{"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\/ur\/calmar-ratio-etf-risk-adjusted-return\/","title":{"rendered":"Calmar Ratio \u06a9\u06cc\u0627 \u06c1\u06d2\u061f ETFs \u0627\u0648\u0631 \u06a9\u0648\u0627\u0646\u0679\u06cc\u0679\u06cc\u0679\u0648 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u0645\u06cc\u06ba \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062e\u0637\u0631\u06c1"},"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\">\u06a9\u06cc\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0632\u06cc\u0627\u062f\u06c1 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0642\u0627\u0628\u0644 \u06c1\u06d2\u061f Calmar Ratio \u06a9\u0648 \u0633\u0645\u062c\u06be\u06cc\u06ba<\/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\u0635\u0648\u0631 \u06a9\u0631\u06cc\u06ba \u06a9\u06c1 \u0622\u067e \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u062f\u0648 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631 \u0631\u06c1\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u062f\u0648\u0646\u0648\u06ba \u06a9\u06cc \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0631\u06a9\u0628 \u0634\u0631\u062d\u0650 \u0645\u0646\u0627\u0641\u0639 20% \u06c1\u06d2\u06d4\n<br><br>\n\n\u0644\u06cc\u06a9\u0646 \u062c\u0628 \u0622\u067e \u0627\u0646 \u06a9\u06cc \u06af\u0632\u0634\u062a\u06c1 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u062a\u0641\u0635\u06cc\u0644\u06cc \u062c\u0627\u0626\u0632\u06c1 \u0644\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba \u062a\u0648 \u0627\u06cc\u06a9 \u0627\u06c1\u0645 \u0641\u0631\u0642 \u0633\u0627\u0645\u0646\u06d2 \u0622\u062a\u0627 \u06c1\u06d2:\n<br><br>\n\n<ul>\n<li><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A:<\/strong> \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 (Maximum Drawdown) \u221210%\u06d4<\/li>\n<li><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc B:<\/strong> \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u221240%\u06d4<\/li>\n<\/ul>\n<br>\n\n\u0627\u06af\u0631 \u0622\u067e \u0635\u0631\u0641 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06cc\u06a9\u06be\u06cc\u06ba \u062a\u0648 \u062f\u0648\u0646\u0648\u06ba \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0627\u06ba \u062a\u0642\u0631\u06cc\u0628\u0627\u064b \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06cc \u062f\u06a9\u06be\u0627\u0626\u06cc \u062f\u06cc\u062a\u06cc \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0644\u06cc\u06a9\u0646 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A \u0645\u06cc\u06ba \u0645\u0627\u0636\u06cc \u06a9\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u06af\u0631\u0627\u0648\u0679\u060c \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc B \u06a9\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u0627 \u0635\u0631\u0641 \u0627\u06cc\u06a9 \u0686\u0648\u062a\u06be\u0627\u0626\u06cc \u062a\u06be\u06cc\u06d4\n<br><br>\n\n<strong>\u062f\u0648\u0646\u0648\u06ba \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 20% \u06c1\u06d2\u06d4 \u0622\u067e 10% \u06a9\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u0631\u06cc\u06ba \u06af\u06d2 \u06cc\u0627 40% \u06a9\u06cc\u061f<\/strong>\n<br><br>\n\n\u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631 \u0627\u06a9\u062b\u0631 \u0627\u06cc\u0633\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u062a\u0644\u0627\u0634 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 \u0633\u0628 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06d2\u06d4 \u0644\u06cc\u06a9\u0646 \u0648\u06c1 \u06c1\u0645\u06cc\u0634\u06c1 \u06cc\u06c1 \u0646\u06c1\u06cc\u06ba \u0633\u0648\u0686\u062a\u06d2 \u06a9\u06c1 \u0627\u0633 \u0645\u0646\u0627\u0641\u0639 \u062a\u06a9 \u067e\u06c1\u0646\u0686\u0646\u06d2 \u06a9\u06d2 \u062f\u0648\u0631\u0627\u0646 \u0627\u0646 \u06a9\u06d2 \u067e\u0648\u0631\u0679 \u0641\u0648\u0644\u06cc\u0648 \u06a9\u06cc \u0642\u062f\u0631 \u06a9\u062a\u0646\u06cc \u06af\u0631 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u06cc\u06c1\u06cc\u06ba <strong>Calmar Ratio<\/strong> \u0627\u06c1\u0645 \u06c1\u0648 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u06cc\u06c1 \u067e\u06cc\u0645\u0627\u0646\u06c1 \u0635\u0631\u0641 \u062d\u0627\u0635\u0644 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06d2 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0648 \u0646\u06c1\u06cc\u06ba \u062f\u06cc\u06a9\u06be\u062a\u0627 \u0628\u0644\u06a9\u06c1 \u0627\u0633 \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u0633\u06d2 \u0628\u06be\u06cc \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u062c\u0628 \u0627\u0633 \u0627\u0635\u0648\u0644 \u06a9\u0648 ETFs\u060c \u062d\u0635\u0635 \u0627\u0648\u0631 \u0645\u0642\u062f\u0627\u0631\u06cc \u062a\u062c\u0627\u0631\u062a\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u067e\u0631 \u0644\u0627\u06af\u0648 \u06a9\u06cc\u0627 \u062c\u0627\u0626\u06d2 \u062a\u0648 \u0627\u06cc\u06a9 \u0627\u06c1\u0645 \u0628\u0627\u062a \u0633\u0627\u0645\u0646\u06d2 \u0622\u062a\u06cc \u06c1\u06d2:\n<br><br>\n\n<strong>\u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06c1\u0645\u06cc\u0634\u06c1 \u0628\u06c1\u062a\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0644\u062d\u0627\u0638 \u0633\u06d2 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u0645\u0637\u0644\u0628 \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u0627\u06d4 \u0627\u0635\u0644 \u0633\u0648\u0627\u0644 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u06a9\u06cc\u0627 \u062d\u0627\u0635\u0644 \u0634\u062f\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0633 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u06cc \u06af\u0626\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u0642\u0627\u0628\u0644 \u062a\u06be\u0627\u061f<\/strong>\n<br><br>\n\n\n<h2><strong>1. Calmar Ratio \u06a9\u06cc\u0627 \u06c1\u06d2\u061f<\/strong><\/h2>\n\nCalmar Ratio \u0627\u06cc\u06a9 \u0627\u06cc\u0633\u0627 \u067e\u06cc\u0645\u0627\u0646\u06c1 \u06c1\u06d2 \u062c\u0648 \u062e\u0637\u0631\u06d2 \u06a9\u0648 \u0645\u062f\u0650\u0646\u0638\u0631 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u0648\u0626\u06d2 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u062c\u0627\u0646\u0686\u062a\u0627 \u06c1\u06d2\u06d4 \u06cc\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u0633\u06d2 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0633\u0627\u062f\u06c1 \u0627\u0644\u0641\u0627\u0638 \u0645\u06cc\u06ba \u06cc\u06c1 \u0633\u0648\u0627\u0644 \u067e\u0648\u0686\u06be\u062a\u0627 \u06c1\u06d2:\n<br><br>\n\n<strong>\u06cc\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062d\u0627\u0635\u0644 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u06a9\u0648 \u0645\u0627\u0636\u06cc \u0645\u06cc\u06ba \u06a9\u062a\u0646\u06cc \u0628\u0691\u06cc \u06af\u0631\u0627\u0648\u0679 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u0631\u0646\u0627 \u067e\u0691\u06cc\u061f<\/strong>\n<br><br>\n\n\u0627\u0633 \u06a9\u0627 \u0639\u0645\u0648\u0645\u06cc \u0641\u0627\u0631\u0645\u0648\u0644\u0627 \u06cc\u06c1 \u06c1\u06d2:\n<br><br>\n\n<strong>Calmar Ratio = \u0645\u0631\u06a9\u0628 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0634\u0631\u062d\u0650 \u0646\u0645\u0648 (CAGR) \u00f7 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 (MDD) \u06a9\u06cc \u0645\u0637\u0644\u0642 \u0642\u062f\u0631<\/strong>\n<br><br>\n\n\u0627\u0633 \u0645\u06cc\u06ba:\n<br><br>\n\n<strong>\u0645\u0631\u06a9\u0628 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0634\u0631\u062d\u0650 \u0646\u0645\u0648 (Compound Annual Growth Rate, CAGR)<\/strong> \u06a9\u0633\u06cc \u0645\u062a\u0639\u06cc\u0646 \u0639\u0631\u0635\u06d2 \u0645\u06cc\u06ba \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0631\u06a9\u0628 \u0634\u0631\u062d\u0650 \u0646\u0645\u0648 \u06a9\u0648 \u0638\u0627\u06c1\u0631 \u06a9\u0631\u062a\u06cc \u06c1\u06d2\u060c \u062c\u0633 \u0645\u06cc\u06ba \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u062f\u0648\u0628\u0627\u0631\u06c1 \u0645\u0646\u0627\u0641\u0639 \u067e\u06cc\u062f\u0627 \u06a9\u0631\u0646\u06d2 \u06a9\u0627 \u0627\u062b\u0631 \u0634\u0627\u0645\u0644 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 (Maximum Drawdown, MDD)<\/strong> \u0632\u06cc\u0631\u0650 \u062c\u0627\u0626\u0632\u06c1 \u0645\u062f\u062a \u0645\u06cc\u06ba \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u06a9\u0633\u06cc \u0633\u0627\u0628\u0642\u06c1 \u0628\u0644\u0646\u062f \u062a\u0631\u06cc\u0646 \u0642\u062f\u0631 \u0633\u06d2 \u0628\u0639\u062f \u06a9\u06cc \u06a9\u0645 \u062a\u0631\u06cc\u0646 \u0642\u062f\u0631 \u062a\u06a9 \u06c1\u0648\u0646\u06d2 \u0648\u0627\u0644\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u0641\u06cc\u0635\u062f\u06cc \u06a9\u0645\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u0645\u062b\u0627\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631:\n<br><br>\n\n\u0641\u0631\u0636 \u06a9\u0631\u06cc\u06ba \u06a9\u0633\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 15% \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u221220% \u06c1\u06d2\u06d4\n<br><br>\n\n\u062d\u0633\u0627\u0628 \u06c1\u0648\u06af\u0627:\n<br><br>\n\n<strong>15% \u00f7 20% = 0.75<\/strong>\n<br><br>\n\n\u0644\u06c1\u0670\u0630\u0627 \u0627\u0633 \u0645\u062f\u062a \u0645\u06cc\u06ba \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u0627 \u062a\u0646\u0627\u0633\u0628 0.75 \u06c1\u06d2\u06d4\n<br><br>\n\nCalmar Ratio \u0627\u06cc\u06a9 \u0628\u06d2 \u0627\u06a9\u0627\u0626\u06cc \u0639\u062f\u062f \u06c1\u06d2\u060c \u0641\u06cc\u0635\u062f \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u062c\u0628 \u0645\u0646\u0627\u0641\u0639 \u0645\u062b\u0628\u062a \u06c1\u0648 \u0627\u0648\u0631 \u062d\u0633\u0627\u0628 \u06a9\u06d2 \u0637\u0631\u06cc\u0642\u06d2 \u06cc\u06a9\u0633\u0627\u06ba \u06c1\u0648\u06ba \u062a\u0648 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0646\u0627\u0633\u0628 \u0639\u0645\u0648\u0645\u0627\u064b \u06cc\u06c1 \u0638\u0627\u06c1\u0631 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u0645\u0642\u0627\u0628\u0644\u06d2 \u0645\u06cc\u06ba \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062d\u0627\u0635\u0644 \u06c1\u0648\u0627\u06d4\n<br><br>\n\n\u062a\u0627\u06c1\u0645 \u0627\u06cc\u06a9 \u0627\u06c1\u0645 \u0628\u0627\u062a \u06cc\u0627\u062f \u0631\u06a9\u06be\u06cc\u06ba:\n<br><br>\n\n<strong>Calmar Ratio \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u0648\u0646\u06d2 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06cc\u06c1 \u0646\u06c1\u06cc\u06ba \u06a9\u06c1 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0644\u0627\u0632\u0645\u0627\u064b \u0632\u06cc\u0627\u062f\u06c1 \u0645\u062d\u0641\u0648\u0638 \u06c1\u06d2 \u06cc\u0627 \u0645\u0633\u062a\u0642\u0628\u0644 \u0645\u06cc\u06ba \u0628\u06c1\u062a\u0631 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u062f\u06a9\u06be\u0627\u0626\u06d2 \u06af\u06cc\u06d4<\/strong>\n<br><br>\n\n\u06cc\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u062a\u0639\u0644\u0642 \u06a9\u0627 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06cc\u0646\u06d2 \u06a9\u0627 \u0627\u06cc\u06a9 \u0630\u0631\u06cc\u0639\u06c1 \u06c1\u06d2\u060c \u0646\u06c1 \u06a9\u06c1 \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06d2 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06cc \u0636\u0645\u0627\u0646\u062a \u06cc\u0627 \u0645\u0645\u06a9\u0646\u06c1 \u0646\u0642\u0635\u0627\u0646 \u06a9\u06cc \u062d\u062f\u06d4\n<br><br>\n\n\n<h3><strong>\u0631\u0648\u0627\u06cc\u062a\u06cc Calmar Ratio \u0627\u0648\u0631 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u062a\u062c\u0632\u06cc\u06d2 \u0645\u06cc\u06ba \u06a9\u06cc\u0627 \u0641\u0631\u0642 \u06c1\u06d2\u061f<\/strong><\/h3>\n\n\u0631\u0648\u0627\u06cc\u062a\u06cc Calmar Ratio \u0639\u0645\u0648\u0645\u0627\u064b \u06af\u0632\u0634\u062a\u06c1 36 \u0645\u0627\u06c1 \u06a9\u06d2 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u06cc \u0628\u0646\u06cc\u0627\u062f \u067e\u0631 \u0646\u06a9\u0627\u0644\u0627 \u062c\u0627\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0627\u0633 \u0644\u06cc\u06d2 \u06cc\u06c1 \u062d\u0627\u0644\u06cc\u06c1 \u0645\u062f\u062a \u0645\u06cc\u06ba \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0644\u062d\u0627\u0638 \u0633\u06d2 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06cc\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0648\u0632\u0648\u06ba \u06c1\u06d2\u06d4\n<br><br>\n\n\u0644\u06cc\u06a9\u0646 \u0627\u06af\u0631 \u06a9\u0633\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u0648 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u06d2 \u0645\u062e\u062a\u0644\u0641 \u0627\u062f\u0648\u0627\u0631 \u0645\u06cc\u06ba \u062c\u0627\u0646\u0686\u0646\u0627 \u0645\u0642\u0635\u0648\u062f \u06c1\u0648 \u062a\u0648 \u06cc\u06c1\u06cc \u0641\u0627\u0631\u0645\u0648\u0644\u0627 \u062a\u0645\u0627\u0645 \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u067e\u0631 \u0628\u06be\u06cc \u0644\u0627\u06af\u0648 \u06a9\u06cc\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0627\u0633 \u0645\u0636\u0645\u0648\u0646 \u0645\u06cc\u06ba \u06c1\u0645 <strong>\u201dCAGR \u00f7 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u06cc \u0645\u0637\u0644\u0642 \u0642\u062f\u0631\u201c<\/strong> \u06a9\u0627 \u0641\u0627\u0631\u0645\u0648\u0644\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u060c \u0644\u06cc\u06a9\u0646 \u06c1\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u067e\u0648\u0631\u06cc \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e \u06a9\u0648 \u062d\u0633\u0627\u0628 \u0645\u06cc\u06ba \u0644\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u062f\u062a \u067e\u0631 \u0645\u0628\u0646\u06cc \u06cc\u06c1 \u0637\u0631\u06cc\u0642\u06c1 <strong>Managed Account Reports Ratio (MAR Ratio)<\/strong> \u06a9\u06d2 \u062a\u0635\u0648\u0631 \u0633\u06d2 \u0645\u0646\u0633\u0644\u06a9 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0627\u0633 \u0644\u06cc\u06d2 \u0627\u0646 \u0645\u06cc\u06ba \u0641\u0631\u0642 \u0633\u0645\u062c\u06be\u0646\u0627 \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2:\n<br><br>\n\n<ul>\n<li><strong>\u0631\u0648\u0627\u06cc\u062a\u06cc Calmar Ratio:<\/strong> \u0639\u0645\u0648\u0645\u0627\u064b \u06af\u0632\u0634\u062a\u06c1 36 \u0645\u0627\u06c1 \u06a9\u06d2 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u0648 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4<\/li>\n<li><strong>\u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e \u06a9\u0627 \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628:<\/strong> \u062a\u0645\u0627\u0645 \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0627\u0639\u062f\u0627\u062f \u0648 \u0634\u0645\u0627\u0631 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u062a\u0635\u0648\u0631\u0627\u062a\u06cc \u0637\u0648\u0631 \u067e\u0631 MAR Ratio \u0633\u06d2 \u0645\u0637\u0627\u0628\u0642\u062a \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u06d4<\/li>\n<\/ul>\n<br>\n\n\u0622\u06af\u06d2 \u062f\u06cc\u06d2 \u06af\u0626\u06d2 \u062c\u062f\u0648\u0644\u0648\u06ba \u0645\u06cc\u06ba <strong>\u0645\u06a9\u0645\u0644 \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u062f\u062a \u06a9\u06d2 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u0627 \u062a\u0646\u0627\u0633\u0628<\/strong> \u062f\u06a9\u06be\u0627\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2\u060c \u0646\u06c1 \u06a9\u06c1 \u0631\u0648\u0627\u06cc\u062a\u06cc 36 \u0645\u0627\u06c1 \u06a9\u0627 Calmar Ratio\u06d4\n<br><br>\n\n\u0637\u0648\u06cc\u0644 \u062a\u0627\u0631\u06cc\u062e \u06a9\u06cc \u0645\u062f\u062f \u0633\u06d2 \u0645\u062e\u062a\u0644\u0641 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u062d\u0627\u0644\u0627\u062a \u0645\u06cc\u06ba \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u062a\u0639\u0644\u0642 \u06a9\u0648 \u0633\u0645\u062c\u06be\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u060c \u0628\u062c\u0627\u0626\u06d2 \u0627\u0633 \u06a9\u06d2 \u06a9\u06c1 \u0635\u0631\u0641 \u062d\u0627\u0644\u06cc\u06c1 \u0646\u062a\u0627\u0626\u062c \u067e\u0631 \u0627\u0646\u062d\u0635\u0627\u0631 \u06a9\u06cc\u0627 \u062c\u0627\u0626\u06d2\u06d4\n<br><br>\n\n\u0627\u0644\u0628\u062a\u06c1 \u0627\u06cc\u06a9 \u0645\u0633\u0626\u0644\u06c1 \u06c1\u06d2: \u0645\u062e\u062a\u0644\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u06a9\u06cc \u0627\u0628\u062a\u062f\u0627 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06cc \u0646\u06c1\u06cc\u06ba \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n<strong>\u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e \u06a9\u0633\u06cc \u0627\u06cc\u06a9 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u062e\u0637\u0631\u06d2 \u06a9\u06cc \u0646\u0648\u0639\u06cc\u062a \u0633\u0645\u062c\u06be\u0646\u06d2 \u0645\u06cc\u06ba \u0645\u062f\u062f \u062f\u06cc\u062a\u06cc \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0645\u062e\u062a\u0644\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u06a9\u0627 \u0645\u0646\u0635\u0641\u0627\u0646\u06c1 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0634\u0627\u06c1\u062f\u06d2 \u06a9\u06cc \u0645\u062f\u062a \u06cc\u06a9\u0633\u0627\u06ba \u06c1\u0648\u0646\u06cc \u0686\u0627\u06c1\u06cc\u06d2\u06d4<\/strong>\n<br><br>\n\n\n<h2><strong>2. \u0645\u0646\u0627\u0641\u0639 \u06cc\u06a9\u0633\u0627\u06ba\u060c \u0645\u06af\u0631 Calmar Ratio \u0686\u0627\u0631 \u06af\u0646\u0627 \u0645\u062e\u062a\u0644\u0641<\/strong><\/h2>\n\n\u0622\u0626\u06cc\u06d2 \u0627\u0628\u062a\u062f\u0627\u0626\u06cc \u0645\u062b\u0627\u0644 \u06a9\u06cc \u0637\u0631\u0641 \u0648\u0627\u067e\u0633 \u0622\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0641\u0631\u0636 \u06a9\u0631\u06cc\u06ba \u06a9\u06c1 \u062f\u0648\u0646\u0648\u06ba \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u0627 \u0628\u0627\u0644\u06a9\u0644 \u0627\u06cc\u06a9 \u06c1\u06cc 3 \u0633\u0627\u0644\u06c1 \u0639\u0631\u0635\u06d2 \u0645\u06cc\u06ba \u0627\u0648\u0631 \u06cc\u06a9\u0633\u0627\u06ba \u062d\u0633\u0627\u0628\u06cc \u0637\u0631\u06cc\u0642\u06d2 \u0633\u06d2 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2\u06d4\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>\u067e\u06cc\u0645\u0627\u0646\u06c1<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc 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\">\u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639<\/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\">\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679<\/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>Calmar Ratio<\/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\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A:\n<br><br>\n\n<strong>20% \u00f7 10% = 2.00<\/strong>\n<br><br>\n\n\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc B:\n<br><br>\n\n<strong>20% \u00f7 40% = 0.50<\/strong>\n<br><br>\n\n\u062f\u0648\u0646\u0648\u06ba \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06cc\u06a9\u0633\u0627\u06ba \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A \u06a9\u0627 Calmar Ratio \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc B \u0633\u06d2 \u0686\u0627\u0631 \u06af\u0646\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u06d2\u06d4\n<br><br>\n\n\u06cc\u06c1 \u0641\u0631\u0642 \u0645\u06a9\u0645\u0644 \u0637\u0648\u0631 \u067e\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06cc \u0648\u062c\u06c1 \u0633\u06d2 \u067e\u06cc\u062f\u0627 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0627\u06af\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631 \u0635\u0631\u0641 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u06cc\u06ba \u062a\u0648 \u0648\u06c1 \u0627\u0633 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u062d\u0635\u0648\u0644 \u06a9\u06d2 \u062f\u0648\u0631\u0627\u0646 \u0645\u0648\u062c\u0648\u062f \u062e\u0637\u0631\u0627\u062a \u06a9\u06d2 \u0628\u0691\u06d2 \u0641\u0631\u0642 \u06a9\u0648 \u0646\u0638\u0631 \u0627\u0646\u062f\u0627\u0632 \u06a9\u0631 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4<\/strong>\n<br><br>\n\n\n<h3><strong>\u06a9\u06cc\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06c1\u0645\u06cc\u0634\u06c1 \u0628\u06c1\u062a\u0631 Calmar Ratio \u062f\u06cc\u062a\u0627 \u06c1\u06d2\u061f<\/strong><\/h3>\n\n\u0636\u0631\u0648\u0631\u06cc \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0627\u0633\u06cc 3 \u0633\u0627\u0644\u06c1 \u0639\u0631\u0635\u06d2 \u067e\u0631 \u0645\u0628\u0646\u06cc \u0627\u06cc\u06a9 \u0627\u0648\u0631 \u0641\u0631\u0636\u06cc \u0645\u062b\u0627\u0644 \u062f\u06cc\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\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>\u067e\u06cc\u0645\u0627\u0646\u06c1<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc C<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc 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\">\u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639<\/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\">\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679<\/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>Calmar Ratio<\/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\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc D \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639\u060c \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc C \u0633\u06d2 \u062f\u0648 \u06af\u0646\u0627 \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0627\u0633 \u06a9\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u062a\u06cc\u0646 \u06af\u0646\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0627\u0633\u06cc \u0644\u06cc\u06d2 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc C \u06a9\u0627 Calmar Ratio \u0632\u06cc\u0627\u062f\u06c1 \u0646\u06a9\u0644\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u06a9\u06cc\u0627 \u0627\u0633 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc C \u0644\u0627\u0632\u0645\u0627\u064b \u0628\u06c1\u062a\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06c1\u06d2\u061f\n<br><br>\n\n\u0646\u06c1\u06cc\u06ba\u06d4 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u0648\u06ba \u06a9\u06d2 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u0627\u06c1\u062f\u0627\u0641\u060c \u0646\u0642\u062f \u0631\u0642\u0645 \u06a9\u06cc \u062f\u0633\u062a\u06cc\u0627\u0628\u06cc \u06a9\u06cc \u0636\u0631\u0648\u0631\u06cc\u0627\u062a \u0627\u0648\u0631 \u062e\u0637\u0631\u06c1 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u0631\u0646\u06d2 \u06a9\u06cc \u0635\u0644\u0627\u062d\u06cc\u062a \u0645\u062e\u062a\u0644\u0641 \u06c1\u0648\u062a\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u062a\u0627\u06c1\u0645 \u0627\u0633 \u0645\u0648\u0627\u0632\u0646\u06d2 \u0633\u06d2 \u0627\u06cc\u06a9 \u0627\u06c1\u0645 \u0633\u0648\u0627\u0644 \u067e\u06cc\u062f\u0627 \u06c1\u0648\u062a\u0627 \u06c1\u06d2:\n<br><br>\n\n<strong>\u06a9\u06cc\u0627 \u0627\u0636\u0627\u0641\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0633 \u0632\u06cc\u0627\u062f\u06c1 \u0628\u0691\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u0642\u0627\u0628\u0644 \u06c1\u06d2 \u062c\u0633\u06d2 \u0622\u067e \u06a9\u0648 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u0631\u0646\u0627 \u067e\u0691\u06d2 \u06af\u0627\u061f<\/strong>\n<br><br>\n\nCalmar Ratio \u0627\u0633\u06cc \u062a\u0648\u0627\u0632\u0646 \u06a9\u0648 \u062c\u0627\u0646\u0686\u0646\u06d2 \u0645\u06cc\u06ba \u0645\u062f\u062f \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0646\u0648\u0679:<\/strong> \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A\u060c B\u060c C \u0627\u0648\u0631 D \u0635\u0631\u0641 \u062a\u0639\u0644\u06cc\u0645\u06cc \u0645\u0642\u0627\u0635\u062f \u06a9\u06d2 \u0644\u06cc\u06d2 \u0641\u0631\u0636\u06cc \u0645\u062b\u0627\u0644\u06cc\u06ba \u06c1\u06cc\u06ba\u06d4 \u06cc\u06c1 \u06a9\u0633\u06cc \u0645\u062e\u0635\u0648\u0635 ETF\u060c \u0641\u0646\u0688 \u06cc\u0627 \u0645\u0642\u062f\u0627\u0631\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u06a9\u06cc \u062d\u0642\u06cc\u0642\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u0646\u06c1\u06cc\u06ba \u062f\u06a9\u06be\u0627\u062a\u06cc\u06ba\u06d4\n<br><br>\n\n\n<h2><strong>3. \u062d\u0642\u06cc\u0642\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1: \u0645\u0639\u0631\u0648\u0641 ETFs \u06a9\u0627 \u0637\u0648\u06cc\u0644 \u0645\u062f\u062a\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679<\/strong><\/h2>\n\n\u0627\u0628 \u0627\u0633\u06cc \u0637\u0631\u06cc\u0642\u06d2 \u06a9\u0648 \u062d\u0642\u06cc\u0642\u06cc \u0645\u0627\u0631\u06a9\u06cc\u0679 \u0688\u06cc\u0679\u0627 \u067e\u0631 \u0644\u0627\u06af\u0648 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u06c1\u0645 \u0686\u0627\u0631 \u0645\u0639\u0631\u0648\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u0630\u0631\u0627\u0626\u0639 \u06a9\u0627 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06cc\u06ba \u06af\u06d2\u06d4\n<br><br>\n\n<strong>SPY: SPDR S&amp;P 500 ETF Trust<\/strong>\n<br><br>\n\nSPY\u060c S&amp;P 500 \u0627\u0646\u0688\u06cc\u06a9\u0633 \u06a9\u0648 \u0679\u0631\u06cc\u06a9 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0627\u0645\u0631\u06cc\u06a9\u06c1 \u06a9\u06cc \u0628\u0691\u06cc \u0641\u06c1\u0631\u0633\u062a \u0634\u062f\u06c1 \u06a9\u0645\u067e\u0646\u06cc\u0648\u06ba \u06a9\u06d2 \u062d\u0635\u0635 \u0645\u06cc\u06ba \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u0627 \u0645\u0648\u0642\u0639 \u0641\u0631\u0627\u06c1\u0645 \u06a9\u0631\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>QQQ: Invesco QQQ Trust<\/strong>\n<br><br>\n\nQQQ\u060c Nasdaq-100 \u0627\u0646\u0688\u06cc\u06a9\u0633 \u06a9\u0648 \u0679\u0631\u06cc\u06a9 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0627\u0633 \u0645\u06cc\u06ba \u0628\u0691\u06cc \u0679\u06cc\u06a9\u0646\u0627\u0644\u0648\u062c\u06cc \u0627\u0648\u0631 \u062a\u06cc\u0632\u06cc \u0633\u06d2 \u062a\u0631\u0642\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u06cc \u06a9\u0645\u067e\u0646\u06cc\u0648\u06ba \u06a9\u0627 \u0646\u0633\u0628\u062a\u0627\u064b \u0632\u06cc\u0627\u062f\u06c1 \u0648\u0632\u0646 \u06c1\u0648\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>BRK.B: Berkshire Hathaway \u06a9\u06d2 \u06a9\u0644\u0627\u0633 B \u062d\u0635\u0635<\/strong>\n<br><br>\n\nBRK.B \u0633\u06d2 \u0645\u0631\u0627\u062f Berkshire Hathaway \u06a9\u06d2 \u06a9\u0644\u0627\u0633 B \u062d\u0635\u0635 \u06c1\u06cc\u06ba\u06d4 \u06cc\u06c1 \u0627\u06cc\u06a9 \u0641\u06c1\u0631\u0633\u062a \u0634\u062f\u06c1 \u06a9\u0645\u067e\u0646\u06cc \u06c1\u06d2 \u062c\u0633 \u06a9\u06d2 \u0645\u062e\u062a\u0644\u0641 \u06a9\u0627\u0631\u0648\u0628\u0627\u0631 \u0627\u0648\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0627\u06ba \u06c1\u06cc\u06ba\u06d4 BRK.B \u0627\u06cc\u06a9 \u0627\u0646\u0641\u0631\u0627\u062f\u06cc \u062d\u0635\u0635 \u06c1\u06d2\u060c ETF \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n<strong>BND: Vanguard Total Bond Market ETF<\/strong>\n<br><br>\n\nBND\u060c Vanguard \u06a9\u0627 \u0627\u0645\u0631\u06cc\u06a9\u06cc \u0628\u0627\u0646\u0688 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u0645\u06cc\u06ba \u0645\u062a\u0646\u0648\u0639 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u0631\u0646\u06d2 \u0648\u0627\u0644\u0627 ETF \u06c1\u06d2\u06d4 \u0627\u0633 \u0645\u06cc\u06ba \u0628\u0646\u06cc\u0627\u062f\u06cc \u0637\u0648\u0631 \u067e\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u0642\u0627\u0628\u0644 \u06a9\u0631\u06cc\u0688\u0679 \u0631\u06cc\u0679\u0646\u06af \u0648\u0627\u0644\u06d2 \u0628\u0627\u0646\u0688\u0632\u060c \u0628\u0634\u0645\u0648\u0644 \u0627\u0645\u0631\u06cc\u06a9\u06cc \u062d\u06a9\u0648\u0645\u062a\u06cc \u0628\u0627\u0646\u0688\u0632\u060c \u06a9\u0627\u0631\u067e\u0648\u0631\u06cc\u0679 \u0628\u0627\u0646\u0688\u0632 \u0627\u0648\u0631 \u0631\u06c1\u0646 \u06a9\u06cc \u0628\u0646\u06cc\u0627\u062f \u067e\u0631 \u062c\u0627\u0631\u06cc \u06a9\u0631\u062f\u06c1 \u0633\u06cc\u06a9\u06cc\u0648\u0631\u0679\u06cc\u0632 \u0634\u0627\u0645\u0644 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\nBND \u0646\u0642\u062f \u0631\u0642\u0645 \u06cc\u0627 \u062e\u0637\u0631\u06d2 \u0633\u06d2 \u067e\u0627\u06a9 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u06d4 \u0627\u0633 \u06a9\u06cc \u0642\u062f\u0631 \u0634\u0631\u062d\u0650 \u0633\u0648\u062f\u060c \u06a9\u0631\u06cc\u0688\u0679 \u0627\u0633\u067e\u0631\u06cc\u0688 \u0627\u0648\u0631 \u062f\u06cc\u06af\u0631 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u062d\u0627\u0644\u0627\u062a \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0628\u062f\u0644 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u06cc\u06c1 \u0686\u0627\u0631\u0648\u06ba \u0630\u0631\u0627\u0626\u0639 \u0645\u062e\u062a\u0644\u0641 \u0627\u062b\u0627\u062b\u06c1 \u062c\u0627\u062a\u06cc \u0632\u0645\u0631\u0648\u06ba \u0633\u06d2 \u062a\u0639\u0644\u0642 \u0631\u06a9\u06be\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0627\u0646 \u06a9\u06d2 \u062e\u0637\u0631\u0627\u062a \u06a9\u06cc \u0646\u0648\u0639\u06cc\u062a \u0628\u06be\u06cc \u0645\u062e\u062a\u0644\u0641 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0645\u0642\u0635\u062f \u06cc\u06c1 \u0637\u06d2 \u06a9\u0631\u0646\u0627 \u0646\u06c1\u06cc\u06ba \u06a9\u06c1 \u06a9\u0648\u0646 \u0633\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06c1\u0631 \u0634\u062e\u0635 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0628\u06c1\u062a\u0631\u06cc\u0646 \u06c1\u06d2\u060c \u0628\u0644\u06a9\u06c1 \u06cc\u06c1 \u0633\u0645\u062c\u06be\u0646\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0645\u062e\u062a\u0644\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u0645\u06cc\u06ba \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u0627 \u062a\u0639\u0644\u0642 \u06a9\u06cc\u0627 \u0631\u06c1\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\n<h3><strong>\u0622\u063a\u0627\u0632 \u0633\u06d2 \u0627\u0628 \u062a\u06a9 \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062e\u0637\u0631\u06c1<\/strong><\/h3>\n\n\u062f\u0631\u062c\u0650 \u0630\u06cc\u0644 \u062c\u062f\u0648\u0644 \u0645\u06cc\u06ba 20 \u0627\u06a9\u062a\u0648\u0628\u0631 2026 \u062a\u06a9 \u067e\u06c1\u0644\u06d2 \u0633\u06d2 \u062c\u0645\u0639 \u06a9\u06cc\u06d2 \u06af\u0626\u06d2 \u0639\u0648\u0627\u0645\u06cc \u0645\u0627\u0631\u06a9\u06cc\u0679 \u0688\u06cc\u0679\u0627 \u06a9\u0627 \u062e\u0644\u0627\u0635\u06c1 \u062f\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2\u06d4\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>\u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc<\/strong><\/th>\n<th style=\"padding:15px;border-right:1px solid #FFFFFF;text-align:center;vertical-align:middle\"><strong>\u0622\u063a\u0627\u0632 \u06a9\u0627 \u0633\u0627\u0644<\/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>\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679<\/strong><\/th>\n<th style=\"padding:15px;text-align:center;vertical-align:middle\"><strong>\u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e \u06a9\u0627 \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628<\/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>\u0628\u0691\u06cc \u0627\u0645\u0631\u06cc\u06a9\u06cc \u06a9\u0645\u067e\u0646\u06cc\u0648\u06ba \u06a9\u06d2 \u062d\u0635\u0635 \u06a9\u0627 ETF<\/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>Nasdaq-100 \u06a9\u0627 ETF<\/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 \u06a9\u0644\u0627\u0633 B \u062d\u0635\u0635<\/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>\u0627\u0645\u0631\u06cc\u06a9\u06cc \u0628\u0627\u0646\u0688 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u0627 ETF<\/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>\u0688\u06cc\u0679\u0627 \u06a9\u06d2 \u0630\u0631\u0627\u0626\u0639:<\/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 | SPY \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/qqq\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | QQQ \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/stocks\/brk-b\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | BRK.B \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639<\/a><\/li>\n<li><a href=\"https:\/\/www.investmentvisual.com\/etfs\/bnd\/returns\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | BND \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639<\/a><\/li>\n<\/ul>\n<br>\n\n<strong>\u0688\u06cc\u0679\u0627 \u0633\u06d2 \u0645\u062a\u0639\u0644\u0642 \u0646\u0648\u0679:<\/strong> \u0627\u0633 \u062c\u062f\u0648\u0644 \u0645\u06cc\u06ba 20 \u0627\u06a9\u062a\u0648\u0628\u0631 2026 \u062a\u06a9 \u067e\u06c1\u0644\u06d2 \u0633\u06d2 \u062c\u0645\u0639 \u0634\u062f\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u062c\u0645\u0648\u0639\u06cc \u0645\u0646\u0627\u0641\u0639 \u06a9\u0627 \u0688\u06cc\u0679\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2\u06d4 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0645\u06cc\u06ba \u0688\u06cc\u0648\u06cc\u0688\u0646\u0688 \u06a9\u0648 \u062f\u0648\u0628\u0627\u0631\u06c1 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0645\u06cc\u06ba \u0644\u06af\u0627\u0646\u0627 \u0634\u0627\u0645\u0644 \u06c1\u06d2\u06d4 \u0622\u062e\u0631\u06cc \u06a9\u0627\u0644\u0645 \u0645\u06cc\u06ba CAGR \u06a9\u0648 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u06cc \u0645\u0637\u0644\u0642 \u0642\u062f\u0631 \u0633\u06d2 \u062a\u0642\u0633\u06cc\u0645 \u06a9\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2 \u0627\u0648\u0631 \u0646\u062a\u06cc\u062c\u06c1 \u062f\u0648 \u0627\u0639\u0634\u0627\u0631\u06cc \u0645\u0642\u0627\u0645\u0627\u062a \u062a\u06a9 \u06af\u0648\u0644 \u06a9\u06cc\u0627 \u06af\u06cc\u0627 \u06c1\u06d2\u061b \u06cc\u06c1 \u0631\u0648\u0627\u06cc\u062a\u06cc 36 \u0645\u0627\u06c1 \u06a9\u0627 Calmar Ratio \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u06d4 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u06a9\u06d2 \u0627\u0628\u062a\u062f\u0627\u0626\u06cc \u0633\u0627\u0644 \u0645\u062e\u062a\u0644\u0641 \u06c1\u06cc\u06ba \u0627\u0648\u0631 BRK.B \u0627\u06cc\u06a9 \u0627\u0646\u0641\u0631\u0627\u062f\u06cc \u062d\u0635\u0635 \u06c1\u06d2\u060c ETF \u0646\u06c1\u06cc\u06ba\u06d4 \u0627\u0633 \u0644\u06cc\u06d2 \u062c\u062f\u0648\u0644 \u06c1\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06cc \u0646\u0648\u0639\u06cc\u062a \u062f\u06a9\u06be\u0627\u062a\u0627 \u06c1\u06d2\u060c \u0646\u06c1 \u06a9\u06c1 \u06cc\u06a9\u0633\u0627\u06ba \u0627\u062f\u0648\u0627\u0631 \u0627\u0648\u0631 \u062e\u0637\u0631\u0627\u062a \u06a9\u06cc \u0628\u0646\u06cc\u0627\u062f \u067e\u0631 \u06a9\u0648\u0626\u06cc \u062d\u062a\u0645\u06cc \u062f\u0631\u062c\u06c1 \u0628\u0646\u062f\u06cc\u06d4 \u0627\u0634\u0627\u0639\u062a \u0633\u06d2 \u067e\u06c1\u0644\u06d2 \u0688\u06cc\u0679\u0627 \u06a9\u06cc \u0622\u062e\u0631\u06cc \u062a\u0627\u0631\u06cc\u062e \u0627\u0648\u0631 \u0630\u0631\u0627\u0626\u0639 \u06a9\u06d2 \u062d\u0633\u0627\u0628\u06cc \u0637\u0631\u06cc\u0642\u0648\u06ba \u06a9\u06cc \u062f\u0648\u0628\u0627\u0631\u06c1 \u062a\u0635\u062f\u06cc\u0642 \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u062c\u062f\u0648\u0644 \u0638\u0627\u06c1\u0631 \u06a9\u0631\u062a\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0637\u0648\u06cc\u0644 \u0645\u062f\u062a\u06cc \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u062f\u0631\u0645\u06cc\u0627\u0646 \u06a9\u0648\u0626\u06cc \u0645\u0633\u062a\u0642\u0644 \u062a\u0646\u0627\u0633\u0628 \u0646\u06c1\u06cc\u06ba \u067e\u0627\u06cc\u0627 \u062c\u0627\u062a\u0627\u06d4\n<br><br>\n\n\u0645\u062b\u0627\u0644 \u06a9\u06d2 \u0637\u0648\u0631 \u067e\u0631 SPY \u0627\u0648\u0631 BRK.B \u0646\u06d2 \u0627\u067e\u0646\u06cc \u0627\u067e\u0646\u06cc \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e \u06a9\u06d2 \u062f\u0648\u0631\u0627\u0646 \u062a\u0642\u0631\u06cc\u0628\u0627\u064b \u06cc\u06a9\u0633\u0627\u06ba \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0645\u0644\u062a\u06cc \u062c\u0644\u062a\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u062f\u06a9\u06be\u0627\u0626\u06cc\u06d4\n<br><br>\n\n\u0627\u0633\u06cc \u0648\u062c\u06c1 \u0633\u06d2 \u062f\u0648\u0646\u0648\u06ba \u06a9\u0627 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628 \u062a\u0642\u0631\u06cc\u0628\u0627\u064b 0.20 \u06c1\u06d2\u06d4\n<br><br>\n\nQQQ \u0646\u06d2 \u0628\u06be\u06cc \u0646\u0645\u0627\u06cc\u0627\u06ba \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06cc\u0627\u060c \u0644\u06cc\u06a9\u0646 \u0627\u0633 \u06a9\u06cc \u06a9\u06c1\u06cc\u06ba \u0632\u06cc\u0627\u062f\u06c1 \u06af\u06c1\u0631\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u0646\u06d2 \u0627\u0633 \u062a\u0646\u0627\u0633\u0628 \u06a9\u0648 \u06a9\u0645 \u06a9\u0631 \u062f\u06cc\u0627\u06d4\n<br><br>\n\nBND \u06a9\u06cc \u0646\u0648\u0639\u06cc\u062a \u0645\u062e\u062a\u0644\u0641 \u06c1\u06d2: \u0627\u0633 \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0645 \u0627\u0648\u0631 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u0646\u0633\u0628\u062a\u0627\u064b \u0645\u062d\u062f\u0648\u062f \u0631\u06c1\u06cc\u06d4 \u062a\u0627\u06c1\u0645 \u0627\u0633 \u0633\u06d2 \u062e\u0648\u062f\u0628\u062e\u0648\u062f \u06cc\u06c1 \u062b\u0627\u0628\u062a \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u0627 \u06a9\u06c1 \u0627\u0633 \u06a9\u0627 \u062a\u0646\u0627\u0633\u0628 \u062d\u0635\u0635 \u06a9\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u0633\u06d2 \u0628\u06c1\u062a\u0631 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u06a9\u0645 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0644\u0627\u0632\u0645\u0627\u064b \u0628\u06c1\u062a\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0644\u062d\u0627\u0638 \u0633\u06d2 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0646\u06c1\u06cc\u06ba \u062f\u06cc\u062a\u06cc\u061b \u0627\u0633\u06cc \u0637\u0631\u062d \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0628\u06be\u06cc \u0627\u0633 \u06a9\u06cc \u0636\u0645\u0627\u0646\u062a \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u06d4<\/strong>\n<br><br>\n\n\n<h3><strong>\u06cc\u06a9\u0633\u0627\u06ba \u0645\u062f\u062a \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1: QQQ \u06a9\u0627 \u0645\u0646\u0627\u0641\u0639 \u0632\u06cc\u0627\u062f\u06c1\u060c \u0644\u06cc\u06a9\u0646 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0645\u0642\u0627\u0628\u0644\u06d2 \u0645\u06cc\u06ba \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u0644\u0627\u0632\u0645\u0627\u064b \u0628\u06c1\u062a\u0631 \u0646\u06c1\u06cc\u06ba<\/strong><\/h3>\n\n\u06af\u0632\u0634\u062a\u06c1 \u062c\u062f\u0648\u0644 \u0645\u06cc\u06ba \u06c1\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u067e\u0648\u0631\u06cc \u062f\u0633\u062a\u06cc\u0627\u0628 \u062a\u0627\u0631\u06cc\u062e \u0634\u0627\u0645\u0644 \u062a\u06be\u06cc\u06d4 \u0645\u06af\u0631 \u0627\u0628\u062a\u062f\u0627 \u06a9\u06cc \u0645\u062e\u062a\u0644\u0641 \u062a\u0627\u0631\u06cc\u062e\u06cc\u06ba \u062a\u0642\u0627\u0628\u0644 \u067e\u0631 \u0627\u062b\u0631 \u0688\u0627\u0644 \u0633\u06a9\u062a\u06cc \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\nSPY \u0627\u0648\u0631 QQQ \u06a9\u0627 \u0632\u06cc\u0627\u062f\u06c1 \u0645\u0646\u0635\u0641\u0627\u0646\u06c1 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0627\u0628 \u06cc\u06a9\u0633\u0627\u06ba \u0645\u062f\u062a \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u062f\u0631\u062c\u0650 \u0630\u06cc\u0644 \u0627\u0639\u062f\u0627\u062f \u0648 \u0634\u0645\u0627\u0631 10 \u0645\u0627\u0631\u0686 1999 \u0633\u06d2 20 \u0627\u06a9\u062a\u0648\u0628\u0631 2026 \u062a\u06a9 \u06a9\u06d2 \u0639\u0631\u0635\u06d2 \u067e\u0631 \u0645\u0634\u062a\u0645\u0644 \u06c1\u06cc\u06ba\u06d4\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>\u067e\u06cc\u0645\u0627\u0646\u06c1<\/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\">\u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 (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\">\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 (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>\u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u06a9\u0627 \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628<\/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>\u0630\u0631\u06cc\u0639\u06c1:<\/strong> <a href=\"https:\/\/www.investmentvisual.com\/compare\/qqq-vs-spy\" target=\"_blank\" rel=\"noopener noreferrer\">Investment Visual | SPY \u0627\u0648\u0631 QQQ \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1<\/a>\u06d4\n<br><br>\n\n\u0627\u0633 \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u0645\u06cc\u06ba QQQ \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 SPY \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u06be\u0627\u06d4\n<br><br>\n\n\u062a\u0627\u06c1\u0645 QQQ \u06a9\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0628\u06be\u06cc \u06a9\u06c1\u06cc\u06ba \u0632\u06cc\u0627\u062f\u06c1 \u06af\u06c1\u0631\u06cc \u062a\u06be\u06cc\u060c \u062c\u0633 \u06a9\u06cc \u0648\u062c\u06c1 \u0633\u06d2 \u0627\u0633 \u06a9\u0627 \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u06a9\u0627 \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628 \u0642\u062f\u0631\u06d2 \u06a9\u0645 \u0631\u06c1\u0627\u06d4\n<br><br>\n\n\u0627\u0633 \u06a9\u0627 \u06cc\u06c1 \u0645\u0637\u0644\u0628 \u0646\u06c1\u06cc\u06ba \u06a9\u06c1 SPY \u06c1\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631 \u06a9\u06d2 \u0644\u06cc\u06d2 QQQ \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0645\u0648\u0632\u0648\u06ba \u06c1\u06d2\u06d4\n<br><br>\n\n\u0646\u062a\u06cc\u062c\u06c1 \u0627\u0633 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0645\u062d\u062f\u0648\u062f \u06c1\u06d2:\n<br><br>\n\n<strong>\u0627\u0633 \u0645\u062e\u0635\u0648\u0635 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u062f\u062a \u0645\u06cc\u06ba SPY \u06a9\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639\u060c \u0627\u0633 \u06a9\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u0645\u0642\u0627\u0628\u0644\u06d2 \u0645\u06cc\u06ba\u060c QQQ \u0633\u06d2 \u0642\u062f\u0631\u06d2 \u0628\u06c1\u062a\u0631 \u062a\u0646\u0627\u0633\u0628 \u0631\u06a9\u06be\u062a\u0627 \u062a\u06be\u0627\u06d4<\/strong>\n<br><br>\n\nCalmar Ratio \u0627\u0648\u0631 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u062c\u0632\u06cc\u06d2 \u06a9\u06cc \u0627\u0641\u0627\u062f\u06cc\u062a \u06cc\u06c1\u06cc \u06c1\u06d2 \u06a9\u06c1 \u06cc\u06c1 \u0648\u06c1 \u0641\u0631\u0642 \u062f\u06a9\u06be\u0627\u062a\u06d2 \u06c1\u06cc\u06ba \u062c\u0648 \u0635\u0631\u0641 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06cc\u06a9\u06be\u0646\u06d2 \u0633\u06d2 \u0648\u0627\u0636\u062d \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u0627\u06d4\n<br><br>\n\n\n<h2><strong>4. \u06a9\u06cc\u0627 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628 \u0632\u06cc\u0627\u062f\u06c1 \u06c1\u0648\u0646\u06d2 \u06a9\u0627 \u0645\u0637\u0644\u0628 \u06c1\u0645\u06cc\u0634\u06c1 \u0628\u06c1\u062a\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06c1\u06d2\u061f<\/strong><\/h2>\n\n\u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0631\u0648\u0627\u06cc\u062a\u06cc Calmar Ratio \u0627\u0648\u0631 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e \u067e\u0631 \u0645\u0628\u0646\u06cc \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628 \u062f\u0648\u0646\u0648\u06ba \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u062c\u0627\u0645\u0639 \u062a\u062c\u0632\u06cc\u06d2 \u06a9\u0627 \u0635\u0631\u0641 \u0627\u06cc\u06a9 \u062d\u0635\u06c1 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0627\u0646 \u06a9\u06cc \u0686\u0627\u0631 \u0627\u06c1\u0645 \u062d\u062f\u0648\u062f \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\n<h3><strong>4.1 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06d2 \u0646\u0642\u0635\u0627\u0646 \u06a9\u06cc \u062d\u062f \u0646\u06c1\u06cc\u06ba<\/strong><\/h3>\n\n\u0627\u06af\u0631 \u06a9\u0633\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u06a9\u06cc \u06af\u0632\u0634\u062a\u06c1 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0635\u0631\u0641 20% \u0631\u06c1\u06cc \u06c1\u0648\u060c \u062a\u0628 \u0628\u06be\u06cc \u0645\u0633\u062a\u0642\u0628\u0644 \u0645\u06cc\u06ba \u0627\u0633 \u0633\u06d2 \u06a9\u06c1\u06cc\u06ba \u0632\u06cc\u0627\u062f\u06c1 \u0646\u0642\u0635\u0627\u0646 \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0645\u0627\u0636\u06cc \u06a9\u06cc \u06af\u0631\u0627\u0648\u0679 \u0627\u06cc\u06a9 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0646\u062a\u06cc\u062c\u06c1 \u06c1\u06d2\u060c \u0645\u0633\u062a\u0642\u0628\u0644 \u06a9\u06d2 \u062e\u0637\u0631\u06d2 \u06a9\u06cc \u0628\u0627\u0644\u0627\u0626\u06cc \u062d\u062f \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\n<h3><strong>4.2 \u0645\u0634\u0627\u06c1\u062f\u06d2 \u06a9\u06cc \u0645\u062e\u062a\u0644\u0641 \u0645\u062f\u062a \u0646\u062a\u0627\u0626\u062c \u0628\u062f\u0644 \u0633\u06a9\u062a\u06cc \u06c1\u06d2<\/strong><\/h3>\n\n\u0635\u0631\u0641 3 \u0633\u0627\u0644 \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e \u0631\u06a9\u06be\u0646\u06d2 \u0648\u0627\u0644\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u0627\u0648\u0631 20 \u0633\u0627\u0644 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06a9\u06d2 \u0645\u062e\u062a\u0644\u0641 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u0627\u062f\u0648\u0627\u0631 \u0633\u06d2 \u06af\u0632\u0631\u0646\u06d2 \u0648\u0627\u0644\u0627 ETF \u0628\u06c1\u062a \u0645\u062e\u062a\u0644\u0641 \u062d\u0627\u0644\u0627\u062a \u06a9\u0627 \u0633\u0627\u0645\u0646\u0627 \u06a9\u0631 \u0686\u06a9\u06d2 \u06c1\u0648 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0627\u06cc\u06a9 \u06c1\u06cc \u0641\u0627\u0631\u0645\u0648\u0644\u0627 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u0646\u06d2 \u0633\u06d2 \u06cc\u06c1 \u0641\u0631\u0642 \u062e\u062a\u0645 \u0646\u06c1\u06cc\u06ba \u06c1\u0648 \u062c\u0627\u062a\u0627\u06d4\n<br><br>\n\n\u062d\u062a\u06cc\u0670 \u06a9\u06c1 \u0627\u06cc\u06a9 \u06c1\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u062a\u0646\u0627\u0633\u0628 \u0645\u06cc\u06ba \u0628\u06be\u06cc \u0645\u0646\u062a\u062e\u0628 \u0645\u062f\u062a \u0628\u062f\u0644\u0646\u06d2 \u0633\u06d2 \u0628\u0691\u0627 \u0641\u0631\u0642 \u0622 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\n<h3><strong>4.3 \u0628\u06cc\u06a9 \u0679\u06cc\u0633\u0679\u0646\u06af \u0627\u0648\u0631 \u062d\u0642\u06cc\u0642\u06cc \u0679\u0631\u06cc\u0688\u0646\u06af \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u06d2 \u0634\u0648\u0627\u06c1\u062f \u0646\u06c1\u06cc\u06ba \u06c1\u06cc\u06ba<\/strong><\/h3>\n\n\u0645\u0642\u062f\u0627\u0631\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0627\u06ba \u0627\u06a9\u062b\u0631 \u0627\u067e\u0646\u06d2 \u062a\u062c\u0627\u0631\u062a\u06cc \u0627\u0635\u0648\u0644\u0648\u06ba \u06a9\u06cc \u062c\u0627\u0646\u0686 \u06a9\u06d2 \u0644\u06cc\u06d2 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0628\u06cc\u06a9 \u0679\u06cc\u0633\u0679\u0646\u06af (Backtesting) \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u062a\u06cc \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0644\u06cc\u06a9\u0646 \u0628\u06cc\u06a9 \u0679\u06cc\u0633\u0679 \u06a9\u06d2 \u0646\u062a\u0627\u0626\u062c \u0645\u0627\u0636\u06cc \u06a9\u06d2 \u0688\u06cc\u0679\u0627 \u06a9\u06d2 \u0645\u0637\u0627\u0628\u0642 \u0645\u0627\u0688\u0644 \u06a9\u0648 \u062d\u062f \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0688\u06be\u0627\u0644\u0646\u06d2\u060c \u0688\u06cc\u0679\u0627 \u06a9\u06d2 \u062a\u0639\u0635\u0628\u060c \u0644\u06cc\u0646 \u062f\u06cc\u0646 \u06a9\u06cc \u0644\u0627\u06af\u062a \u0633\u06d2 \u0645\u062a\u0639\u0644\u0642 \u0645\u0641\u0631\u0648\u0636\u0648\u06ba \u0627\u0648\u0631 \u0628\u062f\u0644\u062a\u06d2 \u06c1\u0648\u0626\u06d2 \u0645\u0627\u0631\u06a9\u06cc\u0679 \u062d\u0627\u0644\u0627\u062a \u0633\u06d2 \u0645\u062a\u0627\u062b\u0631 \u06c1\u0648 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0628\u06cc\u06a9 \u0679\u06cc\u0633\u0679 \u0645\u06cc\u06ba \u0632\u06cc\u0627\u062f\u06c1 \u062a\u0646\u0627\u0633\u0628 \u0627\u0633 \u0628\u0627\u062a \u06a9\u0627 \u062b\u0628\u0648\u062a \u0646\u06c1\u06cc\u06ba \u06a9\u06c1 \u062d\u0642\u06cc\u0642\u06cc \u062a\u062c\u0627\u0631\u062a \u0645\u06cc\u06ba \u0628\u06be\u06cc \u0648\u06c1\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u062d\u0627\u0635\u0644 \u06c1\u0648\u0626\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\n<h3><strong>4.4 \u0627\u06cc\u06a9 \u06c1\u06cc \u062a\u0646\u0627\u0633\u0628 \u062a\u0645\u0627\u0645 \u062e\u0637\u0631\u0627\u062a \u0638\u0627\u06c1\u0631 \u0646\u06c1\u06cc\u06ba \u06a9\u0631\u062a\u0627<\/strong><\/h3>\n\nCalmar Ratio \u0628\u0646\u06cc\u0627\u062f\u06cc \u0637\u0648\u0631 \u067e\u0631 \u062f\u0648 \u0686\u06cc\u0632\u0648\u06ba \u067e\u0631 \u0627\u0646\u062d\u0635\u0627\u0631 \u06a9\u0631\u062a\u0627 \u06c1\u06d2: \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679\u06d4\n<br><br>\n\n\u06cc\u06c1 \u0644\u06cc\u0648\u0631\u06cc\u062c\u060c \u0644\u06cc\u06a9\u0648\u06cc\u0688\u06cc\u0679\u06cc\u060c \u0641\u0631\u06cc\u0642\u0650 \u0645\u0642\u0627\u0628\u0644 \u06a9\u06d2 \u062e\u0637\u0631\u06d2\u060c \u0622\u0631\u0688\u0631 \u06a9\u06d2 \u0646\u0641\u0627\u0630 \u0645\u06cc\u06ba \u0642\u06cc\u0645\u062a \u06a9\u06d2 \u0641\u0631\u0642 \u06cc\u0639\u0646\u06cc \u0633\u0644\u067e\u06cc\u062c (Slippage)\u060c \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0627\u0631\u062a\u06a9\u0627\u0632 \u0627\u0648\u0631 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u0630\u0631\u0627\u0626\u0639 \u062c\u06cc\u0633\u06d2 \u0639\u0648\u0627\u0645\u0644 \u06a9\u0648 \u0645\u06a9\u0645\u0644 \u0637\u0648\u0631 \u067e\u0631 \u0638\u0627\u06c1\u0631 \u0646\u06c1\u06cc\u06ba \u06a9\u0631\u062a\u0627\u06d4\n<br><br>\n\n\u0627\u06af\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0627\u0646\u062a\u06c1\u0627\u0626\u06cc \u06a9\u0645 \u06c1\u0648 \u062a\u0648 \u062a\u0646\u0627\u0633\u0628 \u063a\u06cc\u0631 \u0645\u0639\u0645\u0648\u0644\u06cc \u062d\u062f \u062a\u06a9 \u0628\u0644\u0646\u062f \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4 \u0627\u06af\u0631 \u06af\u0631\u0627\u0648\u0679 \u0635\u0641\u0631 \u06c1\u0648 \u062a\u0648 \u0639\u0627\u0645 \u062a\u0642\u0633\u06cc\u0645 \u0645\u062a\u0639\u06cc\u0646 \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u06cc\u06d4\n<br><br>\n\n\u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0645\u0646\u0641\u06cc \u06c1\u0648\u0646\u06d2 \u067e\u0631 \u0635\u0631\u0641 \u0627\u0633\u06cc \u062a\u0646\u0627\u0633\u0628 \u06a9\u06cc \u0628\u0646\u06cc\u0627\u062f \u067e\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u06a9\u06cc \u062f\u0631\u062c\u06c1 \u0628\u0646\u062f\u06cc \u0628\u06be\u06cc \u06af\u0645\u0631\u0627\u06c1 \u06a9\u0646 \u06c1\u0648 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0644\u06c1\u0670\u0630\u0627 Calmar Ratio \u0645\u0648\u0627\u0632\u0646\u06d2 \u0645\u06cc\u06ba \u0645\u062f\u062f\u06af\u0627\u0631 \u06c1\u06d2\u060c \u0644\u06cc\u06a9\u0646 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u0627\u0686\u06be\u06d2 \u06cc\u0627 \u0628\u0631\u06d2 \u06c1\u0648\u0646\u06d2 \u06a9\u0627 \u0648\u0627\u062d\u062f \u0645\u0639\u06cc\u0627\u0631 \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u0646\u0627 \u0686\u0627\u06c1\u06cc\u06d2\u06d4<\/strong>\n<br><br>\n\n\n<h2><strong>5. \u0645\u062e\u062a\u0644\u0641 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u06cc \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0644\u062d\u0627\u0638 \u0633\u06d2 \u0627\u06cc\u0688\u062c\u0633\u0679 \u0634\u062f\u06c1 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u062f\u0631\u0633\u062a \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u06cc\u0633\u06d2 \u06a9\u0631\u06cc\u06ba\u061f<\/strong><\/h2>\n\n\u0641\u0627\u0631\u0645\u0648\u0644\u0627 \u0633\u0645\u062c\u06be\u0646\u0627 \u0635\u0631\u0641 \u067e\u06c1\u0644\u0627 \u0642\u062f\u0645 \u06c1\u06d2\u06d4 \u0627\u0633\u06d2 \u062f\u0631\u0633\u062a \u0637\u0631\u06cc\u0642\u06d2 \u0633\u06d2 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631\u0646\u0627 \u0628\u06be\u06cc \u0627\u062a\u0646\u0627 \u06c1\u06cc \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\nETFs\u060c \u0641\u0646\u0688\u0632 \u06cc\u0627 \u0645\u0642\u062f\u0627\u0631\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u062a\u06d2 \u0648\u0642\u062a \u0635\u0631\u0641 \u0627\u0646 \u06a9\u06d2 \u0628\u062a\u0627\u0626\u06d2 \u06af\u0626\u06d2 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0648 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0633\u06d2 \u062a\u0642\u0633\u06cc\u0645 \u06a9\u0631 \u06a9\u06d2 \u0628\u0644\u0646\u062f \u062a\u0631\u06cc\u0646 \u062a\u0646\u0627\u0633\u0628 \u06a9\u0648 \u0628\u06c1\u062a\u0631\u06cc\u0646 \u0642\u0631\u0627\u0631 \u062f\u06cc\u0646\u0627 \u062f\u0631\u0633\u062a \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0628\u0627\u0645\u0639\u0646\u06cc \u0645\u0648\u0627\u0632\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0686\u0646\u062f \u0628\u0646\u06cc\u0627\u062f\u06cc \u0628\u0627\u062a\u0648\u06ba \u06a9\u06cc \u062c\u0627\u0646\u0686 \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\n<h3><strong>5.1 \u0645\u0634\u0627\u06c1\u062f\u06d2 \u06a9\u06cc \u0645\u062f\u062a \u06cc\u06a9\u0633\u0627\u06ba \u0631\u06a9\u06be\u06cc\u06ba<\/strong><\/h3>\n\n\u0641\u0631\u0636 \u06a9\u0631\u06cc\u06ba \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A \u06a9\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc 2010 \u0633\u06d2 2026 \u062a\u06a9 \u062f\u0633\u062a\u06cc\u0627\u0628 \u06c1\u06d2\u060c \u062c\u0628\u06a9\u06c1 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc B \u06a9\u06d2 \u0646\u062a\u0627\u0626\u062c \u0635\u0631\u0641 2023 \u0633\u06d2 2026 \u062a\u06a9 \u0645\u0648\u062c\u0648\u062f \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0627\u06af\u0631\u0686\u06c1 \u062f\u0648\u0646\u0648\u06ba \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u062f\u06a9\u06be\u0627\u062a\u06cc \u06c1\u06cc\u06ba\u060c \u0627\u0646 \u06a9\u06d2 \u062a\u0646\u0627\u0633\u0628 \u06a9\u06cc \u0628\u0631\u0627\u06c1\u0650 \u0631\u0627\u0633\u062a \u062f\u0631\u062c\u06c1 \u0628\u0646\u062f\u06cc \u0645\u0646\u0627\u0633\u0628 \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0627\u0646 \u0627\u062f\u0648\u0627\u0631 \u0645\u06cc\u06ba \u0645\u0627\u0631\u06a9\u06cc\u0679 \u06a9\u06d2 \u0631\u062c\u062d\u0627\u0646\u0627\u062a\u060c \u0627\u062a\u0627\u0631 \u0686\u0691\u06be\u0627\u0624 \u0627\u0648\u0631 \u0628\u0691\u06d2 \u062e\u0637\u0631\u0646\u0627\u06a9 \u0648\u0627\u0642\u0639\u0627\u062a \u0645\u062e\u062a\u0644\u0641 \u06c1\u0648 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0628\u06c1\u062a\u0631 \u0637\u0631\u06cc\u0642\u06c1 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u067e\u06c1\u0644\u06d2 \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u0645\u0646\u062a\u062e\u0628 \u06a9\u06cc \u062c\u0627\u0626\u06d2 \u0627\u0648\u0631 \u067e\u06be\u0631 \u062f\u0648\u0646\u0648\u06ba \u06a9\u06d2 CAGR\u060c MDD \u0627\u0648\u0631 \u0645\u0646\u0627\u0641\u0639\/\u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u062a\u0646\u0627\u0633\u0628 \u06a9\u0627 \u062f\u0648\u0628\u0627\u0631\u06c1 \u062d\u0633\u0627\u0628 \u06a9\u06cc\u0627 \u062c\u0627\u0626\u06d2\u06d4\n<br><br>\n\n\u0627\u0633\u06cc \u0644\u06cc\u06d2 \u062d\u0635\u06c1 3 \u0645\u06cc\u06ba \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u06a9\u06d2 \u0633\u0627\u062a\u06be SPY \u0627\u0648\u0631 QQQ \u06a9\u0627 \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u0628\u06be\u06cc \u0634\u0627\u0645\u0644 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0688\u06cc\u0679\u0627 \u06a9\u0633\u06cc \u0627\u06cc\u06a9 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u0648 \u0633\u0645\u062c\u06be\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0645\u0648\u0632\u0648\u06ba \u06c1\u06d2\u061b \u0645\u0634\u062a\u0631\u06a9\u06c1 \u0645\u062f\u062a \u06a9\u0627 \u0688\u06cc\u0679\u0627 \u0645\u062e\u062a\u0644\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u06a9\u06cc \u0646\u0633\u0628\u062a\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u06d2 \u0645\u0648\u0627\u0632\u0646\u06d2 \u06a9\u06d2 \u0644\u06cc\u06d2 \u0628\u06c1\u062a\u0631 \u06c1\u06d2\u06d4<\/strong>\n<br><br>\n\n\n<h3><strong>5.2 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u062d\u0633\u0627\u0628 \u06a9\u0627 \u0637\u0631\u06cc\u0642\u06c1 \u06cc\u06a9\u0633\u0627\u06ba \u06c1\u0648\u0646\u06d2 \u06a9\u06cc \u062a\u0635\u062f\u06cc\u0642 \u06a9\u0631\u06cc\u06ba<\/strong><\/h3>\n\n\u0627\u06cc\u06a9 \u06c1\u06cc \u0645\u062f\u062a \u0645\u06cc\u06ba \u0628\u06be\u06cc \u0645\u062e\u062a\u0644\u0641 \u0688\u06cc\u0679\u0627 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\u062f\u06cc\u06a9\u06be\u0627 \u062c\u0627 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0628\u06cc\u0646\u0686 \u0645\u0627\u0631\u06a9 \u06a9\u0627 \u0645\u0642\u0635\u062f \u0622\u0633\u0627\u0646\u06cc \u0633\u06d2 \u0634\u06a9\u0633\u062a \u062f\u06cc\u06d2 \u062c\u0627\u0646\u06d2 \u0648\u0627\u0644\u0627 \u0639\u062f\u062f \u0686\u0646\u0646\u0627 \u0646\u06c1\u06cc\u06ba\u060c \u0628\u0644\u06a9\u06c1 \u06cc\u06c1 \u062c\u0627\u0646\u0686\u0646\u0627 \u06c1\u06d2 \u06a9\u06c1 \u0628\u0631\u062f\u0627\u0634\u062a \u06a9\u06cc\u06d2 \u06af\u0626\u06d2 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0628\u062f\u0644\u06d2 \u0645\u0646\u0627\u0633\u0628 \u0645\u0646\u0627\u0641\u0639 \u0645\u0644\u0627 \u06cc\u0627 \u0646\u06c1\u06cc\u06ba\u06d4<\/strong>\n<br><br>\n\n\u0628\u0639\u0636 \u0635\u0648\u0631\u062a\u0648\u06ba \u0645\u06cc\u06ba \u0627\u06cc\u06a9 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0628\u06cc\u0646\u0686 \u0645\u0627\u0631\u06a9 \u062f\u0631\u06a9\u0627\u0631 \u06c1\u0648\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4 Calmar Ratio \u0628\u06be\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u06a9\u06d2 \u0645\u06a9\u0645\u0644 \u062a\u062c\u0632\u06cc\u06d2 \u06a9\u0627 \u0645\u062a\u0628\u0627\u062f\u0644 \u0646\u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0645\u0634\u0627\u06c1\u062f\u06d2 \u06a9\u06cc \u0645\u062f\u062a\u060c \u062d\u0633\u0627\u0628 \u06a9\u0627 \u0637\u0631\u06cc\u0642\u06c1\u060c \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u06d2 \u062b\u0628\u0648\u062a \u0627\u0648\u0631 \u0628\u06cc\u0646\u0686 \u0645\u0627\u0631\u06a9 \u062c\u062a\u0646\u06d2 \u0648\u0627\u0636\u062d \u06c1\u0648\u06ba \u06af\u06d2\u060c Calmar Ratio \u0627\u062a\u0646\u0627 \u06c1\u06cc \u0632\u06cc\u0627\u062f\u06c1 \u0645\u0641\u06cc\u062f \u06c1\u0648\u06af\u0627\u06d4\n<br><br>\n\n\n<h2><strong>6. \u0646\u062a\u06cc\u062c\u06c1: \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u067e\u06cc\u0686\u06be\u06d2 \u0645\u0648\u062c\u0648\u062f \u062e\u0637\u0631\u06d2 \u06a9\u06cc \u0642\u06cc\u0645\u062a \u06a9\u0648 \u0633\u0645\u062c\u06be\u06cc\u06ba<\/strong><\/h2>\n\n\u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u06a9\u0633\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u06cc \u067e\u0648\u0631\u06cc \u062a\u0635\u0648\u06cc\u0631 \u0646\u06c1\u06cc\u06ba \u062f\u06a9\u06be\u0627\u062a\u0627\u06d4\n<br><br>\n\n\u062f\u0648 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0627\u06ba \u0627\u06cc\u06a9 \u062c\u06cc\u0633\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06d2 \u0633\u06a9\u062a\u06cc \u06c1\u06cc\u06ba\u060c \u0644\u06cc\u06a9\u0646 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0645\u062e\u062a\u0644\u0641 \u06c1\u0648\u0646\u06d2 \u06a9\u06cc \u0648\u062c\u06c1 \u0633\u06d2 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0644\u062d\u0627\u0638 \u0633\u06d2 \u0627\u0646 \u06a9\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u0628\u06c1\u062a \u0645\u062e\u062a\u0644\u0641 \u06c1\u0648 \u0633\u06a9\u062a\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n\u0627\u0633\u06cc \u0637\u0631\u062d \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06cc\u0646\u06d2 \u0648\u0627\u0644\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u0627 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u06d2 \u0645\u0642\u0627\u0628\u0644\u06d2 \u0645\u06cc\u06ba \u062a\u0646\u0627\u0633\u0628 \u0644\u0627\u0632\u0645\u0627\u064b \u0628\u06c1\u062a\u0631 \u0646\u06c1\u06cc\u06ba \u06c1\u0648\u062a\u0627\u06d4\n<br><br>\n\nCalmar Ratio \u0627\u0648\u0631 \u0645\u06a9\u0645\u0644 \u062a\u0627\u0631\u06cc\u062e\u06cc \u0645\u0646\u0627\u0641\u0639\/\u06af\u0631\u0627\u0648\u0679 \u062a\u062c\u0632\u06cc\u06c1 \u0628\u06c1\u062a\u0631 \u0633\u0648\u0627\u0644\u0627\u062a \u067e\u0648\u0686\u06be\u0646\u06d2 \u0645\u06cc\u06ba \u0645\u062f\u062f \u062f\u06cc\u062a\u06d2 \u06c1\u06cc\u06ba:\n<br><br>\n\n<ul>\n<li>\u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0646\u06d2 \u06a9\u062a\u0646\u0627 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062d\u0627\u0635\u0644 \u06a9\u06cc\u0627\u061f<\/li>\n<li>\u0627\u0633 \u06a9\u06cc \u0633\u0628 \u0633\u06d2 \u0628\u0691\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc \u06af\u0631\u0627\u0648\u0679 \u06a9\u062a\u0646\u06cc \u062a\u06be\u06cc\u061f<\/li>\n<li>\u06a9\u06cc\u0627 \u0645\u0634\u0627\u06c1\u062f\u06d2 \u06a9\u06d2 \u0627\u062f\u0648\u0627\u0631 \u0627\u0648\u0631 \u062d\u0633\u0627\u0628\u06cc \u0637\u0631\u06cc\u0642\u06d2 \u0642\u0627\u0628\u0644\u0650 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06c1\u06cc\u06ba\u061f<\/li>\n<li>\u06a9\u06cc\u0627 \u0645\u0646\u062a\u062e\u0628 \u0628\u06cc\u0646\u0686 \u0645\u0627\u0631\u06a9 \u0645\u0646\u0627\u0633\u0628 \u06c1\u06d2\u061f<\/li>\n<\/ul>\n<br>\n\nSPY\u060c QQQ\u060c BRK.B \u0627\u0648\u0631 BND \u06a9\u06cc \u0645\u062b\u0627\u0644\u06cc\u06ba \u062f\u06a9\u06be\u0627\u062a\u06cc \u06c1\u06cc\u06ba \u06a9\u06c1 \u0645\u062e\u062a\u0644\u0641 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc\u0648\u06ba \u0645\u06cc\u06ba \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u0627\u0648\u0631 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u06a9\u0627 \u062a\u0639\u0644\u0642 \u06a9\u0633 \u0642\u062f\u0631 \u0645\u062e\u062a\u0644\u0641 \u06c1\u0648 \u0633\u06a9\u062a\u0627 \u06c1\u06d2\u06d4\n<br><br>\n\n\u0686\u0627\u06c1\u06d2 \u0622\u067e ETFs\u060c \u0627\u0646\u0641\u0631\u0627\u062f\u06cc \u062d\u0635\u0635\u060c \u0628\u0627\u0646\u0688\u0632 \u06cc\u0627 \u0645\u0642\u062f\u0627\u0631\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u0627 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06d2 \u0631\u06c1\u06d2 \u06c1\u0648\u06ba\u060c \u0634\u0641\u0627\u0641 \u0627\u0648\u0631 \u0642\u0627\u0628\u0644\u0650 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u06a9\u0627 \u0688\u06cc\u0679\u0627 \u0636\u0631\u0648\u0631\u06cc \u06c1\u06d2\u06d4\n<br><br>\n\n<strong>\u0627\u0635\u0644 \u0645\u0648\u0627\u0632\u0646\u06c1 \u0635\u0631\u0641 \u06cc\u06c1 \u0646\u06c1\u06cc\u06ba \u06a9\u06c1 \u06a9\u0633 \u0646\u06d2 \u0633\u0628 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u0633\u0627\u0644\u0627\u0646\u06c1 \u0645\u0646\u0627\u0641\u0639 \u062f\u06cc\u0627\u060c \u0628\u0644\u06a9\u06c1 \u06cc\u06c1 \u06c1\u06d2 \u06a9\u06c1 \u06a9\u0648\u0646 \u0633\u0627 \u0645\u0646\u0627\u0641\u0639 \u0642\u0627\u0628\u0644\u0650 \u0641\u06c1\u0645 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0622\u067e \u06a9\u06d2 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u0627\u06c1\u062f\u0627\u0641 \u0633\u06d2 \u0645\u0637\u0627\u0628\u0642\u062a \u0631\u06a9\u06be\u062a\u0627 \u06c1\u06d2\u06d4<\/strong>\n<br><br>\n\nCalmar Ratio \u062d\u062a\u0645\u06cc \u062c\u0648\u0627\u0628 \u0646\u06c1\u06cc\u06ba\u060c \u0628\u0644\u06a9\u06c1 \u0632\u06cc\u0627\u062f\u06c1 \u0628\u0627\u062e\u0628\u0631 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06d2 \u062a\u062c\u0632\u06cc\u06d2 \u06a9\u06cc \u0627\u06cc\u06a9 \u0627\u0628\u062a\u062f\u0627\u0626\u06cc \u0628\u0646\u06cc\u0627\u062f \u06c1\u06d2\u06d4\n<br><br>\n\n\n<h3><strong>\u0645\u0642\u062f\u0627\u0631\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u06cc \u06a9\u0627\u0631\u06a9\u0631\u062f\u06af\u06cc \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0627\u0646\u062a\u0638\u0627\u0645 \u06a9\u0648 \u0645\u0632\u06cc\u062f \u0633\u0645\u062c\u06be\u06cc\u06ba<\/strong><\/h3>\n\n\u0627\u06af\u0631 \u0622\u067e \u0637\u0648\u06cc\u0644 \u0645\u062f\u062a\u06cc ETF \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0633\u06d2 \u0648\u0627\u0642\u0641 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06d2 \u062f\u0648\u0633\u0631\u06d2 \u0630\u0631\u0627\u0626\u0639 \u0633\u0645\u062c\u06be\u0646\u0627 \u0686\u0627\u06c1\u062a\u06d2 \u06c1\u06cc\u06ba \u062a\u0648 \u06cc\u06c1 \u062f\u06cc\u06a9\u06be \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba \u06a9\u06c1 \u0645\u0642\u062f\u0627\u0631\u06cc \u062a\u062c\u0627\u0631\u062a\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0627\u06ba \u0627\u067e\u0646\u06d2 \u0646\u062a\u0627\u0626\u062c\u060c \u0632\u06cc\u0627\u062f\u06c1 \u0633\u06d2 \u0632\u06cc\u0627\u062f\u06c1 \u06af\u0631\u0627\u0648\u0679 \u0627\u0648\u0631 \u062e\u0637\u0631\u06d2 \u06a9\u06d2 \u0627\u0646\u062a\u0638\u0627\u0645 \u06a9\u06d2 \u0627\u0635\u0648\u0644 \u06a9\u0633 \u0637\u0631\u062d \u067e\u06cc\u0634 \u06a9\u0631\u062a\u06cc \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n\u0622\u067e Mr.Forex \u06a9\u06cc \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc\u0648\u06ba \u06a9\u06d2 \u062a\u062c\u0632\u06cc\u06d2 \u0628\u06be\u06cc \u062f\u06cc\u06a9\u06be \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u0627\u0633 \u0645\u0636\u0645\u0648\u0646 \u06a9\u06d2 \u0627\u0635\u0648\u0644 \u0627\u0633\u062a\u0639\u0645\u0627\u0644 \u06a9\u0631 \u06a9\u06d2 \u0688\u06cc\u0679\u0627 \u06a9\u06cc \u0645\u062f\u062a\u060c \u062e\u0637\u0631\u0627\u062a \u0627\u0648\u0631 \u0627\u067e\u0646\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u0636\u0631\u0648\u0631\u06cc\u0627\u062a \u06a9\u06d2 \u0633\u0627\u062a\u06be \u0645\u0637\u0627\u0628\u0642\u062a \u06a9\u0627 \u0622\u0632\u0627\u062f\u0627\u0646\u06c1 \u062c\u0627\u0626\u0632\u06c1 \u0644\u06d2 \u0633\u06a9\u062a\u06d2 \u06c1\u06cc\u06ba\u06d4\n<br><br>\n\n<strong>\u067e\u06c1\u0644\u06d2 \u06cc\u06c1 \u062a\u0635\u062f\u06cc\u0642 \u06a9\u0631\u06cc\u06ba \u06a9\u06c1 \u0688\u06cc\u0679\u0627 \u0642\u0627\u0628\u0644\u0650 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06c1\u06d2\u060c \u067e\u06be\u0631 \u0641\u06cc\u0635\u0644\u06c1 \u06a9\u0631\u06cc\u06ba \u06a9\u06c1 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc \u0622\u067e \u06a9\u06cc \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u06a9\u06cc \u0636\u0631\u0648\u0631\u06cc\u0627\u062a \u0633\u06d2 \u0645\u0637\u0627\u0628\u0642\u062a \u0631\u06a9\u06be\u062a\u06cc \u06c1\u06d2 \u06cc\u0627 \u0646\u06c1\u06cc\u06ba\u06d4<\/strong>\n<br><br>\n\n<hr>\n<br>\n\n<strong>\u062e\u0637\u0631\u06d2 \u0633\u06d2 \u0645\u062a\u0639\u0644\u0642 \u0627\u0646\u062a\u0628\u0627\u06c1:<\/strong> \u06cc\u06c1 \u0645\u0636\u0645\u0648\u0646 \u0635\u0631\u0641 \u0645\u0627\u0644\u06cc\u0627\u062a\u06cc \u062a\u0639\u0644\u06cc\u0645 \u0627\u0648\u0631 \u0639\u0645\u0648\u0645\u06cc \u0645\u0639\u0644\u0648\u0645\u0627\u062a \u06a9\u06d2 \u0644\u06cc\u06d2 \u06c1\u06d2\u06d4 \u06cc\u06c1 \u0630\u0627\u062a\u06cc \u0646\u0648\u0639\u06cc\u062a \u06a9\u0627 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc \u0645\u0634\u0648\u0631\u06c1 \u06cc\u0627 \u0645\u0646\u0627\u0641\u0639 \u06a9\u06cc \u0636\u0645\u0627\u0646\u062a \u0646\u06c1\u06cc\u06ba \u06c1\u06d2\u06d4 \u062d\u06a9\u0645\u062a\u0650 \u0639\u0645\u0644\u06cc A\u060c B\u060c C \u0627\u0648\u0631 D \u06a9\u06d2 \u0627\u0639\u062f\u0627\u062f \u0648 \u0634\u0645\u0627\u0631 \u0641\u0631\u0636\u06cc \u062a\u0639\u0644\u06cc\u0645\u06cc \u0645\u062b\u0627\u0644\u06cc\u06ba \u06c1\u06cc\u06ba \u0627\u0648\u0631 \u06a9\u0633\u06cc \u0645\u062e\u0635\u0648\u0635 \u0633\u0631\u0645\u0627\u06cc\u06c1 \u06a9\u0627\u0631\u06cc 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\u06a9\u0627 \u0645\u0648\u0627\u0632\u0646\u06c1 \u06a9\u0631\u06cc\u06ba\u06d4<\/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\/ur\/wp-json\/wp\/v2\/pages\/74473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/comments?post=74473"}],"version-history":[{"count":25,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/pages\/74473\/revisions"}],"predecessor-version":[{"id":74570,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/pages\/74473\/revisions\/74570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/media\/74487"}],"wp:attachment":[{"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/media?parent=74473"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mister.forex\/ur\/wp-json\/wp\/v2\/tags?post=74473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}