<p>我不会粉饰事实：<strong>亚马逊</strong>（AMZN 0.23%）在过去五年中的表现并不算最佳，这段时间的涨幅约为 56%。换句话说，五年前在亚马逊投资 1000 美元——在 2020 年 9 月 17 日——今天的价值为 1560 美元。</p>
<p>这远低于 <strong>标准普尔 500 指数</strong>（^GSPC 0.49%），后者在过去五年中实现了 112% 的总回报。那么，为什么亚马逊的收益不到简单的标准普尔 500 指数基金的一半呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NzYvcGFja2FnZS1vbi1wb3JjaC0yMDIzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NzYvcGFja2FnZS1vbi1wb3JjaC0yMDIzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么亚马逊表现不佳？</h2>
<p>让我们明确一点：并不是说亚马逊的表现很差。在你评判过去五年的表现之前，重要的是要将这个时间框架放在上下文中考虑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/051ee99d8c3fea7b74f2c6cbaaa3a420.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/051ee99d8c3fea7b74f2c6cbaaa3a420.png"/></p>
<p>VOO 总回报价格数据来自 YCharts</p>
<p>具体来说，五年前的 2020 年 9 月中旬，世界基本上仍因 COVID-19 疫情而处于封锁状态。因此，电子商务需求极其强劲。事实上，从 2020 年初到 9 月中旬，亚马逊的涨幅已经达到 63%，而标准普尔 500 指数的总回报仅为 5%。换句话说，在过去五年中，亚马逊的起点已经是强劲的表现。</p>
<p>实际上，如果我们从 2020 年初到今天来看亚马逊与标准普尔 500 指数的表现，亚马逊实际上领先约 26 个百分点。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票在过去五年中上涨了约 56%，这意味着在 2020 年 9 月 17 日投资 1000 美元，现在的价值为 1560 美元。这一表现落后于标准普尔 500 指数，该指数在同一时期回报率为 112%。尽管如此，亚马逊在 COVID-19 大流行期间的早期强劲表现为其整体收益做出了贡献，自 2020 年初以来，其表现超过标准普尔 500 指数 26 个百分点</p>

<p>I won't sugarcoat it: <strong>Amazon</strong>(AMZN 0.23%) hasn't exactly been the best-performing stock over the past five years, with a gain of about 56% during that time period. In other words, a $1,000 investment in Amazon five years ago -- on Sept. 17, 2020 -- would be worth $1,560 today.</p>
<div class="lb-trans"><p>我不会粉饰事实：<strong>亚马逊</strong>（AMZN 0.23%）在过去五年中的表现并不算最佳，这段时间的涨幅约为 56%。换句话说，五年前在亚马逊投资 1000 美元——在 2020 年 9 月 17 日——今天的价值为 1560 美元。</p>
</div><p>That is significantly less than the <strong>S&amp;P 500</strong>(^GSPC 0.49%), which has delivered a 112% total return over the past five years. So, why did Amazon produce less than half of the gains as a simple S&amp;P 500 index fund?</p>
<div class="lb-trans"><p>这远低于 <strong>标准普尔 500 指数</strong>（^GSPC 0.49%），后者在过去五年中实现了 112% 的总回报。那么，为什么亚马逊的收益不到简单的标准普尔 500 指数基金的一半呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2NzYvcGFja2FnZS1vbi1wb3JjaC0yMDIzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832676%2Fpackage-on-porch-2023.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Why did Amazon underperform?</h2>
<div class="lb-trans"><h2>为什么亚马逊表现不佳？</h2>
</div><p>Let's be clear: It isn't that Amazon is performing poorly. And before you judge the last five years of performance, it's important to put that time frame into context.</p>
<div class="lb-trans"><p>让我们明确一点：并不是说亚马逊的表现很差。在你评判过去五年的表现之前，重要的是要将这个时间框架放在上下文中考虑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/051ee99d8c3fea7b74f2c6cbaaa3a420.png" alt="" original-src="https://media.ycharts.com/charts/051ee99d8c3fea7b74f2c6cbaaa3a420.png"/></p>
<p>VOO Total Return Price data by YCharts</p>
<div class="lb-trans"><p>VOO 总回报价格数据来自 YCharts</p>
</div><p>Specifically, five years ago, in mid-September 2020, the world was essentially still locked down due to the COVID-19 pandemic. As a result, e-commerce demand was incredibly strong. In fact, from the start of 2020 through mid-September, Amazon had already risen by 63% versus just a 5% total return from the S&amp;P 500. In other words, when looking at the past five years, Amazon was already starting from a place of strong performance.</p>
<div class="lb-trans"><p>具体来说，五年前的 2020 年 9 月中旬，世界基本上仍因 COVID-19 疫情而处于封锁状态。因此，电子商务需求极其强劲。事实上，从 2020 年初到 9 月中旬，亚马逊的涨幅已经达到 63%，而标准普尔 500 指数的总回报仅为 5%。换句话说，在过去五年中，亚马逊的起点已经是强劲的表现。</p>
</div><p>As a matter of fact, if we look at Amazon versus the S&amp;P 500 from the beginning of 2020 through today, Amazon is actually ahead by about 26 percentage points.</p>
<div class="lb-trans"><p>实际上，如果我们从 2020 年初到今天来看亚马逊与标准普尔 500 指数的表现，亚马逊实际上领先约 26 个百分点。</p>
</div>

If You'd Invested $1,000 in Amazon 5 Years Ago, Here's How Much You'd Have Today

- 亚马逊过去五年股价上涨约 56%，表现逊色于标普 500 的 112% 回报。  
- 2020 年中，因疫情导致电商需求强劲，亚马逊股价曾上涨 63%。  
- 从 2020 年初至今，亚马逊相较标普 500 实际领先约 26 个百分点。  

如果你在五年前投资了 1000 美元于亚马逊，那么今天你会拥有多少收益