假设1：初始资金为10000，每年年初投资1000，即按上年股份净值价格买入相应S&P500
金，初始S&P500净值为1.00。
S&P500Percentage
累计投入资
金
1100000总资产
年份19-股份数0股份净值
1965
10.01966-11.7196730.9196811.01969-8.419703.9197114.6197218.91973-14.81974-26.4197537.2197623.61977-7.419786.4197918.2198032.31981-5.0198221.4198322.419846.1198531.6198618.619875.1198816.61931.71990-3.1199130.519927.6199310.119941.3199537.6199623.0199733.4199828.6199921.02000-9.12001-11.92002-22.12003
28.7
100001.10109090.97119391.27127251.41134341.29142071.34149521.54156011.83161481.561671.15176601.57182961.95188091.801931.92198862.27203273.00206612.85210123.46213014.23215374.49217605.91219297.01220717.37222078.592232411.312241210.962250314.312257315.392263816.952269717.172275523.622279829.062283238.762285849.852287860.3222554.832291348.302293437.6322960
48.4311000.0010596.0015179.1617958.8717366.3319082.6123014.6828553.4525179.5419268.1427807.35606.55337.6737131.1245070.9860951.9158854.3172663.1390163.6796724.66128605.65153712.30162602.63190760.66252548.79245688.78321928.86347471.45383667.073667.74537558.81662427.34885012.07862932.67100001100012000130001400015000160001700018000190002000021000220002300024000250002600027000280002900030000310003200033000340003500036000370003800039000400004100042000430004400045000460004700048000
1139411.5313797.951255236.231106744.121111881.35200420052006200720082009201020112012201310.94.915.85.5-37.056.515.12.116.032.4
2298153.712299956.342301765.242303268.832304743.362307067.862308578.112309879.752311092.5123121122.48
结论及感想：
1234185.421295709.5015015.601585232.03999326.181565510.471803053.551841938.682137808.862831782.9349000500005100052000530005400055000560005700058000
假设2：如果其他条件同假设1，每年投资金额增加10%。
年份19-19651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819199019911992
S&P500Percentage
10.0-11.730.911.0-8.43.914.618.9-14.8-26.437.223.6-7.46.418.232.3-5.021.422.46.131.618.65.116.631.7-3.130.57.6
股份数0100001090912042129931393615069162681741918484198582191323560250262676828568302443163733250347113602537387385253958140681728425994358744420
股份净值
11.100.971.271.411.291.341.541.831.561.151.571.951.801.922.273.002.853.4.234.495.917.017.378.5911.3110.9614.3115.39
总资产10000.0011000.0010596.0015310.0618337.2718016.1420239.9725040.31879.7128821.8222790.5434503.7345852.4745101.3851327.15749.20687.3990121.40114985.68146929.15161790.90220965.35270043.73291593.623494.72472070.78466980.97623549.46683763.18
累计投入资
金0.0010000.0011000.0012100.0013310.00141.0016105.1017715.6119487.1721435.23579.4825937.4228531.1731384.2834522.7137974.9841772.4845949.7350544.7055599.1761159.0967275.0074002.5081402.75543.0298497.33108347.06119181.77131099.94
19931994199519961997199819992000200120022003200420052006200720082009201020112012201310.11.337.623.033.428.621.0-9.1-11.9-22.128.710.94.915.85.5-37.056.515.12.116.032.445272461234704747785484491494598805039351033519365270953475542785504155837572265820359136601416109516.9517.1723.6229.0638.79.8560.3254.8348.3037.6348.4353.7156.3465.2468.8343.3667.8678.1179.7592.51122.48767257.36791840.181111399.701388484.391877843.442442058.982982993.8027347.192434085.501920233.582515103.702830731.423012598.143540998.863788277.162421115.743883321.854545973.404715860.025563405.887482722.86144209.94158630.93174494.02191943.42211137.77232251.54255476.70281024.37309126.81340039.49374043.43411447.78452592.597851.81547636.99602400.696620.767204.84801795.32881974.85970172.34
假设3：其他条件同假设1，若去年回报为负数，则增加投资金额1000，否则不变。
年份
S&P500Percentage
股份数股份净值总资产
累计投入资
金
&P500跟踪基
收益率0.00%10.00%-3.67%26.49%38.15%24.05%27.22%43.84%67.96%39.%1.41%39.04%69.55%54.08%61.44%87.80%143.81%126.36%169.12%222.01%233.53%328.69%395.85%408.13%478.06%2.79%601.97%794.25%839.11%909.65%9.15%1243.90%1515.68%2007.17%2549.79%3036.13%26.41%2305.97%1736.03%2216.42%
2418.75%2491.42%2844.29%2948.52%1785.52%2799.09%3178.28%31.18%3650.54%4782.38%
收益率0.00%10.00%-3.67%26.53%37.77%23.05%25.67%41.35%63.59%34.46%-3.35%33.03%60.71%43.71%48.68%70.51%117.10%96.13%127.49%1.26%1.54%228.45%2.91%258.21%290.30%379.27%331.00%423.19%421.56%
当年投入资金0.001000.001100.001210.001331.0014.101610.511771.561948.722143.592357.952593.742853.123138.433452.273797.504177.254594.975054.475559.926115.916727.507400.258140.2754.309849.7310000.0010834.7111918.18
432.04%399.17%536.93%623.38%7.39%951.47%1067.62%873.14%687.41%4.71%572.41%587.99%565.63%611.26%591.75%301.91%486.04%523.67%488.16%530.79%671.28%13109.9914420.9915863.0917449.4019194.3421113.7823225.1525547.6728102.4430912.6834003.9537404.3441144.7845259.29785.1854763.7060240.07662.08720.4880179.5388197.49
不变。
收益率
