Imilinganiselo isetyenziswa ngokubanzi kwihlabathi lezemali, ngakumbi ukuhlalutya nokuthelekisa imeko yezoqoqosho yeenkampani ezahlukeneyo. Kodwa kukwakho imilinganiselo esinceda sihlalutye imali, njenge Sharpe Ratio, esiza kuthetha ngayo kweli nqaku.
Ngumlinganiselo lowo Kuya kusinceda kakhulu xa sifuna ukuthelekisa iimali ezahlukeneyo zotyalo-mali. Siza kuchaza ukuba yintoni i-Sharpe Ratio, yintoni ifomula yayo kunye nendlela yokutolika umphumo. Ndiyathemba ukuba uyifumana iluncedo kwaye inika umdla.
Yintoni iSharpe Ratio?
Njengoko uyazi kakuhle, Ireyishini zizalathi zemeko yezoqoqosho yenkampani. Siyabulela kubo sinokwenza uhlalutyo olupheleleyo kwiinkampani ngokuseka ubudlelwane phakathi kweeyunithi ezahlukeneyo zemali. Isiphumo esifunyenwe ngokubala kwabo yimeko yemali okanye ibhalansi yezoqoqosho yenkampani ekuthethwa ngayo, ukuba nje sitolika ngokuchanekileyo umphumo.
Ngokuthelekisa iireyishini ezahlukeneyo kwixesha elinikiweyo, sinokufumanisa ngakumbi malunga nolawulo lwenkampani, nokuba yanele okanye hayi. Ngele ndlela kuya kuba lula ngathi ukuziqhelanisa notshintsho olunokwenzeka kwixesha elizayo kwaye uphendule kuzo ngezisombululo ezisebenzayo.
Ngokuphathelele iSharpe Ratio, yaphuhliswa ngusoqoqosho waseMelika uWilliam Sharpe, othe wawongwa ngebhaso leNobel. Injongo yalo mlinganiselo kukulinganisa ngokwamanani ubudlelwane phakathi kwenzuzo kunye nokuguquguquka kwembali ye kwingxowa-mali. Ukwenza oku, kufuneka nje sahlule inzuzo yengxowa-mali enomdla kuthi, ukukhupha izinga lenzala ngaphandle komngcipheko, phakathi kokutenxa okusemgangathweni okanye ukuguquguquka kwaloo nzuzo ngexesha elifanayo lexesha. Ifomula iya kuba yile:
I-Sharpe Ratio = imbuyekezo yeNgxowa-mali – izinga lenzala elingenamngcipheko (amatyala eenyanga ezintathu) / Ukuguquguquka ngokwembali (ukutenxa kwimbuyekezo eqhelekileyo)
Utolikwa njani umlinganiselo weSharpe?
Ngoku ukuba siyazi ukuba yintoni i-Sharpe Ratio kunye nendlela yokubala ngayo, kubalulekile ukuba siyazi indlela yokutolika umphumo. Kulungile, okukhona i-Sharpe Ratio iphezulu, kokukhona ingcono inzuzo yengxowa-mali ekuthethwa ngayo. Ewe ngokunjalo, ngokunxulumene nesixa somngcipheko obandakanyekayo kutyalo-mali.
Okukhona kukho ukuguquguquka okukhona, kokukhona umngcipheko uphezulu. Oku kungenxa yokuba amathuba okuba le ngxowa-mali siyibalayo iya kuba nembuyekezo engalunganga isoloko imkhulu ngakumbi xa kukho ukuguquguquka okukhulu kwimbuyekezo yayo. Nangona kunjalo, xa ukuguquguquka kuphezulu, imbuyekezo ephezulu ephezulu nayo inokwenzeka.
Ngesi sizathu, i-Sharpe Ratio iphantsi kwaye idinomineyitha ye-equation iphezulu xa ingxowa-mali ine-volatility ephezulu. Ngamanye amazwi: Ukuba i-NAV yengxowa-mali ibihamba phakathi kwe-80 kunye ne-120 unyaka wonke, ukuguquguquka kwayo kwembali kuphezulu kunoko kwengxowa-mali i-NAV ihleli phakathi kwe-95 kunye ne-105 kwaloo nyaka. Uninzi lwabatyali-mali alukhangeli kuphela iimali ezinike ingxelo yembuyekezo ephezulu ngokwembali, kodwa endaweni yoko khangela iimali eziye zavela ngokuqhubekayo ekuhambeni kwexesha, ngaphandle kokufumana amahla-ndinyuka amakhulu. Ukuqonda i-Sharpe Ratio ngcono kancinci, siya kunika umzekelo ongezantsi.
Umzekelo
Masithi kukho iimali ezimbini ze-equity mutual mutual funds eziqhuba utyalo-mali lwazo kwimarike enye. Siyenza njani imilinganiselo yakho yeSharpe? Sizakuyibala kwithuba lonyaka omnye, siqala nge Ingxowa-mali A:
- Isivuno kunyaka omnye: 1%
- Ukuguquguquka kunyaka o-1: 15%
- Amatyala eenyanga ezi-3: 5%
- Ubuncinane bonyaka: -5%
- Iqondo eliphezulu lonyaka: + 22%
- Umlinganiselo obukhali = (18-5) / 15 = 0,86
Endaweni yoko, iipesenti ze imvelaphi B Zizo zilandelayo:
- Isivuno kunyaka omnye: 1%
- Ukuguquguquka kunyaka o-1: 24%
- Amatyala eenyanga ezi-3: 5%
- Ubuncinane bonyaka: -15%
- Iqondo eliphezulu lonyaka: + 32%
- Umlinganiselo obukhali = (25-5) / 24 = 0,83
Nangona imbuyekezo yeNgxowa-mali A ingaphantsi kuneengxowa-mali B, umlinganiselo wayo weSharpe uphezulu. Oku kungenxa yokuba ukuguquguquka kwale ngxowa-mali kuphantsi. Ngamanye amazwi: INgxowa-mali A iye yahla yangaphantsi kunengxowa-mali B, eye yaba namahla-ndinyuka amaninzi kuneyokuqala. Nangona ekugqibeleni inzuzo yengxowa-mali A iye yangaphantsi, ayizange iphulukene ne-fund B. Ebubini bayo, imbuyekezo yayiyi-5%, ngelixa enye ingxowa-mali iphulukene ne-15%.
Ndicinga ukuba sele ubonile ukuba ukubala iSharpe Ratio yengxowa-mali enye akuloncedo oluncinci kuthi. Kungcono ukuthenga iimali ezimbini okanye ngaphezulu komnye nomnye, njengoko senzile kulo mzekelo.
Ngelixa ezinye izikhombisi zilinganisa iimali ngokutenxa kwisalathiso sabo sesalathiso, esibizwa ngokuba yi-benchmark, i-Sharpe Ratio yinketho enkulu. ukulinganisa ukutenxa okusemgangathweni okanye ukuguquguquka kwembali yokubuyiswa kweemali ezahlukeneyo kwaye uzithelekise ngele ndlela. Kungcono ukukhuseleka!