VIX ndiyo kodhi yeinonzi zviri pamutemo Chicago Bhodhi Sarudzo Sika Musika Volatility Index (muSpanish: Chicago PUT sarudzo yemusika volatility index). Iyo VIX inoratidza kusanzwisisika kwekusarudzika kwesarudzo pane indekisi kwemazuva makumi matatu, nekuti izvi zvinoverengerwa nekutora avhareji inorema yeiyo inoreva kusagadzikana kweasere kufona kweOX nekuisa sarudzo (S & P 30 sarudzo).
Kana isu tine yakaderera kwazvo VIX index, zvinoreva kuti kusagadzikana kwakadzika kwazvo uye saka hapana kutya mumusika, izvo zvinoita kuti masheya arambe achikwira achinyara. Iwo madonhwe mahombe mumatanda anouya kana VIX yakadzika kwazvo uye yotanga kukwira. Iko hakuna chaiwo manhamba ekuratidzira kana iyo VIX yakakwira kana yakaderera, asi vaongorori vazhinji vanoti a VIX pazasi makumi maviri zvinoreva kuti pane tariro uye kutandara mumisika nepo VIX pamusoro pe30 zvinoreva kuti kune kutya mumusika uye isu tinofanirwa kungwarira nemashandiro edu.
Izvo chete zvinogara zviripo mumisika yemasheya ishanduko. Mune mamwe mazwi, kusagadzikana inogara iri shamwari yevarimi. Sezvo iyo VIX index yakaunzwa, neramangwana uye sarudzo dzekuteedzera, varimi vakave nesarudzo yekutengesa iyi chiyero chemari mafungiro maererano nezveramangwana kusagadzikana.
Ndedzipi nzira dzekutengesa iyo VIX?
Panguva imwecheteyo, vachiona kuwirirana kwakanyanya pakati pekusagadzikana uye mashandiro emusika wemasheya, vatyairi vazhinji vakatsvaga kushandisa zviridzwa zvekuvharira mapotifoliyo avo. Kunzwisisa nzira dzakasiyana siyana dzekushanda pane iyo VIX iwe unofanirwa kufunga nezve kutanga. Mupfungwa iyi, chinhu chakakosha pakuwongorora kwemari yekutsinhana-yakatengeswa (ETFs) uye manotsi ekuchinjana-anotengesa (ETNs) akabatana neVIX pachayo. Iyo VIX mucherechedzo unoreva iyo Chicago Bhodhi Sarudzo Musika Volatility Index. Kunyangwe ichiwanzoburitswa sechiratidzo chekushomeka kwemusika wemasheya (uye dzimwe nguva inonzi "Yekutya Index") haina kunyatsoita chokwadi.
Volatility Index
Kubva zvakaunzwa kuChicago Bhodhi Sarudzo Musika Volatility Index (VIX) yakaunzwa, varimi vakatengesa chiyero ichi chevashambadzi mafungiro pane kusagadzikana mune ramangwana. Nzira huru yekushandisa iyo VIX ndeyekutenga mari-inotsinhaniswa mari (ETFs) uye manotsi ekuchinjana-anotengesa (ETNs) akasungirirwa kuVIX pachayo.
Kune akawanda anozivikanwa ETFs uye ETNs zvine hukama neiyo VIX, inosanganisira iPath S&P 500 VIX (VXX) Pfupi-Nguva Yekusingaperi ETN uye VelocityShares Mazuva ese maviri-Nguva VIX (TVIX) pfupi ETN. Iyo VIX musanganiswa wakayerwa wemitengo yemusanganiswa weS & P 500 index sarudzo, kubva kwazvinoreva kusagadzikana kunobva. Mumashoko akareruka, iyo VIX inoyera chaizvo kuti vanhu vanoda kubhadhara marii kutenga kana kutengesa iyo S & P 500, uye zvakanyanya zvavanoda kubhadhara zvinoratidza kusava nechokwadi kwakawanda.
Iyi haisi yeiyo Black Chikoro modhi, iyo VIX ndeye zvese nezve "zvinorehwa" kusagadzikana. Uyezve, nepo iyo VIX inowanzo kutaurwa panzvimbo, hapana yeiyo ETFs kana ETNs kunze uko inomiririra kusagadzikana kweiyo VIX. Panzvimbo iyoyo, iwo maunganidzwa eVIX ramangwana iro rinongofungidzira mashandiro eiyo VIX.
Zvakawanda sarudzo
Iyo hombe uye inobudirira kwazvo VIX chigadzirwa ndeye iPath S&P 500 VIX Pfupi-Inguva Yemangwana ETN. Iyi ETN yakareba mumwedzi wekutanga newechipiri VIX zvibvumirano zvemangwana zvinopararira zuva nezuva. Nekuti pane mari yeinishuwarenzi pazvibvumirano zvenguva refu, iyo VXX inosangana isina kunaka roll mashandiro (hazvo, zvinoreva kuti varidzi venguva refu vanozoona chirango pakudzoka).
Nekuti kusagadzikana chinhu chekushandurwa kwenhau, iyo VXX inowanzotengesa zvakakwira kupfuura zvayaifanira kuita panguva dzesimba kusagadzikana (mitengo mukutarisira kwakawanda kusagadzikana) uye kudzikira panguva dzekushomeka kwazvino. (Kudzosera mitengo kudzikisira kusagadzikana).
Iyo iPath S&P 500 VIX Medium-Term Futures ETN (ARCA: VXZ) yakarongeka zvakafanana neiyo VXX, asi inobata zvinzvimbo mune rechina, rechishanu, rechitanhatu uye rechinomwe mwedzi VIX ramangwana. Nekudaro, ichi chakanyanya chiyero chekusagadzikana mune ramangwana uye chinowanzove mutambo usinganyanyo kusanduka pane kusagadzikana. Iyi ETN kazhinji ine avhareji yenguva yemwedzi inosvika mishanu uye kuita kwakaipa kwekusvetuka kunoshanda - kana musika wakagadzikana uye kusagadzikana kuri pasi, index yeramangwana icharasikirwa nemari.
Yakagadziriswa kutengesa
Kune varimi vanotsvaga imwe njodzi, kune dzimwe nzira dzakakwenenzverwa zvakanyanya. Iyo pfupi-pfupi ETN VelocityShares Zuva Nezuva kaviri-zvakapetwa VIX (ARCA: TVIX) inopa yakawanda kupfuura iyo VXX, uye zvinoreva kuti kudzoka kwakakwirira apo iyo VIX inomuka.
Kune rimwe divi, iyi ETN ine imwechete yakashata roll performance nyaya pamwe neyakagadzikana lag nyaya - saka ichi chinodhura kutenga uye kubata chinzvimbo uye kunyange Credit Suisse's (NYSE: CS) yega chigadzirwa chemashizha paTVIX inoti "kana ukabata ETN yako. sekudyara kwenguva yakareba, unogona kurasikirwa nezvose kana chikamu chakakura chemari yako. "
Zvisinei, kunewo ETFs uye ETNs kune vatengesi vanotarisa kutamba kune rumwe rutivi rwemari yekusagadzikana. Iyo pfupi-pfupi ETN iPath Inverse S&P 500 VIX (ARCA: XXV) inonyanya kutsvaga kudzokorora mashandiro ekupfupisa iyo VXX, nepo iyo pfupi-pfupi ETN VIX Mazuva ese Inverse VIX (ARCA: XIV) saizvozvo inotsvaga iko kuita kwekushomeka kupfupi. mwedzi mumwe wakaremerwa avhareji VIX ramangwana kukura.
Ngwarira kunonoka
Vemari vanofunga nezve idzi ETFs uye ETNs vanofanirwa kuziva kuti iwo haasi mapurovhosi makuru ekuitwa kwenzvimbo VIX. Muchokwadi, paunenge uchidzidza nguva dzichangoburwa dzekusagadzikana muS & P 500 SPDR (ARCA: SPY) uye neshanduko munzvimbo yeVIX, mwedzi mumwechete ETN proxies yakatorwa dzinenge kota kusvika hafu yekufamba kwemazuva ese kweVIX, nepo iri pakati- zvigadzirwa zvemagetsi zvakatonyanya kuwedzera.
Iyo TVIX, ine yayo mbiri-sitiroko inowedzera, yakaita zvirinani (kuenzanisa ingangoita hafu kusvika kumatatu-mana ekudzoka), asi yakagara ichipa zvakapfuura zvakapetwa kaviri kudzoka kwechiridzwa chemwedzi mumwe chete. Zvakare, nekuda kwekusaenzana kwakaringana uye kusagadzikana kwakarara muETTN iyo, iyo yakabata kwenguva refu mushure menguva dzekusagadzikana zvakatanga kukanganisa zvakanyanya kudzoka.
Kana varimi vachinyatsoda kubheja pamusoro pekushomeka kwemusika wemasheya kana kuushandisa seruzhowa, zvigadzirwa zve ETF uye ETN zvine chekuita neVIX zvinogamuchirwa asi zviridzwa zvisina kukwana. Ivo zvechokwadi vane yakasimba yekureruka chimiro kwavari, sezvo ivo vachitengesa sechero imwe stock.
Isa hunyanzvi hwako hwekutengesa kuyedza uine yemahara stock simulator kuti uve nechokwadi chekutengeserana. Kwikwidzana nezviuru zvevatengesi uye taurirana nzira yako kune yepamusoro yekubudirira! Ipa hunyanzvi munzvimbo chaiyo usati watanga kuisa panjodzi yako wega. Dzidzira nzira dzekutengesa kuitira kuti kana iwe wagadzirira kupinda mumusika chaiwo, wave uine tsika yaunoda.
Iyo Chicago Board Options Exchange Volatility Index (VIX index) inokwezva vatengesi nevashambadziri nekuti inowanzo kukwira zvakanyanya panoparara misika yeUS. Inozivikanwa semamita ekutya, iyo VIX index inoratidza iyo pfupi-yenguva musika maonero emutengo wemitengo kusagadzikana, sekutorwa kubva kuS & P 500 sarudzo dzemitengo.
Nguva yemberi misika
Dambudziko nderekuti varimi havagone kuwana iyo VIX index Nenzira iyi, VIX ETFs dziripo, asi ivo vanoteedzera VIX ramangwana indices, iyo inogadzira maviri makuru matambudziko:
VIX ETFs haina kuratidza iyo VIX index. Chero nechero chiyero, iyo VIX ramangwana indices, uye nekudaro iyo VIX ETFs, inoita basa rakashata rekuteedzera iyo VIX index. Iyo VIX index iri chaizvo isingadzoreke, uye munguva dzemwedzi kana gore, maitiro ekudzoka eVIX ETFs achasiyana zvakanyanya kubva kuiyo VIX index.
VIX ETFs inowanzo kurasikirwa nemari, yakakosha mari, kwenguva yakareba… VIX ETFs dziri panyasha yeiyo VIX ramangwana curve, iyo yavanotsamira pakuonekwa kwavo. Nekuti iyo chaiyo mamiriro eiyo curve ndeyekusimudzira (gwapa), VIX ETFs dzinoona nzvimbo dzadzo dzichiderera nekufamba kwenguva. Kuderera kwekuratidzwa kwavo kunovasiya vaine mari shoma yekuenderera kune inotevera ramangwana chibvumirano kana yazvino yapera. Maitiro acho anozozvidzokorora, zvichitungamira mukurasikirwa kukuru kwemadhigirii maviri mukati megore chairo. Mari idzi dzinenge dzinogara dzichirasikirwa nemari mukufamba kwenguva.
Munyika chaiye, vatengesi vanogara muVIX ETFs kwezuva rimwe chete, kwete gore rimwe chete. VIX ETFs inguva pfupi-kwenguva ekushandisa maturusi anoshandiswa nevatengesi. Zvigadzirwa senge iyo VXX
ETNs inoshamisa mvura, kazhinji vachitengesa zvakanyanya kupfuura yavo yakazara zvinhu pasi pe manejimendi, kana AUM, mu1 kana maviri mazuva ekutengesa. Vatengesi vanofungidzira nezveVIX ETFs nekuti ivo vanopa yakanakisa (kana isinganetsi nzira) yekusvika kune yeVIX index munguva pfupi. Izvo zvinodaidzwa kuti "pfupi" VIX ETFs zvinopa kunzwisisika kwezuva rimwe chete kune iyo VIX index pane "yepakati izwi" VIX ETFs.
Shanduko mukutsinhana-mari inotengeswa
VIX ETFs haisi ETFs mune yakasimba pfungwa. Ivo vanouya muETNs kana zvigadzirwa dzimba dzimba, kwete senge echinyakare mutual mari. ETNs dzinotakura iyo (kazhinji yakaderera) panjodzi yekudyidzana yekuburitsa mabhangi, nepo zvinhu zvemari zvinowirirana zvinoburitswa panguva yemutero.
VIX ETFs inouya mune zvinonaka kunze kweiyo yakachena mutambo wakatsanangurwa pamusoro. VIX Yakafukidza ETFs inobata yakakura nzvimbo dzekuenzana uye kufukidzwa kweVIX ramangwana rekuratidzwa Chinangwa chayo kudzora njodzi yekudonha kwemasheya, asi kutakura kana kuyedza kudzikisa mutengo wakakwira wekuratidzira kwenguva refu kune ramangwana reVIX.
Saka mukupedzisa, kana iwe uri kutsvaga kuti uwane mukana weiyo VIX kwemazuva mashoma, kune zvigadzirwa kunze kwako, asi pamwe zvinopfuura chero imwe kona yemusika we ETF - mutengi chenjera!
Iyo VIX chiyero chekusagadzikana kutarisirwa mumusika weUS stock pamazuva makumi matatu anotevera. Iyo inotarisirwa nekambani yeCBOE Global Markets zvichibva pamutengo wekufona kwakasiyana siyana uye nekuisa sarudzo dzakanangana neiyo S & P 30 index.
Sarudzo dzekufona dzinobvumidza mumwe munhu kutenga sitoko kana chimwe chinhu pamutengo, unonzi mutengo wekuramwa, pane imwe nguva. Isa sarudzo dzinokutendera kuti utengese mugove kana chinhu pamutengo wekuratidzira pane imwe nguva.
Sarudzo dzekufona, dzinotora zita ravo kubva kunhare yekuendeswa kweaseti, kwira kumusoro kana mutengo weaseti ungangoita kana kutarisirwa kudarika mutengo wekuramwa, sezvo ivo vachibvumidza iwe kutenga sitoko pamutengo wekutenga. Zvakare, isa sarudzo dzinokwira mukukosha kana mutengo weaseti ungangodaro uri wakaderera pane iwo mutengo wekuratidzira, nekuti chero ani zvake ane sarudzo achakwanisa kutengesa iyo asiti kupfuura zvainokosha.
Mitengo yesarudzo inogona kushandiswa zvinobudirira kutora mafungiro evashambadziri pamusoro pekuchinja mune ramangwana muS & P 500. Ichi chiyero chinozivikanwa nevakawanda seWall Street Kutya Meter, sezvo ichisimuka apo vanhu vanotarisira shanduko inopinza mumitengo. Yemasheya anogona kuita kuti zvive zvakaoma investa pane kusimuka kwakanaka, kudonha, kana kudzikira mumitengo.
Iko kushanduka kweiyo VIX
Iyo VIX yakatanga kugadzirwa mukutanga kwema90 kwakavakirwa pane indekisi yeS & P 100. Hazvina hunyanzvi hunyanzvi kutaura kuti iyo VIX yakambove neyekutanga kupa yeruzhinji, sezvo isiri stock yakapfuura neIPO maitiro, asi iyo indekisi yakaita kutanga kwayo muna 1993.
Kubva ipapo, yakachinja mune mamwe matekinoroji kuita zviri nani fungidziro yemusika mune ramangwana, uye nhasi yakavakirwa pane indekisi yeS & P 500. Iyo index inoteedzera mashandiro emakambani epamusoro mazana mashanu eUS pamusika wemasheya uye, Iwo wega, iri inowanzoonekwa sechiratidziro chekuita kwese kwemusika uye ndiyo hwaro hwemari zhinji dzeindekisi dzinobvumidza vanoita mari kuti vaedze kuita mari pamusoro pekuwedzera kwakawanda mumitengo yemusika wemari.
Iyo CBOE yakaunzawo mamwe maIndices ekusagadzikana, kusanganisira indekisi yenguva pfupi yekusagadzikana inonzi VXST, iyo yakavakirwa pakuongorora kwemazuva mapfumbamwe kwekusagadzikana kweS & P 500. Imwe indekisi, iyo S&P 3-Mwedzi Volatility Index 500, kana VXV, ine maonero akareba, uye iyo S&P 6 500-Mwedzi Volatility Index, kana VXMT, inotarisa kune yakatowanda hwindo.
Dzimwe indices dzeCBOE dzekusagadzikana dzinotarisa mashandiro emasheya mune indices kunze kweiyo S&P 500. Semuenzaniso, indices dzekushomeka dzinoburitswa neCOGE zvichibva nekombiki-yakasimba Indekisi yeNasdaq-100, inozivikanwa Dow Industrial Avhareji. , iyo inotarisisa kumakambani zviuru zviviri nemari hombe yemari, kana huwandu hwakazara hwemusika.
Nhoroondo, panguva yakajairika mamiriro emusika, iyo VIX yanga iri mumakore makumi maviri, kunyangwe ichizivikanwa kukwira kumusoro kusvika padyo kana pamusoro pezana panguva yezviitiko zvakasiyana zvemusika zviitiko senge dambudziko remari ra100. Kana iyo VIX iri kutengesa pasi pe2008 inowanzoonekwa sechiratidzo cheatypically yakaderera misika kusagadzikana.
Kutengesa iyo VIX
Izwi rekuti VIX rekutengesa rinoreva kuita zvemari zviitiko mukati izvo mari ichaitwa kana kurasika zvichibva negwara reVIX. Ndokunge, uri kunyatso kuita fungidziro nezve kuwedzera kana kuderera kwekushomeka kwemusika uye urikugadzirira kugadzira kana kurasikirwa nemari kana iko kufungidzira kukaitika.
Kune nzira dzinoverengeka dzekutengesa zvichibva pane zvaunotarisira zveVIX uye unogona kuzvitengesa zvichibva pane zvaunoda munyika yekudyara. Iko kusazogara kwakafanana nguva dzese nemamiriro ezvinhu. Zvekuti mukupedzisira iwe unokwanisa kuwana mhedzisiro yaunotarisira mune yega yega mashandiro mumisika yequity kubva ikozvino. Iyo inowanzoonekwa sechiratidzo cheatypically yakaderera musika kusagadzikana.