Knowledge List
标准差

基金以往的风险有多高?这是在购买基金之前必须了解的问题之一。以下将介绍衡量基金风险最常见的两种工具--标准差和β系数。

标准差是指过去一段时期内,基金每个月的收益率相对于平均月收益率的偏差幅度的大小。基金的每月收益波动越大,那么它的标准差也越大。例如,基金A在过去36个月内每月的收益率都是1%,那么其标准差为0。基金B的月收益率是不断变化的,一个月是5%,下一个月是25%,再下一个月是-7%,那么基金B的标准差则大于基金A的标准差。而基金C每个月都亏损1%,其标准差也同样是为0。

实际上,标准差所量化的对象是投资组合收益的波动,而不是投资组合中的风险,因为标准差并没有体现基金的下行风险,即亏损的可能性。正如上例,尽管基金B的标准差较大,但其风险并不一定比基金C的风险大。换而言之,标准差大的基金可能没有下行风险,而仅仅是收益波动很大。因此,我们最好将标准差视为衡量收益波动的手段。

应当将基金的标准差与同类型基金或者业绩评价基准的标准差进行比较。因为单看标准差本身的绝对数字并不能直观地显示其含义。例如,7%的标准差比5%高,但这个数值对于某只基金来说,是高还是低呢?

Disclaimer and Important Notes:

  • Wealth Management Products are not deposits and have investment risks, and customers should be cautious in making any investment.
  • The relevant information and data displayed in the pages are for reference only and are those of the offshore funds, invested by QDII product-overseas fund series issued by DBS China, as well as of the onshore funds distributed by DBS China (as the case may be). Unless otherwise specified, all content in the webpages is provided by Morningstar Shenzhen Ltd (“Morningstar”), and it is possible to be modified without any notice. Some information provided by Morningstar to the pages may differ from the original data due to technical or operational reasons. DBS Bank (China) Limited (“DBS China”) has not verified, monitored or endorsed any content on any page and will not give any guarantee or warranty of whatsoever nature in respect of the correctness, completeness, or timeliness of any content on any page.
  • Nothing on this page shall constitute an offer or invitation or solicitation to subscribe any product or fund or to enter into any transaction. The content on this page does not have regard to the specific investment objectives, financial situation or particular needs of any specific person and is not intended to provide, and should not be relied upon for accounting, legal or tax advice, or investment recommendations and is not to be taken in substitution for the exercise of judgment by the reader, who should obtain separate legal or financial advice. DBS China does not act as an adviser or assume any fiduciary responsibility or liability for any consequences financial or otherwise.
  • Investment involves risks and the risk of loss from investment can be substantial. Opinions and estimates are subject to change without notice. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment. Before entering into any transaction or making a commitment to purchase any product mentioned on this page, the reader should take steps to ensure that the reader understands the transaction and has made an independent assessment of the appropriateness of the transaction in the light of the reader’s own objectives and circumstances. In particular, the reader should read all relevant documentation pertaining to the product (including but not limited to product offering documents, term sheets, prospectuses or other similar or equivalent offer or issue documents, as the case may be) and may wish to seek advice from a financial or other professional adviser or make such independent investigations as the reader considers necessary or appropriate for such purposes. If the reader chooses not to do so, the reader should consider carefully whether any product mentioned in the webpages is suitable for him. DBS China shall not assume any liability for any loss or damage (whether direct or indirect) of any person arising out of or in connection with any error, omission, delay and/or reliance on any content of any page.