{"id":14662,"date":"2025-04-02T23:15:00","date_gmt":"2025-04-02T23:15:00","guid":{"rendered":"https:\/\/volity.io\/?p=14662"},"modified":"2026-06-03T05:16:22","modified_gmt":"2026-06-03T05:16:22","slug":"ratio-de-treynor","status":"publish","type":"post","link":"https:\/\/volity.io\/fr\/actions\/ratio-de-treynor\/","title":{"rendered":"Ratio de Treynor &#8211; D\u00e9finition, formule, ce qu&rsquo;il indique"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\n    <style>\n    .vd-wrap {\n        display: flex;\n        align-items: flex-start;\n        gap: 20px;\n        background: #ffffff;\n        border: 1px solid #f2f4f7;\n        border-left: 4px solid #c0392b;\n        border-radius: 12px;\n        padding: 24px;\n        margin: 30px 0;\n        box-sizing: border-box;\n        width: 100%;\n        box-shadow: 0 4px 20px rgba(0,0,0,0.04);\n        position: relative;\n        overflow: hidden;\n    }\n    .vd-wrap::after {\n        content: \"\";\n        position: absolute;\n        right: -20px;\n        bottom: -20px;\n        width: 100px;\n        height: 100px;\n        background: radial-gradient(circle, rgba(192, 57, 43, 0.03) 0%, transparent 70%);\n        pointer-events: none;\n    }\n    .vd-icon {\n        flex-shrink: 0;\n        background: #fff5f4;\n        border: 1px solid #fee2e1;\n        border-radius: 8px;\n        width: 40px;\n        height: 40px;\n        display: flex;\n        align-items: center;\n        justify-content: center;\n    }\n    .vd-icon svg { width: 22px; height: 22px; }\n    .vd-content { flex: 1; min-width: 0; }\n    .vd-label {\n        display: block;\n        font-size: 11px;\n        font-weight: 800;\n        letter-spacing: 0.1em;\n        text-transform: uppercase;\n        color: #c0392b;\n        margin-bottom: 8px;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text {\n        font-size: 14px;\n        line-height: 1.6;\n        color: #475467;\n        margin: 0;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text p { margin: 0 0 10px 0; }\n    .vd-text p:last-child { margin-bottom: 0; }\n    .vd-text strong { color: #101828; font-weight: 600; }\n    .vd-text a { color: #c0392b; text-decoration: underline; }\n    @media (max-width: 600px) {\n        .vd-wrap { flex-direction: column; gap: 12px; padding: 20px; }\n        .vd-icon { width: 32px; height: 32px; }\n    }\n    <\/style>\n\n    <div class=\"vd-wrap\" role=\"alert\" aria-label=\"Divulgation des risques\">\n        <div class=\"vd-icon\">\n            <svg viewBox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M12 9V14M12 17.01L12.01 16.998M12 21C16.9706 21 21 16.9706 21 12C21 7.02944 16.9706 3 12 3C7.02944 3 3 7.02944 3 12C3 16.9706 7.02944 21 12 21Z\" stroke=\"#c0392b\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n            <\/svg>\n        <\/div>\n        <div class=\"vd-content\">\n            <span class=\"vd-label\">Avertissement R\u00e9glementaire sur les Risques<\/span>\n            <div class=\"vd-text\"><\/p>\n<p class=\"wp-block-paragraph\">Le ratio de Treynor concentre le capital des investisseurs dans les m\u00e9ga-capitalisations technologiques qui pr\u00e9sentent un risque idiosyncratique extr\u00eame aux c\u00f4t\u00e9s du risque de march\u00e9 syst\u00e9matique, un fonds avec un \u00ab\u00a0bon\u00a0\u00bb score de Treynor peut s&rsquo;effondrer de plus de 50 % si la th\u00e8se de l&rsquo;IA s&rsquo;inverse malgr\u00e9 un b\u00eata mod\u00e9r\u00e9. Utiliser Treynor isol\u00e9ment ignore les \u00e9v\u00e9nements de queue \u00e9paisse qui peuvent effacer l&rsquo;alpha d&rsquo;un portefeuille en quelques heures, le choc iranien de mars 2026 a vu les obligations et les actions chuter ensemble, rendant les hypoth\u00e8ses de diversification invalides. La d\u00e9pendance de la m\u00e9trique au b\u00eata historique est r\u00e9trospective et ne parvient pas \u00e0 capturer les changements de r\u00e9gime lorsque la politique de la Fed ou les conditions g\u00e9opolitiques alt\u00e8rent fondamentalement les corr\u00e9lations de march\u00e9 du jour au lendemain. La performance pass\u00e9e n&rsquo;est pas indicative des r\u00e9sultats futurs. Capital \u00e0 risque.<\/p>\n<p class=\"wp-block-paragraph\">\n<\/div>\n        <\/div>\n    <\/div><\/p>\n\n\n<div style=\"border:1.5px solid #e0e0e0;border-left:6px solid #ff8c42;border-radius:10px;background:transparent;padding:18px 24px;margin:18px 0;box-shadow:0 3px 10px rgba(255,140,66,0.08);transition:all 0.3s ease;\"><div style=\"font-size:1.55em;font-weight:600;color:#1a1a33;margin:0 0 12px 0;padding-bottom:6px;display:inline-block;border-bottom:2px solid #7a5cff;\">R\u00e9sum\u00e9 rapide<\/div><div style=\"font-size:1.05em;line-height:1.7;color:#2f3b52;text-align:justify;\"><br \/>\nLe ratio de Treynor identifie le rendement exc\u00e9dentaire qu&rsquo;un investisseur gagne pour chaque unit\u00e9 de risque syst\u00e9matique (b\u00eata) accept\u00e9e par un portefeuille d&rsquo;investissement. Contrairement au ratio de Sharpe, qui utilise la volatilit\u00e9 totale, Treynor se concentre exclusivement sur le risque li\u00e9 au march\u00e9, ce qui en fait la m\u00e9trique principale pour \u00e9valuer les portefeuilles bien diversifi\u00e9s et les gestionnaires de fonds actifs. En 2026, le S&#038;P 500 a maintenu un ratio de Treynor TTM extraordinaire de 24,23, surperformant nettement les hedge funds actions (11,5-16,5) en raison de la rally actions soutenue par l&rsquo;IA et de la hausse des taux sans risque de 4,57 %.<br \/>\n<\/div><\/div>\n\n\n<div class=\"volity-note-box-1\"><p style=\"margin:0!important;font-size:1.1em!important;line-height:1.6!important;color:#212529!important;font-family:inherit!important;\">Comprendre <strong style=\"font-weight:700!important;color:#212529!important;\">Performance Attribution Metrics<\/strong> est important, mais la vraie progression commence en appliquant ces connaissances. <a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-link-1\">Cr\u00e9ez votre compte de trading forex gratuit<\/a> pour vous entra\u00eener sur un compte d\u00e9mo gratuit et mettre votre strat\u00e9gie \u00e0 l\u2019\u00e9preuve.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Qu&rsquo;est-ce que le ratio de Treynor et comment fonctionne-t-il ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le ratio de Treynor est une m\u00e9trique financi\u00e8re qui mesure le rendement exc\u00e9dentaire gagn\u00e9 par unit\u00e9 de risque syst\u00e9matique, identifiant la relation entre le profit d&rsquo;un portefeuille et sa sensibilit\u00e9 au march\u00e9. Cette m\u00e9trique divise la diff\u00e9rence entre le rendement du portefeuille et le taux sans risque par le coefficient b\u00eata du portefeuille. Les trois variables incluent le rendement du portefeuille (ce que l&rsquo;investissement a gagn\u00e9), le taux sans risque (le seuil de 4,57 % du bon du Tr\u00e9sor \u00e0 10 ans) et le b\u00eata (le coefficient de sensibilit\u00e9 au march\u00e9).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;h\u00e9ritage de Jack Treynor a mis l&rsquo;accent sur l&rsquo;isolement du \u00ab\u00a0risque syst\u00e9matique\u00a0\u00bb car il est critique pour les investisseurs diversifi\u00e9s qui ont d\u00e9j\u00e0 \u00e9limin\u00e9 le risque sp\u00e9cifique \u00e0 l&rsquo;entreprise gr\u00e2ce \u00e0 de larges positions. L&rsquo;\u00e9talonnage du risque de march\u00e9 utilise un b\u00eata de 1,0 comme r\u00e9f\u00e9rence universelle pour le S&#038;P 500, tout b\u00eata inf\u00e9rieur \u00e0 1,0 signifie une sensibilit\u00e9 au march\u00e9 plus faible, tandis qu&rsquo;au-dessus de 1,0 signifie une sensibilit\u00e9 plus \u00e9lev\u00e9e. \u00c0 la mi-2026, le S&#038;P 500 maintient un rendement annualis\u00e9 de ~28,8 % et un b\u00eata de 1,0, r\u00e9sultant en un ratio de Treynor historiquement \u00e9lev\u00e9 (Santander Asset Management, 2026).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ratio de Treynor vs. de Sharpe : lequel est meilleur ?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Le ratio de Sharpe identifie le risque par la volatilit\u00e9 totale, tandis que le ratio de Treynor identifie le risque par la sensibilit\u00e9 au march\u00e9, ce qui rend Treynor sup\u00e9rieur pour \u00e9valuer les portefeuilles bien diversifi\u00e9s. Le risque idiosyncratique versus le risque syst\u00e9matique r\u00e9v\u00e8le que Treynor ignore compl\u00e8tement la volatilit\u00e9 sp\u00e9cifique \u00e0 l&rsquo;entreprise car les investisseurs diversifi\u00e9s l&rsquo;ont d\u00e9j\u00e0 diversifi\u00e9e. Quand utiliser chacun d\u00e9termine le choix : une action unique n\u00e9cessite le ratio de Sharpe (la volatilit\u00e9 totale compte), tandis qu&rsquo;un fonds large n\u00e9cessite le ratio de Treynor (le b\u00eata du march\u00e9 est ce qui compte).<\/p>\n\n\n<div class=\"volity-cta-box-2\"><p style=\"margin-top:0!important;margin-bottom:10px!important;font-size:1.1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\"><strong style=\"font-weight:700!important;color:#212529!important;\">Pr\u00eat \u00e0 faire passer votre trading au niveau sup\u00e9rieur ?<\/strong><\/p><p style=\"margin-bottom:20px!important;font-size:1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\">Vous avez les connaissances. Il vous manque la plateforme. Rejoignez des milliers de traders qui choisissent Volity pour ses outils puissants, son ex\u00e9cution rapide et son support d\u00e9di\u00e9.<\/p><a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-button-2\">Cr\u00e9ez votre compte en moins de 3 minutes<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Comprendre le risque syst\u00e9matique (b\u00eata) en 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le risque syst\u00e9matique identifie la portion de la volatilit\u00e9 d&rsquo;un investissement qui est li\u00e9e au mouvement global du march\u00e9, servant de \u00ab\u00a0d\u00e9nominateur\u00a0\u00bb dans le calcul de Treynor. La corr\u00e9lation au march\u00e9 explique pourquoi les actions technologiques ont souvent des b\u00eatas sup\u00e9rieurs \u00e0 1,30 tandis que les services publics se situent \u00e0 0,55, la technologie monte et descend avec le sentiment de march\u00e9 plus large, tandis que les services publics restent stables \u00e0 travers les cycles. Le risque de concentration r\u00e9v\u00e8le pourquoi la pond\u00e9ration technologique de 40 % dans le S&#038;P 500 brouille la ligne entre risque idiosyncratique et syst\u00e9matique, lorsqu&rsquo;un secteur domine, le \u00ab\u00a0risque de march\u00e9\u00a0\u00bb devient en r\u00e9alit\u00e9 un \u00ab\u00a0risque sectoriel\u00a0\u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La compression du b\u00eata montre comment les hedge funds de 2026 r\u00e9duisent l&rsquo;exposition au march\u00e9 \u00e0 0,45 tout en maintenant des rendements \u00e9lev\u00e9s, ils \u00e9vitent le b\u00eata en g\u00e9n\u00e9rant un alpha pur \u00e0 la place. Les portefeuilles de hedge funds actions en 2026 montrent une fourchette de b\u00eata moyenne de 0,45 \u00e0 0,65, identifiant un d\u00e9placement principal vers des rendements \u00ab\u00a0\u00e0 forte teneur en alpha\u00a0\u00bb plut\u00f4t que \u00ab\u00a0\u00e0 forte teneur en b\u00eata\u00a0\u00bb (Santander Research, 2026). L&rsquo;<a href=\"https:\/\/volity.io\/fr\/stocks\/how-standard-deviation-used-determine-risk\/\">\u00e9cart-type<\/a> mesure la volatilit\u00e9 historique, fournissant le fondement math\u00e9matique des calculs de b\u00eata.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment calculer le ratio de Treynor de votre portefeuille<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le calcul du ratio de Treynor identifie le montant sp\u00e9cifique de rendement exc\u00e9dentaire g\u00e9n\u00e9r\u00e9 pour chaque point de b\u00eata, en utilisant le taux sans risque de 4,57 % comme seuil de rendement. La formule \u00e9tape par \u00e9tape utilise (Rp &#8211; Rf) \/ \u03b2p, o\u00f9 Rp est le rendement du portefeuille, Rf est le taux sans risque et \u03b2p est le b\u00eata du portefeuille. L&rsquo;obtention des donn\u00e9es n\u00e9cessite de trouver le rendement YTD de votre portefeuille et son b\u00eata historique \u00e0 partir des outils de reporting de performance de votre courtier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le taux seuil de 4,57 % en 2026 rend plus difficile l&rsquo;obtention d&rsquo;un Treynor positif car le taux sans risque est si \u00e9lev\u00e9, un portefeuille rapportant 5 % avec un b\u00eata de 1,0 g\u00e9n\u00e8re seulement (5 % &#8211; 4,57 %)\/1,0 = 0,43 Treynor, ce qui est \u00e0 peine au-dessus de z\u00e9ro. Exemple de trading r\u00e9el : Un investisseur a analys\u00e9 un fonds en mars 2026 qui a livr\u00e9 un rendement TTM de 14 % avec un b\u00eata de 0,50, contre un taux sans risque de 4,57 %. Le fonds a atteint un ratio de Treynor de 18,86, l&rsquo;identifiant comme plus efficace qu&rsquo;un indice large si le march\u00e9 devait conna\u00eetre une correction syst\u00e9matique. <strong>La performance pass\u00e9e n&rsquo;est pas indicative des r\u00e9sultats futurs.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9f\u00e9rences du ratio de Treynor et statistiques d&rsquo;alpha de 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les r\u00e9f\u00e9rences de performance identifient la divergence historique entre les indices pond\u00e9r\u00e9s par la capitalisation boursi\u00e8re et les strat\u00e9gies non directionnelles g\u00e9r\u00e9es activement en 2026.<\/p>\n\n\n\n<figure class=\"wp-block-table\">\n<table style=\"display:table;width:100%;border-collapse:collapse;margin:24px 0;table-layout:auto;word-wrap:break-word;\">\n<thead style=\"display:table-header-group;\">\n<tr style=\"display:table-row;\"><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Actif \/ Strat\u00e9gie<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Rendement YTD 2026<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">B\u00eata de march\u00e9 (\u03b2)<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Treynor 2026 (TTM)<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Profil de risque<\/th><\/tr>\n<\/thead>\n<tbody style=\"display:table-row-group;\">\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">S&#038;P 500 (SPX)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+10,02 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">1,00<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">24,23<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Roi du b\u00eata<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Hedge actions<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">+6,2 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">0,55<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">13,5<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Ax\u00e9 sur l&rsquo;alpha<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Global Macro<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+6,5 % (jan)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">0,30<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">18,2 (est.)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Non directionnel<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Nasdaq (NDX)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">+15,4 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">1,35<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">22,8<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Momentum \u00e9lev\u00e9<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Valeur dividende<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+4,8 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">0,72<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">10,4<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">D\u00e9fensif<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Sources : Donn\u00e9es compil\u00e9es \u00e0 partir des tableaux de performance de Santander Asset Management Lux et des indices HFRX Global Hedge Fund (2026).<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Limites du ratio de Treynor dans un march\u00e9 concentr\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le risque idiosyncratique indique que le ratio de Treynor peut \u00eatre trompeur pour les portefeuilles qui ne sont pas enti\u00e8rement diversifi\u00e9s, car il ne parvient pas \u00e0 p\u00e9naliser la volatilit\u00e9 sp\u00e9cifique \u00e0 l&rsquo;entreprise. L&rsquo;hypoth\u00e8se de diversification signifie que Treynor est dangereux pour les portefeuilles avec seulement 1 \u00e0 5 actions, ces positions portent un risque non li\u00e9 au march\u00e9 massif que Treynor ignore compl\u00e8tement. Les risques de queue \u00e9paisse r\u00e9v\u00e8lent que le b\u00eata ne tient pas compte des \u00e9v\u00e9nements soudains de \u00ab\u00a0cygne noir\u00a0\u00bb ou des chocs g\u00e9opolitiques, la crise iranienne de mars 2026 a valid\u00e9 que les obligations et les actions ont chut\u00e9 ensemble, invalidant l&rsquo;hypoth\u00e8se de diversification.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le paradoxe du b\u00eata n\u00e9gatif explique pourquoi l&rsquo;or ou les ETF inverses peuvent avoir des ratios de Treynor n\u00e9gatifs m\u00eame lorsqu&rsquo;ils sont rentables, ils \u00e9voluent \u00e0 l&rsquo;oppos\u00e9 du march\u00e9, donc leur Treynor est math\u00e9matiquement n\u00e9gatif malgr\u00e9 leur valeur de couverture. Le <a href=\"https:\/\/volity.io\/fr\/stocks\/sharpe-ratio\/\">ratio de Sharpe<\/a> offre une vue compl\u00e9mentaire en utilisant la volatilit\u00e9 totale au lieu du b\u00eata seul.<\/p>\n\n\n<div style=\"\n        display: flex;\n        align-items: flex-start;\n        gap: 12px;\n        border: 1px solid #b71c1c;\n        background: #d32f2f;\n        padding: 16px 20px;\n        margin: 20px 0;\n        border-radius: 8px;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #ffffff;\n        box-shadow: 0 4px 10px rgba(0,0,0,0.15);\n        max-width: 100%;\n        word-wrap: break-word;\n    \">\n        <div style=\"\n            font-size: 22px;\n            color: #ffffff;\n            line-height: 1;\n        \">&#9888;<\/div>\n\n        <div style=\"flex: 1;\">\n            <b>WARNING:<\/b> N&rsquo;utilisez jamais Treynor isol\u00e9ment ; en 2026, la concentration de 40 % dans seulement dix actions signifie que le \u00ab\u00a0risque syst\u00e9matique\u00a0\u00bb (b\u00eata) est fortement biais\u00e9, identifiant un risque qu&rsquo;une seule d\u00e9faillance technologique pourrait liquider un portefeuille avec un score de Treynor \u00ab\u00a0excellent\u00a0\u00bb.\n        <\/div>\n    <\/div>\n\n\n<div style=\"\n        background-color: #e6f8e6;\n        border-left: 4px solid #4caf50;\n        padding: 16px;\n        margin: 20px 0;\n        border-radius: 6px;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #2e4e2e;\n        box-sizing: border-box;\n        max-width: 100%;\n        word-wrap: break-word;\">\n        <b>\ud83d\udca1 KEY INSIGHT:<\/b> En 2026, les analystes professionnels utilisent \u00ab\u00a0l&rsquo;alpha de Jensen\u00a0\u00bb comme compl\u00e9ment \u00e0 Treynor, identifiant le montant sp\u00e9cifique en dollars de surperformance qui ne peut pas \u00eatre expliqu\u00e9 par le b\u00eata seul.\n    <\/div>\n\n\n<div class=\"volity-cta-box-3\"><p style=\"margin-top:0!important;margin-bottom:10px!important;font-size:1.1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\"><strong style=\"font-weight:700!important;color:#212529!important;\">Transformez vos connaissances en profit<\/strong><\/p><p style=\"margin-bottom:20px!important;font-size:1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\">Vous avez lu, il est temps d\u2019agir. La meilleure fa\u00e7on d\u2019apprendre, c\u2019est en pratiquant. Ouvrez un compte d\u00e9mo gratuit et sans risque et entra\u00eenez votre strat\u00e9gie avec des fonds virtuels d\u00e8s aujourd\u2019hui.<\/p><a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-button-3\">Ouvrir un compte d\u00e9mo gratuit<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9tape par \u00e9tape : utiliser Treynor pour s\u00e9lectionner les meilleurs fonds communs<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La s\u00e9lection de fonds repr\u00e9sente l&rsquo;application la plus efficace du ratio de Treynor pour les investisseurs de d\u00e9tail cherchant le rendement le plus \u00e9lev\u00e9 par unit\u00e9 d&rsquo;exposition au march\u00e9. Comparer \u00ab\u00a0comme pour comme\u00a0\u00bb n\u00e9cessite d&rsquo;utiliser Treynor pour comparer deux fonds Large-Cap Growth, si le fonds A a un Treynor de 12,5 et le fonds B de 8,3, le fonds A d\u00e9livre plus de rendement par unit\u00e9 de b\u00eata. Identifier les rendements \u00ab\u00a0bon march\u00e9\u00a0\u00bb signifie \u00e9viter les gestionnaires qui ne surperforment que parce qu&rsquo;ils prennent 2x le risque de march\u00e9 (b\u00eata de 2,0), leur Treynor serait faible malgr\u00e9 des rendements absolus \u00e9lev\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La surveillance de la d\u00e9rive n\u00e9cessite de v\u00e9rifier si le Treynor d&rsquo;un fonds d\u00e9cline \u00e0 mesure que ses actifs sous gestion (AUM) augmentent, \u00e0 mesure que les fonds grossissent, ils prennent souvent plus de b\u00eata et moins d&rsquo;alpha. <a href=\"https:\/\/volity.io\/fr\/stocks\/how-to-choose-stocks\/\">Comment choisir des actions<\/a> vous enseigne \u00e0 \u00e9valuer les noms individuels une fois que vous avez r\u00e9duit les candidats via le filtrage Treynor. La discipline du <a href=\"https:\/\/volity.io\/fr\/stocks\/portfolio-rebalancing\/\">r\u00e9\u00e9quilibrage de portefeuille<\/a> garantit que vos s\u00e9lections de fonds ne deviennent pas surpond\u00e9r\u00e9es \u00e0 mesure que les gagnants continuent de surperformer.<\/p>\n\n\n\n    <div class=\"keytakeaways-container\">\n        <p class=\"keytakeaways-title\"><strong>Points cl\u00e9s<\/strong><\/p>\n        <ul class=\"keytakeaways-list\"><\/p>\n<li>[Le ratio de Treynor] mesure l&rsquo;efficacit\u00e9 d&rsquo;un portefeuille diversifi\u00e9 en divisant le rendement exc\u00e9dentaire par le b\u00eata du march\u00e9.<\/li>\n<li>[Le risque syst\u00e9matique] est le d\u00e9nominateur principal de Treynor, identifiant la portion de volatilit\u00e9 qui ne peut pas \u00eatre diversifi\u00e9e.<\/li>\n<li>[Les r\u00e9f\u00e9rences de 2026] montrent le S&#038;P 500 avec un Treynor TTM de 24,23, une valeur aberrante port\u00e9e par la rally actions men\u00e9e par l&rsquo;IA et les rendements de 4,57 %.<\/li>\n<li>[Treynor vs Sharpe] est une distinction critique ; utilisez Treynor pour les portefeuilles diversifi\u00e9s et Sharpe pour l&rsquo;analyse d&rsquo;actifs individuels.<\/li>\n<li>[Le taux sans risque] se situe actuellement \u00e0 4,57 % (bon du Tr\u00e9sor \u00e0 10 ans), agissant comme un seuil \u00e9lev\u00e9 pour toutes les m\u00e9triques de rendement ajust\u00e9 au risque en 2026.<\/li>\n<li>[Le risque de concentration] dans les indices de 2026 signifie que le b\u00eata syst\u00e9matique inclut d\u00e9sormais une exposition technologique significative, ce qui peut fausser les scores de Treynor.<\/li>\n<p><\/ul>\n    <\/div>\n    <style>\n    .keytakeaways-container { background-color: #fff; padding: 25px; border: 1px solid #800080; border-radius: 10px; box-shadow: 0 4px 12px rgba(0, 0, 0, 0.1); max-width: 700px; margin: 30px auto; }\n    .keytakeaways-title { text-transform: uppercase; letter-spacing: 1px; margin-bottom: 20px; border-bottom: 2px solid #800080; padding-bottom: 10px; font-weight: bold; font-size: 18px; }\n    .keytakeaways-list { list-style: none; margin: 0; padding: 0; }\n    .keytakeaways-list li { line-height: 1.8; margin-bottom: 15px; position: relative; padding-left: 25px; }\n    .keytakeaways-list li::before { content: \"\"; position: absolute; left: 0; top: 50%; transform: translateY(-50%); width: 8px; height: 8px; border-radius: 50%; background-color: #800080; }\n    @media (max-width: 768px) { .keytakeaways-container { padding: 20px; margin: 20px auto; } .keytakeaways-title { font-size: 16px; } .keytakeaways-list li { font-size: 14px; } }\n    <\/style>\n\n\n\n<h2 class=\"wp-block-heading\">Foire aux questions<\/h2>\n\n\n    \n    <div class=\"faq-accordion\">\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Qu&#039;est-ce qu&#039;un bon ratio de Treynor en 2026 ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Un ratio de Treynor sup\u00e9rieur \u00e0 z\u00e9ro virgule huit identifie un bon investissement ; cependant, dans le march\u00e9 haussier de 2026, les indices diversifi\u00e9s ont servi de r\u00e9f\u00e9rence au-dessus de vingt virgule z\u00e9ro sur une base de douze mois glissants.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Comment calcule-t-on le ratio de Treynor ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Vous calculez le ratio de Treynor en soustrayant le taux sans risque du rendement total de votre portefeuille et en divisant le r\u00e9sultat par le b\u00eata ou le coefficient de sensibilit\u00e9 au march\u00e9 du portefeuille.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Quelle est la diff\u00e9rence entre les ratios de Sharpe et de Treynor ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Le ratio de Sharpe identifie le risque en utilisant la volatilit\u00e9 totale, tandis que le ratio de Treynor identifie le risque en utilisant le b\u00eata syst\u00e9matique du march\u00e9, ce qui rend Treynor meilleur pour \u00e9valuer l'efficacit\u00e9 des portefeuilles bien diversifi\u00e9s.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Pourquoi le ratio de Treynor du S&amp;P 500 est-il si \u00e9lev\u00e9 en 2026 ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Le Treynor du S&amp;P 500 de 2026 identifie une p\u00e9riode de rendements actions extraordinaires et une sensibilit\u00e9 au march\u00e9 de un virgule z\u00e9ro, cr\u00e9ant une valeur aberrante statistiquement \u00e9lev\u00e9e de vingt-quatre virgule vingt-trois.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Un b\u00eata \u00e9lev\u00e9 est-il bon pour un ratio de Treynor ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Non, un b\u00eata \u00e9lev\u00e9 identifie plus de risque ; puisque le b\u00eata est le d\u00e9nominateur, un b\u00eata plus \u00e9lev\u00e9 abaissera votre ratio de Treynor \u00e0 moins que le portefeuille ne g\u00e9n\u00e8re des rendements exc\u00e9dentaires nettement plus \u00e9lev\u00e9s pour compenser.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Quel est le taux sans risque pour les calculs de 2026 ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Le taux sans risque de 2026 s'identifie comme \u00e9tant d'environ quatre virgule cinquante-sept pour cent, bas\u00e9 sur le rendement actuel du bon du Tr\u00e9sor am\u00e9ricain \u00e0 dix ans utilis\u00e9 comme seuil de rendement.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Le ratio de Treynor fonctionne-t-il pour les actions individuelles ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Non, Treynor n'est pas recommand\u00e9 pour les actions individuelles ; il identifie le risque syst\u00e9matique mais ignore le risque idiosyncratique massif que portent les entreprises individuelles, ce qui pourrait conduire \u00e0 des r\u00e9sultats d'efficacit\u00e9 trompeurs.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>Un ratio de Treynor peut-il \u00eatre n\u00e9gatif ?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Oui, un Treynor n\u00e9gatif identifie que le rendement du portefeuille \u00e9tait inf\u00e9rieur au taux sans risque, indiquant que l'investisseur aurait mieux fait de d\u00e9tenir des obligations d'\u00c9tat s\u00fbres \u00e0 la place.                <\/div>\n            <\/div>\n            <\/div>\n    <style>\n    .faq-accordion {\n        max-width: 800px;\n        margin: auto;\n        display: flex;\n        flex-direction: column;\n        gap: 10px;\n    }\n    .faq-card {\n        background: #fff;\n        border-radius: 8px;\n        border: 1px solid #ddd;\n        overflow: hidden;\n        box-shadow: 0 2px 6px rgba(0,0,0,0.05);\n        transition: box-shadow 0.3s ease;\n    }\n    .faq-question {\n        padding: 15px 20px;\n        font-weight: bold;\n        font-size: 1rem;\n        cursor: pointer;\n        display: flex;\n        justify-content: space-between;\n        align-items: center;\n        background: #f8f9fa;\n        transition: background 0.3s ease;\n    }\n    .faq-card:hover .faq-question {\n        background: #f1f3f5;\n    }\n    \n    \/* DEFAULT STATE - ANSWERS VISIBLE *\/\n    .faq-answer {\n        display: block !important;\n        padding: 15px 20px;\n        border-top: 1px solid #eee;\n        color: #444;\n        background: #fff;\n        animation: fadeIn 0.3s ease-in-out;\n        max-height: 1000px;\n        overflow: visible;\n        transition: max-height 0.3s ease, opacity 0.3s ease;\n        opacity: 1 !important;\n    }\n    \n    \/* HIDDEN STATE - When .active class is toggled *\/\n    .faq-card.active .faq-answer {\n        display: none !important;\n        max-height: 0;\n        opacity: 0 !important;\n        padding: 0 20px;\n    }\n    \n    \/* ARROW LOGIC *\/\n    .faq-arrow {\n        font-size: 1.2rem;\n        transition: transform 0.3s ease;\n        transform: rotate(0deg);\n    }\n    \n    .faq-card.active .faq-arrow {\n        transform: rotate(180deg);\n    }\n    \n    @keyframes fadeIn {\n        from { opacity: 0; 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}\n    .volity-coi .coi-body p { margin: 0 0 10px 0; }\n    .volity-coi .coi-body p:last-child { margin-bottom: 0; }\n    .volity-coi a { color: #2c6fad; text-decoration: underline; }\n    @media(max-width:480px) {\n        .volity-coi .coi-body { padding: 14px 16px; font-size: 13px; }\n        .volity-coi .coi-heading { padding: 8px 16px; }\n    }\n    <\/style>\n    <div class=\"volity-coi\" role=\"note\">\n        <span class=\"coi-heading\">\u24d8 Divulgation<\/span>\n        <div class=\"coi-body\"><\/p>\n<p class=\"wp-block-paragraph\">Cet article contient des r\u00e9f\u00e9rences au ratio de Treynor et \u00e0 Volity, une plateforme de trading de CFD r\u00e9gul\u00e9e. Ce contenu est produit \u00e0 des fins \u00e9ducatives uniquement et ne constitue pas un conseil financier ni une recommandation d&rsquo;acheter ou de vendre un instrument financier. V\u00e9rifiez toujours le statut r\u00e9glementaire actuel et les d\u00e9tails de la plateforme avant d&rsquo;utiliser un service de trading. Certains liens de cet article peuvent \u00eatre des liens d&rsquo;affiliation.<\/p>\n<p class=\"wp-block-paragraph\">\n<\/div>\n    <\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>Qu&rsquo;est-ce que le ratio de Treynor et comment fonctionne-t-il ? Le ratio de Treynor est une m\u00e9trique financi\u00e8re qui mesure le rendement [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"custom_schema":"","footnotes":""},"categories":[212],"tags":[],"class_list":["post-14662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ratio de Treynor - D\u00e9finition, formule, ce qu&#039;il indique - Volity<\/title>\n<meta name=\"description\" content=\"Le ratio de Treynor \u00e9tablit un lien entre le rendement exc\u00e9dentaire par rapport au taux sans risque et le risque suppl\u00e9mentaire pris ; toutefois.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/volity.io\/fr\/actions\/ratio-de-treynor\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ratio de Treynor - D\u00e9finition, formule, ce qu&#039;il indique - Volity\" \/>\n<meta property=\"og:description\" content=\"Le ratio de Treynor \u00e9tablit un lien entre le rendement exc\u00e9dentaire par rapport au taux sans risque et le risque suppl\u00e9mentaire pris ; 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