{"id":24987,"date":"2022-06-01T06:55:03","date_gmt":"2022-06-01T06:55:03","guid":{"rendered":"https://www.5paisa.com/finschool/?post_type=markets\u0026#038;p=24987"},"modified":"2024-08-02T16:28:30","modified_gmt":"2024-08-02T10:58:30","slug":"measurement-of-risk","status":"publish","type":"markets","link":"https://www.5paisa.com/finschool/course/investment-analysis-course/measurement-of-risk/","title":{"rendered":"Learn About Measurement Of Risk From Stock Market Course"},"content":{"rendered":"\u003cdiv data-elementor-type=\u0022wp-post\u0022 data-elementor-id=\u002224987\u0022 class=\u0022elementor elementor-24987\u0022\u003e\u003csection class=\u0022elementor-section elementor-top-section elementor-element elementor-element-685c5f6 elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\u0022 data-id=\u0022685c5f6\u0022 data-element_type=\u0022section\u0022\u003e\u003cdiv class=\u0022elementor-container 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જોખમને સમજવાની સૌથી સ્પષ્ટ રીતોમાંથી એક વોલેટિલિટી દ્વારા છે, જે ભવિષ્યના પરિણામોમાં અનિશ્ચિતતાનું પ્રમાણ દર્શાવે છે. રોકાણકારો સામાન્ય રીતે રિટર્ન વિશે અપેક્ષા રાખે છે, પરંતુ વાસ્તવિક પરિણામો ઘણીવાર અલગ હોય છે. અપેક્ષિત રિટર્ન અને વાસ્તવિક રિટર્ન વચ્ચેનો આ અંતર એ છે જ્યાં અસ્થિરતા અમલમાં આવે છે.\u003c/p\u003e\u003cp\u003eઅસ્થિરતાને મુખ્યત્વે તેના સરેરાશ અથવા અપેક્ષિત સ્તરની આસપાસ સિક્યોરિટીની કિંમતમાં કેટલું વધઘટ થાય છે તે માપે છે. એક સંકુચિત બેન્ડની અંદર સતત ચાલતા સ્ટોકને ઓછું અસ્થિર માનવામાં આવે છે, જ્યારે જે તીવ્ર રીતે ઉપર અને નીચે ચાલે છે તે અત્યંત અસ્થિર છે. વધુ અસ્થિરતાનો અર્થ એ છે કે વધુ અનિશ્ચિતતા, અને તેથી, વધુ રિસ્ક.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણો \u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઅદાણી ગ્રુપ સ્ટૉક્સ (2023)\u003c/b\u003e\u003c/strong\u003e: હિંડનબર્ગના રિસર્ચ રિપોર્ટમાં ગવર્નન્સને લગતી સમસ્યાઓનો આરોપ લગાવ્યા બાદ અદાણી સ્ટોક્સમાં ભારે વોલેટિલિટી જોવા મળી હતી. અઠવાડિયામાં કિંમતો 50% થી વધુ ઘટી ગઈ છે, પછી અંશતઃ રિકવર થઈ ગયા કારણ કે રોકાણકારનો આત્મવિશ્વાસ ધીમે ધીમે પરત આવ્યો છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઝોમેટો IPO (2021)\u003c/b\u003e\u003c/strong\u003e: ફૂડ ડિલિવરી જાયન્ટના શેરમાં શરૂઆતમાં વધારો થયો હતો પરંતુ પછીથી રોકાણકારોએ ટેક-સંચાલિત સ્ટાર્ટઅપ ક્ષેત્રમાં નફાકારકતા પર ચર્ચા કરી હતી.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eબેંકિંગ ક્ષેત્ર (2020 મહામારી)\u003c/b\u003e\u003c/strong\u003e: કોવિડ-19 લૉકડાઉન દરમિયાન, વધતા જતા એનપીએના ભયને કારણે SBI અને ICICI બેંક જેવા બેંક શેરોમાં ભારે ઘટાડો થયો હતો, ત્યારબાદ અર્થતંત્ર ફરીથી ખુલ્યું હતું.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eરૂપિયા વિરુદ્ધ ડોલર (2022-23)\u003c/b\u003e\u003c/strong\u003e: કરન્સીની અસ્થિરતાએ IT નિકાસકારોને સકારાત્મક રીતે અસર કરી હતી (ઇન્ફોસિસ, TCS નબળા રૂપિયાથી મેળવેલ છે) પરંતુ તેલ અને ઉડ્ડયન જેવા આયાત-ખૂબ જતા ઉદ્યોગોને નુકસાન પહોંચાડ્યું હતું.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરોકાણકારની આંતરદૃષ્ટિ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઉચ્ચ વોલેટિલિટી\u003c/b\u003e\u003c/strong\u003e= વધુ અનિશ્ચિતતા, ઘણીવાર બાહ્ય આઘાત (પૉલિસી ફેરફારો, વૈશ્વિક કટોકટીઓ, કોર્પોરેટ કૌભાંડો) સાથે સંકળાયેલી હોય છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઓછી વોલેટિલિટી\u003c/b\u003e\u003c/strong\u003e= વધુ અનુમાનિત રિટર્ન, જે ઘણીવાર એફએમસીજી અથવા ઉપયોગિતાઓ જેવા સ્થિર ક્ષેત્રોમાં જોવા મળે છે.\u003c/li\u003e\u003cli\u003eભૂતકાળની વોલેટિલિટીને માપવાથી રોકાણકારોને સુરક્ષાની જોખમનું અનુમાન કરવામાં મદદ મળે છે, જોકે તે ભવિષ્યની સ્થિરતાની ગેરંટી આપતું નથી.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide02\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Standard Deviation \u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.2 સ્ટાન્ડર્ડ ડેવિએશન\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77225 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Standard-Deviation.png\u0022 alt=\u0022Standard Deviation\u0022 width=\u00221461\u0022 height=\u00221742\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Standard-Deviation.png 1461w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-252x300.png 252w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-859x1024.png 859w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-768x916.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-1288x1536.png 1288w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-42x50.png 42w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-84x100.png 84w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Standard-Deviation-150x179.png 150w\u0022 sizes=\u0022(max-width: 1461px) 100vw, 1461px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eફાઇનાન્સમાં રિસ્ક અનિવાર્યપણે છે \u003cstrong\u003e\u003cb\u003eરિટર્નની અનિશ્ચિતતા\u003c/b\u003e\u003c/strong\u003e. બે ઇન્વેસ્ટમેન્ટમાં સમાન સરેરાશ રિટર્ન હોઈ શકે છે, પરંતુ જો કોઈ અન્ય કરતાં વધુ વધઘટ કરે છે, તો તેને જોખમી માનવામાં આવે છે. સ્ટાન્ડર્ડ ડેવિએશન આ વેરિબિલિટીને કૅપ્ચર કરે છે.\u003c/p\u003e\u003cp\u003eચાલો તુલના કરીએ \u003cstrong\u003e\u003cb\u003eકંપની X\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003eકંપની Y\u003c/b\u003e\u003c/strong\u003e. બંનેમાં સમાન અપેક્ષિત રિટર્ન છે, પરંતુ તેમના સ્પ્રેડ અલગ હોય છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eપગલું 1: ડેટા રિટર્ન કરો\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની X\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની Y\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e15%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e10%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e5%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e12%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e20%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e11%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e8%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e9%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e14%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e10%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકુલ = 62 %\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકુલ = 52 %\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઅંકગણિતનો અર્થ:\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eકંપની X → 62/5 = 12.4%\u003c/li\u003e\u003cli\u003eકંપની Y → 52/5 = 10.4%\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eબંને કંપનીઓ તુલનાત્મક સરેરાશ રિટર્ન ધરાવે છે, પરંતુ કંપની X નો ફેલાવો વ્યાપક છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eપગલું 2: સંભાવના વિતરણ અને વિવિધતા\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની X\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eપરિણામ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિટર્ન (R)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસંભાવના (કે)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવેઇટેડ (R × K)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવિચલન (R-E)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eDeviation²\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022228\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eWeighted Deviation²\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.05\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.25\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0125\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e-0.074\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.005476\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.001369\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022228\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.12\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.50\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0600\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e-0.004\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000016\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000008\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022228\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.20\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.25\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0500\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.076\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.005776\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.001444\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022228\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકુલ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.1225\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022228\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.002821\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eઅપેક્ષિત રિટર્ન (E) = 12.25% તફાવત = 0.002821 સ્ટાન્ડર્ડ વિચલન = √ 0.0002821=5.3%\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની Y\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eપરિણામ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિટર્ન (R)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસંભાવના (કે)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવેઇટેડ (R × K)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવિચલન (R-E)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eDeviation²\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eWeighted Deviation²\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.09\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.25\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0225\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e-0.014\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000196\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000049\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.11\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.50\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0550\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.006\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000036\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000018\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.13\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.25\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.0325\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.026\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000676\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.000169\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકુલ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.1100\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e0.000236\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eઅપેક્ષિત રિટર્ન (E) = 11% વેરિઅન્સ = 0.000236 સ્ટાન્ડર્ડ ડેવિએશન = √ 0.000236 =1.5%\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eપગલું 3: તુલના\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022165\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022174\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઅપેક્ષિત રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસ્ટાન્ડર્ડ ડેવિએશન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022483\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eજોખમનું સ્તર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022165\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની X\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022174\u0022\u003e\u003cp\u003e12.25%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5.3%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022483\u0022\u003e\u003cp\u003eઉચ્ચ જોખમ\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022165\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની Y\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022174\u0022\u003e\u003cp\u003e11%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.4%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022483\u0022\u003e\u003cp\u003eઓછું જોખમ\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide03\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Beta\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.3 બીટા\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77226 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Beta.png\u0022 alt=\u0022Beta\u0022 width=\u00221824\u0022 height=\u00221548\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Beta.png 1824w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-300x255.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-1024x869.png 1024w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-768x652.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-1536x1304.png 1536w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-50x42.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-100x85.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Beta-150x127.png 150w\u0022 sizes=\u0022(max-width: 1824px) 100vw, 1824px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eબીટા (β) નું માપ છે \u003cstrong\u003e\u003cb\u003eસિસ્ટમેટિક રિસ્ક\u003c/b\u003e\u003c/strong\u003e એકંદર બજારના હલનચલનથી ઉદ્ભવતા જોખમ અને તેને દૂર કરી શકાતું નથી. તે દર્શાવે છે કે માર્કેટ index (જેમ કે નિફ્ટી 50 અથવા એસ એન્ડ પી 500) ની તુલનામાં સ્ટૉક અથવા પોર્ટફોલિયો કેટલી સંવેદનશીલ છે. રોકાણકારો બીટાનો ઉપયોગ માર્કેટની હલનચલનમાં વધારો કરશે કે નહીં તે સમજવા માટે કરે છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબીટાની મુખ્ય લાક્ષણિકતાઓ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eβ = 1\u003c/b\u003e\u003c/strong\u003e→ સ્ટૉક માર્કેટને અનુરૂપ જ ચાલે છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eβ \u0026lt; 1\u003c/b\u003e\u003c/strong\u003e→ સ્ટૉક માર્કેટ કરતાં ઓછી અસ્થિર છે (સંરક્ષણશીલ).\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eβ \u0026gt; 1\u003c/b\u003e\u003c/strong\u003e→ સ્ટૉક માર્કેટ કરતાં વધુ અસ્થિર છે (આક્રમક).\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eβ \u0026lt; 0\u003c/b\u003e\u003c/strong\u003e→ સ્ટૉક માર્કેટની વિપરીત દિશામાં આગળ વધે છે (હેજ એસેટ).\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવાસ્તવિક-વિશ્વના ઉદાહરણો\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકંપની/એસેટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબીટા વેલ્યૂ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઅર્થઘટન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિલાયન્સ ઇન્ડસ્ટ્રીસ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.1\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eનિફ્ટી 50 કરતાં થોડી વધુ અસ્થિર; મધ્યમ રિસ્ક.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇન્ફોસિસ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.3\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eટેક સ્ટૉક, માર્કેટ કરતાં વધુ આગળ વધવાનો પ્રયત્ન કરે છે.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eNTPC\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0.7\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eયુટિલિટી સ્ટૉક, રક્ષણાત્મક, ઓછી અસ્થિર.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eગોલ્ડ ETF\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e-0.2\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eઘણીવાર ઇક્વિટીની વિપરીત દિશામાં ચાલે છે; હેજ તરીકે કાર્ય કરે છે.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eનિફ્ટી 50 ઇન્ડેક્સ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.0\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eવ્યાખ્યા દ્વારા બેંચમાર્ક માર્કેટ index.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવ્યવહારમાં ઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eધારો કે નિફ્ટી 50 વધે છે \u003cstrong\u003e\u003cb\u003e10%\u003c/b\u003e\u003c/strong\u003e:\u003c/p\u003e\u003cul\u003e\u003cli\u003eઆ સાથે સ્ટૉક \u003cstrong\u003e\u003cb\u003eβ = 1.3 \u003c/b\u003e\u003c/strong\u003e(ઇન્ફોસિસ) માં વધારો થવાની અપેક્ષા છે \u003cstrong\u003e\u003cb\u003e13%\u003c/b\u003e\u003c/strong\u003e.\u003c/li\u003e\u003cli\u003eઆ સાથે સ્ટૉક \u003cstrong\u003e\u003cb\u003eβ = 0.7 \u003c/b\u003e\u003c/strong\u003e(NTPC) માત્ર વધી શકે છે \u003cstrong\u003e\u003cb\u003e7%\u003c/b\u003e\u003c/strong\u003e.\u003c/li\u003e\u003cli\u003eઆ સાથે સ્ટૉક \u003cstrong\u003e\u003cb\u003eβ = -0.2 \u003c/b\u003e\u003c/strong\u003e(ગોલ્ડ ETF) નીચે આવી શકે છે \u003cstrong\u003e\u003cb\u003e2%\u003c/b\u003e\u003c/strong\u003e, વૈવિધ્યકરણ પ્રદાન કરવું.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eઆ દર્શાવે છે કે બીટા કેવી રીતે બંનેને કૅપ્ચર કરે છે \u003cstrong\u003e\u003cb\u003eદિશા\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003eતીવ્રતા\u003c/b\u003e\u003c/strong\u003e માર્કેટ સંબંધિત સ્ટૉકની હલનચલન.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબીટા અને CAPM (કેપિટલ એસેટ પ્રાઇસિંગ મોડેલ)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eબીટા CAPM માટે કેન્દ્રિય છે, જે ઇક્વિટી પર અપેક્ષિત વળતરનો અંદાજ લગાવે છે:\u003c/p\u003e\u003cp\u003eજ્યાં:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003e\u003cb\u003eK\u003c/b\u003e\u003c/strong\u003e\u003cstrong\u003e\u003csub\u003e\u003cb\u003ee\u003c/b\u003e\u003c/sub\u003e\u003c/strong\u003e= ઇક્વિટીનો ખર્ચ (અપેક્ષિત વળતર)\u003c/li\u003e\u003cli\u003eR\u003csub\u003ef\u003c/sub\u003e= રિસ્ક મુક્ત રેટ (દા. ત. સરકારી બોન્ડ્સ)\u003c/li\u003e\u003cli\u003eR\u003csub\u003em\u003c/sub\u003e= માર્કેટ રિટર્ન\u003c/li\u003e\u003cli\u003eβ = માર્કેટ માટે સ્ટૉકની સંવેદનશીલતા\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવર્તમાન નંબર સાથે ઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eધારો કે:\u003c/p\u003e\u003cul\u003e\u003cli\u003eરિસ્ક-ફ્રી રેટ (R\u003csub\u003ef\u003c/sub\u003e) = 6%\u003c/li\u003e\u003cli\u003eમાર્કેટ રિટર્ન (R\u003csub\u003em\u003c/sub\u003e) = 12%\u003c/li\u003e\u003cli\u003eસ્ટૉક બીટા (β) = 1.2\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eK\u003c/b\u003e\u003c/strong\u003e\u003cstrong\u003e\u003csub\u003e\u003cb\u003ee = 6 % + 1.2 * (12 % -6 %) = 6 % + 7.2 % =13.2%\u003c/b\u003e\u003c/sub\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eઆમ, રોકાણકારને વધારાનું રિસ્ક લેવા માટે 13.2 % રિટર્નની અપેક્ષા રાખવી જોઈએ.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવિસ્તૃત જાણકારી\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઉદ્યોગના તફાવતો\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eયુટિલિટી કંપનીઓ (જેમ કે એનટીપીસી) સામાન્ય રીતે ઓછી બીટા ધરાવે છે કારણ કે તેમની આવક સ્થિર છે અને આર્થિક ચક્ર પર ઓછી નિર્ભર છે.\u003c/li\u003e\u003cli\u003eટેક્નોલોજી કંપનીઓ (જેમ કે ઇન્ફોસિસ) ઘણીવાર ઉચ્ચ બીટા ધરાવે છે કારણ કે તેમની કમાણી નવીનતા ચક્ર અને બજારની ભાવના માટે વધુ સંવેદનશીલ છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eપોર્ટફોલિયોની અસર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eપોર્ટફોલિયોની એકંદર બીટા તેના વ્યક્તિગત શેરોના બીટાસના ભારિત સરેરાશ છે.\u003c/li\u003e\u003cli\u003eલો-બીટા સ્ટૉક ઉમેરવાથી પોર્ટફોલિયોનું જોખમ ઘટે છે, જ્યારે હાઇ-બીટા સ્ટૉક ઉમેરવાથી તે વધે છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eનેગેટિવ બીટા એસેટ્સ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eસોના અથવા વીમા પ્રોડક્ટ્સ જેવી અસ્ક્યામતો ક્યારેક નકારાત્મક બીટા બતાવે છે, એટલે કે તેઓ બજારથી વિપરીત દિશામાં જાય છે.\u003c/li\u003e\u003cli\u003eઆ વૈવિધ્યકરણ માટે મૂલ્યવાન છે, ખાસ કરીને મંદી દરમિયાન.\u003c/li\u003e\u003c/ul\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide04\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Alpha\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch2 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e3.4 આલ્ફા\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77227 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Alpha.png\u0022 alt=\u0022Alpha\u0022 width=\u00221759\u0022 height=\u00221998\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Alpha.png 1759w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-264x300.png 264w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-902x1024.png 902w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-768x872.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-1352x1536.png 1352w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-44x50.png 44w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-88x100.png 88w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Alpha-150x170.png 150w\u0022 sizes=\u0022(max-width: 1759px) 100vw, 1759px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eઆલ્ફા (α) એ તેના રિસ્ક લેવલને ધ્યાનમાં રાખીને, અપેક્ષિત કરતાં કેટલું ઇન્વેસ્ટમેન્ટ સારું પ્રદર્શન કર્યું છે અથવા ઓછું પ્રદર્શન કર્યું છે તેનું માપ છે. તેનો ઉપયોગ ફંડ મેનેજર્સની કુશળતા અથવા ઍક્ટિવ ઇન્વેસ્ટમેન્ટ વ્યૂહરચનાઓની અસરકારકતાનું મૂલ્યાંકન કરવા માટે વ્યાપક રીતે કરવામાં આવે છે. જ્યારે બીટા જણાવે છે કે સ્ટૉક માર્કેટ સાથે કેટલો મૂવ કરે છે, ત્યારે આલ્ફા દર્શાવે છે કે ઇન્વેસ્ટમેન્ટ દ્વારા તેના રિસ્ક એક્સપોઝર દ્વારા યોગ્ય રિટર્ન ડિલિવર કરવામાં આવ્યું છે કે નહીં.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eમુખ્ય મુદ્દાઓ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા \u0026gt;0\u003c/b\u003e\u003c/strong\u003e→ રોકાણએ અપેક્ષાઓ કરતાં વધુ સારી કામગીરી કરી છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા \u0026lt; 0\u003c/b\u003e\u003c/strong\u003e→ ઇન્વેસ્ટમેન્ટ તેના બેંચમાર્કના આધારે ઓછું પ્રદર્શન કર્યું છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા = 0\u003c/b\u003e\u003c/strong\u003e→ ઇન્વેસ્ટમેન્ટ તેના જોખમને ધ્યાનમાં રાખીને, અપેક્ષા મુજબ કરવામાં આવ્યું હતું.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઍક્ટિવ રિટર્ન વર્સેસ અતિરિક્ત રિટર્ન\u003c/b\u003e\u003c/strong\u003e→ ઍક્ટિવ રિટર્નને બેંચમાર્ક index (દા.ત., નિફ્ટી 50) સામે માપવામાં આવે છે, જ્યારે અતિરિક્ત રિટર્ન રિસ્ક-ફ્રી રેટ સામે માપવામાં આવે છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા માટે ફોર્મ્યુલા\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eα\u003c/b\u003e\u003c/strong\u003e=આર-આર\u003csub\u003eએફ –\u003c/sub\u003eβ (R\u003csub\u003em \u003c/sub\u003e-આર\u003csub\u003ef\u003c/sub\u003e)\u003c/p\u003e\u003cp\u003eજ્યાં:\u003c/p\u003e\u003cul\u003e\u003cli\u003eR = પોર્ટફોલિયો રિટર્ન\u003c/li\u003e\u003cli\u003eR\u003csub\u003ef\u003c/sub\u003e= રિસ્ક-ફ્રી રેટ\u003c/li\u003e\u003cli\u003eβ = પોર્ટફોલિયોનું સિસ્ટમેટિક રિસ્ક\u003c/li\u003e\u003cli\u003eR\u003csub\u003em\u003c/sub\u003e= માર્કેટ રિટર્ન (બેંચમાર્ક ઇન્ડેક્સ)\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવર્તમાન સંદર્ભ સાથે ઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eધારો કે:\u003c/p\u003e\u003cul\u003e\u003cli\u003eપોર્ટફોલિયો રિટર્ન (R) = 22%\u003c/li\u003e\u003cli\u003eરિસ્ક-ફ્રી રેટ (R\u003csub\u003ef\u003c/sub\u003e) = 6%\u003c/li\u003e\u003cli\u003eબીટા (β) = 1.1\u003c/li\u003e\u003cli\u003eમાર્કેટ રિટર્ન (R\u003csub\u003em\u003c/sub\u003e) = 14%\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eα = (0.22-0.06)-1.1 (0.14-0.06)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eα =0.16 -0.088=0.072 અથવા 7.2%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eઆનો અર્થ એ છે કે પોર્ટફોલિયો બેન્ચમાર્ક કરતાં વધી ગયો છે \u003cstrong\u003e\u003cb\u003e7.2%\u003c/b\u003e\u003c/strong\u003e રિસ્ક માટે ઍડજસ્ટ કર્યા પછી.\u003c/p\u003e\u003cp\u003eફોર્મ્યુલા: આલ્ફા = R − [Rf + β × (Rm − Rf)]\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eફંડ/સ્ટૉક\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિટર્ન (R)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિસ્ક-ફ્રી (Rf)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબીટા (β)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eમાર્કેટ રિટર્ન (આરએમ)\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eCAPM અપેક્ષિત રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eHDFC ઇક્વિટી ફંડ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e20%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.0\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e14%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6+1.0×(14−6)=14.0%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e+6.0%\u003c/b\u003e\u003c/strong\u003e (આઉટપરફોર્મન્સ)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eઇન્ફોસિસ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e18%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.3\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e14%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6+1.3×(14−6)=16.4%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e+1.6%\u003c/b\u003e\u003c/strong\u003e (થોડું આઉટપરફોર્મન્સ)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eરિલાયન્સ ઇન્ડસ્ટ્રીસ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e25%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1.2\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e15%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6+1.2×(15−6)=16.8%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e+8.2%\u003c/b\u003e\u003c/strong\u003e (મજબૂત આઉટપરફોર્મન્સ)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા વર્સેસ બીટા - તુલના\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eમાપો\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eફોકસ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઅર્થ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઆલ્ફા\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eપરફોર્મન્સ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eબેન્ચમાર્કની તુલનામાં આઉટ-પરફોર્મન્સ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eરિલાયન્સ અપેક્ષિત કરતા 6.8% વધુ ડિલિવર કરે છે\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબીટા\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eજોખમ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eબજારની હલનચલન માટે સંવેદનશીલતા\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eβ = 1.3 સાથે ઇન્ફોસિસ, વધુ અસ્થિર\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003cscript type=\u0027text/javascript\u0027\u003ejQuery(document).ready(function()  {jQuery(\u0027#text_slider\u0027).owlCarousel({items  :  1,smartSpeed  :  400,autoplay  :  false,autoplayHoverPause  :  false,smartSpeed  :  400,fluidSpeed  :  400,autoplaySpeed  :  400,navSpeed  :  400,dotsSpeed  :  400,dotsEach  :  1,loop  :  false,nav  :  true,navText  :  [\u0027Previous\u0027,\u0027Next\u0027],dots  :  true,responsiveRefreshRate  :  200,slideBy  :  1,mergeFit  :  true,autoHeight  :  true,mouseDrag  :  false,touchDrag  :  true});jQuery(\u0027#text_slider\u0027).css(\u0027visibility\u0027, \u0027visible\u0027);var  owl_goto  =  jQuery(\u0027#text_slider\u0027);jQuery(\u0027.text_slider_goto1\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  0);});jQuery(\u0027.text_slider_goto2\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  1);});jQuery(\u0027.text_slider_goto3\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  2);});jQuery(\u0027.text_slider_goto4\u0027).click(function(event){owl_goto.trigger(\u0027to.owl.carousel\u0027,  3);});var  resize_24475  =  jQuery(\u0027.owl-carousel\u0027);resize_24475.on(\u0027initialized.owl.carousel\u0027,  function(e)  {if  (typeof(Event)  === 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