{"id":753,"date":"2025-11-05T11:00:00","date_gmt":"2025-11-05T11:00:00","guid":{"rendered":"https:\/\/mueckinvest.de\/?page_id=753"},"modified":"2026-01-23T08:08:01","modified_gmt":"2026-01-23T07:08:01","slug":"glossary","status":"publish","type":"page","link":"https:\/\/mueckinvest.com\/en\/glossar\/","title":{"rendered":"Glossary"},"content":{"rendered":"
Term<\/strong><\/th>Definition of<\/strong><\/th><\/tr><\/thead>
Withholding tax<\/td>Flat-rate tax on capital gains in Germany.<\/td><\/tr>
Share<\/td>Company share that offers ownership rights and potential capital gains.<\/td><\/tr>
Share index<\/td>Basket of shares that measures the performance of a market.<\/td><\/tr>
Alpha<\/td>Excess return of a portfolio compared to the market.<\/td><\/tr>
Investment horizon<\/td>Period over which an investor wishes to remain invested.<\/td><\/tr>
Asset allocation<\/td>Allocation of capital to different asset classes.<\/td><\/tr>
Distributing<\/td>ETF or fund that pays out income regularly.<\/td><\/tr>
Backtesting<\/td>Historical simulation of a strategy to assess its robustness.<\/td><\/tr>
Bear Market<\/td>Market phase with falling prices over a longer period of time.<\/td><\/tr>
Behavioural Finance<\/td>Science about investors' misconceptions and behavioural patterns.<\/td><\/tr>
Beta<\/td>Measure of the fluctuation of a security compared to the market.<\/td><\/tr>
Bid<\/td>Maximum price that buyers are prepared to pay.<\/td><\/tr>
Broker<\/td>Trading platform for buying and selling securities.<\/td><\/tr>
Bull market<\/td>Market phase with rising prices over a longer period of time.<\/td><\/tr>
Buy and Hold<\/td>Long-term investment strategy without frequent reallocations.<\/td><\/tr>
Cash flow<\/td>Net cash inflow of a company.<\/td><\/tr>
Core satellite<\/td>Combination of a stable core portfolio and yield-orientated satellites.<\/td><\/tr>
Correction<\/td>Price fall of 10-20 % after previous rise.<\/td><\/tr>
Umbrella wikifolio<\/td>Wikifolio that invests in other Wikifolios.<\/td><\/tr>
Deflation<\/td>General decline in the price level.<\/td><\/tr>
Diversification<\/td>Diversification of capital to reduce risk.<\/td><\/tr>
Domicile<\/td>Country in which a fund is legally registered.<\/td><\/tr>
Drawdown<\/td>Loss from peak to trough.<\/td><\/tr>
Return on equity (ROE)<\/td>Profit in relation to equity.<\/td><\/tr>
Issuer risk<\/td>Risk of insolvency of the issuer.<\/td><\/tr>
Emission (certificate)<\/td>Process in which an issuer creates a tradable certificate for a wikifolio.<\/td><\/tr>
ETF<\/td>Exchange-traded fund that tracks an index.<\/td><\/tr>
Factor investing<\/td>Investing according to return drivers such as value or momentum.<\/td><\/tr>
Exemption order<\/td>Allows banks to exempt capital gains from tax up to the tax-free amount.<\/td><\/tr>
Free cash flow<\/td>Available cash inflow after investments.<\/td><\/tr>
Fund volume<\/td>Total value of all assets of a fund.<\/td><\/tr>
Growth Investing<\/td>Investing in high-growth companies.<\/td><\/tr>
Trading centre<\/td>Stock exchange or platform on which securities are traded.<\/td><\/tr>
Herd instinct<\/td>Tendency to follow the masses.<\/td><\/tr>
Home Bias<\/td>Overweighting of domestic investments.<\/td><\/tr>
Inflation<\/td>General rise in the price level.<\/td><\/tr>
Index funds<\/td>A fund that tracks an index (not necessarily an ETF).<\/td><\/tr>
Investability<\/td>Status of a wikifolio as soon as the certificate is issued and tradable.<\/td><\/tr>
ISIN \/ WKN<\/td>Unique identification number of a security.<\/td><\/tr>
Capital gains tax (KESt)<\/td>Tax on investment income, levied together with the solidarity surcharge.<\/td><\/tr>
Investment income<\/td>Income from interest, dividends or sales.<\/td><\/tr>
KBV<\/td>Price-to-book ratio of a company.<\/td><\/tr>
KCV<\/td>Price\/cash flow ratio.<\/td><\/tr>
KGV<\/td>Price\/earnings ratio of a company.<\/td><\/tr>
Correlation<\/td>Measure for the joint movement of two systems.<\/td><\/tr>
Layer<\/td>Structured risk classes in layers.<\/td><\/tr>
Key interest rate<\/td>Interest rate at which banks can refinance themselves with the central bank.<\/td><\/tr>
Limit order<\/td>Buy\/sell at a fixed price or better.<\/td><\/tr>
Liquidity<\/td>How easily a security can be traded.<\/td><\/tr>
Market Order<\/td>Immediate execution at the current market price.<\/td><\/tr>
Maximum drawdown (MDD)<\/td>Largest historical loss of a portfolio from peak to trough.<\/td><\/tr>
Megatrend<\/td>Long-term global development with a major market impact.<\/td><\/tr>
Momentum<\/td>Strategy that focuses on recent strong winners.<\/td><\/tr>
Sample portfolio<\/td>Exemplary portfolio for orientation.<\/td><\/tr>
Order book<\/td>List of all buy and sell orders.<\/td><\/tr>
Order mask<\/td>Broker input mask for orders.<\/td><\/tr>
Outperformance<\/td>Return above a benchmark index.<\/td><\/tr>
Performance fee<\/td>Performance-related fee for positive development.<\/td><\/tr>
Physically replicating<\/td>ETF that actually buys the securities it contains.<\/td><\/tr>
Portfolio<\/td>Total of all securities held.<\/td><\/tr>
Quantitative investing<\/td>Rule-based investing on the basis of data.<\/td><\/tr>
Rebalancing<\/td>Restoration of the original portfolio weighting.<\/td><\/tr>
Yield<\/td>Yield of a system over a period of time.<\/td><\/tr>
Recession<\/td>Economic slowdown over several quarters.<\/td><\/tr>
Risk Parity<\/td>Strategy in which each asset class contributes an equal amount of risk.<\/td><\/tr>
Risk class<\/td>Categorisation according to fluctuation intensity.<\/td><\/tr>
Scoring model<\/td>Valuation system for stock selection.<\/td><\/tr>
Sharpe Ratio<\/td>Ratio of return to risk.<\/td><\/tr>
SICAV<\/td>European fund structure with variable capital.<\/td><\/tr>
Sortino Ratio<\/td>Return in relation to the downside risk.<\/td><\/tr>
Savings lump sum<\/td>Annual allowance for capital gains.<\/td><\/tr>
Spread<\/td>Difference between purchase and sale price.<\/td><\/tr>
Tax deferral effect<\/td>Deferral of tax payments into the future.<\/td><\/tr>
Stop-Buy Order<\/td>Buy order that is only triggered when a certain price is exceeded.<\/td><\/tr>
Stop-Limit Order<\/td>Order that becomes active when a stop price is reached.<\/td><\/tr>
Stop-loss order<\/td>Order to limit losses.<\/td><\/tr>
Swap ETF<\/td>Synthetic ETF that tracks an index by means of a swap.<\/td><\/tr>
Synthetic replicating<\/td>ETF that tracks an index via derivatives or swaps.<\/td><\/tr>
TER<\/td>Total expense ratio of a fund.<\/td><\/tr>
Accumulating<\/td>Income is automatically reinvested.<\/td><\/tr>
Tracking Difference<\/td>Deviation of the ETF return from the index.<\/td><\/tr>
Tracking error<\/td>Fluctuation of the deviation from the index.<\/td><\/tr>
Trailing stop<\/td>Dynamic stop loss that automatically adjusts to rising prices.<\/td><\/tr>
Trend filter<\/td>Rule for determining market trends.<\/td><\/tr>
Trend following<\/td>Strategy based on existing trends.<\/td><\/tr>
UCITS<\/td>European regulation for funds.<\/td><\/tr>
Universe<\/td>Set of all securities from which a strategy selects.<\/td><\/tr>
Underperformance<\/td>Return below a benchmark index.<\/td><\/tr>
Value<\/td>Investing in undervalued companies.<\/td><\/tr>
Loss aversion<\/td>Tendency to prioritise losses over gains.<\/td><\/tr>
Volatility<\/td>Measure of the volatility of a security.<\/td><\/tr>
Volatility Targeting<\/td>Adjustment of position sizes to a defined target volatility.<\/td><\/tr>
Advance lump sum<\/td>Flat-rate taxation of accumulating funds.<\/td><\/tr>
Wikifolio<\/td>Certificate that tracks the performance of a model portfolio.<\/td><\/tr>
Wikifolio certificate<\/td>Tradable security of a wikifolio.<\/td><\/tr>
Certificate fee<\/td>Ongoing costs of a Wikifolio certificate.<\/td><\/tr>
Interest rate turnaround<\/td>Change in the direction of monetary policy (e.g. from interest rate hikes to interest rate cuts).<\/td><\/tr><\/tbody><\/table><\/figure>","protected":false},"excerpt":{"rendered":"

Begriff Definition Abgeltungssteuer Pauschale Steuer auf Kapitalertr\u00e4ge in Deutschland. Aktie Unternehmensanteil, der Eigentumsrechte und potenzielle Kursgewinne bietet. Aktienindex Korb aus Aktien, der die Entwicklung eines Marktes misst. Alpha \u00dcberrendite eines Portfolios im Vergleich zum Markt. Anlagehorizont Zeitraum, \u00fcber den ein Anleger investiert bleiben m\u00f6chte. Asset Allocation Verteilung des Kapitals auf verschiedene Anlageklassen. Aussch\u00fcttend ETF oder […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-no-sidebar","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-753","page","type-page","status-publish","hentry","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/pages\/753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/comments?post=753"}],"version-history":[{"count":2,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/pages\/753\/revisions"}],"predecessor-version":[{"id":2968,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/pages\/753\/revisions\/2968"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/media?parent=753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}