{"id":74016,"date":"2026-09-06T18:58:56","date_gmt":"2026-09-06T10:58:56","guid":{"rendered":"https:\/\/mister.forex\/?page_id=74016"},"modified":"2026-09-06T19:05:01","modified_gmt":"2026-09-06T11:05:01","slug":"calmar-ratio-asset-allocation","status":"publish","type":"page","link":"https:\/\/mister.forex\/hu\/calmar-ratio-asset-allocation\/","title":{"rendered":"Glob\u00e1lis eszk\u00f6zallok\u00e1ci\u00f3: R\u00e9szv\u00e9nyek, Bitcoin, arany \u00e9s kvantitat\u00edv strat\u00e9gi\u00e1k \u00f6sszehasonl\u00edt\u00e1sa a Calmar-mutat\u00f3val"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"74016\" class=\"elementor elementor-74016\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-12d5f9c e-flex e-con-boxed e-con e-parent\" data-id=\"12d5f9c\" 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-74bb8ff elementor-widget elementor-widget-heading\" data-id=\"74bb8ff\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Ne csak a hozamot n\u00e9zze: Mennyi kock\u00e1zatot v\u00e1llal val\u00f3j\u00e1ban?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9aee5c0 elementor-widget elementor-widget-html translation-block\" data-id=\"9aee5c0\" data-element_type=\"widget\" data-widget_type=\"html.default\"><span>\n<h2><strong>Bevezet\u00e9s: A magas hozam val\u00f3ban j\u00f3 befektet\u00e9st jelent?<\/strong><\/h2>\n\nA befektet\u00e9si piacon a legvonz\u00f3bbak a leny\u0171g\u00f6z\u0151 hozamadatok.\n<br><br>\n\nA technol\u00f3giai r\u00e9szv\u00e9nyek meredeken emelkedhetnek egy bikapiacon, a Bitcoin elk\u00e9peszt\u0151 t\u00f6rt\u00e9neti hozamokat \u00e9rt el,\n<br><br>\n\n\u00e9s bizonyos keresked\u00e9si strat\u00e9gi\u00e1k is kiemelked\u0151 teljes\u00edtm\u00e9nyt ny\u00fajthatnak r\u00f6vid id\u0151szakokban.\n<br><br>\n\nEzeket a sz\u00e1mokat l\u00e1tva k\u00f6nny\u0171 az az \u00f6szt\u00f6n\u00f6s felt\u00e9telez\u00e9s:\n<br><br>\n\nAm\u00edg a hozam el\u00e9g magas, addig az jobb befektet\u00e9s.\n<br><br>\n\nA gyakorlatban azonban, amint t\u00e9nylegesen befekteti a t\u0151k\u00e9j\u00e9t, r\u00e1j\u00f6n, hogy ez nem ilyen egyszer\u0171.\n<br><br>\n\nM\u00e9g ha egy eszk\u00f6z kiemelked\u0151 hossz\u00fa t\u00e1v\u00fa hozamot is biztos\u00edt,\n<br><br>\n\nha k\u00f6zben 50%-os, 60%-os vagy m\u00e9g nagyobb visszaes\u00e9st tapasztal,\n<br><br>\n\nval\u00f3ban k\u00e9pes lenne mindv\u00e9gig megtartani?\n<br><br>\n\nEz\u00e9rt egy befektet\u00e9s \u00e9rt\u00e9kel\u00e9sekor a \u201emennyit nyertem\u201d k\u00e9rd\u00e9s mellett\n<br><br>\n\nazt is tudni kell: <strong>\u201eMekkora visszaes\u00e9st kellett elviselni ezen hozam el\u00e9r\u00e9s\u00e9hez?\u201d<\/strong>\n<br><br>\n\n\n<h2><strong>Calmar-mutat\u00f3: A hozam \u00e9s a visszaes\u00e9s egy\u00fcttes elemz\u00e9se<\/strong><\/h2>\n\nA Calmar-mutat\u00f3 (Calmar Ratio) koncepci\u00f3ja nem bonyolult:\n<br><br>\n\n<strong>Calmar-mutat\u00f3 \uff1d \u00c9ves hozam \u00f7 Maxim\u00e1lis visszaes\u00e9s<\/strong>\n<br><br>\n\nEgy nagyon k\u00f6zvetlen k\u00e9rd\u00e9sre pr\u00f3b\u00e1l v\u00e1laszolni:\n<br><br>\n\n<strong>\u201eMennyire hat\u00e9kony ennek a befektet\u00e9snek a hozama a kor\u00e1bban elszenvedett maxim\u00e1lis visszaes\u00e9shez k\u00e9pest?\u201d<\/strong><br>\n<br>\nP\u00e9ld\u00e1ul:\n<br><br>\n\n<ul>\n<li><strong>A strat\u00e9gia<\/strong>: \u00c9ves hozam 50%, Maxim\u00e1lis visszaes\u00e9s 50% \u2192 Calmar-mutat\u00f3 = 1,0<\/li>\n<li><strong>B strat\u00e9gia<\/strong>: \u00c9ves hozam 25%, Maxim\u00e1lis visszaes\u00e9s 10% \u2192 Calmar-mutat\u00f3 = 2,5<\/li>\n<\/ul>\n<br>\n\nCsak az \u00e9ves hozamot n\u00e9zve az A strat\u00e9gia egy\u00e9rtelm\u0171en jobb.\n<br><br>\n\nA B strat\u00e9gia viszont l\u00e9nyegesen alacsonyabb t\u00f6rt\u00e9neti visszaes\u00e9st szenvedett el a hozam\u00e1hoz k\u00e9pest,\n<br><br>\n\n\u00edgy sokkal jobb kock\u00e1zattal kiigaz\u00edtott hat\u00e9konys\u00e1got ny\u00fajt.\n<br><br>\n\nEz nem jelenti azt, hogy a B felt\u00e9tlen\u00fcl jobb befektet\u00e9s lenne, mint az A,\n<br><br>\n\nde r\u00e1vil\u00e1g\u00edt egy fontos igazs\u00e1gra:\n<br><br>\n\n<strong>A befektet\u00e9sek \u00e9rt\u00e9kel\u00e9sekor nem csak a c\u00e9lvonalat kell n\u00e9zni, hanem a megtett utat is.<\/strong><br>\n<br>\nAz MDD teljes meghat\u00e1roz\u00e1s\u00e1r\u00f3l \u00e9s a t\u0151k\u00e9re gyakorolt hat\u00e1s\u00e1r\u00f3l itt olvashat:\n\n<\/span><\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a5ecc4 elementor-icon-list--layout-inline elementor-list-item-link-inline elementor-widget__width-auto elementor-widget elementor-widget-icon-list\" data-id=\"8a5ecc4\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mister.forex\/hu\/return-vs-risk\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-check-circle\" viewbox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.033 8 8 119.033 8 256s111.033 248 248 248 248-111.033 248-248S392.967 8 256 8zm0 48c110.532 0 200 89.451 200 200 0 110.532-89.451 200-200 200-110.532 0-200-89.451-200-200 0-110.532 89.451-200 200-200m140.204 130.267l-22.536-22.718c-4.667-4.705-12.265-4.736-16.97-.068L215.346 303.697l-59.792-60.277c-4.667-4.705-12.265-4.736-16.97-.069l-22.719 22.536c-4.705 4.667-4.736 12.265-.068 16.971l90.781 91.516c4.667 4.705 12.265 4.736 16.97.068l172.589-171.204c4.704-4.668 4.734-12.266.067-16.971z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Mi\u00e9rt tartj\u00e1k egyesek kev\u00e9snek a 20\u201335%-os \u00e9ves hozamot?<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-321f1a5 elementor-widget elementor-widget-html translation-block\" data-id=\"321f1a5\" data-element_type=\"widget\" data-widget_type=\"html.default\"><span>\nItt arra \u00f6sszpontos\u00edtunk: <strong>Hogyan hasonl\u00edtsuk \u00f6ssze a k\u00fcl\u00f6nb\u00f6z\u0151 eszk\u00f6z\u00f6k hozammin\u0151s\u00e9g\u00e9t a Calmar-mutat\u00f3 seg\u00edts\u00e9g\u00e9vel.<\/strong>\n<br><br>\n\n\n<h2><strong>Glob\u00e1lis eszk\u00f6z\u00f6k \u00f6sszehasonl\u00edt\u00e1sa: A magas hozam nem jelent mindig magas hat\u00e9konys\u00e1got<\/strong><\/h2>\n\nHa a hagyom\u00e1nyos eszk\u00f6z\u00f6ket \u00e9s a kvantitat\u00edv strat\u00e9gi\u00e1kat egy\u00fctt vizsg\u00e1ljuk, egy\u00e9rtelm\u0171 mint\u00e1zat rajzol\u00f3dik ki:\n<br><br>\n\n<strong>A legmagasabb hozam\u00fa eszk\u00f6z\u00f6k nem felt\u00e9tlen\u00fcl rendelkeznek a legjobb kock\u00e1zattal kiigaz\u00edtott hat\u00e9konys\u00e1ggal.<\/strong>\n<\/span><\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e6cca8 elementor-widget elementor-widget-html\" data-id=\"5e6cca8\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<span>\n<div style=\"overflow-x: auto; -webkit-overflow-scrolling: touch;\">\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; border-bottom: 1px solid #2D4273;\"><strong>Eszk\u00f6zoszt\u00e1ly<\/strong><\/th>\n                <th style=\"padding: 15px; border-right: 1px solid #ffffff; border-bottom: 1px solid #2D4273;\"><strong>\u00c9ves hozam<\/strong><\/th>\n                <th style=\"padding: 15px; border-right: 1px solid #ffffff; border-bottom: 1px solid #2D4273;\"><strong>Max. visszaes\u00e9s<\/strong><\/th>\n                <th style=\"padding: 15px; border-right: 1px solid #ffffff; border-bottom: 1px solid #2D4273;\"><strong>Calmar-ar\u00e1ny<\/strong><\/th>\n                <th style=\"padding: 15px; border-bottom: 1px solid #2D4273;\"><strong>Befektet\u0151i \u00e9lm\u00e9ny<\/strong><\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong>Quant Matrix<\/strong><\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">20%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong style=\"color: #00AA54;\">12%<\/strong><\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong style=\"color: #00AA54;\">1.67<\/strong><\/td>\n                <td style=\"padding: 15px; border-bottom: 1px solid #2D4273;\"><strong>Relat\u00edve stabil<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong>Alpha Gold<\/strong><\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">35%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong style=\"color: #00AA54;\">25%<\/strong><\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\"><strong style=\"color: #00AA54;\">1.40<\/strong><\/td>\n                <td style=\"padding: 15px; border-bottom: 1px solid #2D4273;\"><strong>Stabil n\u00f6veked\u00e9s<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">Tech r\u00e9szv\u00e9nyek<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">30%~70%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">40%~60%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">1.00<\/td>\n                <td style=\"padding: 15px; border-bottom: 1px solid #2D4273;\">Magasabb volatilit\u00e1s<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">Kriptovaluta (BTC)<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">60%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">75%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">0.80<\/td>\n                <td style=\"padding: 15px; border-bottom: 1px solid #2D4273;\">Rendk\u00edv\u00fcl magas volatilit\u00e1s<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">S&amp;P 500 index<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">12%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">50%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273; border-bottom: 1px solid #2D4273;\">0.24<\/td>\n                <td style=\"padding: 15px; border-bottom: 1px solid #2D4273;\">M\u00e9rs\u00e9kelt volatilit\u00e1s<\/td>\n            <\/tr>\n            <tr>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273;\">Mened\u00e9keszk\u00f6z (Arany)<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273;\">8%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273;\">25%<\/td>\n                <td style=\"padding: 15px; border-right: 1px solid #2D4273;\">0.32<\/td>\n                <td style=\"padding: 15px;\">Defenz\u00edv eszk\u00f6z<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/div>\n<\/span>\n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dce7ccb elementor-widget elementor-widget-html translation-block\" data-id=\"dce7ccb\" data-element_type=\"widget\" data-widget_type=\"html.default\"><span>\n<strong>* A fenti adatok t\u00f6rt\u00e9neti adatok, nem jelentenek garanci\u00e1t a j\u00f6v\u0151re n\u00e9zve. A t\u00e9nyleges sz\u00e1mok a piaci k\u00f6rnyezettel v\u00e1ltozhatnak.<\/strong>\n<br><br>\n\nEbben a t\u00e1bl\u00e1zatban nem az a legfontosabb, hogy melyik eszk\u00f6z \u00e1ll az els\u0151 helyen, hanem az, hogy:\n<br><br>\n\n<strong>A k\u00fcl\u00f6nb\u00f6z\u0151 befektet\u00e9si eszk\u00f6z\u00f6k teljesen elt\u00e9r\u0151 m\u00f3don termelnek hozamot.<\/strong>\n<br><br>\n\n<ul>\n<li><strong>Tech r\u00e9szv\u00e9nyek \u00e9s Bitcoin<\/strong>:\n    <br><br>\n    \n    Hossz\u00fa t\u00e1von \u00f3ri\u00e1si n\u00f6veked\u00e9si potenci\u00e1lt k\u00edn\u00e1lhatnak, de a befektet\u0151nek el kell fogadnia a nagyobb \u00e1rfolyam-ingadoz\u00e1sokat \u00e9s a m\u00e9lyebb t\u00f6rt\u00e9neti visszaes\u00e9seket.<\/li><br>\n    \n<li><strong>S&amp;P 500<\/strong>:\n    <br><br>\n    \n    A hossz\u00fa t\u00e1v\u00fa gazdas\u00e1gi n\u00f6veked\u00e9sb\u0151l sz\u00e1rmazik a hozama, de nagy medvepiacok vagy p\u00e9nz\u00fcgyi v\u00e1ls\u00e1gok idej\u00e9n szint\u00e9n jelent\u0151s visszaes\u00e9st tapasztalhat.<\/li><br>\n    \n<li><strong>Arany<\/strong>:\n    <br><br>\n    \n    Els\u0151sorban vagyoni v\u00e9delemre \u00e9s fedezeti c\u00e9lokra szolg\u00e1l; \u00f6nmag\u00e1ban nem a legmagasabb hossz\u00fa t\u00e1v\u00fa hozam el\u00e9r\u00e9se a f\u0151 c\u00e9lja.<\/li>\n<\/ul>\n<br>\n\nA kvantitat\u00edv strat\u00e9gi\u00e1k \u00e9rt\u00e9kel\u00e9se sem korl\u00e1toz\u00f3dhat csup\u00e1n egyetlen \u00e9v nyeres\u00e9g\u00e9re.\n<br><br>\n\nA val\u00f3di k\u00e9rd\u00e9s az: <strong>Mekkora visszaes\u00e9si k\u00f6lts\u00e9get kellett fizetni ezek\u00e9rt a hozamok\u00e9rt?<\/strong>\n<br><br>\n\n<h2><strong>A visszaes\u00e9s val\u00f3di \u00e1ra: T\u00f6bb mint pszichol\u00f3giai nyom\u00e1s<\/strong><\/h2>\n\nMin\u00e9l m\u00e9lyebb a visszaes\u00e9s, ann\u00e1l exponenci\u00e1lisan nagyobb hozam sz\u00fcks\u00e9ges a t\u0151ke helyre\u00e1ll\u00edt\u00e1s\u00e1hoz.\n<br><br>\n\nEgy 50%-os es\u00e9s ut\u00e1n 100%-os emelked\u00e9s kell csak ahhoz, hogy null\u00e1n legy\u00fcnk\u2014\n<br><br>\n\nez a legnagyobb kock\u00e1zat, amelyet a legk\u00f6nnyebb figyelmen k\u00edv\u00fcl hagyni, ha csak az \u00e9ves hozamot n\u00e9zz\u00fck.\n<br><br>\n\nEz\u00e9rt, amikor k\u00e9t befektet\u00e9st hasonl\u00edtunk \u00f6ssze, ne csak azt k\u00e9rdezz\u00fck, hogy \u201emelyik hozott t\u00f6bbet\u201d,\n<br><br>\n\nhanem azt is: <strong>\u201eMekkora visszaes\u00e9s mellett \u00e9rt\u00e9k el ezeket a hozamokat?\u201d<\/strong>\n<br><br>\n\nItt rejlik a Calmar-mutat\u00f3 \u00e9rt\u00e9ke.\n<br><br>\n\nNem jutalmazza vakon a magas hozamot, hanem egyidej\u0171leg figyelembe veszi a maxim\u00e1lis visszaes\u00e9st is.\n<br><br>\n\nNem csak a cs\u00facssebess\u00e9get m\u00e9ri,\n<br><br>\n\nhanem azt is, hogy <strong>mekkora es\u00e9st kellett elviselnie ahhoz, hogy ilyen gyorsan haladjon.<\/strong>\n<\/span><\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d630f1 elementor-widget elementor-widget-html\" data-id=\"3d630f1\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<h3><strong>Calmar-mutat\u00f3 \u00e9rt\u00e9kel\u00e9si sk\u00e1la<\/strong><\/h3>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4899001 e-grid e-con-full e-con e-child\" data-id=\"4899001\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-77b9af2 e-con-full e-flex e-con e-child\" data-id=\"77b9af2\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-513f9b1 elementor-widget elementor-widget-text-editor\" data-id=\"513f9b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>&gt; 1.2<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-654d77d elementor-widget elementor-widget-text-editor\" data-id=\"654d77d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Kiemelked\u0151 kock\u00e1zattal kiigaz\u00edtott teljes\u00edtm\u00e9ny<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a026d59 e-con-full e-flex e-con e-child\" data-id=\"a026d59\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4136b46 elementor-widget elementor-widget-text-editor\" data-id=\"4136b46\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>0.7 ~ 1.2<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-420c1e5 elementor-widget elementor-widget-text-editor\" data-id=\"420c1e5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>J\u00f3 befektet\u00e9si hat\u00e9konys\u00e1g<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4af129d e-con-full e-flex e-con e-child\" data-id=\"4af129d\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff513d9 elementor-widget elementor-widget-text-editor\" data-id=\"ff513d9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>&lt; 0.7<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eed7500 elementor-widget elementor-widget-text-editor\" data-id=\"eed7500\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Relat\u00edve alacsony befektet\u00e9si hat\u00e9konys\u00e1g<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95ea694 elementor-widget elementor-widget-html translation-block\" data-id=\"95ea694\" data-element_type=\"widget\" data-widget_type=\"html.default\"><span>\nA Calmar-mutat\u00f3 leg\u00e9szszer\u0171bb haszn\u00e1lata, ha \u00f6sszehasonl\u00edt\u00f3 eszk\u00f6zk\u00e9nt tekint\u00fcnk r\u00e1,\n<br><br>\n\n\u00e9s az \u00e9ves hozammal, a maxim\u00e1lis visszaes\u00e9ssel, a volatilit\u00e1ssal, a keresked\u00e9si gyakoris\u00e1ggal \u00e9s m\u00e1s kock\u00e1zati mutat\u00f3kkal egy\u00fctt elemezz\u00fck,\n<br><br>\n\nahelyett, hogy egyetlen sz\u00e1m alapj\u00e1n \u00edt\u00e9ln\u00e9nk egy befektet\u00e9st \u201ej\u00f3nak\u201d vagy \u201erossznak\u201d.\n<br><br>\n\n<h2><strong>Kvantitat\u00edv strat\u00e9gi\u00e1k: \u00c9rt\u00e9kel\u00e9s kock\u00e1zattal kiigaz\u00edtott szempontb\u00f3l<\/strong><\/h2>\n\nA kvantitat\u00edv keresked\u00e9st gyakran egyetlen egyszer\u0171 k\u00e9rd\u00e9ssel int\u00e9zik el: \u201eMennyit lehet vele keresni egy \u00e9v alatt?\u201d\n<br><br>\n\nDe egy strat\u00e9gia meg\u00edt\u00e9l\u00e9se csup\u00e1n ez alapj\u00e1n hi\u00e1nyos marad.\n<br><br>\n\nEgy strat\u00e9gia bizonyos piaci k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt nagyon magas hozamot \u00e9rhet el, de nagy visszaes\u00e9ssel is j\u00e1rhat;\n<br><br>\n\negy m\u00e1sik strat\u00e9gia hozama lehet, hogy nem olyan magas, de ha a visszaes\u00e9seket jobban kontroll\u00e1lja,\n<br><br>\n\na t\u0151keg\u00f6rb\u00e9je sokkal k\u00f6nnyebben elviselhet\u0151 hossz\u00fa t\u00e1von.\n<br><br>\n\nA kvantitat\u00edv strat\u00e9gi\u00e1k \u00e9rt\u00e9kel\u00e9sekor legal\u00e1bb a k\u00f6vetkez\u0151ket vizsg\u00e1lja meg egyidej\u0171leg:\n<br><br>\n\n<ul>\n    <li>\u00c9ves hozam<\/li>\n    <li>Maxim\u00e1lis visszaes\u00e9s<\/li>\n    <li>Calmar-mutat\u00f3<\/li>\n    <li>Volatilit\u00e1s<\/li>\n    <li>Keresked\u00e9si gyakoris\u00e1g \u00e9s a strat\u00e9gia jellemz\u0151i<\/li>\n    <li>A t\u00f6rt\u00e9neti teljes\u00edtm\u00e9ny \u00e1ltal lefedett piaci k\u00f6rnyezetek<\/li>\n<\/ul>\n<br>\n\n<strong>A magas hozam vonzza a figyelmet, de a visszaes\u00e9s szab\u00e1lyoz\u00e1sa hat\u00e1rozza meg a hossz\u00fa t\u00e1v\u00fa fennmarad\u00e1st.<\/strong>\n<br><br>\n\n<h2><strong>A Calmar-mutat\u00f3 a m\u00faltat magyar\u00e1zza, nem a j\u00f6v\u0151t j\u00f3solja meg<\/strong><\/h2>\n\nA Calmar-mutat\u00f3 t\u00f6rt\u00e9neti adatok alapj\u00e1n sz\u00e1m\u00edtott mutat\u00f3.\n<br><br>\n\nSeg\u00edt meg\u00e9rteni:\n<br><br>\n\n<strong>\u201eAz elm\u00falt id\u0151szakban mekkora maxim\u00e1lis visszaes\u00e9st szenvedett el egy befektet\u00e9s a hozamok el\u00e9r\u00e9se k\u00f6zben.\u201d<\/strong>\n<br><br>\n\nDe nem garant\u00e1lja, hogy a j\u00f6v\u0151beni \u00e9ves hozam, maxim\u00e1lis visszaes\u00e9s vagy Calmar-mutat\u00f3 ugyanaz marad.\n<br><br>\n\nA magas t\u00f6rt\u00e9neti Calmar-mutat\u00f3 nem jelenti azt, hogy a piaci k\u00f6rnyezet megv\u00e1ltoz\u00e1sa ut\u00e1n is megmarad;\n<br><br>\n\nahogy egy eszk\u00f6z kor\u00e1bbi nagy visszaes\u00e9se sem jelenti azt, hogy a j\u00f6v\u0151ben pontosan ugyanaz a zuhan\u00e1s ism\u00e9tl\u0151dik meg.\n<br><br>\n\nEz\u00e9rt a Calmar-mutat\u00f3 legjobb szerepe,\n<br><br>\n\nhogy seg\u00edtsen a befektet\u0151knek egy \u00e1tfog\u00f3bb keretrendszert ki\u00e9p\u00edteni a m\u00faltb\u00e9li teljes\u00edtm\u00e9ny elemz\u00e9s\u00e9hez, nem pedig a j\u00f6v\u0151 megj\u00f3sol\u00e1sa.\n<br><br>\n\n<h2><strong>\u00d6sszegz\u00e9s: A hozam el\u00e9r\u00e9s\u00e9nek m\u00f3dja sz\u00e1m\u00edt a legjobban<\/strong><\/h2>\n\nA befektet\u00e9si piacon soha nincs hi\u00e1ny a csillag\u00e1szati hozamokr\u00f3l sz\u00f3l\u00f3 t\u00f6rt\u00e9netekb\u0151l.\n<br><br>\n\nAmi val\u00f3ban tanulm\u00e1nyoz\u00e1st \u00e9rdemel, az az, hogy ezeket a hozamokat pontosan hogyan \u00e9rt\u00e9k el.\n<br><br>\n\n<ul>\n    <li>Az \u00e9ves hozam megmutatja: \u201eMilyen gyorsan haladt a befektet\u00e9s hossz\u00fa t\u00e1von.\u201d<\/li><br>\n    \n    <li>A maxim\u00e1lis visszaes\u00e9s megmutatja: \u201eMilyen nagyot esett az \u00faton.\u201d<\/li><br>\n    \n    <li>A Calmar-mutat\u00f3 pedig elgondolkodtat: \u201eMeg\u00e9rte-e ez a hozam egy ilyen visszaes\u00e9s elvisel\u00e9s\u00e9t?\u201d<\/li>\n<\/ul>\n<br>\n\nLegk\u00f6zelebb, amikor tech r\u00e9szv\u00e9nyeket, Bitcoint, S&amp;P 500-at, aranyat vagy kvantitat\u00edv strat\u00e9gi\u00e1kat hasonl\u00edt \u00f6ssze,\n<br><br>\n\nk\u00e9rdezze ritk\u00e1bban, hogy \u201emelyik hozza a legt\u00f6bbet?\u201d,\n<br><br>\n\n\u00e9s k\u00e9rdezze gyakrabban: <strong>\u201eMelyik biztos\u00edt jobb min\u0151s\u00e9g\u0171 hozamot elfogadhat\u00f3 visszaes\u00e9s mellett?\u201d<\/strong>\n<br><br>\n\nMert a befektet\u00e9sben nem a pap\u00edron szerepl\u0151 legszebb hozamot \u00e9rdemes hajszolni,\n<br><br>\n\nhanem a kock\u00e1zatok meg\u00e9rt\u00e9se ut\u00e1n megtal\u00e1lni azt a m\u00f3dszert, amelyet el tud fogadni \u00e9s meg tud val\u00f3s\u00edtani.\n<\/span><\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55faf68 elementor-widget elementor-widget-template\" data-id=\"55faf68\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"74050\" class=\"elementor elementor-74050\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-529f7c47 e-con-full e-flex e-con e-child\" data-id=\"529f7c47\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6487af27 elementor-widget elementor-widget-heading\" data-id=\"6487af27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">V\u00e1laszd ki a strat\u00e9giai alok\u00e1ci\u00f3dat<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4dd497f0 elementor-icon-list--layout-inline elementor-list-item-link-inline elementor-widget__width-auto elementor-widget elementor-widget-icon-list\" data-id=\"4dd497f0\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mister.forex\/hu\/alpha-gold\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-check-circle\" viewbox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.033 8 8 119.033 8 256s111.033 248 248 248 248-111.033 248-248S392.967 8 256 8zm0 48c110.532 0 200 89.451 200 200 0 110.532-89.451 200-200 200-110.532 0-200-89.451-200-200 0-110.532 89.451-200 200-200m140.204 130.267l-22.536-22.718c-4.667-4.705-12.265-4.736-16.97-.068L215.346 303.697l-59.792-60.277c-4.667-4.705-12.265-4.736-16.97-.069l-22.719 22.536c-4.705 4.667-4.736 12.265-.068 16.971l90.781 91.516c4.667 4.705 12.265 4.736 16.97.068l172.589-171.204c4.704-4.668 4.734-12.266.067-16.971z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Alpha Gold | Dinamikus strat\u00e9gia<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6740d9 elementor-widget elementor-widget-heading\" data-id=\"c6740d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Aranypiacra f\u00f3kusz\u00e1l\u00f3, magasabb kock\u00e1zatot v\u00e1llal\u00f3 \u00e9s er\u0151s n\u00f6veked\u00e9st keres\u0151 befektet\u0151knek.<\/span>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38efdd7e elementor-icon-list--layout-inline elementor-list-item-link-inline elementor-widget__width-auto elementor-widget elementor-widget-icon-list\" data-id=\"38efdd7e\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mister.forex\/hu\/quant-matrix\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-check-circle\" viewbox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119.033 8 8 119.033 8 256s111.033 248 248 248 248-111.033 248-248S392.967 8 256 8zm0 48c110.532 0 200 89.451 200 200 0 110.532-89.451 200-200 200-110.532 0-200-89.451-200-200 0-110.532 89.451-200 200-200m140.204 130.267l-22.536-22.718c-4.667-4.705-12.265-4.736-16.97-.068L215.346 303.697l-59.792-60.277c-4.667-4.705-12.265-4.736-16.97-.069l-22.719 22.536c-4.705 4.667-4.736 12.265-.068 16.971l90.781 91.516c4.667 4.705 12.265 4.736 16.97.068l172.589-171.204c4.704-4.668 4.734-12.266.067-16.971z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Quant Matrix | Kiegyens\u00falyozott strat\u00e9gia<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7966cd12 elementor-widget elementor-widget-heading\" data-id=\"7966cd12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Stabil eszk\u00f6zg\u00f6rb\u00e9t, ellen\u0151rz\u00f6tt ingadoz\u00e1st \u00e9s egyenletes n\u00f6veked\u00e9st prefer\u00e1l\u00f3 befektet\u0151knek.<\/span>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d4b2f98 elementor-icon-list--layout-inline elementor-list-item-link-inline elementor-widget__width-auto elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-icon-list\" data-id=\"3d4b2f98\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mister.forex\/hu\/quant-matrix\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-crown\" viewbox=\"0 0 640 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M528 448H112c-8.8 0-16 7.2-16 16v32c0 8.8 7.2 16 16 16h416c8.8 0 16-7.2 16-16v-32c0-8.8-7.2-16-16-16zm64-320c-26.5 0-48 21.5-48 48 0 7.1 1.6 13.7 4.4 19.8L476 239.2c-15.4 9.2-35.3 4-44.2-11.6L350.3 85C361 76.2 368 63 368 48c0-26.5-21.5-48-48-48s-48 21.5-48 48c0 15 7 28.2 17.7 37l-81.5 142.6c-8.9 15.6-28.9 20.8-44.2 11.6l-72.3-43.4c2.7-6 4.4-12.7 4.4-19.8 0-26.5-21.5-48-48-48S0 149.5 0 176s21.5 48 48 48c2.6 0 5.2-.4 7.7-.8L128 416h384l72.3-192.8c2.5.4 5.1.8 7.7.8 26.5 0 48-21.5 48-48s-21.5-48-48-48z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">All Weather | Z\u00e1szl\u00f3shaj\u00f3 portf\u00f3li\u00f3<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13829d17 elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"13829d17\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Piaci ciklusokon \u00e1t\u00edvel\u0151, \u00e1tfog\u00f3 eszk\u00f6zalok\u00e1ci\u00f3t \u00e9s kiegyens\u00falyozott n\u00f6veked\u00e9st keres\u0151 befektet\u0151knek.<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>\u6295\u8cc7\u4e0d\u80fd\u53ea\u770b\u5e74\u5316\u5831\u916c\uff0c\u66f4\u8981\u8861\u91cf\u6700\u5927\u56de\u64a4\u8207\u98a8\u96aa\u5831\u916c\u6548\u7387\u3002\u672c\u6587\u5f9e\u5361\u746a\u6bd4\u7387\uff08Calmar Ratio\uff09\u51fa\u767c\uff0c\u6bd4\u8f03\u79d1\u6280\u80a1\u3001\u6bd4\u7279\u5e63\u3001S&#038;P 500\u3001\u9ec3\u91d1\u8207\u91cf\u5316\u7b56\u7565\u7684\u5831\u916c\u8207\u56de\u64a4\u7279\u6027\uff0c\u4e86\u89e3\u5982\u4f55\u8a55\u4f30\u4e00\u9805\u6295\u8cc7\u7684\u5831\u916c\u54c1\u8cea\u3002<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"tags":[128],"class_list":["post-74016","page","type-page","status-publish","hentry","tag-no-google"],"_links":{"self":[{"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/pages\/74016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/comments?post=74016"}],"version-history":[{"count":34,"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/pages\/74016\/revisions"}],"predecessor-version":[{"id":74216,"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/pages\/74016\/revisions\/74216"}],"wp:attachment":[{"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/media?parent=74016"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mister.forex\/hu\/wp-json\/wp\/v2\/tags?post=74016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}