Holding period return là gì

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James Chen, CMT is an expert trader, investment adviser, và global market strategist. He has authored books on technical analysis and foreign exchange trading published by John Wiley & Sons & served as a guest expert on CNBC, BloombergTV, Forbes, và Reuters aý muốn other financial truyền thông media." data-inline-tooltip="true">James Chen
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Gordon Scott has been an active sầu investor và technical analyst of securities, futures, forex, & penny stocks for 20+ years. He is a member of the peaceworld.com.vn Financial review Board & the co-author of Investing khổng lồ Win. Gordon is a Chartered Market Technician (CMT). He is also a thành viên of CMT Association.

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What Is the Holding Period Return/Yield?

Holding period return is the total return received from holding an asmix or portfolio of assets over a period of time, known as the holding period, generally expressed as a percentage. Holding period return is calculated on the basis of total returns from the asset or portfolio (income plus changes in value). It is particularly useful for comparing returns between investments held for different periods of time.


The Formula for Holding Period Return Is

Holding Period Return (HPR) & annualized HPR for returns over multiple years can be calculated as follows:


HoldingPeriodReturneginaligned& extitHolding Period Return\&qquad=frac extitIncome +( extitEnd Of Period Value - extit Initial Value) extitInitial Value endaligned​HoldingPeriodReturn​


Returns computed for regular time periods such as quarters or years can be converted khổng lồ a holding period return as well.


Understanding Holding Period Return

Holding period return is thus the total return received from holding an asset or portfolio of assets over a specified period of time, generally expressed as a percentage. Holding period return is calculated on the basis of total returns from the asmix or portfolio (income plus changes in value). It is particularly useful for comparing returns between investments held for different periods of time.

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Starting on the day after the security's acquisition & continuing until the day of its disposal or sale, the holding period determines tax implications. For example, Sarah bought 100 shares of stoông xã on Jan. 2, 2016. When determining her holding period, she begins counting on Jan. 3, 2016. The third day of each month after that counts as the start of a new month, regardless of how many days each month contains.


If Sarah sold her stoông chồng on December 23, năm nhâm thìn, she would realize a short-term capital gain orcapitallossbecause her holding period is less than one year. If she sells her stock on Jan. 3, 2017, she would realize a long-term capital gain or loss because her holding period is more than one year.


Holding period return (or yield) is the total return earned on an investment during the time that it has been held.A holding period is the amount of time the investment is held by an investor, or the period between the purchase and sale of a security.Holding period return is useful for making like comparisons between returns on investments purchased at different periods in time.

Example of Holding Period Return/Yield

The following are some examples of calculating holding period return:


1. What is the Hquảng bá for an investor, who bought a stochồng a year ago at $50 & received $5 in dividends over the year, if the stoông xã is now trading at $60?


2. Which investment performed better:Mutual Fund X, which was held for three years và appreciated from $100 khổng lồ $150, providing$5 in distributions, or Mutual Fund B, which went from $200 to $3đôi mươi and generated $10 in distributions over four years?


HPRforFundX=5+(150−100)100=55%eginaligned& extitHPR for Fund X=frac5+(150-100)100=55\%\<+.010pt>& extitHquảng cáo for Fund B=frac10+(320-200)200=65\%endaligned​HPRforFundX=1005+(150−100)​=55%​


Note: Fund B had the higher HPR, but it was held for four years, as opposed khổng lồ the three years for which Fund X was held. Since the time periods are different, this requires annualized Htruyền bá khổng lồ be calculated, as shown below.


AnnualizedHPRforFundX=(0.55+1)1/3−1=15.73%AnnualizedHPRforFundBeginaligned& extitAnnualized HPR for Fund X\&qquad=(0.55+1)^1/3-1=15.73\%\& extitAnnualized Hlăng xê for Fund B\&qquad=(0.65+1)^1/4-1=13.34\%endaligned​AnnualizedHPRforFundX=(0.55+1)1/3−1=15.73%AnnualizedHPRforFundB​


4. Your stoông chồng portfolio had the following returns in the four quarters of a given year: +8%, -5%, +6%, +4%. How did it compare against the benchmark index, which had total returns of 12% over the year?


HPRforyourstockportfolio=<(1+0.08)×(1−0.05)×(1+0.06)×(1+0.04)>eginaligned& extitHquảng cáo for your stoông chồng portfolio\&qquad=<(1+0.08) imes(1-0.05) imes(1+0.06) imes(1+0.04)>\&qquadquad-1=13.1\%endaligned​HPRforyourstockportfolio=<(1+0.08)×(1−0.05)×(1+0.06)×(1+0.04)>​


Your portfolio, therefore, outperformed the index by more than a percentage point. (However, the risk of the portfolio should also be compared to lớn that of the index to lớn evaluate if the added return was generated by taking significantly higher risk.)