{"id":204933,"date":"2026-07-15T12:58:35","date_gmt":"2026-07-15T03:58:35","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=204933"},"modified":"2026-07-21T18:03:42","modified_gmt":"2026-07-21T09:03:42","slug":"option-vrp","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-vrp\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306eVRP(\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0)\u3068\u306f\uff1fIV\u3068HV\u306e\u5dee\u5206\u304c\u793a\u3059\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306e\u5831\u916c\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306fIV\u3068HV\u306e\u5dee\u5206\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306e\u300c\u5831\u916c\u300d\u3092\u793a\u3059<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>IV\uff08\u4e88\u60f3\u5909\u52d5\u7387\uff09\u304cHV\uff08\u5b9f\u73fe\u5909\u52d5\u7387\uff09\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u72b6\u614b\u304cVRP\u30d7\u30e9\u30b9\uff1d\u58f2\u308a\u624b\u306b\u6709\u5229\u306a\u74b0\u5883<\/li>\n\n\n\n<li>\u9006\u306bVRP\u304c\u30bc\u30ed\u4ee5\u4e0b\u306b\u306a\u308b\u3068\u58f2\u308a\u624b\u306e\u53c2\u5165\u52d5\u6a5f\u304c\u6d88\u3048\u3001\u5e02\u5834\u306e\u6d41\u52d5\u6027\u304c\u8584\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">VRP\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u5224\u65ad\u3067\u6700\u91cd\u8981\u6307\u6a19\u306e\u3072\u3068\u3064<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u30fbCSP\u30fb\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\u7b49\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u58f2\u308a\u6226\u7565\u306fVRP\u304c\u5927\u304d\u3044\u5c40\u9762\u3067\u512a\u4f4d\u6027\u304c\u9ad8\u307e\u308b<\/li>\n\n\n\n<li>DVOL\u3084Z\u30b9\u30b3\u30a2\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u3001\u53c2\u5165\u30fb\u64a4\u9000\u306e\u6761\u4ef6\u3092\u6570\u5024\u3067\u7ba1\u7406\u3067\u304d\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">VRP\u306e\u6d88\u5931\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u898b\u8aa4\u308b\u3068\u3001IV\u30af\u30e9\u30c3\u30b7\u30e5\u3084\u6025\u5909\u52d5\u3067\u5927\u304d\u306a\u640d\u5931\u3092\u53d7\u3051\u308b<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u6e80\u671f\u901a\u904e\u5f8c\u306eIV\u30af\u30e9\u30c3\u30b7\u30e5\u3067VRP\u304c\u4e00\u6c17\u306b\u6d88\u6ec5\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b<\/li>\n\n\n\n<li>\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\uff08\u66b4\u843d\u6642\u306eIV\u6025\u9a30\uff09\u3067\u306f\u58f2\u308a\u624b\u306eVRP\u53ce\u7a6b\u304c\u4e00\u77ac\u3067\u5439\u304d\u98db\u3076<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306fVRP\u306e\u5909\u52d5\u5e45\u304c\u682a\u5f0f\u3088\u308a\u5927\u304d\u304f\u3001\u89b3\u6e2c\u3068\u7ba1\u7406\u304c\u3088\u308a\u91cd\u8981<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306eDVOL\u306f30\u301c90\u30dd\u30a4\u30f3\u30c8\u8d85\u3068\u5e83\u3044\u30ec\u30f3\u30b8\u3067\u5909\u52d5\u3059\u308b\u305f\u3081\u3001VRP\u306e\u51fa\u73fe\u30fb\u6d88\u5931\u30b5\u30a4\u30af\u30eb\u3082\u6fc0\u3057\u3044<\/li>\n\n\n\n<li>\u671f\u9593\u5225IV\u306e\u9806\u30a4\u30fc\u30eb\u30c9\u56de\u5fa9\u304cVRP\u518d\u51fa\u73fe\u306e\u5148\u884c\u30b7\u30b0\u30ca\u30eb\u306b\u306a\u308b<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">VRP\u306f\u300c\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u308b\u5074\u306e\u5831\u916c\u304c\u4eca\u3069\u308c\u3060\u3051\u3042\u308b\u304b\u300d\u3092\u5b9a\u91cf\u5316\u3057\u305f\u6307\u6a19\u3067\u3059\u3002IV\u304cHV\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3068\u304d\u3060\u3051\u58f2\u308a\u624b\u306b\u65e8\u5473\u304c\u3042\u308b\u3002\u9006\u306bVRP\u304c\u6d88\u3048\u305f\u5c40\u9762\u3067\u7121\u7406\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u53d6\u308a\u306b\u884c\u304f\u3068\u3001\u30ea\u30b9\u30af\u3060\u3051\u80cc\u8ca0\u3063\u3066\u5831\u916c\u304c\u306a\u3044\u72b6\u614b\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u898b\u6975\u3081\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5b9f\u52d9\u3067\u306f\u6700\u3082\u91cd\u8981\u306a\u30b9\u30ad\u30eb\u306e\u3072\u3068\u3064\u3067\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">VRP\uff08Volatility Risk Premium\uff1d\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3068\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u3067\u300c\u4e88\u60f3\u3055\u308c\u308b\u5c06\u6765\u306e\u5909\u52d5\u7387\uff08IV\uff09\u300d\u304c\u300c\u5b9f\u969b\u306b\u8d77\u304d\u305f\u5909\u52d5\u7387\uff08HV\uff09\u300d\u3092\u4e0a\u56de\u308b\u5206\u306e\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u4e0a\u4e57\u305b\u5206\uff09\u3092\u6307\u3057\u307e\u3059\u3002<\/span><\/strong>\u7c21\u5358\u306b\u8a00\u3048\u3070\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\u304c\u300c\u4e0d\u78ba\u5b9f\u6027\u3092\u5f15\u304d\u53d7\u3051\u308b\u5bfe\u4fa1\u300d\u3068\u3057\u3066\u5f97\u3089\u308c\u308b\u5831\u916c\u306e\u5927\u304d\u3055\u3092\u6570\u5024\u5316\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306b\u306f\u3001\u5e02\u5834\u53c2\u52a0\u8005\u306e\u300c\u5c06\u6765\u3053\u308c\u3060\u3051\u52d5\u304f\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3044\u3046\u6050\u6016\u3084\u671f\u5f85\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u4e88\u60f3\uff08IV\uff09\u306f\u3001\u5b9f\u969b\u306e\u5024\u52d5\u304d\uff08HV\uff09\u3088\u308a\u3082\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5dee\u304cVRP\u3067\u3042\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306f\u3053\u306e\u300c\u4e88\u60f3\u3068\u73fe\u5b9f\u306e\u30ae\u30e3\u30c3\u30d7\u300d\u304b\u3089\u5229\u76ca\u3092\u5f97\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><th>\u6b63\u5f0f\u540d\u79f0<\/th><td>Volatility Risk Premium\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/td><\/tr><tr><th>\u7565\u79f0<\/th><td>VRP<\/td><\/tr><tr><th>\u5b9a\u7fa9<\/th><td>IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u2212 HV\uff08\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u5dee\u5206<\/td><\/tr><tr><th>VRP\u304c\u30d7\u30e9\u30b9<\/th><td>IV &gt; HV\uff5c\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306b\u6709\u5229\uff08\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u7a6b\u306e\u65e8\u5473\u304c\u3042\u308b\uff09<\/td><\/tr><tr><th>VRP\u304c\u30de\u30a4\u30ca\u30b9<\/th><td>IV \u2264 HV\uff5c\u58f2\u308a\u624b\u306b\u65e8\u5473\u304c\u306a\u3044\uff08\u30ea\u30b9\u30af\u306b\u898b\u5408\u308f\u306a\u3044\uff09<\/td><\/tr><tr><th>\u4e3b\u306a\u7528\u9014<\/th><td>\u30d7\u30ec\u30df\u30a2\u30e0\u58f2\u308a\u6226\u7565\u306e\u53c2\u5165\u30fb\u64a4\u9000\u30bf\u30a4\u30df\u30f3\u30b0\u5224\u65ad<\/td><\/tr><tr><th>\u95a2\u9023\u6307\u6a19<\/th><td>DVOL\uff08\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3IV\u6307\u6570\uff09\u30fbVIX\uff08S&amp;P 500 IV\u6307\u6570\uff09\u30fbZ\u30b9\u30b3\u30a2\u30fb\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b66\u8853\u7814\u7a76\u3067\u3082\u3001VRP\u306f\u9577\u671f\u7684\u306b\u30d7\u30e9\u30b9\u3067\u3042\u308b\u50be\u5411\u304c\u78ba\u8a8d\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u4eba\u9593\u306f\u4e0d\u78ba\u5b9f\u6027\u3092\u5acc\u3046\u300d\u3068\u3044\u3046\u884c\u52d5\u7279\u6027\u3092\u53cd\u6620\u3057\u3066\u304a\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u8cb7\u3044\u624b\u306f\u4fdd\u967a\u6599\u3068\u3057\u3066IV\u306e\u4e0a\u4e57\u305b\u5206\u3092\u652f\u6255\u3044\u3001\u58f2\u308a\u624b\u306f\u305d\u306e\u30ea\u30b9\u30af\u3092\u5f15\u304d\u53d7\u3051\u308b\u5bfe\u4fa1\u3068\u3057\u3066VRP\u3092\u53ce\u7a6b\u3067\u304d\u308b\u69cb\u9020\u306b\u306a\u3063\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">VRP\u304c\u751f\u307e\u308c\u308b\u4ed5\u7d44\u307f\uff5cIV\u3068HV\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u3092\u7406\u89e3\u3059\u308b\u306b\u306f\u3001\u307e\u305a<strong>IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068HV\uff08\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u9055\u3044<\/strong>\u3092\u6b63\u78ba\u306b\u62bc\u3055\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>IV\u3068HV\u306e\u5b9a\u7fa9\u3068\u9055\u3044<\/li>\n\n\n\n<li>VRP\u306e\u8a08\u7b97\u65b9\u6cd5<\/li>\n\n\n\n<li>VRP\u304c\u30d7\u30e9\u30b9\/\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u6761\u4ef6<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">IV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068\u306f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">IV\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u305f\u300c\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u5c06\u6765\u306e\u5909\u52d5\u7387\u300d\u3067\u3059\u3002\u5e02\u5834\u53c2\u52a0\u8005\u306e\u6050\u6016\u3084\u30ea\u30b9\u30af\u610f\u8b58\u304c\u9ad8\u307e\u308b\u3068IV\u306f\u4e0a\u6607\u3057\u3001\u5b89\u5fc3\u611f\u304c\u5e83\u304c\u308b\u3068IV\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u3002\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3067\u306fDeribit\u304c\u7b97\u51fa\u3059\u308b<strong>DVOL<\/strong>\uff08Deribit Volatility Index\uff09\u304cIV\u306e\u4ee3\u8868\u6307\u6a19\u3068\u3057\u3066\u5e83\u304f\u53c2\u7167\u3055\u308c\u3066\u3044\u307e\u3059\u3002IV\u306e\u8a73\u7d30\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-trading-iv\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306eIV\u3068\u306f\uff1f<\/a>\u300d\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">HV\uff08\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068\u306f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">HV\uff08\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff1dRV\u3001Realized Volatility\u3068\u3082\u547c\u3070\u308c\u308b\uff09\u306f\u3001\u904e\u53bb\u306e\u5b9f\u969b\u306e\u4fa1\u683c\u5909\u52d5\u304b\u3089\u8a08\u7b97\u3055\u308c\u305f\u5909\u52d5\u7387\u3067\u3059\u3002\u300c\u5b9f\u969b\u306b\u3069\u308c\u3060\u3051\u52d5\u3044\u305f\u304b\u300d\u3092\u793a\u3059\u4e8b\u5f8c\u7684\u306a\u6307\u6a19\u3067\u3001\u8a08\u7b97\u671f\u9593\uff087\u65e5\u30fb30\u65e5\u30fb90\u65e5\u306a\u3069\uff09\u306b\u3088\u3063\u3066\u5024\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u306e\u8a08\u7b97\u65b9\u6cd5\uff5cIV \u2212 HV<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u306e\u6700\u3082\u30b7\u30f3\u30d7\u30eb\u306a\u5b9a\u7fa9\u306f<strong>\u300cVRP \uff1d IV \u2212 HV\u300d<\/strong>\u3067\u3059\u3002\u305f\u3068\u3048\u3070DVOL\uff0830\u65e5IV\uff09\u304c45\u30dd\u30a4\u30f3\u30c8\u300130\u65e5HV\u304c33\u30dd\u30a4\u30f3\u30c8\u3067\u3042\u308c\u3070\u3001VRP \uff1d 45 \u2212 33 \uff1d 12\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e12\u30dd\u30a4\u30f3\u30c8\u5206\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u304c\u53d7\u3051\u53d6\u308c\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u300c\u7406\u8ad6\u4e0a\u306e\u65e8\u5473\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u300c\u5e02\u5834\u304c\u904e\u5270\u306b\u6050\u6016\u3057\u3066\u3044\u308b\u300d\u72b6\u614b\u3067\u3001\u58f2\u308a\u624b\u306b\u6709\u5229\u306a\u74b0\u5883\u3067\u3059\u3002\u9006\u306bVRP\u304c\u30bc\u30ed\u4ee5\u4e0b\u306b\u306a\u308b\u3068\u3001<strong>\u58f2\u308a\u624b\u306f\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u30ea\u30bf\u30fc\u30f3\u304c\u898b\u5408\u308f\u306a\u304f\u306a\u308a\u3001\u5e02\u5834\u3092\u8cb7\u3044\u652f\u3048\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u304c\u69cb\u9020\u7684\u306b\u6d88\u5931\u3057\u307e\u3059<\/strong>\u3002\u3053\u308c\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306e\u6d41\u52d5\u6027\u4f4e\u4e0b\u3084\u3001\u4e0b\u843d\u52a0\u901f\u306e\u4e00\u56e0\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">VRP\u306e\u78ba\u8a8d\u65b9\u6cd5\u3068\u5224\u5b9a\u6761\u4ef6<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u306f\u5358\u306bIV\u3068HV\u306e\u5dee\u3092\u898b\u308b\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u8907\u6570\u306e\u6307\u6a19\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u300c\u4ecaVRP\u304c\u53ce\u7a6b\u3067\u304d\u308b\u74b0\u5883\u304b\u300d\u3092\u7dcf\u5408\u5224\u65ad\u3059\u308b<\/strong>\u306e\u304c\u5b9f\u52d9\u4e0a\u306e\u9375\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>VRP\u78ba\u8a8d\u306b\u4f7f\u30464\u3064\u306e\u6307\u6a19<\/li>\n\n\n\n<li>VRP\u51fa\u73fe\u30fb\u6d88\u5931\u306e\u30b5\u30a4\u30af\u30eb<\/li>\n\n\n\n<li>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3068\u682a\u5f0f\u306eVRP\u6bd4\u8f03<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u78ba\u8a8d\u306b\u4f7f\u30464\u3064\u306e\u4e3b\u8981\u6307\u6a19<\/h3>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6307\u6a19<\/th><th>\u898b\u65b9<\/th><th>VRP\u3068\u306e\u95a2\u4fc2<\/th><\/tr><\/thead><tbody><tr><td>IV\uff08DVOL \/ VIX\uff09<\/td><td>30\u65e5\u5148\u306e\u4e88\u60f3\u5909\u52d5\u7387<\/td><td>IV\u304c\u9ad8\u3044\u307b\u3069VRP\u304c\u5927\u304d\u304f\u306a\u308a\u3084\u3059\u3044<\/td><\/tr><tr><td>HV\uff08\u671f\u9593\u5225\uff09<\/td><td>7\u65e5\u30fb30\u65e5\u30fb90\u65e5\u306e\u5b9f\u73fe\u5909\u52d5\u7387<\/td><td>HV\u304c\u4f4e\u4e0b\u3057\u3066IV\u3068\u306e\u5dee\u304c\u958b\u304f\u3068VRP\u62e1\u5927<\/td><\/tr><tr><td>Z\u30b9\u30b3\u30a2<\/td><td>IV\u306e\u7d71\u8a08\u7684\u306a\u5272\u9ad8\/\u5272\u5b89\u5ea6<\/td><td>Z\u30b9\u30b3\u30a2\u304c\u5272\u9ad8\u30b5\u30a4\u30f3\u3092\u70b9\u6ec5\u2192VRP\u53ce\u7a6b\u597d\u6a5f<\/td><\/tr><tr><td>\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/td><td>\u671f\u8fd1\u3068\u671f\u5148\u306eIV\u306e\u50be\u304d<\/td><td>\u30b3\u30f3\u30bf\u30f3\u30b4\u56de\u5fa9\u2192VRP\u518d\u51fa\u73fe\u306e\u5148\u884c\u30b7\u30b0\u30ca\u30eb<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DVOL\u306e\u898b\u65b9\u3084\u6d3b\u7528\u6cd5\u306b\u3064\u3044\u3066\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-dvol\" target=\"_blank\" rel=\"noopener noreferrer\">DVOL\u3068\u306f\uff1f<\/a>\u300d\u3001\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306e\u8a73\u7d30\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-vol-term-structure\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u9806\u30a4\u30fc\u30eb\u30c9\uff08\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09\u3068\u306f\uff1f<\/a>\u300d\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u51fa\u73fe\u30fb\u6d88\u5931\u306e\u30b5\u30a4\u30af\u30eb<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u306f\u5e38\u306b\u4e00\u5b9a\u3067\u306f\u306a\u304f\u3001<strong>\u51fa\u73fe\u2192\u62e1\u5927\u2192\u53ce\u7a6b\u2192\u6d88\u5931\u2192\u518d\u51fa\u73fe<\/strong>\u3068\u3044\u3046\u30b5\u30a4\u30af\u30eb\u3092\u7e70\u308a\u8fd4\u3057\u307e\u3059\u3002\u5178\u578b\u7684\u306a\u30d1\u30bf\u30fc\u30f3\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u76f8\u5834\u6025\u5909\u3067IV\u304c\u6025\u9a30<\/strong>\uff1aDVOL\u304c\u5927\u5e45\u4e0a\u6607\u3057\u3001HV\u3068\u306e\u5dee\uff08VRP\uff09\u304c\u62e1\u5927\u3059\u308b<\/li>\n\n\n\n<li><strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b7\u30e7\u30fc\u30c8\u52e2\u304c\u53c2\u5165<\/strong>\uff1a\u5272\u9ad8\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u53ce\u7a6b\u3059\u308b\u305f\u3081\u306b\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u304c\u5897\u52a0\u3057\u3001IV\u306b\u4f4e\u4e0b\u5727\u529b\u304c\u304b\u304b\u308b<\/li>\n\n\n\n<li><strong>\u6e80\u671f\u901a\u904e\u3067IV\u30af\u30e9\u30c3\u30b7\u30e5<\/strong>\uff1a\u30a6\u30a3\u30fc\u30af\u30ea\u30fc\u3084\u6708\u6b21\u6e80\u671f\u306e\u901a\u904e\u306b\u4f34\u3044IV\u304c\u6025\u4f4e\u4e0b\u3057\u3001VRP\u304c\u7e2e\u5c0f\u30fb\u6d88\u6ec5\u3059\u308b<\/li>\n\n\n\n<li><strong>HV\u306e\u4f4e\u4e0b\u8abf\u6574\u3092\u7d4c\u3066\u518d\u51fa\u73fe<\/strong>\uff1a\u671f\u9593\u5225HV\u304c\u5f90\u3005\u306b\u4e0b\u65b9\u8abf\u6574\u3055\u308c\u3001\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u304c\u30b3\u30f3\u30bf\u30f3\u30b4\u306b\u623b\u308b\u3068\u518d\u3073VRP\u304c\u767a\u751f\u3059\u308b<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u30b5\u30a4\u30af\u30eb\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3001\u300c\u4eca\u306f\u58f2\u308a\u6226\u7565\u306b\u512a\u4f4d\u6027\u304c\u3042\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u5f85\u3064\u3079\u304d\u306a\u306e\u304b\u300d\u3092\u6570\u5024\u30d9\u30fc\u30b9\u3067\u5224\u65ad\u3067\u304d\u307e\u3059\u3002IV\u30af\u30e9\u30c3\u30b7\u30e5\u306e\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-iv-crush\" target=\"_blank\" rel=\"noopener noreferrer\">IV\u30af\u30e9\u30c3\u30b7\u30e5\u3068\u306f\uff1f<\/a>\u300d\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3068\u682a\u5f0f\u306eVRP\u6bd4\u8f03<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u5e02\u5834\uff08\u7279\u306b\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\uff09\u306eVRP\u306f\u3001\u4f1d\u7d71\u7684\u306a\u682a\u5f0f\u5e02\u5834\u3068\u6bd4\u3079\u3066\u4ee5\u4e0b\u306e\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\uff08DVOL\u57fa\u6e96\uff09<\/th><th>S&amp;P 500\uff08VIX\u57fa\u6e96\uff09<\/th><\/tr><\/thead><tbody><tr><td>IV\u306e\u5909\u52d5\u30ec\u30f3\u30b8<\/td><td>30\u301c90\u30dd\u30a4\u30f3\u30c8\u8d85<\/td><td>10\u301c40\u30dd\u30a4\u30f3\u30c8\u7a0b\u5ea6<\/td><\/tr><tr><td>VRP\u306e\u5909\u52d5\u5e45<\/td><td>\u5927\u304d\u3044\uff08\u6025\u62e1\u5927\u30fb\u6025\u6d88\u6ec5\u3057\u3084\u3059\u3044\uff09<\/td><td>\u76f8\u5bfe\u7684\u306b\u5b89\u5b9a<\/td><\/tr><tr><td>\u4e3b\u306a\u53c2\u52a0\u8005<\/td><td>\u6697\u53f7\u8cc7\u7523\u30c8\u30ec\u30fc\u30c0\u30fc\u30fbDeFi\u30d7\u30ed\u30c8\u30b3\u30eb<\/td><td>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30fc\u30ab\u30fc<\/td><\/tr><tr><td>\u6e80\u671f\u306e\u983b\u5ea6<\/td><td>\u6bce\u65e5\u301c\u6bce\u9031\uff08Deribit\u7b49\uff09<\/td><td>\u6708\u6b21\u30fb\u56db\u534a\u671f\u4e2d\u5fc3<\/td><\/tr><tr><td>\u6d41\u52d5\u6027<\/td><td>\u682a\u5f0f\u3088\u308a\u8584\u3044<\/td><td>\u539a\u3044<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306eDVOL\u306f30\u301c90\u30dd\u30a4\u30f3\u30c8\u8d85\u3068\u975e\u5e38\u306b\u5e83\u3044\u30ec\u30f3\u30b8\u3067\u5909\u52d5\u3059\u308b\u305f\u3081\u3001<strong>VRP\u306e\u51fa\u73fe\u30fb\u6d88\u5931\u30b5\u30a4\u30af\u30eb\u304c\u682a\u5f0f\u3088\u308a\u6fc0\u3057\u3044<\/strong>\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002\u3053\u308c\u306f\u30ea\u30b9\u30af\u3067\u3082\u3042\u308a\u3001\u30c1\u30e3\u30f3\u30b9\u3067\u3082\u3042\u308a\u307e\u3059\u3002VRP\u304c\u5927\u304d\u3044\u5c40\u9762\u3092\u6b63\u3057\u304f\u6349\u3048\u308c\u3070\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306f\u5f97\u3089\u308c\u306a\u3044\u9ad8\u3044\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u53ce\u7a6b\u3067\u304d\u307e\u3059\u304c\u3001\u30b5\u30a4\u30af\u30eb\u306e\u898b\u6975\u3081\u3092\u8aa4\u308b\u3068\u6025\u6fc0\u306a\u640d\u5931\u306b\u7e4b\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">VRP\u3092\u6d3b\u7528\u3057\u305f\u4ee3\u8868\u7684\u306a\u6226\u7565<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u304c\u30d7\u30e9\u30b9\u306e\u74b0\u5883\u3067\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u300c\u58f2\u308a\u300d\u3092\u8ef8\u3068\u3057\u305f\u6226\u7565\u306b\u69cb\u9020\u7684\u306a\u512a\u4f4d\u6027\uff08\u30a8\u30c3\u30b8\uff09\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u4ee3\u8868\u7684\u306aVRP\u53ce\u7a6b\u6226\u7565\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u7ae0\u306e\u5185\u5bb9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\u30fb\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30f3\u30b0\u30eb<\/li>\n\n\n\n<li>\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u30fbCSP<\/li>\n\n\n\n<li>\u30c0\u30a4\u30a2\u30b4\u30ca\u30eb\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u30d9\u30ac\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\uff09<\/li>\n\n\n\n<li>VRP\u6226\u7565\u306e\u53c2\u5165\u6761\u4ef6<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\u30fb\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30f3\u30b0\u30eb\uff5cATM\u4ed8\u8fd1\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u58f2\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u53ce\u7a6b\u306e\u738b\u9053\u306f\u3001<strong>\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\uff08ATM\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3092\u540c\u6642\u306b\u58f2\u308b\uff09<\/strong>\u3084\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30f3\u30b0\u30eb\uff08OTM\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3092\u58f2\u308b\uff09\u3067\u3059\u3002IV\u304c\u5b9f\u969b\u306eHV\u3088\u308a\u9ad8\u3044\u5206\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u53d7\u3051\u53d6\u308a\u3001\u6e80\u671f\u307e\u3067\u539f\u8cc7\u7523\u304c\u5927\u304d\u304f\u52d5\u304b\u306a\u3051\u308c\u3070\u5229\u76ca\u306b\u306a\u308a\u307e\u3059\u3002VRP\u304c\u5927\u304d\u3044\u5c40\u9762\u307b\u3069\u53d7\u3051\u53d6\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u539a\u304f\u3001\u6709\u5229\u306b\u30a8\u30f3\u30c8\u30ea\u30fc\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001<strong>\u76f8\u5834\u304c\u6025\u5909\u3059\u308b\u3068IV\u304c\u3055\u3089\u306b\u6025\u9a30\u3057\u3001VRP\u304c\u62e1\u5927\u3059\u308b\u3069\u3053\u308d\u304b\u640d\u5931\u304c\u6025\u62e1\u5927\u3059\u308b\u30ea\u30b9\u30af<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u7279\u306b\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\u306f\u640d\u5931\u304c\u7406\u8ad6\u4e0a\u7121\u9650\u5927\u3067\u3042\u308b\u305f\u3081\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u30b5\u30a4\u30ba\u306e\u7ba1\u7406\u3068\u640d\u5207\u308a\u30eb\u30fc\u30eb\u306e\u8a2d\u5b9a\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u30fbCSP\uff5c\u73fe\u7269\u4fdd\u6709\u3068\u7d44\u307f\u5408\u308f\u305b\u305fVRP\u53ce\u7a6b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb<\/strong>\uff08\u73fe\u7269\u3092\u4fdd\u6709\u3057\u306a\u304c\u3089OTM\u30b3\u30fc\u30eb\u3092\u58f2\u308b\uff09\u3068<strong>CSP\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30bb\u30ad\u30e5\u30a2\u30fc\u30c9\u30fb\u30d7\u30c3\u30c8\uff1d\u73fe\u91d1\u3092\u62c5\u4fdd\u306b\u30d7\u30c3\u30c8\u3092\u58f2\u308b\uff09<\/strong>\u306f\u3001\u88f8\u58f2\u308a\u3088\u308a\u30ea\u30b9\u30af\u3092\u9650\u5b9a\u3057\u306a\u304c\u3089VRP\u3092\u53ce\u7a6b\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002VRP\u304c\u30d7\u30e9\u30b9\u306e\u74b0\u5883\u3067\u306f\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u5165\u306e\u671f\u5f85\u5024\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u306f\u4e0a\u5024\u304c\u9650\u5b9a\u3055\u308c\u308b\u4ee3\u308f\u308a\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u4e0b\u843d\u30ea\u30b9\u30af\u306e\u4e00\u90e8\u3092\u76f8\u6bba\u3057\u3001CSP\u306f\u300c\u3053\u306e\u4fa1\u683c\u306a\u3089\u8cb7\u3063\u3066\u3082\u3044\u3044\u300d\u3068\u3044\u3046\u6c34\u6e96\u3067\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u3053\u3068\u3067\u3001\u5272\u5b89\u306a\u8cb7\u3044\u5834\u3092\u5f85\u3061\u306a\u304c\u3089\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5f97\u307e\u3059\u3002\u3044\u305a\u308c\u3082VRP\u304c\u5927\u304d\u3044\u3068\u304d\u306b\u30a8\u30f3\u30c8\u30ea\u30fc\u3059\u308b\u307b\u3069\u53ce\u76ca\u7387\u304c\u6539\u5584\u3057\u307e\u3059\u3002\u8a73\u7d30\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-trading-covered-call\" target=\"_blank\" rel=\"noopener noreferrer\">\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u3068\u306f\uff1f<\/a>\u300d\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-csp\" target=\"_blank\" rel=\"noopener noreferrer\">CSP\u3068\u306f\uff1f<\/a>\u300d\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30c0\u30a4\u30a2\u30b4\u30ca\u30eb\u30b9\u30d7\u30ec\u30c3\u30c9\uff5c\u671f\u5148\u3068\u671f\u8fd1\u306eVRP\u5dee\u3092\u5229\u7528<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c0\u30a4\u30a2\u30b4\u30ca\u30eb\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001<strong>\u7570\u306a\u308b\u6e80\u671f\u30fb\u7570\u306a\u308b\u884c\u4f7f\u4fa1\u683c\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u7d44\u307f\u5408\u308f\u305b<\/strong>\u3001\u671f\u8fd1\u306eIV\uff08VRP\uff09\u304c\u5272\u9ad8\u306a\u5206\u3060\u3051\u671f\u8fd1\u3092\u58f2\u308a\u3001\u671f\u5148\u3092\u8cb7\u3046\u3053\u3068\u3067\u30d9\u30ac\u30ea\u30b9\u30af\u3092\u4e00\u90e8\u30d8\u30c3\u30b8\u3057\u306a\u304c\u3089\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u53d6\u308b\u6226\u7565\u3067\u3059\u3002\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306e\u6b6a\u307f\uff08\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\uff09\u304c\u751f\u3058\u3066\u3044\u308b\u3068\u304d\u306b\u7279\u306b\u6709\u52b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070\u3001\u4e0a\u5024\u306e\u30b3\u30fc\u30ebIV\u304c\u30b5\u30d7\u30e9\u30a4\u30ba\u610f\u8b58\u3092\u4f34\u3063\u3066\u4e0a\u6607\u3057\u3001\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306e\u30d5\u30ea\u30c3\u30d7\u304c\u78ba\u8a8d\u3055\u308c\u305f\u5c40\u9762\u3067\u306f\u3001\u30c0\u30a4\u30a2\u30b4\u30ca\u30eb\u30d9\u30a2\u30b3\u30fc\u30eb\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u3088\u308b\u4e0a\u5024\u306eVRP\u53ce\u7a6b\u304c\u691c\u8a0e\u5bfe\u8c61\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u6226\u7565\u306e\u53c2\u5165\u6761\u4ef6\uff5c\u95c7\u96f2\u306b\u58f2\u3089\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u304c\u30d7\u30e9\u30b9\u3060\u304b\u3089\u3068\u3044\u3063\u3066\u3001\u3044\u3064\u3067\u3082\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u308c\u3070\u3044\u3044\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5b9f\u52d9\u4e0a\u306f\u4ee5\u4e0b\u306e\u6761\u4ef6\u3092\u8907\u5408\u7684\u306b\u78ba\u8a8d\u3057\u3066\u304b\u3089\u53c2\u5165\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u671f\u9593\u5225IV\u304c\u9806\u30a4\u30fc\u30eb\u30c9\uff08\u30b3\u30f3\u30bf\u30f3\u30b4\uff09<\/strong>\uff1a\u77ed\u671fIV\u304c\u9577\u671fIV\u3088\u308a\u4f4e\u3044\u6b63\u5e38\u306a\u72b6\u614b\u3067\u3042\u308b\u3053\u3068\u3092\u78ba\u8a8d<\/li>\n\n\n\n<li><strong>Z\u30b9\u30b3\u30a2\u304c\u5272\u9ad8\u30b5\u30a4\u30f3\u3092\u70b9\u6ec5<\/strong>\uff1a\u7d71\u8a08\u7684\u306bIV\u304c\u904e\u53bb\u306e\u5e73\u5747\u3068\u6bd4\u3079\u3066\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308b<\/li>\n\n\n\n<li><strong>HV\u306e\u4f4e\u4e0b\u8abf\u6574\u304c\u9032\u884c\u4e2d<\/strong>\uff1a\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u843d\u3061\u7740\u304d\u3001IV\u3068\u306e\u30ae\u30e3\u30c3\u30d7\u304c\u7dad\u6301\u30fb\u62e1\u5927\u3057\u3084\u3059\u3044\u74b0\u5883<\/li>\n\n\n\n<li><strong>\u30ac\u30f3\u30de\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff08GEX\uff09\u306e\u30cd\u30ac\u30c6\u30a3\u30d6\/\u30dd\u30b8\u30c6\u30a3\u30d6\u74b0\u5883\u3092\u78ba\u8a8d<\/strong>\uff1a\u30d8\u30c3\u30b8\u30d5\u30ed\u30fc\u304c\u76f8\u5834\u306e\u65b9\u5411\u3092\u5897\u5e45\u30fb\u6291\u5236\u3059\u308b\u53ef\u80fd\u6027\u3092\u628a\u63e1\u3059\u308b<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ac\u30f3\u30de\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u8a73\u7d30\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-gamma-exposure\" target=\"_blank\" rel=\"noopener noreferrer\">GEX\uff08\u30ac\u30f3\u30de\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09\u3068\u306f\uff1f<\/a>\u300d\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">VRP\u306e\u6ce8\u610f\u70b9\u30fb\u30ea\u30b9\u30af<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\u3092\u6d3b\u7528\u3059\u308b\u6226\u7565\u306f\u300c\u58f2\u308a\u624b\u306b\u56de\u308b\u300d\u3053\u3068\u304c\u57fa\u672c\u3067\u3059\u3002\u58f2\u308a\u624b\u306b\u306f\u69cb\u9020\u7684\u306a\u512a\u4f4d\u6027\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001\u898b\u843d\u3068\u3057\u304c\u3061\u306a\u30ea\u30b9\u30af\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\" data-colset=\"col1\"><div class=\"cap_box_ttl\"><span>VRP\u306e\u30e1\u30ea\u30c3\u30c8<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-good_list\">\n<li>IV\u304cHV\u3092\u4e0a\u56de\u308b\u50be\u5411\u306f\u9577\u671f\u7684\u306b\u5b58\u5728\u3059\u308b\u305f\u3081\u3001\u4f53\u7cfb\u7684\u306a\u53ce\u7a6b\u304c\u53ef\u80fd<\/li>\n\n\n\n<li>DVOL\u3084Z\u30b9\u30b3\u30a2\u3067\u53c2\u5165\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u6570\u5024\u7ba1\u7406\u3067\u304d\u308b<\/li>\n\n\n\n<li>\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u30fbCSP\u306a\u3069\u30ea\u30b9\u30af\u9650\u5b9a\u578b\u306e\u624b\u6cd5\u3068\u7d44\u307f\u5408\u308f\u305b\u3084\u3059\u3044<\/li>\n\n\n\n<li>\u76f8\u5834\u304c\u6a2a\u3070\u3044\u3067\u3082\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u5165\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\" data-colset=\"col1\"><div class=\"cap_box_ttl\"><span>VRP\u306e\u30ea\u30b9\u30af\u30fb\u6ce8\u610f\u70b9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-bad_list\">\n<li>\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\uff08\u66b4\u843d\u30fb\u66b4\u9a30\uff09\u3067VRP\u306e\u84c4\u7a4d\u5229\u76ca\u304c\u4e00\u77ac\u3067\u5439\u304d\u98db\u3076\uff08\u3044\u308f\u3086\u308b\u300c\u30b3\u30c4\u30b3\u30c4\u30c9\u30ab\u30f3\u300d\uff09<\/li>\n\n\n\n<li>IV\u30af\u30e9\u30c3\u30b7\u30e5\u3067VRP\u304c\u6025\u6d88\u6ec5\u3057\u3001\u58f2\u308a\u624b\u306e\u512a\u4f4d\u6027\u304c\u7a81\u7136\u306a\u304f\u306a\u308b<\/li>\n\n\n\n<li>VRP\u304c\u30de\u30a4\u30ca\u30b9\u306e\u74b0\u5883\u3067\u7121\u7406\u306b\u58f2\u308b\u3068\u3001\u30ea\u30b9\u30af\u3060\u3051\u53d6\u3063\u3066\u5831\u916c\u304c\u306a\u3044\u72b6\u614b\u306b\u9665\u308b<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u3067\u306fVRP\u306e\u5909\u52d5\u304c\u6fc0\u3057\u304f\u3001\u682a\u5f0f\u306e\u7d4c\u9a13\u5247\u304c\u305d\u306e\u307e\u307e\u901a\u7528\u3057\u306a\u3044<\/li>\n\n\n\n<li>\u8a3c\u62e0\u91d1\u7ba1\u7406\u3092\u6020\u308b\u3068\u3001\u6025\u5909\u52d5\u6642\u306b\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u5f37\u5236\u6e05\u7b97\u3055\u308c\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u91cd\u8981\u306a\u306e\u304c<strong>\u30c6\u30fc\u30eb\u30ea\u30b9\u30af<\/strong>\u3067\u3059\u3002VRP\u6226\u7565\u306f\u300c\u5c0f\u3055\u306a\u5229\u76ca\u3092\u7d99\u7d9a\u7684\u306b\u7a4d\u307f\u4e0a\u3052\u308b\u300d\u69cb\u9020\u3067\u3059\u304c\u3001\u76f8\u5834\u304c\u60f3\u5b9a\u4ee5\u4e0a\u306b\u52d5\u3044\u305f\u3068\u304d\u306e\u640d\u5931\u306f\u4e00\u56de\u3067\u7a4d\u307f\u4e0a\u3052\u305f\u5229\u76ca\u3092\u8d85\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u3067\u306f2025\u5e7410\u6708\u306e\u3088\u3046\u306a\u6025\u843d\u3084\u3001\u5730\u653f\u5b66\u30a4\u30d9\u30f3\u30c8\u3067\u306e\u6025\u5909\u52d5\u304c\u5b9f\u969b\u306b\u767a\u751f\u3057\u3066\u304a\u308a\u3001VRP\u306e\u84c4\u7a4d\u5229\u76ca\u3092\u4e00\u77ac\u3067\u5931\u3046\u30b1\u30fc\u30b9\u3082\u8d77\u3053\u308a\u5f97\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001<strong>VRP\u304c\u30de\u30a4\u30ca\u30b9\uff08IV \u2264 HV\uff09\u306e\u74b0\u5883\u3067\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u308b\u3068\u3001\u30ea\u30b9\u30af\u306b\u898b\u5408\u3046\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u307e\u305b\u3093<\/strong>\u3002\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u3067\u306f\u58f2\u308a\u624b\u306b\u3068\u3063\u3066\u4e0d\u5229\u306a\u69cb\u9020\u306e\u305f\u3081\u3001\u7121\u7406\u306b\u30a8\u30f3\u30c8\u30ea\u30fc\u305b\u305a\u5f85\u3064\u3053\u3068\u304c\u5408\u7406\u7684\u3067\u3059\u3002VRP\u306e\u72b6\u614b\u3092\u78ba\u8a8d\u305b\u305a\u306b\u300c\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u5165\u308b\u304b\u3089\u300d\u3068\u3044\u3046\u7406\u7531\u3060\u3051\u3067\u58f2\u308b\u306e\u306f\u3001\u6700\u3082\u907f\u3051\u308b\u3079\u304d\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">VRP\u6226\u7565\u3067\u3044\u3061\u3070\u3093\u5927\u4e8b\u306a\u306e\u306f\u300c\u58f2\u3063\u3066\u306f\u3044\u3051\u306a\u3044\u5c40\u9762\u3092\u898b\u6975\u3081\u308b\u529b\u300d\u3067\u3059\u3002VRP\u304c\u30d7\u30e9\u30b9\u306e\u3068\u304d\u3060\u3051\u30a8\u30f3\u30c8\u30ea\u30fc\u3057\u3001\u30de\u30a4\u30ca\u30b9\u306b\u8ee2\u3058\u305f\u3089\u624b\u3092\u51fa\u3055\u306a\u3044\u3002\u3053\u308c\u3060\u3051\u3067\u300c\u30b3\u30c4\u30b3\u30c4\u30c9\u30ab\u30f3\u300d\u306e\u30ea\u30b9\u30af\u3092\u5927\u5e45\u306b\u4e0b\u3052\u3089\u308c\u307e\u3059\u3002\u7279\u306b\u6697\u53f7\u8cc7\u7523\u3067\u306f\u671f\u9593\u5225HV\u306e\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u56de\u5fa9\u3092\u78ba\u8a8d\u3057\u3066\u304b\u3089\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u304c\u3001\u5b9f\u52d9\u4e0a\u306e\u751f\u547d\u7dda\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5cVRP\u3068\u5b9f\u8df5\u5206\u6790<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u3067\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3084IBIT\uff08\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u73fe\u7269ETF\uff09\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u6790\u306b\u304a\u3044\u3066\u3001<strong>VRP\u3092\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b7\u30e7\u30fc\u30c8\u52e2\u306e\u53c2\u5165\u30fb\u64a4\u9000\u3092\u4e88\u6e2c\u3059\u308b\u305f\u3081\u306e\u4e2d\u6838\u6307\u6a19\u300d\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u307e\u3059<\/strong>\u3002\u4ee5\u4e0b\u306f\u3001\u81ea\u793e\u306e\u5206\u6790\u30d7\u30ed\u30bb\u30b9\u3067\u5b9f\u969b\u306bVRP\u3092\u3069\u3046\u6d3b\u7528\u3057\u3066\u3044\u308b\u304b\u306e\u4e00\u7aef\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u306e\u300c\u70b9\u6ec5\u300d\u3068\u300c\u6d88\u6ec5\u300d\u3092\u4f7f\u3044\u5206\u3051\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u793e\u306e\u5206\u6790\u3067\u306f\u3001DVOL\u306e\u6c34\u6e96\u5909\u5316\u3068\u671f\u9593\u5225HV\uff087\u65e5\u30fb30\u65e5\u30fb90\u65e5\uff09\u306e\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u3092\u4e26\u5217\u3067\u76e3\u8996\u3057\u3001<strong>VRP\u304c\u300c\u70b9\u6ec5\u300d\uff08\u53ce\u7a6b\u53ef\u80fd\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u767a\u751f\uff09\u3057\u3066\u3044\u308b\u304b\u300c\u6d88\u6ec5\u300d\uff08\u58f2\u308a\u306b\u65e8\u5473\u304c\u306a\u3044\uff09\u3057\u3066\u3044\u308b\u304b\u3092\u5224\u5b9a\u3057\u3066\u3044\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070\u3001DVOL\u304c\u4e0a\u6607\u3057\u3066Z\u30b9\u30b3\u30a2\u304c\u5272\u9ad8\u30b5\u30a4\u30f3\u3092\u70b9\u706f\u3055\u305b\u305f\u3068\u3057\u3066\u3082\u30011\u30f6\u6708\u30d9\u30fc\u30b9\u306eHV\u304c\u307e\u3060\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u308b\u5834\u5408\u306f\u3001IV\u3068HV\u306e\u5dee\u5206\u304c\u5341\u5206\u306b\u958b\u3044\u3066\u3044\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u3001<strong>HV\u306e\u4f4e\u4e0b\u8abf\u6574\u304c\u9032\u307f\u3001\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u304c\u30b3\u30f3\u30bf\u30f3\u30b4\u306b\u56de\u5fa9\u3059\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u5f85\u3063\u3066\u304b\u3089\u30b7\u30e7\u30fc\u30c8\u30d9\u30ac\u6226\u7565\u3092\u691c\u8a0e\u3059\u308b<\/strong>\u306e\u304c\u3001\u5b9f\u52d9\u7684\u306b\u512a\u4f4d\u6027\u306e\u9ad8\u3044\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">VRP\u6d88\u5931\u306f\u300c\u4e0b\u843d\u52a0\u901f\u30b9\u30c6\u30fc\u30b8\u300d\u306e\u8b66\u6212\u30b7\u30b0\u30ca\u30eb<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">IV\u30af\u30e9\u30c3\u30b7\u30e5\u306b\u3088\u3063\u3066VRP\u304c\u6d88\u6ec5\u3059\u308b\u3068\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b7\u30e7\u30fc\u30c8\u52e2\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\uff09\u306f\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u30ea\u30bf\u30fc\u30f3\u304c\u898b\u5408\u308f\u306a\u304f\u306a\u308a\u3001\u5e02\u5834\u3092\u8cb7\u3044\u652f\u3048\u308b\u52d5\u6a5f\u304c\u69cb\u9020\u7684\u306b\u6d88\u3048\u307e\u3059\u3002\u81ea\u793e\u306e\u5206\u6790\u3067\u306f\u3001<strong>VRP\u6d88\u6ec5\u306f\u300c\u30ed\u30f3\u30b0\u30d7\u30c3\u30c8\u306e\u66b4\u8d70\u529b\u5b66\u304c\u512a\u4f4d\u306b\u306a\u308b\u4e0b\u843d\u52a0\u901f\u30b9\u30c6\u30fc\u30b8\u300d\u3078\u306e\u79fb\u884c\u30b7\u30b0\u30ca\u30eb<\/strong>\u3068\u3057\u3066\u8b66\u6212\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3088\u3046\u306a\u5c40\u9762\u3067\u306f\u3001\u30ed\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u7e2e\u5c0f\u3084\u30d8\u30c3\u30b8\u306e\u5f37\u5316\u304c\u5408\u7406\u7684\u3067\u3042\u308a\u3001\u65b0\u898f\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u58f2\u308a\u6226\u7565\u306f\u898b\u9001\u308b\u5224\u65ad\u3092\u3057\u307e\u3059\u3002VRP\u304c\u518d\u3073\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u308b\u307e\u3067\u300c\u5f85\u3064\u300d\u3053\u3068\u3082\u3001VRP\u6226\u7565\u306e\u4e00\u90e8\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a6\u30a3\u30fc\u30af\u30ea\u30fc\u6e80\u671f\u3054\u3068\u306eVRP\u30b5\u30a4\u30af\u30eb\u306b\u6ce8\u76ee<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\uff08Deribit\u3084IBIT\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u3067\u306f\u3001\u30a6\u30a3\u30fc\u30af\u30ea\u30fc\u6e80\u671f\u304c\u6bce\u9031\u3084\u3063\u3066\u304d\u307e\u3059\u3002\u6e80\u671f\u901a\u904e\u306e\u305f\u3073\u306bOI\u304c\u6d88\u6ec5\u3057\u3001GEX\u306e\u69cb\u9020\u3082\u5909\u5316\u3059\u308b\u305f\u3081\u3001<strong>VRP\u306e\u30b5\u30a4\u30af\u30eb\u306f\u682a\u5f0f\u5e02\u5834\u3088\u308a\u3082\u77ed\u304f\u3001\u983b\u7e41\u306b\u300c\u51fa\u73fe\u2192\u6d88\u6ec5\u2192\u518d\u51fa\u73fe\u300d\u3092\u7e70\u308a\u8fd4\u3057\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u793e\u306e\u5206\u6790\u3067\u306f\u3001\u5404\u30a6\u30a3\u30fc\u30af\u30ea\u30fc\u6e80\u671f\u901a\u904e\u6642\u306eIV\u30af\u30e9\u30c3\u30b7\u30e5\u306e\u898f\u6a21\u3068\u3001\u6b21\u306e\u6e80\u671f\u306b\u5411\u3051\u305fOI\u306e\u7a4d\u307f\u4e0a\u304c\u308a\u3092\u89b3\u6e2c\u3057\u3001\u6b21\u306eVRP\u51fa\u73fe\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u524d\u3082\u3063\u3066\u63a8\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u300c\u4eca\u9031\u306e\u6e80\u671f\u3067\u6d88\u6ec5\u3059\u308bVRP\u3092\u3001\u3044\u3064\u3069\u306e\u6c34\u6e96\u3067\u518d\u53ce\u7a6b\u3067\u304d\u308b\u304b\u300d\u3092\u4e8b\u524d\u306b\u898b\u7a4d\u3082\u308b\u3053\u3068\u304c\u3001\u77ed\u671f\u58f2\u308a\u6226\u7565\u306e\u30a8\u30c3\u30b8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>ICHIZEN Capital\u306e\u5206\u6790\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u672c\u8a18\u4e8b\u306eVRP\u5206\u6790\u306f\u3001\u81ea\u793enote\u30b3\u30fc\u30d1\u30b9\uff08767\u8a18\u4e8b\u30fb2020\u301c2026\u5e74\uff09\u306b\u304a\u3051\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u5206\u6790\u306e\u4e00\u6b21\u77e5\u898b\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002DVOL\u30fbGEX\u30fbOI\u30fb\u30b9\u30ad\u30e5\u30fc\u30fb\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306e\u7d71\u5408\u5206\u6790\u3092\u65e5\u6b21\u3067\u5b9f\u65bd\u3057\u3001VRP\u306e\u51fa\u73fe\u30fb\u6d88\u6ec5\u30b5\u30a4\u30af\u30eb\u3092\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u8ffd\u8de1\u3057\u3066\u3044\u307e\u3059\u3002\u306a\u304a\u3001\u672c\u8a18\u4e8b\u306f\u4e00\u822c\u7684\u306a\u89e3\u8aac\u3067\u3042\u308a\u3001\u6295\u8cc7\u52a9\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" data-q=\"fill-main\" data-a=\"fill-custom\">\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">VRP\u306fIV\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068HV\uff08\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306e\u5dee\u5206\u3067\u3001\u300c\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u5909\u52d5\u7387\u300d\u304c\u300c\u5b9f\u969b\u306e\u5909\u52d5\u7387\u300d\u3092\u4e0a\u56de\u308b\u5206\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u304c\u4e0d\u78ba\u5b9f\u6027\u3092\u5f15\u304d\u53d7\u3051\u308b\u5bfe\u4fa1\u3068\u3057\u3066\u5f97\u3089\u308c\u308b\u5831\u916c\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">VRP\u306f\u3069\u3046\u3084\u3063\u3066\u8a08\u7b97\u3057\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u6700\u3082\u30b7\u30f3\u30d7\u30eb\u306a\u8a08\u7b97\u5f0f\u306f\u300cVRP \uff1d IV \u2212 HV\u300d\u3067\u3059\u3002\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306a\u3089DVOL\uff0830\u65e5IV\uff09\u304b\u308930\u65e5HV\u3092\u5f15\u3044\u305f\u5024\u304cVRP\u306b\u306a\u308a\u307e\u3059\u3002\u30d7\u30e9\u30b9\u306a\u3089\u58f2\u308a\u624b\u306b\u6709\u5229\u3001\u30bc\u30ed\u4ee5\u4e0b\u306a\u3089\u58f2\u308a\u306b\u65e8\u5473\u304c\u306a\u3044\u74b0\u5883\u3067\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">VRP\u304c\u30d7\u30e9\u30b9\u3060\u3068\u306a\u305c\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306b\u6709\u5229\u306a\u306e\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p 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class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VRP\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306f\u3001<strong>IV\uff08\u4e88\u60f3\u5909\u52d5\u7387\uff09\u304cHV\uff08\u5b9f\u73fe\u5909\u52d5\u7387\uff09\u3092\u4e0a\u56de\u308b\u5206\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u3042\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u624b\u306e\u5831\u916c\u306e\u6e90\u6cc9<\/strong>\u3067\u3059\u3002VRP\u304c\u30d7\u30e9\u30b9\u306e\u74b0\u5883\u3067\u306f\u3001\u30ab\u30d0\u30fc\u30c9\u30b3\u30fc\u30eb\u30fbCSP\u30fb\u30b7\u30e7\u30fc\u30c8\u30b9\u30c8\u30e9\u30c9\u30eb\u306a\u3069\u306e\u58f2\u308a\u6226\u7565\u306b\u69cb\u9020\u7684\u306a\u512a\u4f4d\u6027\u304c\u751f\u307e\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001VRP\u306f\u5e38\u306b\u4e00\u5b9a\u3067\u306f\u306a\u304f\u3001\u6e80\u671f\u901a\u904e\u3084IV\u30af\u30e9\u30c3\u30b7\u30e5\u306b\u3088\u3063\u3066\u6025\u6d88\u6ec5\u3057\u3001\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u3067\u84c4\u7a4d\u5229\u76ca\u304c\u4e00\u77ac\u3067\u5439\u304d\u98db\u3076\u30ea\u30b9\u30af\u3082\u3042\u308a\u307e\u3059\u3002<strong>\u5927\u5207\u306a\u306e\u306f\u300cVRP\u304c\u30d7\u30e9\u30b9\u306e\u3068\u304d\u3060\u3051\u58f2\u308a\u3001\u30de\u30a4\u30ca\u30b9\u306e\u3068\u304d\u306f\u624b\u3092\u51fa\u3055\u306a\u3044\u300d\u3068\u3044\u3046\u898f\u5f8b<\/strong>\u3067\u3059\u3002DVOL\u3084Z\u30b9\u30b3\u30a2\u3001\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u3092\u7d44\u307f\u5408\u308f\u305b\u305fVRP\u306e\u5b9a\u91cf\u5224\u65ad\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u5b9f\u52d9\u306b\u304a\u3051\u308b\u6700\u3082\u91cd\u8981\u306a\u30b9\u30ad\u30eb\u306e\u3072\u3068\u3064\u3068\u8a00\u3048\u307e\u3059\u3002\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u306fVRP\u306e\u5909\u52d5\u5e45\u304c\u682a\u5f0f\u3088\u308a\u5927\u304d\u3044\u305f\u3081\u3001\u3088\u308a\u614e\u91cd\u306a\u76e3\u8996\u3068\u7ba1\u7406\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-color wp-block-paragraph\" style=\"color:#999999;font-size:13px\">\u53c2\u8003\u6587\u732e<\/p>\n\n\n\n<p class=\"has-text-color wp-block-paragraph\" style=\"color:#999999;font-size:13px\">1. Carr, P., &amp; Wu, L. (2009). &#8220;Variance Risk Premiums.&#8221; The Review of Financial Studies, 22(3), 1311-1341.\uff08IV\u304cHV\u3092\u9577\u671f\u7684\u306b\u4e0a\u56de\u308b\u50be\u5411\u306e\u5b66\u8853\u7684\u6839\u62e0\uff09<br>2. Deribit\u300cDVOL &#8211; Deribit Bitcoin Volatility Index\u300d<a href=\"https:\/\/www.deribit.com\/statistics\/BTC\/volatility-index\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.deribit.com\/statistics\/BTC\/volatility-index<\/a><br>3. CBOE\u300cVIX Index\u300d<a href=\"https:\/\/www.cboe.com\/tradable_products\/vix\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.cboe.com\/tradable_products\/vix\/<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u203b\u5f53\u30b5\u30a4\u30c8\u306e\u60c5\u5831\u306f\u6295\u8cc7\u5224\u65ad\u306e\u53c2\u8003\u3068\u306a\u308b\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u6697\u53f7\u8cc7\u7523\uff08\u4eee\u60f3\u901a\u8ca8\uff09\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u306b\u306f\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN 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