{"id":4787,"date":"2026-04-16T11:32:39","date_gmt":"2026-04-16T11:32:39","guid":{"rendered":"https:\/\/blog.arab-platform.com\/?p=4787"},"modified":"2026-04-16T11:32:39","modified_gmt":"2026-04-16T11:32:39","slug":"%d9%86%d8%b3%d8%a8%d8%a9-%d8%aa%d8%b1%d9%8a%d9%86%d9%88%d8%b1","status":"publish","type":"post","link":"https:\/\/apcprime.com\/ar\/%d9%86%d8%b3%d8%a8%d8%a9-%d8%aa%d8%b1%d9%8a%d9%86%d9%88%d8%b1\/","title":{"rendered":"\u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631: \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0647\u0627\u0645\u0629 \u0641\u064a \u062a\u0642\u064a\u064a\u0645 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629"},"content":{"rendered":"<p>\u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638\u060c \u062a\u062a\u0639\u062f\u062f 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\u0627\u0644\u0623\u0633\u0627\u0644\u064a\u0628 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0641\u064a \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a. \u062d\u064a\u062b \u064a\u062a\u0645\u062b\u0644 \u0627\u0644\u0647\u062f\u0641 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0644\u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u064a\u0627\u0633 \u0641\u064a \u062a\u0642\u062f\u064a\u0645 \u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0648\u0636\u0648\u0639\u064a\u0629. \u0628\u064a\u0646 \u062c\u0627\u0630\u0628\u064a\u0629 \u0648\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0645\u0639\u062f\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u062a\u0636\u0645\u0646\u0647\u0627.<\/p>\n<p>\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0641\u0642\u062f \u062a\u0645\u062a \u062a\u0633\u0645\u064a\u0629 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u064a\u0627\u0633 \u0627\u0644\u0628\u0627\u0631\u0632 \u0639\u0644\u0649 \u0627\u0633\u0645 <strong><a href=\"https:\/\/en.m.wikipedia.org\/wiki\/Jack_L._Treynor\" target=\"_blank\" rel=\"noopener\">\u062c\u0627\u0643 \u062a\u0631\u064a\u0646\u0648\u0631<\/a><\/strong>\u060c \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u0627\u0644\u0645\u0639\u0631\u0648\u0641. \u0627\u0644\u0630\u064a \u0633\u0627\u0647\u0645 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0641\u064a \u062a\u0637\u0648\u064a\u0631 \u0646\u0645\u0648\u0630\u062c \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629. \u0648\u0627\u0644\u0630\u064a \u064a\u0639\u062a\u0628\u0631 \u0627\u0644\u0622\u0646 \u062c\u0632\u0621\u0627\u064b \u0623\u0633\u0627\u0633\u064a\u0627\u064b \u0645\u0646 \u0627\u0644\u0646\u0638\u0631\u064a\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u062f\u064a\u062b\u0629.<\/p>\n<p>\u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u064a\u062a\u0645 \u0627\u062d\u062a\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 Treynor \u0639\u0646 \u0637\u0631\u064a\u0642 \u0642\u0633\u0645\u0629 \u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0645\u0631\u062a\u062c\u0639 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u062d\u064a\u062b \u064a\u062a\u0645 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u0627\u0644\u0645\u062a\u0648\u0633\u0637\u0629 \u0647\u0646\u0627 \u0643\u0645\u0642\u064a\u0627\u0633 \u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0648\u0630\u0644\u0643 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0646\u0633\u0628\u064a \u0644\u0644\u0645\u062d\u0627\u0641\u0638 \u0628\u0639\u062f \u0645\u0631\u0627\u0639\u0627\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u0646\u0637\u0648\u064a \u0639\u0644\u064a\u0647\u0627.<\/p>\n<p>\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u064a\u0645\u0643\u0646 \u0627\u0644\u0642\u0648\u0644 \u0625\u0646 \u0646\u0633\u0628\u0629 Treynor \u062a\u0639\u0643\u0633 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u062a\u062d\u0645\u0644\u0647\u0627. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0647\u064a \u062a\u0648\u0641\u0631 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0637\u0627\u0631\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627 \u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0646\u0633\u0628\u064a \u0644\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629. \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0630\u0644\u0643.<\/p>\n<p><strong>\u0627\u0642\u0631\u0623 \u0627\u0644\u0645\u0632\u064a\u062f:\u00a0<a href=\"https:\/\/apcprime.com\/%d8%b4%d8%b1%d8%a7%d8%a1-%d8%a7%d9%84%d8%a3%d8%b3%d9%87%d9%85\/\">\u0634\u0631\u0627\u0621 \u0627\u0644\u0623\u0633\u0647\u0645: \u062f\u0644\u064a\u0644\u0643 \u0627\u0644\u0634\u0627\u0645\u0644 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0643\u064a\u0641\u064a\u0629 \u0634\u0631\u0627\u0626\u0647\u0627<\/a><\/strong><\/p>\n<h2>\u062d\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u2013 \u0645\u0639\u0627\u062f\u0644\u0629 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631<\/h2>\n<p>\u0641\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u0629\u060c \u0641\u0625\u0646 \u062d\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 Treynor \u064a\u0645\u062b\u0644 \u062e\u0637\u0648\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0639\u0645\u0644\u064a\u0629 \u062a\u062d\u0644\u064a\u0644 \u0648\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a. \u062d\u064a\u062b \u064a\u0648\u0641\u0631 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u064a\u0627\u0633 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0637\u0627\u0631\u064b\u0627 \u0642\u064a\u0645\u064b\u0627 \u0644\u0641\u0647\u0645 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u062a\u062d\u0642\u0642\u0647 \u0645\u062d\u0627\u0641\u0638\u0647\u0645 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u064a\u062a\u062d\u0645\u0644\u0648\u0646\u0647\u0627. \u0643\u0645\u0627 \u064a\u062a\u0623\u0644\u0641 \u062d\u0633\u0627\u0628 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 \u0645\u0646 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0648\u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0641\u0647\u0645\u0647\u0627 \u0628\u062f\u0642\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062a\u0642\u062f\u064a\u0631 \u062f\u0642\u064a\u0642 \u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0648\u064a\u0645\u0643\u0646 \u0627\u0644\u0642\u0648\u0644 \u0623\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u062a\u062d\u0633\u0628 \u0648\u0641\u0642 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<p><em><strong>\u0646\u0633\u0628\u0629 Treynor = (\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u2013 \u0645\u0639\u062f\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631) \/ \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u062a\u062c\u0631\u064a\u0628\u064a\u0629<\/strong><\/em><\/p>\n<p>\u0643\u0645\u0627 \u062a\u062a\u0645\u062b\u0644 \u0627\u0644\u0635\u064a\u063a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u062d\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 Treynor \u0641\u064a \u0645\u0639\u0627\u062f\u0644\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644 \u0631\u0626\u064a\u0633\u064a\u0629. \u0628\u0645\u0648\u062c\u0628 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629\u060c \u064a\u062a\u0645 \u0642\u0633\u0645 \u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0639\u0644\u0649 \u0641\u0631\u0642\u0647 \u0628\u064a\u0646 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0648<strong><a href=\"https:\/\/apcprime.com\/%d9%81%d9%8a%d8%af%d8%b1%d8%a7%d9%84%d9%8a-%d8%a3%d9%85%d8%b1%d9%8a%d9%83%d9%8a-%d9%81%d8%a7%d8%a6%d8%af%d8%a9\/\">\u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/a><\/strong> \u0627\u0644\u0645\u062e\u062a\u0644\u0629 \u0627\u0644\u062e\u0637\u0631. \u0648\u0630\u0644\u0643 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0632\u0627\u0626\u062f \u0639\u0646 \u0627\u0644\u0645\u0639\u062f\u0644 \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0632\u0627\u0626\u062f \u064a\u0639\u0628\u0631 \u0639\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062d\u0642\u0642\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0628\u0641\u0636\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u062d\u0645\u0644\u0648\u0646\u0647\u0627.<\/p>\n<p><strong>\u062a\u0627\u0628\u0639 \u0645\u0639\u0646\u0627:\u00a0<a href=\"https:\/\/apcprime.com\/%d9%85%d8%b9%d9%8a%d8%a7%d8%b1-%d9%83%d9%8a%d9%84%d9%8a\/\">\u0645\u0639\u064a\u0627\u0631 \u0643\u064a\u0644\u064a: \u0648\u0623\u0647\u0645\u064a\u0629 \u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0641\u064a \u062a\u0637\u0628\u064a\u0642 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0645\u0648\u0627\u0644<\/a><\/strong><\/p>\n<h3>\u0645\u062b\u0627\u0644 \u0648\u0634\u0631\u062d \u0639\u0645\u0644\u064a \u0644\u0644\u0646\u0633\u0628\u0629<\/h3>\n<p>\u0644\u0641\u0647\u0645 \u0627\u0644\u0635\u064a\u063a\u0629 \u0628\u0634\u0643\u0644 \u0623\u0641\u0636\u0644\u060c \u064a\u062c\u0628 \u0641\u0647\u0645 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0627\u0644\u0645\u062a\u0636\u0645\u0646\u0629 \u0641\u064a\u0647\u0627. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u0639\u062a\u0645\u062f \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u062e\u062a\u0644\u0629 \u0627\u0644\u062e\u0637\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u0643\u0627\u0646 \u0633\u064a\u062a\u062d\u0642\u0642 \u0644\u0648 \u062a\u0645 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0641\u064a \u0623\u0635\u0648\u0644 \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u062b\u0644 \u0623\u0630\u0648\u0646 \u0627\u0644\u062e\u0632\u0627\u0646\u0629. \u062d\u064a\u062b \u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u0639\u062f\u0644 \u064a\u0639\u0643\u0633 \u0627\u0644\u0641\u0631\u0635\u0629 \u0627\u0644\u0628\u062f\u064a\u0644\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062a\u064a \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0641\u0636\u0644\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p>\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 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href=\"https:\/\/apcprime.com\/alternative-investments\/\">\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u062f\u064a\u0644\u0629<\/a><\/strong>. \u0641\u0625\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0630\u064a \u064a\u062d\u0642\u0642 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u0623\u0639\u0644\u0649 \u064a\u0645\u0643\u0646 \u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u062e\u064a\u0627\u0631\u064b\u0627 \u0623\u0643\u062b\u0631 \u062c\u0627\u0630\u0628\u064a\u0629. \u0628\u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646\u0647 \u064a\u062c\u0628 \u0623\u0646 \u064a\u0624\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646\u0647 \u0644\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 \u0628\u0634\u0643\u0644 \u0643\u0627\u0645\u0644 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\u0627\u0644\u062a\u062f\u0627\u0648\u0644<\/a><\/strong><\/p>\n<h2>\u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u0645\u0642\u0627\u0628\u0644 \u0646\u0633\u0628\u0629 \u0634\u0627\u0631\u0628<\/h2>\n<p>\u0639\u0646\u062f \u0645\u0646\u0627\u0642\u0634\u0629 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0648\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u060c \u064a\u0623\u062a\u064a \u062f\u0648\u0631 \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0646\u0633\u0628 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0644\u0641\u0647\u0645 \u0627\u0644\u0635\u0648\u0631\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629. \u0645\u0646 \u0628\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628 \u062a\u0623\u062a\u064a \u0646\u0633\u0628\u062a\u0627 \u062a\u0631\u064a\u0646\u0648\u0631 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\u064a\u0642\u062f\u0645\u0627\u0646\u0647\u0627.<\/p>\n<p>\u0628\u062f\u0627\u064a\u0629\u064b\u060c \u0641\u0625\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 (Treynor ratio) \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0641\u0643\u0631\u0629 \u0642\u064a\u0627\u0633 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0632\u0627\u0626\u062f\u0629 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u0645 \u062a\u062d\u0645\u0644\u0647\u0627. \u0648\u064a\u062a\u0645 \u0630\u0644\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0642\u0633\u0645\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0632\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0646\u0633\u062e\u0629 \u0627\u0644\u062a\u062c\u0631\u064a\u0628\u064a\u0629 (\u0628\u064a\u062a\u0627) \u0644\u0644\u0645\u062d\u0641\u0638\u0629. \u062d\u064a\u062b \u0623\u0646 \u0647\u0630\u0627 \u064a\u0633\u0645\u062d \u0628\u062a\u0642\u064a\u064a\u0645 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u0645\u062a \u0645\u0648\u0627\u062c\u0647\u062a\u0647\u0627.<\/p>\n<p>\u0623\u0645\u0627 \u0646\u0633\u0628\u0629 \u0634\u0627\u0631\u0628 (Sharpe ratio) \u0641\u062a\u0642\u062f\u0645 \u0645\u0646\u0638\u0648\u0631\u064b\u0627 \u0645\u062e\u062a\u0644\u0641\u064b\u0627\u060c \u062d\u064a\u062b \u062a\u0642\u0627\u0633 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u0632\u0627\u0626\u062f\u0629 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0627\u0646\u062d\u0631\u0627\u0641 \u0627\u0644\u0645\u0639\u064a\u0627\u0631\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629. \u0648\u0628\u0645\u0627 \u0623\u0646\u0647\u0627 \u062a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0627\u0646\u062d\u0631\u0627\u0641 \u0627\u0644\u0645\u0639\u064a\u0627\u0631\u064a \u0643\u0645\u0624\u0634\u0631 \u0644\u0644\u0645\u062e\u0627\u0637\u0631. \u0641\u0625\u0646\u0647\u0627 \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u062d\u062f\u064a\u062f \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u0645\u062a \u0645\u0648\u0627\u062c\u0647\u062a\u0647\u0627.<\/p>\n<p>\u0648\u064a\u0645\u0643\u0646\u0646\u0627 \u0627\u0644\u0642\u0648\u0644 \u0625\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u062a\u0631\u0643\u0632 \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629. \u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u0646\u0633\u0628\u0629 \u0634\u0627\u0631\u0628 \u062a\u0631\u0643\u0632 \u0639\u0644\u0649 \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0627\u0646\u062d\u0631\u0627\u0641 \u0627\u0644\u0645\u0639\u064a\u0627\u0631\u064a \u0643\u0645\u0624\u0634\u0631 \u0644\u0644\u0645\u062e\u0627\u0637\u0631\u0629. \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a\u060c \u064a\u0639\u062a\u0645\u062f \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0627\u0642 \u0648\u0627\u0644\u063a\u0631\u0636 \u0645\u0646 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0627\u0644\u064a. \u062d\u064a\u062b \u0623\u0646\u0647 \u064a\u0645\u0643\u0646 \u0644\u0643\u0644 \u0645\u0646\u0647\u0645\u0627 \u0623\u0646 \u064a\u0642\u062f\u0645 \u0625\u0636\u0627\u0621\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0648\u0641\u0639\u0627\u0644\u064a\u062a\u0647\u0627 \u0641\u064a <strong><a href=\"https:\/\/apcprime.com\/%d8%a5%d8%af%d8%a7%d8%b1%d8%a9-%d8%a7%d9%84%d9%85%d8%ae%d8%a7%d8%b7%d8%b1-2\/\">\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/a><\/strong> \u0648\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641\u0629.<\/p>\n<p><strong>\u062a\u0627\u0628\u0639 \u0645\u0639\u0646\u0627:\u00a0<a href=\"https:\/\/apcprime.com\/%d8%a3%d9%81%d8%b6%d9%84-%d9%81%d8%b1%d9%8a%d9%85-%d8%aa%d8%af%d8%a7%d9%88%d9%84\/\">\u0623\u0641\u0636\u0644 \u0641\u0631\u064a\u0645 \u062a\u062f\u0627\u0648\u0644: \u062f\u0644\u064a\u0644\u0643 \u0627\u0644\u0634\u0627\u0645\u0644 \u0639\u0646 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0632\u0645\u0646\u064a \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u062a\u0647<\/a><\/strong><\/p>\n<h2>\u0645\u0642\u0627\u0631\u0646\u0629 \u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0639 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631<\/h2>\n<p>\u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u064a\u0639\u062f \u062a\u0642\u064a\u064a\u0645 \u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0623\u0645\u0631\u064b\u0627 \u062d\u064a\u0648\u064a\u064b\u0627 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0648\u062e\u0627\u0635\u0629\u064b \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u0639\u0648\u0646 \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062b\u0644\u0649 \u0639\u0644\u0649 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647\u0645. \u0648\u0628\u064a\u0646\u0645\u0627 \u064a\u062a\u0648\u0641\u0631 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0646\u0633\u0628 \u0648\u0627\u0644\u0645\u0642\u0627\u064a\u064a\u0633 \u0627\u0644\u062a\u064a \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u063a\u0631\u0636. \u0641\u0625\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u062a\u0628\u0631\u0632 \u0628\u0648\u0636\u0648\u062d \u0643\u0623\u062d\u062f \u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0643\u0645\u0627 \u062a\u0639\u062f \u0647\u0630\u0647 \u0627\u0644\u0646\u0633\u0628\u0629 \u0645\u0647\u0645\u0629 \u062c\u062f\u064b\u0627. \u0648\u0630\u0644\u0643 \u0644\u0623\u0646\u0647\u0627 \u0644\u0627 \u062a\u0642\u064a\u0633 \u0641\u0642\u0637 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a. \u0628\u0644 \u062a\u0623\u062e\u0630 \u0623\u064a\u0636\u064b\u0627 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0647\u0627.<\/p>\n<p>\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0644\u0627 \u062a\u0645\u0643\u0651\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u062a\u062d\u062f\u064a\u062f 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href=\"https:\/\/apcprime.com\/%d8%b9%d9%85%d9%84%d8%a9-%d8%a7%d9%84%d8%a8%d8%b1%d9%8a%d9%83%d8%b3\/\">\u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0628\u0631\u064a\u0643\u0633 \u0641\u064a \u0642\u0645\u0629 \u062c\u0648\u0647\u0627\u0646\u0633\u0628\u0631\u063a\u2026 \u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0646\u0647\u0627\u064a\u0629 \u0644\u0647\u064a\u0645\u0646\u0629 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u061f<\/a><\/strong><\/p>\n<h3>\u0623\u0647\u0645 \u0627\u0644\u0623\u0645\u0648\u0631 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u062a\u0647\u0627 \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u0646\u0633\u0628\u0629<\/h3>\n<p>\u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631\u060c \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u0629 \u0623\u0646\u0647\u0627 \u0644\u064a\u0633\u062a 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href=\"https:\/\/apcprime.com\/%d9%85%d9%88%d8%ac%d8%a7%d8%aa-%d8%a7%d9%84%d9%8a%d9%88%d8%aa\/\">\u0645\u0648\u062c\u0627\u062a \u0627\u0644\u064a\u0648\u062a \u0627\u0644\u062a\u0635\u062d\u064a\u062d\u064a\u0629 \u0648\u0643\u0644 \u0645\u0627 \u064a\u062c\u0628 \u0645\u0639\u0631\u0641\u062a\u0647 \u0639\u0646 \u0623\u0647\u0645\u064a\u062a\u0647\u0627 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644<\/a><\/strong><\/p>\n<h2>\u0627\u0644\u062e\u0627\u062a\u0645\u0629<\/h2>\n<p>\u0641\u064a \u0627\u0644\u062e\u062a\u0627\u0645\u060c \u064a\u0645\u0643\u0646 \u0627\u0644\u0642\u0648\u0644 \u0623\u0646 \u0646\u0633\u0628\u0629 \u062a\u0631\u064a\u0646\u0648\u0631 \u062a\u0645\u062b\u0644 \u0623\u062f\u0627\u0629 \u0642\u064a\u0645\u0629 \u0641\u064a \u0639\u0627\u0644\u0645 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u060c \u062d\u064a\u062b \u0623\u0646\u0647\u0627 \u062a\u0648\u0641\u0631 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