市場指數 | 基準振幅 | 股市比重 | 現金比重 | 股市資金 | 單位數 | 現金資金 | 整體資產淨值 | 整體資產振幅 |
100 | 0% | 50% | 50% | 50.00 | 0.50000 | 50.00 | 100.00 | 0.00% |
110 | 10% | 45% | 55% | 47.25 | 0.42955 | 57.75 | 105.00 | 5.00% |
120 | 20% | 40% | 60% | 43.72 | 0.36432 | 65.58 | 109.30 | 9.30% |
130 | 30% | 35% | 65% | 39.53 | 0.30407 | 73.41 | 112.94 | 12.94% |
140 | 40% | 30% | 70% | 34.79 | 0.24853 | 81.19 | 115.98 | 15.98% |
150 | 50% | 25% | 75% | 29.62 | 0.19744 | 88.85 | 118.46 | 18.46% |
140 | 40% | 30% | 70% | 34.95 | 0.24962 | 81.54 | 116.49 | 16.49% |
130 | 30% | 35% | 65% | 39.90 | 0.30691 | 74.10 | 113.99 | 13.99% |
120 | 20% | 40% | 60% | 44.37 | 0.36975 | 66.55 | 110.92 | 10.92% |
110 | 10% | 45% | 55% | 48.25 | 0.43866 | 58.98 | 107.23 | 7.23% |
100 | 0% | 50% | 50% | 51.42 | 0.51420 | 51.42 | 102.84 | 2.84% |
90 | -10% | 55% | 45% | 53.73 | 0.59705 | 43.96 | 97.70 | -2.30% |
80 | -20% | 60% | 40% | 55.04 | 0.68796 | 36.69 | 91.73 | -8.27% |
70 | -30% | 65% | 35% | 55.15 | 0.78788 | 29.70 | 84.85 | -15.15% |
60 | -40% | 70% | 30% | 53.88 | 0.89798 | 23.09 | 76.97 | -23.03% |
50 | -50% | 75% | 25% | 50.99 | 1.01985 | 17.00 | 67.99 | -32.01% |
60 | -40% | 70% | 30% | 54.73 | 0.91220 | 23.46 | 78.19 | -21.81% |
70 | -30% | 65% | 35% | 56.75 | 0.81074 | 30.56 | 87.31 | -12.69% |
80 | -20% | 60% | 40% | 57.25 | 0.71563 | 38.17 | 95.42 | -4.58% |
90 | -10% | 55% | 45% | 56.42 | 0.62684 | 46.16 | 102.57 | 2.57% |
100 | 0% | 50% | 50% | 54.42 | 0.54421 | 54.42 | 108.84 | 8.84% |
從上表中可以看出,一個市場輪回下來(i.e. 指數改觀:100→150→100→50→100),指數停在原點,整體資金卻成長了 8.84%。 以此類推,按此動態調劑經由 n 個循環,則資產會增長成 (1 + 8.84%) ^ n。 這種做法會呈現出整體資產的更改,在增添的時刻不會比特定市場的漲幅大,但同時,在削減的時刻,可以比特定市場的跌幅小。如許的擺盪現象,長時間下來會構成原資產的成長績效逐步與指數脫勾(i.e. 績效愈來愈好)。 數字變動見下表一:
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