{"id":2004,"date":"2021-11-04T11:54:00","date_gmt":"2021-11-04T03:54:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=2004"},"modified":"2021-11-04T11:54:00","modified_gmt":"2021-11-04T03:54:00","slug":"%e5%be%9e%e3%80%8c%e6%bb%be%e5%8b%95%e5%a0%b1%e9%85%ac%e7%8e%87%e3%80%8d%e7%9c%8b%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=2004","title":{"rendered":"\u5f9e\u300c\u6efe\u52d5\u5831\u916c\u7387\u300d\u770b\u9577\u671f\u6295\u8cc7"},"content":{"rendered":"\n

\u5728\u8861\u91cf\u6295\u8cc7\u7e3e\u6548\u6642\uff0c\u6295\u8cc7\u4eba\u5f80\u5f80\u6703\u64d4\u5fc3\u6295\u8cc7\u6642\u9593\u9ede\u4ee5\u53ca\u6295\u8cc7\u671f\u9593\uff0c\u662f\u5426\u6703\u5927\u5927\u7684\u5f71\u97ff\u6295\u8cc7\u7e3e\u6548\u3002\u800c\u6efe\u52d5\u5831\u916c\u7387\u53ef\u4ee5\u5354\u52a9\u6295\u8cc7\u4eba\u8a55\u4f30\u4e0a\u8ff0\u5169\u9ede\u5c0d\u65bc\u6295\u8cc7\u7e3e\u6548\u7684\u5f71\u97ff\uff0c\u4e26\u4e14\u5e6b\u5fd9\u6295\u8cc7\u4eba\u5236\u5b9a\u66f4\u5b8c\u5584\u7684\u6295\u8cc7\u8a08\u756b\u3002<\/p>\n\n\n\n

\u4ec0\u9ebc\u662f\u6efe\u52d5\u5831\u916c\u7387\uff08Rolling Return\uff09?<\/h2>\n\n\n\n

\u6efe\u52d5\u5831\u916c\u7387\u6307\u7684\u662f\u9078\u5b9a\u4e00\u6bb5\u6295\u8cc7\u671f\u9593\uff0c\u4e14\u6bcf\u9694\u4e00\u6307\u5b9a\u7684\u6642\u9593\u983b\u7387\u5f8c\u91cd\u65b0\u8a08\u7b97\u5831\u916c\u7387\u3002\u8209\u4f8b\u4f86\u8aaa\uff0c\u5982\u679c\u73fe\u5728\u6295\u8cc7\u4eba\u6709 2011~2020 \u5e74\u9019\u6bb5\u671f\u9593 S&P500 \u7684\u6bcf\u5e74\u5831\u916c\u7387\uff0c\u4ed6\u9664\u4e86\u53ef\u4ee5\u7b97\u51fa\u9019 10 \u5e74\u671f\u9593 S&P500 \u7684\u5e74\u5316\u5831\u916c\u7387\u5916\uff0c\u9084\u53ef\u4ee5\u6bcf\u500b 5 \u5e74\u505a\u70ba 1 \u671f\u8a08\u7b97\u51fa\u4e00\u500b\u5e74\u5316\u5831\u916c\u7387\uff0c\u5982\u4e0b\u5716\u6240\u793a\uff0c2011 \u5e74~ 2015 \u5e74\u662f\u7b2c 1 \u500b\u671f\u9593\uff0c2012~2016 \u662f\u7b2c\u4e8c\u500b\u671f\u9593\uff0c\u4ee5\u6b64\u985e\u63a8\u76f4\u81f3\u6700\u5f8c\u4e00\u671f\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u6295\u8cc7\u4eba\u53ef\u4ee5\u89c0\u5bdf\u4e0d\u540c\u671f\u9593\u6c42\u7b97\u51fa\u4f86\u7684\u5e74\u5316\u5831\u916c\u7387\uff0c\u6aa2\u8996\u5831\u916c\u7387\u7684\u7a69\u5b9a\u7a0b\u5ea6\uff0c\u5f9e\u800c\u5354\u52a9\u81ea\u5df1\u5236\u5b9a\u66f4\u5b8c\u5584\u7684\u6295\u8cc7\u8a08\u756b\u3002<\/p>\n\n\n\n

S&P500\u7684\u6efe\u52d5\u5831\u916c\u7387<\/h2>\n\n\n\n

\u6211\u5011\u4ee5 1930 \u5e74~2020 \u5e74\u7f8e\u570b S&P500 \u6307\u6578\u4f5c\u70ba\u7bc4\u4f8b\uff0c\u8a08\u7b97 1 \u5e74\u30013 \u5e74(RR3)\u30015 \u5e74(RR5)\u300110 \u5e74(RR10)\u300120 \u5e74(RR20)\u4ee5\u53ca 30 \u5e74(RR30)\u7684\u6efe\u52d5\u5831\u916c\u7387\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5f9e\u4e0a\u5716\u7684\u89c0\u5bdf\u6211\u5011\u53ef\u4ee5\u5f97\u51fa\u767c\u73fe\uff0c\u96a8\u8457\u6295\u8cc7\u671f\u9593\u7684\u62c9\u9577\uff0c\u4e0d\u540c\u6642\u9593\u9ede\u6295\u5165\u7684\u5f71\u97ff\u8d8a\u5c0f\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u6295\u8cc7\u4e00\u5e74\u7684\u5e74\u5316\u5831\u916c\u7387\uff0c\u4e0d\u540c\u6642\u9593\u9ede\u4e4b\u9593\u7684\u9707\u76ea\u975e\u5e38\u5927\uff0c\u6700\u597d\u7684\u60c5\u6cc1\u6709\u53ef\u80fd\u4e00\u5e74\u6709\u8d85\u904e40%\u7684\u5e74\u5316\u5831\u916c\u7387\u4f46\u6700\u5dee\u7684\u60c5\u6cc1\u4e5f\u6709\u53ef\u80fd\u6703\u640d\u593140%\u4ee5\u4e0a\u3002\u96a8\u8457\u6295\u8cc7\u671f\u9593\u7684\u589e\u9577\uff0c\u6240\u8a08\u7b97\u51fa\u4f86\u7684\u5e74\u5316\u5831\u916c\u7387\u8d8a\u8da8\u65bc\u5e73\u7a69\uff0c\u5728\u4ee530\u5e74(RR30)\u70ba\u6295\u8cc7\u671f\u9593\u7684\u5716\u4f86\u770b\uff0c\u6240\u8a08\u7b97\u51fa\u4f86\u7684\u5e74\u5316\u5831\u916c\u7387\u5927\u62b5\u4f86\u770b\u90fd\u843d\u57286\uff0d8%\u7684\u5340\u9593\u3002\u8fd1\u5e7e\u5e74\u7684\u60c5\u6cc1\u66f4\u597d\uff0c\u5e7e\u4e4e\u90fd\u57288%\u4ee5\u4e0a\u3002<\/p>\n\n\n\n

\u6211\u5011\u518d\u7d30\u90e8\u7684\u770b\u4e00\u4e9b\u7d71\u8a08\u5206\u6790\u6578\u64da:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u53ef\u4ee5\u770b\u5230\uff0c\u96a8\u8457\u6295\u8cc7\u671f\u9593\u7684\u589e\u52a0\uff0c\u6a19\u6e96\u5dee\u8d8a\u4f86\u8d8a\u5c0f\uff0c\u6700\u5927\u503c\u4ee5\u53ca\u6700\u5c0f\u503c\u4e4b\u9593\u7684\u5dee\u8ddd\u4ea6\u7e2e\u5c0f\u3002\u9019\u90fd\u986f\u793a\u4e86\u6295\u8cc7\u671f\u9593\u8d8a\u9577\uff0c\u6295\u8cc7\u4eba\u8d8a\u6709\u6a5f\u6703\u80fd\u7372\u5f97\u6211\u5011\u8a8d\u77e5\u4e2d\u7684\u80a1\u7968\u5e73\u5747\u5e74\u5316\u5831\u916c\u7387\u3002\u4e14\u6295\u8cc7\u671f\u9593\u8d8a\u9577\uff0c\u6295\u8cc7\u4eba\u7372\u5f97\u6b63\u5831\u916c\u7684\u6a5f\u7387\u4e5f\u5c31\u8d8a\u9ad8\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u671f\u9593\u7684\u9577\u77ed\u8207\u6295\u8cc7\u8a08\u756b\u7684\u5236\u5b9a<\/h2>\n\n\n\n

\u7576\u6295\u8cc7\u4eba\u5728\u5236\u5b9a\u6295\u8cc7\u8a08\u756b\u6642\uff0c\u53ef\u80fd\u6703\u6709\u500b\u60f3\u8981\u5b8c\u6210\u7684\u5fc3\u9858\uff0c\u8b6c\u5982\u5b58\u4e0b\u7b2c\u4e00\u6876\u91d1\u3001\u5b89\u7a69\u7684\u904e\u9000\u4f11\u751f\u6d3b\u3001\u8cb7\u623f\u7684\u982d\u671f\u6b3e\u6216\u8005\u5b69\u5b50\u7684\u6559\u80b2\u57fa\u91d1\u7b49\u7b49\u3002\u800c\u6efe\u52d5\u5831\u916c\u7387\u7684\u7d50\u679c\u986f\u793a\uff0c\u96a8\u8005\u6295\u8cc7\u671f\u9593\u8d8a\u9577\u6240\u8a08\u7b97\u51fa\u4f86\u7684\u5404\u671f\u80a1\u5e02\u5e74\u5316\u5831\u916c\u7387\u7684\u6ce2\u52d5\u7a0b\u5ea6\u6703\u6e1b\u5c11\uff0c\u56e0\u6b64\uff0c\u5236\u5b9a\u4e00\u500b\u9577\u671f\u7684\u6295\u8cc7\u8a08\u5283\u6709\u5229\u65bc\u6295\u8cc7\u4eba\u63d0\u9ad8\u8a08\u756b\u7684\u6210\u529f\u6a5f\u7387\uff0c\u76f8\u53cd\u7684\uff0c\u5982\u679c\u6295\u8cc7\u4eba\u4eca\u5929\u7684\u6295\u8cc7\u8a08\u5283\u662f\u5e0c\u671b\u660e\u5e74\u80fd\u63db\u4e00\u53f0\u6469\u6258\u8eca\uff0c\u5247\u7531\u65bc\u6295\u8cc7\u671f\u9593\u904e\u77ed\uff0c\u53ef\u80fd\u5c31\u4e0d\u9069\u5408\u4f7f\u7528\u80a1\u5e02\u4f5c\u70ba\u5236\u5b9a\u8a08\u756b\u7684\u6295\u8cc7\u6a19\u7684\uff0c\u9019\u5c07\u6703\u4f7f\u5f97\u6295\u8cc7\u8a08\u756b\u7684\u7d50\u679c\u6ce2\u52d5\u975e\u5e38\u5927\u3002<\/p>\n\n\n\n

\u6efe\u52d5\u5831\u916c\u7387\uff0c\u5e6b\u52a9\u6211\u5011\u5206\u6790\u6295\u5165\u6642\u9593\u9ede\u4ee5\u53ca\u6295\u8cc7\u671f\u9593\u9577\u77ed\u5c0d\u65bc\u6295\u8cc7\u7e3e\u6548\u7684\u5f71\u97ff\uff0c\u7576\u6295\u8cc7\u671f\u9593\u62c9\u7684\u8d8a\u9577\uff0c\u5247\u6295\u8cc7\u7684\u6642\u9593\u9ede\u5c0d\u65bc\u6574\u9ad4\u7684\u7e3e\u6548\u5f71\u97ff\u6703\u8d8a\u5c0f\u3002\u6295\u8cc7\u4eba\u4ea6\u53ef\u4ee5\u642d\u914d\u5b9a\u671f\u5b9a\u984d\u6295\u8cc7\uff0c\u9032\u4e00\u6b65\u964d\u4f4e\u67d0\u500b\u6642\u9593\u9ede\u55ae\u7b46\u6295\u5165\u5c0d\u65bc\u6574\u9ad4\u7e3e\u6548\u7684\u5f71\u97ff\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5728\u5236\u5b9a\u6295\u8cc7\u8a08\u756b\u6642\uff0c\u53ca\u65e9\u958b\u59cb\u5c07\u7d66\u6295\u8cc7\u4eba\u4e00\u500b\u5de8\u5927\u7684\u512a\u52e2\uff0c\u5c31\u662f\u64c1\u6709\u66f4\u9577\u7684\u6295\u8cc7\u671f\u9593\uff0c\u9664\u4e86\u53ef\u4ee5\u964d\u4f4e\u4e00\u5b9a\u7a0b\u5ea6\u7684\u4e0d\u78ba\u5b9a\u56e0\u7d20\u5916\u4ea6\u53ef\u4ee5\u66f4\u597d\u7684\u767c\u63ee\u300c\u8907\u5229\u300d\u7684\u9b54\u6cd5\uff0c\u5354\u52a9\u6295\u8cc7\u4eba\u66f4\u8f15\u9b06\u3001\u7a69\u5065\u7684\u9054\u6210\u6295\u8cc7\u8a08\u756b\u3002<\/p>\n\n\n\n


<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5728\u8861\u91cf\u6295\u8cc7\u7e3e\u6548\u6642\uff0c\u6295\u8cc7\u4eba\u5f80\u5f80\u6703\u64d4\u5fc3\u6295\u8cc7\u6642\u9593\u9ede\u4ee5\u53ca\u6295\u8cc7\u671f\u9593\uff0c\u662f\u5426\u6703\u5927\u5927\u7684\u5f71\u97ff\u6295\u8cc7\u7e3e\u6548\u3002\u800c\u6efe\u52d5\u5831\u916c\u7387\u53ef\u4ee5\u5354\u52a9\u6295\u8cc7\u4eba […]<\/p>\n","protected":false},"author":2,"featured_media":2008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-2004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-10"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/2004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2004"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/2004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/2008"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}