{"id":24993,"date":"2022-06-01T07:29:43","date_gmt":"2022-06-01T07:29:43","guid":{"rendered":"https://www.5paisa.com/finschool/?post_type=markets\u0026#038;p=24993"},"modified":"2023-01-24T00:51:46","modified_gmt":"2023-01-23T19:21:46","slug":"risk-expected-return","status":"publish","type":"markets","link":"https://www.5paisa.com/finschool/course/investment-analysis-course/risk-expected-return/","title":{"rendered":"Learn About Risk \u0026#038; Expected Return From Stock Market Course"},"content":{"rendered":"\u003cdiv data-elementor-type=\u0022wp-post\u0022 data-elementor-id=\u002224993\u0022 class=\u0022elementor elementor-24993\u0022\u003e\u003csection class=\u0022elementor-section elementor-top-section elementor-element elementor-element-1452744 elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\u0022 data-id=\u00221452744\u0022 data-element_type=\u0022section\u0022\u003e\u003cdiv class=\u0022elementor-container 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1838px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇન્વેસ્ટમેન્ટના નિર્ણયોમાં રિસ્ક અને અપેક્ષિત રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eજ્યારે રોકાણકારો તકોનું મૂલ્યાંકન કરે છે, ત્યારે બે કેન્દ્રીય પરિબળો નિર્ણય લેવાની પ્રક્રિયામાં પ્રભુત્વ ધરાવે છે: \u003cstrong\u003e\u003cb\u003eજોખમ\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003eઅપેક્ષિત રિટર્ન\u003c/b\u003e\u003c/strong\u003e. રિસ્ક એ રિટર્નમાં અનિશ્ચિતતા અથવા વેરિએબિલિટીનો સંદર્ભ આપે છે, જ્યારે અપેક્ષિત રિટર્ન ઇન્વેસ્ટમેન્ટમાંથી અપેક્ષિત રિવૉર્ડને દર્શાવે છે. આ બંનેને સંતુલિત કરવું એ પોર્ટફોલિયો મેનેજમેન્ટનો સાર છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eજોખમને સમજવું\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eરિસ્કને ડિગ્રી તરીકે વર્ણવી શકાય છે જેમાં વાસ્તવિક રિટર્ન અપેક્ષિત રિટર્નથી વિચલિત થાય છે. આંકડાકીય રીતે, આ વિવિધતા સાધનોનો ઉપયોગ કરીને માપવામાં આવે છે જેમ કે \u003cstrong\u003e\u003cb\u003eવિવિધતા\u003c/b\u003e\u003c/strong\u003e, \u003cstrong\u003e\u003cb\u003eસ્ટાન્ડર્ડ ડેવિએશન\u003c/b\u003e\u003c/strong\u003e, અથવા \u003cstrong\u003e\u003cb\u003eરેન્જનું ગુણાંક\u003c/b\u003e\u003c/strong\u003e. વધુ વિસર્જન, વધુ રિસ્ક.\u003c/p\u003e\u003cp\u003eરોકાણના જોખમના સ્તરને ઘણા પરિબળો અસર કરે છે:\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eમેચ્યોરિટીનો સમયગાળો\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003cul\u003e\u003cli\u003eલાંબા સમય સુધી પાકતી મુદતના સાધનો (જેમ કે 20-વર્ષના કોર્પોરેટ બોન્ડ્સ) માં ઇન્ટરેસ્ટ દરમાં ફેરફાર અને ફુગાવાના જોખમને કારણે વધુ રિસ્ક રહે છે.\u003c/li\u003e\u003cli\u003eટૂંકા ગાળાની ડિપોઝિટ (જેમ કે 1-વર્ષની ફિક્સ્ડ ડિપોઝિટ) પ્રમાણમાં સુરક્ષિત છે.\u003col start=\u00222\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઇશ્યુઅરની ક્રેડિટ યોગ્યતા\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eરિઝર્વ બેંક ઓફ ઇન્ડિયા દ્વારા જારી કરાયેલા સરકારી બોન્ડ સોવરેન બેકિંગને કારણે સલામત માનવામાં આવે છે.\u003c/li\u003e\u003cli\u003eનીચા ક્રેડિટ રેટિંગ્સ (દા. ત. , BB અથવા નીચે) ધરાવતી કંપનીઓ પાસેથી કોર્પોરેટ બોન્ડ વધુ ડિફોલ્ટ રિસ્ક ધરાવે છે.\u003col start=\u00223\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eસાધનનો પ્રકાર\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eસરકારી સિક્યોરિટીઝ અને બેંક ફિક્સ્ડ ડિપોઝિટ ઓછું રિસ્ક ધરાવે છે.\u003c/li\u003e\u003cli\u003eકોર્પોરેટ ડિબેન્ચર્સ મધ્યમ જોખમી છે.\u003c/li\u003e\u003cli\u003eઇક્વિટી શેર સૌથી જોખમી છે, કારણ કે શેરહોલ્ડરો નાદારીના કિસ્સામાં બાકી રિસ્ક સહન કરે છે.\u003col start=\u00224\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eલિક્વિડિટી\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eનોંધપાત્ર નુકસાન (જેમ કે NSE પર સૂચિબદ્ધ બ્લૂ-ચિપ સ્ટૉક્સ) વગર ઝડપથી વેચી શકાય તેવા રોકાણો ઓછા જોખમી છે.\u003c/li\u003e\u003cli\u003eરિયલ એસ્ટેટ, સંભવિતપણે લાભદાયી હોવા છતાં, ઓછું લિક્વિડ અને તેથી જોખમી છે.\u003col start=\u00225\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઆર્થિક અને ઉદ્યોગના પરિબળો\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eઆઇટી સેક્ટરમાં મંદી એનટીપીસી જેવી ઉપયોગિતાઓ કરતાં ઇન્ફોસિસ અથવા ટીસીએસ જેવી કંપનીઓને વધુ અસર કરે છે.\u003c/li\u003e\u003cli\u003eફુગાવો, ઇન્ટરેસ્ટ દરમાં ફેરફાર અને વૈશ્વિક ઘટનાઓ (તેલના ભાવમાં આઘાત, ભૂ-રાજકીય તણાવ) પણ જોખમના સ્તરો ઉમેરે છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઅપેક્ષિત રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eઅપેક્ષિત વળતર એ વળતર છે જે રોકાણકારો રિસ્ક વહન કરવા માંગે છે. તેમાં બે ઘટકો છે:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઉપજ\u003c/b\u003e\u003c/strong\u003e→ નિયમિત ઇન્કમ જેમ કે ડિવિડન્ડ અથવા ઇન્ટરેસ્ટ.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eમૂડીમાં વધારો\u003c/b\u003e\u003c/strong\u003eસમય જતાં સંપત્તિના મૂલ્યમાં → વધારો.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eઉદાહરણ તરીકે:\u003c/p\u003e\u003cul\u003e\u003cli\u003eસરકારી બોન્ડ ન્યૂનતમ મૂડી વધારા સાથે 6% ની નિશ્ચિત ઉપજ પ્રદાન કરી શકે છે.\u003c/li\u003e\u003cli\u003eરિલાયન્સ ઇન્ડસ્ટ્રીઝ જેવા સ્ટૉક ડિવિડન્ડ વત્તા સંભવિત કિંમતમાં વધારો પ્રદાન કરી શકે છે, જેના કારણે અપેક્ષિત રિટર્ન વધુ હોય છે પરંતુ વધુ અસ્થિરતા હોય છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇન્સ્ટ્રુમેન્ટના તુલનાત્મક રિસ્ક લેવલ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇન્સ્ટ્રુમેન્ટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eજોખમનું સ્તર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિટર્નની ક્ષમતા\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\u003eસરકારી બોન્ડ્સ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eખૂબ ઓછું\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5–6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eRBI સોવરેન બોન્ડ\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબેંક ફિક્સ્ડ ડિપોઝિટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eઓછું\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6–7%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eSBI ફિક્સ્ડ ડિપોઝિટ\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકોર્પોરેટ ડિબેન્ચર્સ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eમધ્યમ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e8–10%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eટાટા મોટર્સ ડિબેન્ચર\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇક્વિટી શેર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eઉચ્ચ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e12–20%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eઇન્ફોસિસ, રિલાયન્સ\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિયલ એસ્ટેટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eઉચ્ચ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eવેરિએબલ\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eમુંબઈમાં રહેણાંક પ્રોપર્ટી\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide02\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Concept-of-Return\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\u003e4.2 રિટર્નનો ખ્યાલ\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77234 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Concept-of-Return.png\u0022 alt=\u0022Concept of Return\u0022 width=\u00221747\u0022 height=\u00221659\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Concept-of-Return.png 1747w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-300x285.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-1024x972.png 1024w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-768x729.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-1536x1459.png 1536w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-50x47.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-100x95.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Concept-of-Return-150x142.png 150w\u0022 sizes=\u0022(max-width: 1747px) 100vw, 1747px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eઇન્વેસ્ટમેન્ટ તરીકે વિચારી શકાય છે \u003cstrong\u003e\u003cb\u003eવિલંબિત વપરાશ\u003c/b\u003e\u003c/strong\u003e. આજે પૈસા ખર્ચવાને બદલે, રોકાણકારો ભવિષ્યમાં વધુ પ્રાપ્ત કરવાની અપેક્ષા સાથે તેને અલગ રાખે છે. આ વિચાર આ સાથે જોડાયેલ છે \u003cstrong\u003e\u003cb\u003eપૈસા માટે સમયની પસંદગી\u003c/b\u003e\u003c/strong\u003e લોકો સામાન્ય રીતે થોડા સમય કરતાં હવે વપરાશ કરવાનું પસંદ કરે છે. તેમને વપરાશને સ્થગિત કરવા માટે પ્રેરિત કરવા માટે, તેમને વળતર સાથે વળતર આપવું આવશ્યક છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવાસ્તવિક વિરુદ્ધ નજીવું રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eરિટર્નનો વાસ્તવિક દર\u003c/b\u003e\u003c/strong\u003e→ વપરાશને મુલતવી રાખવા માટે વળતર, કોઈ ફુગાવો ન હોવાનું માનવામાં આવે છે.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eરિટર્નનો નજીવો રેટ\u003c/b\u003e\u003c/strong\u003e→ રિયલ રેટ વત્તા અપેક્ષિત ફુગાવો.\u003c/li\u003e\u003cli\u003eજો ફુગાવો ગણવામાં આવતો નથી, તો વાસ્તવિક વળતર શૂન્ય અથવા નકારાત્મક બની શકે છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ 1: સરકારી બોન્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eધારો કે ઇન્વેસ્ટર ₹1,000 ના મૂલ્યનું સરકારી બોન્ડ ખરીદે છે.\u003c/p\u003e\u003cul\u003e\u003cli\u003eઅપેક્ષિત વાસ્તવિક રિટર્ન = 4 %\u003c/li\u003e\u003cli\u003eઅપેક્ષિત ફુગાવો = 5%\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eજો માત્ર વાસ્તવિક વળતર ચૂકવવામાં આવે છે, તો ઇન્વેસ્ટર એક વર્ષ પછી ₹1,040 મેળવે છે. પરંતુ ફુગાવો 5% છે, ખરીદ શક્તિ નાબૂદ થાય છે, ઇન્વેસ્ટર પાસે કોઈ વાસ્તવિક લાભ નથી. તેથી, \u003cstrong\u003e\u003cb\u003eનજીવું રિટર્ન\u003c/b\u003e\u003c/strong\u003e સકારાત્મક વળતરની ખાતરી કરવા માટે ઓછામાં ઓછું 9% (4% વાસ્તવિક + 5% ફુગાવો) હોવું આવશ્યક છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ 2: કોર્પોરેટ ઇક્વિટી\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eહવે કંપનીના ઇક્વિટી શેરને ધ્યાનમાં લો:\u003c/p\u003e\u003cul\u003e\u003cli\u003eઅપેક્ષિત વાસ્તવિક રિટર્ન = 6 %\u003c/li\u003e\u003cli\u003eફુગાવો = 4%\u003c/li\u003e\u003cli\u003eરિસ્ક પ્રીમિયમ (ઇક્વિટી વોલેટિલિટી માટે) = 5 %\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eનજીવું રિટર્ન = 6 % + 4 % + 5 % = \u003cstrong\u003e\u003cb\u003e15%\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eઅહીં, ઇન્વેસ્ટર ઊંચા વળતરની માંગ કરે છે કારણ કે સરકારી બોન્ડ્સની તુલનામાં ઇક્વિટીમાં વધારાનું રિસ્ક હોય છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિટર્નને પ્રભાવિત કરતા પરિબળો\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eસમયની પસંદગી\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003cul\u003e\u003cli\u003eલાંબા વેટિંગ પીરિયડ માટે વધુ વળતરની જરૂર પડે છે.\u003c/li\u003e\u003cli\u003eઉદાહરણઃ 10-વર્ષનું બોન્ડ 1-વર્ષની ડિપોઝિટ કરતાં વધુ ઓફર કરે છે.\u003col start=\u00222\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eમોંઘવારી\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eઉચ્ચ ફુગાવાની અપેક્ષાઓ નજીવા રિટર્નને વેગ આપે છે.\u003c/li\u003e\u003cli\u003eઉદાહરણઃ ભારતમાં, જો ફુગાવાનો અંદાજ 6% છે, તો રોકાણકારો બોન્ડ્સ પર વધુ ઉપજની માંગ કરે છે.\u003col start=\u00223\u0022\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eરિસ્ક પ્રીમિયમ\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eજોખમી સંપત્તિઓને વધારાનું વળતર આપવું આવશ્યક છે.\u003c/li\u003e\u003cli\u003eઉદાહરણ: સ્ટાર્ટ-અપ ઇક્વિટી શેરોને સરકારી સિક્યોરિટીઝ પર 6-7% ની તુલનામાં 18-20% વળતરનું વચન આપવાની જરૂર પડી શકે છે.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eતુલનાત્મક ઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસંપત્તિનો પ્રકાર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવાસ્તવિક રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eમોંઘવારી\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eરિસ્ક પ્રીમિયમ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eનજીવું રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસરકારી બોન્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e3%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e8%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eબેંક FD\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e4%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e1%\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\u003eકોર્પોરેટ બોન્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e3%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e13%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇક્વિટી શેર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e17%\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=\u0027Determinants-of-the-rate-of-return\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch3 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e4.3 ડેટર્મિના\u003c/strong\u003e\u003cstrong\u003eરિટર્ન દરની nts\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77235 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Determinants-of-Returns.png\u0022 alt=\u0022Determinants of Returns\u0022 width=\u00221613\u0022 height=\u00222011\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Determinants-of-Returns.png 1613w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-241x300.png 241w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-821x1024.png 821w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-768x958.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-1232x1536.png 1232w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-40x50.png 40w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-80x100.png 80w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Determinants-of-Returns-150x187.png 150w\u0022 sizes=\u0022(max-width: 1613px) 100vw, 1613px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eજ્યારે રોકાણકારો એસેટમાં પૈસા મૂકે છે, ત્યારે તેઓ ચોક્કસ \u003cstrong\u003e\u003cb\u003eરિટર્નનો રેટ\u003c/b\u003e\u003c/strong\u003e. આ રિટર્નને ત્રણ મૂળભૂત ઘટકો દ્વારા આકાર આપવામાં આવે છે:\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eજોખમ-મુક્ત વાસ્તવિક દર\u003c/b\u003e\u003c/strong\u003e– ફુગાવા વગર વિશ્વમાં વપરાશને મુલતવી રાખવા માટે મૂળભૂત વળતર.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઇન્ફ્લેશન પ્રીમિયમ\u003c/b\u003e\u003c/strong\u003e– વધતી કિંમતોને કારણે ખરીદ શક્તિના ધોવાણ માટે એડજસ્ટમેન્ટ.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eરિસ્ક પ્રીમિયમ\u003c/b\u003e\u003c/strong\u003e– ઇન્વેસ્ટમેન્ટ માટે અનન્ય અનિશ્ચિતતા જાળવવા માટે અતિરિક્ત રિવૉર્ડ.\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eઆમ, જરૂરી રિટર્ન આ રીતે વ્યક્ત કરી શકાય છે:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eજરૂરી વળતર = રિસ્ક-મુક્ત વાસ્તવિક રેટ + ફુગાવા પ્રીમિયમ + રિસ્ક પ્રીમિયમ\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide04\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Calculation-of-Return\u0027 style=\u0027padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; \u0027\u003e\u003ch3 style=\u0022text-align: left\u0022\u003e\u003cstrong\u003e4.4 રિટર્નની ગણતરી\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-77236 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Calculation-of-Returns.png\u0022 alt=\u0022Calculation of Returns\u0022 width=\u00221927\u0022 height=\u00221892\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Calculation-of-Returns.png 1927w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-300x295.png 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-1024x1005.png 1024w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-768x754.png 768w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-1536x1508.png 1536w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-50x50.png 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-100x98.png 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Calculation-of-Returns-150x147.png 150w\u0022 sizes=\u0022(max-width: 1927px) 100vw, 1927px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eઇન્વેસ્ટમેન્ટમાંથી વળતર માત્ર એક આંકડો નથી; તે બે ભાગોથી બનેલું છે:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eઉપજ\u003c/b\u003e\u003c/strong\u003e→ નિયમિત ઇન્કમ જેમ કે ઇન્ટરેસ્ટ અથવા ડિવિડન્ડ.\u003c/li\u003e\u003cli\u003e\u003cb\u003e\u003c/b\u003e\u003cstrong\u003e\u003cb\u003eમૂડીમાં વધારો\u003c/b\u003e\u003c/strong\u003eતેની ખરીદી કિંમતની તુલનામાં સંપત્તિની કિંમતમાં → વધારો.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eગાણિતિક:\u003c/p\u003e\u003cp\u003eR\u003csub\u003eટી =\u003c/sub\u003el\u003csub\u003et \u003c/sub\u003e+ પી\u003csub\u003et\u003c/sub\u003e\u003csub\u003e\u003c/sub\u003e– પી\u003csub\u003et-1\u003c/sub\u003e/ પી\u003csub\u003et-1\u003c/sub\u003e\u003c/p\u003e\u003cp\u003eજ્યાં:\u003c/p\u003e\u003cul\u003e\u003cli\u003eR\u003csub\u003et\u003c/sub\u003e= સમયગાળામાં રિટર્નનો રેટ\u003c/li\u003e\u003cli\u003el\u003csub\u003et\u003c/sub\u003e= આ દરમિયાન પ્રાપ્ત થયેલ આવક\u003c/li\u003e\u003cli\u003eP\u003csub\u003et\u003c/sub\u003e\u003csub\u003e\u003c/sub\u003e= ના અંતે કિંમત\u003c/li\u003e\u003cli\u003eP\u003csub\u003et-1\u003c/sub\u003e= આની શરૂઆતમાં કિંમત\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eઆને આમાં વિભાજિત કરી શકાય છે:\u003c/p\u003e\u003cp\u003eR\u003csub\u003eટી =\u003c/sub\u003eI\u003csub\u003eટી/\u003c/sub\u003eP\u003csub\u003eટી-1+ \u003c/sub\u003eP\u003csub\u003et \u003c/sub\u003e-પી\u003csub\u003eટી-1 /\u003c/sub\u003eP\u003csub\u003et-1 \u003c/sub\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eI\u003csub\u003eટી/\u003c/sub\u003eP\u003csub\u003et-1\u003c/sub\u003e→ \u003cstrong\u003e\u003cb\u003eવર્તમાન ઉપજ\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eP\u003csub\u003et \u003c/sub\u003e-પી\u003csub\u003eટી-1 /\u003c/sub\u003eP\u003csub\u003et-1 \u003c/sub\u003e→ \u003cstrong\u003e\u003cb\u003eકેપિટલ ગેઇન યીલ્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eઅથવા માત્ર:\u003c/p\u003e\u003cp\u003eવળતરનો રેટ = વર્તમાન ઉપજ + મૂડી લાભની ઉપજ \u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ 1: ઇક્વિટી શેર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eખરીદીની કિંમત (P\u003csub\u003et-1\u003c/sub\u003e) = ₹200\u003c/li\u003e\u003cli\u003eપ્રાપ્ત થયેલ ડિવિડન્ડ (I\u003csub\u003et\u003c/sub\u003e) = ₹10\u003c/li\u003e\u003cli\u003eએક વર્ષ પછી કિંમત (P\u003csub\u003et\u003c/sub\u003e) = ₹240\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eR\u003csub\u003eટી =\u003c/sub\u003e10/200 +240-200/200\u003c/p\u003e\u003cp\u003eR\u003csub\u003eટી =\u003c/sub\u003e0.05 + 0.20 = 0.25 અથવા 25%\u003c/p\u003e\u003cp\u003eઅહીં, ઇન્વેસ્ટર કમાણી કરે છે \u003cstrong\u003e\u003cb\u003e5% ઉપજ\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003e20%. મૂડીમાં વધારો\u003c/b\u003e\u003c/strong\u003e, કુલ \u003cstrong\u003e\u003cb\u003e25 % રિટર્ન\u003c/b\u003e\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ 2 : મ્યુચ્યુઅલ ફંડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eખરીદીની કિંમત = ₹1,000\u003c/li\u003e\u003cli\u003eડિવિડન્ડની ચુકવણી = ₹40\u003c/li\u003e\u003cli\u003eએક વર્ષ પછી NAV = ₹1,080\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eR\u003csub\u003eટી = \u003c/sub\u003e400/1000 + 1080-1000/1000\u003c/p\u003e\u003cp\u003eR\u003csub\u003eટી = \u003c/sub\u003e0.04 + 0.08 = 0.12 અથવા 12%\u003c/p\u003e\u003cp\u003eમ્યુચ્યુઅલ ફંડ પ્રદાન કરે છે \u003cstrong\u003e\u003cb\u003e4% ઉપજ\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003e8% કેપિટલ ગેઇન\u003c/b\u003e\u003c/strong\u003e, કુલ \u003cstrong\u003e\u003cb\u003e12 % રિટર્ન\u003c/b\u003e\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઉદાહરણ 3: રિયલ એસ્ટેટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eખરીદીની કિંમત = ₹50,00,000\u003c/li\u003e\u003cli\u003eભાડાની ઇન્કમ = ₹3,00,000 પ્રતિ વર્ષ\u003c/li\u003e\u003cli\u003eએક વર્ષ પછી વેચાણ કિંમત = ₹55,00,000\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eR\u003csub\u003et\u003c/sub\u003e =3,00,000/50,00,000 + 55,00,000-50,00,000/50,00,000\u003c/p\u003e\u003cp\u003eR\u003csub\u003et\u003c/sub\u003e =0.06+0.10 0.16 અથવા 16% \u003c/p\u003e\u003cp\u003eપ્રોપર્ટી જનરેટ કરે છે \u003cstrong\u003e\u003cb\u003e6% ઉપજ\u003c/b\u003e\u003c/strong\u003e અને \u003cstrong\u003e\u003cb\u003e10%. મૂડીમાં વધારો\u003c/b\u003e\u003c/strong\u003e, કુલ \u003cstrong\u003e\u003cb\u003e16 % રિટર્ન\u003c/b\u003e\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eતુલનાત્મક ઉદાહરણ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસંપત્તિનો પ્રકાર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eવર્તમાન ઉપજ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકેપિટલ ગેઇન યીલ્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eકુલ રિટર્ન\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eઇક્વિટી શેર\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e5%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e20%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e25%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eમ્યુચ્યુઅલ ફંડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e4%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e8%\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\u003eરિયલ એસ્ટેટ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e10%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e16%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003eસરકારી બોન્ડ\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e7%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e0%\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e7%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\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_24488  =  jQuery(\u0027.owl-carousel\u0027);resize_24488.on(\u0027initialized.owl.carousel\u0027,  function(e)  {if  (typeof(Event)  === 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