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Jessy · 2021年03月20日

我用题目的HPR计算出来的年化收益怎么每个都不一样？

  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% = (1.0461 365/ 146  )-1, and ETF 3, 11.32% = (1.1435 12/ 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.

ETF1：4.64%*360/146=11.367%

ETF2：1.1%*52/5=11.44%

ETF3：14.35%*12/15=11.48%

ETF3年收益最高。

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丹丹_品职答疑助手 · 2021年03月21日

嗨，爱思考的PZer你好：


同学你好，除了用libor计算的公式外，我们将收益率变成年化利率进行比较都是复利，你上述解法是单利转换。请知悉。

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加油吧，让我们一起遇见更好的自己！

丹丹_品职答疑助手 · 2021年03月20日

嗨，努力学习的PZer你好：


同学你好，请你列出你的计算过程

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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！

Jessy · 2021年03月20日

上面已经列出来了啊，请你再仔细看一下

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