这Security Market Line，或者SML，是来自Markowitz投资组合理论的图表上的一行。安全市场线路是资本资产定价模型的图形表示，IT在给定时间点绘制了整个市场预期回报的风险水平。
Going by values of beta, the security market line shows that the relationship between risk and return is linear for individual securities (i.e. increased risk = increased return). Essentially it shows what return you need to earn on an investment in order for it to be worth taking, and this increases with the riskiness of the investment.
安全市场线的公式是：
- 所需返回=无风险费率 +（beta X [市场回报 - 无风险利率]）
想象一下，您正在筛选一系列股票，以确定最好在哪里投资您的辛苦奖金。您知道，美国国债的无风险利率为2％，标准普尔500指数返回约5％。您已将其缩小到A公司的A范围，该公司的Beta为0.6，每年的回报率为4％和B公司，Beta为1.8，回报率为7％。
所需的回报投资公司+ 2%( 0.6 x [5% - 2%] ) = 3.8% and the required return for Company B is 2% + ( 1.8 x [5% - 2%]) which is 7.4%. In this scenario, you would be best placed to invest in Company A (all other things being equal) because the return you would earn on Company B is not enough to compensate you for the risk you are taking.
在查看投资组合组成和库存选择时，安全市场线是一种非常有效的工具，但由于多种原因，应谨慎对待：
- 选择投资选择时，返回无风险利率并不是唯一要考虑的事情
- 除了无风险利率外，所有这些数字均基于历史性
尽管有这些限制，SMLis useful when determining your own risk curve.
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