{"id":188830,"date":"2023-04-18T10:50:28","date_gmt":"2023-04-18T14:50:28","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=188830"},"modified":"2023-04-18T12:50:01","modified_gmt":"2023-04-18T16:50:01","slug":"portfolio-analysis-calculating-risk-and-returns-strategies-and-more","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/portfolio-analysis-calculating-risk-and-returns-strategies-and-more\/","title":{"rendered":"Portfolio Analysis: Calculating Risk and Returns, Strategies and More"},"content":{"rendered":"\n

Excerpt<\/em><\/p>\n\n\n\n

The process of trading with a portfolio of stocks requires a number of steps like stock selection, the formation of strategies while creating a portfolio<\/a> and so on. In this blog, we will cover all about portfolio analysis, the tools to compute risks over returns and the relationship between the risks and returns.<\/p>\n\n\n\n

What is a portfolio?<\/h2>\n\n\n\n

A portfolio is a collection of financial instruments such as stocks, bonds, cash equivalents, or funds held by an individual, investment company or financial institution. An investment portfolio can be regarded as a pie which is divided into various parts, each representing a financial instrument with the objective of achieving a particular level of risk and return.<\/p>\n\n\n\n

Investors should construct a portfolio according to the investment objectives, risk tolerance, and time frame.<\/p>\n\n\n\n

Example: <\/strong>Suppose you want to invest $100,000 in the financial market then your portfolio may look like this.<\/p>\n\n\n\n

No.<\/strong><\/td>Investor\u2019s portfolio<\/strong><\/td>Investment<\/strong><\/td>Percentage<\/strong><\/td>Security<\/strong><\/td>Returns<\/strong><\/td><\/tr>
1.<\/td>Government Bonds<\/td>$25,000<\/td>25%<\/td>High<\/td>Low<\/td><\/tr>
2.<\/td>Banks\u2019 Fixed Deposits<\/td>$15,000<\/td>15%<\/td>High<\/td>Average<\/td><\/tr>
3.<\/td>Shares<\/td>$35,000<\/td>35%<\/td>Low<\/td>High<\/td><\/tr>
4.<\/td>Mutual Funds<\/td>$25,000<\/td>25%<\/td>Average<\/td>Average<\/td><\/tr>
 <\/td>Total<\/strong><\/td>1,00,000<\/strong><\/td>100%<\/strong><\/td> <\/td> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n

What is a portfolio analysis?<\/h2>\n\n\n\n

Portfolio analysis is one of the areas of investment management that enables market participants to analyze and assess the performance of a portfolio (equities, bonds, alternative investments, etc.).<\/p>\n\n\n\n

Portfolio analysis is intended to measure performance on a relative and absolute basis along with its associated risks.<\/p>\n\n\n\n

What are the tools of portfolio analysis?<\/h2>\n\n\n\n

There are some tools or calculation ratios<\/a> to be used for conducting the portfolio analysis. These tools are:<\/p>\n\n\n\n

1) Holding Period Return<\/h3>\n\n\n\n

It calculates the overall return during the investment holding period.<\/p>\n\n\n\n

Holding Period Return ={(Ending Value\u2013Beginning Value)+Dividends Received}\/Beginning Value<\/strong><\/p>\n\n\n\n

2) Arithmetic Mean<\/h3>\n\n\n\n

It calculates the average returns of the overall portfolio.<\/p>\n\n\n\n

ArithmeticMean = (R1<\/sub>+R2<\/sub>+R3<\/sub>+\u2026\u2026+Rn<\/sub>)\/n<\/strong><\/p>\n\n\n\n

where,
R = Returns of Individual Assets<\/p>\n\n\n\n

3) Sharpe Ratio<\/h3>\n\n\n\n

It calculates the excess returns over and above the risk-free return per unit of portfolio risk.<\/p>\n\n\n\n

Sharpe Ratio Formula = (Expected Return \u2013 Risk-Free rate of return) \/ Standard Deviation<\/strong><\/p>\n\n\n\n

4) Alpha<\/h3>\n\n\n\n

It calculates the difference between the actual portfolio returns and the expected returns.<\/p>\n\n\n\n

Alpha of portfolio = Actual rate of return of portfolio \u2013 Expected Rate of Return on Portfolio<\/strong><\/p>\n\n\n\n

5) Tracking Error<\/h3>\n\n\n\n

It calculates the standard deviation of the excess return concerning the benchmark rate of return.<\/p>\n\n\n\n

TrackingErrorFormula=Rp<\/sub>\u2212Rb<\/sub><\/strong><\/p>\n\n\n\n

where,Rp<\/sub>=ReturnofPortfolio,Rb<\/sub>=ReturnonBenchmark<\/p>\n\n\n\n

6) Information Ratio<\/h3>\n\n\n\n

It calculates the success of the active investment manager\u2019s strategy by calculating excess returns and dividing it by the tracking error.<\/p>\n\n\n\n

InformationratioFormula=(Rp\u2013Rb)\/Trackingerror<\/strong><\/p>\n\n\n\n

where,Rp<\/sub>=ReturnofPortfolio,Rb<\/sub>=ReturnonBenchmark<\/p>\n\n\n\n

7) Sortino Ratio<\/h3>\n\n\n\n

It calculates the excess return over and above the risk-free return per unit of negative asset returns.<\/p>\n\n\n\n

SortinoRatioFormula=(Rp<\/sub>\u2013Rf<\/sub>)\/\u03c3d<\/sub><\/strong><\/p>\n\n\n\n

where,Rp<\/sub>=ReturnofPortfolio,Rf<\/sub>=Risk\u2212FreeRate,\u03c3d<\/sub>=standarddeviationofnegativeassetreturns<\/p>\n\n\n\n

Originally posted on QuantInsti<\/a>. Visit the blog read more on this topic.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In this blog, we will cover all about portfolio analysis, the tools to compute risks over returns and the relationship between the risks and 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