s*d
3 楼
From Wiki: Alpha is a financial term referring to a stock's performance,
relative to the market indexes used by fund managers. So, fund managers "
seek alpha".
relative to the market indexes used by fund managers. So, fund managers "
seek alpha".
v*m
6 楼
http://www.investopedia.com/terms/a/alpha.asp#axzz1XqFSnhhy
Alpha
What Does It Mean?
What Does Alpha Mean?
1. A measure of performance on a risk-adjusted basis. Alpha takes the
volatility (price risk) of a mutual fund and compares its risk-adjusted
performance to a benchmark index. The excess return of the fund relative to
the return of the benchmark index is a fund's alpha.
2. The abnormal rate of return on a security or portfolio in excess of what
would be predicted by an equilibrium model like the capital asset pricing
model (CAPM).
Investopedia Says
Investopedia explains Alpha
1. Alpha is one of five technical risk ratios; the others are beta, standard
deviation, R-squared, and the Sharpe ratio. These are all statistical
measurements used in modern portfolio theory (MPT). All of these indicators
are intended to help investors determine the risk-reward profile of a mutual
fund. Simply stated, alpha is often considered to represent the value that
a portfolio manager adds to or subtracts from a fund's return.
A positive alpha of 1.0 means the fund has outperformed its benchmark index
by 1%. Correspondingly, a similar negative alpha would indicate an
underperformance of 1%.
2. If a CAPM analysis estimates that a portfolio should earn 10% based on
the risk of the portfolio but the portfolio actually earns 15%, the
portfolio's alpha would be 5%. This 5% is the excess return over what was
predicted in the CAPM model.
Read more: http://www.investopedia.com/terms/a/alpha.asp#ixzz1XqFbe0PC
Alpha
What Does It Mean?
What Does Alpha Mean?
1. A measure of performance on a risk-adjusted basis. Alpha takes the
volatility (price risk) of a mutual fund and compares its risk-adjusted
performance to a benchmark index. The excess return of the fund relative to
the return of the benchmark index is a fund's alpha.
2. The abnormal rate of return on a security or portfolio in excess of what
would be predicted by an equilibrium model like the capital asset pricing
model (CAPM).
Investopedia Says
Investopedia explains Alpha
1. Alpha is one of five technical risk ratios; the others are beta, standard
deviation, R-squared, and the Sharpe ratio. These are all statistical
measurements used in modern portfolio theory (MPT). All of these indicators
are intended to help investors determine the risk-reward profile of a mutual
fund. Simply stated, alpha is often considered to represent the value that
a portfolio manager adds to or subtracts from a fund's return.
A positive alpha of 1.0 means the fund has outperformed its benchmark index
by 1%. Correspondingly, a similar negative alpha would indicate an
underperformance of 1%.
2. If a CAPM analysis estimates that a portfolio should earn 10% based on
the risk of the portfolio but the portfolio actually earns 15%, the
portfolio's alpha would be 5%. This 5% is the excess return over what was
predicted in the CAPM model.
Read more: http://www.investopedia.com/terms/a/alpha.asp#ixzz1XqFbe0PC
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