what is alpha

What is alpha

What is alphaalpha (? ) aik istilaah hai jo sarmaya kaari mein sarmaya kaari ki hikmat e amli ki market ko shikast dainay ki salahiyat, ya is ke" kinare" ko bayan karne ke liye istemaal hoti hai. is terhan alpha ko aksar" izafi wapsi" ya" ghair mamooli sharah wapsi" ke tor par bhi kaha jata hai, jo is khayaal ki taraf ishara karta hai ke markitin kaar amad hain, aur is liye munazzam tareeqay se munafe kamanay ka koi tareeqa nahi hai jo majmoi tor par wasee market se ziyada ho. alpha aksar beta ( yonani harf? ) ke sath istemaal kya jata hai, jo wasee market ki majmoi utaar charhao ya khatray ki pemaiesh karta hai, jisay munazzam market rissk kaha jata hai. alpha ko fnans mein karkardagi ki pemaiesh ke tor par istemaal kya jata hai, jo is baat ki nishandahi karta hai ke jab koi hikmat e amli, tajir, ya port folyo manager kuch arsay ke douran market ki wapsi ko maat dainay mein kamyaab ho jata hai. alpha, jisay aksar sarmaya kaari par fa-aal wapsi samjha jata hai, market index ya bench mark ke khilaaf sarmaya kaari ki karkardagi ka andaza lagaata hai jisay majmoi tor par market ki naqal o harkat ki numaindagi karne wala samjha jata hai . Understanding alpha alpha paanch maqbool takneeki sarmaya kaari ke khatray ke tanasub mein se aik hai. deegar beta, mayaari inhiraf, r-squared, aur taiz tanasub hain. yeh tamam shmaryati پیمائشیں hain jo jadeed port folyo theory ( mpt ) mein istemaal hoti hain. un tamam asharion ka maqsad sarmaya karon ko sarmaya kaari ke rissk return profile ka taayun karne mein madad karna hai . Investment alpha alpha ka istemaal aam tor par aykto myochl funds ke sath sath deegar tamam aqsam ki sarmaya kaari ke liye bhi kya jata hai. usay aksar aik number ke tor par dekhaya jata hai ( jaisay + 3. 0 ya -5. 0 ), aur is se aam tor par is baat ki pemaiesh ki jati hai ke hawala shuda bench mark index ( yani 3 % behtar ya 5 % badter ) ke muqablay mein port folyo ya fund ne kaisi karkardagi ka muzahira kiya. alpha ke gehray tajziye mein" jansen ka alpha" bhi shaamil ho sakta hai. jansen ka alpha capital east praysng model ( capm ) market theory ko mad e nazar rakhta hai aur is ke hisaab mein rissk se adjust shuda jazo shaamil karta hai. capm mein beta ( ya beta coefficient ) istemaal kya jata hai, jo is ke –apne makhsoos beta aur mutawaqqa market return ki bunyaad par kisi asasay ki mutawaqqa wapsi ka hisaab lagaata hai. alpha aur beta ko anostmnt minijrz ke zareya aik sath istemaal kya jata hai taakay munafe ka hisaab, mawazna aur tajzia kya ja sakay .

What is alpha?

Alpha:Alpha ka matlab hai kay koi investment return apni benchmark index say ziada kama rahi hai ya nahi. Yeh investment performance ka ek measure hai jo yeh batata hai kay koi investor apni benchmark index kay muqablay zyada return hasil kar raha hai ya nahi. Alpha positive bhi ho sakta hai agar investor benchmark index say zyada return kar raha hai aur negative bhi ho sakta hai agar investor benchmark index say kam return kar raha hai. Alpha ki value percent (%) mein measure ki jati hai.Alpha ki Tashkeel:Alpha ki tashkeel woh rate of return hai jo kisi investment ya portfolio ko benchmark se compare karte hue calculate kiya jata hai. Benchmark kisi specific market index ya phir kisi particular investment strategy ho sakti hai. Alpha ki tashkeel ke through investor analyze kar sakte hain ke unki investments ne benchmark se kis had tak perform kiya hai. Agar alpha ki tashkeel positive hai, matlab ke investment benchmark se achi perform kar rahi hai, aur agar negative hai, to investment benchmark se kharab perform kar rahi hai. Alpha ki Ahmiyat:Alpha ki ahmiyat kisi bhi investor ya fund manager ke liye bohat zyada hai, kyun ke ye unhe market average se zyada returns hasil karne ka moka deta hai. Agar koi investor ya fund manager apne benchmark se zyada returns hasil karta hai, to use alpha hasil hui kehte hain. Isi wajah se alpha ko "excess return" bhi kaha jata hai.Alpha ka pata lagana, market ke inefficiencies ko pehchanna aur usme se fayda uthana, investors ke liye bohat zaroori hota hai. Iske bina, koi bhi investor market average se zyada returns hasil nahi kar sakta. Alpha ke zariye, investors apni investment strategy ko improve kar sakte hain aur apne clients ke liye behtar returns hasil kar sakte hain.Isliye, har investor ko apni portfolio mein alpha ki tashkeel ke liye efforts karna chahiye. Alpha ka Istamal:Alpha ka istamal mostly mutual funds, hedge funds, aur portfolio managers ke dwara kya jata hai. In institutions ke paas bade amounts of funds hote hain aur woh market ke fluctuations ko track karte hain. Alpha unki performance measure karta hai ki woh benchmark se zyada ya kam returns generate kar rahe hain. Agar unka alpha positive hai toh matlab woh benchmark se zyada returns generate kar rahe hain aur agar negative hai toh matlab woh benchmark se kam returns generate kar rahe hain.Investors aur traders bhi alpha ka istamal karte hain apne portfolio ki performance ko measure karne ke liye. Woh chahte hain ki unka portfolio market se better performance kare. Agar kisi trader ka alpha positive hai toh matlab usne market se zyada returns generate kiye hain aur agar negative hai toh matlab woh market se kam returns generate kar rahe hain.Iske alawa, alpha ko risk-adjusted return bhi kaha jata hai. Yeh ek measure hai ki kitna return aapne risk ke hisab se generate kiya hai. Agar kisi investor ka alpha high hai toh matlab woh market se kam risk lekar zyada returns generate kar raha hai aur agar alpha low hai toh matlab woh market se zyada risk lekar kam returns generate kar raha hai. Alpha ki Sharai Haisiyat:Alpha kay shara'i masail par baat karne se pehle, yeh zaruri hai keh alpha ka matlab aur istamal samajhna zaroori hai. Alpha ek investment term hai jo keh ek investment ki performance ka measure karta hai, yani keh woh benchmark ke muqablay mein kitna ziada ya kam return de rahi hai.Sharai tor par, alpha ki haisiyat aur permissibility depend karta hai keh woh kis tarah hasil kiya ja raha hai. Agar alpha ek shara'i aur halal tariqe se hasil kiya ja raha hai, jaise keh ek shara'i mutual fund ya halal investment fund ke zariye, toh iska istamal sharai tor par jaiz hai.Lekin agar alpha haram tariko se hasil kiya ja raha hai, jaise keh riba (interest) ya gharar (uncertainty) wali transactions ke zariye, toh yeh istamal haram hai aur isse bachna chahiye.Islami nuqta-e-nazar se, jo transaction haram hai uski koi qadar nahi hai, chahe usse kitna bhi alpha hasil kiya ja raha ho. Isliye, hamesha yeh zaruri hai keh apni investments ko shara'i muqawwamat ke mutabiq chune aur apne investments ko halal tariqe se hasil karne ki koshish karein. Alpha ki Mehdodiyat:Alpha ki mehdodiyat yeh hai keh yeh sirf aur sirf mukhtalif investments ya securities ke muqablay mein unke benchmark ke sath hee measure kia jata hai. Yeh ek relative performance measure hai jo keh aik mukhtalif benchmark ki performance ke sath comparison mein kia jata hai. Isi wajah se alpha ki mehdodiyat usi investment ya security ke muqablay mein hee darj ki jaati hai aur iska matlab yeh nahi hai keh yeh kisi aur investment ya security ke liye bhi sahi hoga.