{"id":31473,"date":"2023-12-07T10:40:22","date_gmt":"2023-12-07T10:40:22","guid":{"rendered":"https:\/\/masterskills.org\/blog\/duong-bien-hieu-qua-efficient-frontier-ef-la-gi-danh-muc-dau-tu-toi-uu.html"},"modified":"2023-12-23T08:10:59","modified_gmt":"2023-12-23T01:10:59","slug":"duong-bien-hieu-qua-efficient-frontier-ef-la-gi-danh-muc-dau-tu-toi-uu","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/duong-bien-hieu-qua-efficient-frontier-ef-la-gi-danh-muc-dau-tu-toi-uu.html","title":{"rendered":"\u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u00ea\u0323u qua\u0309 (Efficient Frontier – EF) l\u00e0 g\u00ec? Danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Beyourownportfoliomanager.wordpress.com<\/i><\/p>\n<\/div>\n<\/div>\n

\u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u<\/span> qua\u0309<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

\u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u<\/span> qua\u0309<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Efficient Frontier, <\/b>vi\u1ebft t\u1eaft l\u00e0 EF.<\/b><\/p>\n

\u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u<\/span> qua\u0309<\/b> la\u0300 t\u1eadp h\u1ee3p c\u00e1c \u0111i\u00ea\u0309m la\u0300 ca\u0301c danh m\u1ee5c \u0111\u1ea7u t\u01b0 mang l\u1ea1i l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng cao nh\u1ea5t cho m\u1ed9t m\u1ee9c r\u1ee7i ro hay r\u1ee7i ro th\u1ea5p nh\u1ea5t cho m\u1ee9c l\u1ee3i nhu\u1eadn nh\u1ea5t \u0111\u1ecbnh. Ca\u0301c danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u1eb1m d\u01b0\u1edbi \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qua\u0309 l\u00e0 kh\u00f4ng t\u1ed1i \u01b0u v\u00ec ch\u00fang kh\u00f4ng mang l\u1ea1i \u0111\u1ee7 l\u1ee3i nhu\u1eadn bu\u0300 la\u0323i m\u1ee9c r\u1ee7i ro. C\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u1eb1m b\u00ean ph\u1ea3i \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qua\u0309 l\u00e0 g\u00e2\u0300n t\u1ed1i \u01b0u v\u00ec ch\u00fang c\u00f3 m\u1ee9c r\u1ee7i ro cao h\u01a1n cho m\u1ed9t ti\u0309 su\u1ea5t sinh l\u1ee3i\u00a0x\u00e1c \u0111\u1ecbnh.<\/p>\n

Hi\u1ec3u v\u1ec1 \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3<\/font><\/h3>\n

\u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3 x\u00ea\u0301p ha\u0323ng ca\u0301c danh m\u1ee5c \u0111\u1ea7u t\u01b0 theo thang \u0111o l\u1ee3i nhu\u1eadn (tr\u1ee5c y) so v\u1edbi thang \u0111o r\u1ee7i ro (tr\u1ee5c x). Ti\u0309 l\u1ec7 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m ke\u0301p (CAGR<\/b>) c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m ti\u0309 su\u1ea5t sinh l\u1ee3i\u00a0trong khi \u0111\u1ed9 l\u1ec7ch chu\u1ea9n (h\u00e0ng n\u0103m) \u0111a\u0323i di\u1ec7n cho r\u1ee7i ro. Li\u0301 thuy\u1ebft \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3 \u0111\u01b0\u1ee3c gi\u1edbi thi\u1ec7u b\u1edfi Nobel Harry Markowitz v\u00e0o n\u0103m 1952 v\u00e0 l\u00e0 ng\u01b0\u01a1\u0300i pha\u0301t tri\u00ea\u0309n\u00a0li\u0301 thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i\u00a0(MPT).<\/b><\/p>\n

Trong ki\u0323ch ba\u0309n li\u0301 t\u01b0\u1edfng nh\u1ea5t, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm c\u00e1ch t\u0103ng ca\u0301c ta\u0300i sa\u0309n trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi nh\u01b0\u0303ng ch\u1ee9ng kho\u00e1n mang l\u1ea1i l\u1ee3i nhu\u1eadn cao nh\u01b0ng c\u00f3 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n t\u00f4\u0309ng h\u1ee3p th\u1ea5p h\u01a1n\u00a0\u0111\u1ed9 l\u1ec7ch chu\u1ea9n\u00a0c\u1ee7a t\u01b0\u0300ng ch\u1ee9ng kho\u00e1n ri\u00eang l\u1ebb. Ch\u1ee9ng kho\u00e1n c\u00e0ng \u00edt \u0111\u1ed3ng b\u1ed9 (hi\u1ec7p ph\u01b0\u01a1ng sai\u00a0c\u00e0ng th\u1ea5p) th\u00ec \u0111\u1ed9 l\u1ec7ch chu\u1ea9n c\u00e0ng th\u1ea5p. N\u1ebfu k\u1ebft h\u1ee3p\u00a0t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn\u00a0v\u00e0 m\u00f4 h\u00ecnh r\u1ee7i ro n\u00e0y th\u00e0nh c\u00f4ng th\u00ec danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u00f3 s\u1ebd x\u1ebfp h\u00e0ng d\u1ecdc theo \u0111\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3.<\/p>\n

Ngoa\u0300i ra, m\u1ed9t \u01b0\u0301ng du\u0323ng quan tr\u1ecdng kha\u0301c c\u1ee7a \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u<\/span> qua\u0309<\/b> l\u00e0 l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a danh mu\u0323c \u0111\u01b0\u0323a tr\u00ean \u0111\u1ed9 cong c\u1ee7a \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u<\/span> qua\u0309. Vi\u1ec7c xa\u0301c \u0111i\u0323nh \u0111\u1ed9 cong l\u00e0 kh\u00f4ng th\u1ec3 thi\u1ebfu trong vi\u1ec7c xa\u0301c \u0111i\u0323nh s\u01b0\u0323 \u0111a d\u1ea1ng h\u00f3a co\u0301 c\u1ea3i thi\u1ec7n r\u1ee7i ro hay l\u01a1\u0323i nhu\u1eadn<\/span> c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u00f4ng.\u00a0<\/p>\n

N\u00f3 c\u0169ng cho bi\u00ea\u0301t r\u1eb1ng vi\u1ec7c th\u00eam r\u1ee7i ro v\u00e0o danh m\u1ee5c \u0111\u1ea7u t\u01b0 se\u0303 kh\u00f4ng thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng khi \u0111a\u0303 \u0111a\u0323t \u0111\u01b0\u01a1\u0323c \u0111i\u00ea\u0309m t\u00f4\u0301i \u01b0u. C\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u tr\u00ean \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3 c\u00f3 xu h\u01b0\u1edbng \u0111a d\u1ea1ng h\u00f3a cao h\u01a1n so v\u1edbi c\u00e1c danh m\u1ee5c d\u01b0\u1edbi t\u1ed1i \u01b0u.<\/p>\n

Danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u<\/font><\/h3>\n

M\u1ed9t gi\u1ea3 \u0111\u1ecbnh quan tro\u0323ng trong \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao h\u01a1n \u0111em la\u0323i l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng cao h\u01a1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u0309 ch\u1ea5p nh\u1eadn m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p thi\u0300 m\u01b0\u0301c l\u1ee3i nhu\u1eadn ki\u0300 vo\u0323ng cu\u0303ng th\u1ea5p. Theo li\u0301 thuy\u1ebft c\u1ee7a Markowitz, c\u00f3 m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf v\u1edbi s\u1ef1 c\u00e2n b\u1eb1ng ho\u00e0n h\u1ea3o gi\u1eefa r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn.\u00a0<\/p>\n

Danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n bao g\u1ed3m ch\u1ee9ng kho\u00e1n c\u00f3 l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng cao nh\u1ea5t ho\u1eb7c ch\u1ee9ng kho\u00e1n r\u1ee7i ro th\u1ea5p. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u c\u00e2n b\u1eb1ng ca\u0301c ta\u0300i sa\u0309n \u0111\u00e2\u0300u t\u01b0 co\u0301 l\u1ee3i nhu\u1eadn ki\u0300 vo\u0323ng l\u1edbn nh\u1ea5t v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro ho\u1eb7c ch\u1ee9ng kho\u00e1n v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p nh\u1ea5t.\u00a0<\/p>\n

L\u01b0\u0323a cho\u0323n \u0111\u1ea7u t\u01b0<\/font><\/h3>\n

Gi\u1ea3 s\u1eed m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u thi\u0301ch r\u1ee7i ro s\u1eed d\u1ee5ng \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3 \u0111\u1ec3 ch\u1ecdn c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd ch\u1ecdn ch\u1ee9ng kho\u00e1n n\u1eb1m \u1edf ph\u00eda b\u00ean ph\u1ea3i c\u1ee7a \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3. Ph\u1ea7n cu\u1ed1i b\u00ean ph\u1ea3i c\u1ee7a bi\u00ean gi\u1edbi hi\u1ec7u qu\u1ea3 bao g\u1ed3m c\u00e1c ch\u1ee9ng kho\u00e1n d\u1ef1 ki\u1ebfn s\u1ebd c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao c\u00f9ng v\u1edbi l\u1ee3i nhu\u1eadn ky\u0300 vo\u0323ng cao, ph\u00f9 h\u1ee3p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ea5p nh\u1eadn r\u1ee7i ro cao. Ng\u01b0\u1ee3c l\u1ea1i, ch\u1ee9ng kho\u00e1n n\u1eb1m \u1edf ph\u00eda b\u00ean tr\u00e1i c\u1ee7a \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3 s\u1ebd ph\u00f9 h\u1ee3p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u00edch r\u1ee7i ro.<\/p>\n

H\u1ea1n ch\u1ebf<\/font><\/h3>\n

L\u00ed<\/span> thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i v\u00e0 \u0111\u01b0\u01a1\u0300ng bi\u00ean hi\u1ec7u qu\u1ea3<\/b> c\u00f3 nhi\u1ec1u gi\u1ea3 \u0111\u1ecbnh c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u00fang v\u1edbi th\u1ef1c t\u1ebf. V\u00ed d\u1ee5, m\u1ed9t trong nh\u1eefng gi\u1ea3 \u0111\u1ecbnh l\u00e0 l\u1ee3i nhu\u1eadn t\u00e0i s\u1ea3n \u0111\u00e2\u0300u t\u01b0 co\u0301 ph\u00e2n ph\u1ed1i chu\u00e2\u0309n. Trong th\u1ef1c t\u1ebf, ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 co\u0301 l\u1ee3i nhu\u1eadn cao h\u01a1n ba \u0111\u1ed9 l\u1ec7ch chu\u1ea9n so v\u1edbi gi\u00e1 tr\u1ecb trung b\u00ecnh trong h\u01a1n 0,03% quan s\u00e1t thu \u0111\u01b0\u1ee3c. Do \u0111\u00f3, l\u1ee3i nhu\u1eadn t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c cho co\u0301\u00a0 ph\u00e2n ph\u1ed1i leptokurtic<\/i> ho\u1eb7c ph\u00e2n ph\u1ed1i \u0111u\u00f4i n\u1eb7ng<\/i>.<\/p>\n

Ngo\u00e0i ra, Markowitz cu\u0303ng \u0111\u1eb7t ra m\u1ed9t s\u1ed1 gi\u1ea3 \u0111\u1ecbnh trong l\u00ed<\/span> thuy\u1ebft c\u1ee7a m\u00ecnh, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 duy ly\u0301 v\u00e0 ho\u0323 c\u00f4\u0301 g\u0103\u0301ng tr\u00e1nh r\u1ee7i ro khi c\u00f3 th\u1ec3; kh\u00f4ng c\u00f3 \u0111\u1ee7 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00ea\u0309 la\u0300m \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 c\u1ea3 th\u1ecb tr\u01b0\u1eddng; v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 quy\u1ec1n kh\u00f4ng gi\u1edbi h\u1ea1n \u0111\u1ec3 vay v\u00e0 cho vay ti\u1ec1n v\u1edbi l\u00e3i su\u1ea5t phi r\u1ee7i ro.\u00a0<\/p>\n

Tuy nhi\u00ean, th\u1ef1c t\u1ebf ch\u1ee9ng minh r\u1eb1ng th\u1ecb tr\u01b0\u1eddng bao g\u1ed3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 phi l\u00ed<\/span> v\u00e0 \u01b0a thi\u0301ch r\u1ee7i ro, c\u00f3 nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng l\u1edbn c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 ca\u0309 th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 quy\u1ec1n vay v\u00e0 cho vay kh\u00f4ng gi\u1edbi h\u1ea1n.<\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n \u0110\u01b0\u01a1\u0300ng bi\u00ean hi\u00ea\u0323u qua\u0309 (ti\u00ea\u0301ng Anh: Efficient Frontier, vi\u1ebft t\u1eaft: EF) l\u00e0 \u0111\u01b0\u01a1\u0300ng bi\u00ea\u0309u di\u00ea\u0303n t\u1eadp h\u1ee3p c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u mang l\u1ea1i l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng cao nh\u1ea5t cho m\u00f4\u0323t m\u1ee9c r\u1ee7i ro nh\u00e2\u0301t \u0111\u1ecbnh ho\u1eb7c r\u1ee7i ro th\u1ea5p nh\u1ea5t cho m\u1ee9c l\u1ee3i nhu\u1eadn d\u1ef1 ki\u1ebfn nh\u1ea5t \u0111\u1ecbnh.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31473"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=31473"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31473\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}