{"id":616,"date":"2026-05-28T08:00:14","date_gmt":"2026-05-27T23:00:14","guid":{"rendered":"https:\/\/shimaken.com\/golden\/616\/"},"modified":"2026-05-28T08:00:14","modified_gmt":"2026-05-27T23:00:14","slug":"2026-05-28-golden-new-001","status":"publish","type":"post","link":"https:\/\/shimaken.com\/golden\/616\/","title":{"rendered":"\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306f\u9000\u5c48\u3067\u3001\u305d\u308c\u304c\u6b63\u3057\u3044"},"content":{"rendered":"<h1>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306f\u9000\u5c48\u3067\u3001\u305d\u308c\u304c\u6b63\u3057\u3044<\/h1>\n<h2>\u306a\u305c\u300c\u5e02\u5834\u5e73\u5747\u3092\u8cb7\u3046\u300d\u3068\u3044\u3046\u767a\u60f3\u304c\u751f\u307e\u308c\u305f\u306e\u304b<\/h2>\n<p>\u300c\u682a\u3092\u8cb7\u3046\u306a\u3089\u3001\u512a\u308c\u305f\u9298\u67c4\u3092\u9078\u3076\u3079\u304d\u3060\u300d\u3068\u3044\u3046\u306e\u306f\u3001\u76f4\u611f\u7684\u306b\u6b63\u3057\u304f\u805e\u3053\u3048\u307e\u3059\u3002\u3067\u3082\u3001\u305d\u306e\u300c\u9078\u3076\u884c\u70ba\u300d\u304c\u3069\u308c\u307b\u3069\u96e3\u3057\u3044\u304b\u3092\u793a\u3059\u8a3c\u62e0\u306f\u3001\u534a\u4e16\u7d00\u4ee5\u4e0a\u306b\u308f\u305f\u3063\u3066\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u8003\u3048\u65b9\u306f\u3001\u3042\u308b\u610f\u5473\u3067\u300c\u8ca0\u3051\u3092\u8a8d\u3081\u308b\u3053\u3068\u3067\u52dd\u3061\u306b\u8fd1\u3065\u304f\u300d\u3068\u3044\u3046\u9006\u8aac\u7684\u306a\u767a\u60f3\u3067\u3059\u3002\u305d\u308c\u304c\u5b9f\u969b\u306e\u904b\u7528\u306b\u843d\u3068\u3057\u8fbc\u307e\u308c\u308b\u307e\u3067\u306b\u306f\u3001\u7d4c\u6e08\u5b66\u8005\u305f\u3061\u306e\u7814\u7a76\u3068\u3001\u91d1\u878d\u696d\u754c\u306e\u62b5\u6297\u3068\u3001\u9577\u3044\u6642\u9593\u306e\u7d4c\u904e\u304c\u5fc5\u8981\u3067\u3057\u305f\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u304c\u3069\u306e\u3088\u3046\u306a\u6b74\u53f2\u7684\u80cc\u666f\u3068\u7406\u8ad6\u7684\u6839\u62e0\u306e\u3082\u3068\u3067\u5e83\u307e\u3063\u305f\u304b\u3092\u6574\u7406\u3057\u307e\u3059\u3002\u300c\u306a\u305c\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3067\u3044\u3044\u306e\u304b\u300d\u3068\u3044\u3046\u554f\u3044\u306b\u3001\u6b74\u53f2\u3068\u7406\u8ad6\u306e\u4e21\u9762\u304b\u3089\u7b54\u3048\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068\u304c\u76ee\u7684\u3067\u3059\u3002<\/p>\n<div class=\"sk-callout sk-callout-conclusion\">\n<p class=\"sk-callout-title\">\u7d50\u8ad6<\/p>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u6b63\u5f53\u6027\u306f\u3001\u300c\u904b\u7528\u30d7\u30ed\u3082\u5e02\u5834\u5e73\u5747\u3092\u7d99\u7d9a\u7684\u306b\u4e0a\u56de\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u300d\u3068\u3044\u3046\u5b9f\u8a3c\u7814\u7a76\u3068\u3001\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\u306e\u7406\u8ad6\u7684\u88cf\u4ed8\u3051\u306b\u3088\u3063\u3066\u6210\u7acb\u3057\u3066\u3044\u307e\u3059\u3002\u6b74\u53f2\u3092\u305f\u3069\u308b\u3068\u3001\u305d\u306e\u8003\u3048\u65b9\u306f1970\u5e74\u4ee3\u306b\u3055\u304b\u306e\u307c\u308a\u3001\u4eca\u3067\u306f\u4e16\u754c\u4e2d\u306e\u9577\u671f\u8cc7\u7523\u5f62\u6210\u306e\u4e3b\u6d41\u624b\u6bb5\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div>\n<h2>\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\u3068\u306f\u4f55\u304b\u3001\u305d\u3057\u3066\u4f55\u3092\u8a00\u3063\u3066\u3044\u306a\u3044\u306e\u304b<\/h2>\n<p>\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\uff08Efficient Market Hypothesis\u3001\u4ee5\u4e0b EMH\uff09\u306f\u30011960\u5e74\u4ee3\u306b\u30b7\u30ab\u30b4\u5927\u5b66\u306e\u30e6\u30fc\u30b8\u30f3\u30fb\u30d5\u30a1\u30fc\u30de\u306b\u3088\u3063\u3066\u4f53\u7cfb\u5316\u3055\u308c\u305f\u7406\u8ad6\u3067\u3059\u3002<\/p>\n<p>\u6838\u5fc3\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002\u300c\u5e02\u5834\u3067\u516c\u958b\u3055\u308c\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u60c5\u5831\u306f\u3001\u3059\u3067\u306b\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u30cb\u30e5\u30fc\u30b9\u3092\u8aad\u3093\u3067\u300c\u3053\u308c\u306f\u8cb7\u3044\u3060\u300d\u3068\u601d\u3063\u3066\u3082\u3001\u305d\u306e\u5224\u65ad\u306f\u4ed6\u306e\u5e02\u5834\u53c2\u52a0\u8005\u3082\u540c\u6642\u306b\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u77ac\u9593\u306b\u682a\u4fa1\u306f\u3059\u3067\u306b\u52d5\u3044\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"sk-callout sk-callout-tip\">\n<p class=\"sk-callout-title\">\u88dc\u8db3<\/p>\n<p>EMH \u306b\u306f\u300c\u5f31\u5f62\u300d\u300c\u6e96\u5f37\u5f62\u300d\u300c\u5f37\u5f62\u300d\u306e3\u6bb5\u968e\u304c\u3042\u308a\u307e\u3059\u3002\u6700\u3082\u3088\u304f\u53c2\u7167\u3055\u308c\u308b\u300c\u6e96\u5f37\u5f62\u300d\u306f\u3001\u516c\u958b\u3055\u308c\u305f\u8ca1\u52d9\u60c5\u5831\u30fb\u30cb\u30e5\u30fc\u30b9\u30fb\u30a2\u30ca\u30ea\u30b9\u30c8\u30ec\u30dd\u30fc\u30c8\u306a\u3069\u304c\u3059\u3079\u3066\u682a\u4fa1\u306b\u53cd\u6620\u6e08\u307f\u3068\u4e3b\u5f35\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u300c\u5f37\u5f62\u300d\u306f\u5185\u90e8\u60c5\u5831\u307e\u3067\u542b\u307f\u307e\u3059\u304c\u3001\u5b9f\u8a3c\u7684\u306b\u306f\u3053\u3053\u307e\u3067\u306f\u652f\u6301\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/div>\n<p>\u3088\u304f\u3042\u308b\u8aa4\u89e3\u306f\u300cEMH \u306f\u5e02\u5834\u304c\u5e38\u306b\u6b63\u3057\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002EMH \u304c\u8a00\u3063\u3066\u3044\u308b\u306e\u306f\u300c\u60c5\u5831\u306e\u51e6\u7406\u304c\u901f\u3044\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u30d0\u30d6\u30eb\u3084\u66b4\u843d\u304c\u306a\u3044\u3068\u306f\u8ff0\u3079\u3066\u3044\u307e\u305b\u3093\u3002\u5b9f\u969b\u3001\u30d5\u30a1\u30fc\u30de\u81ea\u8eab\u3082\u5e02\u5834\u306e\u7570\u5e38\u73fe\u8c61\uff08\u30a2\u30ce\u30de\u30ea\u30fc\uff09\u306e\u5b58\u5728\u3092\u5f8c\u306e\u7814\u7a76\u3067\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u7406\u8ad6\u304c\u793a\u3059\u5b9f\u8df5\u7684\u306a\u542b\u610f\u306f\u4e00\u3064\u3067\u3059\u3002\u516c\u958b\u60c5\u5831\u3092\u4f7f\u3063\u3066\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\u306b\u5e02\u5834\u5e73\u5747\u3092\u4e0a\u56de\u308b\u3053\u3068\u306f\u3001\u624b\u6570\u6599\u3092\u8003\u616e\u3059\u308b\u3068\u5927\u534a\u306e\u6295\u8cc7\u5bb6\u306b\u306f\u96e3\u3057\u3044\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<h2>\u4e16\u754c\u521d\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u304c\u751f\u307e\u308c\u308b\u307e\u3067<\/h2>\n<p>\u7406\u8ad6\u304c\u5b9f\u8df5\u306b\u8ee2\u63db\u3055\u308c\u308b\u306b\u306f\u3001\u73fe\u5b9f\u306e\u5236\u5ea6\u8a2d\u8a08\u304c\u5fc5\u8981\u3067\u3059\u3002\u30b8\u30e7\u30f3\u30fb\u30dc\u30fc\u30b0\u30eb\u306f\u305d\u306e\u4e2d\u5fc3\u4eba\u7269\u3067\u3057\u305f\u3002<\/p>\n<p>\u30dc\u30fc\u30b0\u30eb\u306f1975\u5e74\u3001\u30d0\u30f3\u30ac\u30fc\u30c9\u3092\u8a2d\u7acb\u3057\u30011976\u5e74\u306bS&amp;P500\u306b\u9023\u52d5\u3059\u308b\u6700\u521d\u306e\u500b\u4eba\u5411\u3051\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308b\u300cFirst Index Investment Trust\u300d\uff08\u73fe\u30d0\u30f3\u30ac\u30fc\u30c9500\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff09\u3092\u7d44\u6210\u3057\u307e\u3057\u305f\u3002\u5f53\u521d\u306e\u8cc7\u91d1\u8abf\u9054\u76ee\u6a19\u306f1\u51045,000\u4e07\u30c9\u30eb\u3067\u3057\u305f\u304c\u3001\u5b9f\u969b\u306b\u96c6\u307e\u3063\u305f\u306e\u306f\u7d041,100\u4e07\u30c9\u30eb\u3002\u696d\u754c\u304b\u3089\u306f\u300c\u975e\u56fd\u6c11\u7684\u6295\u8cc7\u300d\u300c\u5e02\u5834\u5e73\u5747\u3092\u76ee\u6307\u3059\u306e\u306f\u6557\u8005\u306e\u767a\u60f3\u300d\u3068\u9177\u8a55\u3055\u308c\u305f\u3068\u8a18\u9332\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u51fa\u5178: Vanguard \u516c\u5f0f\u6cbf\u9769\uff09\u3002<\/p>\n<p>\u305d\u308c\u3067\u3082\u5f7c\u304c\u4e3b\u5f35\u3057\u7d9a\u3051\u305f\u8ad6\u62e0\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3057\u305f\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306e\u9ad8\u3044\u624b\u6570\u6599\u306f\u3001\u9577\u671f\u3067\u898b\u308b\u3068\u8907\u5229\u306e\u84c4\u7a4d\u306b\u5927\u304d\u304f\u5f71\u97ff\u3059\u308b\u3002\u904e\u53bb\u306e\u5b9f\u7e3e\u3067\u5c06\u6765\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u6210\u529f\u3092\u4e88\u6e2c\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u3002\u3060\u304b\u3089\u30b3\u30b9\u30c8\u3092\u5fb9\u5e95\u7684\u306b\u4e0b\u3052\u3001\u5e02\u5834\u5168\u4f53\u3092\u8cb7\u3044\u7d9a\u3051\u308b\u3053\u3068\u304c\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u6700\u3082\u9069\u3057\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u4e3b\u5f35\u3067\u3059\u3002<\/p>\n<figure class=\"sk-svg-figure\">\n<svg viewbox=\"0 0 400 200\" 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y=\"32\">\u30a4\u30f3\u30c7\u30c3\u30af\u30b9<\/text>\n<text fill=\"#888\" font-size=\"11\" x=\"355\" y=\"55\">\u30a2\u30af\u30c6\u30a3\u30d6\u5e73\u5747<\/text>\n<text fill=\"#555\" font-size=\"10\" x=\"50\" y=\"175\">1976<\/text>\n<text fill=\"#555\" font-size=\"10\" x=\"165\" y=\"175\">1990<\/text>\n<text fill=\"#555\" font-size=\"10\" x=\"280\" y=\"175\">2005<\/text>\n<text fill=\"#555\" font-size=\"10\" x=\"345\" y=\"175\">2025<\/text>\n<text fill=\"#555\" font-size=\"10\" transform=\"rotate(-90,18,100)\" x=\"10\" y=\"100\">\u8cc7\u7523\u984d(\u6982\u5ff5)<\/text>\n<\/svg><figcaption>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u5e73\u5747\u7684\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306e\u9577\u671f\u7684\u8cc7\u7523\u984d\u306e\u6982\u5ff5\u6bd4\u8f03\uff08\u624b\u6570\u6599\u5dee\u3092\u53cd\u6620\u3057\u305f\u6a21\u5f0f\u56f3\u3001\u67b6\u7a7a\u6570\u5024\uff09<\/figcaption><\/figure>\n<p>\u30dc\u30fc\u30b0\u30eb\u306e\u8a66\u307f\u306f\u6570\u5341\u5e74\u304c\u304b\u308a\u3067\u8a55\u4fa1\u304c\u5909\u308f\u308a\u307e\u3057\u305f\u30022024\u5e74\u6642\u70b9\u3067\u30d0\u30f3\u30ac\u30fc\u30c9\u306e\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306f\u7d049\u5146\u30c9\u30eb\u3092\u8d85\u3048\u3001\u4e16\u754c\u6700\u5927\u7d1a\u306e\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u306e\u4e00\u89d2\u3092\u5360\u3081\u3066\u3044\u307e\u3059\uff08\u51fa\u5178: Vanguard \u516c\u5f0f\u30b5\u30a4\u30c8\u30012024\u5e74\u672b\u6642\u70b9\u306e\u6982\u7b97\uff09\u3002<\/p>\n<h2>\u300c\u30d7\u30ed\u304c\u8ca0\u3051\u308b\u300d\u3068\u3044\u3046\u8a3c\u62e0\u306e\u7a4d\u307f\u91cd\u306d<\/h2>\n<p>\u7406\u8ad6\u3060\u3051\u3067\u306f\u8aac\u5f97\u529b\u306b\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002\u5b9f\u969b\u306b\u30c7\u30fc\u30bf\u3068\u3057\u3066\u4f55\u304c\u793a\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u7c73\u56fd\u306eS&amp;P\u30c0\u30a6\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u767a\u8868\u3057\u3066\u3044\u308bSPIVA\u30ec\u30dd\u30fc\u30c8\uff08S&amp;P Indices Versus Active\uff09\u306f\u3001\u3053\u306e\u554f\u3044\u306b\u5b9a\u671f\u7684\u306a\u6570\u5024\u3067\u7b54\u3048\u3066\u3044\u307e\u3059\u30022023\u5e74\u672b\u6642\u70b9\u306eSPIVA\u7c73\u56fd\u30ec\u30dd\u30fc\u30c8\u306b\u3088\u308c\u3070\u3001\u904e\u53bb20\u5e74\u9593\u3067\u7c73\u56fd\u306e\u5927\u578b\u682a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u30d5\u30a1\u30f3\u30c9\u306e\u7d0494%\u304c\u3001S&amp;P500\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3092\u30a2\u30f3\u30c0\u30fc\u30d1\u30d5\u30a9\u30fc\u30e0\u3057\u3066\u3044\u307e\u3057\u305f\uff08\u51fa\u5178: <a href=\"https:\/\/www.spglobal.com\/spdji\/en\/research-insights\/spiva\/\">SPIVA U.S. Scorecard 2023<\/a>\uff09\u3002<\/p>\n<p>\u65e5\u672c\u3067\u3082\u50be\u5411\u306f\u4f3c\u3066\u3044\u307e\u3059\u3002\u540c\u30ec\u30dd\u30fc\u30c8\u306e\u30a2\u30b8\u30a2\u30fb\u30d1\u30b7\u30d5\u30a3\u30c3\u30af\u7248\u3067\u306f\u3001\u65e5\u672c\u682a\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306e\u591a\u304f\u304c\u9577\u671f\u3067\u5e02\u5834\u5e73\u5747\u306b\u5c4a\u3044\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u300c94%\u304c\u30a2\u30f3\u30c0\u30fc\u30d1\u30d5\u30a9\u30fc\u30e0\u300d\u3068\u3044\u3046\u6570\u5b57\u306e\u89e3\u91c8\u3067\u3059\u3002\u3053\u308c\u306f\u300c\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u304c\u7121\u610f\u5473\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u3069\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u4e0a\u4f4d6%\u306b\u5165\u308b\u304b\u3092\u4e8b\u524d\u306b\u9078\u3073\u7d9a\u3051\u308b\u3053\u3068\u304c\u96e3\u3057\u3044\u300d\u3068\u3044\u3046\u70b9\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u904e\u53bb\u306b\u597d\u6210\u7e3e\u3060\u3063\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u304c\u6b21\u306e10\u5e74\u3082\u540c\u69d8\u306e\u6210\u7e3e\u3092\u7dad\u6301\u3059\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u30c7\u30fc\u30bf\u4e0a\u306f\u4fdd\u8a3c\u3055\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u300c\u30b3\u30b9\u30c8\u304c\u4f4e\u304f\u5e02\u5834\u5168\u4f53\u306b\u5206\u6563\u3055\u308c\u305f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u9577\u671f\u3067\u6301\u3061\u7d9a\u3051\u308b\u300d\u3068\u3044\u3046\u65b9\u91dd\u306b\u5408\u7406\u6027\u304c\u3042\u308b\u306e\u306f\u3001\u3053\u306e\u5b9f\u8a3c\u7814\u7a76\u306e\u7a4d\u307f\u91cd\u306d\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<div class=\"sk-callout sk-callout-warning\">\n<p class=\"sk-callout-title\">\u6ce8\u610f<\/p>\n<p>\u300c\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306f\u640d\u3092\u3057\u306a\u3044\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u5168\u4f53\u304c\u4e0b\u843d\u3059\u308c\u3070\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3082\u540c\u69d8\u306b\u4e0b\u843d\u3057\u307e\u3059\u3002\u9577\u671f\u3067\u306e\u5e73\u5747\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u306e\u512a\u4f4d\u6027\u3092\u793a\u3059\u7406\u8ad6\u3067\u3042\u308a\u3001\u77ed\u671f\u306e\u5024\u52d5\u304d\u3092\u9632\u3050\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/div>\n<h2>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u6b74\u53f2\u304c\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u6559\u3048\u308b\u3053\u3068<\/h2>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u8003\u3048\u65b9\u306f\u3001\u534a\u4e16\u7d00\u8fd1\u304f\u304b\u3051\u3066\u5f62\u6210\u3055\u308c\u307e\u3057\u305f\u3002\u8981\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\uff081960\u5e74\u4ee3\u301c\uff09<\/strong>: \u516c\u958b\u60c5\u5831\u306f\u3059\u3067\u306b\u682a\u4fa1\u306b\u53cd\u6620\u3055\u308c\u3066\u304a\u308a\u3001\u60c5\u5831\u5206\u6790\u3067\u7d99\u7d9a\u7684\u306b\u5e02\u5834\u3092\u4e0a\u56de\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u3068\u3044\u3046\u7406\u8ad6\u7684\u57fa\u76e4<\/li>\n<li><strong>\u30d0\u30f3\u30ac\u30fc\u30c9\u306e\u8a2d\u7acb\uff081975\u5e74\u301c1976\u5e74\uff09<\/strong>: \u30b8\u30e7\u30f3\u30fb\u30dc\u30fc\u30b0\u30eb\u304c\u4e16\u754c\u521d\u306e\u500b\u4eba\u5411\u3051\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u3002\u30b3\u30b9\u30c8\u524a\u6e1b\u3068\u5e02\u5834\u5168\u4f53\u3078\u306e\u5206\u6563\u304c\u4e3b\u5f35\u306e\u6838<\/li>\n<li><strong>SPIVA\u30ec\u30dd\u30fc\u30c8\u306a\u3069\u306e\u5b9f\u8a3c\u7814\u7a76<\/strong>: \u9577\u671f\u3067\u306f\u5927\u591a\u6570\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u304c\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u5c4a\u304b\u306a\u3044\u3068\u3044\u3046\u30c7\u30fc\u30bf\u304c\u84c4\u7a4d<\/li>\n<\/ul>\n<p>\u79c1\u304c\u6295\u8cc7\u3092\u5b66\u3073\u59cb\u3081\u305f\u5f53\u521d\u3001\u300c\u5e02\u5834\u5e73\u5747\u3067\u3044\u3044\u300d\u3068\u3044\u3046\u767a\u60f3\u306f\u62cd\u5b50\u629c\u3051\u306b\u611f\u3058\u307e\u3057\u305f\u3002\u4f55\u304b\u7279\u5225\u306a\u9298\u67c4\u9078\u5225\u306e\u6280\u8853\u304c\u3042\u308b\u306f\u305a\u3060\u3001\u3068\u3044\u3046\u5148\u5165\u89b3\u304c\u3042\u3063\u305f\u304b\u3089\u3067\u3059\u3002\u3057\u304b\u3057\u6b74\u53f2\u3092\u305f\u3069\u308b\u3068\u3001\u305d\u306e\u300c\u7279\u5225\u306a\u6280\u8853\u300d\u304c\u672c\u5f53\u306b\u6a5f\u80fd\u3059\u308b\u304b\u3069\u3046\u304b\u3092\u554f\u3044\u7d9a\u3051\u3066\u304d\u305f\u7814\u7a76\u8005\u305f\u3061\u306e\u4ed5\u4e8b\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306f\u300c\u4f55\u3082\u8003\u3048\u306a\u3044\u300d\u6295\u8cc7\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u300c\u3069\u3053\u3067\u6226\u3046\u304b\u3092\u6b63\u78ba\u306b\u8003\u3048\u305f\u672b\u306b\u3001\u500b\u5225\u9298\u67c4\u9078\u629e\u306e\u7af6\u4e89\u304b\u3089\u964d\u308a\u308b\u300d\u3068\u3044\u3046\u3001\u5408\u7406\u7684\u306a\u9078\u629e\u3067\u3059\u3002\u9000\u5c48\u3067\u3042\u308b\u3053\u3068\u304c\u3001\u3080\u3057\u308d\u305d\u306e\u6b63\u3057\u3055\u306e\u8a3c\u62e0\u3067\u3042\u308b\u3001\u3068\u79c1\u306f\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<hr\/>\n<p>\u203b\u672c\u8a18\u4e8b\u306f2026-05-28\u6642\u70b9\u306e\u5236\u5ea6\u306b\u57fa\u3065\u304d\u307e\u3059\u3002\u6700\u65b0\u60c5\u5831\u306f\u56fd\u7a0e\u5e81\u30fb\u91d1\u878d\u5e81\u7b49\u306e\u516c\u5f0f\u30b5\u30a4\u30c8\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<br \/>\n\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u3067\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n<hr\/>\n<p class=\"pr-notice\"><small>\u3010PR\u3011\u672c\u8a18\u4e8b\u306b\u306f\u5546\u54c1\u7d39\u4ecb\u3092\u542b\u307f\u307e\u3059\u3002\u6295\u8cc7\u306e\u5224\u65ad\u306f\u3054\u81ea\u8eab\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/small><\/p>\n<h2>\u307e\u3068\u3081<\/h2>\n<ul>\n<li><strong>\u7406\u8ad6\u7684\u6839\u62e0<\/strong>: \u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\uff08EMH\uff09\u306f\u3001\u516c\u958b\u60c5\u5831\u306f\u3059\u3067\u306b\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u524d\u63d0\u304b\u3089\u3001\u5e02\u5834\u5e73\u5747\u3092\u7d99\u7d9a\u7684\u306b\u4e0a\u56de\u308b\u3053\u3068\u306e\u96e3\u3057\u3055\u3092\u793a\u3059<\/li>\n<li><strong>\u6b74\u53f2\u7684\u4e8b\u5b9f<\/strong>: \u30d0\u30f3\u30ac\u30fc\u30c9\u304c1976\u5e74\u306b\u8a2d\u7acb\u3057\u305f\u4e16\u754c\u521d\u306e\u500b\u4eba\u5411\u3051\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u5f53\u521d\u306f\u696d\u754c\u304b\u3089\u5426\u5b9a\u3055\u308c\u305f\u304c\u3001\u534a\u4e16\u7d00\u304b\u3051\u3066\u30b0\u30ed\u30fc\u30d0\u30eb\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u3068\u306a\u3063\u305f<\/li>\n<li><strong>\u5b9f\u8a3c\u30c7\u30fc\u30bf<\/strong>: SPIVA\u7c73\u56fd\u30ec\u30dd\u30fc\u30c8\uff082023\u5e74\u672b\uff09\u3067\u306f\u3001\u904e\u53bb20\u5e74\u3067\u7d0494%\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u5927\u578b\u682a\u30d5\u30a1\u30f3\u30c9\u304cS&amp;P500\u3092\u30a2\u30f3\u30c0\u30fc\u30d1\u30d5\u30a9\u30fc\u30e0<\/li>\n<\/ul>\n<p>\u96e3\u3057\u3044\u9298\u67c4\u9078\u629e\u306e\u7af6\u4e89\u304b\u3089\u964d\u308a\u3066\u3001\u30b3\u30b9\u30c8\u306e\u4f4e\u3044\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u9577\u671f\u3067\u6301\u3061\u7d9a\u3051\u308b\u3053\u3068\u306b\u306f\u3001\u6b74\u53f2\u3068\u6570\u5b57\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u5408\u7406\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u81ea\u5206\u306e\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3068\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\u3092\u78ba\u8a8d\u3057\u306a\u304c\u3089\u3001\u7121\u7406\u306e\u306a\u3044\u7bc4\u56f2\u3067\u7d9a\u3051\u3089\u308c\u308b\u65b9\u6cd5\u3092\u9078\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<aside aria-label=\"\u53c2\u8003\u6587\u732e\" class=\"references\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/CreativeWork\">\n<h2>\u53c2\u8003\u6587\u732e<\/h2>\n<ol class=\"references-list\">\n<li itemscope=\"\" itemtype=\"https:\/\/schema.org\/CreativeWork\"><a href=\"https:\/\/www.spglobal.com\/spdji\/en\/research-insights\/spiva\/\" itemprop=\"url\"><span itemprop=\"name\">SPIVA U.S. Scorecard 2023 \u2014 S&amp;P Dow Jones Indices<\/span><\/a><\/li>\n<li itemscope=\"\" itemtype=\"https:\/\/schema.org\/CreativeWork\"><a href=\"https:\/\/investor.vanguard.com\/investing\/vanguard-history\" itemprop=\"url\"><span itemprop=\"name\">Vanguard \u516c\u5f0f \u2014 Our history<\/span><\/a><\/li>\n<\/ol>\n<div class=\"sk-cta-box\">\n<p class=\"sk-cta-text\">\u3053\u3061\u3089\u306e\u8a18\u4e8b\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3059: \u4fdd\u967a\u306e\u898b\u76f4\u3057\u3067\u5e74\u9593\u6570\u4e07\u5186\u3092\u7bc0\u7d04\u3059\u308b\u65b9\u6cd5\uff5c\u7121\u99c4\u306a\u4fdd\u967a\u6599\u3092\u524a\u308b\u5177\u4f53\u7684\u306a\u624b\u9806<\/p>\n<p><a class=\"sk-cta-button\" href=\"https:\/\/shimaken.com\/golden\/368\/\">\u7d9a\u304d\u3092\u8aad\u3080<\/a>\n<\/div>\n<\/aside>\n<p><!-- \u00a7Phase 6c-2.5 sk-cta-box (post-processing inject, 2026-05-21) --><\/p>\n<p style=\"font-size:0.85em;color:#888;margin-top:2em;\">Photo by <a href=\"https:\/\/unsplash.com\/@niko_nguyen_10?utm_source=shimaken&#038;utm_medium=referral\" target=\"_blank\" rel=\"noopener nofollow\">niko n<\/a> on <a href=\"https:\/\/unsplash.com\/?utm_source=shimaken&#038;utm_medium=referral\" target=\"_blank\" rel=\"noopener nofollow\">Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u300c\u682a\u3092\u8cb7\u3046\u306a\u3089\u3001\u512a\u308c\u305f\u9298\u67c4\u3092\u9078\u3076\u3079\u304d\u3060\u300d\u3068\u3044\u3046\u306e\u306f\u3001\u76f4\u611f\u7684\u306b\u6b63\u3057\u304f\u805e\u3053\u3048\u307e\u3059\u3002\u3067\u3082\u3001\u305d\u306e\u300c\u9078\u3076\u884c\u70ba\u300d\u304c\u3069\u308c\u307b\u3069\u96e3\u3057\u3044\u304b\u3092\u793a\u3059\u8a3c\u62e0\u306f\u3001\u534a\u4e16\u7d00\u4ee5\u4e0a\u306b\u308f\u305f\u3063\u3066\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u304d\u307e\u3057\u305f\u3002 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