IiNqaku eziTyebileyo zexabiso
Ngenkcazo elinexabiso, inani lezorhwebo lixhomekeke kumaxabiso okurhweba aqinisekileyo (amasheya) aquka inkcazo yebhayisikiti (eyaziwa njengamacandelo).
Ngamanye amazwi, izitoko ezinamanani aphakamileyo ziya kuba nefuthe elikhulu ekuhambeni kwesicatshulwa kunamasheya anamaxabiso aphantsi, ekubeni ixabiso "lilinganisiwe" liphezulu. Umzekelo, ukuba isitokethi isuka kwi $ 100 ukuya kwi-110 yezigidi, iya kushukumisela isalathisi ngaphezu kwesitokethi esuka kwi-$ 20 ukuya kwi-30 engama-30, nangona ipesenteji ishukunyuka kakhulu kwisitokethi esisezantsi esivela kwi-20 ukuya kwi-30 yama-30 kuba ixabiso phezulu.
Enye yezona zinto ezikhethiweyo zithengi zexabiso ziyi-Dow Jones Industrial Average (DIJA), enamaqela ahlukeneyo angama-30. Kule nkcazo, izitoko eziphezulu zihambisa inkcazo ngaphezulu kunezo ezinexabiso elincinci lokurhweba, i-ergo ixabiso elithile.
Ixabiso leeReighted Indexes
Kwimeko yenkcazo elinexabiso, inani lezabelo ezibalaseleyo liza kudlala.
Ukugqiba ubunzima besitoksi ngasinye kwisalathisi esinani-xabiso, umgaqo-siseko (ngaphandle kokuba unzima kakhulu kwiinjongo zokubonakalisa) ukwandisa intengo yesitokethi ngemali yezabelo ezivelele (intengo x izabelo ezingekhoyo).
Ngokomzekelo, ukuba i-Stock ABC inamalungu angama-6,000,000 ahlukileyo kunye nokuthengiswa kwayo kwi-$ 15, ngoko ubunzima balo kwisikhombisi ngu-90,000,000.
Kodwa ukuba i-stock XYZ ithengisa i-$ 30, kodwa i-share,000 i-share,000 ephezulu, ubunzima bayo buyi-30,000,000.
Ngoko, kwi-stock-weighted stock, i-ABC iya kuba nempembelelo enkulu ekuhambeni kwesahlulo, kodwa kwisitokisi esinomlinganiselo, kuya kuba nexabiso elincinci kuba ixabiso layo liphantsi. Eminye imizekelo yee-value indexed indexes yi-MSCI ethandwayo yentsapho yezikhombo.
Iingxelo ezingapheliyo
Ukwahlula okwesithathu kweendleko ezilinganiselweyo yi-index engapheliyo. Zonke izitokethi, kungakhathaliseki ukuba isabelo semali okanye intengo inefuthe elilinganayo kwixabiso lexabiso. Utshintsho lwamanani kwisalathisi lusekelwe kwipesenteji yokubuyela nganye kwicandelo ngalinye. Masisebenzise umzekelo:
Yithi kukho iisitokisi ezintathu kwisibonelo sethu esingenasisindo: ABC, XYX, kunye neMNO. Kungakhathaliseki ukuba zingaphi iindidi onayo kwisitoko ngasinye okanye intengo yokuthengisa, ubheka ipesenteji yentengo yokuhamba. Ngoko ukuba i-ABC iphakama ngama-50% kwaye i-XYZ iphakama ngo-10% kwaye i-MNO iphakama ngama-15%, isalathisi senyuke kuma-25% = (50 + 10 + 15) / 3 (inani leetokhwelo kwi-index).
Olu kubalo lusekelwe kwisilinganiso semilinganiselo ye-arithmetic, kodwa ezinye iimbosi ezingapheliyo ziya kusebenzisa i-geometric average calculation. Ngoko ke le ndlela iya kutshintsha (1.5 + 1.1 + 1.15) [1/3]. Ngokuqhelekileyo, ifomethri yejometri iya kuvelisa ipesenteji ephantsi kunokuba ifom ye-arithmetic, kodwa isenokuba isondele.
Nangona kukho ezinye iintlobo zeenombolo ezilinganisiweyo-mali-mali-mali (izabelo zesitoko ngasinye kwisalathisi esilinganiswe nge-cap esekelwe kwixabiso lemarike yezabelo eziseleyo), iinkokhelo ezilinganiswe ngeniso, iinkokhelo ezilinganiselwe ngokukodwa kunye ne-float-adjusted ii-indexes -, sijolise kwizinto ezintathu kule nqaku njengoko ziqhelekileyo zisebenzisa ii-ETF.
Kukho iingxoxo ezininzi malunga neentlobo zeenombolo ezixhomekeke kubungcono (inzuzo kunye neengxaki kunye nokunye okunjalo), kodwa leyo ingxoxo ngolunye usuku kunye nento onokuyenza ukuze uphando ukuba yiyiphi enye into engcono kwisicwangciso sakho sokutyalomali.