{"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\/ro\/calmar-ratio-etf-risk-adjusted-return\/","title":{"rendered":"Raportul Calmar: randament \u0219i risc pentru ETF-uri \u0219i strategii cantitative"},"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\">Randament mare, pierderi profunde: ce dezv\u0103luie raportul Calmar?<\/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>\nImagineaz\u0103-\u021bi c\u0103 analizezi dou\u0103 strategii de investi\u021bii.\n<br><br>\n\nAmbele au un randament anualizat de 20%.\n<br><br>\n\n\u00cens\u0103, dac\u0103 examinezi performan\u021ba lor istoric\u0103, descoperi o diferen\u021b\u0103 important\u0103:\n<br><br>\n\n<ul>\n<li><strong>Strategia A:<\/strong> Sc\u0103dere maxim\u0103 de \u221210%.<\/li>\n<li><strong>Strategia B:<\/strong> Sc\u0103dere maxim\u0103 de \u221240%.<\/li>\n<\/ul>\n<br>\n\nDac\u0103 te ui\u021bi numai la randamentul anualizat, cele dou\u0103 strategii par echivalente.\n<br><br>\n\nTotu\u0219i, cea mai mare sc\u0103dere istoric\u0103 a Strategiei A a fost de numai un sfert din cea \u00eenregistrat\u0103 de Strategia B.\n<br><br>\n\n<strong>Acela\u0219i randament de 20%. Dar o sc\u0103dere maxim\u0103 de 10% sau 40%? Ce ai alege?<\/strong>\n<br><br>\n\nInvestitorii caut\u0103 adesea activele cu cel mai mare randament anualizat. Mai rar se \u00eentreab\u0103 c\u00e2t de mult le-ar putea sc\u0103dea valoarea portofoliului \u00eenainte de a ob\u021bine acel rezultat.\n<br><br>\n\nAici intervine <strong>raportul Calmar (Calmar Ratio)<\/strong>.\n<br><br>\n\nAcesta nu evalueaz\u0103 doar randamentul ob\u021binut, ci \u00eel compar\u0103 \u0219i cu cea mai mare sc\u0103dere istoric\u0103 suportat\u0103 de investi\u021bie.\n<br><br>\n\nAplicat ETF-urilor, ac\u021biunilor \u0219i strategiilor de tranzac\u021bionare cantitativ\u0103, indicatorul eviden\u021biaz\u0103 o idee esen\u021bial\u0103:\n<br><br>\n\n<strong>Un randament mai mare nu \u00eenseamn\u0103 neap\u0103rat o performan\u021b\u0103 mai bun\u0103 ajustat\u0103 la risc. \u00centrebarea este dac\u0103 randamentul a justificat sc\u0103derea suportat\u0103.<\/strong>\n<br><br>\n\n\n<h2><strong>1. Ce este raportul Calmar?<\/strong><\/h2>\n\nRaportul Calmar este un indicator al performan\u021bei ajustate la risc, care compar\u0103 randamentul anualizat al unei investi\u021bii cu sc\u0103derea sa maxim\u0103 istoric\u0103.\n<br><br>\n\nMai simplu spus, \u00eencearc\u0103 s\u0103 r\u0103spund\u0103 la \u00eentrebarea:\n<br><br>\n\n<strong>C\u00e2t de mult a trebuit s\u0103 scad\u0103 valoarea strategiei pentru a ob\u021bine randamentul respectiv?<\/strong>\n<br><br>\n\nFormula uzual\u0103 este:\n<br><br>\n\n<strong>Raportul Calmar = rata anual\u0103 compus\u0103 de cre\u0219tere (CAGR) \u00f7 valoarea absolut\u0103 a sc\u0103derii maxime (MDD)<\/strong>\n<br><br>\n\nUnde:\n<br><br>\n\n<strong>Rata anual\u0103 compus\u0103 de cre\u0219tere (Compound Annual Growth Rate, CAGR)<\/strong> exprim\u0103 ritmul anualizat de cre\u0219tere a unei investi\u021bii pe o perioad\u0103 determinat\u0103, incluz\u00e2nd efectul capitaliz\u0103rii.\n<br><br>\n\n<strong>Sc\u0103derea maxim\u0103 (Maximum Drawdown, MDD)<\/strong> reprezint\u0103 cea mai mare diminuare procentual\u0103 de la un maxim anterior p\u00e2n\u0103 la un minim ulterior, \u00een perioada analizat\u0103.\n<br><br>\n\nDe exemplu:\n<br><br>\n\nO strategie \u00eenregistreaz\u0103 un randament anualizat de 15% \u0219i o sc\u0103dere maxim\u0103 de \u221220%.\n<br><br>\n\nCalculul este:\n<br><br>\n\n<strong>15% \u00f7 20% = 0.75<\/strong>\n<br><br>\n\nA\u0219adar, raportul dintre randamentul anualizat \u0219i sc\u0103derea maxim\u0103 este 0.75 pentru perioada respectiv\u0103.\n<br><br>\n\nRaportul Calmar este un num\u0103r f\u0103r\u0103 unitate de m\u0103sur\u0103, nu un procent.\n<br><br>\n\n\u00cen cazul randamentelor pozitive \u0219i al unor metode identice de calcul, o valoare mai mare indic\u0103, de regul\u0103, un randament anualizat mai ridicat \u00een raport cu cea mai profund\u0103 sc\u0103dere istoric\u0103.\n<br><br>\n\nExist\u0103 \u00eens\u0103 o precizare important\u0103:\n<br><br>\n\n<strong>Un raport Calmar mai mare nu garanteaz\u0103 c\u0103 investi\u021bia este mai sigur\u0103 sau c\u0103 va produce rezultate superioare \u00een viitor.<\/strong>\n<br><br>\n\nIndicatorul permite evaluarea rela\u021biei istorice dintre randament \u0219i risc, dar nu reprezint\u0103 o promisiune de profit \u0219i nici o limit\u0103 a pierderilor viitoare.\n<br><br>\n\n\n<h3><strong>Raportul Calmar \u0219i MAR Ratio: care este diferen\u021ba?<\/strong><\/h3>\n\nRaportul Calmar tradi\u021bional este calculat, de regul\u0103, folosind randamentul anualizat \u0219i sc\u0103derea maxim\u0103 din ultimele 36 de luni.\n<br><br>\n\nPrin urmare, este util pentru evaluarea performan\u021bei recente ajustate la risc.\n<br><br>\n\nPentru a analiza o investi\u021bie de-a lungul mai multor cicluri de pia\u021b\u0103, aceea\u0219i formul\u0103 poate fi aplicat\u0103 \u00eentregului istoric disponibil.\n<br><br>\n\n\u00cen acest articol p\u0103str\u0103m formula <strong>\u201eCAGR \u00f7 valoarea absolut\u0103 a sc\u0103derii maxime\u201d<\/strong>, dar folosim toate datele istorice disponibile pentru fiecare investi\u021bie.\n<br><br>\n\nAceast\u0103 abordare bazat\u0103 pe istoricul complet este asociat\u0103 cu <strong>Managed Account Reports Ratio (MAR Ratio)<\/strong>.\n<br><br>\n\nAstfel, trebuie f\u0103cut\u0103 distinc\u021bia \u00eentre:\n<br><br>\n\n<ul>\n<li><strong>Raportul Calmar tradi\u021bional:<\/strong> Utilizeaz\u0103, \u00een mod obi\u0219nuit, randamentul anualizat \u0219i sc\u0103derea maxim\u0103 din ultimele 36 de luni.<\/li>\n<li><strong>Raportul randament\/sc\u0103dere pe \u00eentregul istoric:<\/strong> Utilizeaz\u0103 toate datele disponibile \u0219i corespunde conceptual abord\u0103rii MAR Ratio.<\/li>\n<\/ul>\n<br>\n\nTabelele urm\u0103toare prezint\u0103 <strong>raportul dintre randamentul anualizat \u0219i sc\u0103derea maxim\u0103 pentru \u00eentregul istoric disponibil<\/strong>, nu raportul Calmar tradi\u021bional calculat pe 36 de luni.\n<br><br>\n\nO perioad\u0103 mai lung\u0103 ne ajut\u0103 s\u0103 observ\u0103m comportamentul randamentului \u0219i al riscului \u00een condi\u021bii diferite de pia\u021b\u0103, f\u0103r\u0103 a ne limita la rezultatele recente.\n<br><br>\n\nExist\u0103 \u00eens\u0103 o problem\u0103: investi\u021biile au date de \u00eenceput diferite.\n<br><br>\n\n<strong>Istoricul complet ajut\u0103 la \u00een\u021belegerea profilului de risc al unei investi\u021bii. O compara\u021bie corect\u0103 necesit\u0103 \u00eens\u0103 aceea\u0219i perioad\u0103 de analiz\u0103.<\/strong>\n<br><br>\n\n\n<h2><strong>2. Acela\u0219i randament, un raport Calmar de patru ori mai mare<\/strong><\/h2>\n\nS\u0103 revenim la exemplul ini\u021bial.\n<br><br>\n\nPresupunem c\u0103 ambele strategii sunt evaluate exact pe aceia\u0219i trei ani \u0219i prin aceea\u0219i metodologie.\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>Indicator<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>Strategia A<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>Strategia 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\">Randament anualizat<\/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\">Sc\u0103dere maxim\u0103<\/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>Raport Calmar<\/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\nStrategia A:\n<br><br>\n\n<strong>20% \u00f7 10% = 2.00<\/strong>\n<br><br>\n\nStrategia B:\n<br><br>\n\n<strong>20% \u00f7 40% = 0.50<\/strong>\n<br><br>\n\nCele dou\u0103 strategii au acela\u0219i randament anualizat, dar raportul Calmar al Strategiei A este de patru ori mai mare dec\u00e2t al Strategiei B.\n<br><br>\n\nDiferen\u021ba este determinat\u0103 integral de sc\u0103derea maxim\u0103.\n<br><br>\n\n<strong>Un randament analizat izolat poate ascunde riscul asumat pentru ob\u021binerea lui.<\/strong>\n<br><br>\n\n\n<h3><strong>Un randament mai mare \u00eenseamn\u0103 \u00eentotdeauna un raport Calmar mai bun?<\/strong><\/h3>\n\nNu neap\u0103rat.\n<br><br>\n\nS\u0103 analiz\u0103m un alt exemplu ipotetic, tot pentru aceea\u0219i perioad\u0103 de trei ani.\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>Indicator<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>Strategia C<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>Strategia 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\">Randament anualizat<\/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\">Sc\u0103dere maxim\u0103<\/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;border-right: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>Raport Calmar<\/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\nStrategia D are un randament anualizat de dou\u0103 ori mai mare dec\u00e2t Strategia C, dar sc\u0103derea sa maxim\u0103 este de trei ori mai profund\u0103.\n<br><br>\n\nPrin urmare, Strategia C \u00eenregistreaz\u0103 un raport Calmar mai ridicat.\n<br><br>\n\n\u00censeamn\u0103 asta c\u0103 Strategia C este neap\u0103rat o investi\u021bie mai bun\u0103?\n<br><br>\n\nNu. Investitorii au obiective de randament, nevoi de lichiditate \u0219i niveluri diferite de toleran\u021b\u0103 la risc.\n<br><br>\n\nTotu\u0219i, compara\u021bia ridic\u0103 o \u00eentrebare esen\u021bial\u0103:\n<br><br>\n\n<strong>Merit\u0103 randamentul suplimentar o sc\u0103dere mult mai mare?<\/strong>\n<br><br>\n\nRaportul Calmar ne ajut\u0103 s\u0103 evalu\u0103m tocmai acest compromis.\n<br><br>\n\n<strong>Not\u0103:<\/strong> Strategiile A, B, C \u0219i D sunt exemple ipotetice cu scop educativ. Ele nu reprezint\u0103 performan\u021ba real\u0103 a unui anumit ETF, fond sau a unei strategii cantitative.\n<br><br>\n\n\n<h2><strong>3. Date reale: randamentele ETF-urilor \u0219i sc\u0103derile maxime<\/strong><\/h2>\n\nS\u0103 aplic\u0103m acum aceast\u0103 abordare unor date reale de pia\u021b\u0103.\n<br><br>\n\nVom analiza patru instrumente de investi\u021bii bine cunoscute.\n<br><br>\n\n<strong>SPY: SPDR S&amp;P 500 ETF Trust<\/strong>\n<br><br>\n\nSPY urm\u0103re\u0219te indicele S&amp;P 500 \u0219i ofer\u0103 expunere la ac\u021biunile marilor companii americane listate la burs\u0103.\n<br><br>\n\n<strong>QQQ: Invesco QQQ Trust<\/strong>\n<br><br>\n\nQQQ urm\u0103re\u0219te indicele Nasdaq-100 \u0219i are o expunere relativ ridicat\u0103 la mari companii de tehnologie \u0219i de cre\u0219tere.\n<br><br>\n\n<strong>BRK.B: ac\u021biunile Berkshire Hathaway clasa B<\/strong>\n<br><br>\n\nBRK.B reprezint\u0103 ac\u021biunile clasa B ale Berkshire Hathaway, o companie listat\u0103 care de\u021bine diverse afaceri \u0219i investi\u021bii. Este o ac\u021biune individual\u0103, nu un ETF.\n<br><br>\n\n<strong>BND: Vanguard Total Bond Market ETF<\/strong>\n<br><br>\n\nBND este un ETF diversificat pe pia\u021ba obliga\u021biunilor din SUA, administrat de Vanguard. De\u021bine \u00een principal obliga\u021biuni cu rating de investi\u021bii, inclusiv titluri de stat americane, obliga\u021biuni corporative \u0219i titluri garantate cu ipoteci.\n<br><br>\n\nBND nu este echivalent cu numerarul \u0219i nici un activ lipsit de risc. Valoarea sa poate varia \u00een func\u021bie de dob\u00e2nzi, marjele de credit \u0219i alte condi\u021bii de pia\u021b\u0103.\n<br><br>\n\nCele patru instrumente fac parte din clase de active diferite \u0219i au surse de risc distincte.\n<br><br>\n\nScopul nu este s\u0103 declar\u0103m un c\u00e2\u0219tig\u0103tor universal, ci s\u0103 \u00een\u021belegem cum difer\u0103 randamentele \u0219i sc\u0103derile maxime istorice \u00eentre tipurile de investi\u021bii.\n<br><br>\n\n\n<h3><strong>Randament \u0219i risc pe termen lung, de la \u00eenceput<\/strong><\/h3>\n\nTabelul urm\u0103tor prezint\u0103 date publice de pia\u021b\u0103 colectate anterior, cu data de referin\u021b\u0103 20 octombrie 2026.\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>Investi\u021bie<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>Anul de \u00eenceput<\/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>Sc\u0103dere maxim\u0103<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>Randament\/sc\u0103dere pe \u00eentregul istoric<\/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 cu ac\u021biuni americane mari<\/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 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>Berkshire Hathaway clasa 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 cu obliga\u021biuni americane<\/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>Surse de date:<\/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 | Randamentele istorice ale SPY<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/qqq\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | Randamentele istorice ale QQQ<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/stocks\/brk-b\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | Randamentele istorice ale BRK.B<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/bnd\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | Randamentele istorice ale BND<\/a><\/li>\n<\/ul>\n<br>\n\n<strong>Note metodologice:<\/strong> Tabelul folose\u0219te date istorice ale randamentului total, colectate anterior p\u00e2n\u0103 la 20 octombrie 2026. Randamentele anualizate includ reinvestirea dividendelor. Ultima coloan\u0103 este calculat\u0103 prin \u00eemp\u0103r\u021birea CAGR la valoarea absolut\u0103 a sc\u0103derii maxime, cu rotunjire la dou\u0103 zecimale; nu reprezint\u0103 raportul Calmar tradi\u021bional calculat pe 36 de luni. Anii de \u00eenceput sunt diferi\u021bi, iar BRK.B este o ac\u021biune individual\u0103, nu un ETF. Prin urmare, tabelul ilustreaz\u0103 \u00een principal caracteristicile istorice de randament \u0219i risc ale fiec\u0103rei investi\u021bii, f\u0103r\u0103 a constitui un clasament pe perioade sau condi\u021bii de risc identice. Data de referin\u021b\u0103 \u0219i metodologia surselor trebuie verificate din nou \u00eenainte de publicare.\n<br><br>\n\nTabelul arat\u0103 c\u0103 nu exist\u0103 o rela\u021bie propor\u021bional\u0103 fix\u0103 \u00eentre randamentul anualizat pe termen lung \u0219i sc\u0103derea maxim\u0103.\n<br><br>\n\nDe exemplu, SPY \u0219i BRK.B au \u00eenregistrat randamente anualizate apropiate \u0219i sc\u0103deri maxime de dimensiuni comparabile \u00een propriile lor istorice. De aceea, raportul randament\/sc\u0103dere pentru \u00eentregul istoric este de aproximativ 0.20 pentru ambele.\n<br><br>\n\nQQQ a ob\u021binut, de asemenea, un randament anualizat semnificativ. \u00cens\u0103 sc\u0103derea sa istoric\u0103 mult mai profund\u0103 a redus raportul.\n<br><br>\n\nBND are un profil diferit: randament anualizat mai mic \u0219i o sc\u0103dere istoric\u0103 mai moderat\u0103. Totu\u0219i, acest lucru nu \u00eenseamn\u0103 automat c\u0103 raportul s\u0103u este mai mare dec\u00e2t al investi\u021biilor \u00een ac\u021biuni.\n<br><br>\n\n<strong>O sc\u0103dere mai redus\u0103 nu garanteaz\u0103 un randament ajustat la risc mai bun. Nici un randament mai mare nu garanteaz\u0103 acest lucru.<\/strong>\n<br><br>\n\nConteaz\u0103 rela\u021bia dintre randament \u0219i amploarea sc\u0103derii.\n<br><br>\n\n\n<h3><strong>SPY vs. QQQ: randament mai mare, dar eficien\u021b\u0103 mai sc\u0103zut\u0103?<\/strong><\/h3>\n\nTabelul anterior folose\u0219te \u00eentregul istoric disponibil pentru fiecare investi\u021bie. Totu\u0219i, datele diferite de \u00eenceput pot influen\u021ba compara\u021bia.\n<br><br>\n\nPentru a compara mai corect SPY \u0219i QQQ, vom utiliza o perioad\u0103 comun\u0103.\n<br><br>\n\nDatele urm\u0103toare acoper\u0103 intervalul 10 martie 1999 \u2013 20 octombrie 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>Indicator<\/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\">Randament anualizat (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\">Sc\u0103dere maxim\u0103 (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;border-right: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>Randament\/sc\u0103dere pe perioada comun\u0103<\/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>Surs\u0103:<\/strong> <a href=\"https:\/\/www.investmentvisual.com\/compare\/qqq-vs-spy\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | Compara\u021bia istoric\u0103 SPY \u0219i QQQ<\/a>.\n<br><br>\n\n\u00cen aceast\u0103 perioad\u0103 comun\u0103, QQQ a ob\u021binut un randament anualizat mai mare dec\u00e2t SPY.\n<br><br>\n\nTotu\u0219i, QQQ a suportat \u0219i o sc\u0103dere maxim\u0103 mult mai profund\u0103, astfel c\u0103 raportul randament\/sc\u0103dere a fost u\u0219or mai mic.\n<br><br>\n\nAsta nu \u00eenseamn\u0103 c\u0103 SPY este mai potrivit dec\u00e2t QQQ pentru orice investitor.\n<br><br>\n\nConcluzia este mai precis\u0103:\n<br><br>\n\n<strong>\u00cen perioada analizat\u0103, SPY a avut un raport \u00eentre randamentul anualizat \u0219i sc\u0103derea maxim\u0103 pu\u021bin mai bun dec\u00e2t QQQ.<\/strong>\n<br><br>\n\nTocmai aceasta este utilitatea raportului Calmar \u0219i a analizei randament\/sc\u0103dere: eviden\u021biaz\u0103 diferen\u021be care nu pot fi observate privind numai randamentul anualizat.\n<br><br>\n\n\n<h2><strong>4. Un raport mai mare este \u00eentotdeauna mai bun?<\/strong><\/h2>\n\nNu.\n<br><br>\n\nAt\u00e2t raportul Calmar tradi\u021bional, c\u00e2t \u0219i raportul randament\/sc\u0103dere calculat pe \u00eentregul istoric sunt doar instrumente \u00eentr-o analiz\u0103 mai ampl\u0103 a investi\u021biilor.\n<br><br>\n\nExist\u0103 patru limit\u0103ri importante.\n<br><br>\n\n\n<h3><strong>4.1 Sc\u0103derile trecute nu limiteaz\u0103 pierderile viitoare<\/strong><\/h3>\n\nChiar dac\u0103 sc\u0103derea maxim\u0103 istoric\u0103 a unei strategii a fost de 20%, pierderile viitoare pot fi mult mai mari.\n<br><br>\n\nUn raport ridicat nu garanteaz\u0103 sc\u0103deri mai mici \u00een viitor.\n<br><br>\n\n\n<h3><strong>4.2 Perioada analizat\u0103 influen\u021beaz\u0103 rezultatul<\/strong><\/h3>\n\nO strategie cu trei ani de istoric \u0219i un ETF care a traversat peste dou\u0103zeci de ani de cicluri de pia\u021b\u0103 pot fi fost expuse unor condi\u021bii foarte diferite.\n<br><br>\n\nUtilizarea aceleia\u0219i formule nu elimin\u0103 aceste diferen\u021be.\n<br><br>\n\nChiar \u0219i aceea\u0219i investi\u021bie poate \u00eenregistra rapoarte foarte diferite atunci c\u00e2nd schimb\u0103m perioada de analiz\u0103.\n<br><br>\n\n\n<h3><strong>4.3 Un backtest nu este echivalent cu tranzac\u021bionarea real\u0103<\/strong><\/h3>\n\nStrategiile cantitative utilizeaz\u0103 backtesturi istorice pentru a evalua regulile de tranzac\u021bionare.\n<br><br>\n\nRezultatele pot fi \u00eens\u0103 influen\u021bate de supraajustarea modelului la datele trecute, erori sau distorsiuni ale datelor, ipoteze privind costurile de tranzac\u021bionare \u0219i modific\u0103ri ale condi\u021biilor pie\u021bei.\n<br><br>\n\nUn raport ridicat \u00eentr-un backtest nu dovede\u0219te c\u0103 aceea\u0219i performan\u021b\u0103 a fost ob\u021binut\u0103 \u00een tranzac\u021bii reale.\n<br><br>\n\n\n<h3><strong>4.4 Un singur indicator nu surprinde toate riscurile<\/strong><\/h3>\n\nRaportul Calmar se bazeaz\u0103 \u00een principal pe randamentul anualizat \u0219i sc\u0103derea maxim\u0103 istoric\u0103.\n<br><br>\n\nNu reflect\u0103 \u00een totalitate efectul de levier, lichiditatea, riscul de contraparte, slippage-ul, concentrarea riscului sau sursele randamentului.\n<br><br>\n\nDac\u0103 sc\u0103derea maxim\u0103 este extrem de mic\u0103, raportul poate deveni neobi\u0219nuit de mare. Dac\u0103 sc\u0103derea maxim\u0103 este zero, \u00eemp\u0103r\u021birea obi\u0219nuit\u0103 nu este definit\u0103.\n<br><br>\n\nC\u00e2nd randamentul anualizat este negativ, clasificarea investi\u021biilor numai pe baza acestui raport poate fi, de asemenea, \u00een\u0219el\u0103toare.\n<br><br>\n\n<strong>Folose\u0219te raportul Calmar ca instrument complementar, nu ca verdict definitiv asupra unei investi\u021bii.<\/strong>\n<br><br>\n\n\n<h2><strong>5. Cum compar\u0103m corect randamentele ajustate la risc?<\/strong><\/h2>\n\n\u00cen\u021belegerea formulei este doar primul pas. Aplicarea corect\u0103 este la fel de important\u0103.\n<br><br>\n\nC\u00e2nd compar\u0103m ETF-uri, fonduri sau strategii cantitative, nu este suficient s\u0103 \u00eemp\u0103r\u021bim randamentele anualizate publicate la sc\u0103derile maxime \u0219i s\u0103 alegem cel mai mare rezultat.\n<br><br>\n\nO compara\u021bie solid\u0103 necesit\u0103 cel pu\u021bin patru verific\u0103ri.\n<br><br>\n\n\n<h3><strong>5.1 Compar\u0103 acelea\u0219i perioade<\/strong><\/h3>\n\nDac\u0103 Strategia A prezint\u0103 rezultate din 2010 p\u00e2n\u0103 \u00een 2026, \u00een timp ce Strategia B are date doar din 2023 p\u00e2n\u0103 \u00een 2026, rapoartele lor nu pot fi clasificate direct.\n<br><br>\n\nTendin\u021bele pie\u021bei, volatilitatea \u0219i evenimentele majore de risc pot fi fost foarte diferite.\n<br><br>\n\nEste mai potrivit s\u0103 stabilim \u00eent\u00e2i o perioad\u0103 comun\u0103, apoi s\u0103 calcul\u0103m CAGR, MDD \u0219i raportul randament\/sc\u0103dere pentru fiecare strategie.\n<br><br>\n\nDe aceea, sec\u021biunea 3 prezint\u0103 at\u00e2t istoricele complete, c\u00e2t \u0219i compara\u021bia SPY \u0219i QQQ pe o perioad\u0103 comun\u0103.\n<br><br>\n\n<strong>Folose\u0219te \u00eentregul istoric pentru a \u00een\u021belege o investi\u021bie. Folose\u0219te perioade identice pentru a compara investi\u021bii.<\/strong>\n<br><br>\n\n\n<h3><strong>5.2 Verific\u0103 metodologia de calcul<\/strong><\/h3>\n\nChiar \u0219i pentru aceea\u0219i perioad\u0103, furnizori diferi\u021bi de date pot raporta randamente diferite.\n<br><br>\n\nPrintre cauzele posibile se num\u0103r\u0103:\n<br><br>\n\n<ul>\n<li>Dac\u0103 dividendele \u0219i alte distribu\u021bii sunt reinvestite.<\/li>\n<li>Dac\u0103 sunt deduse comisioanele de administrare, tranzac\u021bionare \u0219i alte costuri.<\/li>\n<li>Moneda utilizat\u0103 \u0219i metoda de conversie valutar\u0103.<\/li>\n<li>Dac\u0103 sc\u0103derea maxim\u0103 este calculat\u0103 folosind date zilnice, s\u0103pt\u0103m\u00e2nale sau lunare.<\/li>\n<li>Dac\u0103 sunt incluse efectul de levier, costurile de finan\u021bare \u0219i slippage-ul real.<\/li>\n<\/ul>\n<br>\n\nDe exemplu, o sc\u0103dere maxim\u0103 calculat\u0103 din date zilnice poate fi mai profund\u0103 dec\u00e2t una calculat\u0103 numai din valori de sf\u00e2r\u0219it de lun\u0103. O sc\u0103dere accentuat\u0103 din mijlocul lunii poate s\u0103 nu mai apar\u0103 \u00een valorile lunare de \u00eenchidere.\n<br><br>\n\nPrin urmare, frecven\u021bele diferite ale datelor pot distorsiona compara\u021bia.\n<br><br>\n\n<strong>\u00cenainte de a compara rapoartele, asigur\u0103-te c\u0103 defini\u021biile datelor \u0219i metodele de calcul sunt compatibile.<\/strong>\n<br><br>\n\n\n<h3><strong>5.3 Diferen\u021biaz\u0103 rezultatele reale de backtesturi<\/strong><\/h3>\n\nNu toate datele de performan\u021b\u0103 au aceea\u0219i valoare probatorie.\n<br><br>\n\n<strong>Performan\u021ba istoric\u0103 real\u0103<\/strong> reflect\u0103 rezultate de pia\u021b\u0103 sau tranzac\u021bii care au avut efectiv loc \u00een perioada respectiv\u0103.\n<br><br>\n\n<strong>Un backtest simulat<\/strong> estimeaz\u0103 rezultate ipotetice prin aplicarea unor reguli de tranzac\u021bionare pe date din trecut.\n<br><br>\n\n<strong>Obiectivele unei strategii<\/strong> descriu ce urm\u0103re\u0219te s\u0103 realizeze, nu ce a realizat deja.\n<br><br>\n\nAceste trei categorii nu trebuie confundate.\n<br><br>\n\nLa evaluarea strategiilor cantitative, verific\u0103 \u0219i ipotezele privind costurile, stabilitatea parametrilor \u0219i existen\u021ba unui istoric verificabil de tranzac\u021bii reale.\n<br><br>\n\n<strong>Un backtest bun nu dovede\u0219te ob\u021binerea unor rezultate bune \u00een tranzac\u021bionarea real\u0103.<\/strong>\n<br><br>\n\n\n<h3><strong>5.4 Alege un benchmark relevant<\/strong><\/h3>\n\nChiar dac\u0103 perioadele \u0219i metodele sunt identice, dou\u0103 strategii pot urm\u0103ri obiective de investi\u021bii foarte diferite.\n<br><br>\n\nETF-urile pe ac\u021biuni, ETF-urile pe obliga\u021biuni \u0219i strategiile cantitative pot avea surse de randament \u0219i profiluri de risc diferite.\n<br><br>\n\nPrin urmare, benchmarkul trebuie s\u0103 reflecte c\u00e2t mai bine universul investi\u021bional, profilul de risc \u0219i scopul evalu\u0103rii.\n<br><br>\n\nPentru un ETF care urm\u0103re\u0219te marile companii americane, indicele S&amp;P 500 poate constitui o referin\u021b\u0103 potrivit\u0103.\n<br><br>\n\n\u00cen schimb, pentru o strategie cantitativ\u0103 care tranzac\u021bioneaz\u0103 pe alte pie\u021be sau aplic\u0103 reguli diferite, un singur indice bursier poate fi insuficient.\n<br><br>\n\n\u00cen astfel de situa\u021bii, pot fi analizate separat indici de pia\u021b\u0103 relevan\u021bi, numerarul sau ratele dob\u00e2nzilor pe termen scurt \u0219i alte repere adecvate, \u00eempreun\u0103 cu riscurile, costurile \u0219i obiectivele de investi\u021bii.\n<br><br>\n\n<strong>Un benchmark nu este o \u021bint\u0103 u\u0219or de dep\u0103\u0219it. El ajut\u0103 la evaluarea m\u0103surii \u00een care riscul asumat a fost remunerat corespunz\u0103tor.<\/strong>\n<br><br>\n\nUneori sunt utile mai multe benchmarkuri. Raportul Calmar nu \u00eenlocuie\u0219te nici analiza complet\u0103 a unei strategii.\n<br><br>\n\nCu c\u00e2t perioada, metodologia, dovezile de performan\u021b\u0103 \u0219i benchmarkul sunt definite mai clar, cu at\u00e2t raportul Calmar devine mai util.\n<br><br>\n\n\n<h2><strong>6. Concluzie: prive\u0219te dincolo de randament<\/strong><\/h2>\n\nRandamentul anualizat spune doar o parte din povestea unei investi\u021bii.\n<br><br>\n\nDou\u0103 strategii pot ob\u021bine acela\u0219i randament, dar pot avea performan\u021be ajustate la risc foarte diferite din cauza sc\u0103derilor maxime.\n<br><br>\n\n\u00cen mod similar, o investi\u021bie cu randament mai ridicat nu ofer\u0103 neap\u0103rat un raport mai bun \u00eentre c\u00e2\u0219tig \u0219i cea mai mare pierdere istoric\u0103.\n<br><br>\n\nRaportul Calmar \u0219i raportul randament\/sc\u0103dere pe \u00eentregul istoric ne ajut\u0103 s\u0103 punem \u00eentreb\u0103ri mai relevante:\n<br><br>\n\n<ul>\n<li>Care a fost randamentul anualizat al investi\u021biei?<\/li>\n<li>C\u00e2t de profund\u0103 a fost cea mai mare sc\u0103dere istoric\u0103?<\/li>\n<li>Perioadele \u0219i metodele de calcul sunt comparabile?<\/li>\n<li>Benchmarkul ales este adecvat?<\/li>\n<\/ul>\n<br>\n\nExemplele istorice SPY, QQQ, BRK.B \u0219i BND arat\u0103 c\u0103 rela\u021bia dintre randamentul anualizat \u0219i sc\u0103derea maxim\u0103 poate varia considerabil \u00eentre investi\u021bii.\n<br><br>\n\nIndiferent dac\u0103 analizezi ETF-uri, ac\u021biuni individuale, obliga\u021biuni sau strategii cantitative, datele transparente \u0219i comparabile sunt esen\u021biale.\n<br><br>\n\n<strong>Nu conteaz\u0103 doar care investi\u021bie a c\u00e2\u0219tigat mai mult, ci \u0219i care randament este compatibil cu obiectivele tale \u0219i cu un nivel de risc pe care \u00eel \u00een\u021belegi.<\/strong>\n<br><br>\n\nRaportul Calmar nu ofer\u0103 r\u0103spunsul final. Este un punct de plecare pentru evalu\u0103ri investi\u021bionale mai bine fundamentate.\n<br><br>\n\n\n<h3><strong>Exploreaz\u0103 performan\u021ba \u0219i gestionarea riscului \u00een strategiile cantitative<\/strong><\/h3>\n\nDac\u0103 e\u0219ti familiarizat cu investi\u021biile pe termen lung \u00een ETF-uri \u0219i vrei s\u0103 explorezi alte surse de randament, po\u021bi analiza cum \u00ee\u0219i prezint\u0103 strategiile de tranzac\u021bionare cantitativ\u0103 rezultatele, sc\u0103derile maxime \u0219i regulile de gestionare a riscului.\n<br><br>\n\nPo\u021bi consulta \u0219i analizele de strategii ale Mr.Forex, folosind principiile din acest articol pentru a evalua independent perioadele de date, condi\u021biile de risc \u0219i potrivirea cu obiectivele tale.\n<br><br>\n\n<strong>Verific\u0103 mai \u00eent\u00e2i dac\u0103 datele pot fi comparate. Apoi decide dac\u0103 strategia corespunde nevoilor tale.<\/strong>\n<br><br>\n\n<hr>\n<br>\n\n<strong>Avertisment privind riscurile:<\/strong> Acest articol are exclusiv scop educativ financiar \u0219i informativ general. Nu constituie consultan\u021b\u0103 personalizat\u0103 de investi\u021bii \u0219i nici o garan\u021bie a profitului. Datele Strategiilor A, B, C \u0219i D sunt exemple ipotetice pentru \u00eenv\u0103\u021bare \u0219i nu reprezint\u0103 rezultate reale ale unor produse de investi\u021bii. Performan\u021bele istorice ale ETF-urilor \u0219i ac\u021biunilor men\u021bionate nu garanteaz\u0103 rezultate viitoare. Backtesturile strategiilor cantitative pot fi afectate de supraajustarea modelelor, distorsiuni ale datelor, costuri de tranzac\u021bionare, slippage \u0219i schimb\u0103ri ale condi\u021biilor de pia\u021b\u0103. Rezultatele simulate nu demonstreaz\u0103 performan\u021be reale \u0219i nu reprezint\u0103 promisiuni de profit viitor. Toate investi\u021biile implic\u0103 riscuri, inclusiv posibilitatea pierderii par\u021biale sau totale a capitalului investit.\n<\/span><\/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>Ce este raportul Calmar? Compar\u0103 randamentul anualizat \u0219i sc\u0103derea maxim\u0103 pentru SPY, QQQ, BRK.B \u0219i BND. Un randament ridicat nu \u00eenseamn\u0103 \u00eentotdeauna un control mai bun al riscului.<\/p>","protected":false},"author":1,"featured_media":74487,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"tags":[128],"class_list":["post-74473","page","type-page","status-publish","has-post-thumbnail","hentry","tag-no-google"],"_links":{"self":[{"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/pages\/74473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/comments?post=74473"}],"version-history":[{"count":25,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/pages\/74473\/revisions"}],"predecessor-version":[{"id":74570,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/pages\/74473\/revisions\/74570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/media\/74487"}],"wp:attachment":[{"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/media?parent=74473"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mister.forex\/ro\/wp-json\/wp\/v2\/tags?post=74473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}