{"id":4682,"date":"2026-08-06T12:09:14","date_gmt":"2026-08-06T12:09:14","guid":{"rendered":"https:\/\/opture.com\/?p=4682"},"modified":"2026-11-03T12:45:35","modified_gmt":"2026-11-03T12:45:35","slug":"wenn-die-welt-verruecktspielt-spielen-die-korrelationen-auch-verrueckt","status":"publish","type":"post","link":"https:\/\/opture.com\/pl\/blog\/wenn-die-welt-verruecktspielt-spielen-die-korrelationen-auch-verrueckt\/","title":{"rendered":"Kiedy \u015bwiat szaleje, relacje mi\u0119dzy danymi te\u017c szalej\u0105!\u00a0"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"4682\" class=\"elementor elementor-4682\" data-elementor-settings=\"{&quot;element_pack_global_tooltip_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-13bde31 e-con-full e-flex e-con e-parent\" data-id=\"13bde31\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-8572f7e e-con-full e-flex e-con e-child\" data-id=\"8572f7e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e151c82 elementor-widget elementor-widget-heading\" data-id=\"e151c82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RELACJE W TESTU STRESU<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67ca04c elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"67ca04c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Kiedy \u015bwiat szaleje, relacje mi\u0119dzy danymi te\u017c szalej\u0105! \n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22d525d elementor-widget__width-initial elementor-widget-mobile__width-inherit elementor-widget-tablet__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"22d525d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Dlaczego wstrz\u0105sy geopolityczne od\u015bwie\u017caj\u0105 koncepcj\u0119 zarz\u0105dzania ryzykiem.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e44e24b elementor-widget__width-initial elementor-widget-mobile__width-inherit elementor-widget-tablet__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"e44e24b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Konflikty geopolityczne \u2013 czy to na Bliskim Wschodzie, w Europie Wschodniej czy w regionie Oceanu Indyjskiego \u2013 dzia\u0142aj\u0105 dzi\u015b szybciej, szerszym i nieprzewidywalnym dla rynk\u00f3w finansowych ni\u017c w poprzednich cyklach. Globalizowana gospodarka, niestabilne \u0142a\u0144cuchy dostaw oraz silna integracja rynk\u00f3w kapita\u0142owych powoduj\u0105, \u017ce konflikt regionalny mo\u017ce wywo\u0142a\u0107 globalne zmiany cen w ci\u0105gu godzin. Dla <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikosteuerung\">Kontrola ryzyka<\/a> Oznacza to: stabilne powi\u0105zania s\u0105 iluzj\u0105. <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> nie s\u0105 parametrem statycznym, lecz zmiennym <a href=\"https:\/\/opture.com\/pl\/glossar\/#fruehwarnindikator\">System wczesnego ostrzegania<\/a>, W szczeg\u00f3lno\u015bci, gdy s\u0105 to czynniki (-&gt; model czynnik\u00f3w rynkowych).<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-572801e e-grid e-con-full e-con e-child\" data-id=\"572801e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d781b98 ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-left elementor-widget elementor-widget-uicore-icon-box\" data-id=\"d781b98\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;left&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                \n                \n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\"> Wstrz\u0105sy geopolityczne jako katalizator wzmocnienia korelacji<\/h5><div class=\"ui-e-subtitle\"> Wojny i napi\u0119cia geopolityczne nie tylko zmieniaj\u0105 poziomy cen \u2013 zmieniaj\u0105 tak\u017ce relacje mi\u0119dzy rynkami. Typowe wzorce to: <\/div><\/div>\n                <div class=\"ui-e-description\">\n                    <ul><li style=\"font-weight: 400\"><b>Surowce<\/b><span style=\"font-weight: 400\">Ceny energii cz\u0119sto wzrastaj\u0105 nagle, ale nie liniowo \u2013 ropa, gaz i metale u\u017cywane w przemy\u015ble reaguj\u0105 r\u00f3\u017cnie w zale\u017cno\u015bci od regionu konfliktu.<\/span><\/li><li style=\"font-weight: 400\"><b>Waluty:<\/b><span style=\"font-weight: 400\"> Pr\u0105dy pieni\u0119\u017cne do bezpiecznych miejsc (USD, EUR, CHF) wzrastaj\u0105, podczas gdy waluty rynk\u00f3w wschodz\u0105cych nagle wsp\u00f3\u0142zale\u017cnie ze sob\u0105, chocia\u017c fundamentalnie ma\u0142o maj\u0105 ze sob\u0105 wsp\u00f3lnego.<\/span><\/li><li style=\"font-weight: 400\"><b>Stopy procentowe:<\/b><span style=\"font-weight: 400\"> Aferycja ryzyka prowadzi do ucieczki do obligacji skarbowych, ale tylko tak d\u0142ugo, jak d\u0142ugo konflikt nie b\u0119dzie wywo\u0142ywa\u0142 inflacji (np. w wyniku wahaniami cen energii).<\/span><\/li><li style=\"font-weight: 400\"><b>Rynek akcji:<\/b><span style=\"font-weight: 400\"> Dzia\u0142alno\u015bci sektorowe nagle staj\u0105 si\u0119 silniej powi\u0105zane (np. energetyka i uzbrojenie) lub od siebie oddalaj\u0105 si\u0119.<\/span><\/li><\/ul>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e9cda69 e-con-full e-flex e-con e-child\" data-id=\"e9cda69\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-0e47565 e-con-full e-flex e-con e-child\" data-id=\"0e47565\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1184347 e-con-full e-flex e-con e-child\" data-id=\"1184347\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-583209e e-con-full e-flex e-con e-child\" data-id=\"583209e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cfcfdb3 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"cfcfdb3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Dlaczego korelacje s\u0105 niezb\u0119dne w zarz\u0105dzaniu ryzykiem<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65d7639 elementor-widget__width-initial elementor-widget-mobile__width-inherit elementor-widget-tablet__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"65d7639\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> to s\u0105 fundamentem ka\u017cdej kwantytatywnej <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikosteuerung\">Kontrola ryzyka<\/a>. Ich znaczenia to:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-313f886 e-grid e-con-full e-con e-child\" data-id=\"313f886\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;shape_divider_top&quot;:&quot;triangle&quot;}\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-top\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 1000 100\" preserveaspectratio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M500,98.9L0,6.1V0h1000v6.1L500,98.9z\"\/>\n<\/svg>\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a0d3f13 e-con-full e-flex e-con e-child\" data-id=\"a0d3f13\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6fc8f5 ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"f6fc8f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"ti ti-shield\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\">VaR<\/h5><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\"><a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> okre\u015bla\u0107, w jaki spos\u00f3b ryzyka wzajemnie si\u0119 wzmacniaj\u0105 lub neutralizuj\u0105.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b56511f e-con-full e-flex e-con e-child\" data-id=\"b56511f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91eecb5 ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"91eecb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"ti ti-check-box\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\">Testy stresowe<\/h5><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Tylko z dynamicznymi <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> mo\u017cna modelowa\u0107 realistyczne wstrz\u0105sy.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d5acdea e-con-full e-flex e-con e-child\" data-id=\"d5acdea\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2c2bd0a ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"2c2bd0a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"ti ti-settings\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\">Budowa portfela inwestycyjnego<\/h5><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Dywersyfikacja istnieje jedynie wtedy, gdy <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> nie dzia\u0142a na 1.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-26b8e83 e-con-full e-flex e-con e-child\" data-id=\"26b8e83\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cbe5c33 ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"cbe5c33\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"ti ti-reload\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\">Hedging<\/h5><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Hedging dzia\u0142a tylko wtedy, gdy spodziewana zmiana kierunku rzeczywi\u015bcie nast\u0105pi.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-60761ee e-con-full e-flex e-con e-child\" data-id=\"60761ee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c8a1472 e-grid e-con-full e-con e-child\" data-id=\"c8a1472\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ce3130 ui-e-align-left ui-e-align-tablet-left ui-e-align-mobile-left elementor-widget__width-initial elementor-widget-tablet__width-inherit ui-e-left elementor-widget elementor-widget-uicore-icon-box\" data-id=\"4ce3130\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;left&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                \n                \n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                <div class=\"ui-e-title-wrp\"><h5 class=\"ui-e-title\">Problem polega na tym, \u017ce korelacje ulegaj\u0105 zerwaniu w\u0142a\u015bnie wtedy, kiedy najbardziej ich potrzebujemy.<\/h5><div class=\"ui-e-subtitle\"> Historyczne korelacje s\u0105 w czasie wojny jedynie w ograniczonym stopniu przydatne. Typowymi efektami s\u0105: <\/div><\/div>\n                <div class=\"ui-e-description\">\n                    <ul><li style=\"font-weight: 400\"><b><a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a> zmienia si\u0119 nagle:\u00a0<\/b><span style=\"font-weight: 400\">O\u0142\u00f3wek i dolar ameryka\u0144ski w okresach pokoju s\u0105 negatywnie skorelowane \u2013 w okresach wojny cz\u0119sto pozytywnie.<\/span><\/li><\/ul><ul><li style=\"font-weight: 400\"><b>Ryzyko wypadania ogona jest r\u00f3wnomiernie roz\u0142o\u017cone:\u00a0<\/b><span style=\"font-weight: 400\">Rynek spada r\u00f3wnocze\u015bnie, nawet je\u015bli s\u0105 one fundamentalnie niezale\u017cne.<\/span><\/li><\/ul><ul><li style=\"font-weight: 400\"><b>Problemy z p\u0142ynno\u015bci\u0105 wywo\u0142uj\u0105 sztuczne <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikokorrelation\">Korrelationy<\/a>:\u00a0<\/b><span style=\"font-weight: 400\">Przymusowe sprzedawanie (np. sprzeda\u017c r\u00f3wnocze\u015bnie z powodu braku p\u0142ynno\u015bci) prowadzi do r\u00f3wnomiernego roz\u0142o\u017cenia si\u0119 aktyw\u00f3w w poszczeg\u00f3lnych kategoriach.<\/span><\/li><\/ul><p><span style=\"font-weight: 400\">Dla mened\u017cer\u00f3w ryzyka oznacza to: kto traktuje zale\u017cno\u015bci statycznie, \u017ale mierzy ryzyko.\u00a0<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a55d8ea e-con-full e-flex e-con e-child\" data-id=\"a55d8ea\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ffa3503 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"ffa3503\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jak w\u0142a\u015bciwie wykorzysta\u0107 zale\u017cno\u015bci w okresach stresu geopolitycznego\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54b95a3 elementor-widget__width-initial elementor-widget-mobile__width-inherit elementor-widget-tablet__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"54b95a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Nowoczesny <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikosteuerung\">Przes\u0142anki zarz\u0105dzania ryzykiem<\/a> zawiera:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fe82d7a e-con-full e-flex e-con e-child\" data-id=\"fe82d7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dcf12d8 ui-e-align-left elementor-widget__width-inherit ui-e-align-mobile-left ui-e-align-tablet-left ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"dcf12d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-project-diagram\" viewbox=\"0 0 640 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M384 320H256c-17.67 0-32 14.33-32 32v128c0 17.67 14.33 32 32 32h128c17.67 0 32-14.33 32-32V352c0-17.67-14.33-32-32-32zM192 32c0-17.67-14.33-32-32-32H32C14.33 0 0 14.33 0 32v128c0 17.67 14.33 32 32 32h95.72l73.16 128.04C211.98 300.98 232.4 288 256 288h.28L192 175.51V128h224V64H192V32zM608 0H480c-17.67 0-32 14.33-32 32v128c0 17.67 14.33 32 32 32h128c17.67 0 32-14.33 32-32V32c0-17.67-14.33-32-32-32z\"><\/path><\/svg>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h4 class=\"ui-e-title\">Korrelationy oparte na systemie re\u017cimu<\/h4><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">\u00abW tym kontek\u015bcie \u00bbregimem\u201d nale\u017cy rozumie\u0107 faz\u0119 rynkow\u0105: rozr\u00f3\u017cnianie mi\u0119dzy re\u017cimami normalnym, stresowym, inflacyjnym i wojennym (= ekstremaln\u0105 niepewno\u015bci\u0105 z powodu waha\u0144 surowc\u00f3w i fluktuacji walutowej). W ka\u017cdym z tych re\u017cim\u00f3w zachowuj\u0105 si\u0119 podobnie: <a href=\"https:\/\/opture.com\/pl\/glossar\/#risikosteuerung\">Korrelationy<\/a> Inny.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5f2db7a e-con-full e-flex e-con e-child\" data-id=\"5f2db7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-734dbf1 ui-e-align-left elementor-widget__width-inherit ui-e-align-mobile-left ui-e-align-tablet-left ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"734dbf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"ri ri-line-chart-fill\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h4 class=\"ui-e-title\">Wska\u017aniki przewidywalno\u015bci:<\/h4><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">np. wska\u017aniki zmienno\u015bci, spready CDS, wykresy terminowe dla surowc\u00f3w.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e823c10 ui-e-align-left elementor-widget__width-inherit ui-e-align-mobile-left ui-e-align-tablet-left ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"e823c10\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-bolt\" viewbox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M296 160H180.6l42.6-129.8C227.2 15 215.7 0 200 0H56C44 0 33.8 8.9 32.2 20.8l-32 240C-1.7 275.2 9.5 288 24 288h118.7L96.6 482.5c-3.6 15.2 8 29.5 23.3 29.5 8.4 0 16.4-4.4 20.8-12l176-304c9.3-15.9-2.2-36-20.7-36z\"><\/path><\/svg>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h4 class=\"ui-e-title\">Korrelationy w czasie jednego dnia: <\/h4><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Szybka reakcja na wydarzenia geopolityczne.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8d94047 e-con-full e-flex e-con e-child\" data-id=\"8d94047\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-56edc0c ui-e-align-left elementor-widget__width-inherit ui-e-align-mobile-left ui-e-align-tablet-left ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"56edc0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <i aria-hidden=\"true\" class=\"lu lu-layers\"><\/i>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h4 class=\"ui-e-title\">Sk\u0142ad scenariuszy: <\/h4><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Nie jeden scenariusz, ale kilka prawdopodobnych scenariuszy konfliktu.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-819d9d1 ui-e-align-left elementor-widget__width-inherit ui-e-align-mobile-left ui-e-align-tablet-left ui-e-top elementor-widget elementor-widget-uicore-icon-box\" data-id=\"819d9d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;position&quot;:&quot;top&quot;,&quot;content_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;content_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-widget_type=\"uicore-icon-box.default\">\n\t\t\t\t\t\n        <div class=\"ui-e-ico-box\" >\n\n            \n            <div class='ui-e-flex-wrp'>\n\n                                    <div class=\"ui-e-icon-wrp\">\n\n                        <svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-bell\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M439.39 362.29c-19.32-20.76-55.47-51.99-55.47-154.29 0-77.7-54.48-139.9-127.94-155.16V32c0-17.67-14.32-32-31.98-32s-31.98 14.33-31.98 32v20.84C118.56 68.1 64.08 130.3 64.08 208c0 102.3-36.15 133.53-55.47 154.29-6 6.45-8.66 14.16-8.61 21.71.11 16.4 12.98 32 32.1 32h383.8c19.12 0 32-15.6 32.1-32 .05-7.55-2.61-15.27-8.61-21.71zM67.53 368c21.22-27.97 44.42-74.33 44.53-159.42 0-.2-.06-.38-.06-.58 0-61.86 50.14-112 112-112s112 50.14 112 112c0 .2-.06.38-.06.58.11 85.1 23.31 131.46 44.53 159.42H67.53zM224 512c35.32 0 63.97-28.65 63.97-64H160.03c0 35.35 28.65 64 63.97 64z\"><\/path><\/svg>\n                    <\/div>\n                \n                <div class=\"ui-e-title-wrp\"><h4 class=\"ui-e-title\">Korrelationy jako wczesny sygna\u0142 ostrzegawczy:<\/h4><\/div>\n            <\/div>\n\n            <div class=\"ui-e-box-content\">\n                \n                <div class=\"ui-e-description\">\n                    <p><span style=\"font-weight: 400\">Wzrastaj\u0105ce korelacje mi\u0119dzy r\u00f3\u017cnymi aktywami s\u0105 cz\u0119sto sygna\u0142em systemowych zagro\u017ce\u0144.<\/span><\/p>                <\/div>\n\n                \n            <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a5a49c elementor-widget elementor-widget-html\" data-id=\"4a5a49c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"opture-fazit\">\n  <div class=\"opture-fazit__marker\" aria-hidden=\"true\">\n    \u2713\n  <\/div>\n\n  <div class=\"opture-fazit__content\">\n    <span class=\"opture-fazit__label\">Podsumowanie<\/span>\n\n    <h3>Informacja dla decydent\u00f3w<\/h3>\n\n    <p>\n      Konflikty geopolityczne ju\u017c nie s\u0105 kwesti\u0105 marginaln\u0105 \u2013 s\u0105 one strukturalnym czynnikiem ryzyka. Korelacje pomagaj\u0105 zdefiniowa\u0107 t\u0119 z\u0142o\u017cono\u015b\u0107 i przekszta\u0142ci\u0107 j\u0105 w logik\u0119 zarz\u0105dzania. Ten, kto rozumie korelacje, rozumie dynamik\u0119 ryzyka obecnej sytuacji. Ten, kto ich ignoruje, kieruje si\u0119 w spos\u00f3b \u015blepy. 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Warum geopolitische Schocks die Risikosteuerung neu kalibrieren. Geopolitische Konflikte \u2013 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":8214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,24,30,31,28,25],"tags":[],"class_list":["post-4682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-korrelationen","category-risikoaggregation","category-risikomanagement","category-risikosteuerung","category-simulation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wenn Korrelationen in Krisenzeiten kippen | OPTURE<\/title>\n<meta name=\"description\" content=\"Dynamische Korrelationen zwischen Finanzm\u00e4rkten bei geopolitischen Krisen und ihre Bedeutung f\u00fcr das Risikomanagement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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