f\u96aa\u6210\u672c\uff0c\u56e0\u6b64\u5831\u916c\u7387\u6703\u7565\u4f4e\u5176\u4ed6\u7d44\u5408\u3002<br \/>\n\u7136\u800c\uff0c\u6b64\u6642\u5be6\u6e2c\u671f\u9593\u4e26\u6c92\u6709\u767c\u751f\u5de8\u5927\u7684\u901a\u81a8\u73fe\u8c61\uff0c\u6545\u96e3\u4ee5\u770b\u51fa\u6b64\u7d44\u5408\u6297\u901a\u81a8\u7684\u6548\u679c\uff0c\u5efa\u8b70\u53ef\u7e7c\u7e8c\u89c0\u5bdf\u3002<\/p>\n<p><strong>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10968\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529232052_35.jpg\" alt=\"\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u7d50\u679c \u7d93\u5178\u6295\u8cc7 \u6297\u901a\u81a8\" width=\"650\" height=\"384\" \/><\/p>\n<h2>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a\u7d93\u5178\u6295\u8cc7vs\u8ffd\u6c42\u6c38\u7e8c<\/h2>\n<p>\u7531\u65bc\u300c\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408(ESG)\u300d\u70ba\u8f03\u65b0\u7684\u89c0\u5ff5\uff0c\u50c5\u80fd\u6293\u53d62016\u5e74\u5f8c\u7684\u8cc7\u6599\uff0c<br \/>\n\u6545\u4ee5\u4e0b\u6bd4\u8f032016\/01\uff5e2020\/04\u9593\uff0c\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u53ca\u300c\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408\u300d\u7684\u5be6\u6e2c\u7d50\u679c\u3002<\/p>\n<p>\u5be6\u6e2c\u7d50\u679c\u5728\u5831\u916c\u7387\u4e0a\uff0c\u300c\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408\u300d\u7684\u8868\u73fe\u662f\u8f03\u4f73\u7684\uff0c\u5728\u5176\u4ed6\u6307\u6a19\u4e0a\u5247\u5404\u6709\u9577\u77ed\u3002<br \/>\n\u7136\u800c\u6b64\u56de\u6e2c\u5340\u9593\u8f03\u77ed\uff0c\u5efa\u8b70\u53ef\u4ee5\u6301\u7e8c\u89c0\u5bdf\u5176\u6210\u6548\u3002<\/p>\n<p><strong>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u7d50\u679c\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10969\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200529232308_14.jpg\" alt=\"\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408\u5be6\u6e2c\u7d50\u679c \u7d93\u5178\u6295\u8cc7 \u8ffd\u6c42\u6c38\u7e8c\" width=\"651\" height=\"381\" \/><\/p>\n<h2>\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7d44\u5408 \u5be6\u6e2c\u5f8c\u7d50\u8ad6\u53ca\u5fc3\u5f97<\/h2>\n<p>1.\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u3001\u300c\u7e3d\u9ad4\u7d93\u6fdf\u6295\u8cc7\u7d44\u5408\u300d\u3001\u300c\u5168\u7403\u5e02\u5834\u6295\u8cc7\u7d44\u5408\u300d\u4e09\u8005\u8868\u73fe\u76f8\u5dee\u4e0d\u9060\uff0c<br \/>\n\u5176\u4e2d\u300c\u7d93\u5178\u6295\u8cc7\u7d44\u5408\u300d\u5728\u5e74\u5316\u5831\u916c\u7387\u3001\u590f\u666e\u6307\u6578\u7b49\u8868\u73fe\u7565\u4f73\u3002<\/p>\n<p>2.\u300c\u8ffd\u6c42\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u300d\u6ce2\u52d5\u5927\uff0c\u4e14\u5831\u916c\u4e26\u672a\u548c\u98a8\u96aa\u6210\u6b63\u6bd4\u3002<br \/>\n\u559c\u597d\u56fa\u5b9a\u6536\u76ca\u7684\u6295\u8cc7\u4eba\u9700\u8981\u80fd\u5fcd\u53d7\u5176\u80a1\u50f9\u6216\u6de8\u503c\u7684\u6ce2\u52d5\u3002<br \/>\n\u82e5\u662f\u6295\u8cc7\u9ad8\u8a55\u7b49\u7684\u6a19\u7684\uff0c\u5247\u4e0d\u8a72\u5728\u5e02\u5834\u4e0d\u4f73\u6642\u8ce3\u51fa\uff0c\u53cd\u800c\u8981\u5728\u66b4\u8dcc\u6642\u52a0\u78bc\u6295\u8cc7\uff0c\u9577\u671f\u7372\u5229\u6a5f\u7387\u8f03\u9ad8\u3002<\/p>\n<p>3.\u300c\u6297\u901a\u81a8\u6295\u8cc7\u7d44\u5408\u300d\u53ca\u300c\u8ffd\u6c42\u6c38\u7e8c\u6295\u8cc7\u7d44\u5408\u300d\u56de\u6e2c\u6642\u9593\u8f03\u77ed\uff0c\u9808\u6301\u7e8c\u89c0\u5bdf\u3002<\/p>\n<p>4.\u5728\u5404\u7a2e\u6295\u8cc7\u7d44\u5408\uff0c\u4f4e\u98a8\u96aa\u7684\u590f\u666e\u6307\u6578\u5747\u9ad8\u65bc\u9ad8\u98a8\u96aa\u7684\u590f\u666e\u6307\u6578\uff0c<br \/>\n\u4ee3\u8868\u4f4e\u98a8\u96aa\u7d44\u5408\u80fd\u5920\u4ee5\u8f03\u4f4e\u7684\u98a8\u96aa\u5e36\u4f86\u76f8\u5c0d\u597d\u7684\u5831\u916c\u3002<br \/>\n\u6211\u5011\u53ef\u4ee5\u770b\u5230\u6700\u9ad8\u98a8\u96aa\u53ca\u6700\u4f4e\u98a8\u96aa\u7684\u5e74\u5316\u5831\u916c\u7387\u50c5\u5dee1%\u5de6\u53f3\uff0c\u4f46\u662f\u5728\u6700\u5927\u56de\u8abf\u5247\u5dee\u4e8630%\uff0c<br \/>\n\u9019\u986f\u793a\u4e86\u8cc7\u7522\u914d\u7f6e\u7684\u91cd\u8981\u6027\uff0c\u591a1%\u7684\u5e74\u5316\u5831\u916c\u7387\u662f\u5426\u503c\u5f97\u6211\u5011\u591a\u627f\u64d430%\u7684\u4e0b\u8dcc\u98a8\u96aa\uff0c\u503c\u5f97\u6df1\u601d\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u770b\u6cd5\uff1a<\/strong><\/p>\n<p>\u5f88\u591a\u4eba\u6703\u89ba\u5f97\uff0c\u6709\u67d0\u7a2e\u8cc7\u7522\u914d\u7f6e\u4e00\u5b9a\u6703\u6bd4\u5176\u4ed6\u7684\u597d\uff0c\u9078\u67d0\u500b\u5831\u916c\u6700\u9ad8\u6216\u8005\u5831\u916c\/\u98a8\u96aa\u6bd4\u4f8b\u6700\u4f73\u7684\u5c31\u597d\uff0c\u4f46\u5be6\u969b\u4e0a\u4e0d\u4e00\u5b9a\uff0c<br \/>\n\u56e0\u70ba\u6b77\u53f2\u72c0\u6cc1\u4e0d\u4ee3\u8868\u672a\u4f86\u4e5f\u662f\u5982\u6b64\uff0c\u56de\u6e2c\u4e3b\u8981\u662f\u505a\u70ba\u4e00\u500b\u8f03\u9ad8\u53ef\u4fe1\u5ea6\u7684\u53c3\u8003\uff0c\u4f46\u4e5f\u8981\u5c0f\u5fc3\u907f\u514d\u8b93\u53c3\u8003\u6578\u64da\u8b8a\u6210\u8aa4\u5c0e\u3002<br \/>\n\u4e5f\u8a31\u5728\u67d0\u4e9b\u77ed\u6642\u9593\u5167\uff0c\u4f60\u6703\u770b\u5230\u67d0\u500b\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u6bd4\u8f03\u5f37\uff0c\u4f46\u90a3\u53ea\u662f\u56e0\u70ba\u5176\u4e2d\u67d0\u985e\u8cc7\u7522\u914d\u6bd4\u8f03\u9ad8\uff0c\u4e14\u90a3\u6bb5\u6642\u9593\u525b\u597d\u5f88\u5f37\uff0c<br \/>\n\u4f46\u6839\u64da\u6b77\u53f2\u7d93\u9a57\uff0c\u8d8a\u9ad8\u98a8\u96aa\u7684\u8cc7\u7522\uff0c\u5728\u8d8a\u77ed\u6642\u9593\u4e0b\u7684\u6210\u679c\u5c31\u8d8a\u6975\u7aef\uff0c\u6709\u6642\u6975\u597d\u3001\u6709\u6642\u6975\u5dee\uff0c<br \/>\n\u6240\u4ee5\u6b77\u53f2\u6578\u64da\u5982\u679c\u77ed\u4e86\uff0c\u6211\u5011\u4e0d\u4e00\u5b9a\u80fd\u770b\u51fa\u5f88\u660e\u78ba\u7684\u7d50\u679c\u3002<br \/>\n\u4f46\u554f\u984c\u5728\u65bc\uff0c\u5f88\u591a\u6642\u5019\u6211\u5011\u53d7\u9650\u65bc\u8cc7\u7522\u985e\u5225\uff0c\u56de\u6e2c\u6642\u4e0d\u4e00\u5b9a\u6709\u8db3\u5920\u9577\u7684\u8cc7\u6599\u53ef\u4ee5\u4f7f\u7528\uff0c<br \/>\n\u56e0\u6b64\u56de\u6e2c\u50c5\u80fd\u4f5c\u70ba\u8f14\u52a9\uff0c\u95dc\u9375\u662f\u53bb\u4e86\u89e3\u6bcf\u4e00\u985e\u8cc7\u7522\u7684\u672c\u8cea\u7279\u6027\u3002<\/p>\n<p>\u6c92\u6709\u6240\u8b02\u6700\u597d\u7684\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\uff0c\u5982\u679c\u53ea\u662f\u8ffd\u6c42\u6700\u5927\u5316\u5831\u916c\uff0c\u90a3\u6839\u672c\u4e0d\u5fc5\u8cc7\u7522\u914d\u7f6e\uff0c<br 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