Skewness aur Kurtosis: portfolio risk ke liye practical guide

Skewness aur kurtosis kyun important hain

Sirf average return aur volatility se pura risk picture nahi milta. Skewness aur kurtosis distribution shape aur tail-risk ko samjhate hain.

Skewness: return asymmetry

• Positive skewness: right tail heavy, kabhi-kabhi bade gains.
• Negative skewness: left tail heavy, kabhi-kabhi bade losses.

Negative skewness wali strategies me abrupt downside risk zyada hota hai.

Kurtosis: tail thickness

Kurtosis batata hai ki tails normal distribution ke mukable kitni heavy hain.

• High kurtosis: extreme events ka chance zyada.
• Low kurtosis: extremes kam.

High kurtosis ka matlab tail-risk controls aur bhi important ho jate hain.

Practical reading

• Same volatility, different skewness: real downside risk alag ho sakta hai.
• Similar VaR, different kurtosis: extreme-loss severity alag ho sakti hai.

Isliye inhe VaR, CVaR aur drawdown ke saath padho.

Next step

• Risk profile Wallible app me dekho
• Portfolio backtesting me scenarios compare karo
• Related guides: VaR 95%/99% , CVaR 95%/99% , Maximum Drawdown