{"id":540853,"date":"2021-08-01T10:01:25","date_gmt":"2021-08-01T07:01:25","guid":{"rendered":"https:\/\/www.etoro.com\/stocks\/alpha-beta-stock-market\/"},"modified":"2026-04-15T11:00:54","modified_gmt":"2026-04-15T08:00:54","slug":"alpha-beta-stock-market","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/ro\/stocks\/alpha-beta-stock-market\/","title":{"rendered":"Alfa \u0219i Beta: No\u021biuni de baz\u0103"},"content":{"rendered":"\n<p class=\"is-style-summary\">Alfa arat\u0103 cum performeaz\u0103 o investi\u021bie comparativ cu pia\u021ba, iar beta indic\u0103 c\u00e2t de mult variaz\u0103 pre\u021bul acesteia. Ace\u0219ti indicatori ofer\u0103 o imagine asupra riscului \u0219i poten\u021bialului de profit. Prin analiza acestor valori, po\u021bi \u00een\u021belege mai bine comportamentul \u0219i caracteristicile unui activ financiar.<\/p>\n\n\n\n<hr class=\"wp-block-separator wp-block-separator-color-dark-grey wp-block-separator-spaces-medium wp-block-separator-weight-1\"\/>\n\n\n\n<p>\u00cen\u021belegerea conceptelor alfa \u0219i beta ofer\u0103 o imagine asupra riscurilor implicate \u00een investi\u021bii. Vom explica cum se calculeaz\u0103 \u0219i <strong>importan\u021ba lor \u00een crearea <\/strong><a href=\"https:\/\/www.etoro.com\/ro\/investing\/investment-strategies\/\">strategiei de investi\u021bii<\/a>. De asemenea, vom analiza Modelul de evaluare a activelor de capital (CAPM) care integreaz\u0103 aceste dou\u0103 concepte.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ce este alfa unei ac\u021biuni?<\/h2>\n\n\n\n<p>Termenul alfa reprezint\u0103 <strong>randamentul<\/strong> <strong>ob\u021binut de o investi\u021bie fa\u021b\u0103 de un<\/strong> <e-tip data-tooltip=\"Un reper fa\u021b\u0103 de care poate fi evaluat\u0103 performan\u021ba unei valori mobiliare, a unei strategii de investi\u021bii sau a unui administrator de investi\u021bii\">benchmark<\/e-tip>, cum ar fi un indice. Acesta arat\u0103 c\u00e2t de mult a performat investi\u021bia peste media pie\u021bei.Valoarea alfa a unei ac\u021biuni reprezint\u0103 o analiz\u0103 bazat\u0103 pe date din trecut, care nu ofer\u0103 garan\u021bii pentru evolu\u021bia viitoare.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-Calculate-Alpha-of-a-Stock-Body-Image-1.png\" alt=\"\" class=\"wp-image-1255026 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-Calculate-Alpha-of-a-Stock-Body-Image-1.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-Calculate-Alpha-of-a-Stock-Body-Image-1-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Cum se calculeaz\u0103 alfa unei ac\u021biuni<\/h2>\n\n\n\n<p><strong>Alfa este un indicator bazat pe analiz\u0103 comparativ\u0103<\/strong>, a\u021ba c\u0103 primul pas este s\u0103 stabile\u0219ti care este reperul potrivit fa\u021b\u0103 de care vei evalua ac\u021biunea. Cu c\u00e2t alegi un reper mai relevant, cu at\u00e2t concluziile analizei vor fi mai solide.<\/p>\n\n\n\n<p>Dac\u0103, de exemplu, analizezi alfa pentru gigantul farmaceutic <a href=\"https:\/\/www.etoro.com\/ro\/markets\/JNJ\">Johnson &amp; Johnson<\/a>, po\u021bi s\u0103-l compari cu un grup de companii similare, reprezentat de ETF-ul <a href=\"https:\/\/www.etoro.com\/ro\/markets\/ixj\">iShares S&amp;P Global Healthcare Sector<\/a>. De asemenea, <strong>po\u021bi evalua performan\u021ba sa \u00een raport cu alte ac\u021biuni<\/strong> <e-tip data-tooltip=\"Ac\u021biunile unei companii consacrate, profitabile \u0219i bine cunoscute, adesea cu o capitalizare de pia\u021b\u0103 mare\">bluechip<\/e-tip> din diverse sectoare, folosind ca reper indicele <a href=\"https:\/\/www.etoro.com\/ro\/markets\/DJ30\">Dow Jones 30<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Sfat:<\/strong> <a href=\"https:\/\/www.etoro.com\/ro\/investing\/sp-500-explained\/\">Indicele S&amp;P 500<\/a> este frecvent ales de anali\u0219ti ca punct de referin\u021b\u0103 pentru evaluarea valorii alfa.<\/p>\n<\/div><\/div>\n\n\n\n<p><mark>Calculul alfa \u00eencepe prin <strong>stabilirea primei de risc a activului<\/strong>, adic\u0103 diferen\u021ba dintre randamentul estimat al acestuia \u0219i cel al unui reper sigur. Acest reper poate fi, de exemplu, dob\u00e2nda la un cont de economii sau randamentul unei obliga\u021biuni guvernamentale.<\/mark><\/p>\n\n\n\n<p>Formula final\u0103 pentru calcularea alfa arat\u0103 cum se raporteaz\u0103 randamentul activului (R) la randamentul activelor similare de pe pia\u021b\u0103 (Rm) \u0219i la rata f\u0103r\u0103 risc (Rf). De asemenea, <strong>ia \u00een considerare \u0219i coeficientul beta (\u03b2) pentru a evalua riscul<\/strong>.Iat\u0103 calculul:<\/p>\n\n\n\n<p><strong>Alfa = R \u2013 ((Rf + \u03b2(Rm-Rf))<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>R<\/strong> = <strong>Randamentul real<\/strong> al unei ac\u021biuni sau fond<\/li>\n\n\n\n<li><strong>Rf <\/strong>= rata de <strong>rentabilitate f\u0103r\u0103 risc<\/strong>, de exemplu din obliga\u021biuni guvernamentale<\/li>\n\n\n\n<li><strong>\u03b2<\/strong> = <strong>riscul sistematic<\/strong> al unui portofoliu<\/li>\n\n\n\n<li><strong>Rm<\/strong> = <strong>randamentul de referin\u021b\u0103<\/strong> al activelor similare, de exemplu, un indice bursier<\/li>\n<\/ul>\n\n\n\n<p>Un <strong>exemplu practic<\/strong> ilustreaz\u0103 mecanismul procesului de calcul \u0219i modul \u00een care se determin\u0103 alfa:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>R<\/strong> = 15% \u2013 Fondul ABC investe\u0219te \u00een ac\u021biuni britanice cu capitalizare mare \u0219i ob\u021bine un randament de 15% \u00eentr-un an<\/li>\n\n\n\n<li><strong>Rf<\/strong> = 4% \u2013 \u00cen perioada respectiv\u0103, rata de rentabilitate a conturilor de economii f\u0103r\u0103 risc a fost de 4%<\/li>\n\n\n\n<li><strong>\u03b2 <\/strong>= 1,2 \u2013 Volatilitatea pre\u021bului Fondului ABC a fost cu 20% mai mare dec\u00e2t cea a <a href=\"https:\/\/www.etoro.com\/ro\/markets\/UK100\">indicelui FTSE 100<\/a>, ceea ce \u00eenseamn\u0103 c\u0103 fondul a avut un beta de 1,2<\/li>\n\n\n\n<li><strong>Rm<\/strong> = 12% \u2013 \u00cen aceea\u0219i perioad\u0103, FTSE 100, care este format din ac\u021biuni bluechip listate \u00een Marea Britanie, a \u00eenregistrat un randament de 12%<\/li>\n<\/ul>\n\n\n\n<p>Introducerea acestor date \u00een formul\u0103 permite calcularea valorii alfa:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Alfa = 15% &#8211; (4% + 1,2 *(12% &#8211; 4%))<\/li>\n\n\n\n<li>Alfa = 15% &#8211; (4% + 9,6%)<\/li>\n\n\n\n<li>Alfa Fondului ABC = 1,4%<\/li>\n<\/ul>\n\n\n\n<p>Intervalul de timp standard folosit pentru ace\u0219ti factori este de <strong>12 luni anterioare<\/strong>. Totu\u0219i, po\u021bi calcula valoarea alfa a unei ac\u021biuni pentru orice perioad\u0103 dore\u0219ti.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Care sunt diferitele valori ale indicatorului alfa pentru o ac\u021biune?<\/h3>\n\n\n\n<p>Valoarea alfa poate fi <strong>neutr\u0103, pozitiv\u0103 sau negativ\u0103<\/strong>. O alfa neutr\u0103 indic\u0103 o performan\u021b\u0103 similar\u0103 cu pia\u021ba, una pozitiv\u0103 semnaleaz\u0103 un randament superior, iar una negativ\u0103 arat\u0103 c\u0103 ac\u021biunea a avut o performan\u021b\u0103 inferioar\u0103.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><thead><tr><th>Alfa neutr\u0103 (0)<\/th><th>Alfa pozitiv\u0103 (&gt;0)<\/th><th>Alfa negativ\u0103 (&lt;0)<\/th><\/tr><\/thead><tbody><tr><td>Ac\u021biunea sau fondul a performat la <strong>acela\u0219i nivel<\/strong> cu reperul.<\/td><td>Ac\u021biunea sau fondul <strong>a dep\u0103\u0219it<\/strong> performan\u021ba reperului cu care a fost comparat.<\/td><td>Ac\u021biunea sau fondul a avut o performan\u021b\u0103 <strong>inferioar\u0103<\/strong> \u00een compara\u021bie cu reperul.<\/td><\/tr><tr><td>Ac\u021biunea sau fondul \u0219i-a modificat valoarea <strong>\u00een conformitate cu pia\u021ba<\/strong>, f\u0103r\u0103 s\u0103 \u00eenregistreze un randament superior sau inferior.<\/td><td>Datele arat\u0103 o performan\u021b\u0103 superioar\u0103 \u00een trecut, <strong>lucru care nu se aplic\u0103 neap\u0103rat \u0219i \u00een viitor<\/strong>, \u00eens\u0103 ac\u021biunea sau fondul ar putea merita o analiz\u0103 mai detaliat\u0103.<\/td><td>Acest lucru nu exclude neap\u0103rat ac\u021biunea sau fondul din procesul de selec\u021bie.Analiza ar trebui s\u0103 identifice <strong>factori care ar putea influen\u021ba<\/strong> o schimbare \u00een performan\u021b\u0103.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Ce \u00eenseamn\u0103 beta \u00een cazul ac\u021biunilor?<\/h2>\n\n\n\n<p>Beta este un indicator al <e-tip data-tooltip=\"O m\u0103sur\u0103 a varia\u021biilor pre\u021burilor pie\u021bei sau ale ac\u021biunilor \u00eentr-un anumit interval de timp] unei ac\u021biuni\">volatilit\u0103\u021bii<\/e-tip> unei ac\u021biuni. Aceasta se determin\u0103 compar\u00e2nd volatilitatea ac\u021biunii cu cea a pie\u021bei \u00een ansamblu, de obicei <strong>fa\u021b\u0103 de un indice de referin\u021b\u0103<\/strong> specific sectorului.<\/p>\n\n\n\n<p><mark>Beta analizeaz\u0103 riscul \u0219i poten\u021bialul de c\u00e2\u0219tig al unei ac\u021biuni \u00eentr-un mod diferit fa\u021b\u0103 de alfa. Prin beta, po\u021bi estima c\u00e2t de mult poate cre\u0219te sau sc\u0103dea o ac\u021biune \u00een func\u021bie de volatilitatea sa. <\/mark><\/p>\n\n\n\n<p>S\u0103 presupunem c\u0103 o ac\u021biune are un beta de 2, ceea ce \u00eenseamn\u0103 c\u0103 <strong>fluctueaz\u0103 de dou\u0103 ori mai mult dec\u00e2t reperul. <\/strong>Astfel, dac\u0103 pia\u021ba scade cu 10%, valoarea ac\u021biunii ar trebui s\u0103 scad\u0103 cu 20%, iar dac\u0103 pia\u021ba cre\u0219te cu 10%, ac\u021biunea ar trebui s\u0103 creasc\u0103 cu 20%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-calculate-the-beta-value-of-a-stock-Body-Image-2.png\" alt=\"\" class=\"wp-image-1255052 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-calculate-the-beta-value-of-a-stock-Body-Image-2.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/How-to-calculate-the-beta-value-of-a-stock-Body-Image-2-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Valorile beta ale ac\u021biunilor populare<\/h3>\n\n\n\n<p>Ac\u021biunile cu beta ridicat sunt mai cunoscute printre investitori, <strong>popularitatea lor provenind din volatilitatea pre\u021bului<\/strong>. Pentru a \u00een\u021belege acest concept, vom analiza beta unor ac\u021biuni populare de pe pia\u021b\u0103. Valorile sunt calculate pentru ultimele 12 luni \u0219i sunt prezentate \u00een ordine descresc\u0103toare.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Beta ac\u021biunii NVIDIA (<a href=\"https:\/\/www.etoro.com\/ro\/markets\/NVDA\">NVDA<\/a>) \u2013 2,1101<\/li>\n\n\n\n<li>Beta ac\u021biunii Amazon (<a href=\"https:\/\/www.etoro.com\/ro\/markets\/amzn\">AMZN<\/a>) \u2013 1,4517<\/li>\n\n\n\n<li>Beta ac\u021biunii Adobe Inc. (<a href=\"https:\/\/www.etoro.com\/ro\/markets\/adbe\">ADBE<\/a>) \u2013 1,2134<\/li>\n\n\n\n<li>Beta ac\u021biunii General Motors Co. (<a href=\"https:\/\/www.etoro.com\/ro\/markets\/gm\">GM<\/a>) \u2013 1,0839<\/li>\n\n\n\n<li>Beta ac\u021biunii Johnson &amp; Johnson (<a href=\"https:\/\/www.etoro.com\/ro\/markets\/JNJ\">JNJ<\/a>) \u2013 0,1552<\/li>\n<\/ul>\n\n\n\n<p>Surs\u0103: <a href=\"https:\/\/www.etoro.com\/ro\/home\">eToro<\/a> <\/p>\n\n\n\n<p class=\"is-style-disclaimer\">*Date corecte la 22 septembrie 2025<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/Other-Greeks-Delta-Gamma-Theta-Sigma-Body-Image-3.png\" alt=\"\" class=\"wp-image-1255078 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/Other-Greeks-Delta-Gamma-Theta-Sigma-Body-Image-3.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2026\/04\/Other-Greeks-Delta-Gamma-Theta-Sigma-Body-Image-3-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Cum se calculeaz\u0103 valoarea beta a unei ac\u021biuni<\/h2>\n\n\n\n<p>Po\u021bi g\u0103si valorile beta ale ac\u021biunilor online, de exemplu \u00een sec\u021biunea Financials de pe eToro. Totu\u0219i, este util s\u0103 \u00een\u021belegi \u0219i <strong>mecanismul de calcul al beta<\/strong>, care implic\u0103 conceptele de varian\u021b\u0103 \u0219i covaian\u021b\u0103.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Varian\u021b\u0103<\/strong>: M\u0103soar\u0103 <strong>c\u00e2t de mult variaz\u0103 pre\u021bul unui activ<\/strong> fa\u021b\u0103 de media sa pe termen lung \u00eentr-un interval de timp dat. Un activ cu varian\u021b\u0103 ridicat\u0103 are fluctua\u021bii de pre\u021b mai puternice \u0219i mai dese dec\u00e2t unul cu varian\u021b\u0103 sc\u0103zut\u0103.<\/li>\n\n\n\n<li><strong>Covarian\u021b\u0103<\/strong>: Indic\u0103 modul \u00een care randamentele unui activ <strong>se raporteaz\u0103 la cele ale pie\u021bei generale<\/strong>. O covarian\u021b\u0103 pozitiv\u0103 \u00eenseamn\u0103 c\u0103 randamentele activului \u0219i ale pie\u021bei se deplaseaz\u0103 \u00een aceea\u0219i direc\u021bie, iar o covarian\u021b\u0103 negativ\u0103 arat\u0103 c\u0103 acestea evolueaz\u0103 \u00een direc\u021bii opuse.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Sfat:<\/strong> Cu c\u00e2t covarian\u021ba se \u00eendep\u0103rteaz\u0103 mai mult de zero, cu at\u00e2t leg\u0103tura dintre activ \u0219i reper este mai puternic\u0103.<\/p>\n<\/div><\/div>\n\n\n\n<p>Pentru a stabili beta:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list\">\n<li>Determin\u0103 randamentele ac\u021biunii (Rs) \u0219i ale reperului (Ri) pentru o perioad\u0103 definit\u0103.<\/li>\n\n\n\n<li>Determin\u0103 <strong><e-tip data-tooltip=\"O m\u0103sur\u0103 statistic\u0103 a varia\u021biilor de pre\u021b care indic\u0103 nivelul de risc sau volatilitate asociat unui activ\">varian\u021ba<\/e-tip><\/strong> randamentelor reperului.<\/li>\n\n\n\n<li>Determin\u0103 <strong><e-tip data-tooltip=\"O m\u0103sur\u0103 statistic\u0103 care cuantific\u0103 modul \u00een care dou\u0103 variabile se modific\u0103 \u00eempreun\u0103. Poate fi pozitiv\u0103, negativ\u0103 sau zero\">covarian\u021ba<\/e-tip><\/strong> dintre randamentele ac\u021biunii \u0219i cele ale reperului.<\/li>\n<\/ol>\n\n\n\n<p>Iat\u0103 calculul:<\/p>\n\n\n\n<p><strong>Beta = Covarian\u021b\u0103 (Rs, Ri) \/ Varian\u021b\u0103 (Ri)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Rs = randamentul ac\u021biunii<\/li>\n\n\n\n<li>Ri = randamentul indicelui de referin\u021b\u0103<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Care sunt diferitele valori ale indicatorului beta pentru o ac\u021biune?<\/h3>\n\n\n\n<p>Beta poate avea trei valori principale: neutr\u0103, pozitiv\u0103 sau negativ\u0103. Un beta neutru indic\u0103 o volatilitate similar\u0103 cu cea a reperului. Un beta mai mare dec\u00e2t 1 semnaleaz\u0103 o volatilitate mai mare dec\u00e2t a pie\u021bei, iar un beta negativ arat\u0103 o <strong>mi\u0219care invers\u0103 fa\u021b\u0103 de direc\u021bia pie\u021bei<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><thead><tr><th>Beta neutr\u0103 (=1)<\/th><th>Beta pozitiv\u0103 (&gt;1)<\/th><th>Beta negativ\u0103 (&lt;1)<\/th><\/tr><\/thead><tbody><tr><td>\u00cen intervalul de timp stabilit, aceast\u0103 ac\u021biune sau acest fond a avut un <strong>nivel de risc similar cu cel al pie\u021bei<\/strong> \u00een ansamblu.<\/td><td>Ac\u021biunea sau fondul <strong>implic\u0103 un risc mai mare<\/strong>. \u00cen trecut, a \u00eenregistrat varia\u021bii de pre\u021b mai accentuate dec\u00e2t reperul de compara\u021bie.<\/td><td>\u00cen perioada analizat\u0103, pre\u021bul ac\u021biunii sau al fondului <strong>a fluctuat mai pu\u021bin<\/strong> dec\u00e2t reperul de referin\u021b\u0103.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Ce este CAPM?<\/h2>\n\n\n\n<p>Modelul de Evaluare a Activelor de Capital (CAPM) este o m\u0103sur\u0103 statistic\u0103 folosit\u0103 \u00een analiza investi\u021biilor. Acesta descrie rela\u021bia dintre randamentul a\u0219teptat al unei ac\u021biuni \u0219i riscul asociat investi\u021biei \u00een acel activ.<\/p>\n\n\n\n<p><e-tip data-tooltip=\"Rela\u021bia dintre risc \u0219i randament \u00een cazul activelor\">CAPM<\/e-tip> are ca scop principal integrarea valorilor alfa \u0219i beta ale unei ac\u021biuni. Astfel, ofer\u0103 o imagine complet\u0103 asupra riscului \u0219i costului capitalului.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Sfat: <\/strong>CAPM poate fi utilizat al\u0103turi de <a href=\"https:\/\/www.antena3.ro\/life\/analiza-tehnica-vs-analiza-fundamentala-a-pietelor-de-capital-avantaje-si-dezavantaje-723219.html\" rel=\"nofollow noopener noreferrer\" >analizele tehnic\u0103 \u0219i fundamental\u0103<\/a>, ajut\u00e2nd la estimarea c\u00e2\u0219tigurilor anticipate \u00een func\u021bie de nivelul riscului.<\/p>\n<\/div><\/div>\n\n\n\n<p>Cum se calculeaz\u0103 CAPM unei ac\u021biuni<\/p>\n\n\n\n<p>Pentru calcularea CAPM sunt necesare anumite instrumente. Acestea includ metricile utilizate \u00een formulele alfa \u0219i beta.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list\">\n<li>Identific\u0103 <strong>rata f\u0103r\u0103 risc<\/strong>, de exemplu randamentul obliga\u021biunilor guvernamentale.<\/li>\n\n\n\n<li>Calculeaz\u0103 <strong>beta<\/strong>.<\/li>\n\n\n\n<li>Stabile\u0219te <strong>prima de risc a pie\u021bei <\/strong>(MRP), adic\u0103 randamentul suplimentar pe care un investitor \u00eel prime\u0219te, sau se a\u0219teapt\u0103 s\u0103 \u00eel primeasc\u0103, pentru de\u021binerea unui activ mai riscant dec\u00e2t cele f\u0103r\u0103 risc. MRP = Randamentul a\u0219teptat \u2013 Rata f\u0103r\u0103 risc.<\/li>\n<\/ol>\n\n\n\n<p>Formula CAPM: <strong>Randamentul a\u0219teptat = Rata f\u0103r\u0103 risc + (Beta \u00d7 Prima de risc a pie\u021bei)<\/strong><\/p>\n\n\n\n<p>Iat\u0103 un <strong>exemplu<\/strong> de calcul CAPM folosind ac\u021biunea ipotetic\u0103 XYZ, un lider \u00een domeniul tehnologiei din SUA:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Rf = 5%<\/strong> \u2013 \u00cen perioada analizat\u0103, randamentul conturilor de economii f\u0103r\u0103 risc a fost de 5%.<\/li>\n\n\n\n<li><strong>\u03b2 = 1,9<\/strong> \u2013 Volatilitatea pre\u021bului ac\u021biunii XYZ a fost cu 90% mai mare dec\u00e2t cea a indicelui Nasdaq 100, ceea ce \u00eenseamn\u0103 c\u0103 beta fondului a fost 1,9.<\/li>\n\n\n\n<li><strong>Rm = 12%<\/strong> \u2013 \u00cen aceea\u0219i perioad\u0103, indicele Nasdaq 100, compus din ac\u021biuni asem\u0103n\u0103toare cu XYZ, a \u00eenregistrat un randament de 12%.<\/li>\n<\/ul>\n\n\n\n<p>Introduc\u00e2nd aceste valori \u00een formul\u0103 se calculeaz\u0103 CAPM:<\/p>\n\n\n\n<p>CAPM = 5% + (1,9 * (12% &#8211; 5%))<\/p>\n\n\n\n<p>CAPM = 15% + 17,1%<\/p>\n\n\n\n<p>CAPM-ul ac\u021biunii XYZ  = 32,1%<\/p>\n\n\n\n<p class=\"is-style-disclaimer\"><em>Acest exemplu este oferit doar \u00een scop informativ. Nu reflect\u0103 condi\u021biile reale ale pie\u021bei, taxele, spread-urile, costurile de conversie valutar\u0103 sau alte elemente care pot afecta performan\u021ba efectiv\u0103 a investi\u021biei.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><tbody><tr><td>\n<p>Avantaje CAPM<\/p>\n<\/td><td>\n<p>Dezavantaje CAPM<\/p>\n<\/td><\/tr><tr><td>\n<p>Intuitiv \u0219i relativ <strong>u\u0219or de utilizat<\/strong><\/p>\n<\/td><td>\n<p><strong>Simplific\u0103 prea mult<\/strong> complexitatea pie\u021belor financiare<\/p>\n<\/td><\/tr><tr><td>\n<p>Un <strong>standard de pia\u021b\u0103<\/strong> apreciat \u00een r\u00e2ndul comunit\u0103\u021bii investitorilor<\/p>\n<\/td><td>\n<p>Unele presupuneri sunt contestate pentru c\u0103 sunt <strong>nerealiste<\/strong><\/p>\n<\/td><\/tr><tr><td>\n<p>Poate fi <strong>testat \u00een condi\u021bii extreme<\/strong> pentru a cre\u0219te siguran\u021ba rezultatelor ob\u021binute<\/p>\n<\/td><td>\n<p>Randamentul activelor f\u0103r\u0103 risc se <strong>modific\u0103 zilnic<\/strong><\/p>\n<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Concluzie<\/h2>\n\n\n\n<p>Alfa \u0219i beta sunt metrici foarte <strong>utilizate pentru a descoperi oportunit\u0103\u021bi de investi\u021bii<\/strong>. Totodat\u0103, ele sunt instrumente importante \u00een <a href=\"https:\/\/www.etoro.com\/ro\/investing\/risk-management\/\">managementul riscului<\/a>.<\/p>\n\n\n\n<p>Folosirea acestor metrici pentru a evalua portofoliul \u00ee\u021bi ofer\u0103 o <strong>imagine clar\u0103 asupra caracteristicilor activelor<\/strong> pe care le de\u021bii. Aceasta este o resurs\u0103 valoroas\u0103 \u00een procesul de reechilibrare a portofoliului sau de protejare \u00eempotriva riscurilor.<\/p>\n\n\n\n<p>Viziteaz\u0103 <a href=\"https:\/\/www.etoro.com\/ro\/academy\/\">Academia eToro<\/a> pentru a-\u021bi dezvolta tehnicile de analiz\u0103.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00centreb\u0103ri frecvente<\/h2>\n\n\n\n<dl class=\"wp-block-etoro-faq\">\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Ce \u00eenseamn\u0103 <strong>\u201ec\u0103utarea alfa\u201d?<\/strong><\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>\u201eC\u0103utarea alfa\u201d \u00eenseamn\u0103 c\u0103 un investitor urm\u0103re\u0219te s\u0103 ob\u021bin\u0103 randamente superioare pie\u021bei. Indicatorul alfa arat\u0103 dac\u0103 o investi\u021bie a generat c\u00e2\u0219tiguri peste cele estimate \u00een func\u021bie de beta. Acesta poate fi utilizat al\u0103turi de al\u021bi indicatori de <a href=\"https:\/\/www.etoro.com\/ro\/investing\/risk-management\/\">risc<\/a>, precum beta sau devia\u021bia standard.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">De ce este beta un indicator util?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Beta arat\u0103 c\u00e2t de mult poate varia pre\u021bul unei ac\u021biuni \u0219i eviden\u021biaz\u0103 raportul risc-recompens\u0103 al investi\u021biei. \u00cen esen\u021b\u0103, reflect\u0103 c\u00e2t e\u0219ti dispus s\u0103 ri\u0219ti pentru un anumit randament a\u0219teptat. Cu c\u00e2t riscul e mai mare, cu at\u00e2t poten\u021bialul de c\u00e2\u0219tig (sau pierdere) cre\u0219te. Acceptarea <a href=\"https:\/\/www.bursa.ro\/advertorial-cum-sa-faci-fata-volatilitatii-pietei-49116647\" rel=\"nofollow noopener noreferrer\" >volatilit\u0103\u021bii<\/a> depinde de nivelul de toleran\u021b\u0103 la risc al fiec\u0103rui investitor.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Ce este managementul riscului financiar?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Managementul riscului presupune identificarea, evaluarea \u0219i reducerea riscurilor asociate unor investi\u021bii. Scopul nu este eliminarea total\u0103 a riscului, un anumit nivel fiind necesar pentru a ob\u021bine randamente. \u00cen schimb, investitorul trebuie s\u0103 aib\u0103 o <a href=\"https:\/\/www.etoro.com\/ro\/investing\/investment-strategies\/\">strategie<\/a> clar\u0103 \u0219i instrumente adecvate pentru a gestiona riscul \u00een concordan\u021b\u0103 cu obiectivele \u0219i situa\u021bia sa financiar\u0103.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Ce este hedging-ul pe baza coeficientului beta?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p><a href=\"https:\/\/www.etoro.com\/ro\/investing\/hedging-guide\/\">Hedging-ul<\/a> pe baza coeficientului beta reduce beta-ul total al portofoliului prin ajustarea pozi\u021biilor astfel \u00eenc\u00e2t valorile beta ale ac\u021biunilor s\u0103 se compenseze. Ideal, portofoliul ajunge la un beta de 1,0, chiar dac\u0103 titlurile individuale au beta ridicat sau sc\u0103zut.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Care este un scor alfa bun?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Un alfa bun depinde de obiectivele \u0219i toleran\u021ba ta la risc. Un <a href=\"https:\/\/www.etoro.com\/ro\/trading\/day-trading\/\">trader de zi<\/a>, dispus s\u0103 ri\u0219te capitalul cu strategii agresive, caut\u0103 un alfa mai mare dec\u00e2t un investitor pe termen lung. \u00cen general, \u00eens\u0103, un alfa este considerat bun dac\u0103 este peste zero.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n\n\t\t<style>\n\t\t\t.rtl .etoro-block-shortcode-disclaimer {\n\t\t\t\ttext-align:right;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\tmargin-bottom:18px;\n\t\t\t\ttext-align:left;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer p{\n\t\t\t\tfont-size: 12px;\n\t\t\t\tline-height: 18px;\n\t\t\t}\n\t\t\t@media (min-width: 768px) {\n\t\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\t\tmax-width:1176px;\n\t\t\t\t\ttext-align:center;\n\t\t\t\t}\n\t\t\t\t.etoro-block-shortcode-disclaimer p {\n\t\t\t\t\tfont-size: 14px;\n\t\t\t\t\tline-height: 20px;\n\t\t\t\t}\n\t\t\t}\n\t\t<\/style>\n\t\t<div class='etoro-block-shortcode-disclaimer'><p>Informa\u021biile din acest ghid au exclusiv scop educativ \u0219i nu ar trebui considerate drept sfaturi pentru investi\u021bii sau recomand\u0103ri personale, nici oferte sau solicit\u0103ri de cump\u0103rare sau v\u00e2nzare a oric\u0103ror instrumente financiare.<\/p>\n<p>Acest material a fost preg\u0103tit f\u0103r\u0103 a lua \u00een considerare orice fel de obiective particulare de investi\u021bii sau situa\u021bii financiare \u0219i nu a fost creat \u00een conformitate cu cerin\u021bele legale \u0219i de reglementare a promov\u0103rii cercet\u0103rii independente.<\/p>\n<p><strong>Nu toate instrumentele \u0219i serviciile financiare men\u021bionate sunt oferite de eToro<\/strong> \u0219i orice referiri la performan\u021ba anterioar\u0103 a unui instrument financiar, index sau pachet de investi\u021bii, nu sunt \u0219i nu ar trebui considerare un indicator fiabil al rezultatelor viitoare. <strong>Disponibilitatea tuturor produselor \u0219i serviciilor men\u021bionate mai sus poate varia \u00een func\u021bie de jurisdic\u021bie \u0219i \u021bar\u0103.<\/strong><\/p>\n<p>eToro nu face nicio declara\u021bie \u0219i nu \u00ee\u0219i asum\u0103 nicio responsabilitate cu privire la acurate\u021bea sau caracterul complet al con\u021binutului acestui ghid. Asigur\u0103-te c\u0103 \u00een\u021belegi riscurile implicate \u00een tranzac\u021bionare \u00eenainte de a implica capital. Nu risca niciodat\u0103 mai mult dec\u00e2t e\u0219ti preg\u0103tit s\u0103 pierzi.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Alfa arat\u0103 cum performeaz\u0103 o investi\u021bie comparativ cu pia\u021ba, iar beta indic\u0103 c\u00e2t de mult variaz\u0103 pre\u021bul acesteia. Ace\u0219ti indicatori ofer\u0103 o imagine asupra riscului \u0219i poten\u021bialului de profit. Prin analiza acestor valori, po\u021bi \u00een\u021belege mai bine comportamentul \u0219i caracteristicile unui activ financiar. \u00cen\u021belegerea conceptelor alfa \u0219i beta ofer\u0103 o imagine asupra riscurilor implicate \u00een&hellip;<\/p>\n","protected":false},"author":95,"featured_media":1255663,"parent":58741,"menu_order":24,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":true,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-540853","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>No\u021biuni de baz\u0103 explicate despre Alfa \u0219i Beta<\/title>\n<meta name=\"description\" content=\"\u00cenva\u021b\u0103 elementele de baz\u0103 despre Alfa \u0219i Beta. 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