방법 비교

	확률적 변동성 모형 (헤스톤)	평균-분산 포트폴리오 최적화 (마코위츠)
분야	재무학	재무학
계열	Regression model	Regression model
기원 연도	1993	1952
창시자	Steven L. Heston	Harry Markowitz
유형	Continuous-time stochastic volatility model	Mean-variance optimization model
원전	Heston, S. L. (1993). A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options. Review of Financial Studies, 6(2), 327-343.	Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91.
별칭	Heston model, SV model, continuous-time stochastic volatility, Stokastik Volatilite Modeli (Heston, SV)	Markowitz portfolio theory, modern portfolio theory, efficient frontier optimization, Ortalama-Varyans Portföy Optimizasyonu (Markowitz)
관련	5	5
요약	The stochastic volatility model is a continuous-time option-pricing and risk framework in which volatility follows its own random process rather than staying constant. The Heston model, introduced by Steven Heston in 1993, gives the variance a mean-reverting square-root (CIR) dynamic and yields a closed-form option price; it is the continuous-time counterpart of GARCH.	Mean-variance portfolio optimization is the foundational model of modern portfolio theory, introduced by Harry Markowitz in 1952. It describes portfolios in an expected-return versus risk (variance) plane and traces the efficient frontier of allocations that offer the highest expected return for each level of risk, covering the minimum-variance portfolio, the maximum-Sharpe-ratio portfolio, and constrained variants.