{"id":1755,"date":"2025-11-26T09:15:25","date_gmt":"2025-11-26T09:15:25","guid":{"rendered":"http:\/\/\/glossary-item\/%d8%a3%d9%84%d9%81%d8%a7-%d9%87%d9%88-%d9%85%d9%82%d9%8a%d8%a7%d8%b3-%d9%84%d9%85%d8%af%d9%89-%d8%aa%d9%81%d9%88%d9%82-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d8%a3%d9%88-%d8%aa%d8%a3\/"},"modified":"2025-12-18T14:35:51","modified_gmt":"2025-12-18T14:35:51","slug":"%d8%a3%d9%84%d9%81%d8%a7-%d9%87%d9%88-%d9%85%d9%82%d9%8a%d8%a7%d8%b3-%d9%84%d9%85%d8%af%d9%89-%d8%aa%d9%81%d9%88%d9%82-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d8%a3%d9%88-%d8%aa%d8%a3","status":"publish","type":"glossary-item","link":"https:\/\/damanacademy.fireart-dev.com\/ar\/glossary-item\/%d8%a3%d9%84%d9%81%d8%a7-%d9%87%d9%88-%d9%85%d9%82%d9%8a%d8%a7%d8%b3-%d9%84%d9%85%d8%af%d9%89-%d8%aa%d9%81%d9%88%d9%82-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d8%a3%d9%88-%d8%aa%d8%a3\/","title":{"rendered":"\u0623\u0644\u0641\u0627"},"content":{"rendered":"

\u0623\u0644\u0641\u0627 \u0647\u0648 \u0645\u0641\u0647\u0648\u0645 \u0623\u0633\u0627\u0633\u064a \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u064a\u0642\u064a\u0633 \u0645\u062f\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0645\u0624\u0634\u0631 \u0645\u0631\u062c\u0639\u064a \u0623\u0648 \u0645\u0624\u0634\u0631 \u0627\u0644\u0633\u0648\u0642. \u0628\u0628\u0633\u0627\u0637\u0629\u060c \u064a\u0638\u0647\u0631 \u0623\u0644\u0641\u0627 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0623\u0635\u0644 \u0623\u0648 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0648 \u0645\u062f\u064a\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0642\u062f \u062a\u0641\u0648\u0642 \u0623\u0648 \u062a\u062e\u0644\u0641 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642 \u0628\u0639\u062f \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u064a\u0634\u064a\u0631 \u0623\u0644\u0641\u0627 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062d\u0642\u0642 \u0639\u0648\u0627\u0626\u062f \u0623\u0639\u0644\u0649 \u0645\u0645\u0627 \u0647\u0648 \u0645\u062a\u0648\u0642\u0639 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0644\u0641\u0627 \u0627\u0644\u0633\u0644\u0628\u064a \u0623\u0646\u0647 \u062a\u0623\u062e\u0631 \u0639\u0646 \u0627\u0644\u0633\u0648\u0642.<\/p>\n

\u0641\u0647\u0645 \u0623\u0644\u0641\u0627 \u0636\u0631\u0648\u0631\u064a \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0631\u063a\u0628\u0648\u0646 \u0641\u064a \u062a\u0642\u064a\u064a\u0645 \u0645\u0647\u0627\u0631\u0629 \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0623\u0648 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u064f\u0633\u062a\u062e\u062f\u0645 \u0623\u0644\u0641\u0627 \u062c\u0646\u0628\u064b\u0627 \u0625\u0644\u0649 \u062c\u0646\u0628 \u0645\u0639 \u0628\u064a\u062a\u0627\u060c \u0627\u0644\u062a\u064a \u062a\u0642\u064a\u0633 \u062a\u0642\u0644\u0628 \u0623\u0648 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u0628\u064a\u0646\u0645\u0627 \u062a\u062e\u0628\u0631\u0643 \u0628\u064a\u062a\u0627 \u0628\u0645\u062f\u0649 \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0648\u0631\u0642\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u060c \u064a\u062e\u0628\u0631\u0643 \u0623\u0644\u0641\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0642\u062f \u062d\u0642\u0642 \u0639\u0648\u0627\u0626\u062f \u0625\u0636\u0627\u0641\u064a\u0629 \u0645\u0633\u062a\u0642\u0644\u0629 \u0639\u0646 \u062a\u0644\u0643 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u064a\u0629.<\/p>\n

\u03b1=\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0641\u0639\u0644\u064a\u2212[\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631+\u03b2\u00d7(\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642\u2212\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631)]<\/p>\n

\u062a\u0641\u0635\u064a\u0644 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629:
\n– Actual Return \u0647\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u062d\u0642\u0642\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.
\n– Risk-Free Rate \u0647\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0645\u0646 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0645\u062b\u0644 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629.
\n– Beta \u062a\u0642\u064a\u0633 \u062d\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642.
\n– Market Return \u0647\u0648 \u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0645\u0631\u062c\u0639\u064a \u0623\u0648 \u0645\u0624\u0634\u0631 \u0627\u0644\u0633\u0648\u0642.<\/p>\n

\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0633\u0647\u0645\u064b\u0627 \u0644\u0647 \u0628\u064a\u062a\u0627 1.2\u060c \u0648\u0645\u0639\u062f\u0644 \u062e\u0627\u0644\u064a \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 2%\u060c \u0648\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0648\u0642 8%. \u0648\u0641\u0642\u064b\u0627 \u0644\u0644\u0635\u064a\u063a\u0629\u060c \u0633\u064a\u0643\u0648\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639:<\/p>\n

Expected Return = 2% + 1.2 \u00d7 (8% – 2%) = 2% + 1.2 \u00d7 6% = 2% + 7.2% = 9.2%<\/p>\n

\u0625\u0630\u0627 \u062d\u0642\u0642 \u0627\u0644\u0633\u0647\u0645 \u0639\u0627\u0626\u062f\u064b\u0627 \u0641\u0639\u0644\u064a\u064b\u0627 \u0628\u0646\u0633\u0628\u0629 11% \u062e\u0644\u0627\u0644 \u0646\u0641\u0633 \u0627\u0644\u0641\u062a\u0631\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0623\u0644\u0641\u0627 \u062a\u0643\u0648\u0646:<\/p>\n

Alpha = 11% – 9.2% = +1.8%<\/p>\n

\u064a\u0634\u064a\u0631 \u0647\u0630\u0627 \u0627\u0644\u0623\u0644\u0641\u0627 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0633\u0647\u0645 \u062a\u0641\u0648\u0642 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0644\u0641 \u0645\u062e\u0627\u0637\u0631\u0647. \u0648\u0639\u0644\u0649 \u0627\u0644\u0639\u0643\u0633\u060c \u0625\u0630\u0627 \u062d\u0642\u0642 \u0627\u0644\u0633\u0647\u0645 \u0639\u0627\u0626\u062f\u064b\u0627 \u0628\u0646\u0633\u0628\u0629 8% \u0641\u0642\u0637\u060c \u0641\u0633\u064a\u0643\u0648\u0646 \u0627\u0644\u0623\u0644\u0641\u0627 -1.2%\u060c \u0645\u0645\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639.<\/p>\n

\u064a\u0645\u0643\u0646 \u0631\u0624\u064a\u0629 \u0645\u062b\u0627\u0644 \u0648\u0627\u0642\u0639\u064a \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a (FX). \u062a\u062e\u064a\u0644 \u0645\u062a\u062f\u0627\u0648\u0644\u064b\u0627 \u0645\u062a\u062e\u0635\u0635\u064b\u0627 \u0641\u064a \u0639\u0642\u0648\u062f \u0627\u0644\u0641\u0631\u0648\u0642\u0627\u062a \u0639\u0644\u0649 \u0632\u0648\u062c \u0627\u0644\u0639\u0645\u0644\u0627\u062a EUR\/USD \u064a\u062a\u0641\u0648\u0642 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0639\u0644\u0649 \u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0645\u0631\u062c\u0639\u064a \u0644\u0644\u0632\u0648\u062c \u0628\u0639\u062f \u0627\u062d\u062a\u0633\u0627\u0628 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642. \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u0633\u0648\u0642 (EUR\/USD) \u0628\u0646\u0633\u0628\u0629 5% \u0641\u064a \u0631\u0628\u0639 \u0633\u0646\u0629 \u0648\u062d\u0642\u0642\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 7%\u060c \u0628\u0639\u062f \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0633\u064a\u0643\u0648\u0646 \u0623\u0644\u0641\u0627 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0625\u064a\u062c\u0627\u0628\u064a\u064b\u0627\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0645\u0627\u0647\u0631\u0629 \u0623\u0648 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0641\u0639\u0627\u0644\u0629.<\/p>\n

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\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0637\u0631\u062d \u0627\u0644\u0646\u0627\u0633 \u0623\u0633\u0626\u0644\u0629 \u0645\u062b\u0644 “\u0643\u064a\u0641 \u0623\u062d\u0633\u0628 \u0623\u0644\u0641\u0627 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u061f”\u060c “\u0645\u0627\u0630\u0627 \u064a\u0639\u0646\u064a \u0623\u0644\u0641\u0627 \u0633\u0644\u0628\u064a \u0644\u0645\u062d\u0641\u0638\u062a\u064a\u061f”\u060c \u0623\u0648 “\u0647\u0644 \u0623\u0644\u0641\u0627 \u0623\u0647\u0645 \u0645\u0646 \u0628\u064a\u062a\u0627\u061f” \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u062a\u0628\u0631\u0632 \u0627\u0644\u062d\u0627\u062c\u0629 \u0644\u0641\u0647\u0645 \u0643\u064a\u0641 \u064a\u062a\u0646\u0627\u0633\u0628 \u0623\u0644\u0641\u0627 \u0645\u0639 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0639\u062f\u0644 \u062d\u0633\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0628\u064a\u0646\u0645\u0627 \u062a\u0633\u0627\u0639\u062f \u0628\u064a\u062a\u0627 \u0641\u064a \u062a\u0642\u064a\u064a\u0645 \u0645\u0633\u062a\u0648\u0649 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0648\u0642\u060c \u064a\u0648\u0641\u0631 \u0623\u0644\u0641\u0627 \u0631\u0624\u064a\u0629 \u062d\u0648\u0644 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u0645\u0647\u0627\u0631\u0629 \u0623\u0648 \u0645\u062c\u0631\u062f \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<\/p>\n

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follow\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0641\u0647\u0645 \u0623\u0644\u0641\u0627: \u0642\u064a\u0627\u0633 \u062a\u0641\u0648\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\" \/>\n<meta property=\"og:description\" content=\"\u062a\u0639\u0631\u0651\u0641 \u0639\u0644\u0649 \u0645\u0639\u0646\u0649 \u0623\u0644\u0641\u0627 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0643\u064a\u0641\u064a\u0629 \u062d\u0633\u0627\u0628\u0647\u060c \u0648\u0644\u0645\u0627\u0630\u0627 \u0647\u0648 \u0645\u0647\u0645 \u0644\u062a\u0642\u064a\u064a\u0645 \u0623\u062f\u0627\u0621 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u0645\u0647\u0627\u0631\u0629.\" \/>\n<meta property=\"og:url\" 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