Dollar-cost averaging (DCA) je investičná stratégia, pri ktorej investor rozdeľuje celkovú sumu, ktorá sa má investovať, medzi pravidelné nákupy cieľového aktíva v snahe znížiť vplyv volatility na celkový nákup. K nákupom dochádza bez ohľadu na cenu aktíva a v pravidelných intervaloch.
Conclusion
As expected, DCA strategies primarily lower the risk thanks to their time diversification properties. This, however, usually comes at the cost of lower returns.
Overall, one cannot say that there is a significant or consistent outperformance of the DCA strategies, nor of the Lump Sum strategy. The performance strongly depends on the market conditions. If an investor expects the markets to fall, it might be wise to apply DCA. Moreover, if one prefers lower risk and lower volatility, DCA might be a good choice as well.
On the other hand, if the only thing an investor cares about is maximizing return, then Lump Sum should be a better choice. At the same time, if one doesn’t have any specific assumptions about future market conditions, in the long run it may be better to invest in a Lump Sum due to statistically
higher long-term returns.