{"id":20926,"date":"2021-05-12T00:08:59","date_gmt":"2021-05-11T16:08:59","guid":{"rendered":"https:\/\/\/?p=20926"},"modified":"2022-11-07T20:02:30","modified_gmt":"2022-11-07T12:02:30","slug":"systematic-risk-and-unsystematic-risk-invest","status":"publish","type":"post","link":"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/","title":{"rendered":"\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f\u8207\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u7684\u5dee\u5225\uff1f"},"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-43841\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221107200207_96.jpg\" alt=\"\u7cfb\u7d71\u6027\u98a8\u96aa-\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20221107200207_96.jpg 2090w, https:\/\/\/wp-content\/uploads\/20221107200207_96-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20221107200207_96-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/><\/p>\n<p>\u98a8\u96aa\u9019\u500b\u8a5e\u5728\u6295\u8cc7\u4e2d\u975e\u5e38\u7684\u62bd\u8c61\uff0c\u4e0d\u540c\u7684\u4eba\u63d0\u5230\u98a8\u96aa\u53ef\u80fd\u610f\u7fa9\u4e0d\u540c\uff0c\u6709\u4e9b\u4eba\u8a8d\u70ba\u98a8\u96aa\u662f\u8667\u640d\u7684\u6a5f\u7387\uff0c\u6709\u4e9b\u4eba\u8a8d\u70ba\u662f\u8667\u640d\u7684\u5927\u5c0f\uff0c\u6709\u4e9b\u4eba\u5247\u8a8d\u70ba\u662f\u6ce2\u52d5\u7a0b\u5ea6\u3002<\/p>\n<p>\u5728\u6295\u8cc7\u4e2d\u6211\u5011\u4e00\u822c\u8a8d\u70ba\u98a8\u96aa\u662f\u6307\u6295\u8cc7\u767c\u751f\u8667\u640d\u7684\u53ef\u80fd\u6027\u53ca\u50b7\u5bb3\u7a0b\u5ea6\u3002<\/p>\n<p>\u4e0d\u904e\u7531\u65bc\u98a8\u96aa\u662f\u53ef\u4ee5\u900f\u904e\u4e00\u4e9b\u65b9\u5f0f(\u4f8b\u5982<a href=/index.html"https:\/\/\/how-diversify-invest-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5206\u6563\u6295\u8cc7<\/a>)\u964d\u4f4e\u7684\uff0c\u56e0\u6b64\u5728\u6295\u8cc7\u76f8\u95dc\u7406\u8ad6\u4e2d\uff0c<br \/>\n\u53ef\u4ee5\u628a\u98a8\u96aa\u9032\u4e00\u6b65\u62c6\u89e3\uff0c\u5206\u70ba <strong>\u7cfb\u7d71\u98a8\u96aa<\/strong>(Systematic Risk)\u3001<strong>\u975e\u7cfb\u7d71\u98a8\u96aa<\/strong>(Unsystematic Risk)\u9019\u5169\u7a2e\uff0c<\/p>\n<p><strong>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa<\/strong>\u5c31\u662f<strong>\u500b\u80a1<\/strong>\u98a8\u96aa\uff0c\u53ef\u4ee5\u7528\u5206\u6563\u6295\u8cc7\u4f86\u6d88\u9664\u98a8\u96aa\u3002<\/p>\n<p><strong>\u7cfb\u7d71\u6027\u98a8\u96aa<\/strong>\u662f\u6307<a href=/index.html"https:\/\/\/blog-pos-19\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>\u5927\u76e4<\/strong><\/a>\u98a8\u96aa\uff0c\u7121\u6cd5\u900f\u904e\u5206\u6563\u6295\u8cc7\u4f86\u6d88\u9664\u98a8\u96aa\uff0c\u4f46\u53ef\u4ee5\u900f\u904e<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e<\/a>\u4f86\u8abf\u6574\u4e0d\u540c\u8cc7\u7522\u9593\u7684\u98a8\u96aa\u627f\u53d7\u72c0\u6cc1\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-66123282dc1be\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-66123282dc1be\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E6%8A%95%E8%B3%87%E7%9A%84%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u6295\u8cc7\u7684\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u7684\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E9%9D%9E%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E3%80%81%E9%9D%9E%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA_%E5%A6%82%E4%BD%95%E6%87%89%E7%94%A8%EF%BC%9F\" title=\"\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u975e\u7cfb\u7d71\u6027\u98a8\u96aa \u5982\u4f55\u61c9\u7528\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u975e\u7cfb\u7d71\u6027\u98a8\u96aa \u5982\u4f55\u61c9\u7528\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E5%B8%B8%E7%94%A8%E4%BE%86%E8%A1%A1%E9%87%8F%E9%A2%A8%E9%9A%AA%E7%9A%84%E6%8C%87%E6%A8%99%E5%A4%8F%E6%99%AE%E7%8E%87%E3%80%81Beta%E3%80%81Alpha\" title=\"\u5e38\u7528\u4f86\u8861\u91cf\u98a8\u96aa\u7684\u6307\u6a19(\u590f\u666e\u7387\u3001Beta\u3001Alpha)\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e38\u7528\u4f86\u8861\u91cf\u98a8\u96aa\u7684\u6307\u6a19(\u590f\u666e\u7387\u3001Beta\u3001Alpha)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/systematic-risk-and-unsystematic-risk-invest\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E6%8A%95%E8%B3%87%E7%9A%84%E7%B3%BB%E7%B5%B1%E3%80%81%E9%9D%9E%E7%B3%BB%E7%B5%B1%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u6295\u8cc7\u7684\u7cfb\u7d71\u3001\u975e\u7cfb\u7d71\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u6295\u8cc7\u7684\u7cfb\u7d71\u3001\u975e\u7cfb\u7d71\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%9A%84%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u6295\u8cc7\u7684\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4f60\u53ef\u80fd\u5e38\u5e38\u807d\u5230\u4e00\u500b\u8a5e\u53eb\u505a\u300c\u5206\u6563\u98a8\u96aa\u300d\u3002<\/p>\n<p>\u4f46\u4f60\u6709\u6c92\u6709\u60f3\u904e\uff0c\u5206\u6563\u98a8\u96aa\u5177\u9ad4\u4f86\u8aaa\u5230\u5e95\u53ef\u4ee5\u628a\u98a8\u96aa\u964d\u4f4e\u5230\u4ec0\u9ebc\u7a0b\u5ea6\u5462\uff1f<\/p>\n<p>\u9019\u6642\u5019\uff0c\u6211\u5011\u5c31\u9700\u8981\u5c0d\u98a8\u96aa\u6709\u66f4\u5b8c\u6574\u7684\u5b9a\u7fa9\uff0c<\/p>\n<p>\u628a\u98a8\u96aa\u5340\u9694\u6210\u300c\u7cfb\u7d71\u6027\u98a8\u96aa\u300d\u548c\u300c\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u300d\uff0c\u53ef\u4ee5\u8b93\u6211\u5011\u66f4\u5bb9\u6613\u7684\u5c0d\u98a8\u96aa\u6709\u8db3\u5920\u7684\u7406\u89e3\u3002<\/p>\n<blockquote><p><strong>\u6295\u8cc7\u7684\u7e3d\u98a8\u96aa = <\/strong><strong>\u7cfb\u7d71\u6027\u98a8\u96aa(Systematic Risk) + <\/strong><strong>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa(Unsystematic Risk)<\/strong><\/p><\/blockquote>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u7cfb\u7d71\u6027\u98a8\u96aa = <\/strong><strong>\u5927\u76e4<\/strong>\u98a8\u96aa\uff0c\u50cf\u662f\u5929\u707d\u4eba\u798d\u3001\u91d1\u878d\u6d77\u562f\uff0c\u6307\u5ee3\u6cdb\u7684\u5e02\u5834\u56e0\u7d20\u3002\u9019\u7a2e\u98a8\u96aa\u7121\u6cd5\u5206\u6563\u3001\u907f\u514d\uff0c\u5305\u542b\u4e86\u7d93\u6fdf\u3001\u5229\u7387\u8b8a\u52d5\u6240\u9020\u6210\u7684\u98a8\u96aa\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa = <\/strong><strong>\u500b\u80a1<\/strong>\u98a8\u96aa\uff0c\u50cf\u662f\u516c\u53f8\u56e0\u7d20\u9020\u6210\u500b\u80a1\u80a1\u50f9\u7684\u6ce2\u52d5\uff0c\u6307\u500b\u5225\u516c\u53f8\u6216\u884c\u696d\u7684\u98a8\u96aa\u3002\u975e\u7cfb\u7d71\u98a8\u96aa\u53ef\u4ee5\u5206\u6563\uff0c\u4f8b\u5982\u8cfc\u8cb7\u4e0d\u540c\u884c\u696d\u3001\u4e0d\u540c\u516c\u53f8\u7684\u80a1\u7968\u5c31\u53ef\u4ee5\u6e1b\u5c11\u3002<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone wp-image-20931\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210505225414_70.jpg\" alt=\"\u6295\u8cc7\u98a8\u96aa\" width=\"732\" height=\"359\" \/><\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u6240\u8b02\u7684\u300c\u900f\u904e\u5206\u6563\u6295\u8cc7\u964d\u4f4e\u98a8\u96aa\u300d\uff0c\u7684\u78ba\u662f\u80fd\u6e1b\u5c11\u98a8\u96aa\uff0c\u4f46\u4e26\u4e0d\u80fd\u628a\u98a8\u96aa\u964d\u5230\u96f6\uff0c<\/p>\n<p>\u5373\u4fbf\u505a\u6700\u5ee3\u6cdb\u7684\u5206\u6563\uff0c\u6295\u8cc7\u4eba\u4ecd\u8981\u627f\u64d4\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u9664\u975e\u4f60\u6709\u80fd\u529b\u9810\u6e2c\u672a\u4f86\u9ad8\u4f4e\u9ede\uff0c\u5426\u5247\u7cfb\u7d71\u6027\u98a8\u96aa\u55ae\u7d14\u6295\u8cc7\u4e00\u9805\u8cc7\u7522\u7121\u6cd5\u907f\u514d\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u63a5\u4e0b\u4f86\u5e02\u5834\u5148\u751f\u5c31\u8a73\u7d30\u5206\u6790\u4e00\u4e0b\uff0c\u975e\u7cfb\u7d71\u8207\u7cfb\u7d71\u6027\u7684\u5b9a\u7fa9\u8207\u5dee\u5225\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E9%9D%9E%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff08<\/strong>\u82f1\u6587\uff1aUnsystematic Risk\uff09\u662f\u6307\u300c\u9078\u80a1\u300d\u7684\u98a8\u96aa\uff0c\u55ae\u4e00\u4f01\u696d\u80a1\u7968\u53ef\u80fd\u56e0\u70ba\u5404\u7a2e\u539f\u56e0\u6216\u610f\u5916\u51fa\u73fe\u8d77\u4f0f\u3002<\/p>\n<p>\u975e\u7cfb\u7d71\u6027\u98a8\u96aa(Unsystematic Risk)\u53c8\u7a31\u70ba\u516c\u53f8\u7279\u6709\u98a8\u96aa\u3001\u53ef\u5206\u6563\u98a8\u96aa\uff0c<\/p>\n<p>\u50cf\u662f\u516c\u53f8\u7684\u8ca1\u52d9\u6216\u610f\u5916\u72c0\u6cc1\u5c0e\u81f4\u5931\u53bb\u8a02\u55ae\u3001\u516c\u53f8\u5ee0\u623f\u767c\u751f\u610f\u5916\u3001\u65b0\u7684\u7af6\u722d\u5c0d\u624b\u6a6b\u7a7a\u51fa\u4e16\u7b49\uff0c\u751a\u81f3\u4e5f\u5305\u62ec\u7f77\u5de5\u3001\u6cd5\u5f8b\u8a34\u8a1f\u3001\u81ea\u7136\u707d\u5bb3\u7684\u5f71\u97ff\uff0c\u6703\u5f71\u97ff\u500b\u80a1\u7684\u4e00\u5207\u98a8\u96aa\u3002<\/p>\n<p>\u5982\u679c\u53ea\u6295\u8cc7\u55ae\u4e00\u6a94\u80a1\u7968\u6216\u5c11\u6578\u5e7e\u6a94\u80a1\u7968\uff0c\u7576\u7136\u4e8b\u524d\u6211\u5011\u4e00\u5b9a\u90fd\u662f\u770b\u597d\u3001\u8a8d\u70ba\u672a\u4f86\u6709\u6f5b\u529b\uff0c<\/p>\n<p>\u4f46\u672a\u4f86\u7684\u4e8b\u60c5\u6c92\u4eba\u77e5\u9053\uff0c\u7e3d\u6703\u51fa\u73fe\u4e00\u4e9b\u610f\u5916\u8b8a\u6578\uff0c\u9019\u5f88\u6709\u53ef\u80fd\u5c0e\u81f4\u624b\u4e0a\u7684\u80a1\u7968\u51fa\u73fe\u610f\u5916\u7684\u5de8\u5927\u640d\u5931\u3002<\/p>\n<p>\u7531\u65bc\u4e00\u5bb6\u516c\u53f8\u51fa\u4e8b\uff0c\u8207\u53e6\u4e00\u5bb6\u516c\u53f8\u4e26\u6c92\u6709\u76f4\u63a5\u95dc\u4fc2\uff0c\u6240\u4ee5\u9019\u7a2e\u98a8\u96aa\u7a31\u70ba\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n<p>\u5b83\u53ef\u4ee5\u900f\u904e\u5206\u6563\u6295\u8cc7\u7d44\u5408\u4f86\u6d88\u9664\u98a8\u96aa\uff0c\u4f8b\u5982\u4e00\u6b21\u6301\u6709\u591a\u6a94\u80a1\u7968\uff0c\u5373\u4fbf\u6709\u5176\u4e2d\u4e00\u5bb6\u516c\u53f8\u9047\u5230\u56b4\u91cd\u610f\u5916\u6253\u64ca\uff0c\u4e5f\u4e0d\u81f3\u65bc\u5c0d\u6574\u500b\u6295\u8cc7\u5e33\u6236\u9020\u6210\u5f71\u97ff\u3002<\/p>\n<h3>\u5982\u4f55\u964d\u4f4e\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff1f\u4f7f\u7528\u5206\u6563\u6295\u8cc7<\/h3>\n<p>\u6240\u8b02\u7684\u5206\u6563\u6295\u8cc7\uff0c\u5c31\u662f\u900f\u904e\u6301\u6709\u5927\u91cf\u4e0d\u540c\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u8b93\u5831\u916c\u63a5\u8fd1\u5e02\u5834\u5e73\u5747\u503c(\u6307\u6578\u5831\u916c)\uff0c<br \/>\n\u512a\u9ede\u662f\u53ef\u4ee5\u907f\u514d\u9078\u80a1\u4e0d\u4f73\uff0c\u9020\u6210\u6210\u679c\u5927\u8d77\u5927\u843d\uff0c\u7f3a\u9ede\u662f\u50c5\u80fd\u53d6\u5f97\u5e73\u5747\u5831\u916c\uff0c\u96e3\u4ee5\u5275\u9020\u66f4\u597d\u7684\u6210\u679c\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u4f60\u5982\u679c\u91cd\u62bc\u67d0\u4e00\u5bb6\u516c\u53f8\uff0c\u89ba\u5f97\u5b83\u8ca1\u52d9\u72c0\u6cc1\u826f\u597d\u3001\u770b\u597d\u5b83\u672a\u4f86\u6210\u9577\uff0c<br \/>\n\u540c\u6a23\u9019\u985e\u770b\u597d\u7684\u4f01\u696d\u4e00\u5171\u67095\u5bb6\uff0c\u4f60\u5728\u6bcf\u5bb6\u90fd\u6295\u516520%\u8cc7\u91d1\u3002<br \/>\n\u7d50\u679c\u7a81\u7136\u5176\u4e2d\u4e00\u5bb6\u516c\u53f8\u50b3\u51fa\u8ca1\u5831\u9020\u5047\u7684\u6d88\u606f\uff0c\u516c\u53f8\u76f4\u63a5\u4e0b\u5e02\u8b8a\u58c1\u7d19\uff0c\u9019\u6642\u4f60\u53ef\u80fd\u906d\u9047\u5230\u4e00\u6b21 -20%\u7684\u640d\u5931\u3002<\/p>\n<p>\u53cd\u4e4b\u5982\u679c\u628a\u8cc7\u91d1\u5206\u6563\u6295\u5165\u5230200\u5bb6\u516c\u53f8\uff0c\u6bcf\u5bb6\u6295\u51650.5%\u8cc7\u91d1\uff0c\u5118\u7ba1\u56e0\u70ba\u91cf\u5f88\u5927\u3001\u4e0d\u80fd\u7cbe\u9078\uff0c<br \/>\n\u4f46\u5982\u679c\u5176\u4e2d\u4e00\u5bb6\u516c\u53f8\u540c\u6a23\u51fa\u73fe\u8ca1\u5831\u9020\u5047\uff0c\u90a3\u6700\u591a\u4e5f\u53ea\u662f\u640d\u59310.5%\u8cc7\u91d1\u3002<\/p>\n<p>\u4e0a\u8ff0\u53ea\u662f\u6975\u7aef\u60c5\u6cc1\uff0c<br \/>\n\u4e00\u822c\u60c5\u6cc1\u4e0b\uff0c200\u5bb6\u516c\u53f8\u6709\u4e9b\u6f32\u3001\u6709\u4e9b\u8dcc\uff0c\u5206\u6563\u6295\u8cc7\u4e5f\u6703\u5f97\u5230\u6bd4\u8f03\u5e73\u7a69\u3001\u4f4e\u6ce2\u52d5\u7684\u7d50\u679c\uff0c\u9577\u671f\u7684\u78ba\u5b9a\u6027\u76f8\u5c0d\u8f03\u9ad8\u3002<\/p>\n<p>\u82e5\u5c0d\u5206\u6563\u6295\u8cc7\u4e0d\u4e86\u89e3\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/how-diversify-invest-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u5206\u6563\u6295\u8cc7\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u5982\u4f55\u66f4\u597d\u7684\u5206\u6563\u98a8\u96aa\uff1f<\/a><\/p>\n<p>\u8981\u6ce8\u610f\u7684\u662f\uff0c<br \/>\n\u5206\u6563\u98a8\u96aa\u50c5\u80fd\u5206\u6563\u6389\u4e00\u90e8\u5206\u7684\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u6709\u4e9b\u7121\u6cd5\u88ab\u5206\u6563\u7684\u98a8\u96aa\u4f9d\u7136\u5fc5\u9808\u627f\u53d7\u3002<\/p>\n<p>\u7e7c\u7e8c\u5f80\u4e0b\u770b\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u7cfb\u7d71\u6027\u98a8\u96aa\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7cfb\u7d71\u6027\u98a8\u96aa\uff08\u82f1\u6587\uff1aSystematic Risk\uff09\u53c8\u7a31\u70ba\u4e0d\u53ef\u5206\u6563\u98a8\u96aa\u3001\u5e02\u5834\u98a8\u96aa\uff0c\u662f\u6307\u300c\u5927\u76e4\u300d\u98a8\u96aa\uff0c\u4f8b\u5982\u5929\u707d\u4eba\u798d\u3001\u91d1\u878d\u6d77\u562f\uff0c\u8b93\u6240\u6709\u80a1\u7968\u90fd\u53d7\u5230\u6ce2\u52d5\u3002<\/p>\n<p>\u6307\u7531\u653f\u6cbb\u3001\u7d93\u6fdf\u56e0\u7d20\u5c0e\u81f4\uff0c\u8207\u6574\u500b\u91d1\u878d\u7cfb\u7d71\u6709\u95dc\uff0c\u5305\u62ec\u5229\u7387\u8b8a\u5316\u3001\u7e3d\u7d71\u9078\u8209\u3001\u91d1\u878d\u5371\u6a5f\u3001\u6230\u722d\u548c\u81ea\u7136\u707d\u5bb3\u7b49\u7b49\uff0c\u9019\u7a2e\u98a8\u96aa\u901a\u5e38\u4e5f\u88ab\u8a8d\u70ba\u662f\u7121\u6cd5\u898f\u907f\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u6295\u8cc7\u4eba\u7121\u6cd5\u900f\u904e\u5206\u6563\u6295\u8cc7\u7d44\u5408\u53ef\u4ee5\u6e1b\u5c11\u6216\u6d88\u9664\u7684\u98a8\u96aa\uff0c\u5c31\u5c6c\u65bc\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u7528\u767d\u8a71\u4e00\u9ede\u7684\u8aaa\u6cd5\uff0c\u6295\u8cc7\u5e02\u5834\u5728\u67d0\u4e9b\u6642\u6a5f\u9ede\uff0c\u6703\u51fa\u73fe\u300c\u5e7e\u4e4e\u6240\u6709\u80a1\u7968\u90fd\u5728\u8dcc\u300d\u7684\u60c5\u6cc1\uff0c<br \/>\n\u9019\u6642\u7121\u8ad6\u4f60\u8cb7\u5230\u7684\u516c\u53f8\u662f\u591a\u9ebc\u512a\u826f\u7684\u4f01\u696d\uff0c\u90fd\u7121\u6cd5\u963b\u6b62\u5b83\u51fa\u73fe\u4e0b\u8dcc\u6ce2\u52d5\uff0c\u5206\u6563\u6295\u8cc7\u4e5f\u7121\u6cd5\u6539\u8b8a\u964d\u4f4e\u9019\u500b\u98a8\u96aa\uff0c\u53ea\u80fd\u627f\u53d7\u5b83\u3002<\/p><\/blockquote>\n<p>2008\u5e74\u7684\u6b21\u7d1a\u623f\u8cb8\u554f\u984c\u5c0e\u81f4<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91d1\u878d\u6d77\u562f<\/a>\uff0c\u5c31\u662f\u8457\u540d\u7684\u7cfb\u7d71\u6027\u98a8\u96aa\u4f8b\u5b50\uff0c\u7576\u6642\u7d55\u5927\u591a\u6578\u80a1\u7968\u90fd\u5448\u73fe\u4e0b\u8dcc\uff0c\u53ea\u6709\u8dcc\u591a\u6216\u8dcc\u5c11\u7684\u5dee\u7570\uff0c\u7121\u8ad6\u4f60\u96c6\u4e2d\u3001\u5206\u6563\u6301\u80a1\uff0c\u90fd\u7121\u6cd5\u964d\u4f4e\u9019\u985e\u98a8\u96aa\u5e36\u4f86\u7684\u5f71\u97ff\u3002<\/p>\n<h3>\u5982\u4f55\u964d\u4f4e\u7cfb\u7d71\u6027\u98a8\u96aa\uff1f\u4f7f\u7528\u8cc7\u7522\u914d\u7f6e<\/h3>\n<p>\u98a8\u96aa\u5982\u679c\u53ef\u4ee5\u88ab\u9810\u6e2c\uff0c\u90a3\u9ebc\u5b83\u5c31\u4e0d\u53eb\u98a8\u96aa\u4e86\u3002<\/p>\n<p>\u6295\u8cc7\u4eba\u60f3\u964d\u4f4e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u53ef\u4ee5\u900f\u904e\u8cc7\u7522\u914d\u7f6e\uff0c<br \/>\n\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\u3002<\/p>\n<p>\u8cc7\u7522\u914d\u7f6e\u662f\u900f\u904e\u628a\u8cc7\u91d1\u6295\u5165\u5728\u4f4e\u76f8\u95dc\u6027\u7684\u4e0d\u540c\u8cc7\u7522\u985e\u5225\u4e0a\uff0c\u914d\u7f6e\u4e0d\u540c\u8cc7\u91d1\u6bd4\u4f8b\u3002<br \/>\n\u7576\u67d0\u4e00\u500b\u8cc7\u7522\u9762\u81e8\u7cfb\u7d71\u6027\u98a8\u96aa\u767c\u751f\u5927\u8dcc\u6642\uff0c\u7531\u65bc\u9019\u5927\u8dcc\u8207\u53e6\u4e00\u500b\u8cc7\u7522\u4e26\u4e0d\u4e00\u5b9a\u7d55\u5c0d\u6709\u76f8\u95dc\u6027\uff0c<br \/>\n\u56e0\u6b64\u5c0d\u6574\u9ad4\u5e33\u6236\u7684\u50b7\u5bb3\u80fd\u5920\u5f97\u5230\u4e00\u5b9a\u7a0b\u5ea6\u7684\u63a7\u5236\u3002<\/p>\n<p>\u82e5\u4e0d\u6e05\u695a\u8cc7\u7522\u914d\u7f6e\u662f\u4ec0\u9ebc\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8cc7\u7522\u914d\u7f6e\u6295\u8cc7\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA%E3%80%81%E9%9D%9E%E7%B3%BB%E7%B5%B1%E6%80%A7%E9%A2%A8%E9%9A%AA_%E5%A6%82%E4%BD%95%E6%87%89%E7%94%A8%EF%BC%9F\"><\/span>\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u975e\u7cfb\u7d71\u6027\u98a8\u96aa \u5982\u4f55\u61c9\u7528\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ee5\u4e0b\u5e02\u5834\u5148\u751f\u5206\u4eab\u5e7e\u9805\u89c0\u5ff5\u601d\u8003\uff1a<\/p>\n<p><strong>1. \u627f\u64d4\u98a8\u96aa\u4e0d\u4e00\u5b9a\u662f\u58de\u4e8b\uff0c\u98a8\u96aa\u8ddf\u5831\u916c\u7e3d\u662f\u76f8\u4f9d<\/strong><\/p>\n<p>\u807d\u5230\u5206\u6563\u6295\u8cc7\u53ef\u4ee5\u964d\u4f4e\u98a8\u96aa\uff0c\u6211\u5011\u76f4\u89ba\u90fd\u6703\u89ba\u5f97\u98a8\u96aa\u8d8a\u4f4e\u8d8a\u597d\uff0c\u4f46\u5be6\u969b\u4e0a\u4e0d\u4e00\u5b9a\u3002<\/p>\n<p>\u60f3\u8981\u597d\u5831\u916c\uff0c\u67d0\u7a2e\u7a0b\u5ea6\u9700\u8981\u627f\u64d4\u98a8\u96aa\u3001\u63a5\u53d7\u4e0d\u78ba\u5b9a\u6027\uff0c\u4e5f\u5c31\u662f\u63a5\u53d7\u5f97\u5230\u4f4e\u65bc\u671f\u671b\u5831\u916c\u7684\u53ef\u80fd\uff0c\u624d\u53ef\u80fd\u6709\u5f97\u5230\u9ad8\u5831\u916c\u6703\u3002<\/p>\n<p>\u627f\u64d4\u98a8\u96aa\u4e0d\u4e00\u5b9a\u662f\u58de\u4e8b\uff0c\u98a8\u96aa\u4e5f\u4e0d\u662f\u964d\u8d8a\u4f4e\u8d8a\u597d\u3002<\/p>\n<p>\u7576\u7136\u6559\u79d1\u66f8\u4e0a\u6703\u8ddf\u4f60\u8aaa\uff0c\u5206\u6563\u6295\u8cc7\u53ef\u4ee5\u5728\u4e0d\u7528\u964d\u4f4e\u592a\u591a\u5831\u916c\u4e4b\u4e0b\u6e1b\u5c11\u98a8\u96aa\u3002<br \/>\n\u9019\u7576\u7136\u6709\u4e00\u5b9a\u7684\u9053\u7406\uff0c<\/p>\n<p>\u554f\u984c\u662f\u73fe\u5be6\u4e0d\u662f\u5728\u6309\u8a08\u7b97\u6a5f\uff0c\u5b78\u8853\u4e0a\u7684\u98a8\u96aa\u8ac7\u7684\u5176\u5be6\u662f\u6a19\u6e96\u5dee\uff0c\u8ddf\u4f60\u8a8d\u77e5\u7684\u98a8\u96aa\u4e0d\u4e00\u5b9a\u4e00\u6a23\uff0c<br \/>\n\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/blog-post_7921\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u98a8\u96aa\u7684\u4e0d\u540c\u5b9a\u7fa9\uff1f<\/a><\/p>\n<p>\u627f\u64d4\u98a8\u96aa\u4e0d\u4e00\u5b9a\u662f\u58de\u4e8b\uff0c\u6295\u8cc7\u5c31\u662f\u76e1\u53ef\u80fd\u8070\u660e\u7684\u627f\u64d4\u5408\u7406\u53ef\u627f\u53d7\u7bc4\u570d\u5167\u7684\u98a8\u96aa\u3002<\/p>\n<blockquote><p>\u771f\u6b63\u7684\u98a8\u96aa\u4f86\u81ea\u65bc\u8d85\u904e\u81ea\u5df1\u91d1\u9322\u53ca\u5fc3\u7406\u627f\u64d4\u80fd\u529b\uff0c\u9084\u6709\u4e0d\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4ec0\u9ebc\u3002\uff0d\u5e02\u5834\u5148\u751f<\/p><\/blockquote>\n<p><strong>2. \u4e86\u89e3\u81ea\u5df1\u7684\u6295\u8cc7\u4e2d\uff0c\u591a\u5c11\u98a8\u96aa\u4f86\u81ea\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u591a\u5c11\u4f86\u81ea\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff1f<\/strong><\/p>\n<p>\u9019\u53ef\u4ee5\u8b93\u6211\u5011\u77e5\u9053\u81ea\u5df1\u9762\u81e8\u7684\u4e0d\u78ba\u5b9a\u6027\u6709\u591a\u5927\uff0c<\/p>\n<p>\u6bd4\u65b9\u8aaa\uff0c<\/p>\n<p>\u5982\u679c\u4f60\u662f100%\u4e3b\u52d5\u9078\u80a1\uff0c\u90a3\u9ebc\u4f60\u5176\u5be6\u540c\u6642\u627f\u64d4\u4e86\u7cfb\u7d71\u98a8\u96aa\u8207\u975e\u7cfb\u7d71\u98a8\u96aa\u3002<br \/>\n\u5982\u679c\u4f60\u662f100%\u88ab\u52d5\u6295\u8cc7\uff0c\u90a3\u9ebc\u4f60\u6700\u4e3b\u8981\u662f\u627f\u64d4\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/p>\n<p>\u9019\u53ef\u4ee5\u5e6b\u52a9\u4f60\u5c0d\u672a\u4f86\u4fdd\u6709\u6709\u6b63\u78ba\u7684\u671f\u5f85\uff0c\u800c\u4e0d\u662f\u4f4e\u4f30\u6216\u9ad8\u4f30\u98a8\u96aa\u3002<\/p>\n<p><strong>3. \u4e86\u89e3\u8fd1\u671f\u7684\u5e02\u5834\u6ce2\u52d5\uff0c\u662f\u7cfb\u7d71\u6027\u98a8\u96aa\u9020\u6210\uff0c\u9084\u662f\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u9020\u6210\uff1f<\/strong><\/p>\n<p>\u540c\u6a23\u662f\u8667\u640d\uff0c\u6709\u6642\u5019\u662f\u81ea\u5df1\u9078\u80a1\u4e0d\u4f73\uff0c\u6709\u6642\u5019\u662f\u6574\u500b\u5e02\u5834\u90fd\u5728\u8dcc\uff0c\u6709\u6642\u5019\u5247\u662f\u5169\u7a2e\u56e0\u7d20\u90fd\u6709\u3002<\/p>\n<p>\u4e26\u4e0d\u662f\u6240\u6709\u8667\u640d\u90fd\u4e00\u5b9a\u662f\u72af\u932f\uff0c\u5340\u5206\u51fa\u98a8\u96aa\u4f86\u6e90\uff0c\u6709\u4e9b\u53ef\u80fd\u539f\u672c\u5c31\u5728\u81ea\u5df1\u7684\u8a08\u5283\u5167\uff0c\u662f\u5fc5\u5b9a\u4e0d\u53ef\u514d\u7684\u904e\u7a0b\uff0c<\/p>\n<p>\u6709\u4e9b\u5247\u662f\u81ea\u5df1\u5224\u65b7\u932f\u8aa4\uff0c\u53ef\u80fd\u9700\u8981\u6216\u4e0d\u9700\u8981\u4fee\u6b63\u8a08\u756b\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u4e00\u500b\u5e38\u898b\u8ff7\u601d\u662f\uff0c\u89ba\u5f97\u4e0b\u8dcc\u4ee3\u8868\u81ea\u5df1\u7684\u5224\u65b7\u932f\u8aa4\uff0c<br \/>\n\u4f46\u5be6\u969b\u4e0a\u53ea\u8981\u6709\u7cfb\u7d71\u98a8\u96aa\u5728\uff0c\u90a3\u9ebc\u5c31\u5fc5\u7136\u6703\u906d\u9047\u67d0\u4e9b\u8f03\u5927\u5e45\u5ea6\u7684\u4e0b\u8dcc\uff0c\u9019\u4e0d\u662f\u610f\u5916\u6216\u932f\u8aa4\uff0c\u800c\u662f\u5fc5\u7136\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%B8%B8%E7%94%A8%E4%BE%86%E8%A1%A1%E9%87%8F%E9%A2%A8%E9%9A%AA%E7%9A%84%E6%8C%87%E6%A8%99%E5%A4%8F%E6%99%AE%E7%8E%87%E3%80%81Beta%E3%80%81Alpha\"><\/span>\u5e38\u7528\u4f86\u8861\u91cf\u98a8\u96aa\u7684\u6307\u6a19(\u590f\u666e\u7387\u3001Beta\u3001Alpha)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4e86\u89e3\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u5f8c\uff0c<br \/>\n\u6709\u4e9b\u98a8\u96aa\u76f8\u95dc\u7684\u6578\u64da\u6703\u7528\u4f86\u8861\u91cf\u4e00\u500b\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u7279\u6027\uff0c\u6216\u8005\u5831\u916c\/\u98a8\u96aa\u7684\u95dc\u4fc2\uff0c<\/p>\n<p>\u7562\u7adf\u5982\u679c\u4e0d\u8003\u616e\u98a8\u96aa\uff0c\u5f88\u591a\u5831\u916c\u76f4\u63a5\u4e92\u76f8\u6bd4\u8f03\u6642\u610f\u7fa9\u5176\u5be6\u4e0d\u5927\u3002<\/p>\n<p>\u4ee5\u4e0b\u4ecb\u7d39\u9019\u4e9b\u6307\u6a19\uff1a<\/p>\n<h3><strong>1. \u590f\u666e\u7387\u2500\u2500\u8861\u91cf\u7e3d\u98a8\u96aa<\/strong><\/h3>\n<p>\u590f\u666e\u7387(Sharpe Ratio)\u5c31\u662f\u8861\u91cf\u4e00\u500b\u6295\u8cc7\u7d44\u5408\u300c<strong>\u5728\u627f\u53d7<\/strong><strong>1%<\/strong><strong>\u7684\u98a8\u96aa\u4e0b\uff0c\u80fd\u5f97\u5230\u591a\u5c11\u5831\u916c\uff1f<\/strong>\u300d<br \/>\n\u4f8b\u5982\u590f\u666e\u7387 0.5\uff0c\u4ee3\u8868\u627f\u53d71%\u7684\u6ce2\u52d5\u98a8\u96aa\u4e0b\uff0c\u9577\u671f\u53ef\u4ee5\u5275\u90200.5%\u7684\u5831\u916c\u7387\u3002<\/p>\n<p>\u4e5f\u53ef\u4ee5\u8aaa\u60f3\u5f97\u52305%\u7684\u5831\u916c\uff0c\u53ef\u4ee5\u9810\u671f\u904e\u7a0b\u670910%\u7684\u4e0a\u4e0b\u6ce2\u52d5\u3002<\/p>\n<p>\u590f\u666e\u7387\u662f\u4e00\u500b\u5f88\u7c21\u55ae\u7684\u65b9\u6cd5\u53ef\u4ee5\u8861\u91cf\u7b56\u7565\u7684\u597d\u58de\uff0c\u56e0\u70ba\u5b83\u540c\u6642\u8003\u616e\u4e86\u5831\u916c\u8207\u98a8\u96aa\uff0c\u800c\u4e0d\u662f\u53ea\u6709\u770b\u5831\u916c\u9ad8\u4f4e\uff0c<br \/>\n\u56e0\u6b64\u5e38\u88ab\u7528\u5728<a href=/index.html"https:\/\/\/learn-fund-all\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5171\u540c\u57fa\u91d1<\/a>\u6210\u6548\u3001<a href=/index.html"https:\/\/\/what-is-hedge-funds\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u907f\u96aa\u57fa\u91d1<\/a>\u7e3e\u6548\u3001\u6295\u8cc7\u7b56\u7565\u6210\u679c\u8861\u91cf\u3001\u8cc7\u7522\u914d\u7f6e\u7b49\u7b49\u6295\u8cc7\u7b56\u7565\u7684\u6210\u6548\u8861\u91cf\u4e0a\uff0c\u662f\u7528\u4f86\u540c\u6642<strong>\u8861\u91cf\u5831\u916c\u8207\u7e3d\u98a8\u96aa<\/strong>\u7684\u6307\u6a19\u3002<\/p>\n<p>\u82e5\u4e0d\u4e86\u89e3\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-sharpe-ratio\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ec0\u9ebc\u662f\u590f\u666e\u7387(Sharpe Ratio)<\/a>\uff1f<\/p>\n<p>\u4ee5\u80a1\u5e02\u4f86\u8aaa\uff0c\u5982\u679c\u4f60\u55ae\u7d14\u627f\u64d4\u7cfb\u7d71\u98a8\u96aa\u3001\u6d88\u9664\u975e\u7cfb\u7d71\u98a8\u96aa\uff0c\u90a3\u9ebc\u7d93\u9a57\u4e0a\u9577\u671f\u590f\u666e\u7387\u7d04\u57280.4\u52300.6\u4e4b\u9593\u3002<\/p>\n<h3><strong>2. Beta<\/strong><strong>\u503c(\u03b2)\u2500\u2500\u8861\u91cf\u7cfb\u7d71\u6027\u98a8\u96aa<\/strong><\/h3>\n<p>Beta\u503c(\u00df\u3001\u8c9d\u4ed6\u503c)\u7528\u4f86\u8861\u91cf\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u5927\u76e4\u9023\u52d5\u6027\uff0c\u4e5f\u5c31\u662f\u6307\u6578\u7684\u6ce2\u52d5\u5e45\u5ea6\uff0c<br \/>\n\u53ef\u4ee5\u65bc\u8861\u91cf\u80a1\u7968\u3001\u6295\u8cc7\u7d44\u5408\u76f8\u5c0d\u65bc\u6574\u500b\u5e02\u5834\u7684\u6ce2\u52d5\u6027\uff0c\u662f\u8a55\u4f30\u7cfb\u7d71\u6027\u98a8\u96aa\u7684\u5de5\u5177\u3002<\/p>\n<p>Beta\u503c\u8d8a\u5927\u3001\u6307\u6578\u7684\u6ce2\u52d5\u6027\u8d8a\u5927\uff0c\u548c\u904b\u7528\u69d3\u687f\u7684\u7d50\u679c\u6703\u985e\u4f3c\uff0c\u53cd\u4e4b\u8d8a\u5c0f\u5247\u4ee3\u8868\u6ce2\u52d5\u8d8a\u5c0f\uff0c<br \/>\n\u4f46\u9019\u500b\u6578\u5b57\u9ad8\u4f4e\u6c92\u6709\u7d55\u5c0d\u7684\u597d\u58de\uff0c<br \/>\n\u55ae\u7d14\u662f\u4e00\u500b\u53c3\u8003\uff0c\u4f7f\u7528\u4e0a\u4e5f\u8981\u6ce8\u610f\u4e0d\u540c\u985e\u578b\u7121\u6cd5\u4e92\u76f8\u6bd4\u8f03\u3002<\/p>\n<h3><strong>3. Alpha<\/strong><strong>\u503c(\u03b1)\u2500\u2500\u885d\u91cf\u975e\u7cfb\u7d71\u6027\u98a8\u96aa<\/strong><\/h3>\n<p>Alpha (\u03b1)\u4ee3\u8868\u7e3d\u98a8\u96aa\u6263\u9664\u6389\u7cfb\u7d71\u6027\u98a8\u96aa\u7684<strong>\u8d85\u984d\u5831\u916c<\/strong>\uff0c<br \/>\n\u4e5f\u5c31\u662f\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\u3001\u6295\u8cc7\u7d44\u5408\u7684\u5be6\u969b\u5831\u916c\u7387\u3002<\/p>\n<p>Alpha\u503c\u901a\u5e38\u8d8a\u9ad8\u8d8a\u597d\uff0c\u4ee3\u8868\u4f60\u5728\u7cfb\u7d71\u6027\u98a8\u96aa\u4ee5\u5916\u984d\u5916\u5275\u9020\u7684\u5831\u916c\u3002<\/p>\n<p>\u6bd4\u65b9\u8aaa\u64cd\u4f5c\u76f8\u95dc\u6a19\u7684\u524d\u63d0\u4e0b\uff0c\u5927\u76e4\u53ca\u5176\u4ed6\u4eba\u90fd\u8dcc10%\u6642\u4f60\u53ea\u8dcc8%\uff0c\u5927\u76e4\u53ca\u5176\u4ed6\u4eba\u6f3210%\uff0c\u4f60\u537b\u6f3212%\uff0c<br \/>\n\u9019\u6642\u5c31\u5f88\u53ef\u80fd\u662f\u5b58\u5728Alpha\u7684\u8868\u73fe\u3002<\/p>\n<p>\u7576\u7136\uff0c\u5982\u679c\u662f\u88ab\u52d5\u5f0f\u7684\u5206\u6563\u6295\u8cc7\u3001\u627f\u64d4\u7cfb\u7d71\u98a8\u96aa\u3001\u6c92\u6709\u8d85\u984d\u5831\u916c\uff0c\u90a3\u9ebcAlpha\u5c31\u662f\u96f6\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a<br \/>\n\u4e0a\u8ff0\u9019\u4e9b\u6307\u6a19\u8cc7\u8a0a\u6211\u500b\u4eba\u8a8d\u70ba\u5be6\u969b\u8a08\u7b97\u7684\u6a5f\u6703\u5f88\u5c11\uff0c\u6578\u5b57\u4e5f\u90fd\u50c5\u4f5c\u6982\u5ff5\u6027\u7684\u53c3\u8003\uff0c\u4f60\u4e26\u4e0d\u9700\u8981\u77e5\u9053\u600e\u9ebc\u8a08\u7b97\uff0c<br \/>\n\u4f46\u5b83\u5e38\u5e38\u88ab\u63d0\u8d77\u4f7f\u7528\uff0c\u5c6c\u65bc\u5f88\u91cd\u8981\u7684\u89c0\u5ff5\uff0c\u53ef\u4ee5\u5e6b\u4f60\u807d\u61c2\u5225\u4eba\u5728\u8aaa\u4e9b\u4ec0\u9ebc\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E6%8A%95%E8%B3%87%E7%9A%84%E7%B3%BB%E7%B5%B1%E3%80%81%E9%9D%9E%E7%B3%BB%E7%B5%B1%E9%A2%A8%E9%9A%AA%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u6295\u8cc7\u7684\u7cfb\u7d71\u3001\u975e\u7cfb\u7d71\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u6295\u8cc7\u7684\u7e3d\u98a8\u96aa = \u7cfb\u7d71\u98a8\u96aa(Systematic Risk) + \u975e\u7cfb\u7d71\u98a8\u96aa(Unsystematic Risk)\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u975e\u7cfb\u7d71\u6027\u98a8\u96aa = \u500b\u80a1\u98a8\u96aa\uff0c\u50cf\u662f\u516c\u53f8\u56e0\u7d20\u9020\u6210\u500b\u80a1\u80a1\u50f9\u7684\u6ce2\u52d5\uff0c\u6307\u500b\u5225\u516c\u53f8\u6216\u884c\u696d\u7684\u98a8\u96aa\u3002\u9019\u7a2e\u98a8\u96aa\u53ef\u4ee5\u900f\u904e\u5206\u6563\u6295\u8cc7\u6e1b\u5c11\uff0c\u4f8b\u5982\u8cfc\u8cb7\u4e0d\u540c\u884c\u696d\u3001\u4e0d\u540c\u516c\u53f8\u7684\u80a1\u7968\u5c31\u53ef\u4ee5\u907f\u514d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7cfb\u7d71\u6027\u98a8\u96aa = \u5927\u76e4\u98a8\u96aa\uff0c\u50cf\u662f\u5929\u707d\u4eba\u798d\u3001\u91d1\u878d\u6d77\u562f\uff0c\u5305\u542b\u4e86\u7d93\u6fdf\u3001\u5229\u7387\u8b8a\u52d5\u6240\u9020\u6210\u7684\u98a8\u96aa\uff0c\u9019\u7a2e\u98a8\u96aa\u7121\u6cd5\u900f\u904e\u5206\u6563\u88ab\u907f\u514d\u3002\u50c5\u80fd\u900f\u904e\u8cc7\u7522\u914d\u7f6e\u53bb\u5206\u914d\u4e0d\u540c\u8cc7\u91d1\u6bd4\u4f8b\u627f\u64d4\u98a8\u96aa\u3002<\/span><\/li>\n<li>\u5206\u6563\u98a8\u96aa\u6700\u591a\u53ea\u80fd\u6e1b\u5c11\u975e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u4f46\u7121\u6cd5\u6e1b\u5c11\u7cfb\u7d71\u6027\u98a8\u96aa\u3002<\/li>\n<li><span style=\"font-size: 16px;\">\u8981\u4e86\u89e3\u98a8\u96aa\u7684\u4f86\u6e90\uff0c\u624d\u80fd\u5c0d\u6295\u8cc7\u505a\u51fa\u76f8\u5c0d\u6709\u610f\u7fa9\u7684\u5224\u65b7\u3002<\/span><\/li>\n<\/ol>\n\n<p>\u984d\u5916\u5206\u4eab\u5e7e\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/how-diversify-invest-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5206\u6563\u6295\u8cc7vs\u96c6\u4e2d\u6295\u8cc7 \u6709\u751a\u9ebc\u5dee\u7570\uff1f<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1\u5238\u5546\u958b\u6236\u6bd4\u8f03(\u80a1\u7968ETF\u3001\u50b5\u5238ETF)<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u53f0\u80a1\u80a1\u7968\/ETF\u300b\u6700\u65b0\u958b\u6236\u5238\u5546\u512a\u60e0\u63a8\u85a6<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u958b\u6236\u300b\u6700\u65b0\u624b\u7e8c\u8cbb\u512a\u60e0\u63a8\u85a6<\/a><\/p>\n<p>5. <a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e\u662f\u4ec0\u9ebc\uff1f\u8a72\u600e\u9ebc\u505a\uff1f<\/a><\/p>\n<p>6. <a href=/index.html"https:\/\/\/best-alloction-story\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6709\u4e00\u5957\u6700\u597d\u7684\u8cc7\u7522\u914d\u7f6e\u6bd4\u4f8b\u55ce\uff1f<\/a><\/p>\n<p>7. <a href=/index.html"https:\/\/\/what-asset-rebalancing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e\u5982\u4f55\u518d\u5e73\u8861\uff1f<\/a><\/p>\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><br \/><strong><span style=\"color: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u98a8\u96aa\u9019\u500b\u8a5e\u5728\u6295\u8cc7\u4e2d\u975e\u5e38\u7684\u62bd\u8c61\uff0c\u4e0d\u540c\u7684\u4eba\u63d0\u5230\u98a8\u96aa\u53ef\u80fd\u610f\u7fa9\u4e0d\u540c\uff0c\u6709\u4e9b\u4eba\u8a8d\u70ba\u98a8\u96aa\u662f\u8667\u640d\u7684\u6a5f\u7387\uff0c\u6709\u4e9b\u4eba\u8a8d\u70ba\u662f\u8667\u640d\u7684\u5927\u5c0f [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":43841,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[223],"tags":[1371,1372,1373],"table_tags":[],"modified_by":"edisonliu","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20221107200207_96.jpg","jetpack-related-posts":[{"id":20971,"url":"https:\/\/\/what-is-market-neutral-strategy-0\/","url_meta":{"origin":20926,"position":0},"title":"\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u7f3a\u9ede\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-05-17","format":false,"excerpt":"\u5e02\u5834\u4e2d\u6027\u7b56\u7565(Market neutral Strategy)\u662f\u4e00\u500b\u6295\u8cc7\u7b56\u7565\u985e\u578b\u7684\u7d71\u7a31\uff0c \u9019\u985e\u7b56\u7565\u6700\u2026","rel":"","context":"\u5728\u300c\u6295\u8cc7\u7406\u8ca1\u5c08\u6709\u540d\u8a5e\u300d\u4e2d","block_context":{"text":"\u6295\u8cc7\u7406\u8ca1\u5c08\u6709\u540d\u8a5e","link":"https:\/\/\/category\/learn-invest\/invest-noun\/"},"img":{"alt_text":"\u5e02\u5834\u4e2d\u6027\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f\u6709\u4ec0\u9ebc\u512a\u9ede\u8207\u7f3a\u9ede\uff1f","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20210507204054_95.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20210507204054_95.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20210507204054_95.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20210507204054_95.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":302,"url":"https:\/\/\/blog-post_98\/","url_meta":{"origin":20926,"position":1},"title":"\u4f60\u6709\u9700\u8981\u5bb3\u6015\u98a8\u96aa\u55ce? 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