加密货币的波动率 ≠ 收益 高波动意味着高风险,但不意味着高收益。 数学上,波动率拖累(volatility drag)使得在高波动资产上频繁交易的期望收益低于持有。 年化波动率80%的资产,即使长期均值回报为正,频繁交易者因买卖时机偏差大概率亏损
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