Knowledge List
β系数

β系数衡量基金收益相对于业绩评价基准收益的总体波动性,是一个相对指标。β系数越高,意味着基金相对于业绩评价基准的波动性越大。β系数大于1,则基金的波动性大于业绩评价基准的波动性。反之亦然。

如果β系数为1,则市场上涨10%,基金上涨10%;市场下滑10%,基金相应下滑10%。如果β系数为1.1,市场上涨10%时,基金上涨11%,;市场下滑10%时,基金下滑11%。如果β系数为0.9,市场上涨10%时,基金上涨9%;市场下滑10%时,基金下滑9%。

值得注意的是,β系数能否有效衡量风险,很大程度受基金与业绩评价基准相关性的影响。如果将基金与一个不大相关的业绩评价基准进行比较,计算出来的β系数就没有意义。所以考察β系数时,应当同时考察另一个指标--R平方。

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