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cui1130 · 2022年03月22日

能详细讲一下这道题吗？为什么我把每个年化后算出来的和答案不一样

  1. CFA I
  2. Portfolio

NO.PZ2015121801000039

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

A.

ETF 1.

B.

ETF 2.

C.

ETF 3.

解释：

B is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, and ETF 3, 11.32% = (1.143512/15 )-1. Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

能详细讲一下这道题吗？为什么我把每个年化后算出来的和答案不一样

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1 个答案

Kiko_品职助教 · 2022年03月23日

嗨，爱思考的PZer你好：


这道题是对比三个基金的收益率大小，表格给了每个基金从成立以来的天数和期间收益率，但是这些收益率由于时间长度不同不能直接对比，所以要年化，也就是把所有的收益率算到365天/52周/12个月/1年，用的是复利，也就是答案中给的方法。

利用计算器的y×键，输入×的时候记得要加括号，计算器多练几次就好了。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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