EPISODE · May 10, 2026 · 6 MIN
2026/5/11(一)股債不總是負相關，那還需股債配置嘛?
from 理財旅程 · host BuyAndHold-0050
世間沒有一個最佳與無風險的配置，我們能做的只是把資產配置組合調整成能忍受的波動。但如果只是簡單的理解債卷與股票是負向相關的話，那就大錯特錯。比較美國中期債卷與S&P500資料顯示，在1970-1980年代這兩項資產相關性大致為正數。但大約1990-2009年債卷與股票約為負向關。而近幾年最明顯的一次股債雙殺為2022年的聯準會暴力升息，債卷因利率上升導致價格下跌；而股票因高利率增加企業借貸成本，並降低未來現金流的折現值，導致股價下跌。雖然股票與債卷並非都是常態的負相關，但仍可以考慮搭配組合讓波動性減少。 -- Hosting provided by SoundOn
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2026/5/11(一)股債不總是負相關，那還需股債配置嘛?
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