{"id":74473,"date":"2026-10-25T18:55:45","date_gmt":"2026-10-25T10:55:45","guid":{"rendered":"https:\/\/mister.forex\/?page_id=74473"},"modified":"2026-10-26T12:21:37","modified_gmt":"2026-10-26T04:21:37","slug":"calmar-ratio-etf-risk-adjusted-return","status":"publish","type":"page","link":"https:\/\/mister.forex\/ar\/calmar-ratio-etf-risk-adjusted-return\/","title":{"rendered":"\u0645\u0627 \u0647\u064a \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631\u061f \u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u062e\u0627\u0637\u0631 \u0648\u0639\u0648\u0627\u0626\u062f \u0635\u0646\u0627\u062f\u064a\u0642 ETF \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0643\u0645\u064a\u0629"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"74473\" class=\"elementor elementor-74473\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-88f3a17 e-flex e-con-boxed e-con e-parent\" data-id=\"88f3a17\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b47d9f elementor-widget elementor-widget-heading\" data-id=\"4b47d9f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">\u0639\u0648\u0627\u0626\u062f \u0623\u0639\u0644\u0649\u060c \u062a\u0631\u0627\u062c\u0639\u0627\u062a \u0623\u0639\u0645\u0642: \u0645\u0627\u0630\u0627 \u062a\u0643\u0634\u0641 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631\u061f<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d802a71 elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"d802a71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-74487 size-medium\" src=\"https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-500x281.webp\" alt=\"\" width=\"500\" height=\"281\" srcset=\"https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-500x281.webp 500w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-1200x675.webp 1200w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-300x169.webp 300w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-768x432.webp 768w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-1536x864.webp 1536w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail-18x10.webp 18w, https:\/\/mister.forex\/wp-content\/uploads\/2026\/10\/Calmar-Ratio-Thumbnail.webp 1672w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-410e02b elementor-widget elementor-widget-html translation-block\" data-id=\"410e02b\" data-element_type=\"widget\" data-widget_type=\"html.default\"><span>\n\u062a\u062e\u064a\u0651\u0644 \u0623\u0646\u0643 \u062a\u0642\u0627\u0631\u0646 \u0628\u064a\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u062a\u064a\u0646 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u062a\u064a\u0646.\n<br><br>\n\n\u062a\u062d\u0642\u0642 \u0643\u0644\u062a\u0627\u0647\u0645\u0627 \u0639\u0627\u0626\u062f\u064b\u0627 \u0633\u0646\u0648\u064a\u064b\u0627 \u0642\u062f\u0631\u0647 20%.\n<br><br>\n\n\u0644\u0643\u0646 \u0639\u0646\u062f \u0645\u0631\u0627\u062c\u0639\u0629 \u0633\u062c\u0644 \u0627\u0644\u0623\u062f\u0627\u0621\u060c \u062a\u0643\u062a\u0634\u0641 \u0641\u0631\u0642\u064b\u0627 \u0645\u0647\u0645\u064b\u0627:\n<br><br>\n\n<ul>\n<li><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 A:<\/strong> \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u221210%.<\/li>\n<li><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 B:<\/strong> \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u221240%.<\/li>\n<\/ul>\n<br>\n\n\u0625\u0630\u0627 \u0646\u0638\u0631\u062a \u0625\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0648\u062d\u062f\u0647\u060c \u0641\u0642\u062f \u062a\u0628\u062f\u0648 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u062a\u0627\u0646 \u0645\u062a\u0633\u0627\u0648\u064a\u062a\u064a\u0646.\n<br><br>\n\n\u0644\u0643\u0646 \u0623\u0643\u0628\u0631 \u0627\u0646\u062e\u0641\u0627\u0636 \u062a\u0627\u0631\u064a\u062e\u064a \u0634\u0647\u062f\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 A \u0644\u0645 \u064a\u062a\u062c\u0627\u0648\u0632 \u0631\u0628\u0639 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0630\u064a \u0634\u0647\u062f\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 B.\n<br><br>\n\n<strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0646\u0641\u0633\u0647: 20%. \u0644\u0643\u0646 \u0647\u0644 \u062a\u062e\u062a\u0627\u0631 \u062a\u0631\u0627\u062c\u0639\u064b\u0627 \u0628\u0646\u0633\u0628\u0629 10% \u0623\u0645 40%\u061f<\/strong>\n<br><br>\n\n\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0628\u062d\u062b \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0639\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0630\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0627\u0644\u0623\u0639\u0644\u0649\u060c \u062f\u0648\u0646 \u0623\u0646 \u064a\u0633\u0623\u0644\u0648\u0627: \u0645\u0627 \u062d\u062c\u0645 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0645\u0624\u0642\u062a\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u062a\u0639\u0631\u0636 \u0644\u0647\u0627 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u0637\u0631\u064a\u0642\u0647\u0627 \u0644\u062a\u062d\u0642\u064a\u0642 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f\u061f\n<br><br>\n\n\u0647\u0646\u0627 \u062a\u0628\u0631\u0632 \u0623\u0647\u0645\u064a\u0629 <strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 (Calmar Ratio)<\/strong>.\n<br><br>\n\n\u0641\u0647\u064a \u0644\u0627 \u062a\u0643\u062a\u0641\u064a \u0628\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u060c \u0628\u0644 \u062a\u0636\u0639\u0647 \u0641\u064a \u0633\u064a\u0627\u0642 \u0623\u0643\u0628\u0631 \u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a \u062a\u062d\u0645\u0651\u0644\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.\n<br><br>\n\n\u0648\u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u0638\u0648\u0631 \u0639\u0644\u0649 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (ETF) \u0648\u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0643\u0645\u064a\u060c \u062a\u062a\u0636\u062d \u062d\u0642\u064a\u0642\u0629 \u0645\u0647\u0645\u0629:\n<br><br>\n\n<strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0627 \u064a\u0639\u0646\u064a \u062f\u0627\u0626\u0645\u064b\u0627 \u0643\u0641\u0627\u0621\u0629 \u0623\u0641\u0636\u0644 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0623\u0647\u0645: \u0647\u0644 \u0627\u0633\u062a\u062d\u0642 \u0627\u0644\u0639\u0627\u0626\u062f \u0630\u0644\u0643 \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u061f<\/strong>\n<br><br>\n\n\n<h2><strong>1. \u0645\u0627 \u0647\u064a \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631\u061f<\/strong><\/h2>\n\n\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0647\u064a \u0645\u0642\u064a\u0627\u0633 \u0644\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0639\u062f\u0651\u0644 \u062d\u0633\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u064a\u0642\u0627\u0631\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a \u0641\u064a \u0642\u064a\u0645\u062a\u0647.\n<br><br>\n\n\u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u0628\u0633\u0637\u060c \u062a\u062c\u064a\u0628 \u0639\u0646 \u0633\u0624\u0627\u0644 \u0648\u0627\u062d\u062f:\n<br><br>\n\n<strong>\u0645\u0627 \u062d\u062c\u0645 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0630\u064a \u062a\u062d\u0645\u0651\u0644\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0644\u062a\u062d\u0642\u064a\u0642 \u0639\u0627\u0626\u062f\u0647\u0627\u061f<\/strong>\n<br><br>\n\n\u0648\u0635\u064a\u063a\u062a\u0647\u0627 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0647\u064a:\n<br><br>\n\n<strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 = \u0645\u0639\u062f\u0644 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0648\u064a \u0627\u0644\u0645\u0631\u0643\u0628 (CAGR) \u00f7 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0637\u0644\u0642\u0629 \u0644\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 (MDD)<\/strong>\n<br><br>\n\n\u062d\u064a\u062b \u064a\u0634\u064a\u0631:\n<br><br>\n\n<strong>\u0645\u0639\u062f\u0644 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0648\u064a \u0627\u0644\u0645\u0631\u0643\u0628 (Compound Annual Growth Rate\u060c \u0623\u0648 CAGR)<\/strong> \u0625\u0644\u0649 \u0645\u062a\u0648\u0633\u0637 \u0645\u0639\u062f\u0644 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0648\u064a \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0645\u062d\u062f\u062f\u0629\u060c \u0645\u0639 \u0627\u062d\u062a\u0633\u0627\u0628 \u0623\u062b\u0631 \u0627\u0644\u062a\u0631\u0643\u064a\u0628.\n<br><br>\n\n\u0623\u0645\u0627 <strong>\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 (Maximum Drawdown\u060c \u0623\u0648 MDD)<\/strong> \u0641\u0647\u0648 \u0623\u0643\u0628\u0631 \u0627\u0646\u062e\u0641\u0627\u0636 \u0646\u0633\u0628\u064a \u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0646 \u0642\u0645\u0629 \u0633\u0627\u0628\u0642\u0629 \u0625\u0644\u0649 \u0642\u0627\u0639 \u0644\u0627\u062d\u0642 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u0642\u064a\u0627\u0633.\n<br><br>\n\n\u0644\u0646\u0641\u062a\u0631\u0636 \u0645\u062b\u0644\u064b\u0627:\n<br><br>\n\n\u0623\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062d\u0642\u0642\u062a \u0639\u0627\u0626\u062f\u064b\u0627 \u0633\u0646\u0648\u064a\u064b\u0627 \u0642\u062f\u0631\u0647 15%\u060c \u0648\u0633\u062c\u0644\u062a \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0639\u0646\u062f \u221220%.\n<br><br>\n\n\u0639\u0646\u062f\u0647\u0627:\n<br><br>\n\n<strong>15% \u00f7 20% = 0.75<\/strong>\n<br><br>\n\n\u0623\u064a \u0625\u0646 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062e\u0644\u0627\u0644 \u062a\u0644\u0643 \u0627\u0644\u0641\u062a\u0631\u0629 \u062a\u0633\u0627\u0648\u064a 0.75.\n<br><br>\n\n\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0644\u064a\u0633\u062a \u0646\u0633\u0628\u0629 \u0645\u0626\u0648\u064a\u0629\u060c \u0628\u0644 \u0642\u064a\u0645\u0629 \u0639\u062f\u062f\u064a\u0629 \u062f\u0648\u0646 \u0648\u062d\u062f\u0629.\n<br><br>\n\n\u0648\u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0645\u0648\u062c\u0628\u064b\u0627 \u0648\u062a\u062a\u0637\u0627\u0628\u0642 \u0637\u0631\u0642 \u0627\u0644\u062d\u0633\u0627\u0628\u060c \u0641\u0625\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0646\u0633\u0628\u0629 \u064a\u0634\u064a\u0631 \u0639\u0645\u0648\u0645\u064b\u0627 \u0625\u0644\u0649 \u062a\u062d\u0642\u064a\u0642 \u0639\u0627\u0626\u062f \u0633\u0646\u0648\u064a \u0623\u0643\u0628\u0631 \u0642\u064a\u0627\u0633\u064b\u0627 \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a.\n<br><br>\n\n\u0644\u0643\u0646 \u0627\u0646\u062a\u0628\u0647:\n<br><br>\n\n<strong>\u0627\u0631\u062a\u0641\u0627\u0639 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0644\u0627 \u064a\u0636\u0645\u0646 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064b\u0627 \u0623\u0643\u062b\u0631 \u0623\u0645\u0627\u0646\u064b\u0627 \u0623\u0648 \u0623\u062f\u0627\u0621\u064b \u0623\u0641\u0636\u0644 \u0645\u0633\u062a\u0642\u0628\u0644\u064b\u0627.<\/strong>\n<br><br>\n\n\u0641\u0647\u064a \u0623\u062f\u0627\u0629 \u0644\u062a\u0642\u064a\u064a\u0645 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u060c \u0648\u0644\u064a\u0633\u062a \u0636\u0645\u0627\u0646\u064b\u0627 \u0644\u0644\u0631\u0628\u062d \u0623\u0648 \u062d\u062f\u064b\u0627 \u0623\u0642\u0635\u0649 \u0644\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629.\n<br><br>\n\n\n<h3><strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0623\u0645 \u0646\u0633\u0628\u0629 MAR: \u0645\u0627 \u0627\u0644\u0641\u0631\u0642\u061f<\/strong><\/h3>\n\n\u062a\u064f\u062d\u0633\u0628 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0639\u0627\u062f\u0629\u064b \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0648\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062e\u0644\u0627\u0644 \u0622\u062e\u0631 36 \u0634\u0647\u0631\u064b\u0627.\n<br><br>\n\n\u0648\u064a\u062c\u0639\u0644\u0647\u0627 \u0630\u0644\u0643 \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u062a\u0642\u064a\u064a\u0645 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0623\u062e\u064a\u0631\u0629.\n<br><br>\n\n\u0623\u0645\u0627 \u0625\u0630\u0627 \u0623\u0631\u062f\u0646\u0627 \u0641\u0647\u0645 \u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0639\u0628\u0631 \u062f\u0648\u0631\u0627\u062a \u0633\u0648\u0642\u064a\u0629 \u0623\u0637\u0648\u0644\u060c \u0641\u064a\u0645\u0643\u0646 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0635\u064a\u063a\u0629 \u0646\u0641\u0633\u0647\u0627 \u0639\u0644\u0649 \u0643\u0627\u0645\u0644 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0627\u0644\u0645\u062a\u0627\u062d.\n<br><br>\n\n\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644\u060c \u0646\u0633\u062a\u062e\u062f\u0645 \u0635\u064a\u063a\u0629 <strong>\u00ab\u0645\u0639\u062f\u0644 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0646\u0648\u064a \u0627\u0644\u0645\u0631\u0643\u0628 \u00f7 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0637\u0644\u0642\u0629 \u0644\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639\u00bb<\/strong>\u060c \u0644\u0643\u0646\u0646\u0627 \u0646\u0645\u062f \u0641\u062a\u0631\u0629 \u0627\u0644\u0642\u064a\u0627\u0633 \u0644\u062a\u0634\u0645\u0644 \u0643\u0627\u0645\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u062a\u0627\u062d \u0644\u0643\u0644 \u0623\u0635\u0644.\n<br><br>\n\n\u0648\u064a\u064f\u0639\u0631\u0641 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u0623\u064a\u0636\u064b\u0627 \u0628\u0627\u0633\u0645 <strong>\u0646\u0633\u0628\u0629 \u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u064f\u062f\u0627\u0631\u0629 (Managed Account Reports Ratio\u060c \u0623\u0648 MAR Ratio)<\/strong>.\n<br><br>\n\n\u0644\u0630\u0644\u0643\u060c \u0645\u0646 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0627\u0644\u062a\u0645\u064a\u064a\u0632 \u0628\u064a\u0646:\n<br><br>\n\n<ul>\n<li><strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 (Calmar Ratio):<\/strong> \u062a\u0639\u062a\u0645\u062f \u0639\u0627\u062f\u0629\u064b \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0648\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062e\u0644\u0627\u0644 \u0622\u062e\u0631 36 \u0634\u0647\u0631\u064b\u0627.<\/li>\n<li><strong>\u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644:<\/strong> \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0643\u0627\u0645\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629\u060c \u0648\u062a\u0631\u062a\u0628\u0637 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0628\u0646\u0633\u0628\u0629 MAR.<\/li>\n<\/ul>\n<br>\n\n\u062a\u0639\u0631\u0636 \u0627\u0644\u062c\u062f\u0627\u0648\u0644 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 <strong>\u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644<\/strong>\u060c \u0648\u0644\u064a\u0633 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0627\u0644\u0645\u062d\u0633\u0648\u0628\u0629 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0622\u062e\u0631 36 \u0634\u0647\u0631\u064b\u0627.\n<br><br>\n\n\u0648\u0627\u0644\u0647\u062f\u0641 \u0645\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0627\u0644\u0643\u0627\u0645\u0644 \u0647\u0648 \u0641\u0647\u0645 \u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u0639\u0627\u0626\u062f \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0628\u0631 \u0641\u062a\u0631\u0627\u062a \u0633\u0648\u0642\u064a\u0629 \u0623\u0637\u0648\u0644\u060c \u0628\u062f\u0644 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062d\u062f\u064a\u062b \u0648\u062d\u062f\u0647.\n<br><br>\n\n\u0644\u0643\u0646 \u0647\u0646\u0627\u0643 \u0646\u0642\u0637\u0629 \u0645\u0647\u0645\u0629: \u062a\u062e\u062a\u0644\u0641 \u062a\u0648\u0627\u0631\u064a\u062e \u0625\u0637\u0644\u0627\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0645\u0646 \u0623\u0635\u0644 \u0625\u0644\u0649 \u0622\u062e\u0631.\n<br><br>\n\n<strong>\u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644 \u064a\u0643\u0634\u0641 \u0637\u0628\u064a\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0648\u0627\u062d\u062f\u060c \u0623\u0645\u0627 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0639\u0627\u062f\u0644\u0629 \u0641\u062a\u062a\u0637\u0644\u0628 \u0641\u062a\u0631\u0629 \u0642\u064a\u0627\u0633 \u0645\u0648\u062d\u0651\u062f\u0629.<\/strong>\n<br><br>\n\n\n<h2><strong>2. \u0639\u0627\u0626\u062f \u0648\u0627\u062d\u062f\u060c \u0648\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0623\u0639\u0644\u0649 \u0628\u0623\u0631\u0628\u0639 \u0645\u0631\u0627\u062a<\/strong><\/h2>\n\n\u0644\u0646\u0639\u062f \u0625\u0644\u0649 \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u0627\u0641\u062a\u062a\u0627\u062d\u064a.\n<br><br>\n\n\u0627\u0641\u062a\u0631\u0636 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u062a\u064a\u0646 \u062e\u0636\u0639\u062a\u0627 \u0644\u0644\u062a\u0642\u064a\u064a\u0645 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u062b\u0644\u0627\u062b \u0633\u0646\u0648\u0627\u062a \u0646\u0641\u0633\u0647\u0627\u060c \u0648\u0628\u0637\u0631\u064a\u0642\u0629 \u062d\u0633\u0627\u0628 \u0645\u062a\u0637\u0627\u0628\u0642\u0629.\n<br><br>\n\n<div>\n<table style=\"width:100%;min-width:600px;border-collapse:separate;border-spacing:0;border:1px solid #2D4273;border-radius:6px;text-align:center;font-family:'Inter',sans-serif;overflow:hidden\">\n<thead>\n<tr style=\"background-color:#15264D;color:#FFFFFF\">\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0645\u0624\u0634\u0631<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 A<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 B<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">20%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\">20%<\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#15264D\"><strong>\u221210%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle;color:#D83C34\"><strong>\u221240%<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#15264D\"><strong>2.00<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.50<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<br>\n\n\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 A:\n<br><br>\n\n<strong>20% \u00f7 10% = 2.00<\/strong>\n<br><br>\n\n\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 B:\n<br><br>\n\n<strong>20% \u00f7 40% = 0.50<\/strong>\n<br><br>\n\n\u062d\u0642\u0642\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u062a\u0627\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0646\u0641\u0633\u0647\u060c \u0644\u0643\u0646 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 A \u062a\u0639\u0627\u062f\u0644 \u0623\u0631\u0628\u0639\u0629 \u0623\u0636\u0639\u0627\u0641 \u0646\u0638\u064a\u0631\u062a\u0647\u0627 \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 B.\n<br><br>\n\n\u0648\u0627\u0644\u0633\u0628\u0628 \u0647\u0648 \u0627\u062e\u062a\u0644\u0627\u0641 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a.\n<br><br>\n\n<strong>\u0627\u0644\u0639\u0627\u0626\u062f \u0648\u062d\u062f\u0647 \u0642\u062f \u064a\u062e\u0641\u064a \u062d\u062c\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u062d\u0645\u0651\u0644\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0644\u062a\u062d\u0642\u064a\u0642\u0647.<\/strong>\n<br><br>\n\n\n<h3><strong>\u0647\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0639\u0644\u0649 \u064a\u0639\u0646\u064a \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0623\u0641\u0636\u0644\u061f<\/strong><\/h3>\n\n\u0644\u064a\u0633 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629.\n<br><br>\n\n\u0644\u0646\u0623\u062e\u0630 \u0645\u062b\u0627\u0644\u064b\u0627 \u0627\u0641\u062a\u0631\u0627\u0636\u064a\u064b\u0627 \u0622\u062e\u0631 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0642\u064a\u0627\u0633 \u0645\u0648\u062d\u0651\u062f\u0629 \u0645\u062f\u062a\u0647\u0627 \u062b\u0644\u0627\u062b \u0633\u0646\u0648\u0627\u062a.\n<br><br>\n\n<div>\n<table style=\"width:100%;min-width:600px;border-collapse:separate;border-spacing:0;border:1px solid #2D4273;border-radius:6px;text-align:center;font-family:'Inter',sans-serif;overflow:hidden\">\n<thead>\n<tr style=\"background-color:#15264D;color:#FFFFFF\">\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0645\u0624\u0634\u0631<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 C<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 D<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">12%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\">24%<\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#15264D\"><strong>\u221210%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle;color:#D34B3A\"><strong>\u221230%<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>\u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#15264D\"><strong>1.20<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.80<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<br>\n\n\u062d\u0642\u0642\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 D \u0636\u0639\u0641 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 C\u060c \u0644\u0643\u0646\u0647\u0627 \u0633\u062c\u0644\u062a \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0623\u0643\u0628\u0631 \u0628\u062b\u0644\u0627\u062b \u0645\u0631\u0627\u062a.\n<br><br>\n\n\u0644\u0630\u0644\u0643\u060c \u062c\u0627\u0621\u062a \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 C \u0623\u0639\u0644\u0649.\n<br><br>\n\n\u0647\u0644 \u064a\u0639\u0646\u064a \u0647\u0630\u0627 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 C \u0623\u0641\u0636\u0644 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629\u061f\n<br><br>\n\n\u0644\u0627\u060c \u0641\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u064a\u062e\u062a\u0644\u0641\u0648\u0646 \u0641\u064a \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0639\u0627\u0626\u062f \u0648\u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0642\u062f\u0631\u062a\u0647\u0645 \u0639\u0644\u0649 \u062a\u062d\u0645\u0651\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.\n<br><br>\n\n\u0644\u0643\u0646 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u062a\u0637\u0631\u062d \u0633\u0624\u0627\u0644\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627:\n<br><br>\n\n<strong>\u0647\u0644 \u064a\u0633\u062a\u062d\u0642 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u062a\u062d\u0645\u0651\u0644 \u062a\u0631\u0627\u062c\u0639 \u0623\u0639\u0645\u0642\u061f<\/strong>\n<br><br>\n\n\u0648\u0647\u0630\u0627 \u062c\u0648\u0647\u0631 \u0627\u0644\u0641\u0643\u0631\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u0627\u0639\u062f\u0646\u0627 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645\u0647\u0627.\n<br><br>\n\n<strong>\u0645\u0644\u0627\u062d\u0638\u0629:<\/strong> \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a A \u0648B \u0648C \u0648D \u0623\u0645\u062b\u0644\u0629 \u0627\u0641\u062a\u0631\u0627\u0636\u064a\u0629 \u0644\u0623\u063a\u0631\u0627\u0636 \u062a\u0639\u0644\u064a\u0645\u064a\u0629\u060c \u0648\u0644\u0627 \u062a\u0645\u062b\u0644 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0623\u064a \u0635\u0646\u062f\u0648\u0642 ETF \u0623\u0648 \u0635\u0646\u062f\u0648\u0642 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0648 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062f\u0627\u0648\u0644 \u0643\u0645\u064a \u0628\u0639\u064a\u0646\u0647\u0627.\n<br><br>\n\n\n<h2><strong>3. \u0628\u064a\u0627\u0646\u0627\u062a \u0641\u0639\u0644\u064a\u0629: \u0639\u0648\u0627\u0626\u062f ETF \u0648\u0623\u0642\u0635\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u0627\u062a<\/strong><\/h2>\n\n\u0628\u0639\u062f \u0641\u0647\u0645 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631\u060c \u064a\u0645\u0643\u0646\u0646\u0627 \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0641\u0639\u0644\u064a\u0629.\n<br><br>\n\n\u0644\u0646\u0628\u062f\u0623 \u0628\u0623\u0631\u0628\u0639 \u0623\u062f\u0648\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0639\u0631\u0648\u0641\u0629.\n<br><br>\n\n<strong>SPY: SPDR S&amp;P 500 ETF Trust<\/strong>\n<br><br>\n\n\u064a\u062a\u062a\u0628\u0639 \u0647\u0630\u0627 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0645\u0624\u0634\u0631 S&amp;P 500\u060c \u0648\u064a\u0648\u0641\u0631 \u0627\u0646\u0643\u0634\u0627\u0641\u064b\u0627 \u0639\u0644\u0649 \u0623\u0633\u0647\u0645 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629.\n<br><br>\n\n<strong>QQQ: Invesco QQQ Trust<\/strong>\n<br><br>\n\n\u064a\u062a\u062a\u0628\u0639 \u0645\u0624\u0634\u0631 Nasdaq-100\u060c \u0648\u064a\u062a\u0645\u064a\u0632 \u0628\u0627\u0646\u0643\u0634\u0627\u0641 \u0623\u0643\u0628\u0631 \u0646\u0633\u0628\u064a\u064b\u0627 \u0639\u0644\u0649 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0643\u0628\u0631\u0649 \u0648\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0645\u0648.\n<br><br>\n\n<strong>BRK.B: \u0623\u0633\u0647\u0645 Berkshire Hathaway \u0645\u0646 \u0627\u0644\u0641\u0626\u0629 B<\/strong>\n<br><br>\n\n\u062a\u0645\u062b\u0644 \u0623\u0633\u0647\u0645 \u0627\u0644\u0641\u0626\u0629 B \u0641\u064a \u0634\u0631\u0643\u0629 Berkshire Hathaway\u060c \u0648\u0647\u064a \u0634\u0631\u0643\u0629 \u0645\u062f\u0631\u062c\u0629 \u062a\u0645\u062a\u0644\u0643 \u0623\u0646\u0634\u0637\u0629 \u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0648\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0645\u062a\u0646\u0648\u0639\u0629. \u0648\u0647\u064a \u0633\u0647\u0645 \u0645\u0646\u0641\u0631\u062f \u0648\u0644\u064a\u0633\u062a \u0635\u0646\u062f\u0648\u0642 ETF.\n<br><br>\n\n<strong>BND: Vanguard Total Bond Market ETF<\/strong>\n<br><br>\n\n\u0635\u0646\u062f\u0648\u0642 \u0645\u062a\u062f\u0627\u0648\u0644 \u0645\u0646 Vanguard \u064a\u0648\u0641\u0631 \u0627\u0646\u0643\u0634\u0627\u0641\u064b\u0627 \u0648\u0627\u0633\u0639\u064b\u0627 \u0639\u0644\u0649 \u0633\u0648\u0642 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0630\u0627\u062a \u0627\u0644\u062f\u0631\u062c\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0628\u0645\u0627 \u064a\u0634\u0645\u0644 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0648\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062f\u0639\u0648\u0645\u0629 \u0628\u0627\u0644\u0631\u0647\u0648\u0646 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629.\n<br><br>\n\n\u0648\u0644\u0627 \u064a\u064f\u0639\u062f BND \u0646\u0642\u062f\u064b\u0627 \u0623\u0648 \u0623\u0635\u0644\u064b\u0627 \u062e\u0627\u0644\u064a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u061b \u0625\u0630 \u062a\u062a\u0623\u062b\u0631 \u0642\u064a\u0645\u062a\u0647 \u0628\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0641\u0631\u0648\u0642 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a \u0648\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u062e\u0631\u0649.\n<br><br>\n\n\u062a\u0646\u062a\u0645\u064a \u0647\u0630\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0641\u0626\u0627\u062a \u0623\u0635\u0648\u0644 \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0643\u0645\u0627 \u062a\u062e\u062a\u0644\u0641 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a\u0647\u0627.\n<br><br>\n\n\u0648\u0627\u0644\u0647\u062f\u0641 \u0645\u0646 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0644\u064a\u0633 \u062a\u062d\u062f\u064a\u062f \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u064a\u062a\u0641\u0648\u0642 \u062f\u0627\u0626\u0645\u064b\u0627\u060c \u0628\u0644 \u0641\u0647\u0645 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0648\u0623\u0642\u0635\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u0627\u062a \u0641\u064a \u0643\u0644 \u062d\u0627\u0644\u0629.\n<br><br>\n\n\n<h3><strong>\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u0646\u0630 \u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a<\/strong><\/h3>\n\n\u064a\u0639\u0631\u0636 \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u062a\u0627\u0644\u064a \u0628\u064a\u0627\u0646\u0627\u062a \u0633\u0648\u0642\u064a\u0629 \u0639\u0627\u0645\u0629 \u062c\u064f\u0645\u0639\u062a \u0633\u0627\u0628\u0642\u064b\u0627\u060c \u0645\u0639 \u0627\u0639\u062a\u0645\u0627\u062f 20 \u0623\u0643\u062a\u0648\u0628\u0631 2026 \u062a\u0627\u0631\u064a\u062e\u064b\u0627 \u0646\u0647\u0627\u0626\u064a\u064b\u0627 \u0644\u0644\u0645\u0642\u0627\u0631\u0646\u0629.\n<br><br>\n\n<div>\n<table style=\"width:100%;min-width:850px;border-collapse:separate;border-spacing:0;border:1px solid #2D4273;border-radius:6px;text-align:center;font-family:'Inter',sans-serif;overflow:hidden\">\n<thead>\n<tr style=\"background-color:#15264D;color:#FFFFFF\">\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0633\u0646\u0629 \u0627\u0644\u0628\u062f\u0627\u064a\u0629<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>CAGR<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 MDD<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f\/\u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>SPY<\/strong><br>ETF \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">1993<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">+10.82%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#C62828\"><strong>\u221255.19%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.20<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>QQQ<\/strong><br>ETF \u0644\u0645\u0624\u0634\u0631 Nasdaq-100<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">1999<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">+10.73%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#8E1616\"><strong>\u221282.96%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.13<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>BRK.B<\/strong><br>\u0633\u0647\u0645 Berkshire \u0645\u0646 \u0627\u0644\u0641\u0626\u0629 B<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">1996<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">+10.89%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#C62828\"><strong>\u221253.86%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.20<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>BND<\/strong><br>ETF \u0644\u0633\u0648\u0642 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">2007<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">+2.89%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#B45336\"><strong>\u221218.58%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.16<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<br>\n\n<strong>\u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a:<\/strong>\n<br><br>\n\n<ul>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/spy\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0644\u0635\u0646\u062f\u0648\u0642 SPY<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/qqq\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0644\u0635\u0646\u062f\u0648\u0642 QQQ<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/stocks\/brk-b\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0644\u0633\u0647\u0645 BRK.B<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/bnd\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0644\u0635\u0646\u062f\u0648\u0642 BND<\/a><\/li>\n<\/ul>\n<br>\n\n<strong>\u0645\u0644\u0627\u062d\u0638\u0627\u062a \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a:<\/strong> \u064a\u0633\u062a\u0646\u062f \u0627\u0644\u062c\u062f\u0648\u0644 \u0625\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0643\u0644\u064a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0627\u0644\u062a\u064a \u062c\u064f\u0645\u0639\u062a \u0633\u0627\u0628\u0642\u064b\u0627 \u062d\u062a\u0649 20 \u0623\u0643\u062a\u0648\u0628\u0631 2026\u060c \u0648\u062a\u0634\u0645\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062a\u0648\u0632\u064a\u0639\u0627\u062a \u0627\u0644\u0623\u0631\u0628\u0627\u062d. \u064a\u064f\u062d\u0633\u0628 \u0627\u0644\u0639\u0645\u0648\u062f \u0627\u0644\u0623\u062e\u064a\u0631 \u0628\u0642\u0633\u0645\u0629 CAGR \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0637\u0644\u0642\u0629 \u0644\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639\u060c \u0645\u0639 \u062a\u0642\u0631\u064a\u0628 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0625\u0644\u0649 \u0645\u0646\u0632\u0644\u062a\u064a\u0646 \u0639\u0634\u0631\u064a\u062a\u064a\u0646\u061b \u0648\u0647\u0648 \u0644\u064a\u0633 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0644\u0641\u062a\u0631\u0629 36 \u0634\u0647\u0631\u064b\u0627. \u062a\u062e\u062a\u0644\u0641 \u062a\u0648\u0627\u0631\u064a\u062e \u0628\u062f\u0621 \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0643\u0645\u0627 \u0623\u0646 BRK.B \u0633\u0647\u0645 \u0645\u0646\u0641\u0631\u062f \u0648\u0644\u064a\u0633 \u0635\u0646\u062f\u0648\u0642 ETF. \u0644\u0630\u0644\u0643 \u064a\u0647\u062f\u0641 \u0627\u0644\u062c\u062f\u0648\u0644 \u0625\u0644\u0649 \u062a\u0648\u0636\u064a\u062d \u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0644\u0643\u0644 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u0644\u0627 \u064a\u0645\u062b\u0644 \u062a\u0631\u062a\u064a\u0628\u064b\u0627 \u0644\u0644\u0623\u062f\u0627\u0621 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0645\u0648\u062d\u0651\u062f\u0629 \u0623\u0648 \u062a\u062d\u062a \u0638\u0631\u0648\u0641 \u0645\u062e\u0627\u0637\u0631 \u0645\u062a\u0637\u0627\u0628\u0642\u0629. \u0648\u064a\u062c\u0628 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u062a\u0627\u0631\u064a\u062e \u0627\u0646\u062a\u0647\u0627\u0621 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0645\u0635\u062f\u0631 \u0642\u0628\u0644 \u0627\u0644\u0646\u0634\u0631.\n<br><br>\n\n\u062a\u0643\u0634\u0641 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0623\u0646 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u0648\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0644\u064a\u0633\u062a \u062b\u0627\u0628\u062a\u0629.\n<br><br>\n\n\u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u062d\u0642\u0642 SPY \u0648BRK.B \u0639\u0648\u0627\u0626\u062f \u0633\u0646\u0648\u064a\u0629 \u0645\u062a\u0642\u0627\u0631\u0628\u0629\u060c \u0648\u0633\u062c\u0644\u0627 \u062a\u0631\u0627\u062c\u0639\u0627\u062a \u0642\u0635\u0648\u0649 \u0645\u062a\u0634\u0627\u0628\u0647\u0629 \u0646\u0633\u0628\u064a\u064b\u0627 \u062e\u0644\u0627\u0644 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0627\u0644\u062e\u0627\u0635 \u0628\u0643\u0644 \u0645\u0646\u0647\u0645\u0627. \u0648\u0644\u0630\u0644\u0643 \u0628\u0644\u063a\u062a \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644 \u0646\u062d\u0648 0.20 \u0644\u0643\u0644\u064a\u0647\u0645\u0627.\n<br><br>\n\n\u0623\u0645\u0627 QQQ\u060c \u0641\u0642\u062f \u062d\u0642\u0642 \u0639\u0627\u0626\u062f\u064b\u0627 \u0633\u0646\u0648\u064a\u064b\u0627 \u0645\u0644\u062d\u0648\u0638\u064b\u0627\u060c \u0644\u0643\u0646 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a \u0643\u0627\u0646 \u0623\u0639\u0645\u0642 \u0628\u0643\u062b\u064a\u0631\u060c \u0645\u0627 \u062e\u0641\u0651\u0636 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639.\n<br><br>\n\n\u0648\u064a\u0642\u062f\u0645 BND \u0646\u0645\u0637\u064b\u0627 \u0645\u062e\u062a\u0644\u0641\u064b\u0627: \u0639\u0627\u0626\u062f \u0633\u0646\u0648\u064a \u0623\u0642\u0644\u060c \u0648\u062a\u0631\u0627\u062c\u0639 \u062a\u0627\u0631\u064a\u062e\u064a \u0623\u0642\u0644 \u062d\u062f\u0629\u060c \u0644\u0643\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0644\u064a\u0633\u062a \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629 \u0623\u0639\u0644\u0649 \u0645\u0646 \u0646\u0633\u0628 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645.\n<br><br>\n\n<strong>\u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0623\u0642\u0644 \u0644\u0627 \u064a\u0636\u0645\u0646 \u0643\u0641\u0627\u0621\u0629 \u0623\u0639\u0644\u0649 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0627 \u064a\u0636\u0645\u0646\u0647\u0627 \u0623\u064a\u0636\u064b\u0627.<\/strong>\n<br><br>\n\n\u0627\u0644\u0639\u0628\u0631\u0629 \u0641\u064a \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u0642\u0642 \u0648\u062d\u062c\u0645 \u0627\u0644\u062a\u0631\u0627\u062c\u0639.\n<br><br>\n\n\n<h3><strong>SPY \u0645\u0642\u0627\u0628\u0644 QQQ: \u0639\u0627\u0626\u062f \u0623\u0639\u0644\u0649\u060c \u0644\u0643\u0646 \u0643\u0641\u0627\u0621\u0629 \u0623\u0642\u0644\u061f<\/strong><\/h3>\n\n\u0627\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u0633\u0627\u0628\u0642 \u0627\u0644\u0633\u062c\u0644 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0627\u0644\u0643\u0627\u0645\u0644 \u0627\u0644\u0645\u062a\u0627\u062d \u0644\u0643\u0644 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0644\u0643\u0646 \u0627\u062e\u062a\u0644\u0627\u0641 \u062a\u0648\u0627\u0631\u064a\u062e \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0642\u062f \u064a\u0624\u062b\u0631 \u0641\u064a \u0627\u0644\u0646\u062a\u0627\u0626\u062c.\n<br><br>\n\n\u0648\u0644\u0645\u0642\u0627\u0631\u0646\u0629 SPY \u0648QQQ \u0628\u0635\u0648\u0631\u0629 \u0623\u0643\u062b\u0631 \u0625\u0646\u0635\u0627\u0641\u064b\u0627\u060c \u064a\u0646\u0628\u063a\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0641\u062a\u0631\u0629 \u0645\u0634\u062a\u0631\u0643\u0629.\n<br><br>\n\n\u062a\u0639\u062a\u0645\u062f \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 10 \u0645\u0627\u0631\u0633 1999 \u0625\u0644\u0649 20 \u0623\u0643\u062a\u0648\u0628\u0631 2026.\n<br><br>\n\n<div>\n<table style=\"width:100%;min-width:650px;border-collapse:separate;border-spacing:0;border:1px solid #2D4273;border-radius:6px;text-align:center;font-family:'Inter',sans-serif;overflow:hidden\">\n<thead>\n<tr style=\"background-color:#15264D;color:#FFFFFF\">\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0645\u0624\u0634\u0631<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>SPY<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>QQQ<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a CAGR<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">+8.55%<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\">+10.73%<\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\">\u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 MDD<\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle;color:#C62828\"><strong>\u221255.19%<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle;color:#8E1616\"><strong>\u221282.96%<\/strong><\/td>\n<\/tr>\n<tr style=\"background-color:#FFFFFF\">\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>\u0627\u0644\u0639\u0627\u0626\u062f\/\u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;border-right:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.15<\/strong><\/td>\n<td style=\"padding:15px;border-top:1px solid #2D4273;text-align:center;vertical-align:middle\"><strong>0.13<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<br>\n\n<strong>\u0627\u0644\u0645\u0635\u062f\u0631:<\/strong> <a href=\"https:\/\/www.investmentvisual.com\/compare\/qqq-vs-spy\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0628\u064a\u0646 SPY \u0648QQQ<\/a>.\n<br><br>\n\n\u062e\u0644\u0627\u0644 \u0647\u0630\u0647 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0645\u0634\u062a\u0631\u0643\u0629\u060c \u062d\u0642\u0642 QQQ \u0639\u0627\u0626\u062f\u064b\u0627 \u0633\u0646\u0648\u064a\u064b\u0627 \u0623\u0639\u0644\u0649 \u0645\u0646 SPY.\n<br><br>\n\n\u0644\u0643\u0646 QQQ \u0633\u062c\u0644 \u0623\u064a\u0636\u064b\u0627 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0623\u0639\u0645\u0642\u060c \u0648\u0644\u0630\u0644\u0643 \u062c\u0627\u0621\u062a \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629 \u0623\u0642\u0644 \u0642\u0644\u064a\u0644\u064b\u0627.\n<br><br>\n\n\u0644\u0627 \u062a\u0639\u0646\u064a \u0647\u0630\u0647 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0623\u0646 SPY \u0623\u0646\u0633\u0628 \u0644\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 QQQ.\n<br><br>\n\n\u0628\u0644 \u062a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0646\u062a\u064a\u062c\u0629 \u0645\u062d\u062f\u062f\u0629:\n<br><br>\n\n<strong>\u062e\u0644\u0627\u0644 \u0647\u0630\u0647 \u0627\u0644\u0641\u062a\u0631\u0629\u060c \u062a\u0641\u0648\u0651\u0642 SPY \u0642\u0644\u064a\u0644\u064b\u0627 \u0639\u0644\u0649 QQQ \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0642\u064a\u0627\u0633\u064b\u0627 \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639.<\/strong>\n<br><br>\n\n\u0648\u0647\u0646\u0627 \u062a\u0643\u0645\u0646 \u0641\u0627\u0626\u062f\u0629 \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0648\u0645\u0642\u064a\u0627\u0633 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644: \u0625\u0638\u0647\u0627\u0631 \u0641\u0631\u0648\u0642 \u0644\u0627 \u064a\u0643\u0634\u0641\u0647\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u0648\u064a \u0648\u062d\u062f\u0647.\n<br><br>\n\n\n<h2><strong>4. \u0647\u0644 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u062a\u0639\u0646\u064a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064b\u0627 \u0623\u0641\u0636\u0644\u061f<\/strong><\/h2>\n\n\u0644\u064a\u0633 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629.\n<br><br>\n\n\u0633\u0648\u0627\u0621 \u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0646\u0633\u0628\u0629 \u0643\u0627\u0644\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0623\u0648 \u0646\u0633\u0628\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0625\u0644\u0649 \u0623\u0642\u0635\u0649 \u062a\u0631\u0627\u062c\u0639 \u0639\u0628\u0631 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0641\u0623\u0646\u062a \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0623\u062f\u0627\u0629 \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0623\u062f\u0648\u0627\u062a \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062f\u0627\u0621.\n<br><br>\n\n\u0648\u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u064a\u064a\u0633 \u0639\u062f\u0629 \u0642\u064a\u0648\u062f \u0645\u0647\u0645\u0629.\n<br><br>\n\n\n<h3><strong>4.1 \u0627\u0644\u062a\u0631\u0627\u062c\u0639 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\u064a\u0643\u0648\u0646 \u0645\u0624\u0634\u0631 S&amp;P 500 \u0645\u0631\u062c\u0639\u064b\u0627 \u0645\u0646\u0627\u0633\u0628\u064b\u0627.\n<br><br>\n\n\u0623\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0643\u0645\u064a\u0629 \u062a\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0645\u062e\u062a\u0644\u0641\u0629 \u0623\u0648 \u062a\u0633\u062a\u062e\u062f\u0645 \u0642\u0648\u0627\u0639\u062f \u062a\u062f\u0627\u0648\u0644 \u0645\u063a\u0627\u064a\u0631\u0629\u060c \u0641\u0642\u062f \u0644\u0627 \u062a\u0643\u0641\u064a \u0645\u0642\u0627\u0631\u0646\u062a\u0647\u0627 \u0628\u0645\u0624\u0634\u0631 \u0623\u0633\u0647\u0645 \u0648\u0627\u062d\u062f.\n<br><br>\n\n\u0648\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u064a\u0645\u0643\u0646 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0645\u0624\u0634\u0631\u0627\u062a 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