季節性大表(Seasonality Table)是本站個股與 ETF 頁「季節性」分頁中,以年份 × 月份排列的漲跌表。它把過去每一年、每一個月的報酬攤開來,讓你一眼看出某個月份是不是真的「常漲」,還是只是被一兩年的大漲拉高平均。
- 一句話定義
- 以年份為列、月份為欄的漲跌幅表,最右欄為全年報酬;上方統計每個月的上漲/下跌次數、上漲機率、平均與中位數。
- 英文/縮寫
- Seasonality Table
- 分類
- 本站指標・季節性
怎麼看?
- 每一格:該年該月的報酬(月初第一個交易日開盤 → 月底最後一個交易日收盤,已還原權息)。
- 最右欄:全年報酬。
- 上方統計列:每個月的上漲次數、下跌次數、上漲機率、平均與中位數。可選近 1/5/10/20 年、成立至今或自選年份。
- 虛線框:尚未結束的月份與年度,只顯示、不計入統計。上市第一個月(年)的資料不完整,也不列入。
範例:元大台灣 50(0050)近 10 年
| 年度 | 1 月 | 2 月 | 3 月 | 4 月 | 5 月 | 6 月 | 7 月 | 8 月 | 9 月 | 10 月 | 11 月 | 12 月 | 全年 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016 | -3.0% | +2.9% | +5.6% | -4.1% | +2.5% | +3.8% | +4.1% | +0.9% | +3.9% | +2.0% | -0.8% | +0.3% | +18.6% |
| 2017 | +2.2% | +1.9% | +0.8% | +0.8% | +2.0% | +5.1% | +2.1% | +1.0% | -2.8% | +4.9% | -3.6% | +0.0% | +18.1% |
| 2018 | +5.7% | -2.8% | +1.6% | -3.4% | +0.9% | +0.8% | +5.8% | +1.3% | -0.1% | -10.8% | -1.4% | -3.0% | -4.9% |
| 2019 | +1.1% | +3.1% | +2.1% | +3.5% | -5.4% | +3.5% | +1.8% | -0.4% | +3.4% | +6.2% | +1.7% | +5.4% | +33.5% |
| 2020 | -4.3% | +0.2% | -13.0% | +11.8% | +2.5% | +6.5% | +16.2% | -1.6% | +0.5% | -0.4% | +9.8% | +7.4% | +31.1% |
| 2021 | +7.2% | +4.1% | -0.6% | +3.6% | -2.4% | +1.3% | -1.9% | +2.4% | -2.2% | -0.4% | +1.3% | +5.4% | +21.9% |
| 2022 | -0.9% | -2.9% | -0.7% | -5.7% | +1.0% | -10.4% | +3.6% | -0.2% | -10.4% | -3.4% | +17.7% | -7.6% | -21.2% |
| 2023 | +10.4% | -0.3% | +3.7% | -2.9% | +7.4% | +3.0% | +0.8% | -2.6% | -2.3% | -2.0% | +7.7% | +3.4% | +27.5% |
| 2024 | +1.4% | +6.7% | +9.9% | +0.0% | +5.5% | +10.6% | -2.6% | -2.0% | +1.1% | +4.3% | +0.6% | +3.8% | +48.6% |
| 2025 | +4.3% | +0.1% | -8.5% | -2.9% | +4.5% | +8.7% | +7.3% | +3.3% | +10.8% | +11.8% | -3.3% | +6.1% | +36.9% |
| 上漲次數 | 7/10 | 7/10 | 6/10 | 4/10 | 8/10 | 9/10 | 8/10 | 5/10 | 5/10 | 5/10 | 6/10 | 7/10 | 8/10 |
| 中位數 | +1.8% | +1.1% | +1.2% | -1.4% | +2.2% | +3.6% | +2.9% | +0.3% | +0.2% | +0.8% | +0.9% | +3.6% | +24.7% |
這張表可以看出幾件事:
- 6 月上漲 9 次,是最常上漲的月份;4 月只上漲 4 次。
- 平均容易被極端值拉高:2020 年 4 月、7 月的反彈與 2022 年 11 月的大漲,都會讓那個月份的平均看起來特別好,所以要同時看中位數與上漲次數。
- 全年表現好的年份,大部分月份都漲;2022 年這種空頭年,大部分月份都跌。季節性在很大程度上被大盤的年度方向主導。
範例:S&P 500 ETF(SPY)近 10 年
| 年度 | 1 月 | 2 月 | 3 月 | 4 月 | 5 月 | 6 月 | 7 月 | 8 月 | 9 月 | 10 月 | 11 月 | 12 月 | 全年 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016 | -3.4% | +0.5% | +5.9% | +1.0% | +1.4% | +0.7% | +3.6% | +0.1% | +0.0% | -1.5% | +3.5% | +1.9% | +12.0% |
| 2017 | +1.1% | +3.9% | -0.7% | +1.0% | +1.2% | +0.4% | +1.6% | +0.0% | +1.8% | +2.3% | +2.7% | +1.3% | +21.7% |
| 2018 | +5.2% | -3.4% | -2.7% | +0.7% | +2.7% | +0.0% | +4.4% | +3.1% | +0.8% | -7.4% | +1.5% | -10.3% | -4.6% |
| 2019 | +9.7% | +3.2% | +1.2% | +3.3% | -6.6% | +6.9% | +0.3% | -1.7% | +2.6% | +1.9% | +3.1% | +2.8% | +31.2% |
| 2020 | -0.6% | -8.4% | -13.1% | +17.1% | +6.7% | +2.0% | +5.5% | +6.4% | -4.0% | -3.3% | +9.6% | +2.7% | +18.3% |
| 2021 | -1.4% | +1.8% | +3.1% | +4.7% | +0.1% | +1.6% | +2.2% | +2.5% | -4.9% | +6.6% | -1.0% | +3.2% | +28.7% |
| 2022 | -5.5% | -3.1% | +4.1% | -9.1% | +0.2% | -8.7% | +9.4% | -3.4% | -8.7% | +7.0% | +4.5% | -6.0% | -18.2% |
| 2023 | +5.8% | -2.2% | +3.9% | +1.7% | +0.6% | +6.4% | +3.4% | -1.3% | -5.3% | -2.0% | +8.9% | +4.7% | +26.2% |
| 2024 | +2.3% | +4.8% | +3.1% | -4.2% | +5.2% | +3.2% | +0.9% | +2.0% | +2.7% | -0.8% | +5.5% | -2.5% | +24.9% |
| 2025 | +2.1% | +0.3% | -5.9% | -0.5% | +5.2% | +5.4% | +2.6% | +3.0% | +4.8% | +2.8% | -0.3% | +0.8% | +17.7% |
| 上漲次數 | 6/10 | 6/10 | 6/10 | 7/10 | 9/10 | 8/10 | 10/10 | 6/10 | 5/10 | 5/10 | 8/10 | 7/10 | 8/10 |
| 中位數 | +1.6% | +0.4% | +2.1% | +1.0% | +1.3% | +1.8% | +3.0% | +1.1% | +0.4% | +0.5% | +3.3% | +1.6% | +20.0% |
美股常聽到「Sell in May(五月賣出)」的說法,但近 10 年 SPY 的 5 月上漲了 9 次;9 月則只上漲 5 次。每個月份的上漲次數都列在最下方,可以自己檢查這些市場傳說,但也要記得 10 年只有 10 個樣本。
使用時的注意事項
- 10 年只有 10 個樣本:一個月份 10 年中漲 7 次,和「純粹運氣」很難區分。本站的季節性勝率測試顯示,過去上漲率高的月份,下一年只比平均好一點點。
- 注意期間選擇:選近 5 年和近 20 年,結論可能完全不同,最好兩個都看。
- 找原因:除權息月份、財報月份、產業旺季等有實際原因的季節性,比單純的統計結果更值得參考。
在本站哪裡會用到
相關名詞
本頁內容為本站自行撰寫的教育資料。月報酬以本站資料庫的還原權息價格計算(月初開盤 → 月底收盤)。 統計數字截至 2026-10-20,未計交易成本與稅費,過去表現不代表未來,不構成投資建議。