{"id":25002,"date":"2022-06-01T07:36:52","date_gmt":"2022-06-01T07:36:52","guid":{"rendered":"https://www.5paisa.com/finschool/?post_type=markets\u0026#038;p=25002"},"modified":"2023-01-24T00:54:09","modified_gmt":"2023-01-23T19:24:09","slug":"risk-return-relationship","status":"publish","type":"markets","link":"https://www.5paisa.com/finschool/course/investment-analysis-course/risk-return-relationship/","title":{"rendered":"Learn About Measuring Risk \u0026#038; Return of Mutual Fund"},"content":{"rendered":"\u003cdiv data-elementor-type=\u0022wp-post\u0022 data-elementor-id=\u002225002\u0022 class=\u0022elementor elementor-25002\u0022\u003e\u003csection class=\u0022elementor-section elementor-top-section elementor-element elementor-element-825a2f1 elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\u0022 data-id=\u0022825a2f1\u0022 data-element_type=\u0022section\u0022\u003e\u003cdiv class=\u0022elementor-container 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સાહિત્યનો સૌથી મૂળભૂત સિદ્ધાંત એ છે કે રિસ્ક અને રિટર્ન વચ્ચે ટ્રેડ-ઑફ છે. રિસ્ક-રિટર્ન રિલેશનશિપ માટે જરૂરી છે કે સિક્યોરિટી પર રિટર્ન તેના જોખમને અનુરૂપ હોવું જોઈએ. જો કેપિટલ માર્કેટ કાર્યક્ષમ હોય, તો તમામ ઇન્વેસ્ટમેન્ટ એસેટ્સએ એક દર અથવા રિટર્ન પ્રદાન કરવું જોઈએ જે તેમની સાથે સંકળાયેલા જોખમો સાથે સુસંગત છે. રિસ્ક અને રિટર્ન સીધા જ ચલ હોય છે, એટલે કે, ઉચ્ચ જોખમ ધરાવતું ઇન્વેસ્ટમેન્ટ વધુ રિટર્ન પેદા કરવું જોઈએ.\u003c/p\u003e\u003cp\u003eજોખમ / વળતર વેપાર-ઓફને સરળતાથી \u0026quot;રાત્રે ઊંઘવાની ક્ષમતા-પર-રાત્રી પરીક્ષણ\u0026quot; કહી શકાય છે જ્યારે કેટલાક લોકો આંખની લડાઈ વગર ફાઇનાન્શિયલ સ્કાયડાઇવિંગના સમકક્ષને સંભાળી શકે છે, ત્યારે અન્ય લોકો સુરક્ષિત ઉપયોગ વિના ફાઇનાન્શિયલ સીડી પર ચઢવા માટે ભયભીત છે. તમારા ઇન્વેસ્ટમેન્ટ સાથે આરામદાયક રહેતી વખતે તમે કેટલું જોખમ લઈ શકો છો તે નક્કી કરવું ખૂબ જ મહત્વપૂર્ણ છે.\u003c/p\u003e\u003cp\u003eરોકાણની દુનિયામાં, જોખમની શબ્દકોશ વ્યાખ્યા એ સંભાવના છે કે રોકાણનું વાસ્તવિક વળતર અપેક્ષિત કરતાં અલગ હશે. તકનીકી રીતે, આને સ્ટાન્ડર્ડ ડેવિએશન દ્વારા આંકડામાં માપવામાં આવે છે. જોખમનો અર્થ એ છે કે તમારી પાસે તમારા મૂળ રોકાણના કેટલાક, અથવા તમામને ગુમાવવાની સંભાવના છે.\u003c/p\u003e\u003cp\u003eઅનિશ્ચિતતાના ઓછા સ્તર (ઓછા જોખમ) ઓછા સંભવિત વળતર સાથે સંકળાયેલા છે. ઉચ્ચ સ્તરની અનિશ્ચિતતા (ઉચ્ચ જોખમ) ઉચ્ચ સંભવિત વળતર સાથે સંકળાયેલ છે. રિસ્ક/રિટર્ન ટ્રેડ-ઑફ એ સૌથી ઓછા જોખમ અને સૌથી વધુ સંભવિત વળતરની ઇચ્છા વચ્ચેનું સંતુલન છે. આ નીચેના ચાર્ટમાં ગ્રાફિક રીતે દર્શાવવામાં આવે છે. ઉચ્ચ માનક વિચલનનો અર્થ એ છે કે ઉચ્ચ જોખમ અને ઉચ્ચ સંભવિત વળતર. નીચેનો આંકડો જોખમ અને રિટર્ન વચ્ચેના સંબંધને દર્શાવે છે.\u003c/p\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022size-medium wp-image-31738 aligncenter\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/5.1-300x300.jpg\u0022 alt=\u0022\u0022 width=\u0022300\u0022 height=\u0022300\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/5.1-300x300.jpg 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/5.1-150x150.jpg 150w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/5.1-50x50.jpg 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/5.1-100x100.jpg 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/5.1-96x96.jpg 96w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/5.1.jpg 500w\u0022 sizes=\u0022(max-width: 300px) 100vw, 300px\u0022 /\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eમાર્કેટ લાઇનનો ઢાળ તમામ રોકાણકારો દ્વારા જરૂરી જોખમના પ્રતિ યુનિટ રિટર્નને સૂચવે છે. અત્યંત જોખમ-વિરોધી રોકાણકારો પાસે એક ઊંચી લાઇન હશે, અને તેનાથી વિપરીત. દેખીતી રીતે સમાન સ્ટૉક્સ પરની ઉપજ અલગ હોઈ શકે છે. કિંમતમાં તફાવતો, અને તેથી ઉપજ, ચોક્કસ સ્ટૉક્સમાં કંપનીના સ્ટેન્ડિંગ અને રિસ્ક તત્વોને જારી કરવાના બજારના મૂલ્યાંકનને પ્રતિબિંબિત કરે છે. સામાન્ય રીતે બજારના સંબંધમાં ઉચ્ચ ઉપજ ઉપરના સરેરાશ જોખમ તત્વ દર્શાવે છે\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cspan style=\u0022color: #000080\u0022\u003e\u003cem\u003eવિવિધ સિક્યોરિટીઝનું જોખમ અને રિટર્ન સંબંધ\u003c/em\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cimg decoding=\u0022async\u0022 class=\u0022 wp-image-31739 aligncenter\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Untitled-design-6-300x300.jpg\u0022 alt=\u0022\u0022 width=\u0022330\u0022 height=\u0022330\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/05/Untitled-design-6-300x300.jpg 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Untitled-design-6-150x150.jpg 150w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Untitled-design-6-50x50.jpg 50w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Untitled-design-6-100x100.jpg 100w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Untitled-design-6-96x96.jpg 96w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/05/Untitled-design-6.jpg 500w\u0022 sizes=\u0022(max-width: 330px) 100vw, 330px\u0022 /\u003e\u003c/p\u003e\u003cp\u003eએક સમયે પ્રવર્તમાન કમ્પોઝિટ માર્કેટ લાઇનને જોતાં, રોકાણકારો તેમની જોખમની પસંદગીઓ સાથે સુસંગત રોકાણો પસંદ કરશે. કેટલાક લો-રિસ્ક ઇન્વેસ્ટમેન્ટને ધ્યાનમાં લેશે, જ્યારે અન્ય ઉચ્ચ-જોખમવાળા ઇન્વેસ્ટમેન્ટને પસંદ કરશે.\u003c/p\u003e\u003cp\u003eએક સામાન્ય ગેરસમજ એ છે કે ઉચ્ચ જોખમ વધુ વળતર સમાન છે. રિસ્ક/રિટર્ન ટ્રેડઑફ અમને કહે છે કે ઉચ્ચ જોખમ અમને વધુ રિટર્નની સંભાવના આપે છે. પરંતુ કોઈ ગેરંટી નથી. જેમ જોખમનો અર્થ ઉચ્ચ સંભવિત વળતર છે, તેનો અર્થ એ પણ છે કે ઉચ્ચ સંભવિત નુકસાન.\u003c/p\u003e\u003cp\u003eસ્કેલના નીચલા સ્તરે, રિસ્ક-મુક્ત વળતરનો રેટ સરકારી સિક્યોરિટીઝના ટ્રેઝરી બિલ્સ પર વળતર દ્વારા રજૂ કરવામાં આવે છે, કારણ કે તેમની ડિફોલ્ટની શક્યતા શૂન્યથી આગળ છે. જો રિસ્ક-ફ્રી રેટ હાલમાં 8 થી 10 % છે, તો આનો અર્થ એ છે કે, વર્ચ્યુઅલ રીતે કોઈ રિસ્ક વગર, અમે અમારા પૈસા પર દર વર્ષે 8 થી 10 % કમાઈ શકીએ છીએ. સામાન્ય પ્રશ્ન ઉદ્ભવે છે: જ્યારે લાંબા ગાળે index ફંડ્સ સરેરાશ 12% દર વર્ષે 6% કમાવવા માંગે છે? આનો જવાબ એ છે કે સંપૂર્ણ બજાર (index ફંડ દ્વારા રજૂ કરવામાં આવે છે) પણ રિસ્ક ધરાવે છે. index ફંડ્સ પરનું વળતર દર વર્ષે 12% નથી, પરંતુ તેના બદલે -5% એક વર્ષ, આગામી વર્ષે 25%, અને તેથી વધુ. એક રોકાણકારને એકંદર વળતર પ્રાપ્ત કરવા માટે હજુ પણ નોંધપાત્ર રીતે વધુ જોખમ અને અસ્થિરતાનો સામનો કરવો પડે છે જે આગાહી કરી શકાય તેવી સરકારી સુરક્ષા કરતાં વધુ છે. આ અતિરિક્ત રિટર્ન રિસ્ક પ્રીમિયમ છે, જે આ કિસ્સામાં 8% (12% - 8%) છે. તમારા માટે જોખમનું સ્તર સૌથી યોગ્ય છે તે નક્કી કરવું એ જવાબ આપવાનો સરળ પ્રશ્ન નથી. રિસ્ક સહનશીલતા દરેક વ્યક્તિ માટે અલગ હોય છે. નિર્ણય અન્ય પરિબળો સાથે તમારા લક્ષ્યો, ઇન્કમ અને વ્યક્તિગત પરિસ્થિતિ પર આધારિત હોવો જોઈએ.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide02\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Portfolio and Security Returns\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\u003e\u003cspan style=\u0022color: #f1566d\u0022\u003e5.2 પોર્ટફોલિયો અને સિક્યોરિટી રિટર્ન\u003c/span\u003e\u003c/strong\u003e\u003c/h3\u003e\u003ch3 style=\u0022text-align: left\u0022\u003e\u003ca href=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-amico.svg\u0022\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022size-full wp-image-16525 aligncenter\u0022 role=\u0022img\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-amico.svg\u0022 alt=\u0022\u0022 width=\u0022500\u0022 height=\u0022500\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 150w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 1024w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 1536w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 2048w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/01/Consulting-amico.svg 500w\u0022 sizes=\u0022(max-width: 500px) 100vw, 500px\u0022 /\u003e\u003c/a\u003e\u003c/h3\u003e\u003cp\u003eપોર્ટફોલિયો એ સિક્યોરિટીઝનો કલેક્શન છે. વ્યક્તિગત અથવા સંસ્થાના સમગ્ર ભંડોળને એક જ સિક્યોરિટીમાં રોકાણ કરવું ભાગ્યે જ ઇચ્છનીય છે, તેથી પોર્ટફોલિયો સંદર્ભમાં દરેક સિક્યોરિટી જોવી જરૂરી છે. આમ, તે તાર્કિક લાગે છે કે પોર્ટફોલિયોનું અપેક્ષિત વળતર પોર્ટફોલિયોમાં સમાવિષ્ટ દરેક સિક્યોરિટીના અપેક્ષિત વળતર પર આધારિત હોવું જોઈએ. એવું પણ તાર્કિક લાગે છે કે દરેક સિક્યોરિટીમાં ઇન્વેસ્ટ કરેલી રકમ મહત્વપૂર્ણ હોવી જોઈએ. ખરેખર, આ બાબત છે.\u003c/p\u003e\u003cp\u003eનીચે દર્શાવેલ ત્રણ સિક્યોરિટીઝ સાથે પોર્ટફોલિયોનું ઉદાહરણ જે આ બિંદુને દર્શાવે છે.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eસિક્યોરિટી અને પોર્ટફોલિયો મૂલ્યો\u003c/strong\u003e\u003c/p\u003e\u003ctable style=\u0022height: 511px\u0022 width=\u0022881\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eસુરક્ષા\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eશેરની સંખ્યા \u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eશેર દીઠ વર્તમાન કિંમત\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્તમાન મૂલ્ય\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e (4)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eઅપેક્ષિત સમયગાળાના શેર મૂલ્યનો અંત\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(5)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eઅપેક્ષિત સમયગાળાના શેર મૂલ્યનો અંત\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(6)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003eXYZ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e100\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e1500\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e18\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e1800\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003eએબીસી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e150\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e20\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e3000\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e22\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e3300\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003eઈએફજી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e200\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e40\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e8000\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e45\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e9000\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003eકેએલએમ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e250\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e25\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e6250\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e30\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e7500\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003eએનઓપી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e100\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e12.5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e1250\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e1500\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003e20000\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003e23100\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eસિક્યોરિટી અને પોર્ટફોલિયો મૂલ્ય-સંબંધિત\u003c/strong\u003e\u003c/p\u003e\u003ctable width=\u0022658\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003e\u003cstrong\u003eસુરક્ષા\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્તમાન મૂલ્ય\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003eપોર્ટફોલિયોની વર્તમાન વેલ્યૂનું પ્રમાણ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003eશેર દીઠ વર્તમાન કિંમત\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003eઅપેક્ષિત સમયગાળાના શેર મૂલ્યનો અંત\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003eઅપેક્ષિત હોલ્ડિંગ પીરિયડ વેલ્યૂ સંબંધી\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e\u003cstrong\u003eપોર્ટફોલિયોમાં અપેક્ષિત હોલ્ડિંગ-સમયગાળો મૂલ્ય-સંબંધિત યોગદાન\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003e(3)=2/20000\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003e(4)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003e(5)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003e(6)= 5/4\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e\u003cstrong\u003e(7)=3*6\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003eXYZ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e1500\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e0.0750\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e18\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e1200\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e0.0900\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd 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width=\u002297\u0022\u003e\u003cp\u003e1125\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e0.4500\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003eકેએલએમ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e6250\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e0.3125\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e25\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e30\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e1200\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e0.3750\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003eએનઓપી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e1250\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e0.0625\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e12.5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e1200\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e0.0750\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002295\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002278\u0022\u003e\u003cp\u003e\u003cstrong\u003e20,000\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u003cstrong\u003e1.000\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002297\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002298\u0022\u003e\u003cp\u003e\u003cstrong\u003e1.155\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eસિક્યોરિટી અને પોર્ટફોલિયો હોલ્ડિંગ-સમયગાળાનું રિટર્ન\u003c/strong\u003e\u003c/p\u003e\u003ctable width=\u0022632\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e\u003cstrong\u003eસુરક્ષા\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e\u003cstrong\u003eપોર્ટફોલિયોની વર્તમાન વેલ્યૂનું પ્રમાણ\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e\u003cstrong\u003eઅપેક્ષિત હોલ્ડિંગ સમયગાળાનું રિટર્ન (%)\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e\u003cstrong\u003eપોર્ટફોલિયો અપેક્ષિત હોલ્ડિંગ પીરિયડ રિટર્નમાં યોગદાન (%)\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(4)= 2*3\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003eXYZ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e0.0750\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e20\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e1.50\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003eએબીસી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e0.1500\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e10\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e1.50\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003eઈએફજી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e0.4000\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e12.5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e5.00\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003eકેએલએમ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e0.3125\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e20\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e6.25\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003eએનઓપી\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e0.0625\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e20\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e1.25\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022158\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022147\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022169\u0022\u003e\u003cp\u003e\u003cstrong\u003e15.50\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eપોર્ટફોલિયોનું અપેક્ષિત રિટર્ન તેની સિક્યોરિટીઝના અપેક્ષિત રિટર્નનું ભારિત સરેરાશ છે, તેથી પોર્ટફોલિયોના અપેક્ષિત રિટર્નમાં દરેક સિક્યોરિટીનું યોગદાન તેના અપેક્ષિત રિટર્ન અને પ્રારંભિક પોર્ટફોલિયોના બજાર મૂલ્યના તેના પ્રમાણસર શેર પર આધારિત છે. બીજું કંઈ સંબંધિત નથી. તે અનુસરણ કરે છે કે એક ઇન્વેસ્ટર જે સૌથી વધુ સંભવિત અપેક્ષિત વળતર મેળવવા માંગે છે તે એક સિક્યોરિટી ધરાવે છે. આ તે હોવું જોઈએ જે સૌથી વધુ અપેક્ષિત રિટર્ન હોવાનું માનવામાં આવે છે. ખૂબ જ ઓછા રોકાણકારો આ કરે છે, અને ખૂબ ઓછા ઇન્વેસ્ટમેન્ટ સલાહકારો આવી ભારે નીતિની સલાહ લેશે. તેના બદલે, રોકાણકારોએ વૈવિધ્યકરણ કરવું જોઈએ, એટલે કે તેમના પોર્ટફોલિયોમાં એકથી વધુ સિક્યોરિટી શામેલ હોવી જોઈએ. આનું કારણ એ છે કે વૈવિધ્યકરણ રિસ્ક ઘટાડી શકે છે.\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide03\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Risk and Return Calculation\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\u003e\u003cspan style=\u0022color: #f1566d\u0022\u003e5.3. રિસ્ક અને રિટર્નની ગણતરી \u003ca href=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022size-full wp-image-16526 aligncenter\u0022 role=\u0022img\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022 alt=\u0022\u0022 width=\u0022750\u0022 height=\u0022500\u0022 /\u003e\u003c/a\u003e\u003cbr /\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eચાલો એક જ સુરક્ષાનું ઉદાહરણ લઈએ અને તેની રિટર્નની ગણતરીને સમજીએ. નીચે આપેલ ટેબલ પાછલા 6 વર્ષ માટે સેલ લિમિટેડના શેર દીઠ સરેરાશ બજાર કિંમત અને ડિવિડન્ડ દર્શાવે છે:\u003c/p\u003e\u003ctable style=\u0022height: 423px\u0022 width=\u0022857\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp style=\u0022text-align: center\u0022\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd style=\u0022text-align: center\u0022 width=\u0022200\u0022\u003e\u003cp\u003e\u003cstrong\u003eસરેરાશ માર્કેટ કિંમત\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e\u003cstrong\u003eશેર દીઠ ડિવિડન્ડ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2016\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e50\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e55\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e5\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e60\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e70\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e4\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e65\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e80\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp style=\u0022text-align: left\u0022\u003eતેથી, સેલ લિમિટેડ માટે સરેરાશ રિટર્ન હશે:\u003c/p\u003e\u003ctable class=\u0022 aligncenter\u0022 style=\u0022height: 642px\u0022 width=\u0022653\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e\u003cstrong\u003eસરેરાશ માર્કેટ કિંમત\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e\u003cstrong\u003eકેપિટલ ગેઇન \u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e(%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eશેર દીઠ ડિવિડન્ડ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003eડિવિડન્ડ ઉપજ (%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp style=\u0022text-align: left\u0022\u003e\u003cstrong\u003eરિટર્નનો રેટ \u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003e(4)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003e(5)\u003c/strong\u003e=4/2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u003cstrong\u003e(6)\u003c/strong\u003e= 3+5\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e2016\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e50\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e\u0026#8211;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e6.00%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e\u0026#8211;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e55\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e10.00%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e9.09%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e19.09%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e60\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e9.09%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e3.33%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e12.42%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e70\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e7.69%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e4\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e5.71%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e13.41%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp style=\u0022text-align: left\u0022\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e65\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e-7.14%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e3.07%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e-4.07%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022109\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022119\u0022\u003e\u003cp\u003e80\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002289\u0022\u003e\u003cp\u003e23.07%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e2.50%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022100\u0022\u003e\u003cp\u003e20.57%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eસરેરાશ રિટર્ન = (19.09+12.42+13.41-4.07+20.57)/5 12.28%\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eચાલો, આમાંથી દરેક રિટર્નની ઘટનાની કેટલીક સંભાવનાઓને ધ્યાનમાં રાખીને સેલ લિમિટેડ માટે સ્ટાન્ડર્ડ ડેવિએશનની ગણતરી કરીએ\u003c/p\u003e\u003ctable width=\u0022100%\u0022\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003eરિટર્નનો રેટ \u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003eસંભાવના\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003eરિટર્નનો દર- સરેરાશ રિટર્ન\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(રિટર્નનો દર-સરેરાશ રિટર્ન) ^2*p\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(4)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e(5) = (4^2) * પી\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e19.09%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.35\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e6.81\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e16.210\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e12.42%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.10\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.14\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.0019\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e13.41%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.20\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e1.13\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.2552\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e-4.07%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.05\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e-16.35\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e13.360\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e20.57%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e0.30\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e8.29\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e20.634\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u002218%\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e1.00\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002220%\u0022\u003e\u003cp\u003e\u003cstrong\u003e50.447\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\u003eસરેરાશ રિટર્ન = 12.28%\u003c/p\u003e\u003cp\u003eStandard Deviation= √\u003cstrong\u003e50.447 = \u003c/strong\u003e7.10%\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide04\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Return calculation of Portfolio ( Two Assets)\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\u003e\u003cspan style=\u0022color: #f1566d\u0022\u003e5.4. પોર્ટફોલિયોની રિટર્ન ગણતરી (બે સંપત્તિઓ)\u003c/span\u003e\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003ca href=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022size-full wp-image-16526 aligncenter\u0022 role=\u0022img\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022 alt=\u0022\u0022 width=\u0022750\u0022 height=\u0022500\u0022 /\u003e\u003c/a\u003e\u003c/p\u003e\u003cp\u003eબે અથવા વધુ સિક્યોરિટીઝના પોર્ટફોલિયોમાંથી અપેક્ષિત વળતર વ્યક્તિગત સિક્યોરિટીઝમાંથી અપેક્ષિત વળતરની સરેરાશ સમાન છે.\u003c/p\u003e\u003cp\u003eજ્યાં,\u003c/p\u003e\u003cp\u003eકે (આરપી) = બે સિક્યોરિટીઝના પોર્ટફોલિયોમાંથી અપેક્ષિત વળતર\u003c/p\u003e\u003cp\u003eWa = સિક્યોરિટીમાં ઇન્વેસ્ટ કરેલ ફંડનું પ્રમાણ A\u003c/p\u003e\u003cp\u003eડબલ્યુબી = સિક્યોરિટી બીમાં રોકાણ કરેલા ફંડનું પ્રમાણ\u003c/p\u003e\u003cp\u003eRa = અપેક્ષિત રિટર્ન ઑફ સિક્યોરિટી A\u003c/p\u003e\u003cp\u003eઆરબી = સિક્યોરિટીનું અપેક્ષિત રિટર્ન બી\u003c/p\u003e\u003cp\u003eWa + Wb = 1\u003c/p\u003e\u003cp\u003eચાલો એક ઉદાહરણ લઈએ: શ્રીમતી રિદ્ધિના પોર્ટફોલિયોમાં 6 સિક્યોરિટીઝ શામેલ છે અને દરેક સિક્યોરિટીનું વ્યક્તિગત વજન અને રિટર્ન નીચે આપેલ છે.\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e\u003cstrong\u003eસુરક્ષા\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e\u003cstrong\u003eરોકાણનું પ્રમાણ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e\u003cstrong\u003eરિટર્ન (%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eવિપ્રો\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e10%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e18%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eICICI બેંક\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e25%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e12%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eITC\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e8%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e22%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eટાટા મોટર્સ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e30%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e15%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eHDFC બેંક\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e12%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e6%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eઆઇશર મોટર્સ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e15%\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e8%\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eભારિત સરેરાશ રિટર્ન હશે: (0.10*18)+(0.25*12)+(0.08*22)+(0.30*15)+(0.12*6)+(0.15*8)\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e= 12.98%\u003c/strong\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0027text_slider_slide05\u0027 class=\u0027sa_hover_container\u0027 data-hash=\u0027Risk calculation of Portfolio ( Two Assets)\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\u003e\u003cspan style=\u0022color: #f1566d\u0022\u003e5.5. પોર્ટફોલિયોની રિટર્ન ગણતરી (બે સંપત્તિઓ)\u003c/span\u003e\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003ca href=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022size-full wp-image-16526 aligncenter\u0022 role=\u0022img\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2022/01/Consulting-pana.svg\u0022 alt=\u0022\u0022 width=\u0022750\u0022 height=\u0022500\u0022 /\u003e\u003c/a\u003e\u003c/p\u003e\u003cp\u003eસિક્યોરિટીનું રિસ્ક તેના રિટર્નના વેરિઅન્સ અથવા સ્ટાન્ડર્ડ ડેવિએશનના સંદર્ભમાં માપવામાં આવે છે. પોર્ટફોલિયો રિસ્ક માત્ર તેના ભારિત સરેરાશ જોખમનું માપ નથી. પોર્ટફોલિયો ધરાવતી સિક્યોરિટીઝ એકબીજા સાથે સંકળાયેલી છે. પોર્ટફોલિયો રિસ્ક પણ રોકાણના વળતર વચ્ચે સહ-વેરિયન્સને ધ્યાનમાં લે છે. બે સિક્યોરિટીઝનું કોવેરિયન્સ તેમના સહ-મૂવમેન્ટનું માપ છે; તે ડિગ્રીને દર્શાવે છે કે સિક્યોરિટીઝ એકસાથે બદલાય છે.\u003c/p\u003e\u003cp\u003eબે-શેર પોર્ટફોલિયોના સ્ટાન્ડર્ડ ડેવિએશનની ગણતરી નીચે આપેલ ફોર્મ્યુલા લાગુ કરીને કરવામાં આવે છે:\u003c/p\u003e\u003cp\u003eસિક્યોરિટી A અને સિક્યોરિટી () નું કોવેરિયન્સ નીચે મુજબ રજૂ કરી શકાય છે:\u003c/p\u003e\u003cp\u003eકોવેબ = qA qB PAB\u003c/p\u003e\u003cp\u003eબે-સિક્યોરિટી પોર્ટફોલિયોનો ઉપયોગ કરીને, બિન-સિસ્ટમેટિક જોખમનું વૈવિધ્યકરણ, તે બે સિક્યોરિટીઝના વળતર વચ્ચે રહેલા સહસંબંધ પર આધારિત છે. સહસંબંધનું પ્રમાણ બે સિક્યોરિટીઝ (આરએબી) ના સહસંબંધ ગુણાંકની ગણતરી દ્વારા કરવામાં આવે છે. સહસંબંધનું મૂલ્ય - 1 થી 1 વચ્ચે હોય છે; તેનું અર્થ નીચે મુજબ કરી શકાય છે:\u003c/p\u003e\u003cp\u003eજો\u003c/p\u003e\u003cp\u003ePAB = 1, કોઈ બિન-સિસ્ટમેટિક રિસ્કને ડાઇવર્સિફાઇડ કરી શકાતું નથી.\u003c/p\u003e\u003cp\u003ePAB =- 1, તમામ બિન-સિસ્ટમેટિક જોખમોને ડાઇવર્સિફાઇડ કરી શકાય છે.\u003c/p\u003e\u003cp\u003ePAB = 0, સિક્યોરિટી A અને સિક્યોરિટી B ના રિટર્ન વચ્ચે કોઈ સંબંધ નથી.\u003c/p\u003e\u003cp\u003eWipro ની સિક્યોરિટી અને પાછલા પાંચ વર્ષ માટે Infosys ની સિક્યોરિટીનું રિટર્ન નીચે આપેલ છે:\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eવર્ષ\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eWipro રિટર્ન (%)\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003eઇન્ફોસિસ રિટર્ન (%)\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e10\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e-6\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e16\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022200\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eવિપ્રોનું સરેરાશ રિટર્ન અને સ્ટાન્ડર્ડ ડેવિએશન\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e\u003cstrong\u003eWipro રિટર્ન (%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e\u003cstrong\u003eમીન રિટર્ન- રિટર્ન\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e\u003cstrong\u003e(મેઇન-રિટર્ન)^2\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e-4\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e16\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e-6\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e36\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e16\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e7\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e49\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e\u003cstrong\u003e45\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e110\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003eસરેરાશ રિટર્ન = 45/5 = 9%\u003c/p\u003e\u003cp\u003eStandard Deviation= √\u003cstrong\u003e110= 10.49%\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eઇન્ફોસિસનું મીન રિટર્ન અને સ્ટાન્ડર્ડ ડેવિએશન\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e\u003cstrong\u003eઇન્ફોસિસ રિટર્ન (%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e\u003cstrong\u003eમીન રિટર્ન- રિટર્ન\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e\u003cstrong\u003e(મેઇન-રિટર્ન)^2\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e10\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e4\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e-6\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e14\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e196\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e4\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e16\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e7\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e49\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022150\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022154\u0022\u003e\u003cp\u003e\u003cstrong\u003e40\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022156\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022141\u0022\u003e\u003cp\u003e266\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eસરેરાશ રિટર્ન = 40/5 = 8%\u003c/p\u003e\u003cp\u003eStandard Deviation= √\u003cstrong\u003e266= 16.31%\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eવિશ્લેષણ - ઇન્ફોસિસની તુલનામાં વિપ્રોમાં વળતરનું ઉચ્ચ ઐતિહાસિક સ્તર અને ઓછું જોખમ છે\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eઇન્ફોસિસ અને Wipro ના રિટર્નનું કો-વેરિયન્સ\u003c/strong\u003e\u003c/p\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e\u003cstrong\u003eવર્ષ\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e\u003cstrong\u003eરિટર્ન A(%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e\u003cstrong\u003eરિટર્ન B (%)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e\u003cstrong\u003e(આરએનો અર્થ- આરએનું રિટર્ન)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e\u003cstrong\u003eRb નો અર્થ- B નું રિટર્ન\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e\u003cstrong\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e\u003cstrong\u003e(4)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e\u003cstrong\u003e(5)\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e\u003cstrong\u003e(6)= 4*5\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e2017\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e10\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e2\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e0\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e2018\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e5\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e-6\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e-4\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e-14\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e56\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e2019\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e-6\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e4\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e-24\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e2020\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e12\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e9\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e1\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e3\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e2021\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e16\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e15\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e7\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e7\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e49\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd width=\u0022102\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022110\u0022\u003e\u003cp\u003e\u003cstrong\u003eમીન- 9%\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022111\u0022\u003e\u003cp\u003e\u003cstrong\u003eમીન = 8%\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u0022101\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002294\u0022\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003ctd width=\u002284\u0022\u003e\u003cp\u003e\u003cstrong\u003eCOVab=84\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eP\u003csub\u003eએબી\u003c/sub\u003e= COV\u003csub\u003eએબી\u003c/sub\u003e/ \u003c/strong\u003e\u003cstrong\u003eq\u003csub\u003eA \u003c/sub\u003e\u003c/strong\u003e\u003cstrong\u003eq\u003csub\u003eB\u003c/sub\u003e= 84/(10.49*16.31)= 0.491\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eCOV\u003csub\u003eએબી\u003c/sub\u003e= \u003c/strong\u003e\u003cstrong\u003eq\u003csub\u003eA \u003c/sub\u003e\u003c/strong\u003e\u003cstrong\u003eq\u003csub\u003eB \u003c/sub\u003eP\u003csub\u003eએબી\u003c/sub\u003e= 10.49*16.31*0.491= 84\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eપોર્ટફોલિયોનું વળતર (Rp) = (0.80 * 9) + (0.20* 8) = 7.2 + 1.6 = 8.8%\u003c/p\u003e\u003cp\u003eપોર્ટફોલિયોનું રિસ્ક (\u003cstrong\u003eq\u003csub\u003ep\u003c/sub\u003e\u003c/strong\u003e ) = (0.80\u003csup\u003e2\u003c/sup\u003e *10.49\u003csup\u003e2\u003c/sup\u003e ) + (0.20\u003csup\u003e2\u003c/sup\u003e *16.31\u003csup\u003e2\u003c/sup\u003e ) + (2 *0.80 * 0.20 * 10.49 * 16.31 * 0.491)\u003c/p\u003e\u003cp\u003e= (0.64 *110.04) + (0.04 * 266.02) + 26.88\u003c/p\u003e\u003cp\u003e= 70.43 + 10.64 + 26.88 = 107.95\u003c/p\u003e\u003cp\u003e(\u003cstrong\u003eq\u003c/strong\u003e\u003cstrong\u003e\u003csub\u003ep\u003c/sub\u003e\u003c/strong\u003e ) = \u003cstrong\u003e√\u003c/strong\u003e107.95 = 10.39%\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  =  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0);window.dispatchEvent(evt);}});});\u003c/script\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0022slides-tab\u0022 class=\u0022clearfix eael-tab-content-item \u0022 data-title-link=\u0022slides-tab\u0022\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-11528 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png\u0022 alt=\u0022\u0022 width=\u0022612\u0022 height=\u0022408\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:/www.5paisa.com/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\u0022 sizes=\u0022(max-width: 612px) 100vw, 612px\u0022 /\u003e\u003c/p\u003e\u003c/div\u003e\u003cdiv id=\u0022videos-tab\u0022 class=\u0022clearfix eael-tab-content-item \u0022 data-title-link=\u0022videos-tab\u0022\u003e\u003cp\u003e\u003cimg loading=\u0022lazy\u0022 decoding=\u0022async\u0022 class=\u0022aligncenter wp-image-11528 size-full\u0022 src=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png\u0022 alt=\u0022\u0022 width=\u0022612\u0022 height=\u0022408\u0022 srcset=\u0022https://www.5paisa.com/gujarati/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview.png 612w, https:/www.5paisa.com/finschool/wp-content/uploads/2021/10/coming-soon-person-g8026473a8_1920-removebg-preview-300x200.png 300w\u0022 sizes=\u0022(max-width: 612px) 100vw, 612px\u0022 /\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/section\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/section\u003e\u003c/div\u003e","protected":false},"excerpt":{"rendered":"\u003cp\u003eStudy Slides Videos 5.1 Risk Return Relationship The most fundamental tenet of finance literature is that there is a trade-off between risk and return. The risk-return relationship requires that the return on a security should be commensurate with its riskiness. If the capital markets are operationally efficient, then all investment assets should provide a rate … \u003ca title=\u0022Learn About Measuring Risk \u0026#038; Return of Mutual Fund\u0022 class=\u0022read-more\u0022 href=\u0022https://www.5paisa.com/gujarati/finschool/course/investment-analysis-course/risk-return-relationship/\u0022 aria-label=\u0022Read more about Learn About Measuring Risk \u0026#038; Return of Mutual Fund\u0022\u003eRead more\u003c/a\u003e\u003c/p\u003e","protected":false},"author":1,"featured_media":0,"parent":16695,"menu_order":5,"comment_status":"બંધ છે","ping_status":"બંધ છે","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-25002","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/25002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets"}],"about":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/types/markets"}],"author":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/users/1"}],"replies":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/comments?post=25002"}],"version-history":[{"count":9,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/25002/revisions"}],"predecessor-version":[{"id":38463,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/25002/revisions/38463"}],"up":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/markets/16695"}],"wp:attachment":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/media?parent=25002"}],"wp:term":[{"taxonomy":"શ્રેણી","embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/categories?post=25002"}],"curies":[{"name":"wp","href":"https://api.w.org/{rel}","templated":true}]}}