Seleccin de portafolio: Apple, Microsoft, Intel y

Google
Un inversionista racional trata de maximizar su rentabilidad y minimizar el riesgo asociado.
Ese decisor se enfrenta a un problema clsico de cmo repartir una suma de dinero entre
diferentes opciones de inversin; en particular, cuando se trata de inversiones en la Bolsa.
Aqu l debe escoger un grupo de papeles o acciones para conformar lo que se conoce
como un portafolio de inversin. En este caso evaluaremos si es viable que nuestro
portafolio est compuesto por las empresas informticas Apple, Microsoft, Intel y Google,
evaluado del mercado NASDAQ.

El problema de la seleccin de portafolio surge porque la rentabilidad (bsicamente

determinada por la diferencia entre el precio de venta y el precio de compra) de las acciones
depende de muchos factores por fuera del control del decisor. Aqu surge un problema de
decisin bajo riesgo.

Intuitivamente, un inversionista evitar configurar su portafolio con una sola accin, de

manera que comprar un cierto nmero de acciones diferentes; as mismo, evitar
configurar su portafolio con acciones que se comporten de manera similar; cuando todas
las acciones aumentan su rentabilidad, le va a ir muy bien, pero cuando todas bajen a la
vez, puede quebrarse. El inversionista trata entonces de hacer lo que dice la sabidura
popular, o sea, que no pone "todos los huevos en una misma canasta". Por intuicin, pues,
tratar de diversificar de manera que cuando la prdida que pueda experimentar en una(s)
accin(es), se compense con la ganancia en otra(s) accin(s).

La manera como se puede conformar un portafolio de manera que se diversifique y que por
lo tanto, se obtenga una alta rentabilidad, con un riesgo aceptable (no todo el riesgo se
puede eliminar), se conoce como seleccin de portafolio.

Precios histricos
Como primer paso, extraeremos una base histrica de los precios de las acciones en el
ltimo ao de cada empresa y de la bolsa en la que cotizan.

Para la evaluacin siguiente tomaremos en cuenta un ao desde el Junio del 2016

Junio del 2017.
Date NASDAQ APPLE MICROSOFT GOOGLE INTEL
01/06/2016 4952.25 98.459999 52.849998 748.460022 31.66
02/06/2016 4971.35986 97.720001 52.48 744.27002 31.76
03/06/2016 4942.52002 97.919998 51.790001 735.859985 31.620001
06/06/2016 4968.70996 98.629997 52.130001 730.059998 31.68
07/06/2016 4961.75 99.029999 52.099998 731.090027 31.879999
08/06/2016 4974.64014 98.940002 52.040001 742.929993 31.889999
09/06/2016 4958.62012 99.650002 51.619999 742.52002 31.940001
10/06/2016 4894.54981 98.830002 51.48 733.190002 32.040001
13/06/2016 4848.43994 97.339996 50.139999 731.880005 32.169998
14/06/2016 4843.54981 97.459999 49.830002 733.25 32.139999
15/06/2016 4834.93018 97.139999 49.689999 732.190002 31.610001
16/06/2016 4844.91992 97.550003 50.389999 724.25 31.690001
17/06/2016 4800.33984 95.330002 50.130001 704.25 31.76
20/06/2016 4837.20996 95.099998 50.07 706.130005 32.169998
21/06/2016 4843.75977 95.910004 51.189999 708.880005 32.32
22/06/2016 4833.31982 95.550003 50.990002 710.469971 32.290001
23/06/2016 4910.04004 96.099998 51.91 714.869995 32.990002
24/06/2016 4707.97998 93.400002 49.830002 685.200012 31.549999
27/06/2016 4594.43994 92.040001 48.43 681.140015 30.719999
28/06/2016 4691.87012 93.589996 49.439999 691.26001 31.190001
29/06/2016 4779.25 94.400002 50.540001 695.190002 31.93
30/06/2016 4842.66992 95.599998 51.169998 703.530029 32.799999
01/07/2016 4862.56982 95.889999 51.16 710.25 32.75
05/07/2016 4822.8999 94.989998 51.169998 704.890015 32.68
06/07/2016 4859.16016 95.529999 51.380001 708.969971 32.970001
07/07/2016 4876.81006 95.940002 51.380001 707.26001 33.200001
08/07/2016 4956.75977 96.68 52.299999 717.780029 34
11/07/2016 4988.64014 96.980003 52.59 727.200012 34.380001
12/07/2016 5022.81982 97.419998 53.209999 732.51001 34.939999
13/07/2016 5005.72998 96.870003 53.509998 729.47998 35.009998
14/07/2016 5034.06006 98.790001 53.740002 735.799988 35.200001
15/07/2016 5029.58984 98.779999 53.700001 735.630005 35.07
18/07/2016 5055.77979 99.830002 53.959999 753.200012 35.049999
19/07/2016 5036.37012 99.870003 53.09 753.409973 35.150002
20/07/2016 5089.93018 99.959999 55.91 757.080017 35.689999
21/07/2016 5073.8999 99.43 55.799999 754.409973 34.27
22/07/2016 5100.16016 98.660004 56.57 759.280029 34.66
25/07/2016 5097.62988 97.339996 56.73 757.52002 34.689999
26/07/2016 5110.04981 96.669998 56.759998 757.650024 35.09
27/07/2016 5139.81006 102.949997 56.189999 761.969971 34.830002
28/07/2016 5154.97998 104.339996 56.209999 765.840027 34.77
29/07/2016 5162.12988 104.209999 56.68 791.340027 34.860001
01/08/2016 5184.2002 106.050003 56.580002 800.940002 34.849998
02/08/2016 5137.72998 104.480003 56.580002 800.119995 34.560001
03/08/2016 5159.74023 105.790001 56.970001 798.919983 34.25
04/08/2016 5166.25 105.870003 57.389999 797.25 34.580002
05/08/2016 5221.12012 107.480003 57.959999 806.929993 34.98
08/08/2016 5213.14014 108.370003 58.060001 805.22998 35.040001
09/08/2016 5225.47998 108.809998 58.200001 807.47998 34.919998
10/08/2016 5204.58008 108 58.02 808.48999 34.529999
11/08/2016 5228.3999 107.93 58.299999 808.200012 34.68
12/08/2016 5232.89014 108.18 57.939999 807.049988 34.57
15/08/2016 5262.02002 109.480003 58.119999 805.960022 34.91
16/08/2016 5227.10986 109.379997 57.439999 801.190002 35.209999
17/08/2016 5228.66016 109.220001 57.560001 805.419983 35.02
18/08/2016 5240.1499 109.080002 57.599998 802.75 34.970001
19/08/2016 5238.37988 109.360001 57.619999 799.650024 35.240002
22/08/2016 5244.6001 108.510002 57.669998 796.950012 35.360001
23/08/2016 5260.08008 108.849998 57.889999 796.590027 35.400002
24/08/2016 5217.68994 108.029999 57.950001 793.599976 35.150002
25/08/2016 5212.2002 107.57 58.169998 791.299988 35.09
26/08/2016 5218.91992 106.940002 58.029999 793.219971 35.259998
29/08/2016 5232.33008 106.82 58.099998 795.820007 35.549999
30/08/2016 5222.99023 106 57.889999 791.919983 35.700001
31/08/2016 5213.22022 106.099998 57.459999 789.849976 35.889999
01/09/2016 5227.20996 106.730003 57.59 791.400024 36.02
02/09/2016 5249.8999 107.730003 57.669998 796.869995 36.080002
06/09/2016 5275.91016 107.699997 57.610001 808.02002 36.57
07/09/2016 5283.93018 108.360001 57.66 807.98999 36.459999
08/09/2016 5259.47998 105.519997 57.43 802.840027 36.439999
09/09/2016 5125.91016 103.129997 56.209999 788.47998 35.439999
12/09/2016 5211.89014 105.440002 57.049999 798.820007 36.080002
13/09/2016 5155.25 107.949997 56.529999 788.719971 35.610001
14/09/2016 5173.77002 111.769997 56.259998 790.460022 35.619999
15/09/2016 5249.68994 115.57 57.189999 801.22998 36.560001
16/09/2016 5244.56982 114.919998 57.25 797.969971 37.669998
19/09/2016 5235.02979 113.580002 56.93 795.390015 37.16
20/09/2016 5241.3501 113.57 56.810001 799.780029 37.139999
21/09/2016 5295.18018 113.550003 57.759998 805.030029 37.450001
22/09/2016 5339.52002 114.620003 57.82 815.950012 37.549999
23/09/2016 5305.75 112.709999 57.43 814.960022 37.189999
26/09/2016 5257.49023 112.879997 56.900002 802.650024 36.650002
27/09/2016 5305.70996 113.089996 57.950001 810.72998 37.18
28/09/2016 5318.54981 113.949997 58.029999 810.059998 37.439999
29/09/2016 5269.1499 112.18 57.400002 802.640015 37.32
30/09/2016 5312 113.050003 57.599998 804.059998 37.75
03/10/2016 5300.87012 112.519997 57.419998 800.380005 37.66
04/10/2016 5289.66016 113 57.240002 802.789978 37.540001
05/10/2016 5316.02002 113.050003 57.639999 801.22998 37.990002
06/10/2016 5306.8501 113.889999 57.740002 803.080017 38.07
07/10/2016 5292.3999 114.059998 57.799999 800.710022 38.099998
10/10/2016 5328.66992 116.050003 58.040001 814.169983 38.02
11/10/2016 5246.79004 116.300003 57.189999 809.570007 37.27
12/10/2016 5239.02002 117.339996 57.110001 811.77002 37.130001
13/10/2016 5213.33008 116.980003 56.919998 804.080017 36.970001
14/10/2016 5214.16016 117.629997 57.419998 804.599976 37.450001
17/10/2016 5199.81982 117.550003 57.220001 806.840027 37.290001
18/10/2016 5243.83984 117.470001 57.66 821.48999 37.75
19/10/2016 5246.41016 117.120003 57.529999 826.840027 35.509998
20/10/2016 5241.83008 117.059998 57.25 821.630005 35.43
21/10/2016 5257.3999 116.599998 59.66 824.059998 35.150002
24/10/2016 5309.83008 117.650002 61 835.73999 35.259998
25/10/2016 5283.3999 118.25 60.990002 828.549988 35.099998
26/10/2016 5250.27002 115.589996 60.630001 822.099976 34.919998
27/10/2016 5215.97022 114.480003 60.099998 817.349976 34.810001
28/10/2016 5190.1001 113.720001 59.869999 819.559998 34.740002
31/10/2016 5189.14014 113.540001 59.919998 809.900024 34.869999
01/11/2016 5153.58008 111.489998 59.799999 805.47998 34.52
02/11/2016 5105.56982 111.589996 59.43 788.419983 34.599998
03/11/2016 5058.41016 109.830002 59.209999 782.190002 33.93
04/11/2016 5046.37012 108.839996 58.709999 781.099976 33.610001
07/11/2016 5166.16992 110.410004 60.419998 802.030029 34.689999
08/11/2016 5193.49023 111.059998 60.470001 811.97998 34.740002
09/11/2016 5251.06982 110.879997 60.169998 805.590027 34.75
10/11/2016 5208.79981 107.790001 58.700001 780.289978 34.5
11/11/2016 5237.10986 108.43 59.02 771.75 34.610001
14/11/2016 5218.3999 105.709999 58.119999 753.219971 34.48
15/11/2016 5275.62012 107.110001 58.869999 775.159973 34.91
16/11/2016 5294.58008 109.989998 59.650002 779.97998 34.84
17/11/2016 5333.97022 109.949997 60.639999 786.159973 35.02
18/11/2016 5321.50977 110.059998 60.349998 775.969971 34.950001
21/11/2016 5368.85986 111.730003 60.860001 784.799988 34.98
22/11/2016 5386.3501 111.800003 61.119999 785 35.48
23/11/2016 5380.68018 111.230003 60.400002 779 35.200001
25/11/2016 5398.91992 111.790001 60.529999 780.22998 35.439999
28/11/2016 5368.81006 111.57 60.610001 785.789978 35.509998
29/11/2016 5379.91992 111.459999 61.09 789.440002 35.310001
30/11/2016 5323.68018 110.519997 60.259998 775.880005 34.700001
01/12/2016 5251.10986 109.489998 59.200001 764.330017 33.759998
02/12/2016 5255.6499 109.900002 59.25 764.460022 34.16
05/12/2016 5308.89014 109.110001 60.220001 778.219971 34.389999
06/12/2016 5333 109.949997 59.950001 776.179993 34.720001
07/12/2016 5393.75977 111.029999 61.369999 791.469971 35.5
08/12/2016 5417.35986 112.120003 61.009998 795.169983 35.700001
09/12/2016 5444.5 113.949997 61.970001 809.450012 35.759998
12/12/2016 5412.54004 113.300003 62.169998 807.900024 35.970001
13/12/2016 5463.83008 115.190002 62.98 815.340027 36.799999
14/12/2016 5436.66992 115.190002 62.68 817.890015 36.549999
15/12/2016 5456.8501 115.82 62.580002 815.650024 36.790001
16/12/2016 5437.16016 115.970001 62.299999 809.840027 36.310001
19/12/2016 5457.43994 116.639999 63.619999 812.5 36.889999
20/12/2016 5483.93994 116.949997 63.540001 815.200012 37.209999
21/12/2016 5471.43018 117.059998 63.540001 812.200012 36.98
22/12/2016 5447.41992 116.290001 63.549999 809.679993 36.93
23/12/2016 5462.68994 116.519997 63.240002 807.799988 36.970001
27/12/2016 5487.43994 117.260002 63.279999 809.929993 37.07
28/12/2016 5438.56006 116.760002 62.990002 804.570007 36.630001
29/12/2016 5432.08984 116.730003 62.900002 802.880005 36.66
30/12/2016 5383.12012 115.82 62.139999 792.450012 36.27
03/01/2017 5429.08008 116.150002 62.580002 808.01001 36.599998
04/01/2017 5477 116.019997 62.299999 807.77002 36.41
05/01/2017 5487.93994 116.610001 62.299999 813.02002 36.349998
06/01/2017 5521.06006 117.910004 62.84 825.210022 36.48
09/01/2017 5531.81982 118.989998 62.639999 827.179993 36.610001
10/01/2017 5551.81982 119.110001 62.619999 826.01001 36.540001
11/01/2017 5563.6499 119.75 63.189999 829.859985 36.950001
12/01/2017 5547.49023 119.25 62.610001 829.530029 36.709999
13/01/2017 5574.12012 119.040001 62.700001 830.940002 36.790001
17/01/2017 5538.72998 120 62.529999 827.460022 36.799999
18/01/2017 5555.6499 119.989998 62.5 829.02002 36.759998
19/01/2017 5540.08008 119.779999 62.299999 824.369995 36.57
20/01/2017 5555.33008 120 62.740002 828.169983 36.939999
23/01/2017 5552.93994 120.080002 62.959999 844.429993 36.77
24/01/2017 5600.95996 119.970001 63.52 849.530029 37.619999
25/01/2017 5656.33984 121.879997 63.68 858.450012 37.799999
26/01/2017 5655.18018 121.940002 64.269997 856.97998 37.560001
27/01/2017 5660.77979 121.949997 65.779999 845.030029 37.98
30/01/2017 5613.70996 121.629997 65.129997 823.830017 37.419998
31/01/2017 5614.79004 121.349998 64.650002 820.190002 36.82
01/02/2017 5642.6499 128.75 63.580002 815.23999 36.52
02/02/2017 5636.2002 128.529999 63.169998 818.26001 36.68
03/02/2017 5666.77002 129.080002 63.68 820.130005 36.52
06/02/2017 5663.54981 130.289993 63.639999 821.619995 36.27
07/02/2017 5674.22022 131.529999 63.43 829.22998 36.349998
08/02/2017 5682.4502 132.039993 63.34 829.880005 36.380001
09/02/2017 5715.18018 132.419998 64.059998 830.059998 35.459999
10/02/2017 5734.12988 132.119995 64 834.849976 35.34
13/02/2017 5763.95996 133.289993 64.720001 838.960022 35.799999
14/02/2017 5782.56982 135.020004 64.57 840.030029 35.93
15/02/2017 5819.43994 135.509995 64.529999 837.320007 36.049999
16/02/2017 5814.8999 135.350006 64.519997 842.169983 36.41
17/02/2017 5838.58008 135.720001 64.620003 846.549988 36.48
21/02/2017 5865.9502 136.699997 64.489998 849.27002 36.52
22/02/2017 5860.62988 137.110001 64.360001 851.359985 36.07
23/02/2017 5835.50977 136.529999 64.620003 851 36.18
24/02/2017 5845.31006 136.660004 64.620003 847.809998 36.529999
27/02/2017 5861.8999 136.929993 64.230003 849.669983 36.509998
28/02/2017 5825.43994 136.990005 63.98 844.929993 36.200001
01/03/2017 5904.02979 139.789993 64.940002 856.75 35.93
02/03/2017 5861.22022 138.960007 64.010002 849.849976 35.91
03/03/2017 5870.75 139.779999 64.25 849.080017 35.900002
06/03/2017 5849.18018 139.339996 64.269997 847.27002 35.57
07/03/2017 5833.93018 139.520004 64.400002 851.150024 35.799999
08/03/2017 5837.54981 139 64.989998 853.640015 35.619999
09/03/2017 5838.81006 138.679993 64.730003 857.840027 35.82
10/03/2017 5861.72998 139.139999 64.93 861.409973 35.91
13/03/2017 5875.77979 139.199997 64.709999 864.580017 35.16
14/03/2017 5856.81982 138.990005 64.410004 865.909973 35.18
15/03/2017 5900.04981 140.460007 64.75 868.390015 35.099998
16/03/2017 5900.75977 140.690002 64.639999 870 35.139999
17/03/2017 5901 139.990005 64.870003 872.369995 35.27
20/03/2017 5901.52979 141.460007 64.93 867.909973 35.43
21/03/2017 5793.83008 139.839996 64.209999 850.140015 35.040001
22/03/2017 5821.64014 141.419998 65.029999 849.799988 35.369999
23/03/2017 5817.68994 140.919998 64.870003 839.650024 35.27
24/03/2017 5828.74023 140.639999 64.980003 835.140015 35.16
27/03/2017 5840.37012 140.880005 65.099998 838.51001 35.389999
28/03/2017 5875.14014 143.800003 65.290001 840.630005 35.599998
29/03/2017 5897.54981 144.119995 65.470001 849.869995 35.57
30/03/2017 5914.33984 143.929993 65.709999 849.47998 35.75
31/03/2017 5911.74023 143.660004 65.860001 847.799988 36.07
03/04/2017 5894.68018 143.699997 65.550003 856.75 36.16
04/04/2017 5898.60986 144.770004 65.730003 852.570007 36.279999
05/04/2017 5864.47998 144.020004 65.559998 848.909973 36.220001
06/04/2017 5878.9502 143.660004 65.730003 845.099976 36.029999
07/04/2017 5877.81006 143.339996 65.68 842.099976 36.029999
10/04/2017 5880.93018 143.169998 65.529999 841.700012 35.799999
11/04/2017 5866.77002 141.630005 65.480003 839.880005 35.740002
12/04/2017 5836.16016 141.800003 65.230003 841.460022 35.630001
13/04/2017 5805.1499 141.050003 64.949997 840.179993 35.25
17/04/2017 5856.79004 141.830002 65.480003 855.130005 35.48
18/04/2017 5849.47022 141.199997 65.389999 853.98999 35.77
19/04/2017 5863.02979 140.679993 65.040001 856.51001 35.91
20/04/2017 5916.77979 142.440002 65.5 860.080017 36.18
21/04/2017 5910.52002 142.270004 66.400002 858.950012 36.32
24/04/2017 5983.81982 143.639999 67.529999 878.929993 36.75
25/04/2017 6025.49023 144.529999 67.919998 888.840027 36.869999
26/04/2017 6025.22998 143.679993 67.830002 889.140015 36.93
27/04/2017 6048.93994 143.789993 68.269997 891.440002 37.43
28/04/2017 6047.60986 143.649994 68.459999 924.52002 36.150002
01/05/2017 6091.6001 146.580002 69.410004 932.820007 36.310001
02/05/2017 6095.37012 147.509995 69.300003 937.090027 36.970001
03/05/2017 6072.54981 147.059998 69.080002 948.450012 36.98
04/05/2017 6075.33984 146.529999 68.809998 954.719971 36.849998
05/05/2017 6100.75977 148.960007 69 950.280029 36.82
08/05/2017 6102.66016 153.009995 68.940002 958.690002 36.540001
09/05/2017 6120.58984 153.990005 69.040001 956.710022 36.369999
10/05/2017 6129.14014 153.259995 69.309998 954.840027 36.009998
11/05/2017 6115.95996 153.949997 68.459999 955.890015 35.689999
12/05/2017 6121.22998 156.100006 68.379997 955.140015 35.529999
15/05/2017 6149.66992 155.699997 68.43 959.219971 35.630001
16/05/2017 6169.87012 155.470001 69.410004 964.609985 35.82
17/05/2017 6011.24023 150.25 67.480003 942.169983 35.040001
18/05/2017 6055.12988 152.539993 67.709999 950.5 35.220001
19/05/2017 6083.7002 153.059998 67.690002 954.650024 35.400002
 22/05/2017 6133.62012 153.990005 68.449997 964.070007 35.77
23/05/2017 6138.70996 153.800003 68.68 970.549988 35.860001
24/05/2017 6163.02002 153.339996 68.769997 977.609985 36.119999
25/05/2017 6205.25977 153.869995 69.620003 991.859985 36.259998
26/05/2017 6210.18994 153.610001 69.959999 993.27002 36.259998
30/05/2017 6203.18994 153.669998 70.410004 996.169983 36.18
31/05/2017 6198.52002 152.759995 69.839996 987.090027 36.110001
01/06/2017 6246.83008 153.179993 70.099998 988.289978 36.119999

Con el siguiente dato se procede a realizar las cuestiones:

Indicar la rentabilidad esperada y la sensibilidad por cada accin.

Sealar los ratios de Sharpe y los ratios de Treynor.
Cul sera la empresa que recomendara para que el inversionista, guindose de
nuestro selecto portafolio, pueda invertir con el mnimo riesgo?

SOLUCIN
Matriz de rendimiento
A continuacin, debemos hallar la variacin porcentual de los precios de las acciones de cada una
de las tres empresas, estos coeficientes se obtienen mediante la divisin del precio de una accin
del da entre el precio del da anterior, a todo esto se resta una unidad.

MATRIZ DE
(EL DIA ACTUAL / EL DIA ANTERIOR ) - 1
RENDIMIENTO

Date NASDAQ APPLE MICROSOFT GOOGLE INTEL

18/05/2016 0.003858824 - - - 0.00315856

0.007515722 0.007000908 0.005598164
19/05/2016 -0.005801198 0.002046633 - - -
0.013147847 0.011299709 0.004408029
20/05/2016 0.005298904 0.007250807 0.006564974 - 0.001897502
0.007881917
23/05/2016 -0.001400758 0.004055582 - 0.001410883 0.0063131
0.000575542
24/05/2016 0.002597901 - - 0.016194949 0.000313676
0.000908785 0.001151574
25/05/2016 -0.003220337 0.007176066 - - 0.001567952
0.008070753 0.000551833
26/05/2016 -0.012920996 - - - 0.00313087
0.008228801 0.002712108 0.012565342
27/05/2016 -0.009420655 - - - 0.004057334
0.015076454 0.026029545 0.001786709
31/05/2016 -0.0010086 0.001232823 - 0.001871885 -
0.006182629 0.000932515
01/06/2016 -0.00177961 - - - -
0.003283398 0.002809613 0.001445616 0.016490293
02/06/2016 0.002066161 0.004220754 0.014087342 - 0.002530845
0.010844182
03/06/2016 -0.009201407 -0.02275757 - - 0.002208867
0.005159714 0.027614774
06/06/2016 0.007680731 - - 0.002669514 0.012909257
0.002412714 0.001196908
07/06/2016 0.001354046 0.008517413 0.022368664 0.003894467 0.004662792
08/06/2016 -0.002155339 - - 0.002242927 -
0.003753529 0.003906955 0.000928187
09/06/2016 0.015873192 0.005756096 0.018042714 0.006193117 0.021678569
10/06/2016 -0.041152426 - - - -
0.028095693 0.040069312 0.041504026 0.043649679
13/06/2016 -0.024116508 - - - -
0.014561038 0.028095564 0.005925273 0.026307449
14/06/2016 0.021206105 0.01684045 0.020854821 0.014857437 0.015299545
15/06/2016 0.018623679 0.008654835 0.022249232 0.005685259 0.02372552
16/06/2016 0.013269848 0.012711822 0.012465314 0.011996759 0.027247072
17/06/2016 0.004109283 0.003033483 - 0.00955179 -0.00152436
0.000195388
20/06/2016 -0.008158222 - 0.000195426 - -
0.009385765 0.007546617 0.002137405
21/06/2016 0.007518351 0.00568482 0.004104026 0.005788075 0.00887396
22/06/2016 0.003632295 0.004291877 0 - 0.006976039
0.002411895
23/06/2016 0.016393853 0.007713133 0.017905761 0.01487433 0.024096355
24/06/2016 0.006431696 0.003103051 0.005544952 0.013123774 0.0111765
27/06/2016 0.006851504 0.004536966 0.011789295 0.007301977 0.016288481
28/06/2016 -0.00340244 - 0.005638019 - 0.002003406
0.005645607 0.004136503
29/06/2016 0.00565953 0.019820357 0.004298337 0.008663717 0.005427107
30/06/2016 -0.000887994 - - - -0.00369321
0.000101245 0.000744343 0.000231018
01/07/2016 0.005207172 0.010629713 0.004841676 0.023884299 -
0.000570317
05/07/2016 -0.003839105 0.000400691 - 0.000278759 0.002853153
0.016123036
06/07/2016 0.010634655 0.000901131 0.053117348 0.004871244 0.015362645
07/07/2016 -0.003149409 - - - -
0.005302111 0.001967466 0.003526766 0.039787028
08/07/2016 0.005175556 - 0.013799301 0.00645545 0.011380216
0.007744101
11/07/2016 -0.000496116 - 0.002828354 - 0.000865522
0.013379363 0.002317997
12/07/2016 0.002436411 -0.00688307
0.000528785 0.000171618 0.01153073
13/07/2016 0.005823868 0.064963268 - 0.005701771 -
0.010042266 0.007409461
14/07/2016 0.002951456 0.013501691 0.000355935 0.005079014 -0.00172271
15/07/2016 0.001386989 - 0.008361519 0.033296771 0.002588467
0.001245898
18/07/2016 0.004275427 0.017656693 - 0.01213129 -
0.001764255 0.000286948
19/07/2016 -0.008963816 - 0 - -
0.014804337 0.001023806 0.008321292
20/07/2016 0.004284043 0.012538265 0.006892877 -0.00149979 -
0.008969936
21/07/2016 0.001261646 0.000756234 0.007372266 - 0.009635095
0.002090301
22/07/2016 0.010620879 0.015207329 0.009932044 0.012141728 0.011567321
25/07/2016 -0.001528404 0.00828061 0.001725362 - 0.001715294
0.002106766
26/07/2016 0.002367065 0.004060118 0.002411299 0.002794233 -
0.003424743
27/07/2016 -0.003999614 -0.00744415 - 0.001250817 -
0.003092801 0.011168357
28/07/2016 0.004576704 - 0.004825905 - 0.004344078
0.000648148 0.000358666
29/07/2016 0.000858816 0.002316316 - - -
0.006174957 0.001422945 0.003171857
01/08/2016 0.005566691 0.012017036 0.003106662 - 0.009835117
0.001350556
02/08/2016 -0.006634364 - - - 0.008593498
0.000913464 0.011699931 0.005918433
03/08/2016 0.000296587 - 0.002089171 0.005279623 -
0.001462754 0.005396166
04/08/2016 0.002197455 - 0.000694875 -0.00331502 -
0.001281807 0.001427727
05/08/2016 -0.00033778 0.002566914 0.00034724 - 0.007720932
0.003861695
08/08/2016 0.001187431 - 0.000867737 - 0.003405193
0.007772485 0.003376492
09/08/2016 0.002951603 0.003133315 0.003814826 - 0.00113125
0.000451703
10/08/2016 -0.008058839 - 0.001036483 - -
0.007533294 0.003753563 0.007062146
11/08/2016 -0.001052141 - 0.003796324 -0.00289817 -
0.004258067 0.001707027
12/08/2016 0.00128923 - - 0.002426366 0.004844628
0.005856633 0.002406722
15/08/2016 0.002569527 - 0.001206255 0.003277825 0.008224646
0.001122143
16/08/2016 -0.001785026 - - - 0.004219466
0.007676465 0.003614441 0.004900636
17/08/2016 -0.00187058 0.000943377 - - 0.005322073
0.007427881 0.002613909
18/08/2016 0.002683513 0.005937842 0.002262461 0.001962459 0.003622207
19/08/2016 0.004340736 0.009369437 0.001389095 0.006911765 0.001665797
22/08/2016 0.004954429 -0.00027853 -0.00104035 0.013992276 0.013580875
23/08/2016 0.001520121 0.006128171 0.000867888 -3.71649E- -
05 0.003007957
24/08/2016 -0.004627275 -0.02620897 -0.0039889 - -
0.006373796 0.000548546
25/08/2016 -0.025396013 - -0.02124327 - -
0.022649735 0.017886561 0.027442372
26/08/2016 0.016773603 0.022398963 0.01494396 0.013113874 0.018058776
29/08/2016 -0.010867485 0.02380496 - - -
0.009114812 0.012643694 0.013026635
30/08/2016 0.003592458 0.035386754 - 0.002206171 0.000280764
0.004776243
31/08/2016 0.014674004 0.033998417 0.016530413 0.013624924 0.026389726
01/09/2016 -0.000975318 - 0.001049152 - 0.030360967
0.005624314 0.004068756
02/09/2016 -0.001819032 - -0.00558952 - -
0.011660251 0.003233149 0.013538573
06/09/2016 0.001207312 -8.80613E- - 0.005519322 -0.00053824
05 0.002107834
07/09/2016 0.010270269 - 0.016722355 0.006564305 0.00834685
0.000176076
08/09/2016 0.008373623 0.009423161 0.001038816 0.01356469 0.002670173
09/09/2016 -0.006324542 - - - -
0.016663793 0.006745071 0.001213297 0.009587217
12/09/2016 -0.009095748 0.001508278 - - -
0.009228591 0.015105033 0.014519952
13/09/2016 0.009171625 0.001860374 0.018453409 0.010066599 0.014461063
14/09/2016 0.002420005 0.007604572 0.001380466 - 0.00699298
0.000826394
15/09/2016 -0.009288228 - - - -
0.015533103 0.010856402 0.009159794 0.003205102
16/09/2016 0.00813226 0.00775542 0.003484251 0.001769141 0.011521972
19/09/2016 -0.002095234 - -0.003125 - -
0.004688244 0.004576764 0.002384106
20/09/2016 -0.00211474 0.004265935 - 0.003011036 -
0.003134727 0.003186378
21/09/2016 0.004983281 0.000442504 0.006988068 - 0.01198724
0.001943221
22/09/2016 -0.00172496 0.007430305 0.001734958 0.002308996 0.002105765
23/09/2016 -0.002722933 0.00149266 0.001039089 - 0.00078797
0.002951132
26/09/2016 0.006853227 0.017447002 0.004152284 0.016810032 -
0.002099685
27/09/2016 -0.015365914 0.002154244 - - -0.01972646
0.014645107 0.005649896
28/09/2016 -0.001480909 0.00894233 - 0.002717508 -
0.001398811 0.003756346
29/09/2016 -0.004903578 - - -0.00947313 -
0.003067948 0.003326965 0.004309184
30/09/2016 0.000159222 0.005556454 0.008784259 0.000646651 0.0129835
03/10/2016 -0.002750267 - - 0.002784056 -
0.000680048 0.003483055 0.004272363
04/10/2016 0.008465682 - 0.007689601 0.018157209 0.01233572
0.000680578
05/10/2016 0.000490158 - - 0.006512602 -
0.002979467 0.002254613 0.059337801
06/10/2016 -0.000872993 - - - -0.00225283
0.000512338 0.004867009 0.006301125
07/10/2016 0.002970303 - 0.04209607 0.002957527 -
0.003929609 0.007902851
10/10/2016 0.009972644 0.00900518 0.02246061 0.014173716 0.003129331
11/10/2016 -0.004977594 0.005099855 - - -0.00453772
0.000163902 0.008603157
12/10/2016 -0.006270561 - - - -
0.022494748 0.005902623 0.007784699 0.005128205
13/10/2016 -0.00653296 - - - -
0.009602847 0.008741596 0.005777886 0.003149972
14/10/2016 -0.00495979 - - 0.002703887 -
0.006638731 0.003826939 0.002010888
17/10/2016 -0.00018496 - 0.000835126 - 0.003741997
0.001582835 0.011786781
18/10/2016 -0.006852784 - - - -
0.018055337 0.002002654 0.005457518 0.010037253
19/10/2016 -0.009315903 0.000896924 - - 0.002317439
0.006187274 0.021179914
20/10/2016 -0.009236906 - - - -
0.015771969 0.003701851 0.007901856 0.019364105
21/10/2016 -0.002380202 - -0.00844452 - -
0.009013985 0.001393557 0.009431152
24/10/2016 0.023739798 0.014424918 0.029126197 0.026795613 0.032133233
25/10/2016 0.005288311 0.005887093 0.00082759 0.012405958 0.001441424
26/10/2016 0.011086877 - - - 0.000287795
0.001620755 0.004961187 0.007869594
27/10/2016 -0.008049792 -0.02786793 -0.02443073 - -
0.031405613 0.007194245
28/10/2016 0.005435044 0.005937462 0.005451431 - 0.003188435
0.010944621
31/10/2016 -0.003572574 - - - -
0.025085318 0.015249085 0.024010404 0.003756169
01/11/2016 0.010965088 0.013243799 0.012904336 0.02912828 0.012470998
02/11/2016 0.003593883 0.026888217 0.013249584 0.00621808 -
0.002005156
03/11/2016 0.007439709 - 0.016596764 0.007923271 0.005166475
0.000363679
04/11/2016 -0.002336055 0.001000464 - - -
0.004782338 0.012961741 0.001998829
07/11/2016 0.008897869 0.015173587 0.008450754 0.011379328 0.00085834
08/11/2016 0.003257719 0.00062651 0.004272067 0.000254857 0.014293882
09/11/2016 -0.001052646 -0.00509839 - - -
0.011780056 0.007643312 0.007891742
10/11/2016 0.003389859 0.005034595 0.002152268 0.001578922 0.006818125
11/11/2016 -0.005577016 - 0.001321692 0.007126101 0.001975141
0.001967985
14/11/2016 0.002069334 - 0.007919469 0.004645038 -
0.000985937 0.005632132
15/11/2016 -0.01045364 - - - -
0.008433537 0.013586544 0.017176729 0.017275559
16/11/2016 -0.013631606 - - - -
0.009319571 0.017590392 0.014886307 0.027089423
17/11/2016 0.000864587 0.003744671 0.000844578 0.00017009 0.011848401
18/11/2016 0.010130095 - 0.016371325 0.017999566 0.006732992
0.007188362
21/11/2016 0.004541413 0.007698616 -0.00448356 - 0.009595871
0.002621339
22/11/2016 0.011393168 0.009822665 0.023686372 0.019699011 0.022465408
23/11/2016 0.004375445 0.009817203 - 0.004674861 0.005633831
0.005866075
25/11/2016 0.005009846 0.016321744 0.015735175 0.017958461 0.001680588
28/11/2016 -0.005870137 - 0.00322732 - 0.005872567
0.005704204 0.001914866
29/11/2016 0.00947615 0.016681368 0.013028825 0.009209064 0.023074728
30/11/2016 -0.004970901 0 - 0.003127515 -
0.004763417 0.006793478
01/12/2016 0.003711863 0.005469207 - - 0.006566402
0.001595373 0.002738744
02/12/2016 -0.003608298 0.001295122 - - -
0.004474321 0.007123149 0.013047023
05/12/2016 0.003729849 0.005777339 0.021187801 0.003284566 0.015973505
06/12/2016 0.004855757 0.002657733 - 0.003323092 0.008674438
0.001257435
07/12/2016 -0.002281164 0.000940581 0 - -
0.003680078 0.006181107
08/12/2016 -0.004388296 - 0.00015735 - -
0.006577798 0.003102707 0.001352082
09/12/2016 0.002803165 0.00197778 - - 0.001083157
0.004878002 0.002321911
12/12/2016 0.004530735 0.006350884 0.000632464 0.002636798 0.002704869
13/12/2016 -0.008907593 - - - -
0.004264029 0.004582759 0.006617839 0.011869409
14/12/2016 -0.001189693 - - - 0.000818973
0.000256929 0.001428798 0.002100503
15/12/2016 -0.009014896 - - - -
0.007795794 0.012082718 0.012990725 0.010638298
16/12/2016 0.008537792 0.002849266 0.007080834 0.019635305 0.009098373
19/12/2016 0.008826527 - - - -
0.001119285 0.004474321 0.000297014 0.005191202
20/12/2016 0.001997433 0.005085365 0 0.006499375 -
0.001647954
21/12/2016 0.006035073 0.011148298 0.008667753 0.014993483 0.003576396
22/12/2016 0.001948859 0.009159477 - 0.002387236 0.003563624
0.003182702
23/12/2016 0.003615447 0.001008513 - - -
0.000319285 0.001414424 0.001912046
27/12/2016 0.002130847 0.005373176 0.009102523 0.00466093 0.01122058
28/12/2016 -0.002904508 - - - -
0.004175365 0.009178636 0.000397604 0.006495318
29/12/2016 0.004800348 - 0.00143747 0.001699725 0.002179297
0.001760998
30/12/2016 -0.006349009 0.008064508 - - 0.000271759
0.002711356 0.004188004
03/01/2017 0.003054838 -8.335E-05 - 0.001885285 -
0.000479754 0.001086984
04/01/2017 -0.002802521 - - - -
0.001750138 0.003200016 0.005609062 0.005168607
05/01/2017 0.002752668 0.001836709 0.007062649 0.004609566 0.010117555
06/01/2017 -0.000430242 0.000666683 0.003506487 0.019633663 -0.00460203
09/01/2017 0.008647675 - 0.008894552 0.00603962 0.023116644
0.000916064
10/01/2017 0.00988757 0.015920613 0.002518892 0.010499903 0.004784689
11/01/2017 -0.000205021 0.000492329 0.009265028 - -
0.001712426 0.006349154
12/01/2017 0.000990173 8.19665E-05 0.023494664 - 0.011182082
0.013944259
13/01/2017 -0.008315078 - - -0.02508788 -
0.002624026 0.009881453 0.014744655
17/01/2017 0.0001924 - - - -
0.002302055 0.007369799 0.004418405 0.016034154
18/01/2017 0.004961871 0.060980652 - - -
0.016550657 0.006035202 0.008147746
19/01/2017 -0.001143028 - - 0.003704455 0.004381161
0.001708746 0.006448631
20/01/2017 0.005423836 0.00427918 0.008073485 0.002285331 -0.00436205
23/01/2017 -0.000568263 0.009373962 - 0.001816773 -
0.000628156 0.006845564
24/01/2017 0.00188405 0.009517277 - 0.009262171 0.002205624
0.003299796
25/01/2017 0.001450416 0.003877397 - 0.00078389 0.000825392
0.001418887
26/01/2017 0.005759836 0.002877954 0.011367193 0.00021689 -
0.025288674
27/01/2017 0.00331568 - - 0.005770641 -
0.002265541 0.000936591 0.003384067
30/01/2017 0.005202198 0.008855571 0.011250016 0.004923095 0.013016384
31/01/2017 0.003228659 0.012979301 - 0.001275397 0.003631313
0.002317692
01/02/2017 0.006376078 0.003629025 - - 0.0033398
0.000619498 0.003226101
02/02/2017 -0.000780151 - - 0.005792261 0.009986158
0.001180644 0.000154998
03/02/2017 0.004072327 0.002733616 0.00155 0.005200856 0.001922549
06/02/2017 0.004687804 0.007220719 - 0.003213079 0.001096491
0.002011838
07/02/2017 -0.000906982 0.002999298 -0.00201577 0.002460896 -
0.012322015
08/02/2017 -0.004286249 - 0.004039807 - 0.003049626
0.004230195 0.000422835
09/02/2017 0.001679424 0.000952208 0 - 0.009673825
0.003748533
10/02/2017 0.002838146 0.001975626 - 0.00219387 -
0.006035283 0.000547523
13/02/2017 -0.00621982 0.000438268 - - -
0.003892309 0.005578625 0.008490743
14/02/2017 0.0134908 0.02043936 0.01500472 0.013989333 -
0.007458591
15/02/2017 -0.007250907 - - - -
0.005937378 0.014320911 0.008053719 0.000556638
16/02/2017 0.001625905 0.005900921 0.003749383 - -
0.000905994 0.000278418
17/02/2017 -0.003674117 - 0.000311237 - -
0.003147825 0.002131715 0.009192256
21/02/2017 -0.002607203 0.001291862 0.002022795 0.004579418 0.006466095
22/02/2017 0.000620444 - 0.009161428 0.002925443 -
0.003727093 0.005027933
23/02/2017 0.000215887 - - 0.004920121 0.005614851
0.002302209 0.004000539
24/02/2017 0.003925444 0.003317032 0.003089711 0.004161552 0.002512563
27/02/2017 0.00239687 0.000431206 -0.00338828 0.003680064 -
0.020885547
28/02/2017 -0.003226799 - - 0.001538268 0.000568828
0.001508563 0.004635991
01/03/2017 0.007381136 0.010576314 0.005278621 0.002864088 -
0.002274076
02/03/2017 0.000120331 0.001637441 - 0.001853988 0.00113963
0.001698857
03/03/2017 4.07124E-05 - 0.00355823 0.002724132 0.003699516
0.004975457
06/03/2017 8.97789E-05 0.010500764 0.00092488 - 0.004536433
0.005112535
07/03/2017 -0.018249456 - -0.01108888 - -
0.011452078 0.020474425 0.011007592
08/03/2017 0.004799944 0.011298642 0.012770597 - 0.009417751
0.000399966
09/03/2017 -0.000678537 - - - -
0.003535568 0.002460341 0.011943945 0.002827227
10/03/2017 0.00189943 - 0.001695699 - -
0.001986936 0.005371296 0.003118798
13/03/2017 0.001995265 0.001706527 0.001846645 0.004035246 0.006541496
14/03/2017 0.005953393 0.020726845 0.002918633 0.002528288 0.005933852
15/03/2017 0.003814321 0.002225257 0.002756931 0.010991744 -0.00084264
16/03/2017 0.002846952 -0.00131836 0.003665771 - 0.005060444
0.000458911
17/03/2017 -0.000439544 - 0.002282788 - 0.008951049
0.001875836 0.001977671
20/03/2017 -0.002885793 0.000278386 - 0.010556749 0.002495148
0.004706924
21/03/2017 0.00066665 0.007446117 0.002745995 - 0.003318556
0.004878895
22/03/2017 -0.005786089 - - - -
0.005180631 0.002586414 0.004292942 0.001653749
23/03/2017 0.002467434 - 0.002593121 - -
0.002499653 0.004488105 0.005245776
24/03/2017 -0.000193935 - - - 0
0.002227537 0.000760733 0.003549876
27/03/2017 0.00053083 - - -0.00047496 -
0.001185977 0.002283815 0.006383569
28/03/2017 -0.002407809 - - - -
0.010756395 0.000762948 0.002162299 0.001675894
29/03/2017 -0.005217499 0.001200297 -0.00381796 0.001881241 -
0.003077812
30/03/2017 -0.005313469 -0.00528914 - -0.0015212 -
0.004292595 0.010665198
31/03/2017 0.008895573 0.005529947 0.008160216 0.017793821 0.006524823
03/04/2017 -0.001249801 - - - 0.008173619
0.004441973 0.001374527 0.001333148
04/04/2017 0.002318085 - -0.00535247 0.002950878 0.003913894
0.003682748
05/04/2017 0.009167615 0.012510727 0.007072555 0.004168086 0.007518797
06/04/2017 -0.001057968 - 0.013740489 - 0.003869541
0.001193471 0.001313837
07/04/2017 0.012401583 0.009629542 0.017018027 0.023260936 0.011839207
10/04/2017 0.006963848 0.006196046 0.005775196 0.011275112 0.003265279
11/04/2017 -4.31922E-05 - - 0.000337505 0.001627366
0.005881173 0.001325029
12/04/2017 0.003935113 0.00076559 0.006486731 0.002586755 0.013539128
13/04/2017 -0.000219886 - 0.002783097 0.037108519 -
0.000973635 0.034197115
17/04/2017 0.007273987 0.020396854 0.01387679 0.008977617 0.004425975
18/04/2017 0.000618888 0.00634461 -0.0015848 0.004577539 0.01817681
19/04/2017 -0.003743876 -0.00305062 - 0.012122619 0.000270463
0.003174617
20/04/2017 0.000459451 - -0.00390857 0.006610743 -
0.003603964 0.003515468
21/04/2017 0.004184115 0.016583689 0.002761256 - -
0.004650518 0.000814057
24/04/2017 0.000311501 0.027188425 - 0.008849994 -
0.000869536 0.007604536
25/04/2017 0.002938012 0.006404876 0.001450522 - -0.00465249
0.002065297
26/04/2017 0.001396972 - 0.003910733 -0.00195461 -
0.004740632 0.009898296
27/04/2017 -0.002150412 0.004502166 - 0.001099648 -
0.012263729 0.008886393
28/04/2017 0.000861683 0.013965632 - - -
0.001168595 0.000784609 0.004483049
01/05/2017 0.004646116 - 0.000731252 0.004271579 0.002814579
0.002562518
02/05/2017 0.003284761 - 0.014321263 0.005619164 0.005332557
0.001477174
 03/05/2017 -0.025710409 - - -0.02326329 -
0.033575616 0.027805804 0.021775516
04/05/2017 0.007301264 0.015241218 0.003408358 0.00884131 0.005136986
05/05/2017 0.004718365 0.003408975 - 0.004366148 0.005110761
0.000295333
08/05/2017 0.00820552 0.006076094 0.011227581 0.009867473 0.01045192
09/05/2017 0.000829827 - 0.003360161 0.006721484 0.002516103
0.001233859
10/05/2017 0.003960125 - 0.001310381 0.007274223 0.007250362
0.002990943
11/05/2017 0.006853741 0.003456365 0.012360129 0.014576365 0.003875941
12/05/2017 0.000794515 - 0.004883596 0.001421607 0
0.001689699
15/05/2017 -0.00112718 0.00039058 0.006432319 0.002919612 -
0.002206233
16/05/2017 -0.000752826 -0.0059218 - - -
0.008095554 0.009114866 0.001934743

Una vez elaborada la matriz de rendimiento, debemos calcular algunos ratios e

indicadores:

Rendimiento esperado
El rendimiento esperado de una accin es una herramienta que sirve como ndice de
rentabilidad y como un factor para diversificar el riesgo, este dato nos dar una imagen de
como se muestra las acciones de las tres empresas en el mercado. Obtendremos este dato
mediante el promedio de los rendimientos de las acciones contenidas en la matriz que
calculamos previamente.

RENDIMIENTO 0.092% 0.181% 0.116% 0.115% 0.059%

ESPERADO

Varianza
Coeficiente que va a indicarnos la variabilidad de los precios de las acciones durante cada
da de un ao respecto al promedio.

VARIANZA 0.000052 0.000123 0.000102 0.000096 0.000124

Volatilidad
Cambio que ha sufrido la accin dentro de su propio rango. Podemos entender la
volatilidad como una falta de seguridad respecto a la progresin futura del precio de una
accin u opcin. Esto no significa que no exista una tendencia y podamos aprovecharnos
de ella pero s que ese valor en concreto puede tener unos movimientos menos
predecibles que otros y por lo tanto podra sernos menos provechoso en un momento
determinado.

Para poder hallarla, se procede a extraer la raz cuadrada de la Varianza

VOLATILIDAD 0.723% 1.111% 1.010% 0.979% 1.114%

Covarianza
Coeficiente que indica que tan variables han sido las acciones (Apple, Microsoft, Intel y
Google) al rendimiento del mercado en que se oferta.

COVARIANZA 0.000046 0.000053 0.000049 0.000051

Beta
La beta de una accin mide la sensibilidad de la misma respecto de los cambios en la
rentabilidad del mercado. Como la beta mide la pendiente de la lnea caracterstica,
entonces habr betas mayores que 1, iguales a 1 y menores que 1. Las betas miden el
riesgo sistemtico (no diversificable) de una accin.

Para hallar el beta debemos hallar la proporcin de la variabilidad de las acciones

(covarianza) frente a la varianza del mercado NASDAQ.

BETA 0.89 1.01 0.93 0.97

Ratio Sharpe
Es uno de las medidas ms utilizadas para evaluar y comparar carteras de acciones o
fondos de inversin. Servir para indicar la rentabilidad de la inversin ajustada a su
riesgo. El hecho de ajustar el riesgo nos permite comparar por ejemplo fondos con
riesgos diferentes y saber cul es mejor.

RATIO
0.1559 0.1150 0.1176 0.0527
SHARPE

Siguiendo el orden de las acciones podemos apreciar que la que se ver menos
afectados del juego de los traders por accin o de los juegos por el mercado ser la de
APPLE.

Ratio Treynor
El Ratio de Treynor mide el diferencial de rentabilidad que la cartera o fondo obtiene sobre
el activo libre de riesgo por unidad de riesgo, considerando el riesgo por el coeficiente Beta.
En otras palabras, nos indicar qu empresa poseen las acciones ms dominantes frente
a todo el portafolio.

RATIO
0.0020 0.0011 0.0012 0.0005
TREYNOR

As finalmente podemos ver que la accin ms dominante de nuestro portafolio es la de

APPLE.

Covarianza de las acciones

La covarianza entre los precios de las acciones de las tres empresas nos indicar el grado
de relacin que existe entre ellas.

APPLE MICROSOFT GOOGLE INTEL

APPLE 0.0001234170 0.0000384672 0.0000491511 0.0000367491

MICROSOFT 0.0000384672 0.0001020972 0.0000560171 0.0000607958

GOOGLE 0.0000491511 0.0000560171 0.0000958118 0.0000417824
INTEL 0.0000367491 0.0000607958 0.0000417824 0.0001240167
Varianza del portafolio
La varianza del portafolio est en funcin de las participaciones de los activos individuales
dentro del portafolio, y de las covarianzas (o correlaciones) entre los retornos medios
individuales. Se observa que entre ms baja sea la covarianza (o correlacin) entre los
retornos de los activos individuales, menor ser la variabilidad (riesgo) del portafolio. As, el
poder de diversificacin de un portafolio est en la correlacin. Los portafolios que incluyan
activos con la menor correlacin posible (especialmente negativa) presentarn menor
volatilidad menor riesgo que aquellos que incluyan activos altamente correlacionados.

RENTA 0.03 UN DATO QUE NUESTRO

FIJA MERCADO DE INFORMATICA
0.00810% (NASDAQ) NOS BRINDA (3%)

1) Ponderamos las acciones de tal forma que su distribucin me permita obtener el

menor riesgo, evaluado desde el punto de vista del inversionista

TOTAL DE
APPLE MICROSOFT GOOGLE INTEL
ACCIONES
MINIMIZAR
31% 28% 20% 22% 100%
RIESGO

2) Para poder hallar el rendimiento del portafolio nos basaremos en el rendimiento

terico del portafolio (donde se incluye al rendimiento del mercado) sobre los
porcentajes de inversin.

RENDIMIENTO DEL
0.124%
PORTAFOLIO

3) Finalmente, basndonos en los datos anteriores podemos hallar la variacin en el

tiempo de un ao, de nuestro portafolio (de las 4 acciones evaluadas)

Volatilidad del portafolio

Expresar la distribucin de la inversin a realizar entre las empresas dentro del portafolio
de acuerdo al nivel de sensibilidad que presenten sus acciones.
 VOLATILIDAD O RIESGO DEL PORTAFOLIO 0.8044%
*dato hallado gracias a la herramienta Solver de Microsoft Office Excel

Conclusin
Para finalizar, hemos podidos verificar que nuestro portafolio tiene una alta rentabilidad y
sostenibilidad, estas acciones son estables (en promedio) frente al mercado NASDAQ.
Sin embargo aconsejamos a nuestro futuro inversor, de poder invertir en la accin de
APPLE ya que muestra una solidez en su valor en el tiempo evaluado (y antecedentes).