[{"data":1,"prerenderedAt":964},["ShallowReactive",2],{"\u002Fzh\u002Fguides\u002Ftime-weighted-return-explained":3,"\u002Fzh\u002Fguides\u002Ftime-weighted-return-explained-surround":949,"\u002Fzh\u002Fguides\u002Ftime-weighted-return-explained-langs":960},{"id":4,"title":5,"authors":6,"badge":12,"body":14,"date":937,"description":938,"draft":939,"extension":940,"image":941,"meta":943,"navigation":944,"path":945,"seo":946,"stem":947,"updated":937,"__hash__":948},"posts\u002Fzh\u002F3.guides\u002F13.time-weighted-return-explained.md","时间加权收益率详解：为什么入金无法抬高您的业绩（{YEAR} 年版）",[7],{"name":8,"to":9,"avatar":10},"ShowMyTrades Team","https:\u002F\u002Fshowmytrades.com",{"src":11},"\u002Ficon-512.png",{"label":13},"指标",{"type":15,"value":16,"toc":920},"minimark",[17,22,26,29,32,50,54,57,60,65,68,78,86,89,105,112,117,120,124,127,241,244,264,271,275,278,383,390,403,407,410,413,508,511,517,524,531,535,538,549,555,561,564,570,583,587,590,617,622,628,633,647,659,665,671,675,682,743,750,756,761,776,780,821,825,831,837,843,849,865,871,875,900,903,913],[18,19,21],"h2",{"id":20},"余额涨了水平也涨了吗","💰 余额涨了，水平也涨了吗？",[23,24,25],"p",{},"一个账户年初 $10,000，年末 $22,050。有人截了张余额图，说这一年赚了 120%。",[23,27,28],{},"其实没有。这笔钱里有一半是银行转进来的。",[23,30,31],{},"这首先不是造假问题，而是算术问题。余额变化回答的是“账户里有多少钱”，说的是您入了多少资金，而不是交易做得怎么样。两者经常被混为一谈，因为每份对账单最上面那个数字就是余额。",[23,33,34,35,40,41,45,46,49],{},"时间加权收益率正是为此而设。它",[36,37,39],"a",{"href":38},"\u002Fglossary\u002Fwhat-is-time-weighted-return","衡量的是您的交易决策让当时账户里实际存在的资金发生了什么变化","，对资金进出则刻意视而不见。在 ShowMyTrades 的账户页面上，这项指标标作",[42,43,44],"strong",{},"增长","，旁边紧挨着",[42,47,48],{},"绝对增长率","，就是为了让您一眼看出两者何时对不上。",[18,51,53],{"id":52},"twr-是如何计算的","🧮 TWR 是如何计算的",[23,55,56],{},"TWR 不看起点和终点，看的是中间的每一天。",[23,58,59],{},"每天的收益以当天开始时的净值为基准计算，并先扣除当天的资金进出：",[23,61,62],{},[42,63,64],{},"r = (当日收盘净值 − 当日净资金流) ÷ 当日开盘净值 − 1",[23,66,67],{},"再把每日收益按复利连乘起来：",[23,69,70],{},[42,71,72,73,77],{},"TWR = ",[74,75,76],"span",{},"(1 + r₁) × (1 + r₂) × … × (1 + rₙ)"," − 1",[23,79,80,81,85],{},"思路就这么简单。每笔入金或出金都会在到账当天扣除，所以永远不会算成“收益”，只会改变",[82,83,84],"em",{},"第二天","收益的计算基准。",[23,87,88],{},"由此得出两个结论，都很重要：",[90,91,92,99],"ul",{},[93,94,95,98],"li",{},[42,96,97],{},"入金和出金无法影响 TWR","。既不会让它上升，也不会让它下降。电汇进 $50,000，变的只有余额，别的都不变。",[93,100,101,104],{},[42,102,103],{},"资金规模帮不上忙","。本金翻倍，增长不会翻倍，因为百分比收益与规模无关。也正因如此，账户规模不同的两位交易者，可以用 TWR 来比较。",[23,106,107],{},[108,109],"img",{"alt":110,"src":111},"一笔 $10,000 入金让余额线陡然上了一个台阶，而时间加权收益率线在同一日期完全没有变化","\u002Fimages\u002Farticles\u002Fdeposit-vs-twr.svg",[23,113,114],{},[82,115,116],{},"那个台阶只是一笔银行转账，真正反映交易的，只剩那条平线。",[23,118,119],{},"基金经理也是这样考核的：交易由他们掌控，客户什么时候入金、出金却不由他们决定。看余额增长，评的是客户的入金节奏；看 TWR，评的才是基金经理。",[121,122,123],"h3",{"id":123},"开头那个例子的答案",[23,125,126],{},"这位交易者用 $10,000 起步，赚了 $1,000；随后又入金 $10,000，在更大的本金上赚了 $1,050。",[128,129,130,154],"table",{},[131,132,133],"thead",{},[134,135,136,140,143,146,149,152],"tr",{},[137,138,139],"th",{},"步骤",[137,141,142],{},"事件",[137,144,145],{},"余额",[137,147,148],{},"期间收益",[137,150,151],{},"增长（TWR）",[137,153,48],{},[155,156,157,177,198,219],"tbody",{},[134,158,159,163,166,169,172,175],{},[160,161,162],"td",{},"1",[160,164,165],{},"入金 $10,000，开始交易",[160,167,168],{},"$10,000",[160,170,171],{},"—",[160,173,174],{},"0.00%",[160,176,174],{},[134,178,179,182,185,188,191,196],{},[160,180,181],{},"2",[160,183,184],{},"交易平仓 +$1,000",[160,186,187],{},"$11,000",[160,189,190],{},"+10.0%",[160,192,193],{},[42,194,195],{},"+10.00%",[160,197,195],{},[134,199,200,203,206,209,212,216],{},[160,201,202],{},"3",[160,204,205],{},"入金 $10,000，没有交易",[160,207,208],{},"$21,000",[160,210,211],{},"0%",[160,213,214],{},[42,215,195],{},[160,217,218],{},"+5.00%",[134,220,221,224,227,230,233,238],{},[160,222,223],{},"4",[160,225,226],{},"交易平仓 +$1,050",[160,228,229],{},"$22,050",[160,231,232],{},"+5.0%",[160,234,235],{},[42,236,237],{},"+15.50%",[160,239,240],{},"+10.25%",[23,242,243],{},"同一个账户，能讲出三种完全不同的故事：",[90,245,246,252,258],{},[93,247,248,251],{},[42,249,250],{},"余额增长：+120.5%","。没有意义，大部分是银行转账。",[93,253,254,257],{},[42,255,256],{},"增长（TWR）：+15.50%","。即 1.10 × 1.05 − 1，两个真实交易阶段的复利结果。",[93,259,260,263],{},[42,261,262],{},"绝对增长率：+10.25%","。$2,050 的已平仓净利润，除以 $20,000 的总入金。",[23,265,266,267,270],{},"请仔细看第 3 步，这是最出人意料的地方：那天一笔交易都没做，绝对增长率却",[42,268,269],{},"从 10% 跌到了 5%","。并没有发生亏损，只是分母变大了。TWR 则纹丝不动，这正是用它的意义所在。",[18,272,274],{"id":273},"️-增长与绝对增长率两个问题不是两种看法","⚖️ 增长与绝对增长率：两个问题，不是两种看法",[23,276,277],{},"这两个数字不是对同一件事的两种估算，而是在回答不同的问题。平台把两者都列出来，因为您两个都需要。",[128,279,280,290],{},[131,281,282],{},[134,283,284,286,288],{},[137,285],{},[137,287,151],{},[137,289,48],{},[155,291,292,305,318,332,344,357,370],{},[134,293,294,299,302],{},[160,295,296],{},[42,297,298],{},"回答的问题",[160,300,301],{},"这位交易者交易得有多好？",[160,303,304],{},"这个账户用投入的钱赚了多少？",[134,306,307,312,315],{},[160,308,309],{},[42,310,311],{},"公式",[160,313,314],{},"每日净值收益的复利累积",[160,316,317],{},"（已平仓净盈亏 ÷ 总入金）× 100",[134,319,320,326,329],{},[160,321,322,325],{},[42,323,324],{},"入金时会变吗","？",[160,327,328],{},"不会",[160,330,331],{},"会：分母变大",[134,333,334,339,341],{},[160,335,336,325],{},[42,337,338],{},"出金时会变吗",[160,340,328],{},[160,342,343],{},"通过利润计算来处理",[134,345,346,351,354],{},[160,347,348,325],{},[42,349,350],{},"能在交易者之间比较吗",[160,352,353],{},"能",[160,355,356],{},"只有在入金模式相似时才能",[134,358,359,364,367],{},[160,360,361,325],{},[42,362,363],{},"反映赚到的金额吗",[160,365,366],{},"不反映",[160,368,369],{},"反映",[134,371,372,377,380],{},[160,373,374],{},[42,375,376],{},"最适合用于",[160,378,379],{},"衡量能力高低、比较策略",[160,381,382],{},"真金白银的实际回报、您自己的盈亏",[23,384,385,386,389],{},"实用的判断方法：两者相差很大时，差距反映的是",[42,387,388],{},"入金方式","，未必是有人说谎。每个月都追加资金的交易者，绝对增长率永远会低于增长，因为新入的钱还没来得及发挥作用。这不算欺骗。",[23,391,392,393,397,398,402],{},"关键在于入金情况有没有公开。在账户页面上是公开的：入金和出金直接标在",[36,394,396],{"href":395},"\u002Fglossary\u002Fwhat-is-an-equity-curve","净值曲线","上。页面其余部分怎么看，见",[36,399,401],{"href":400},"\u002Fguides\u002Freading-a-trading-account-dashboard","我们完整的控制台解读","。",[18,404,406],{"id":405},"️-用入金掩盖回撤","🕳️ 用入金掩盖回撤",[23,408,409],{},"下面来看这项指标专门要破解的操纵手法。",[23,411,412],{},"某位交易者的 $10,000 账户亏了 40%，净值只剩 $6,000。他没有把这个结果公开，而是电汇进 $10,000，让余额图从 $16,000 接着往下画。几周后，他平仓赚了 +$800。",[128,414,415,432],{},[131,416,417],{},[134,418,419,421,423,425,427,429],{},[137,420,139],{},[137,422,142],{},[137,424,145],{},[137,426,151],{},[137,428,48],{},[137,430,431],{},"最深回撤",[155,433,434,449,469,488],{},[134,435,436,438,441,443,445,447],{},[160,437,162],{},[160,439,440],{},"开始",[160,442,168],{},[160,444,174],{},[160,446,174],{},[160,448,211],{},[134,450,451,453,456,459,464,466],{},[160,452,181],{},[160,454,455],{},"亏损 $4,000",[160,457,458],{},"$6,000",[160,460,461],{},[42,462,463],{},"−40.00%",[160,465,463],{},[160,467,468],{},"40%",[134,470,471,473,476,479,483,486],{},[160,472,202],{},[160,474,475],{},"入金 $10,000",[160,477,478],{},"$16,000",[160,480,481],{},[42,482,463],{},[160,484,485],{},"−20.00%",[160,487,468],{},[134,489,490,492,495,498,503,506],{},[160,491,223],{},[160,493,494],{},"平仓 +$800",[160,496,497],{},"$16,800",[160,499,500],{},[42,501,502],{},"−37.00%",[160,504,505],{},"−16.00%",[160,507,468],{},[23,509,510],{},"先看谁都会拿来说事的那个数字：账户里有 $16,800，起点是 $10,000，涨了 68%。",[23,512,513,514,516],{},"再看那一行粉饰不了的数字：增长是 ",[42,515,502],{},"。40% 的亏损是复利链条里一个永远抹不掉的因子：0.60 × 1.05 = 0.63。入金改变的是基数，改变不了历史。",[23,518,519,520,523],{},"再注意第 3 步的绝对增长率：一笔交易没做，就从 −40% 改善到了 −20%。亏损并没有变少，只是作为分母的入金总额翻了一倍。绝对增长率会",[42,521,522],{},"被入金稀释","，TWR 不会。",[23,525,526,527,402],{},"正因为这种不对称，两个数字并排一放，把戏就露馅了：资金一到账，亏损比例就减半，说明亏损只是被摊薄了。再看一眼回撤数值和净值曲线上的入金标记，十秒钟就能确认。完整的核查流程见",[36,528,530],{"href":529},"\u002Fguides\u002Fverifying-trading-performance-claims","如何验证交易业绩宣传",[18,532,534],{"id":533},"什么时候绝对增长率更好用","🎯 什么时候绝对增长率更好用",[23,536,537],{},"TWR 的标准更严格，但不一定总是更有用。硬说它永远更好，本身也是一种不诚实。",[23,539,540,543,544,548],{},[42,541,542],{},"当您关心的是钱","。TWR 是相对当时账户里剩下多少净值算出的百分比，所以只剩 $300 净值时赚 +80%，和在 $80,000 上赚 +80%，得分一样。",[36,545,547],{"href":546},"\u002Fglossary\u002Fwhat-is-absolute-gain","绝对增长率以总入金为基准","，金额大小不会失真。",[23,550,551,554],{},[42,552,553],{},"当账户只入过一次金、之后没再动过","。只有一笔入金、没有出金时，两者会趋于一致，这时绝对增长率读起来更直观。",[23,556,557,560],{},[42,558,559],{},"回本之后","。这是 TWR 最锋利的一面，也是对它最公道的批评。以上表第 3 步为例，在 $16,000 的基数上把 $4,000 全部赚回来：期间收益只有 +25%。按金额算，交易者已经回本（投入 $20,000，账户里 $20,000），增长却仍是 −25%（0.60 × 1.25 − 1）。",[23,562,563],{},"TWR 不管您的钱是否已经回到原点，它在意的是：在高点时就有资金在场的人，确实经历了这一整轮大起大落。这么算没错，只是毫不留情。",[23,565,566,569],{},[42,567,568],{},"当您定期取出收益","。每月把利润取走的交易者，净值会一直维持在较小的规模。TWR 处理这种情况毫无问题；绝对增长率则告诉您，相对投入的资金，实际取出了多少。对取钱的人来说，这往往才是真正关心的问题。",[23,571,572,573,577,578,582],{},"两个都要看：一个衡量开车的人，一个衡量这趟路程。想知道某个增长率继续复利下去会变成多少，可以用",[36,574,576],{"href":575},"\u002Ftools\u002Fcompounding-calculator","复利计算器","算一算；再配合",[36,579,581],{"href":580},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","，看看从坑里爬出来要付出什么代价。",[18,584,586],{"id":585},"️-twr-在-showmytrades-账户页面上的位置","🖥️ TWR 在 ShowMyTrades 账户页面上的位置",[23,588,589],{},"TWR 不是藏在某个统计框里的单个数字。每个账户的 TWR 变化序列都会单独存储，并在多个模块中重复使用：",[23,591,592,595,596,598,599,601,602,605,606,609,610,598,613,616],{},[42,593,594],{},"统计面板","。前两行就是",[42,597,44],{},"和",[42,600,48],{},"，接下来是",[42,603,604],{},"日均 %"," 和",[42,607,608],{},"月均 %","，二者都由同一条时间加权序列算出。面板再往下，",[42,611,612],{},"入金",[42,614,615],{},"出金","各有单独的合计，和余额、净值、最高余额、盈利列在一起。追加了多少钱不用猜，单独一行写得清清楚楚，两种收益的对比也因此才有意义。",[23,618,619,621],{},[42,620,44],{},"。把存储的 TWR 序列按日历画出来，就是剔除资金进出之后的能力曲线。图表模块可以在净值曲线、盈利、增长、逐笔交易增长和回撤之间切换。从增长切到净值曲线，入金造成的台阶一眼可见：余额跳了上去，增长线却没动。",[23,623,624,627],{},[42,625,626],{},"逐笔交易增长","。同一条序列，横轴换成交易序号而不是日期。这样能去掉长期空仓带来的美化效果，看出曲线是靠上千次小优势积累起来的，还是靠三笔运气好的交易撑起来的。",[23,629,630,632],{},[42,631,396],{},"。入金和出金在时间轴上以标记显示，提示框里有金额。回撤谷底时追加的资金，在这里一眼就能发现。",[23,634,635,402,638,642,643,646],{},[42,636,637],{},"月度收益表",[36,639,641],{"href":640},"\u002Fguides\u002Fmonthly-returns-table-explained","每个单元格都是当月的时间加权收益","，年度和总计按",[42,644,645],{},"复利累积","，不是简单相加：一个月 +50%，下个月 −50%，结果是 −25%，不是零。",[23,648,649,652,653,655,656,658],{},[42,650,651],{},"交易表格","。入金和出金会以明确的",[42,654,612],{},"、",[42,657,615],{},"行夹在交易之间，确切的日期和金额直接就能查到，不必从图上推测。",[23,660,661,664],{},[42,662,663],{},"自定义分析","。在侧边面板中可以按交易类型筛选，入金和出金也各算一种类型，筛选条件还能保存为可复用的预设。",[23,666,667,670],{},[42,668,669],{},"小组件","。可嵌入的小组件也能展示同一条增长序列，可以是实时嵌入，也可以是自动生成的图片。放在您网站上的内容会根据账户数据重新生成，不会像截图那样慢慢过时。",[18,672,674],{"id":673},"真实账户的-twr-长什么样","📊 真实账户的 TWR 长什么样",[23,676,677,678,681],{},"以下数据取自 ",[42,679,680],{},"ShowMyTrades 上有交易历史的公开账户","，平台共有 1 万+ 个已连接账户、15,436,464 笔已同步交易（2026 年 8 月）。这些数字只代表在这里公开的账户，不代表所有交易者。",[128,683,684,693],{},[131,685,686],{},[134,687,688,690],{},[137,689,13],{},[137,691,692],{},"公开账户的中位数",[155,694,695,704,711,719,727,735],{},[134,696,697,699],{},[160,698,151],{},[160,700,701],{},[42,702,703],{},"+3.2%",[134,705,706,708],{},[160,707,431],{},[160,709,710],{},"9.7%",[134,712,713,716],{},[160,714,715],{},"盈利因子",[160,717,718],{},"1.28",[134,720,721,724],{},[160,722,723],{},"胜率",[160,725,726],{},"68.8%",[134,728,729,732],{},[160,730,731],{},"夏普比率",[160,733,734],{},"0.05",[134,736,737,740],{},[160,738,739],{},"已平仓交易",[160,741,742],{},"171",[23,744,745,746,749],{},"按时间加权计算，",[42,747,748],{},"这些账户中 63.0% 是正收益","。算是多数，但有人给您看三个月的绿色业绩时，也该想起这个数字：只要时间窗口够短，取得正收益和抛硬币差不多，只是包装得好看一点。",[23,751,752],{},[108,753],{"alt":754,"src":755},"历史长度的四个阶段：3 个月是一个样本，6 个月是一点迹象，12 个月是一个论据，24 个月或更长才是业绩记录；对照这里的中位数账户，有 171 笔已平仓交易，每笔平均 2.4 小时","\u002Fimages\u002Farticles\u002Fsample-size.svg",[23,757,758],{},[82,759,760],{},"既要数月份，也要数交易笔数：剥头皮交易者几周就能攒够有效样本，波段交易者则要几年。",[23,762,763,764,767,768,771,772,775],{},"还有两个数字，做任何比较时都值得记住。这些账户中 ",[42,765,766],{},"38.2%"," 的回撤超过 20%，",[42,769,770],{},"17.6%"," 超过 50%。同样是 +40% 的增长，经历过 8% 的回撤和经历过 55% 的回撤，完全是两回事，所以两者从来不能分开看。另外，这里有 ",[42,773,774],{},"699 位用户同时运营多个账户","，其中 429 位在多家经纪商开户：资金在账户之间频繁流动，在这种环境下，不受资金进出影响的收益指标就不再是纸上谈兵。",[18,777,779],{"id":778},"️-误读-twr-的五种方式","⚠️ 误读 TWR 的五种方式",[781,782,783,789,795,801,811],"ol",{},[93,784,785,788],{},[42,786,787],{},"把增长当成钱","。账户平均净值只有 $400，+200% 的增长也就是 $800。增长衡量的是水平，不代表能赚多少钱。请结合绝对增长率和余额一起看。",[93,790,791,794],{},[42,792,793],{},"以为增长和绝对增长率有差距就是造假","。通常只是定期入金。打开净值曲线看看标记：钱是按计划入的，还是在坑底入的？只有后一种才有文章。",[93,796,797,800],{},[42,798,799],{},"样本太少也相信 TWR","。这里公开账户的已平仓交易中位数是 171 笔。20 笔交易换来的 +30% 增长，只是一次随机抽样，算不上业绩记录。",[93,802,803,806,807,402],{},[42,804,805],{},"拿不同时间跨度的数字比较","。十四个月 +25% 和四个月 +25%，说的不是一回事。用月均 % 和月度收益表把它们放到同一基准上，具体方法见",[36,808,810],{"href":809},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪",[93,812,813,816,817,402],{},[42,814,815],{},"只信数字，不问来源","。用手工录入的数据算出的 TWR，只是对虚构数字做算术。指标可不可信，取决于背后的经纪商连接，验证徽章就是为此而设。见",[36,818,820],{"href":819},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录",[18,822,824],{"id":823},"常见问题","❓ 常见问题",[23,826,827,830],{},[42,828,829],{},"经纪商说我的账户涨了 120%，页面上却是 +15.5%，哪个错了？","\n都没错。经纪商报的是余额变化，包含了每一笔入金；增长反映的是您的交易让当时账户里的资金发生了什么变化。两者回答的问题不同，能拿来和别的交易者比较的只有后者。",[23,832,833,836],{},[42,834,835],{},"取出利润会拉低我的增长吗？","\n不会。出金和入金一样，会在发生当天剔除。在这里取钱，不会损害您的业绩记录。",[23,838,839,842],{},[42,840,841],{},"为什么我入金那天一笔交易都没做，绝对增长率却下降了？","\n因为绝对增长率等于已平仓净盈亏除以总入金，您把分母变大了。钱一分没少，只是同样的利润现在要除以更多的本金。增长则原地不动。",[23,844,845,848],{},[42,846,847],{},"公开账户时，我该引用哪个数字？","\n两个都要，再加上回撤。只报增长，别人会问“本金多少？”；只报绝对增长率，别人会问“你追加过几次资金？”。页面同时显示这三项，所以发链接比发一个数字更有说服力。",[23,850,851,854,855,859,860,864],{},[42,852,853],{},"TWR 到底能不能做手脚？","\n靠入金做不到。但如果历史很短、交易很少，或者刚从濒临爆仓的状态回升，它仍可能显得很漂亮，因为净值基数很小时，百分比会剧烈波动。下结论之前，请对照",[36,856,858],{"href":857},"\u002Fguides\u002Fmaximum-drawdown-explained","回撤","、总交易数和",[36,861,863],{"href":862},"\u002Fglossary\u002Fwhat-is-average-trade-length","平均持仓时间","一起看。",[23,866,867,870],{},[42,868,869],{},"增长是不是投资我账户的人能拿到的收益？","\n只有当他们全程都在、自己也没有任何资金进出时才是。投资者个人的收益取决于钱是什么时候投进来的，这属于资金加权收益的问题，页面上和它更接近的是绝对增长率。",[18,872,874],{"id":873},"相关指南","🔗 相关指南",[90,876,877,883,888,893],{},[93,878,879,882],{},[36,880,881],{"href":400},"如何读懂交易账户控制台","：页面上的其他指标，以及哪些能被做手脚",[93,884,885,887],{},[36,886,530],{"href":529},"：花钱买信号之前要过一遍的检查清单",[93,889,890,892],{},[36,891,810],{"href":809},"：每个月真正该盯哪些数字",[93,894,895,899],{},[36,896,898],{"href":897},"\u002Fguides\u002Fhow-to-verify-your-account","如何验证您的交易账户","：拿到验证徽章，让您的增长值得一看",[901,902],"hr",{},[23,904,905,402,908,912],{},[42,906,907],{},"看看真实数据",[36,909,911],{"href":910},"\u002Fexplore","探索","动态里列出了实时账户及其增长和回撤。随便点开一个，就能看到绝对增长率、入金和出金合计，还有净值曲线上的那些标记，正是它们解释了两种收益之间的差距。",[23,914,915,919],{},[36,916,918],{"href":917},"\u002Fsignup","免费连接您的账户","。只读访问，TWR 根据经纪商的数据计算，不取决于您告诉我们什么。",{"title":921,"searchDepth":922,"depth":922,"links":923},"",2,[924,925,929,930,931,932,933,934,935,936],{"id":20,"depth":922,"text":21},{"id":52,"depth":922,"text":53,"children":926},[927],{"id":123,"depth":928,"text":123},3,{"id":273,"depth":922,"text":274},{"id":405,"depth":922,"text":406},{"id":533,"depth":922,"text":534},{"id":585,"depth":922,"text":586},{"id":673,"depth":922,"text":674},{"id":778,"depth":922,"text":779},{"id":823,"depth":922,"text":824},{"id":873,"depth":922,"text":874},"2026-08-19T00:00:00.000Z","一笔 $10,000 的入金能让余额翻倍，交易水平却不会因此翻倍。本文讲清时间加权收益率如何剔除资金进出、与绝对增长率有何区别，以及两者各自什么时候可信。",false,"md",{"src":942},"\u002Fimages\u002Fblog\u002Ftime-weighted-return-explained-hero.svg",{},true,"\u002Fzh\u002Fguides\u002Ftime-weighted-return-explained",{"title":5,"description":938},"zh\u002F3.guides\u002F13.time-weighted-return-explained","EAm63MwzvqItTtPAttbZZfKmltJhpXYrxVZYcsU2x6Y",[950,955],{"title":951,"path":952,"stem":953,"description":954,"children":-1},"如何读懂交易账户控制台：逐项解读每个指标（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Freading-a-trading-account-dashboard","zh\u002F3.guides\u002F12.reading-a-trading-account-dashboard","增长、回撤、盈利因子、库存费：公开账户页面上每个数字衡量什么，以及在数千个真实账户里，什么样的数值算正常。",{"title":956,"path":957,"stem":958,"description":959,"children":-1},"最大回撤详解：一路走来有多煎熬，看这个数字就知道（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained","zh\u002F3.guides\u002F14.maximum-drawdown-explained","两个账户全年都赚了 40%，但只有一个让人扛得下来。本文讲清最大回撤衡量的是什么、回本要算的账，以及数千个真实账户的实际情况。",[961,963],{"path":962},"\u002Fguides\u002Ftime-weighted-return-explained",{"path":945},1793890591743]