Bitcoin Or Nvidia, Which Offers A Better Risk-Adjusted Return?
Bitcoin Or Nvidia, Which Offers A Better Risk-Adjusted Return?
Cryptocurrencies and equities are perceived as risk-laden investments, and returns might not mean much if one ignores the inherent volatility.
加密貨幣和股票被視爲充滿風險的投資，如果忽視固有的波動性，回報可能意義不大。
What Happened: Bitcoin, the world's leading cryptocurrency, has jumped 43% year-to-date, surpassing blue-chip equity indices like the S&P 500 and the Nasdaq Composite, which have grown 18.51% and 21.35% respectively.
發生了什麼：比特幣，世界領先的加密貨幣，年初至今上漲了43%，超過了標普500和納斯達克綜合指數分別增長的18.51%和21.35%。
But the King Crypto has also endured sharp corrections this year, the most recent being the Aug. 5 rout, during which it dipped below $50,000.
但比特幣之王在今年也經歷了劇烈的調整，最近的一次是8月5日的暴跌，當時比特幣跌破了5萬美元。
To get a more accurate picture, consider measuring the excess return a Bitcoin investor obtains for enduring higher volatility.
爲了得到更準確的圖片，考慮衡量比特幣投資者爲承受更高波動性而獲得的超額回報。
Bitcoin's Sharpe ratio, a measure of risk-adjusted returns, was -1 as of this writing, according to charting platform Trading View, suggesting that the expected return was lower than that of a risk-free investment, such as a Treasury yield.
根據圖表平台Trading View的數據，比特幣的夏普比率，一種風險調整後的回報率指標，截至目前爲止爲-1，表明預期回報低於無風險投資（例如國債收益）。
The Sharpe ratio was 4 at the start of the month, but the subsequent downturn eroded returns.
月初夏普比率爲4，但隨後的下滑侵蝕了回報。
See Also: Vice President Kamala Harris To Talk About Inflation Or A Ceasefire In Her Speech At The DNC? Here's What Crypto Bettors Think
另請參閱：美國副總統賀錦麗在民主黨全國代表大會上發表關於通貨膨脹或停火的講話？加密貨幣賭徒對此持何看法
On the other hand, AI powerhouse NVIDIA Corp. (NASDAQ:NVDA), showed a Sharpe ratio of 2.29, highlighting a better risk-adjusted performance as of this writing.
另一方面，人工智能巨頭英偉達公司（納斯達克代碼：NVDA），所示的夏普比率爲2.29，突出了風險調整後的良好表現。
Note that Nvidia has had a blockbuster run at the equity markets this year, soaring 166% year-to-date.
請注意，英偉達在今年的股票市場上取得了巨大的成功，年初至今飆升了166%。
Why It Matters: The diverging performance reflected Nvidia's growing appeal as a speculative, high-returning investment.
重要性：不同的表現反映了英偉達作爲一種投機、高回報投資的吸引力不斷增長。
While the early August dip hurt both Bitcoin and Nvidia, the AI-based stock has recovered faster, increasing 8% over the week compared to the apex cryptocurrency's 4.61% advance.
儘管8月初的下跌對比特幣和英偉達都造成了一定的傷害，但基於人工智能的股票恢復得更快，在過去一週中增長了8%，而比特幣的漲幅僅爲4.61%。
Price Action: At the time of writing, Bitcoin was trading at 60,752.45, up 1.71% in the last 24 hours, according to data from Benzinga Pro. Shares of Nvidia closed 0.98% higher at $128.50 during Wednesday's regular session.
價位走勢：截至撰寫本文時，比特幣的交易價格爲60,752.45美元，在過去24小時內上漲了1.71%，據Benzinga Pro的數據顯示。英偉達股票在週三的正常交易時段收盤時上漲了0.98%，報價128.50美元。
- Pro-Bitcoin Senator Cynthia Lummis Says 'Not A Single Indication' That Kamala Harris Would Be Good For The Crypto Industry
- 支持比特幣的參議員辛西婭·盧米斯表示，沒有任何跡象表明賀錦麗對加密行業會有好的影響。
譯文內容由第三人軟體翻譯。