一看就懂！用“卡玛比率”选基金的十种用法

Core Insights - The article emphasizes the importance of the Calmar Ratio as a key reference indicator for selecting funds, highlighting its role in assessing risk-adjusted returns [2][4]. Summary by Sections Basic Screening - The Calmar Ratio is defined as the annualized return divided by the maximum drawdown, with a higher ratio indicating better risk-adjusted returns [4]. - Initial screening can involve setting the Calmar Ratio as the first criterion, focusing on funds with a ratio greater than 1 to avoid those with unfavorable risk-return profiles [6]. - Comparing funds within the same category using the Calmar Ratio helps identify those with superior risk management and return generation capabilities [8]. - Evaluating the Calmar Ratio during bear markets can reveal funds that maintain high ratios, indicating strong risk control [10]. Advanced Analysis - Combining the Calmar Ratio with the Sharpe Ratio allows for a comprehensive assessment of a fund's risk-return characteristics, focusing on extreme risks versus daily volatility [12]. - The Calmar Ratio serves as a litmus test for assessing a fund manager's risk management skills, with a consistently high ratio reflecting a disciplined investment approach [14]. - The maximum drawdown is crucial for understanding an investor's psychological comfort level, with a higher Calmar Ratio suggesting a better holding experience [16]. Strategy Application - For systematic investment plans, prioritizing funds with high Calmar Ratios can reduce psychological stress during market downturns while ensuring decent returns during upswings [19]. - In constructing a fund portfolio, including high Calmar Ratio funds can stabilize overall portfolio performance and reduce volatility [22]. - The Calmar Ratio can help identify "pseudo" high-yield funds that may carry hidden risks, allowing investors to avoid those with unsustainable returns [24]. - Regular monitoring of the Calmar Ratio for held funds can provide early warnings of deteriorating risk-return profiles, prompting timely adjustments [27].