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表 21: 策略（I）固定風險趨避策略之資產配置的最適投資報酬率

年度 1月份 2月份 3月份 4月份 5月份 6月份 7月份 8月份 9月份 10月份 11月份 12月份

2017 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677%
2018 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677%
2019 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677% 0.677%

2020 0.677% 0.677% 0.677% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661%
2021 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661% 0.661%
2022 0.661% 0.661% 0.661% 0.677% 0.677% 0.677% 0.687% 0.687% 0.687% 0.702% 0.702% 0.702%
2023 0.712% 0.712% 0.712% 0.723% 0.723% 0.723% 0.723% 0.723% 0.723% 0.723% 0.723% 0.723%

表 22: 策略（I）固定風險趨避策略之資產配置的最適報酬變異數

年度 1月份 2月份 3月份 4月份 5月份 6月份 7月份 8月份 9月份 10月份 11月份 12月份
2017 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28%

2018 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28%
2019 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28%
2020 2.28% 2.28% 2.28% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26%
2021 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26% 2.26%

2022 2.26% 2.26% 2.26% 2.28% 2.28% 2.28% 2.31% 2.31% 2.31% 2.33% 2.33% 2.33%
2023 2.36% 2.36% 2.36% 2.38% 2.38% 2.38% 2.38% 2.38% 2.38% 2.38% 2.38% 2.38%

每月投資報酬率 CAL

1.60%

1.40%
無異曲線
1.20%

1.00%

0.80%

0.60%

0.40%
效率前緣
0.20%
Rf 報酬標準差
0.00%
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

圖 5: 固定風險趨避策略之無異曲線與資產配置線

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