alpha

Từ điển WordNet

    n.

  • the 1st letter of the Greek alphabet
  • the beginning of a series or sequence; "the Alpha and Omega, the first and the last, the beginning and the end"--Revelations

    adj.

  • first in order of importance

    the alpha male in the group of chimpanzees

    the alpha star in a constellation is the brightest or main star

  • early testing stage of a software or hardware product

    alpha version

Microsoft Computer Dictionary

n. 1. Digital Equipment Corporation’s (DEC) line of computers built on its 64-bit RISC-based microprocessor (Alphachip). 2. DEC’s internal name for a microprocessor product introduced in February 1992 as the DECchip 21064, which evolved into DEC’s current Alphachips. See also Alphachip, DECchip 21064.

Microsoft Computer Dictionary

adj. Of or pertaining to software that is ready for initial testing.n. A software product that is under development and has enough functionality to begin testing. An alpha is usually unstable and does not have all the features or functionality that the released product is to have. Compare beta2.

Bloomberg Financial Glossary

α值α值
Measure of risk-adjusted performance. An alpha is usually generated by regressing the security or mutual fund's excess return on the S&P 500 excess return. The beta adjusts for the risk (the slope coefficient). The alpha is the intercept. Example: Suppose the mutual fund has a return of 25%, and the short-term interest rate is 5% (excess return is 20%). During the same time the market excess return is 9%. Suppose the beta of the mutual fund is 2.0 (twice as risky as the S&P 500). The expected excess return given the risk is 2 x 9%=18%. The actual excess return is 20%. Hence, the alpha is 2% or 200 basis points. Alpha is also known as the Jensen Index. Related: Risk-adjusted return.

Investopedia Financial Terms

Alpha
1. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

2. The abnormal rate of return on a security or portfolio in excess of what would be predicted by an equilibrium model like the capital asset pricing model (CAPM).
Investopedia Says:
1. Alpha is one of five technical risk ratios; the others are beta, standard deviation, R-squared, and the Sharpe ratio. These are all statistical measurements used in modern portfolio theory (MPT). All of these indicators are intended to help investors determine the risk-reward profile of a mutual fund. Simply stated, alpha is often considered to represent the value that a portfolio manager adds to or subtracts from a fund's return.

A positive alpha of 1.0 means the fund has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%.

2. If a CAPM analysis estimates that a portfolio should earn 10% based on the risk of the portfolio but the portfolio actually earns 15%, the portfolio's alpha would be 5%. This 5% is the excess return over what was predicted in the CAPM model.

File Extension Dictionary

Raw Alpha Bytes Bitmap

English Synonym and Antonym Dictionary

alphas
ant.: omega