基金投资容易被忽视的指标——回撤率

作者: 发布时间:2017-12-09 17:19:17  来源: [手机访问]
导读: 基金投资者除了关注基金管理人的预期年化收益创造能力之外,也需关注风险控制能力,而最大回撤是一个非常好的衡量指标。最大回撤衡量基金净值曲线峰顶到谷底最大

基金投资容易被忽视的指标——回撤率

  基金投资者除了关注基金管理人的预期年化收益创造能力之外,也需关注风险控制能力,而最大回撤是一个非常好的衡量指标。最大回撤衡量基金净值曲线峰顶到谷底最大的幅度,该指标考验了基金经理对于风险和趋势的把握能力。

  回撤率,是指在某一段时期内产品净值从最高点开始回落到最低点的幅度,即亏损幅度。这是一个历史指标,比较的是基金过往净值。

  平均回撤率可以看出一只基金“稳不稳”;而最大回撤率则表明它过去的最高风险值是多少,其是指在选定周期内任一历史时点往后推,产品净值走到最低点时的收益率回撤幅度的最大值,或者说是,统计期内买入产品后可能出现的最大亏损值,简单来说即投资者买入基金后可能出现的最坏状况。

  我们可以举例说明最大回撤的算法。假设某基金最高净值为1.2430元,从最高点往后推,最低净值为1.1520元,计算下来差额为0.091元,差额和最高净值的百分比为“-7.32%”,这个数字就是这只基金成立以来的最大回撤率。

  计算公式如下:X为第N天的产品净值,Y则是N后面某一天的产品净值,回撤率=(Y-X)/X。

  不过,仅用基金的最大回撤来衡量一只产品的优劣是不全面的,基金的最大回撤受到所经历的市场环境、基金经理投资理念等多方面影响。回撤并不可怕,重要的是回撤后净值是否能起死回生。

基金投资容易被忽视的指标——回撤率

  总之,波动不是风险,选错股票才是真正的风险。

  不管怎么定义,至少这两点是目前的主流认识:

  1、最大回撤越小越好;

  2、回撤和风险成正比,回撤越大,风险越大,回撤越小,风险越小。

  风险提示:

  本报告由东方财富证券研究所根据市场公开数据整理发布,仅供参考,东方财富证券研究所无法保证数据真实性、准确性、完整性。报告内容不代表天天基金观点,不构成投资建议,投资者据此操作,风险自担。市场有风险,投资需谨慎。

', groupId: '6496366664731329038', itemId: '6496366664731329038', type: 1, subInfo: { isOriginal: false, source: '投资者论谈', time: '2017-12-06 17:40:32' }, tagInfo: { tags: [{"name":"基金"},{"name":"投资"},{"name":"东方财富"},{"name":"财经"}], groupId: '6496366664731329038', itemId: '6496366664731329038', repin: 0, }, has_extern_link: 0 }, commentInfo: { groupId: '6496366664731329038', itemId: '6496366664731329038', comments_count: 1, ban_comment: 0 }, mediaInfo: { uid: '74512474321', name: '投资者论谈', avatar: '//p3.pstatp.com/large/43660001a815a6c545b5', openUrl: '/c/user/74512474321/', follow: false }, pgcInfo: {"media_info":{"open_url":"/c/user/74512474321/","avatar_url":"https://p3.pstatp.com/large/43660001a815a6c545b5","media_id":1583094515261453,"name":"投资者论谈","user_verified":false},"articles":[{"item_id":"6496685669618811406","url":"/item/6496685669618811406","title":"在这个飞速发展的时代,你真该学会投资理财了"},{"item_id":"6496366664731329038","url":"/item/6496366664731329038","title":"基金投资容易被忽视的指标——回撤率"},{"item_id":"6495971182804730382","url":"/item/6495971182804730382","title":"买车首选是信用卡还是贷款?从五个方面来看你适合哪一个"},{"item_id":"6494488375238590989","url":"/item/6494488375238590989","title":"善行公益 恒昌荣获“2017社会力量参与救灾先进单位”奖"}]}, feedInfo: { url: '/api/pc/feed/', category: '__all__', initList: [{"comments_count":1,"media_avatar_url":"//p1.pstatp.com/large/18a1001517aea113be83","is_feed_ad":false,"is_diversion_page":false,"title":"白酒板块还值得投资吗?","single_mode":true,"gallary_image_count":1,"middle_mode":true,"has_video":false,"video_duration_str":null,"source_url":"/group/6496275293647405581/","source":"逗比倾城","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4ae80000a1601edfd47a","group_id":"6496275293647405581","is_related":true,"media_url":"/c/user/58548784536/"},{"comments_count":2,"media_avatar_url":"//p6.pstatp.com/large/4370000385e53b5b04db","is_feed_ad":false,"is_diversion_page":false,"title":"从年收益率角度,看基金投资的价值","single_mode":true,"gallary_image_count":11,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497151969713455630/","source":"自由渡口","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p1.pstatp.com/list/190x124/4af40004c91c272c1c1b","group_id":"6497151969713455630","is_related":true,"media_url":"/c/user/72214172843/"},{"comments_count":16,"media_avatar_url":"//p5a.pstatp.com/large/3ecf0000351786fa3e29","is_feed_ad":false,"is_diversion_page":false,"title":"A股最牛股民曾630万满仓抄底暴风,成本21,复牌涨停:不发财都难","single_mode":true,"gallary_image_count":3,"middle_mode":true,"has_video":false,"video_duration_str":null,"source_url":"/group/6497112129726841357/","source":"小牛股票","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4aef000633dfda65fa40","group_id":"6497112129726841357","is_related":true,"media_url":"/c/user/59064652546/"},{"comments_count":21,"media_avatar_url":"//p1.pstatp.com/large/1bf4000f25b76d51eec6","is_feed_ad":false,"is_diversion_page":false,"title":"晚间重要利空消息:三只无可救药的股票,下周一定要回避!","single_mode":true,"gallary_image_count":4,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497127085092373006/","source":"老李看市","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4af60000834ed47ed3e6","group_id":"6497127085092373006","is_related":true,"media_url":"/c/user/59216693460/"},{"comments_count":73,"media_avatar_url":"//p1.pstatp.com/large/4728/646838418","is_feed_ad":false,"is_diversion_page":false,"title":"A股最妖新股诞生,上市21天出现20个涨停,距离100元大关只差一步","single_mode":true,"gallary_image_count":3,"middle_mode":true,"has_video":false,"video_duration_str":null,"source_url":"/group/6497134895599452685/","source":"天天有钱","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":2,"image_url":"//p9.pstatp.com/list/190x124/4af5000404a05f7a0a3e","group_id":"6497134895599452685","is_related":true,"media_url":"/c/user/4540952864/"},{"comments_count":12,"is_related":true,"is_feed_ad":false,"is_diversion_page":false,"title":"除了余额宝,还有什么几乎没有风险的基金?","single_mode":true,"gallary_image_count":5,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6495652838226526478/","source":"悟空问答","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p1.pstatp.com/list/190x124/4a330003840aeff1f0f7","group_id":"6495652838226526478"},{"media_avatar_url":"//p9.pstatp.com/large/1a6b000a0525f1abf763","is_feed_ad":false,"is_diversion_page":false,"title":"股市经典操盘口诀!(高手归纳)","single_mode":false,"gallary_image_count":0,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497146367088001549/","source":"成致财经","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"comments_count":2,"group_id":"6497146367088001549","is_related":true,"media_url":"/c/user/58906690822/"},{"comments_count":16,"is_related":true,"is_feed_ad":false,"is_diversion_page":false,"title":"一只股票长期下跌,什么标志意味着股票下跌结束,上升开始?","single_mode":true,"gallary_image_count":1,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6495286822359269646/","source":"悟空问答","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4a330003353bb29f2d61","group_id":"6495286822359269646"},{"comments_count":181,"media_avatar_url":"//p3.pstatp.com/large/6cb0004179406e220b6","is_feed_ad":false,"is_diversion_page":false,"title":"李志林:难道这就是所谓的保护中小投资者的利益吗?","single_mode":true,"gallary_image_count":1,"middle_mode":true,"has_video":false,"video_duration_str":null,"source_url":"/group/6497152577254195726/","source":"李志林","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/31c0000304c6e925fb6e","group_id":"6497152577254195726","is_related":true,"media_url":"/c/user/6608455844/"},{"comments_count":198,"is_related":true,"is_feed_ad":false,"is_diversion_page":false,"title":"从茅台股价暴跌中可以学会什么?","single_mode":true,"gallary_image_count":3,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6496731846544457997/","source":"悟空问答","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4a3200048ffdf722ec54","group_id":"6496731846544457997"},{"comments_count":2,"media_avatar_url":"//p3.pstatp.com/large/3e6a0001f277159924c0","is_feed_ad":false,"is_diversion_page":false,"title":"炒股妙用口诀:线上阴线买,线下阳线抛!","single_mode":true,"gallary_image_count":16,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6496664000401506830/","source":"忆信财经","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p1.pstatp.com/list/190x124/4ae900056880c598fceb","group_id":"6496664000401506830","is_related":true,"media_url":"/c/user/71548954699/"},{"comments_count":0,"media_avatar_url":"//p7.pstatp.com/large/46c200153de271df1bd6","is_feed_ad":false,"is_diversion_page":false,"title":"未来12个月,私募股权投资的复苏可能是并购市场的最大亮点","single_mode":true,"gallary_image_count":1,"middle_mode":true,"has_video":false,"video_duration_str":null,"source_url":"/group/6496638927292596750/","source":"创投新坐标","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":30601,"image_url":"//p3.pstatp.com/list/190x124/4aea0002c1d80276ba27","group_id":"6496638927292596750","is_related":true,"media_url":"/c/user/73627550395/"},{"comments_count":7,"media_avatar_url":"//p3.pstatp.com/large/3c7900000456d1c79f52","is_feed_ad":false,"is_diversion_page":false,"title":"一篇价值100万元的炒股文章,值得散户认真研读!","single_mode":true,"gallary_image_count":15,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497085415718126094/","source":"天一财经","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p9.pstatp.com/list/190x124/4af4000386b7abbd40d2","group_id":"6497085415718126094","is_related":true,"media_url":"/c/user/70707682021/"},{"media_avatar_url":"//p9.pstatp.com/large/1a6b000a0525f1abf763","is_feed_ad":false,"is_diversion_page":false,"title":"炒股十年总结出的15条法则!","single_mode":false,"gallary_image_count":0,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497162270093607438/","source":"成致财经","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"comments_count":9,"group_id":"6497162270093607438","is_related":true,"media_url":"/c/user/58906690822/"},{"comments_count":12,"is_related":true,"is_feed_ad":false,"is_diversion_page":false,"title":"“长期持有”和“频繁买卖”哪个更赚?","single_mode":true,"gallary_image_count":1,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6496653344302432526/","source":"悟空问答","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/474f000a689677569935","group_id":"6496653344302432526"},{"comments_count":33,"media_avatar_url":"//p3.pstatp.com/large/3e6a0001f277159924c0","is_feed_ad":false,"is_diversion_page":false,"title":"股市永不骗人的黄金法则——不冲高不卖,不跳水不买,横盘不交易","single_mode":true,"gallary_image_count":10,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497359043156247053/","source":"忆信财经","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p9.pstatp.com/list/190x124/4af90001ba9528a1f786","group_id":"6497359043156247053","is_related":true,"media_url":"/c/user/71548954699/"},{"comments_count":14,"media_avatar_url":"//p1.pstatp.com/large/40360001a2a2b610f383","is_feed_ad":false,"is_diversion_page":false,"title":"中央财经大学教授共享:通达信选十倍大牛股条件设置,百分百涨停","single_mode":true,"gallary_image_count":5,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6497187609289163278/","source":"探秘华尔街","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4af50004af886db4eb8f","group_id":"6497187609289163278","is_related":true,"media_url":"/c/user/73197058098/"},{"comments_count":214,"media_avatar_url":"//p3.pstatp.com/large/732/5193278950","is_feed_ad":false,"is_diversion_page":false,"title":"良心!尔康制药董事长致歉:只要活着就竭尽全力赔偿损失","single_mode":true,"gallary_image_count":2,"middle_mode":false,"has_video":false,"video_duration_str":null,"source_url":"/group/6495957683772850701/","source":"牛股王","more_mode":null,"article_genre":"article","has_gallery":false,"video_play_count":0,"image_url":"//p3.pstatp.com/list/190x124/4ae100019369ad3e5652","group_id":"6495957683772850701","is_related":true,"media_url":"/c/user/3179403783/"}] }, shareInfo: { shareUrl: 'https://m.toutiao.com/group/6496366664731329038/', abstract: '基金投资者除了关注基金管理人的预期年化收益创造能力之外,也需关注风险控制能力,而最大回撤是一个非常好的衡量指标。最大回撤衡量基金净值曲线峰顶到谷底最大的幅度,该指标考验了基金经理对于风险和趋势的把握能力。
返回首页收藏本文点击复制

标签:    

 下载  图片  视频
相关报道
热点排行

关于我们 联系我们 网站律师 editor 版权声明 滚动新闻 网站地图