Muy buenos días.

El examen final es muy simple y como único objetivo tie

conocimientos aprendidos en el curso. A partir de los siguientes datos con
portafolio eficiente. Asuma que usted debe entregarle a su jefe (yo) un co
informe sobre si invertir en estos activos, cual seria la frontera de rendim
el valor en riesgo, las proyecciones y su recomendación general sobre la i
Nota1: recuerde que a su jefe no le va a entregar sino buenos análisis.
Nota2:Mire bien el Bovespa ;)
Nota3: Por favor presente su mejor informe...asuma que sino presenta un
perderá su trabajo
Nota4: La operatividad tiene solamente un valor de 1 unidad sobre el valo
interesa que se formen como análista, no como operarios
único objetivo tiene validar los
ientes datos construya un
u jefe (yo) un completo
ntera de rendimiento optimo,
eneral sobre la inversión.
enos análisis.

sino presenta un buen informe

dad sobre el valor final, me

 PRECIOS

FECHA S&P500 JPM BAC Citi DIS Bancolombia

12/9/2017 $ 2,259.53 $ 85.49 $ 23.09 $ 60.04 $ 104.86 $ 35.74

12/12/2017 $ 2,256.96 $ 84.73 $ 22.61 $ 59.55 $ 104.06 $ 35.97
12/13/2017 $ 2,271.72 $ 84.76 $ 22.61 $ 59.79 $ 103.85 $ 36.81
12/14/2017 $ 2,253.28 $ 84.73 $ 22.67 $ 59.45 $ 104.05 $ 36.00
12/15/2017 $ 2,262.03 $ 86.00 $ 23.16 $ 60.23 $ 104.39 $ 37.08
12/16/2017 $ 2,258.07 $ 84.94 $ 22.66 $ 59.75 $ 103.91 $ 36.97
12/19/2017 $ 2,262.53 $ 85.43 $ 22.48 $ 59.66 $ 105.30 $ 36.25
12/20/2017 $ 2,270.76 $ 86.53 $ 22.71 $ 60.80 $ 105.46 $ 36.24
12/21/2017 $ 2,265.18 $ 86.75 $ 22.63 $ 60.75 $ 105.56 $ 36.02
12/22/2017 $ 2,260.96 $ 86.89 $ 22.54 $ 60.49 $ 105.42 $ 36.34
12/23/2017 $ 2,263.79 $ 87.05 $ 22.60 $ 60.99 $ 105.15 $ 36.28
12/27/2017 $ 2,268.88 $ 87.13 $ 22.61 $ 61.09 $ 105.17 $ 36.08
12/28/2017 $ 2,249.92 $ 86.50 $ 22.33 $ 60.04 $ 104.30 $ 36.00
12/29/2017 $ 2,249.26 $ 85.89 $ 22.00 $ 59.38 $ 104.56 $ 36.43
1/3/2018 $ 2,257.83 $ 87.23 $ 22.53 $ 60.59 $ 106.08 $ 37.21
1/4/2018 $ 2,270.75 $ 86.91 $ 22.95 $ 61.41 $ 107.44 $ 37.35
1/5/2018 $ 2,269.00 $ 86.11 $ 22.68 $ 60.34 $ 107.38 $ 38.05
1/6/2018 $ 2,276.98 $ 86.12 $ 22.68 $ 60.55 $ 108.98 $ 38.20
1/10/2018 $ 2,268.90 $ 86.43 $ 22.94 $ 60.23 $ 108.38 $ 38.26
1/11/2018 $ 2,275.32 $ 87.08 $ 23.07 $ 59.96 $ 109.44 $ 38.30
1/12/2018 $ 2,270.44 $ 86.24 $ 22.92 $ 59.23 $ 107.53 $ 38.35
1/13/2018 $ 2,274.64 $ 86.70 $ 23.01 $ 59.63 $ 108.06 $ 37.98
1/17/2018 $ 2,267.89 $ 83.55 $ 22.05 $ 58.38 $ 107.97 $ 38.06
1/18/2018 $ 2,271.89 $ 83.94 $ 22.63 $ 57.39 $ 108.16 $ 37.84
1/19/2018 $ 2,263.69 $ 83.30 $ 22.53 $ 56.66 $ 107.28 $ 37.54
1/20/2018 $ 2,271.31 $ 83.67 $ 22.64 $ 56.11 $ 107.66 $ 37.97
1/23/2018 $ 2,265.20 $ 83.71 $ 22.56 $ 55.68 $ 107.12 $ 37.93
1/24/2018 $ 2,280.07 $ 84.72 $ 22.95 $ 56.74 $ 107.90 $ 37.76
1/26/2018 $ 2,296.68 $ 86.75 $ 23.44 $ 57.36 $ 108.06 $ 38.25
1/27/2018 $ 2,294.69 $ 86.93 $ 23.36 $ 57.11 $ 109.30 $ 38.04
1/30/2018 $ 2,280.90 $ 86.03 $ 22.95 $ 56.61 $ 110.94 $ 37.78
1/31/2018 $ 2,278.87 $ 84.63 $ 22.64 $ 55.83 $ 110.65 $ 37.86
2/1/2018 $ 2,279.55 $ 84.95 $ 22.89 $ 56.05 $ 111.30 $ 38.00
2/2/2018 $ 2,280.85 $ 84.59 $ 22.72 $ 55.98 $ 110.61 $ 38.68
2/3/2018 $ 2,297.42 $ 87.18 $ 23.29 $ 57.76 $ 110.30 $ 39.02
2/6/2018 $ 2,292.56 $ 86.77 $ 23.12 $ 57.64 $ 109.57 $ 38.90
2/7/2018 $ 2,293.08 $ 86.72 $ 22.90 $ 57.19 $ 109.00 $ 38.41
2/8/2018 $ 2,294.67 $ 85.96 $ 22.67 $ 56.32 $ 109.00 $ 37.70
2/9/2018 $ 2,307.87 $ 87.20 $ 23.12 $ 57.26 $ 109.49 $ 37.93
2/10/2018 $ 2,316.10 $ 87.00 $ 23.08 $ 57.63 $ 109.26 $ 38.07
2/13/2018 $ 2,328.25 $ 88.15 $ 23.40 $ 58.95 $ 109.65 $ 37.95
2/14/2018 $ 2,337.58 $ 89.56 $ 24.06 $ 59.83 $ 110.33 $ 37.55
2/15/2018 $ 2,349.25 $ 90.59 $ 24.58 $ 60.50 $ 110.18 $ 38.02
2/16/2018 $ 2,347.22 $ 90.53 $ 24.58 $ 60.38 $ 110.71 $ 38.39
2/17/2018 $ 2,351.16 $ 90.23 $ 24.52 $ 60.17 $ 110.06 $ 37.79
2/21/2018 $ 2,365.38 $ 91.01 $ 24.78 $ 60.55 $ 110.01 $ 37.53
2/22/2018 $ 2,362.82 $ 91.06 $ 24.79 $ 60.62 $ 110.12 $ 37.71
2/23/2018 $ 2,363.81 $ 91.13 $ 24.58 $ 60.62 $ 109.73 $ 38.92
2/24/2018 $ 2,367.34 $ 90.33 $ 24.23 $ 59.56 $ 110.32 $ 37.57
3/1/2018 $ 2,395.96 $ 93.60 $ 25.50 $ 61.54 $ 111.04 $ 37.67
3/2/2018 $ 2,381.92 $ 92.14 $ 25.23 $ 60.63 $ 110.59 $ 36.71
3/3/2018 $ 2,383.12 $ 92.80 $ 25.44 $ 61.00 $ 111.24 $ 37.01
3/6/2018 $ 2,375.31 $ 91.92 $ 25.25 $ 60.28 $ 110.67 $ 36.93
3/7/2018 $ 2,368.39 $ 91.41 $ 25.21 $ 60.50 $ 110.86 $ 37.23
3/8/2018 $ 2,362.98 $ 91.21 $ 25.26 $ 61.11 $ 110.84 $ 36.66
3/9/2018 $ 2,364.87 $ 91.57 $ 25.35 $ 61.55 $ 111.03 $ 36.37
3/10/2018 $ 2,372.60 $ 91.28 $ 25.31 $ 61.49 $ 110.92 $ 36.85
3/13/2018 $ 2,373.47 $ 91.36 $ 25.30 $ 61.53 $ 111.52 $ 37.23
3/14/2018 $ 2,365.45 $ 91.51 $ 25.32 $ 61.44 $ 112.31 $ 36.18
3/15/2018 $ 2,385.26 $ 91.73 $ 25.18 $ 60.84 $ 111.87 $ 37.04
3/16/2018 $ 2,381.38 $ 91.64 $ 25.22 $ 61.15 $ 111.71 $ 37.64
3/17/2018 $ 2,378.25 $ 90.68 $ 24.86 $ 60.37 $ 111.76 $ 37.93
3/21/2018 $ 2,344.02 $ 87.39 $ 23.02 $ 58.04 $ 111.75 $ 38.55
3/22/2018 $ 2,348.45 $ 87.53 $ 22.94 $ 57.77 $ 112.08 $ 38.87
3/23/2018 $ 2,345.96 $ 87.39 $ 23.07 $ 58.05 $ 112.24 $ 38.96
3/24/2018 $ 2,343.98 $ 87.29 $ 23.12 $ 58.07 $ 112.14 $ 39.37
3/27/2018 $ 2,341.59 $ 87.24 $ 23.03 $ 58.33 $ 112.38 $ 39.39
3/28/2018 $ 2,358.57 $ 88.60 $ 23.48 $ 59.42 $ 113.05 $ 40.38
3/29/2018 $ 2,361.13 $ 88.27 $ 23.35 $ 59.39 $ 112.53 $ 40.48
3/30/2018 $ 2,368.06 $ 89.03 $ 23.87 $ 60.51 $ 113.18 $ 40.34
3/31/2018 $ 2,362.72 $ 87.84 $ 23.59 $ 59.82 $ 113.39 $ 39.87
4/3/2018 $ 2,358.84 $ 87.52 $ 23.59 $ 59.68 $ 113.20 $ 40.46
4/4/2018 $ 2,360.16 $ 87.31 $ 23.44 $ 59.68 $ 113.04 $ 40.72
4/5/2018 $ 2,352.95 $ 86.19 $ 23.17 $ 59.59 $ 113.00 $ 40.63
4/6/2018 $ 2,357.49 $ 86.48 $ 23.26 $ 59.89 $ 113.05 $ 40.39
4/7/2018 $ 2,355.54 $ 86.18 $ 23.16 $ 59.43 $ 112.58 $ 40.22
4/10/2018 $ 2,357.16 $ 85.88 $ 23.02 $ 59.28 $ 112.43 $ 40.63
4/11/2018 $ 2,353.78 $ 85.73 $ 22.92 $ 59.03 $ 113.07 $ 40.58
4/12/2018 $ 2,344.93 $ 85.40 $ 22.65 $ 58.51 $ 113.04 $ 40.29
4/17/2018 $ 2,349.01 $ 85.86 $ 22.81 $ 58.99 $ 113.78 $ 40.42
4/18/2018 $ 2,342.19 $ 85.16 $ 22.71 $ 58.42 $ 114.19 $ 39.99
4/19/2018 $ 2,338.17 $ 84.46 $ 22.74 $ 57.73 $ 113.73 $ 38.88
4/20/2018 $ 2,355.84 $ 85.55 $ 23.07 $ 58.41 $ 114.79 $ 39.41
4/24/2018 $ 2,374.15 $ 87.50 $ 23.63 $ 59.44 $ 113.70 $ 39.79
4/25/2018 $ 2,388.61 $ 88.26 $ 23.98 $ 60.21 $ 115.18 $ 39.88
4/26/2018 $ 2,387.45 $ 88.43 $ 23.89 $ 60.10 $ 115.58 $ 39.55
4/27/2018 $ 2,388.77 $ 87.61 $ 23.65 $ 59.39 $ 115.84 $ 38.92
4/28/2018 $ 2,384.20 $ 87.00 $ 23.34 $ 59.12 $ 115.60 $ 39.49
5/2/2018 $ 2,391.17 $ 86.50 $ 23.53 $ 59.71 $ 114.37 $ 39.75
5/3/2018 $ 2,388.13 $ 87.00 $ 23.77 $ 60.24 $ 111.62 $ 39.83
5/4/2018 $ 2,389.52 $ 87.10 $ 23.85 $ 60.21 $ 111.17 $ 39.79
5/5/2018 $ 2,399.29 $ 87.00 $ 23.74 $ 60.24 $ 111.99 $ 40.48
5/8/2018 $ 2,399.38 $ 87.10 $ 23.96 $ 60.50 $ 111.42 $ 40.99
 5/9/2018 $ 2,396.92 $ 86.75 $ 23.98 $ 60.23 $ 112.07 $ 41.25
5/10/2018 $ 2,399.63 $ 87.43 $ 24.15 $ 60.37 $ 109.66 $ 42.43
5/11/2018 $ 2,394.44 $ 87.16 $ 24.07 $ 60.70 $ 109.58 $ 43.13
5/12/2018 $ 2,390.90 $ 86.92 $ 24.00 $ 61.07 $ 109.69 $ 43.19
5/15/2018 $ 2,402.32 $ 87.34 $ 24.06 $ 61.42 $ 109.13 $ 44.24
5/16/2018 $ 2,400.67 $ 87.61 $ 23.99 $ 62.49 $ 107.98 $ 44.76
5/17/2018 $ 2,357.03 $ 84.27 $ 22.57 $ 59.98 $ 106.31 $ 43.91
5/18/2018 $ 2,365.72 $ 83.96 $ 22.74 $ 60.08 $ 106.68 $ 43.37
5/19/2018 $ 2,381.73 $ 84.78 $ 23.05 $ 61.10 $ 107.52 $ 44.77
5/22/2018 $ 2,394.02 $ 84.70 $ 23.04 $ 61.06 $ 107.63 $ 44.30
5/23/2018 $ 2,398.42 $ 85.76 $ 23.39 $ 61.71 $ 107.02 $ 44.28
5/24/2018 $ 2,404.39 $ 85.71 $ 23.36 $ 62.27 $ 107.71 $ 44.33
5/25/2018 $ 2,415.07 $ 85.35 $ 23.25 $ 61.95 $ 107.27 $ 44.03
5/26/2018 $ 2,415.82 $ 85.36 $ 23.24 $ 62.07 $ 108.41 $ 44.19
5/30/2018 $ 2,412.91 $ 83.90 $ 22.91 $ 61.64 $ 108.34 $ 43.71
5/31/2018 $ 2,411.80 $ 82.15 $ 22.41 $ 60.54 $ 107.94 $ 44.01
6/1/2018 $ 2,430.06 $ 83.06 $ 22.63 $ 61.08 $ 108.21 $ 44.34
6/2/2018 $ 2,439.07 $ 82.64 $ 22.45 $ 61.11 $ 107.18 $ 44.29
6/5/2018 $ 2,436.10 $ 82.79 $ 22.41 $ 61.25 $ 106.52 $ 44.81
6/6/2018 $ 2,429.33 $ 82.96 $ 22.23 $ 61.01 $ 105.50 $ 45.45
6/7/2018 $ 2,433.14 $ 83.91 $ 22.60 $ 61.88 $ 105.92 $ 45.57
6/8/2018 $ 2,433.79 $ 84.95 $ 22.97 $ 63.21 $ 104.32 $ 44.88
6/9/2018 $ 2,431.77 $ 86.96 $ 23.67 $ 64.45 $ 105.62 $ 44.55
6/12/2018 $ 2,429.39 $ 86.98 $ 23.78 $ 64.32 $ 107.04 $ 44.54
6/13/2018 $ 2,440.35 $ 87.27 $ 23.77 $ 64.69 $ 106.56 $ 45.34
6/14/2018 $ 2,437.92 $ 87.09 $ 23.76 $ 64.72 $ 106.14 $ 45.48
6/16/2018 $ 2,433.15 $ 86.18 $ 23.43 $ 63.89 $ 105.51 $ 45.83
6/20/2018 $ 2,437.03 $ 87.52 $ 23.49 $ 63.91 $ 103.94 $ 45.05
6/21/2018 $ 2,435.61 $ 87.12 $ 23.13 $ 63.83 $ 104.80 $ 42.85
6/22/2018 $ 2,434.50 $ 87.02 $ 22.93 $ 63.62 $ 104.22 $ 42.35
6/23/2018 $ 2,438.30 $ 86.86 $ 22.82 $ 63.41 $ 104.36 $ 42.53
6/27/2018 $ 2,419.38 $ 88.05 $ 23.27 $ 64.23 $ 105.41 $ 43.19
6/28/2018 $ 2,440.69 $ 89.82 $ 23.88 $ 65.18 $ 106.86 $ 44.85
6/29/2018 $ 2,419.70 $ 91.15 $ 24.32 $ 66.98 $ 105.71 $ 44.63
6/30/2018 $ 2,423.41 $ 91.40 $ 24.26 $ 66.88 $ 106.25 $ 44.55
7/5/2018 $ 2,432.54 $ 93.68 $ 24.92 $ 68.45 $ 105.63 $ 44.49
7/6/2018 $ 2,409.75 $ 93.38 $ 24.71 $ 67.63 $ 103.35 $ 44.17
7/7/2018 $ 2,425.18 $ 93.85 $ 24.83 $ 67.91 $ 103.32 $ 43.90
7/10/2018 $ 2,427.43 $ 93.19 $ 24.89 $ 67.65 $ 103.59 $ 44.06
7/11/2018 $ 2,425.53 $ 92.83 $ 24.60 $ 66.82 $ 103.84 $ 44.52
7/12/2018 $ 2,443.25 $ 92.51 $ 24.35 $ 66.92 $ 104.38 $ 45.64
7/13/2018 $ 2,447.83 $ 93.10 $ 24.62 $ 67.02 $ 104.29 $ 45.61
7/14/2018 $ 2,459.27 $ 92.25 $ 24.21 $ 66.72 $ 105.09 $ 45.16
7/17/2018 $ 2,459.14 $ 91.39 $ 24.02 $ 66.83 $ 104.79 $ 44.58
7/18/2018 $ 2,460.61 $ 91.07 $ 23.90 $ 66.89 $ 105.75 $ 44.89
7/19/2018 $ 2,473.83 $ 91.20 $ 24.06 $ 66.70 $ 106.82 $ 44.01
7/21/2018 $ 2,472.54 $ 90.89 $ 23.80 $ 66.00 $ 107.09 $ 43.63
7/24/2018 $ 2,469.91 $ 91.28 $ 23.91 $ 66.10 $ 107.00 $ 43.54
7/25/2018 $ 2,477.13 $ 92.80 $ 24.48 $ 68.03 $ 106.42 $ 43.92
7/26/2018 $ 2,477.83 $ 91.93 $ 24.21 $ 67.98 $ 106.94 $ 43.45
7/27/2018 $ 2,475.42 $ 91.55 $ 24.11 $ 67.60 $ 110.00 $ 43.81
7/28/2018 $ 2,472.10 $ 91.28 $ 24.03 $ 67.43 $ 109.96 $ 44.00
7/31/2018 $ 2,470.30 $ 91.80 $ 24.12 $ 68.45 $ 109.93 $ 43.74
8/1/2018 $ 2,476.35 $ 93.03 $ 24.45 $ 69.60 $ 110.61 $ 44.34
8/2/2018 $ 2,477.57 $ 93.11 $ 24.59 $ 69.42 $ 108.67 $ 44.34
8/3/2018 $ 2,472.16 $ 92.50 $ 24.37 $ 68.13 $ 109.12 $ 44.20
8/4/2018 $ 2,476.83 $ 93.66 $ 24.97 $ 68.98 $ 107.69 $ 43.98
8/8/2018 $ 2,474.92 $ 93.68 $ 24.90 $ 68.88 $ 106.98 $ 43.51
8/9/2018 $ 2,474.02 $ 93.53 $ 24.74 $ 68.43 $ 102.83 $ 42.61
8/10/2018 $ 2,438.21 $ 92.19 $ 24.12 $ 67.22 $ 101.35 $ 42.48
8/11/2018 $ 2,441.32 $ 91.42 $ 23.86 $ 66.80 $ 101.99 $ 43.48
8/14/2018 $ 2,465.84 $ 92.49 $ 24.42 $ 67.89 $ 101.40 $ 43.43
8/15/2018 $ 2,464.61 $ 92.73 $ 24.47 $ 67.97 $ 101.51 $ 42.65
8/16/2018 $ 2,468.11 $ 92.09 $ 24.19 $ 67.71 $ 102.20 $ 44.30
8/17/2018 $ 2,430.01 $ 90.65 $ 23.64 $ 66.60 $ 101.38 $ 43.01
8/18/2018 $ 2,425.55 $ 90.74 $ 23.62 $ 66.58 $ 100.70 $ 44.05
8/22/2018 $ 2,452.51 $ 91.56 $ 23.83 $ 66.85 $ 102.77 $ 44.11
8/23/2018 $ 2,444.04 $ 91.67 $ 23.76 $ 67.23 $ 101.50 $ 44.68
8/24/2018 $ 2,438.97 $ 91.52 $ 23.84 $ 67.69 $ 101.52 $ 44.04
8/25/2018 $ 2,443.05 $ 91.89 $ 23.77 $ 67.85 $ 102.41 $ 44.79
8/28/2018 $ 2,444.24 $ 91.60 $ 23.72 $ 67.81 $ 102.56 $ 44.07
8/29/2018 $ 2,446.30 $ 91.10 $ 23.58 $ 67.48 $ 102.57 $ 44.97
8/30/2018 $ 2,457.59 $ 91.31 $ 23.87 $ 68.01 $ 102.87 $ 44.09
8/31/2018 $ 2,471.65 $ 90.89 $ 23.89 $ 68.03 $ 101.20 $ 45.41
9/1/2018 $ 2,476.55 $ 91.70 $ 24.09 $ 68.58 $ 101.50 $ 47.44
9/5/2018 $ 2,457.85 $ 89.51 $ 23.31 $ 67.16 $ 101.60 $ 47.47
9/6/2018 $ 2,465.54 $ 90.11 $ 23.41 $ 67.32 $ 101.50 $ 48.34
9/8/2018 $ 2,461.43 $ 88.42 $ 22.89 $ 66.17 $ 97.07 $ 47.91
9/11/2018 $ 2,488.11 $ 89.79 $ 23.36 $ 67.71 $ 97.09 $ 48.23
9/12/2018 $ 2,496.48 $ 90.89 $ 23.95 $ 68.79 $ 97.89 $ 47.96
9/13/2018 $ 2,498.37 $ 91.15 $ 24.33 $ 69.39 $ 98.82 $ 47.82
9/14/2018 $ 2,495.62 $ 90.97 $ 24.24 $ 69.24 $ 97.90 $ 47.40
9/15/2018 $ 2,500.23 $ 91.62 $ 24.38 $ 69.04 $ 98.52 $ 47.47
9/18/2018 $ 2,503.87 $ 92.92 $ 24.70 $ 70.60 $ 98.10 $ 47.35
9/19/2018 $ 2,506.65 $ 93.94 $ 24.86 $ 71.15 $ 98.43 $ 47.20
9/20/2018 $ 2,508.24 $ 94.60 $ 25.06 $ 71.46 $ 99.21 $ 46.11
9/21/2018 $ 2,500.60 $ 95.03 $ 25.16 $ 71.76 $ 98.89 $ 46.48
9/22/2018 $ 2,502.22 $ 94.83 $ 25.02 $ 71.40 $ 98.60 $ 47.42
9/25/2018 $ 2,496.66 $ 94.12 $ 24.76 $ 70.84 $ 99.57 $ 46.58
9/26/2018 $ 2,496.84 $ 93.70 $ 24.81 $ 70.94 $ 98.63 $ 46.13
9/27/2018 $ 2,507.04 $ 95.18 $ 25.41 $ 72.28 $ 99.24 $ 45.88
9/28/2018 $ 2,510.06 $ 95.38 $ 25.45 $ 72.65 $ 98.05 $ 45.68
9/29/2018 $ 2,519.36 $ 95.51 $ 25.34 $ 72.74 $ 98.57 $ 45.79
10/2/2018 $ 2,529.12 $ 96.84 $ 25.62 $ 73.80 $ 99.86 $ 45.89
10/3/2018 $ 2,534.58 $ 97.35 $ 25.86 $ 74.13 $ 100.79 $ 46.17
10/4/2018 $ 2,537.74 $ 96.36 $ 25.71 $ 74.06 $ 100.55 $ 45.69
 10/5/2018 $ 2,552.07 $ 97.09 $ 26.13 $ 75.72 $ 100.11 $ 45.86
10/6/2018 $ 2,549.33 $ 96.92 $ 26.21 $ 75.64 $ 100.07 $ 45.26
10/9/2018 $ 2,544.73 $ 96.41 $ 25.85 $ 75.39 $ 99.57 $ 44.57
10/10/2018 $ 2,550.64 $ 97.13 $ 25.93 $ 75.18 $ 99.58 $ 44.62
10/11/2018 $ 2,555.24 $ 96.84 $ 25.83 $ 74.94 $ 98.55 $ 44.36
10/13/2018 $ 2,553.17 $ 95.86 $ 25.83 $ 72.11 $ 97.38 $ 44.80
10/17/2018 $ 2,559.36 $ 97.62 $ 26.20 $ 72.19 $ 98.36 $ 44.05
10/18/2018 $ 2,561.26 $ 97.99 $ 26.48 $ 73.12 $ 98.25 $ 44.19
10/19/2018 $ 2,562.10 $ 98.11 $ 26.58 $ 72.88 $ 99.01 $ 43.88
10/20/2018 $ 2,575.21 $ 99.51 $ 27.17 $ 73.53 $ 99.40 $ 43.49
10/23/2018 $ 2,564.98 $ 99.34 $ 27.16 $ 73.53 $ 98.70 $ 43.27
10/24/2018 $ 2,569.13 $ 100.92 $ 27.68 $ 74.24 $ 98.29 $ 42.67
10/25/2018 $ 2,557.15 $ 101.02 $ 27.63 $ 73.62 $ 97.80 $ 42.48
10/26/2018 $ 2,560.40 $ 101.74 $ 27.74 $ 73.79 $ 98.56 $ 42.57
10/27/2018 $ 2,581.07 $ 101.77 $ 27.80 $ 73.87 $ 98.31 $ 39.57
10/30/2018 $ 2,572.83 $ 101.41 $ 27.60 $ 73.78 $ 98.04 $ 38.03
10/31/2018 $ 2,575.26 $ 100.61 $ 27.39 $ 73.50 $ 97.81 $ 37.75
11/1/2018 $ 2,579.36 $ 100.92 $ 27.53 $ 74.03 $ 99.03 $ 37.74
11/3/2018 $ 2,587.84 $ 101.41 $ 27.82 $ 74.05 $ 98.64 $ 36.99
11/7/2018 $ 2,590.64 $ 98.75 $ 27.18 $ 72.71 $ 101.61 $ 37.53
11/8/2018 $ 2,594.38 $ 97.64 $ 26.79 $ 72.34 $ 101.18 $ 38.16
11/9/2018 $ 2,584.62 $ 97.63 $ 26.49 $ 72.43 $ 102.68 $ 38.84
11/10/2018 $ 2,582.30 $ 97.51 $ 26.51 $ 72.25 $ 104.78 $ 38.63
11/14/2018 $ 2,578.87 $ 97.27 $ 26.24 $ 71.53 $ 103.17 $ 37.61
11/16/2018 $ 2,585.64 $ 98.47 $ 26.76 $ 71.67 $ 103.60 $ 38.18
11/17/2018 $ 2,578.85 $ 98.14 $ 26.62 $ 71.33 $ 103.44 $ 38.71
11/21/2018 $ 2,599.03 $ 98.93 $ 26.73 $ 72.38 $ 103.00 $ 39.26
11/22/2018 $ 2,597.08 $ 98.64 $ 26.66 $ 72.26 $ 102.74 $ 39.50
11/24/2018 $ 2,602.42 $ 98.32 $ 26.59 $ 72.02 $ 102.64 $ 39.60
11/27/2018 $ 2,601.42 $ 97.93 $ 26.59 $ 71.39 $ 102.79 $ 38.66
11/28/2018 $ 2,627.04 $ 101.36 $ 27.64 $ 73.70 $ 103.41 $ 38.94
11/29/2018 $ 2,626.07 $ 103.73 $ 28.28 $ 75.04 $ 105.24 $ 38.86
11/30/2018 $ 2,647.58 $ 104.52 $ 28.17 $ 75.50 $ 104.82 $ 38.61
12/1/2018 $ 2,642.22 $ 104.79 $ 28.10 $ 75.51 $ 105.25 $ 38.49
12/4/2018 $ 2,639.44 $ 106.95 $ 29.06 $ 77.10 $ 110.22 $ 38.29
12/5/2018 $ 2,629.57 $ 105.72 $ 28.93 $ 76.54 $ 107.22 $ 38.31
12/6/2018 $ 2,629.27 $ 104.93 $ 28.64 $ 75.44 $ 105.46 $ 39.08
12/7/2018 $ 2,636.98 $ 104.62 $ 28.78 $ 74.98 $ 105.26 $ 38.98
OS

Grupo Aval Bovespa BOVESPA VS USD

$ 8.04 $ 60,500.62 $ 15,730.16

$ 8.05 $ 59,178.61 $ 15,386.44
$ 8.15 $ 59,280.57 $ 15,412.95
$ 8.03 $ 58,212.12 $ 15,135.15
$ 8.05 $ 58,396.16 $ 15,183.00
$ 8.03 $ 58,389.04 $ 15,181.15
$ 7.94 $ 57,110.99 $ 14,848.86
$ 8.03 $ 57,582.89 $ 14,971.55
$ 7.80 $ 57,646.52 $ 14,988.10
$ 7.84 $ 57,255.22 $ 14,886.36
$ 7.86 $ 57,937.11 $ 15,063.65
$ 7.96 $ 58,696.69 $ 15,261.14
$ 7.99 $ 59,781.63 $ 15,543.22
$ 8.08 $ 60,227.29 $ 15,659.10
$ 8.16 $ 61,813.83 $ 16,071.60
$ 8.30 $ 61,589.06 $ 16,013.16
$ 8.42 $ 62,070.98 $ 16,138.45
$ 8.31 $ 61,665.37 $ 16,033.00
$ 8.17 $ 62,131.80 $ 16,154.27
$ 8.12 $ 62,446.26 $ 16,236.03
$ 8.33 $ 63,953.93 $ 16,628.02
$ 8.23 $ 63,651.52 $ 16,549.40
$ 8.29 $ 64,354.34 $ 16,732.13
$ 8.18 $ 64,149.58 $ 16,678.89
$ 8.18 $ 63,950.86 $ 16,627.22
$ 8.18 $ 64,521.18 $ 16,775.51
$ 8.26 $ 65,748.63 $ 17,094.64
$ 8.27 $ 65,840.09 $ 17,118.42
$ 8.42 $ 66,190.62 $ 17,209.56
$ 8.36 $ 66,033.99 $ 17,168.84
$ 8.39 $ 64,301.73 $ 16,718.45
$ 8.32 $ 64,670.78 $ 16,814.40
$ 8.37 $ 64,836.13 $ 16,857.39
$ 8.46 $ 64,578.22 $ 16,790.34
$ 8.55 $ 64,953.93 $ 16,888.02
$ 8.55 $ 63,992.93 $ 16,638.16
$ 8.56 $ 64,198.90 $ 16,691.71
$ 8.39 $ 64,835.40 $ 16,857.20
$ 8.46 $ 64,964.89 $ 16,890.87
$ 8.46 $ 66,124.53 $ 17,192.38
$ 8.38 $ 66,967.64 $ 17,411.59
$ 8.01 $ 66,712.88 $ 17,345.35
$ 7.98 $ 67,975.58 $ 17,673.65
$ 8.11 $ 67,814.24 $ 17,631.70
$ 8.12 $ 67,748.42 $ 17,614.59
$ 7.85 $ 69,052.03 $ 17,953.53
$ 7.90 $ 68,589.54 $ 17,833.28
$ 7.97 $ 67,461.39 $ 17,539.96
$ 7.79 $ 66,662.10 $ 17,332.15
$ 7.74 $ 66,988.88 $ 17,417.11
$ 7.47 $ 65,854.93 $ 17,122.28
$ 7.65 $ 66,785.53 $ 17,364.24
$ 7.69 $ 66,341.37 $ 17,248.76
$ 7.56 $ 65,742.32 $ 17,093.00
$ 7.51 $ 64,718.02 $ 16,826.69
$ 7.50 $ 64,585.24 $ 16,792.16
$ 7.54 $ 64,675.46 $ 16,815.62
$ 7.64 $ 65,534.30 $ 17,038.92
$ 7.55 $ 64,699.46 $ 16,821.86
$ 7.72 $ 66,234.87 $ 17,221.07
$ 7.85 $ 65,782.85 $ 17,103.54
$ 7.83 $ 64,209.94 $ 16,694.58
$ 7.77 $ 62,980.37 $ 16,374.90
$ 7.86 $ 63,521.33 $ 16,515.55
$ 7.81 $ 63,530.79 $ 16,518.01
$ 8.00 $ 63,853.77 $ 16,601.98
$ 7.92 $ 64,308.39 $ 16,720.18
$ 7.90 $ 64,640.45 $ 16,806.52
$ 8.13 $ 65,528.29 $ 17,037.36
$ 8.16 $ 65,265.98 $ 16,969.15
$ 8.17 $ 64,984.07 $ 16,895.86
$ 8.12 $ 65,211.48 $ 16,954.98
$ 8.27 $ 65,768.91 $ 17,099.92
$ 8.20 $ 64,774.76 $ 16,841.44
$ 8.20 $ 64,222.72 $ 16,697.91
$ 8.21 $ 64,593.10 $ 16,794.21
$ 8.27 $ 64,649.81 $ 16,808.95
$ 8.31 $ 64,359.79 $ 16,733.55
$ 8.31 $ 63,891.68 $ 16,611.84
$ 8.38 $ 64,334.93 $ 16,727.08
$ 8.37 $ 64,158.84 $ 16,681.30
$ 8.30 $ 63,406.97 $ 16,485.81
$ 8.27 $ 63,760.62 $ 16,577.76
$ 8.23 $ 64,389.01 $ 16,741.14
$ 8.20 $ 65,148.35 $ 16,938.57
$ 8.12 $ 64,861.92 $ 16,864.10
$ 7.92 $ 64,676.55 $ 16,815.90
$ 7.98 $ 65,403.25 $ 17,004.85
$ 7.96 $ 66,721.75 $ 17,347.66
$ 7.98 $ 66,093.78 $ 17,184.38
$ 7.79 $ 64,862.61 $ 16,864.28
$ 8.06 $ 65,709.74 $ 17,084.53
$ 8.04 $ 65,526.04 $ 17,036.77
$ 7.99 $ 66,277.67 $ 17,232.19
$ 8.02 $ 67,349.73 $ 17,510.93
$ 8.12 $ 67,537.61 $ 17,559.78
$ 8.33 $ 68,221.94 $ 17,737.70
$ 8.53 $ 68,474.19 $ 17,803.29
$ 8.55 $ 68,684.50 $ 17,857.97
$ 8.30 $ 67,540.25 $ 17,560.47
$ 8.14 $ 61,597.06 $ 16,015.24
$ 8.44 $ 62,639.31 $ 16,286.22
$ 8.38 $ 61,673.49 $ 16,035.11
$ 8.40 $ 62,662.48 $ 16,292.24
$ 8.43 $ 63,257.36 $ 16,446.91
$ 8.31 $ 63,226.79 $ 16,438.97
$ 8.37 $ 64,085.41 $ 16,662.21
$ 8.32 $ 63,962.26 $ 16,630.19
$ 8.36 $ 62,711.47 $ 16,304.98
$ 8.44 $ 62,288.52 $ 16,195.02
$ 8.50 $ 62,510.69 $ 16,252.78
$ 8.44 $ 62,450.45 $ 16,237.12
$ 8.51 $ 62,954.69 $ 16,368.22
$ 8.43 $ 63,170.73 $ 16,424.39
$ 8.41 $ 62,755.57 $ 16,316.45
$ 8.47 $ 62,210.56 $ 16,174.75
$ 8.43 $ 61,700.23 $ 16,042.06
$ 8.44 $ 61,828.99 $ 16,075.54
$ 8.45 $ 61,922.93 $ 16,099.96
$ 8.37 $ 61,626.41 $ 16,022.87
$ 8.04 $ 60,766.16 $ 15,799.20
$ 7.93 $ 60,761.74 $ 15,798.05
$ 7.96 $ 61,272.22 $ 15,930.78
$ 7.98 $ 61,087.14 $ 15,882.66
$ 7.93 $ 61,675.46 $ 16,035.62
$ 8.08 $ 62,017.97 $ 16,124.67
$ 8.26 $ 62,238.95 $ 16,182.13
$ 8.28 $ 62,899.97 $ 16,353.99
$ 8.31 $ 63,154.17 $ 16,420.08
$ 8.42 $ 62,470.33 $ 16,242.29
$ 8.34 $ 62,322.40 $ 16,203.82
$ 8.42 $ 63,025.47 $ 16,386.62
$ 8.31 $ 63,832.15 $ 16,596.36
$ 8.51 $ 64,835.55 $ 16,857.24
$ 8.62 $ 65,178.35 $ 16,946.37
$ 8.63 $ 65,436.18 $ 17,013.41
$ 8.62 $ 65,212.31 $ 16,955.20
$ 8.62 $ 65,337.67 $ 16,987.79
$ 8.67 $ 65,179.92 $ 16,946.78
$ 8.64 $ 64,684.18 $ 16,817.89
$ 8.59 $ 65,099.55 $ 16,925.88
$ 8.68 $ 65,667.62 $ 17,073.58
$ 8.71 $ 65,010.57 $ 16,902.75
$ 8.72 $ 65,277.38 $ 16,972.12
$ 8.74 $ 65,497.13 $ 17,029.25
$ 8.85 $ 65,920.36 $ 17,139.29
$ 8.91 $ 66,516.24 $ 17,294.22
$ 8.95 $ 67,135.99 $ 17,455.36
$ 8.93 $ 66,777.13 $ 17,362.05
$ 8.90 $ 66,897.99 $ 17,393.48
$ 8.79 $ 67,898.94 $ 17,653.72
$ 8.80 $ 67,671.07 $ 17,594.48
$ 8.75 $ 66,992.09 $ 17,417.94
$ 8.87 $ 67,358.59 $ 17,513.23
$ 8.65 $ 68,284.66 $ 17,754.01
$ 8.64 $ 68,355.12 $ 17,772.33
$ 8.74 $ 68,594.29 $ 17,834.52
$ 8.73 $ 67,976.80 $ 17,673.97
$ 8.80 $ 68,714.66 $ 17,865.81
$ 8.90 $ 70,011.25 $ 18,202.93
$ 8.87 $ 70,477.63 $ 18,324.18
$ 8.89 $ 71,132.80 $ 18,494.53
$ 9.23 $ 71,073.65 $ 18,479.15
$ 9.00 $ 71,016.59 $ 18,464.31
$ 8.95 $ 71,329.85 $ 18,545.76
$ 8.91 $ 70,886.26 $ 18,430.43
$ 8.99 $ 70,835.05 $ 18,417.11
$ 9.13 $ 71,923.11 $ 18,700.01
$ 9.10 $ 72,150.88 $ 18,759.23
$ 9.21 $ 73,412.41 $ 19,087.23
$ 9.07 $ 73,078.85 $ 19,000.50
$ 9.01 $ 74,319.22 $ 19,323.00
$ 9.00 $ 74,538.55 $ 19,380.02
$ 9.02 $ 74,787.57 $ 19,444.77
$ 9.06 $ 74,656.68 $ 19,410.74
$ 9.19 $ 75,756.52 $ 19,696.70
$ 9.16 $ 75,990.41 $ 19,757.51
$ 9.16 $ 75,974.18 $ 19,753.29
$ 9.11 $ 76,004.15 $ 19,761.08
$ 9.08 $ 75,604.34 $ 19,657.13
$ 8.98 $ 75,389.75 $ 19,601.34
$ 8.98 $ 74,443.47 $ 19,355.30
$ 8.96 $ 74,318.72 $ 19,322.87
$ 8.90 $ 73,796.71 $ 19,187.14
$ 8.94 $ 73,567.25 $ 19,127.49
$ 8.97 $ 74,293.51 $ 19,316.31
$ 8.95 $ 74,359.83 $ 19,333.56
$ 8.89 $ 76,762.91 $ 19,958.36
$ 8.95 $ 76,591.44 $ 19,913.77
$ 9.04 $ 76,617.53 $ 19,920.56
$ 9.03 $ 76,054.72 $ 19,774.23
$ 8.92 $ 75,726.81 $ 19,688.97
$ 8.99 $ 76,897.21 $ 19,993.27
$ 8.96 $ 76,659.80 $ 19,931.55
$ 9.02 $ 76,989.79 $ 20,017.35
$ 8.99 $ 76,201.25 $ 19,812.33
$ 9.08 $ 76,591.09 $ 19,913.68
$ 9.00 $ 76,283.16 $ 19,833.62
$ 9.00 $ 76,390.51 $ 19,861.53
$ 8.86 $ 75,413.13 $ 19,607.41
$ 8.82 $ 76,350.19 $ 19,851.05
$ 8.79 $ 76,671.13 $ 19,934.49
$ 8.76 $ 75,896.35 $ 19,733.05
$ 8.59 $ 75,975.71 $ 19,753.68
$ 8.37 $ 74,800.33 $ 19,448.09
$ 8.32 $ 74,308.49 $ 19,320.21
$ 8.43 $ 73,823.74 $ 19,194.17
$ 8.44 $ 73,915.43 $ 19,218.01
$ 8.32 $ 72,414.88 $ 18,827.87
$ 8.39 $ 74,363.13 $ 19,334.41
$ 8.38 $ 72,930.69 $ 18,961.98
$ 8.33 $ 72,165.64 $ 18,763.07
$ 8.32 $ 70,826.59 $ 18,414.91
$ 8.45 $ 72,511.79 $ 18,853.07
$ 8.58 $ 73,437.28 $ 19,093.69
$ 8.51 $ 74,594.61 $ 19,394.60
$ 8.57 $ 74,518.79 $ 19,374.89
$ 8.59 $ 74,157.37 $ 19,280.92
$ 8.41 $ 74,058.92 $ 19,255.32
$ 8.37 $ 74,139.72 $ 19,276.33
$ 8.19 $ 72,700.45 $ 18,902.12
$ 8.15 $ 71,970.99 $ 18,712.46
$ 8.24 $ 72,264.45 $ 18,788.76
$ 8.27 $ 73,090.17 $ 19,003.44
$ 8.23 $ 72,546.17 $ 18,862.00
$ 8.18 $ 73,268.35 $ 19,049.77
$ 8.33 $ 72,487.46 $ 18,846.74

m
d
b
a
Sharpe
Minimo
Maximo
m anual
d anual
Sharpe anual

ANALISIS DE CORRELACION
S&P500
JPM
BAC
Citi
DIS
Bancolombia
Grupo Aval
Bovespa

VARIANZA Y COVARIANZA
S&P500
JPM
BAC
Citi
DIS
Bancolombia
Grupo Aval
Bovespa
 RENDIMIENTOS

S&P500 JPM BAC Citi

10% 25% 52%

-0.1138% -0.8930% -2.1007% -0.8195%
0.6518% 0.0354% 0.0000% 0.4022%
-0.8150% -0.0354% 0.2650% -0.5703%
0.3876% 1.4878% 2.1384% 1.3035%
-0.1752% -1.2402% -2.1825% -0.8001%
0.1973% 0.5752% -0.7975% -0.1507%
0.3631% 1.2794% 1.0179% 1.8928%
-0.2460% 0.2539% -0.3529% -0.0823%
-0.1865% 0.1613% -0.3985% -0.4289%
0.1251% 0.1840% 0.2658% 0.8232%
0.2246% 0.0919% 0.0442% 0.1638%
-0.8392% -0.7257% -1.2461% -1.7337%
-0.0293% -0.7077% -1.4889% -1.1054%
0.3803% 1.5481% 2.3805% 2.0172%
0.5706% -0.3675% 1.8470% 1.3443%
-0.0771% -0.9248% -1.1835% -1.7577%
0.3511% 0.0116% 0.0000% 0.3474%
-0.3555% 0.3593% 1.1399% -0.5299%
0.2826% 0.7492% 0.5651% -0.4493%
-0.2147% -0.9693% -0.6523% -1.2249%
0.1848% 0.5320% 0.3919% 0.6731%
-0.2972% -3.7009% -4.2616% -2.1185%
0.1762% 0.4657% 2.5964% -1.7103%
-0.3616% -0.7654% -0.4429% -1.2802%
0.3361% 0.4432% 0.4870% -0.9754%
-0.2694% 0.0478% -0.3540% -0.7693%
0.6543% 1.1993% 1.7140% 1.8858%
0.7258% 2.3679% 2.1126% 1.0868%
-0.0867% 0.2073% -0.3419% -0.4368%
-0.6028% -1.0407% -1.7707% -0.8794%
-0.0890% -1.6407% -1.3600% -1.3874%
0.0298% 0.3774% 1.0982% 0.3933%
0.0570% -0.4247% -0.7455% -0.1250%
0.7238% 3.0159% 2.4779% 3.1302%
-0.2118% -0.4714% -0.7326% -0.2080%
0.0227% -0.0576% -0.9561% -0.7838%
0.0693% -0.8802% -1.0094% -1.5329%
0.5736% 1.4322% 1.9656% 1.6553%
0.3560% -0.2296% -0.1732% 0.6441%
0.5232% 1.3132% 1.3770% 2.2646%
0.3999% 1.5869% 2.7815% 1.4818%
0.4980% 1.1435% 2.1382% 1.1136%
-0.0864% -0.0663% 0.0000% -0.1985%
0.1677% -0.3319% -0.2444% -0.3484%
 0.6030% 0.8607% 1.0548% 0.6296%
-0.1083% 0.0549% 0.0403% 0.1155%
0.0419% 0.0768% -0.8507% 0.0000%
0.1492% -0.8817% -1.4342% -1.7641%
1.2017% 3.5561% 5.1087% 3.2703%
-0.5877% -1.5721% -1.0645% -1.4898%
0.0504% 0.7138% 0.8289% 0.6084%
-0.3283% -0.9528% -0.7497% -1.1874%
-0.2918% -0.5564% -0.1585% 0.3643%
-0.2287% -0.2190% 0.1981% 1.0032%
0.0800% 0.3939% 0.3557% 0.7174%
0.3263% -0.3172% -0.1579% -0.0975%
0.0367% 0.0876% -0.0395% 0.0650%
-0.3385% 0.1641% 0.0790% -0.1464%
0.8340% 0.2401% -0.5545% -0.9814%
-0.1628% -0.0982% 0.1587% 0.5082%
-0.1315% -1.0531% -1.4377% -1.2838%
-1.4498% -3.6956% -7.6897% -3.9360%
0.1888% 0.1601% -0.3481% -0.4663%
-0.1061% -0.1601% 0.5651% 0.4835%
-0.0844% -0.1145% 0.2165% 0.0344%
-0.1020% -0.0573% -0.3900% 0.4467%
0.7225% 1.5469% 1.9351% 1.8514%
0.1085% -0.3732% -0.5552% -0.0505%
0.2931% 0.8573% 2.2025% 1.8683%
-0.2258% -1.3456% -1.1800% -1.1469%
-0.1643% -0.3650% 0.0000% -0.2343%
0.0559% -0.2402% -0.6379% 0.0000%
-0.3060% -1.2911% -1.1586% -0.1509%
0.1928% 0.3359% 0.3877% 0.5022%
-0.0827% -0.3475% -0.4308% -0.7710%
0.0687% -0.3487% -0.6063% -0.2527%
-0.1435% -0.1748% -0.4354% -0.4226%
-0.3767% -0.3857% -1.1850% -0.8848%
0.1738% 0.5372% 0.7039% 0.8170%
-0.2908% -0.8186% -0.4394% -0.9710%
-0.1718% -0.8254% 0.1320% -1.1881%
0.7529% 1.2823% 1.4408% 1.1710%
0.7742% 2.2538% 2.3984% 1.7480%
0.6072% 0.8648% 1.4703% 1.2871%
-0.0486% 0.1924% -0.3760% -0.1829%
0.0553% -0.9316% -1.0097% -1.1884%
-0.1915% -0.6987% -1.3194% -0.4557%
0.2919% -0.5764% 0.8108% 0.9930%
-0.1272% 0.5764% 1.0148% 0.8837%
0.0582% 0.1149% 0.3360% -0.0498%
0.4080% -0.1149% -0.4623% 0.0498%
0.0037% 0.1149% 0.9224% 0.4307%
-0.1026% -0.4026% 0.0834% -0.4473%
0.1130% 0.7808% 0.7064% 0.2322%
-0.2165% -0.3093% -0.3318% 0.5451%
-0.1480% -0.2757% -0.2912% 0.6077%
0.4765% 0.4820% 0.2497% 0.5715%
-0.0687% 0.3087% -0.2914% 1.7271%
-1.8345% -3.8869% -6.1015% -4.0995%
0.3680% -0.3685% 0.7504% 0.1666%
0.6745% 0.9719% 1.3540% 1.6835%
0.5147% -0.0944% -0.0434% -0.0655%
0.1836% 1.2437% 1.5077% 1.0589%
0.2486% -0.0583% -0.1283% 0.9034%
0.4432% -0.4209% -0.4720% -0.5152%
0.0311% 0.0117% -0.0430% 0.1935%
-0.1205% -1.7252% -1.4301% -0.6952%
-0.0460% -2.1079% -2.2066% -1.8007%
0.7543% 1.1016% 0.9769% 0.8880%
0.3701% -0.5069% -0.7986% 0.0491%
-0.1218% 0.1813% -0.1783% 0.2288%
-0.2783% 0.2051% -0.8065% -0.3926%
0.1567% 1.1386% 1.6507% 1.4159%
0.0267% 1.2318% 1.6239% 2.1265%
-0.0830% 2.3385% 3.0019% 1.9427%
-0.0979% 0.0230% 0.4637% -0.2019%
0.4501% 0.3328% -0.0421% 0.5736%
-0.0996% -0.2065% -0.0421% 0.0464%
-0.1959% -1.0504% -1.3986% -1.2907%
0.1593% 1.5429% 0.2558% 0.0313%
-0.0583% -0.4581% -1.5444% -0.1253%
-0.0456% -0.1149% -0.8684% -0.3295%
0.1560% -0.1840% -0.4809% -0.3306%
-0.7790% 1.3607% 1.9528% 1.2849%
0.8770% 1.9903% 2.5876% 1.4682%
-0.8637% 1.4699% 1.8258% 2.7241%
0.1532% 0.2739% -0.2470% -0.1494%
0.3760% 2.4639% 2.6842% 2.3204%
-0.9413% -0.3208% -0.8463% -1.2052%
0.6383% 0.5021% 0.4845% 0.4132%
0.0927% -0.7057% 0.2413% -0.3836%
-0.0783% -0.3871% -1.1720% -1.2345%
0.7279% -0.3453% -1.0215% 0.1495%
0.1873% 0.6357% 1.1027% 0.1493%
0.4663% -0.9172% -1.6793% -0.4486%
-0.0053% -0.9366% -0.7879% 0.1647%
0.0598% -0.3508% -0.5008% 0.0897%
0.5358% 0.1426% 0.6672% -0.2845%
-0.0522% -0.3405% -1.0865% -1.0550%
-0.1064% 0.4282% 0.4611% 0.1514%
 0.2919% 1.6515% 2.3560% 2.8780%
0.0283% -0.9419% -1.1091% -0.0735%
-0.0973% -0.4142% -0.4139% -0.5606%
-0.1342% -0.2954% -0.3324% -0.2518%
-0.0728% 0.5681% 0.3738% 1.5013%
0.2446% 1.3310% 1.3589% 1.6661%
0.0493% 0.0860% 0.5710% -0.2590%
-0.2186% -0.6573% -0.8987% -1.8757%
0.1887% 1.2463% 2.4322% 1.2399%
-0.0772% 0.0213% -0.2807% -0.1451%
-0.0364% -0.1602% -0.6446% -0.6554%
-1.4580% -1.4431% -2.5380% -1.7840%
0.1275% -0.8387% -1.0838% -0.6268%
0.9994% 1.1636% 2.3199% 1.6186%
-0.0499% 0.2592% 0.2045% 0.1178%
0.1419% -0.6926% -1.1508% -0.3833%
-1.5557% -1.5760% -2.2999% -1.6529%
-0.1837% 0.0992% -0.0846% -0.0300%
1.1054% 0.8996% 0.8851% 0.4047%
-0.3460% 0.1201% -0.2942% 0.5668%
-0.2077% -0.1638% 0.3361% 0.6819%
0.1671% 0.4035% -0.2941% 0.2361%
0.0487% -0.3161% -0.2106% -0.0590%
0.0842% -0.5473% -0.5920% -0.4878%
0.4605% 0.2303% 1.2224% 0.7823%
0.5705% -0.4610% 0.0837% 0.0294%
0.1981% 0.8872% 0.8337% 0.8052%
-0.7579% -2.4172% -3.2914% -2.0923%
0.3124% 0.6681% 0.4281% 0.2379%
-0.1668% -1.8933% -2.2463% -1.7230%
1.0781% 1.5375% 2.0325% 2.3007%
0.3358% 1.2176% 2.4943% 1.5825%
0.0757% 0.2857% 1.5742% 0.8684%
-0.1101% -0.1977% -0.3706% -0.2164%
0.1845% 0.7120% 0.5759% -0.2893%
0.1455% 1.4089% 1.3040% 2.2344%
0.1110% 1.0917% 0.6457% 0.7760%
0.0634% 0.7001% 0.8013% 0.4347%
-0.3051% 0.4535% 0.3983% 0.4189%
0.0648% -0.2107% -0.5580% -0.5029%
-0.2225% -0.7515% -1.0446% -0.7874%
0.0072% -0.4472% 0.2017% 0.1411%
0.4077% 1.5672% 2.3896% 1.8713%
0.1204% 0.2099% 0.1573% 0.5106%
0.3698% 0.1362% -0.4332% 0.1238%
0.3867% 1.3829% 1.0989% 1.4467%
0.2157% 0.5253% 0.9324% 0.4461%
0.1246% -1.0222% -0.5817% -0.0945%
 0.5631% 0.7547% 1.6204% 2.2167%
-0.1074% -0.1752% 0.3057% -0.1057%
-0.1806% -0.5276% -1.3830% -0.3311%
0.2320% 0.7440% 0.3090% -0.2789%
0.1802% -0.2990% -0.3864% -0.3197%
-0.0810% -1.0171% 0.0000% -3.8495%
0.2422% 1.8194% 1.4223% 0.1109%
0.0742% 0.3783% 1.0630% 1.2800%
0.0328% 0.1224% 0.3769% -0.3288%
0.5104% 1.4169% 2.1954% 0.8879%
-0.3980% -0.1710% -0.0368% 0.0000%
0.1617% 1.5780% 1.8965% 0.9610%
-0.4674% 0.0990% -0.1808% -0.8386%
0.1270% 0.7102% 0.3973% 0.2306%
0.8041% 0.0295% 0.2161% 0.1084%
-0.3198% -0.3544% -0.7220% -0.1219%
0.0944% -0.7920% -0.7638% -0.3802%
0.1591% 0.3076% 0.5098% 0.7185%
0.3282% 0.4844% 1.0479% 0.0270%
0.1081% -2.6580% -2.3274% -1.8262%
0.1443% -1.1304% -1.4453% -0.5102%
-0.3769% -0.0102% -1.1261% 0.1243%
-0.0898% -0.1230% 0.0755% -0.2488%
-0.1329% -0.2464% -1.0237% -1.0015%
0.2622% 1.2261% 1.9623% 0.1955%
-0.2629% -0.3357% -0.5245% -0.4755%
0.7795% 0.8018% 0.4124% 1.4613%
-0.0751% -0.2936% -0.2622% -0.1659%
0.2054% -0.3249% -0.2629% -0.3327%
-0.0384% -0.3975% 0.0000% -0.8786%
0.9800% 3.4426% 3.8729% 3.1845%
-0.0369% 2.3113% 2.2891% 1.8019%
0.8158% 0.7587% -0.3897% 0.6111%
-0.2027% 0.2580% -0.2488% 0.0132%
-0.1053% 2.0403% 3.3593% 2.0838%
-0.3746% -1.1567% -0.4484% -0.7290%
-0.0114% -0.7501% -1.0075% -1.4476%
0.2928% -0.2959% 0.4876% -0.6116%

0.068% 0.089% 0.097% 0.098%

0.424% 1.064% 1.452% 1.165%
1.00 0.24 0.18 0.21
0.0003 0.0005 0.0006 0.0006
0.1610 0.0839 0.0671 0.0844
-1.835% -3.887% -7.690% -4.100%
1.202% 3.556% 5.109% 3.270%
17.225% 22.517% 24.562% 24.777%
6.738% 16.898% 23.050% 18.490%
 2.56 1.33 1.07 1.34

S&P500 JPM BAC Citi

1 0.58957529149281 0.60665693393268 0.577196896824289
0.58957529149281 1 0.904681989278399 0.840605990578473
0.60665693393268 0.904681989278399 1 0.822149782561021
0.577196896824289 0.840605990578473 0.822149782561021 1
0.231750559442229 0.226723630734098 0.233990514989603 0.221268696731908
0.201800017914053 0.127774557419693 0.088438356252676 0.151186252023018
0.135829947882262 0.088357970580129 0.06689880166846 0.142780758935359
0.276018754814353 0.246661702092227 0.231465701627083 0.218521601588407

S&P500 JPM BAC Citi

0.0000179 0.0000265 0.0000372 0.0000284
0.0000265 0.0001128 0.0001392 0.0001038
0.0000372 0.0001392 0.0002099 0.0001384
0.0000284 0.0001038 0.0001384 0.0001351
0.0000095 0.0000233 0.0000328 0.0000248
0.0000126 0.0000201 0.0000190 0.0000260
0.0000073 0.0000119 0.0000123 0.0000211
0.0000143 0.0000321 0.0000411 0.0000311

Frontera Eficiente
s m
1.062% 0.089%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
 RENDIMIENTOS

DIS Bancolombia Grupo Aval

1% 10% 2%
-0.7659% 0.6415% 0.1243%
-0.2020% 2.3084% 1.2346%
0.1924% -2.2251% -1.4833%
0.3262% 2.9559% 0.2488%
-0.4609% -0.2971% -0.2488%
1.3288% -1.9667% -1.1271%
0.1518% -0.0276% 1.1271%
0.0948% -0.6089% -2.9061%
-0.1327% 0.8845% 0.5115%
-0.2564% -0.1652% 0.2548%
0.0190% -0.5528% 1.2642%
-0.8307% -0.2220% 0.3762%
0.2490% 1.1874% 1.1201%
1.4432% 2.1185% 0.9852%
1.2739% 0.3755% 1.7011%
-0.0559% 1.8568% 1.4354%
1.4790% 0.3934% -1.3150%
-0.5521% 0.1569% -1.6991%
0.9733% 0.1045% -0.6139%
-1.7607% 0.1305% 2.5533%
0.4917% -0.9695% -1.2077%
-0.0833% 0.2104% 0.7264%
0.1758% -0.5797% -1.3358%
-0.8169% -0.7960% 0.0000%
0.3536% 1.1389% 0.0000%
-0.5028% -0.1054% 0.9732%
0.7255% -0.4492% 0.1210%
0.1482% 1.2893% 1.7975%
1.1410% -0.5505% -0.7151%
1.4893% -0.6858% 0.3582%
-0.2617% 0.2115% -0.8378%
0.5857% 0.3691% 0.5992%
-0.6219% 1.7737% 1.0695%
-0.2807% 0.8752% 1.0582%
-0.6640% -0.3080% 0.0000%
-0.5216% -1.2676% 0.1169%
0.0000% -1.8658% -2.0060%
0.4485% 0.6082% 0.8309%
-0.2103% 0.3684% 0.0000%
0.3563% -0.3157% -0.9501%
0.6182% -1.0596% -4.5157%
-0.1361% 1.2439% -0.3752%
0.4799% 0.9685% 1.6159%
-0.5889% -1.5752% 0.1232%
-0.0454% -0.6904% -3.3817%
0.0999% 0.4785% 0.6349%
-0.3548% 3.1583% 0.8822%
0.5362% -3.5302% -2.2844%
0.6505% 0.2658% -0.6439%
-0.4061% -2.5815% -3.5507%
0.5860% 0.8139% 2.3811%
-0.5137% -0.2164% 0.5215%
0.1715% 0.8091% -1.7050%
-0.0180% -1.5429% -0.6636%
0.1713% -0.7942% -0.1332%
-0.0991% 1.3111% 0.5319%
0.5395% 1.0259% 1.3175%
0.7059% -2.8608% -1.1850%
-0.3925% 2.3492% 2.2267%
-0.1431% 1.6069% 1.6699%
0.0448% 0.7675% -0.2551%
-0.0089% 1.6214% -0.7692%
0.2949% 0.8267% 1.1516%
0.1426% 0.2313% -0.6382%
-0.0891% 1.0469% 2.4037%
0.2138% 0.0508% -1.0050%
0.5944% 2.4823% -0.2528%
-0.4610% 0.2473% 2.8698%
0.5760% -0.3464% 0.3683%
0.1854% -1.1719% 0.1225%
-0.1677% 1.4690% -0.6139%
-0.1414% 0.6406% 1.8304%
-0.0354% -0.2213% -0.8500%
0.0442% -0.5925% 0.0000%
-0.4166% -0.4218% 0.1219%
-0.1333% 1.0142% 0.7282%
0.5676% -0.1231% 0.4825%
-0.0265% -0.7172% 0.0000%
0.6525% 0.3221% 0.8388%
0.3597% -1.0695% -0.1194%
-0.4037% -2.8149% -0.8398%
0.9277% 1.3540% -0.3621%
-0.9541% 0.9596% -0.4848%
1.2933% 0.2259% -0.3652%
0.3467% -0.8309% -0.9804%
0.2247% -1.6057% -2.4939%
-0.2074% 1.4539% 0.7547%
-1.0697% 0.6562% -0.2509%
-2.4339% 0.2011% 0.2509%
-0.4040% -0.1005% -2.4098%
0.7349% 1.7192% 3.4073%
-0.5103% 1.2520% -0.2484%
 0.5817% 0.6323% -0.6238%
-2.1739% 2.8205% 0.3748%
-0.0730% 1.6363% 1.2392%
0.1003% 0.1390% 2.5533%
-0.5118% 2.4020% 2.3726%
-1.0594% 1.1685% 0.2342%
-1.5587% -1.9173% -2.9676%
0.3474% -1.2374% -1.9465%
0.7843% 3.1770% 3.6192%
0.1023% -1.0554% -0.7134%
-0.5684% -0.0452% 0.2384%
0.6427% 0.1129% 0.3565%
-0.4093% -0.6790% -1.4337%
1.0571% 0.3627% 0.7194%
-0.0646% -1.0922% -0.5992%
-0.3699% 0.6840% 0.4796%
0.2498% 0.7470% 0.9524%
-0.9564% -0.1128% 0.7084%
-0.6177% 1.1672% -0.7084%
-0.9622% 1.4181% 0.8260%
0.3973% 0.2637% -0.9445%
-1.5221% -1.5257% -0.2375%
1.2385% -0.7380% 0.7109%
1.3355% -0.0224% -0.4734%
-0.4494% 1.7802% 0.1186%
-0.3949% 0.3083% 0.1184%
-0.5953% 0.7666% -0.9513%
-1.4992% -1.7166% -4.0225%
0.8240% -5.0067% -1.3776%
-0.5550% -1.1737% 0.3776%
0.1342% 0.4241% 0.2509%
1.0011% 1.5399% -0.6285%
1.3662% 3.7715% 1.8739%
-1.0820% -0.4917% 2.2033%
0.5095% -0.1794% 0.2418%
-0.5852% -0.1348% 0.3617%
-2.1821% -0.7219% 1.3150%
-0.0290% -0.6131% -0.9547%
0.2610% 0.3638% 0.9547%
0.2410% 1.0386% -1.3150%
0.5187% 2.4846% 2.3782%
-0.0863% -0.0657% 1.2843%
0.7642% -0.9915% 0.1159%
-0.2859% -1.2926% -0.1159%
0.9119% 0.6930% 0.0000%
1.0067% -1.9798% 0.5784%
0.2524% -0.8672% -0.3466%
-0.0841% -0.2065% -0.5804%
-0.5435% 0.8690% 1.0423%
0.4874% -1.0759% 0.3450%
2.8212% 0.8251% 0.1147%
-0.0364% 0.4328% 0.2291%
-0.0273% -0.5927% 1.2507%
0.6167% 1.3624% 0.6757%
-1.7695% 0.0000% 0.4479%
0.4132% -0.3162% -0.2237%
-1.3191% -0.4990% -0.3365%
-0.6615% -1.0744% -1.2437%
-3.9565% -2.0902% 0.1137%
-1.4497% -0.3056% -0.5698%
0.6295% 2.3268% 1.3621%
-0.5802% -0.1151% -2.5115%
0.1084% -1.8123% -0.1157%
0.6774% 3.7957% 1.1508%
-0.8056% -2.9552% -0.1145%
-0.6730% 2.3893% 0.7986%
2.0348% 0.1361% 1.1300%
-1.2435% 1.2839% -0.3376%
0.0197% -1.4428% 0.2252%
0.8729% 1.6887% 3.7532%
0.1464% -1.6206% -2.5234%
0.0098% 2.0216% -0.5571%
0.2921% -1.9763% -0.4479%
-1.6367% 2.9499% 0.8939%
0.2960% 4.3733% 1.5453%
0.0985% 0.0632% -0.3291%
-0.0985% 1.8161% 1.2015%
-4.4626% -0.8935% -1.5318%
0.0206% 0.6657% -0.6637%
0.8206% -0.5614% -0.1110%
0.9456% -0.2923% 0.2220%
-0.9353% -0.8822% 0.4425%
0.6313% 0.1476% 1.4247%
-0.4272% -0.2531% -0.3270%
0.3358% -0.3173% 0.0000%
0.7893% -2.3364% -0.5473%
-0.3231% 0.7992% -0.3299%
-0.2937% 2.0022% -1.1074%
0.9790% -1.7873% 0.0000%
-0.9485% -0.9708% -0.2230%
0.6166% -0.5434% -0.6719%
-1.2064% -0.4369% 0.4484%
0.5289% 0.2405% 0.3350%
1.3002% 0.2181% -0.2232%
0.9270% 0.6083% -0.6726%
-0.2384% -1.0451% 0.6726%
-0.4386% 0.3714% 1.0006%
-0.0400% -1.3170% -0.1107%
-0.5009% -1.5363% -1.2256%
0.0100% 0.1121% 0.7817%
-1.0397% -0.5844% -0.3343%
-1.1943% 0.9870% 0.6674%
1.0013% -1.6883% -0.3331%
-0.1119% 0.3173% 0.9961%
0.7706% -0.7040% -0.8850%
0.3931% -0.8928% 0.0000%
-0.7067% -0.5072% -1.5678%
-0.4163% -1.3964% -0.4525%
-0.4998% -0.4463% -0.3407%
0.7741% 0.2116% -0.3419%
-0.2540% -7.3079% -1.9597%
-0.2750% -3.9696% -2.5945%
-0.2349% -0.7390% -0.5992%
1.2396% -0.0265% 1.3135%
-0.3946% -2.0073% 0.1186%
2.9665% 1.4493% -1.4320%
-0.4241% 1.6647% 0.8378%
1.4716% 1.7663% -0.1193%
2.0246% -0.5421% -0.5984%
-1.5485% -2.6759% -0.1201%
0.4159% 1.5042% 1.5504%
-0.1546% 1.3786% 1.5267%
-0.4263% 1.4108% -0.8192%
-0.2527% 0.6095% 0.7026%
-0.0974% 0.2528% 0.2331%
0.1460% -2.4024% -2.1177%
0.6014% 0.7217% -0.4768%
1.7542% -0.2057% -2.1740%
-0.3999% -0.6454% -0.4896%
0.4094% -0.3113% 1.0982%
4.6140% -0.5210% 0.3634%
-2.7596% 0.0522% -0.4848%
-1.6551% 1.9900% -0.6094%
-0.1898% -0.2562% 1.8171%

0.002% 0.038% 0.016%

0.968% 1.482% 1.272%
0.10 0.06 0.05
0.0008 0.0007 0.0007
0.0017 0.0259 0.0123
-4.463% -7.308% -4.516%
4.614% 4.373% 3.753%
0.425% 9.676% 3.951%
15.374% 23.532% 20.190%
 0.03 0.41 0.20

DIS Bancolombia Grupo Aval

0.231750559442229 0.201800017914053 0.135829947882262
0.226723630734098 0.127774557419693 0.088357970580129
0.233990514989603 0.088438356252676 0.06689880166846
0.221268696731908 0.151186252023018 0.142780758935359
1 0.063790728200195 0.042749303612826
0.063790728200195 1 0.499882241370739
0.042749303612826 0.499882241370739 1
-0.000711646286867 0.338916296817182 0.359453159772678

DIS Bancolombia Grupo Aval

0.0000095 0.0000126 0.0000073
0.0000233 0.0000201 0.0000119
0.0000328 0.0000190 0.0000123
0.0000248 0.0000260 0.0000211
0.0000934 0.0000091 0.0000052
0.0000091 0.0002188 0.0000938
0.0000052 0.0000938 0.0001611
- 0.0000001 0.0000614 0.0000559
 LA FRONTERA EFICIENTE DEL PORTAFOLIO SERIA CUANDO EL RIESGO ES IGUAL A
1,062% OBTENIENDO UN REDNIMIENTO DE 0,089%, PARTIENDO DE LA
OPTIMIZACION DE LA INVERSION QUE CORRESPONDE AL 52% DE DISTRIBUCION DE
LOS PESOS EN CITI
Bovespa PORTAFOLIO
S&P 500 portafolio Bovespa
100%
-2.2093% -0.9816% -0.1138% -0.9816% -2.2093%
0.1721% 0.4662% 0.5380% -0.5154% 0.1721%
-1.8188% -0.4841% -0.2770% -0.9995% -1.8188%
0.3157% 1.6650% 0.1106% 0.6655% 0.3157%
-0.0122% -1.1250% -0.0646% -0.4595% -0.0122%
-2.2132% -0.4262% 0.1327% -0.8857% -2.2132%
0.8229% 1.3880% 0.4958% 0.5023% 0.8229%
0.1104% -0.2237% 0.2497% 0.2786% 0.1104%
-0.6811% -0.2092% 0.0633% 0.0695% -0.6811%
1.1839% 0.4989% 0.1884% 0.5684% 1.1839%
1.3025% 0.0756% 0.4129% 0.6440% 1.3025%
1.8315% -1.3086% -0.4262% -0.6646% 1.8315%
0.7427% -0.8741% -0.4556% -1.5388% 0.7427%
2.6002% 2.0449% -0.0753% 0.5061% 2.6002%
-0.3643% 1.2083% 0.4953% 1.7145% -0.3643%
0.7794% -1.0885% 0.4182% 0.6260% 0.7794%
-0.6556% 0.2097% 0.7693% 0.8356% -0.6556%
0.7535% 0.0215% 0.4138% 0.8572% 0.7535%
0.5048% -0.0095% 0.6964% 0.8476% 0.5048%
2.3857% -0.8505% 0.4817% -0.0029% 2.3857%
-0.4740% 0.3850% 0.6665% 0.3821% -0.4740%
1.0981% -2.5024% 0.3693% -2.1203% 1.0981%
-0.3187% -0.2766% 0.5455% -2.3969% -0.3187%
-0.3103% -0.9407% 0.1839% -3.3376% -0.3103%
0.8879% -0.2237% 0.5200% -3.5613% 0.8879%
1.8845% -0.4799% 0.2506% -4.0412% 1.8845%
0.1390% 1.4938% 0.9049% -2.5474% 0.1390%
0.5310% 1.4964% 1.6308% -1.0509% 0.5310%
-0.2369% -0.3498% 1.5441% -1.4008% -0.2369%
-2.6583% -1.0505% 0.9413% -2.4513% -2.6583%
0.5723% -1.2237% 0.8523% -3.6751% 0.5723%
0.2554% 0.5715% 0.8821% -3.1035% 0.2554%
-0.3986% -0.1013% 0.9391% -3.2048% -0.3986%
0.5801% 2.6546% 1.6630% -0.5502% 0.5801%
-1.4906% -0.3759% 1.4512% -0.9260% -1.4906%
0.3213% -0.7820% 1.4739% -1.7080% 0.3213%
0.9866% -1.3642% 1.5432% -3.0723% 0.9866%
0.1995% 1.5773% 2.1168% -1.4950% 0.1995%
1.7693% 0.3034% 2.4728% -1.1916% 1.7693%
1.2670% 1.6062% 2.9960% 0.4146% 1.2670%
-0.3811% 1.4345% 3.3959% 1.8491% -0.3811%
1.8750% 1.3435% 3.8939% 3.1926% 1.8750%
-0.2376% 0.0241% 3.8075% 3.2167% -0.2376%
-0.0971% -0.4364% 3.9752% 2.7803% -0.0971%
 1.9059% 0.5400% 4.5782% 3.3203% 1.9059%
-0.6720% 0.1372% 4.4699% 3.4575% -0.6720%
-1.6585% 0.1249% 4.5118% 3.5824% -1.6585%
-1.1919% -1.7574% 4.6610% 1.8250% -1.1919%
0.4890% 3.3536% 5.8627% 5.1786% 0.4890%
-1.7072% -1.5312% 5.2750% 3.6474% -1.7072%
1.4032% 0.7298% 5.3254% 4.3772% 1.4032%
-0.6673% -0.9165% 4.9971% 3.4607% -0.6673%
-0.9071% 0.1427% 4.7054% 3.6034% -0.9071%
-1.5703% 0.3816% 4.4767% 3.9850% -1.5703%
-0.2054% 0.4210% 4.5566% 4.4060% -0.2054%
0.1396% 0.0188% 4.8830% 4.4248% 0.1396%
1.3192% 0.1670% 4.9196% 4.5919% 1.3192%
-1.2821% -0.3427% 4.5811% 4.2492% -1.2821%
2.3454% -0.3494% 5.4151% 3.8998% 2.3454%
-0.6848% 0.4868% 5.2523% 4.3866% -0.6848%
-2.4201% -1.0602% 5.1208% 3.3264% -2.4201%
-1.9335% -4.1920% 3.6711% -0.8656% -1.9335%
0.8553% -0.2048% 3.8599% -1.0704% 0.8553%
0.0149% 0.3885% 3.7538% -0.6820% 0.0149%
0.5071% 0.2125% 3.6693% -0.4695% 0.5071%
0.7094% 0.1162% 3.5673% -0.3533% 0.7094%
0.5150% 1.8503% 4.2899% 1.4970% 0.5150%
1.3642% -0.1249% 4.3983% 1.3721% 1.3642%
-0.4011% 1.5864% 4.6914% 2.9585% -0.4011%
-0.4329% -1.1388% 4.4657% 1.8197% -0.4329%
0.3493% -0.0254% 4.3013% 1.7943% 0.3493%
0.8512% -0.0842% 4.3573% 1.7100% 0.8512%
-1.5231% -0.5367% 4.0513% 1.1733% -1.5231%
-0.8559% 0.3328% 4.2441% 1.5062% -0.8559%
0.5751% -0.5873% 4.1613% 0.9189% 0.5751%
0.0878% -0.2032% 4.2301% 0.7157% 0.0878%
-0.4496% -0.3431% 4.0866% 0.3726% -0.4496%
-0.7300% -0.8669% 3.7099% -0.4943% -0.7300%
0.6914% 0.7101% 3.8837% 0.2158% 0.6914%
-0.2741% -0.8024% 3.5930% -0.5866% -0.2741%
-1.1788% -0.9697% 3.4212% -1.5563% -1.1788%
0.5562% 1.2348% 4.1741% -0.3215% 0.5562%
0.9807% 1.8107% 4.9483% 1.4892% 0.9807%
1.1724% 1.1516% 5.5555% 2.6407% 1.1724%
-0.4406% -0.2691% 5.5069% 2.3717% -0.4406%
-0.2862% -1.1718% 5.5622% 1.1999% -0.2862%
1.1173% -0.4783% 5.3707% 0.7216% 1.1173%
1.9959% 0.7113% 5.6626% 1.4330% 1.9959%
-0.9456% 0.7717% 5.5354% 2.2046% -0.9456%
-1.8803% 0.0073% 5.5936% 2.2119% -1.8803%
1.2976% 0.1463% 6.0016% 2.3582% 1.2976%
-0.2800% 0.5812% 6.0053% 2.9394% -0.2800%
 1.1405% -0.1954% 5.9028% 2.7439% 1.1405%
1.6046% 0.6432% 6.0158% 3.3872% 1.6046%
0.2786% 0.3573% 5.7993% 3.7444% 0.2786%
1.0082% 0.2816% 5.6513% 4.0260% 1.0082%
0.3691% 0.6903% 6.1278% 4.7164% 0.3691%
0.3067% 0.9671% 6.0591% 5.6834% 0.3067%
-1.6800% -4.3125% 4.2246% 1.3709% -1.6800%
-9.2110% 0.0782% 4.5926% 1.4491% -9.2110%
1.6779% 1.7090% 5.2670% 3.1581% 1.6779%
-1.5539% -0.1731% 5.7817% 2.9850% -1.5539%
1.5909% 1.0465% 5.9653% 4.0315% 1.5909%
0.9449% 0.4567% 6.2139% 4.4882% 0.9449%
-0.0483% -0.5287% 6.6571% 3.9595% -0.0483%
1.3489% 0.1523% 6.6882% 4.1118% 1.3489%
-0.1924% -1.0134% 6.5677% 3.0984% -0.1924%
-1.9749% -1.6245% 6.5217% 1.4739% -1.9749%
-0.6767% 0.9124% 7.2759% 2.3863% -0.6767%
0.3560% -0.2315% 7.6460% 2.1548% 0.3560%
-0.0964% 0.1889% 7.5242% 2.3437% -0.0964%
0.8042% -0.2365% 7.2459% 2.1072% 0.8042%
0.3426% 1.2743% 7.4026% 3.3815% 0.3426%
-0.6594% 1.4624% 7.4293% 4.8439% -0.6594%
-0.8723% 1.9474% 7.3463% 6.7912% -0.8723%
-0.8237% 0.0149% 7.2483% 6.8061% -0.8237%
0.2085% 0.4969% 7.6985% 7.3030% 0.2085%
0.1518% 0.0222% 7.5988% 7.3252% 0.1518%
-0.4800% -1.0742% 7.4030% 6.2510% -0.4800%
-1.4057% -0.0326% 7.5623% 6.2184% -1.4057%
-0.0073% -1.0170% 7.5040% 5.2014% -0.0073%
0.8366% -0.5153% 7.4585% 4.6861% 0.8366%
-0.3025% -0.2618% 7.6144% 4.4243% -0.3025%
0.9585% 1.4438% 6.8354% 5.8681% 0.9585%
0.5538% 2.0377% 7.7124% 7.9058% 0.5538%
0.3557% 2.0041% 6.8487% 9.9099% 0.3557%
1.0565% -0.1201% 7.0019% 9.7898% 1.0565%
0.4033% 2.1119% 7.3779% 11.9018% 0.4033%
-1.0887% -0.9380% 6.4366% 10.9637% -1.0887%
-0.2371% 0.3055% 7.0749% 11.2692% -0.2371%
1.1218% -0.1516% 7.1676% 11.1176% 1.1218%
1.2718% -0.8937% 7.0893% 10.2239% 1.2718%
1.5597% 0.0891% 7.8172% 10.3130% 1.5597%
0.5273% 0.4352% 8.0045% 10.7481% 0.5273%
0.3948% -0.8340% 8.4708% 9.9141% 0.3948%
-0.3427% -0.3394% 8.4655% 9.5747% -0.3427%
0.1920% -0.0352% 8.5252% 9.5395% 0.1920%
-0.2417% -0.1432% 9.0611% 9.3963% -0.2417%
-0.7635% -0.9454% 9.0089% 8.4509% -0.7635%
0.6401% 0.2037% 8.9025% 8.6546% 0.6401%
 0.8688% 2.3530% 9.1944% 11.0076% 0.8688%
-1.0056% -0.5055% 9.2226% 10.5021% -1.0056%
0.4096% -0.3234% 9.1253% 10.1787% 0.4096%
0.3361% -0.1961% 8.9911% 9.9827% 0.3361%
0.6441% 0.8964% 8.9183% 10.8791% 0.6441%
0.8999% 1.4951% 9.1629% 12.3742% 0.8999%
0.9274% 0.0079% 9.2121% 12.3822% 0.9274%
-0.5360% -1.2978% 8.9935% 11.0844% -0.5360%
0.1808% 1.3076% 9.1823% 12.3920% 0.1808%
1.4852% -0.2824% 9.1051% 12.1096% 1.4852%
-0.3362% -0.7643% 9.0688% 11.3453% -0.3362%
-1.0084% -1.7630% 7.6107% 9.5823% -1.0084%
0.5456% -0.4145% 7.7382% 9.1678% 0.5456%
1.3655% 1.4705% 8.7376% 10.6382% 1.3655%
0.1031% -0.0442% 8.6877% 10.5941% 0.1031%
0.3493% -0.1469% 8.8296% 10.4472% 0.3493%
-0.9043% -1.8980% 7.2739% 8.5492% -0.9043%
1.0796% 0.2213% 7.0901% 8.7705% 1.0796%
1.8693% 0.5783% 8.1955% 9.3488% 1.8693%
0.6639% 0.3424% 7.8496% 9.6912% 0.6639%
0.9253% 0.2827% 7.6419% 9.9738% 0.9253%
-0.0832% 0.3423% 7.8090% 10.3161% -0.0832%
-0.0803% -0.3260% 7.8577% 9.9901% -0.0803%
0.4401% -0.2653% 7.9420% 9.7248% 0.4401%
-0.6238% 0.5318% 8.4024% 10.2566% -0.6238%
-0.0723% 0.2866% 8.9729% 10.5432% -0.0723%
1.5244% 1.1871% 9.1710% 11.7303% 1.5244%
0.3162% -2.1519% 8.4130% 9.5784% 0.3162%
1.7334% 0.5022% 8.7254% 10.0807% 1.7334%
-0.4554% -1.8115% 8.5586% 8.2692% -0.4554%
1.6831% 1.9117% 9.6367% 10.1809% 1.6831%
0.2947% 1.5181% 9.9725% 11.6990% 0.2947%
0.3335% 0.8584% 10.0482% 12.5573% 0.3335%
-0.1752% -0.3137% 9.9380% 12.2437% -0.1752%
1.4625% 0.1143% 10.1226% 12.3580% 1.4625%
0.3083% 1.5927% 10.2681% 13.9506% 0.3083%
-0.0214% 0.6458% 10.3790% 14.5964% -0.0214%
0.0394% 0.2597% 10.4424% 14.8561% 0.0394%
-0.5274% 0.4329% 10.1374% 15.2890% -0.5274%
-0.2842% -0.2470% 10.2021% 15.0420% -0.2842%
-1.2631% -0.9147% 9.9797% 14.1273% -1.2631%
-0.1677% -0.0320% 9.9869% 14.0953% -0.1677%
-0.7049% 1.6656% 10.3946% 15.7609% -0.7049%
-0.3114% 0.2790% 10.5150% 16.0400% -0.3114%
0.9824% 0.0057% 10.8848% 16.0457% 0.9824%
0.0892% 1.1957% 11.2715% 17.2414% 0.0892%
3.1806% 0.5743% 11.4871% 17.8157% 3.1806%
-0.2236% -0.3902% 11.6117% 17.4255% -0.2236%
 0.0341% 1.6860% 12.1748% 19.1115% 0.0341%
-0.7373% -0.1304% 12.0674% 18.9811% -0.7373%
-0.4321% -0.7538% 11.8868% 18.2273% -0.4321%
1.5337% 0.0336% 12.1187% 18.2608% 1.5337%
-0.3092% -0.3683% 12.2989% 17.8925% -0.3092%
0.4295% -2.0034% 12.2179% 15.8892% 0.4295%
-1.0295% 0.4297% 12.4600% 16.3189% -1.0295%
0.5103% 1.0197% 12.5342% 17.3386% 0.5103%
-0.4029% -0.1449% 12.5670% 17.1937% -0.4029%
0.1406% 1.0669% 13.0774% 18.2606% 0.1406%
-1.2877% -0.1154% 12.6794% 18.1452% -1.2877%
1.2349% 0.9788% 12.8410% 19.1240% 1.2349%
0.4195% -0.5278% 12.3736% 18.5962% 0.4195%
-1.0157% 0.3124% 12.5007% 18.9085% -1.0157%
0.1045% -0.6592% 13.3047% 18.2493% 0.1045%
-1.5591% -0.7309% 12.9850% 17.5184% -1.5591%
-0.6597% -0.5561% 13.0794% 16.9623% -0.6597%
-0.6545% 0.5679% 13.2385% 17.5301% -0.6545%
0.1241% 0.1222% 13.5667% 17.6523% 0.1241%
-2.0510% -1.6513% 13.6748% 16.0010% -2.0510%
2.6548% -0.5607% 13.8191% 15.4403% 2.6548%
-1.9451% -0.0289% 13.4422% 15.4114% -1.9451%
-1.0546% -0.1688% 13.3524% 15.2426% -1.0546%
-1.8730% -1.0869% 13.2195% 14.1558% -1.8730%
2.3515% 0.9005% 13.4816% 15.0562% 2.3515%
1.2683% -0.2451% 13.2187% 14.8111% 1.2683%
1.5637% 1.0636% 13.9981% 15.8747% 1.5637%
-0.1017% -0.1087% 13.9231% 15.7660% -0.1017%
-0.4862% -0.2423% 14.1285% 15.5237% -0.4862%
-0.1328% -0.7777% 14.0901% 14.7460% -0.1328%
0.1090% 3.0371% 15.0701% 17.7830% 0.1090%
-1.9604% 1.6939% 15.0332% 19.4769% -1.9604%
-1.0084% 0.2179% 15.8489% 19.6948% -1.0084%
0.4069% -0.0346% 15.6463% 19.6602% 0.4069%
1.1362% 2.1288% 15.5410% 21.7889% 1.1362%
-0.7471% -0.6389% 15.1664% 21.1500% -0.7471%
0.9906% -0.9094% 15.1549% 20.2407% 0.9906%
-1.0715% -0.2169% 15.4477% 20.0238% -1.0715%

0.080% 0.089%
1.228% 1.062%
0.10 0.25
0.0000 0.0005
0.0651 0.0834
-9.211% -4.313%
3.181% 3.354%
20.156% 22.327%
19.497% 16.860%
 1.03 1.32

Bovespa
0.276018754814353
0.246661702092227
0.231465701627083
0.218521601588407
-0.000711646286867
0.338916296817182
0.359453159772678
1

Bovespa
0.0000143
0.0000321
0.0000411
0.0000311
- 0.0000001
0.0000614
0.0000559
0.0001502
 FRECUENCIA ACUMULADA

S&P500 JPM BAC Citi DIS

0 0 0 0 0
-0.11% -0.89% -2.10% -0.82% -0.77%
0.54% -0.86% -2.10% -0.42% -0.97%
-0.28% -0.89% -1.84% -0.99% -0.78%
0.11% 0.59% 0.30% 0.32% -0.45%
-0.06% -0.65% -1.88% -0.48% -0.91%
0.13% -0.07% -2.68% -0.63% 0.42%
0.50% 1.21% -1.66% 1.26% 0.57%
0.25% 1.46% -2.01% 1.18% 0.67%
0.06% 1.62% -2.41% 0.75% 0.53%
0.19% 1.81% -2.14% 1.57% 0.28%
0.41% 1.90% -2.10% 1.73% 0.30%
-0.43% 1.17% -3.35% 0.00% -0.54%
-0.46% 0.47% -4.84% -1.11% -0.29%
-0.08% 2.01% -2.46% 0.91% 1.16%
0.50% 1.65% -0.61% 2.26% 2.43%
0.42% 0.72% -1.79% 0.50% 2.37%
0.77% 0.73% -1.79% 0.85% 3.85%
0.41% 1.09% -0.65% 0.32% 3.30%
0.70% 1.84% -0.09% -0.13% 4.28%
0.48% 0.87% -0.74% -1.36% 2.51%
0.67% 1.41% -0.35% -0.69% 3.01%
0.37% -2.30% -4.61% -2.80% 2.92%
0.55% -1.83% -2.01% -4.51% 3.10%
0.18% -2.60% -2.46% -5.79% 2.28%
0.52% -2.15% -1.97% -6.77% 2.64%
0.25% -2.10% -2.32% -7.54% 2.13%
0.90% -0.90% -0.61% -5.65% 2.86%
1.63% 1.46% 1.50% -4.57% 3.01%
1.54% 1.67% 1.16% -5.00% 4.15%
0.94% 0.63% -0.61% -5.88% 5.64%
0.85% -1.01% -1.97% -7.27% 5.37%
0.88% -0.63% -0.87% -6.88% 5.96%
0.94% -1.06% -1.62% -7.00% 5.34%
1.66% 1.96% 0.86% -3.87% 5.06%
1.45% 1.49% 0.13% -4.08% 4.39%
1.47% 1.43% -0.83% -4.86% 3.87%
1.54% 0.55% -1.84% -6.40% 3.87%
2.12% 1.98% 0.13% -4.74% 4.32%
2.47% 1.75% -0.04% -4.10% 4.11%
3.00% 3.06% 1.33% -1.83% 4.47%
3.40% 4.65% 4.12% -0.35% 5.08%
3.89% 5.79% 6.25% 0.76% 4.95%
3.81% 5.73% 6.25% 0.56% 5.43%
3.98% 5.40% 6.01% 0.22% 4.84%
4.58% 6.26% 7.06% 0.85% 4.79%
4.47% 6.31% 7.10% 0.96% 4.89%
4.51% 6.39% 6.25% 0.96% 4.54%
4.66% 5.51% 4.82% -0.80% 5.08%
5.86% 9.06% 9.93% 2.47% 5.73%
5.28% 7.49% 8.86% 0.98% 5.32%
5.33% 8.20% 9.69% 1.59% 5.91%
5.00% 7.25% 8.94% 0.40% 5.39%
4.71% 6.70% 8.78% 0.76% 5.56%
4.48% 6.48% 8.98% 1.77% 5.55%
4.56% 6.87% 9.34% 2.48% 5.72%
4.88% 6.55% 9.18% 2.39% 5.62%
4.92% 6.64% 9.14% 2.45% 6.16%
4.58% 6.80% 9.22% 2.31% 6.86%
5.42% 7.05% 8.67% 1.32% 6.47%
5.25% 6.95% 8.82% 1.83% 6.33%
5.12% 5.89% 7.39% 0.55% 6.37%
3.67% 2.20% -0.30% -3.39% 6.36%
3.86% 2.36% -0.65% -3.85% 6.66%
3.75% 2.20% -0.09% -3.37% 6.80%
3.67% 2.08% 0.13% -3.34% 6.71%
3.57% 2.03% -0.26% -2.89% 6.93%
4.29% 3.57% 1.67% -1.04% 7.52%
4.40% 3.20% 1.12% -1.09% 7.06%
4.69% 4.06% 3.32% 0.78% 7.64%
4.47% 2.71% 2.14% -0.37% 7.82%
4.30% 2.35% 2.14% -0.60% 7.65%
4.36% 2.11% 1.50% -0.60% 7.51%
4.05% 0.82% 0.35% -0.75% 7.48%
4.24% 1.15% 0.73% -0.25% 7.52%
4.16% 0.80% 0.30% -1.02% 7.10%
4.23% 0.46% -0.30% -1.27% 6.97%
4.09% 0.28% -0.74% -1.70% 7.54%
3.71% -0.11% -1.92% -2.58% 7.51%
3.88% 0.43% -1.22% -1.76% 8.16%
3.59% -0.39% -1.66% -2.74% 8.52%
3.42% -1.21% -1.53% -3.92% 8.12%
4.17% 0.07% -0.09% -2.75% 9.05%
4.95% 2.32% 2.31% -1.00% 8.09%
5.56% 3.19% 3.78% 0.28% 9.39%
5.51% 3.38% 3.41% 0.10% 9.73%
5.56% 2.45% 2.40% -1.09% 9.96%
5.37% 1.75% 1.08% -1.54% 9.75%
5.66% 1.17% 1.89% -0.55% 8.68%
5.54% 1.75% 2.90% 0.33% 6.25%
5.59% 1.87% 3.24% 0.28% 5.84%
6.00% 1.75% 2.78% 0.33% 6.58%
6.01% 1.87% 3.70% 0.76% 6.07%
5.90% 1.46% 3.78% 0.32% 6.65%
6.02% 2.24% 4.49% 0.55% 4.48%
5.80% 1.93% 4.16% 1.09% 4.40%
5.65% 1.66% 3.87% 1.70% 4.50%
6.13% 2.14% 4.12% 2.27% 3.99%
6.06% 2.45% 3.82% 4.00% 2.93%
4.22% -1.44% -2.28% -0.10% 1.37%
4.59% -1.81% -1.53% 0.07% 1.72%
5.27% -0.83% -0.17% 1.75% 2.51%
5.78% -0.93% -0.22% 1.68% 2.61%
5.97% 0.32% 1.29% 2.74% 2.04%
6.21% 0.26% 1.16% 3.65% 2.68%
6.66% -0.16% 0.69% 3.13% 2.27%
6.69% -0.15% 0.65% 3.33% 3.33%
6.57% -1.88% -0.78% 2.63% 3.26%
6.52% -3.99% -2.99% 0.83% 2.89%
7.28% -2.88% -2.01% 1.72% 3.14%
7.65% -3.39% -2.81% 1.77% 2.19%
7.52% -3.21% -2.99% 2.00% 1.57%
7.25% -3.00% -3.80% 1.60% 0.61%
7.40% -1.87% -2.14% 3.02% 1.01%
7.43% -0.63% -0.52% 5.15% -0.52%
7.35% 1.70% 2.48% 7.09% 0.72%
7.25% 1.73% 2.94% 6.89% 2.06%
7.70% 2.06% 2.90% 7.46% 1.61%
7.60% 1.85% 2.86% 7.51% 1.21%
7.40% 0.80% 1.46% 6.22% 0.62%
7.56% 2.35% 1.72% 6.25% -0.88%
7.50% 1.89% 0.17% 6.12% -0.06%
7.46% 1.77% -0.70% 5.79% -0.61%
7.61% 1.59% -1.18% 5.46% -0.48%
6.84% 2.95% 0.78% 6.75% 0.52%
7.71% 4.94% 3.36% 8.21% 1.89%
6.85% 6.41% 5.19% 10.94% 0.81%
7.00% 6.68% 4.94% 10.79% 1.32%
7.38% 9.15% 7.63% 13.11% 0.73%
6.44% 8.83% 6.78% 11.90% -1.45%
7.07% 9.33% 7.27% 12.32% -1.48%
7.17% 8.62% 7.51% 11.93% -1.22%
7.09% 8.24% 6.33% 10.70% -0.98%
7.82% 7.89% 5.31% 10.85% -0.46%
8.00% 8.53% 6.42% 11.00% -0.55%
8.47% 7.61% 4.74% 10.55% 0.22%
8.47% 6.67% 3.95% 10.71% -0.07%
8.53% 6.32% 3.45% 10.80% 0.85%
9.06% 6.47% 4.12% 10.52% 1.85%
9.01% 6.13% 3.03% 9.46% 2.10%
8.90% 6.55% 3.49% 9.62% 2.02%
 9.19% 8.20% 5.85% 12.49% 1.48%
9.22% 7.26% 4.74% 12.42% 1.96%
9.13% 6.85% 4.32% 11.86% 4.79%
8.99% 6.55% 3.99% 11.61% 4.75%
8.92% 7.12% 4.36% 13.11% 4.72%
9.16% 8.45% 5.72% 14.78% 5.34%
9.21% 8.54% 6.29% 14.52% 3.57%
8.99% 7.88% 5.40% 12.64% 3.98%
9.18% 9.13% 7.83% 13.88% 2.66%
9.11% 9.15% 7.55% 13.74% 2.00%
9.07% 8.99% 6.90% 13.08% -1.95%
7.61% 7.55% 4.36% 11.30% -3.40%
7.74% 6.71% 3.28% 10.67% -2.78%
8.74% 7.87% 5.60% 12.29% -3.36%
8.69% 8.13% 5.80% 12.41% -3.25%
8.83% 7.44% 4.65% 12.02% -2.57%
7.27% 5.86% 2.35% 10.37% -3.38%
7.09% 5.96% 2.27% 10.34% -4.05%
8.20% 6.86% 3.15% 10.74% -2.01%
7.85% 6.98% 2.86% 11.31% -3.26%
7.64% 6.82% 3.20% 11.99% -3.24%
7.81% 7.22% 2.90% 12.23% -2.36%
7.86% 6.90% 2.69% 12.17% -2.22%
7.94% 6.36% 2.10% 11.68% -2.21%
8.40% 6.59% 3.32% 12.46% -1.92%
8.97% 6.13% 3.41% 12.49% -3.55%
9.17% 7.01% 4.24% 13.30% -3.26%
8.41% 4.60% 0.95% 11.21% -3.16%
8.73% 5.26% 1.38% 11.44% -3.26%
8.56% 3.37% -0.87% 9.72% -7.72%
9.64% 4.91% 1.16% 12.02% -7.70%
9.97% 6.13% 3.66% 13.60% -6.88%
10.05% 6.41% 5.23% 14.47% -5.93%
9.94% 6.21% 4.86% 14.26% -6.87%
10.12% 6.93% 5.44% 13.97% -6.24%
10.27% 8.33% 6.74% 16.20% -6.66%
10.38% 9.43% 7.39% 16.98% -6.33%
10.44% 10.13% 8.19% 17.41% -5.54%
10.14% 10.58% 8.59% 17.83% -5.86%
10.20% 10.37% 8.03% 17.33% -6.16%
9.98% 9.62% 6.98% 16.54% -5.18%
9.99% 9.17% 7.18% 16.68% -6.13%
10.39% 10.74% 9.57% 18.55% -5.51%
10.51% 10.95% 9.73% 19.06% -6.71%
10.88% 11.08% 9.30% 19.19% -6.19%
11.27% 12.47% 10.40% 20.63% -4.89%
11.49% 12.99% 11.33% 21.08% -3.96%
11.61% 11.97% 10.75% 20.99% -4.20%
12.17% 12.72% 12.37% 23.20% -4.64%
12.07% 12.55% 12.67% 23.10% -4.68%
11.89% 12.02% 11.29% 22.77% -5.18%
12.12% 12.77% 11.60% 22.49% -5.17%
12.30% 12.47% 11.21% 22.17% -6.21%
12.22% 11.45% 11.21% 18.32% -7.40%
12.46% 13.27% 12.64% 18.43% -6.40%
12.53% 13.65% 13.70% 19.71% -6.51%
12.57% 13.77% 14.08% 19.38% -5.74%
13.08% 15.19% 16.27% 20.27% -5.35%
12.68% 15.01% 16.23% 20.27% -6.05%
12.84% 16.59% 18.13% 21.23% -6.47%
12.37% 16.69% 17.95% 20.39% -6.97%
12.50% 17.40% 18.35% 20.62% -6.20%
13.30% 17.43% 18.56% 20.73% -6.45%
12.98% 17.08% 17.84% 20.61% -6.73%
13.08% 16.29% 17.08% 20.23% -6.96%
13.24% 16.59% 17.59% 20.95% -5.72%
13.57% 17.08% 18.64% 20.97% -6.11%
13.67% 14.42% 16.31% 19.15% -3.15%
13.82% 13.29% 14.86% 18.64% -3.57%
13.44% 13.28% 13.74% 18.76% -2.10%
13.35% 13.16% 13.81% 18.51% -0.08%
13.22% 12.91% 12.79% 17.51% -1.62%
13.48% 14.14% 14.75% 17.71% -1.21%
13.22% 13.80% 14.23% 17.23% -1.36%
14.00% 14.60% 14.64% 18.69% -1.79%
13.92% 14.31% 14.38% 18.53% -2.04%
14.13% 13.98% 14.11% 18.19% -2.14%
14.09% 13.59% 14.11% 17.31% -1.99%
15.07% 17.03% 17.99% 20.50% -1.39%
15.03% 19.34% 20.28% 22.30% 0.36%
15.85% 20.10% 19.89% 22.91% -0.04%
15.65% 20.36% 19.64% 22.93% 0.37%
15.54% 22.40% 23.00% 25.01% 4.99%
15.17% 21.24% 22.55% 24.28% 2.23%
15.15% 20.49% 21.54% 22.83% 0.57%
15.45% 20.19% 22.03% 22.22% 0.38%
NCIA ACUMULADA
Bancolomb PORTAFOLI
Grupo Aval Bovespa
ia O
0 0 0 0
0.64% 0.12% -2.21% -0.9816%
2.95% 1.36% -2.04% -0.5154%
0.72% -0.12% -3.86% -0.9995%
3.68% 0.12% -3.54% 0.6655%
3.38% -0.12% -3.55% -0.4595%
1.42% -1.25% -5.77% -0.8857%
1.39% -0.12% -4.94% 0.5023%
0.78% -3.03% -4.83% 0.2786%
1.66% -2.52% -5.51% 0.0695%
1.50% -2.26% -4.33% 0.5684%
0.95% -1.00% -3.03% 0.6440%
0.72% -0.62% -1.20% -0.6646%
1.91% 0.50% -0.45% -1.5388%
4.03% 1.48% 2.15% 0.5061%
4.41% 3.18% 1.78% 1.7145%
6.26% 4.62% 2.56% 0.6260%
6.66% 3.30% 1.91% 0.8356%
6.81% 1.60% 2.66% 0.8572%
6.92% 0.99% 3.17% 0.8476%
7.05% 3.54% 5.55% -0.0029%
6.08% 2.34% 5.08% 0.3821%
6.29% 3.06% 6.18% -2.1203%
5.71% 1.73% 5.86% -2.3969%
4.91% 1.73% 5.55% -3.3376%
6.05% 1.73% 6.43% -3.5613%
5.95% 2.70% 8.32% -4.0412%
5.50% 2.82% 8.46% -2.5474%
6.79% 4.62% 8.99% -1.0509%
6.24% 3.90% 8.75% -1.4008%
5.55% 4.26% 6.09% -2.4513%
5.76% 3.42% 6.67% -3.6751%
6.13% 4.02% 6.92% -3.1035%
7.91% 5.09% 6.52% -3.2048%
8.78% 6.15% 7.10% -0.5502%
8.47% 6.15% 5.61% -0.9260%
7.20% 6.27% 5.93% -1.7080%
5.34% 4.26% 6.92% -3.0723%
5.95% 5.09% 7.12% -1.4950%
6.32% 5.09% 8.89% -1.1916%
6.00% 4.14% 10.16% 0.4146%
4.94% -0.37% 9.77% 1.8491%
6.18% -0.75% 11.65% 3.1926%
7.15% 0.87% 11.41% 3.2167%
5.58% 0.99% 11.31% 2.7803%
 4.89% -2.39% 13.22% 3.3203%
5.37% -1.76% 12.55% 3.4575%
8.52% -0.87% 10.89% 3.5824%
4.99% -3.16% 9.70% 1.8250%
5.26% -3.80% 10.19% 5.1786%
2.68% -7.35% 8.48% 3.6474%
3.49% -4.97% 9.88% 4.3772%
3.28% -4.45% 9.22% 3.4607%
4.08% -6.16% 8.31% 3.6034%
2.54% -6.82% 6.74% 3.9850%
1.75% -6.95% 6.53% 4.4060%
3.06% -6.42% 6.67% 4.4248%
4.08% -5.10% 7.99% 4.5919%
1.22% -6.29% 6.71% 4.2492%
3.57% -4.06% 9.06% 3.8998%
5.18% -2.39% 8.37% 4.3866%
5.95% -2.65% 5.95% 3.3264%
7.57% -3.42% 4.02% -0.8656%
8.40% -2.26% 4.87% -1.0704%
8.63% -2.90% 4.89% -0.6820%
9.67% -0.50% 5.39% -0.4695%
9.72% -1.50% 6.10% -0.3533%
12.21% -1.76% 6.62% 1.4970%
12.45% 1.11% 7.98% 1.3721%
12.11% 1.48% 7.58% 2.9585%
10.94% 1.60% 7.15% 1.8197%
12.40% 0.99% 7.50% 1.7943%
13.04% 2.82% 8.35% 1.7100%
12.82% 1.97% 6.83% 1.1733%
12.23% 1.97% 5.97% 1.5062%
11.81% 2.09% 6.55% 0.9189%
12.82% 2.82% 6.63% 0.7157%
12.70% 3.30% 6.18% 0.3726%
11.98% 3.30% 5.45% -0.4943%
12.31% 4.14% 6.14% 0.2158%
11.24% 4.02% 5.87% -0.5866%
8.42% 3.18% 4.69% -1.5563%
9.77% 2.82% 5.25% -0.3215%
10.73% 2.34% 6.23% 1.4892%
10.96% 1.97% 7.40% 2.6407%
10.13% 0.99% 6.96% 2.3717%
8.52% -1.50% 6.67% 1.1999%
9.98% -0.75% 7.79% 0.7216%
10.63% -1.00% 9.79% 1.4330%
10.83% -0.75% 8.84% 2.2046%
10.73% -3.16% 6.96% 2.2119%
12.45% 0.25% 8.26% 2.3582%
13.71% 0.00% 7.98% 2.9394%
14.34% -0.62% 9.12% 2.7439%
17.16% -0.25% 10.72% 3.3872%
18.79% 0.99% 11.00% 3.7444%
18.93% 3.54% 12.01% 4.0260%
21.34% 5.92% 12.38% 4.7164%
22.50% 6.15% 12.69% 5.6834%
20.59% 3.18% 11.01% 1.3709%
19.35% 1.24% 1.80% 1.4491%
22.53% 4.86% 3.47% 3.1581%
21.47% 4.14% 1.92% 2.9850%
21.43% 4.38% 3.51% 4.0315%
21.54% 4.74% 4.46% 4.4882%
20.86% 3.30% 4.41% 3.9595%
21.22% 4.02% 5.76% 4.1118%
20.13% 3.42% 5.56% 3.0984%
20.81% 3.90% 3.59% 1.4739%
21.56% 4.86% 2.91% 2.3863%
21.45% 5.56% 3.27% 2.1548%
22.62% 4.86% 3.17% 2.3437%
24.03% 5.68% 3.98% 2.1072%
24.30% 4.74% 4.32% 3.3815%
22.77% 4.50% 3.66% 4.8439%
22.03% 5.21% 2.79% 6.7912%
22.01% 4.74% 1.96% 6.8061%
23.79% 4.86% 2.17% 7.3030%
24.10% 4.97% 2.32% 7.3252%
24.87% 4.02% 1.84% 6.2510%
23.15% 0.00% 0.44% 6.2184%
18.14% -1.38% 0.43% 5.2014%
16.97% -1.00% 1.27% 4.6861%
17.39% -0.75% 0.96% 4.4243%
18.93% -1.38% 1.92% 5.8681%
22.71% 0.50% 2.48% 7.9058%
22.21% 2.70% 2.83% 9.9099%
22.03% 2.94% 3.89% 9.7898%
21.90% 3.30% 4.29% 11.9018%
21.18% 4.62% 3.20% 10.9637%
20.56% 3.66% 2.97% 11.2692%
20.93% 4.62% 4.09% 11.1176%
21.97% 3.30% 5.36% 10.2239%
24.45% 5.68% 6.92% 10.3130%
24.39% 6.97% 7.45% 10.7481%
23.39% 7.08% 7.84% 9.9141%
22.10% 6.97% 7.50% 9.5747%
22.79% 6.97% 7.69% 9.5395%
20.81% 7.54% 7.45% 9.3963%
19.95% 7.20% 6.69% 8.4509%
19.74% 6.62% 7.33% 8.6546%
20.61% 7.66% 8.20% 11.0076%
19.53% 8.00% 7.19% 10.5021%
20.36% 8.12% 7.60% 10.1787%
20.79% 8.35% 7.94% 9.9827%
20.20% 9.60% 8.58% 10.8791%
21.56% 10.27% 9.48% 12.3742%
21.56% 10.72% 10.41% 12.3822%
21.25% 10.50% 9.87% 11.0844%
20.75% 10.16% 10.05% 12.3920%
19.67% 8.92% 11.54% 12.1096%
17.58% 9.03% 11.20% 11.3453%
17.28% 8.46% 10.19% 9.5823%
19.60% 9.82% 10.74% 9.1678%
19.49% 7.31% 12.10% 10.6382%
17.68% 7.20% 12.21% 10.5941%
21.47% 8.35% 12.56% 10.4472%
18.52% 8.23% 11.65% 8.5492%
20.91% 9.03% 12.73% 8.7705%
21.04% 10.16% 14.60% 9.3488%
22.33% 9.82% 15.26% 9.6912%
20.88% 10.05% 16.19% 9.9738%
22.57% 13.80% 16.11% 10.3161%
20.95% 11.28% 16.03% 9.9901%
22.97% 10.72% 16.47% 9.7248%
21.00% 10.27% 15.84% 10.2566%
23.95% 11.17% 15.77% 10.5432%
28.32% 12.71% 17.29% 11.7303%
28.38% 12.38% 17.61% 9.5784%
30.20% 13.59% 19.34% 10.0807%
29.31% 12.05% 18.89% 8.2692%
29.97% 11.39% 20.57% 10.1809%
29.41% 11.28% 20.87% 11.6990%
29.12% 11.50% 21.20% 12.5573%
28.24% 11.94% 21.02% 12.2437%
28.38% 13.37% 22.49% 12.3580%
28.13% 13.04% 22.80% 13.9506%
27.81% 13.04% 22.77% 14.5964%
25.48% 12.49% 22.81% 14.8561%
26.28% 12.16% 22.29% 15.2890%
28.28% 11.06% 22.00% 15.0420%
26.49% 11.06% 20.74% 14.1273%
25.52% 10.83% 20.57% 14.0953%
24.98% 10.16% 19.87% 15.7609%
24.54% 10.61% 19.55% 16.0400%
24.78% 10.95% 20.54% 16.0457%
25.00% 10.72% 20.63% 17.2414%
25.61% 10.05% 23.81% 17.8157%
24.56% 10.72% 23.58% 17.4255%
24.93% 11.72% 23.62% 19.1115%
23.62% 11.61% 22.88% 18.9811%
22.08% 10.39% 22.45% 18.2273%
22.19% 11.17% 23.98% 18.2608%
21.61% 10.83% 23.67% 17.8925%
22.59% 11.50% 24.10% 15.8892%
20.91% 11.17% 23.07% 16.3189%
21.22% 12.16% 23.58% 17.3386%
20.52% 11.28% 23.18% 17.1937%
19.63% 11.28% 23.32% 18.2606%
19.12% 9.71% 22.03% 18.1452%
17.72% 9.26% 23.27% 19.1240%
17.28% 8.92% 23.69% 18.5962%
17.49% 8.58% 22.67% 18.9085%
10.18% 6.62% 22.78% 18.2493%
6.21% 4.02% 21.22% 17.5184%
5.47% 3.42% 20.56% 16.9623%
5.45% 4.74% 19.90% 17.5301%
3.44% 4.86% 20.03% 17.6523%
4.89% 3.42% 17.98% 16.0010%
6.55% 4.26% 20.63% 15.4403%
8.32% 4.14% 18.69% 15.4114%
7.78% 3.54% 17.63% 15.2426%
5.10% 3.42% 15.76% 14.1558%
6.60% 4.97% 18.11% 15.0562%
7.98% 6.50% 19.38% 14.8111%
9.39% 5.68% 20.94% 15.8747%
10.00% 6.38% 20.84% 15.7660%
10.26% 6.62% 20.35% 15.5237%
7.85% 4.50% 20.22% 14.7460%
8.58% 4.02% 20.33% 17.7830%
8.37% 1.85% 18.37% 19.4769%
7.72% 1.36% 17.36% 19.6948%
7.41% 2.46% 17.77% 19.6602%
6.89% 2.82% 18.90% 21.7889%
6.94% 2.34% 18.16% 21.1500%
8.93% 1.73% 19.15% 20.2407%
8.68% 3.54% 18.08% 20.0238%
Grados de Libertad Port Min Var
Alfa 5% Rend Esper 0.038%
Z Alfa -1.6449 Desv Estand 0.801%
Valor Portafolio 100,000,000 X 0.08%
VAR (p) -$1,316,849
VAR (p) sin Z Alfa

Punto X Distr, Normal Z DISTRIB. NORMAL Zi por varianza

-5.00 0.0000015 -5.00 0.0000015 -0.0531032
-4.90 0.0000024 -4.90 0.0000024 -0.0520411
-4.80 0.0000040 -4.80 0.0000040 -0.0509790
-4.70 0.0000064 -4.70 0.0000064 -0.0499170
-4.60 0.0000101 -4.60 0.0000101 -0.0488549
-4.50 0.0000160 -4.50 0.0000160 -0.0477928
-4.40 0.0000249 -4.40 0.0000249 -0.0467308
-4.30 0.0000385 -4.30 0.0000385 -0.0456687
-4.20 0.0000589 -4.20 0.0000589 -0.0446066
-4.10 0.0000893 -4.10 0.0000893 -0.0435446
-4.00 0.0001338 -4.00 0.0001338 -0.0424825
-3.90 0.0001987 -3.90 0.0001987 -0.0414205
-3.80 0.0002919 -3.80 0.0002919 -0.0403584
-3.70 0.0004248 -3.70 0.0004248 -0.0392963
-3.60 0.0006119 -3.60 0.0006119 -0.0382343
-3.50 0.0008727 -3.50 0.0008727 -0.0371722
-3.40 0.0012322 -3.40 0.0012322 -0.0361101
-3.30 0.0017226 -3.30 0.0017226 -0.0350481
-3.20 0.0023841 -3.20 0.0023841 -0.0339860
-3.10 0.0032668 -3.10 0.0032668 -0.0329240
-3.00 0.0044318 -3.00 0.0044318 -0.0318619
-2.90 0.0059525 -2.90 0.0059525 -0.0307998
-2.80 0.0079155 -2.80 0.0079155 -0.0297378
-2.70 0.0104209 -2.70 0.0104209 -0.0286757
-2.60 0.0135830 -2.60 0.0135830 -0.0276136
-2.50 0.0175283 -2.50 0.0175283 -0.0265516
-2.40 0.0223945 -2.40 0.0223945 -0.0254895
-2.30 0.0283270 -2.30 0.0283270 -0.0244274
-2.20 0.0354746 -2.20 0.0354746 -0.0233654
-2.10 0.0439836 -2.10 0.0439836 -0.0223033
-2.00 0.0539910 -2.00 0.0539910 -0.0212413
-1.90 0.0656158 -1.90 0.0656158 -0.0201792
-1.80 0.0789502 -1.80 0.0789502 -0.0191171
-1.70 0.0940491 -1.70 0.0940491 -0.0180551
-1.60 0.1109208 -1.60 0.1109208 -0.0169930
-1.50 0.1295176 -1.50 0.1295176 -0.0159309
-1.40 0.1497275 -1.40 0.1497275 -0.0148689
-1.30 0.1713686 -1.30 0.1713686 -0.0138068
-1.20 0.1941861 -1.20 0.1941861 -0.0127448
-1.10 0.2178522 -1.10 0.2178522 -0.0116827
-1.00 0.2419707 -1.00 0.2419707 -0.0106206
-0.90 0.2660852 -0.90 0.2660852 -0.0095586
-0.80 0.2896916 -0.80 0.2896916 -0.0084965
-0.70 0.3122539 -0.70 0.3122539 -0.0074344
-0.60 0.3332246 -0.60 0.3332246 -0.0063724
-0.50 0.3520653 -0.50 0.3520653 -0.0053103
-0.40 0.3682701 -0.40 0.3682701 -0.0042483
-0.30 0.3813878 -0.30 0.3813878 -0.0031862
-0.20 0.3910427 -0.20 0.3910427 -0.0021241
-0.10 0.3969525 -0.10 0.3969525 -0.0010621
0.00 0.3989423 0.00 0.3989423 0.0000000
0.10 0.3969525 0.10 0.3969525 0.0010621
0.20 0.3910427 0.20 0.3910427 0.0021241
0.30 0.3813878 0.30 0.3813878 0.0031862
0.40 0.3682701 0.40 0.3682701 0.0042483
0.50 0.3520653 0.50 0.3520653 0.0053103
0.60 0.3332246 0.60 0.3332246 0.0063724
0.70 0.3122539 0.70 0.3122539 0.0074344
0.80 0.2896916 0.80 0.2896916 0.0084965
0.90 0.2660852 0.90 0.2660852 0.0095586
1.00 0.2419707 1.00 0.2419707 0.0106206
1.10 0.2178522 1.10 0.2178522 0.0116827
1.20 0.1941861 1.20 0.1941861 0.0127448
1.30 0.1713686 1.30 0.1713686 0.0138068
1.40 0.1497275 1.40 0.1497275 0.0148689
1.50 0.1295176 1.50 0.1295176 0.0159309
1.60 0.1109208 1.60 0.1109208 0.0169930
1.70 0.0940491 1.70 0.0940491 0.0180551
1.80 0.0789502 1.80 0.0789502 0.0191171
1.90 0.0656158 1.90 0.0656158 0.0201792
2.00 0.0539910 2.00 0.0539910 0.0212413
2.10 0.0439836 2.10 0.0439836 0.0223033
2.20 0.0354746 2.20 0.0354746 0.0233654
2.30 0.0283270 2.30 0.0283270 0.0244274
2.40 0.0223945 2.40 0.0223945 0.0254895
2.50 0.0175283 2.50 0.0175283 0.0265516
2.60 0.0135830 2.60 0.0135830 0.0276136
2.70 0.0104209 2.70 0.0104209 0.0286757
2.80 0.0079155 2.80 0.0079155 0.0297378
2.90 0.0059525 2.90 0.0059525 0.0307998
3.00 0.0044318 3.00 0.0044318 0.0318619
3.10 0.0032668 3.10 0.0032668 0.0329240
3.20 0.0023841 3.20 0.0023841 0.0339860
3.30 0.0017226 3.30 0.0017226 0.0350481
3.40 0.0012322 3.40 0.0012322 0.0361101
3.50 0.0008727 3.50 0.0008727 0.0371722
3.60 0.0006119 3.60 0.0006119 0.0382343
3.70 0.0004248 3.70 0.0004248 0.0392963
3.80 0.0002919 3.80 0.0002919 0.0403584
3.90 0.0001987 3.90 0.0001987 0.0414205
4.00 0.0001338 4.00 0.0001338 0.0424825
4.10 0.0000893 4.10 0.0000893 0.0435446
4.20 0.0000589 4.20 0.0000589 0.0446066
4.30 0.0000385 4.30 0.0000385 0.0456687
4.40 0.0000249 4.40 0.0000249 0.0467308
4.50 0.0000160 4.50 0.0000160 0.0477928
4.60 0.0000101 4.60 0.0000101 0.0488549
4.70 0.0000064 4.70 0.0000064 0.0499170
4.80 0.0000040 4.80 0.0000040 0.0509790
4.90 0.0000024 4.90 0.0000024 0.0520411
5.00 0.0000015 5.00 0.0000015 0.0531032
5.10 0.0000009 5.10 0.0000009 0.0541652
5.20 0.0000005 5.20 0.0000005 0.0552273
5.30 0.0000003 5.30 0.0000003 0.0562893
5.40 0.0000002 5.40 0.0000002 0.0573514
5.50 0.0000001 5.50 0.0000001 0.0584135
5.60 0.0000001 5.60 0.0000001 0.0594755
5.70 0.0000000 5.70 0.0000000 0.0605376
5.80 0.0000000 5.80 0.0000000 0.0615997
5.90 0.0000000 5.90 0.0000000 0.0626617
6.00 0.0000000 6.00 0.0000000 0.0637238
6.10 0.0000000 6.10 0.0000000 0.0647858
6.20 0.0000000 6.20 0.0000000 0.0658479
6.30 0.0000000 6.30 0.0000000 0.0669100
6.40 0.0000000 6.40 0.0000000 0.0679720
6.50 0.0000000 6.50 0.0000000 0.0690341
6.60 0.0000000 6.60 0.0000000 0.0700962
6.70 0.0000000 6.70 0.0000000 0.0711582
6.80 0.0000000 6.80 0.0000000 0.0722203
6.90 0.0000000 6.90 0.0000000 0.0732823
7.00 0.0000000 7.00 0.0000000 0.0743444
Port Max Sharpe Port Min Var = 0 Port Max Sharpe = 0 Tiempo
0.089% 0.0% 0.00% 1 0.1
1.062% 0.801% 1.062% 2 0.2
0.14% 0.04% 0.05% 3 0.3
-$1,746,938 -$1,316,849 -$1,746,938 4 0.3
5 0.4
6 0.5
7 0.6
Port Min Var Port Max Sharpe Port Min Var = 0 Port Max Sharpe = 0 8 0.7
0.00000 0.00009 0.00000 0.00014 9 0.8
0.00000 0.00015 0.00000 0.00023 10 0.8
0.00000 0.00025 0.00000 0.00037 11 0.9
0.00000 0.00040 0.00000 0.00060 12 1.0
0.00000 0.00065 0.00000 0.00095 13 1.1
0.00000 0.00103 0.00000 0.00150 14 1.2
0.00000 0.00162 0.00000 0.00235 15 1.3
0.00000 0.00253 0.00000 0.00363 16 1.3
0.00001 0.00390 0.00001 0.00555 17 1.4
0.00001 0.00595 0.00002 0.00840 18 1.5
0.00003 0.00899 0.00004 0.01260 19 1.6
0.00006 0.01346 0.00008 0.01870 20 1.7
0.00012 0.01995 0.00015 0.02749 21 1.8
0.00023 0.02927 0.00029 0.04000 22 1.8
0.00044 0.04252 0.00056 0.05761 23 1.9
0.00083 0.06115 0.00104 0.08217 24 2.0
0.00153 0.08706 0.00190 0.11602
0.00278 0.12273 0.00343 0.16219
0.00496 0.17129 0.00608 0.22448
0.00869 0.23667 0.01059 0.30759
0.01496 0.32377 0.01812 0.41729
0.02530 0.43850 0.03045 0.56047
0.04204 0.58799 0.05028 0.74529
0.06864 0.78059 0.08158 0.98120
0.11013 1.02597 0.13006 1.27892
0.17360 1.33507 0.20372 1.65040
0.26888 1.72000 0.31354 2.10859
0.40920 2.19387 0.47414 2.66717
0.61188 2.77044 0.70450 3.34016
0.89898 3.46374 1.02850 4.14134
1.29776 4.28745 1.47533 5.08359
1.84075 5.25423 2.07935 6.17815
2.56538 6.37495 2.87955 7.43366
3.51289 7.65776 3.91813 8.85532
4.72645 9.10716 5.23828 10.44390
6.24830 10.72314 6.88108 12.19491
8.11608 12.50022 8.88139 14.09779
10.35827 14.42681 11.26321 16.13544
12.98929 16.48467 14.03462 18.28385
16.00444 18.64864 17.18288 20.51217
19.37548 20.88676 20.67036 22.78309
23.04737 23.16072 24.43190 25.05362
26.93687 25.42671 28.37418 27.27631
30.93356 27.63664 32.37772 29.40070
34.90354 29.73975 36.30164 31.37522
38.69601 31.68448 39.99108 33.14919
42.15215 33.42050 43.28694 34.67498
45.11596 34.90087 46.03707 35.91009
47.44578 36.08416 48.10778 36.81916
49.02549 36.93636 49.39465 37.37561
49.77408 37.43248 49.83121 37.56296
49.65253 37.55780 49.39465 37.37561
48.66722 37.30858 48.10778 36.81916
46.86932 36.69225 46.03707 35.91009
44.35041 35.72705 43.28694 34.67498
41.23477 34.44109 39.99108 33.14919
37.66921 32.87106 36.30164 31.37522
33.81164 31.06044 32.37772 29.40070
29.81968 29.05752 28.37418 27.27631
25.84025 26.91327 24.43190 25.05362
22.00125 24.67923 20.67036 22.78309
18.40581 22.40545 17.18288 20.51217
15.12932 20.13877 14.03462 18.28385
12.21914 17.92128 11.26321 16.13544
9.69659 15.78928 8.88139 14.09779
7.56057 13.77250 6.88108 12.19491
5.79224 11.89378 5.23828 10.44390
4.36009 10.16915 3.91813 8.85532
3.22479 8.60807 2.87955 7.43366
2.34350 7.21414 2.07935 6.17815
1.67334 5.98577 1.47533 5.08359
1.17398 4.91714 1.02850 4.14134
0.80927 3.99910 0.70450 3.34016
0.54813 3.22010 0.47414 2.66717
0.36478 2.56704 0.31354 2.10859
0.23853 2.02607 0.20372 1.65040
0.15325 1.58319 0.13006 1.27892
0.09674 1.22480 0.08158 0.98120
0.06001 0.93812 0.05028 0.74529
0.03657 0.71139 0.03045 0.56047
0.02190 0.53409 0.01812 0.41729
0.01288 0.39699 0.01059 0.30759
0.00745 0.29214 0.00608 0.22448
0.00423 0.21285 0.00343 0.16219
0.00236 0.15354 0.00190 0.11602
0.00129 0.10965 0.00104 0.08217
0.00070 0.07753 0.00056 0.05761
0.00037 0.05427 0.00029 0.04000
0.00019 0.03761 0.00015 0.02749
0.00010 0.02581 0.00008 0.01870
0.00005 0.01753 0.00004 0.01260
0.00002 0.01179 0.00002 0.00840
0.00001 0.00785 0.00001 0.00555
0.00001 0.00518 0.00000 0.00363
0.00000 0.00338 0.00000 0.00235
0.00000 0.00218 0.00000 0.00150
0.00000 0.00140 0.00000 0.00095
0.00000 0.00088 0.00000 0.00060
0.00000 0.00055 0.00000 0.00037
0.00000 0.00034 0.00000 0.00023
0.00000 0.00021 0.00000 0.00014
0.00000 0.00013 0.00000 0.00008
0.00000 0.00008 0.00000 0.00005
0.00000 0.00005 0.00000 0.00003
0.00000 0.00003 0.00000 0.00002
0.00000 0.00002 0.00000 0.00001
0.00000 0.00001 0.00000 0.00001
0.00000 0.00001 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
0.00000 0.00000 0.00000 0.00000
VAR(p) Min Var VAR(p) max Sharpe
-$268,801 -$356,592
-$380,141 -$504,298
-$465,576 -$617,636
-$537,601 -$713,185
-$601,056 -$797,365
-$658,424 -$873,469
-$711,180 -$943,454
-$760,283 -$1,008,595
-$806,402 -$1,069,777
-$850,022 -$1,127,644
-$891,511 -$1,182,683
-$931,153 -$1,235,272
-$969,174 -$1,285,712
-$1,005,760 -$1,334,246
-$1,041,060 -$1,381,076
-$1,075,202 -$1,426,369
-$1,108,293 -$1,470,268
-$1,140,424 -$1,512,893
-$1,171,675 -$1,554,350
-$1,202,113 -$1,594,729
-$1,231,799 -$1,634,111
-$1,260,787 -$1,672,566
-$1,289,122 -$1,710,156
-$1,316,849 -$1,746,938
 Portafolio Normalizado
JPM BAC Citi DIS Bancolombia Grupo Aval

12/9/2017 2/9/2018 4/9/2018 6/9/2018 8/9/2018 10/9/2018

Portafolio vs Indices Colcap-Bovespa(USD)

12/9/2017 2/9/2018 4/9/2018 6/9/2018 8/9/2018 10/9/2018

S&P 500 portafolio Bovespa

Valor en Riesgo

Zi por varianza -0.0392963 -0.0244274 -0.0095586 0.0053103 0.0201792 0.0350481 0.0499170 0.0647858

Port Min Var Port Max Sharpe Port Min Var = 0 Port Max Sharpe = 0
Zi por varianza -0.0392963 -0.0244274 -0.0095586 0.0053103 0.0201792 0.0350481 0.0499170 0.0647858

Port Min Var Port Max Sharpe Port Min Var = 0 Port Max Sharpe = 0

Portafolio Min Varianza vs Max Sharpe

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97 101 105 109 113 117 121

Port Min Var Port Max Sharpe

DISTRIB. NORMAL
0.4500000
0.4000000
0.3500000
0.3000000
0.2500000
0.2000000
0.1500000
0.1000000
0.0500000
0.0000000
-5.00-4.40-3.80-3.20-2.60-2.00-1.40-0.80-0.20 0.40 1.00 1.60 2.20 2.80 3.40 4.00 4.60 5.20 5.80 6.40 7.00

Proyeccion esti mada de Min Var- Max Sharpe

$0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
-$200,000
-$400,000
-$600,000
-$800,000
-$1,000,000
-$1,200,000
-$1,400,000
-$1,600,000
-$1,800,000
 -$400,000
-$600,000
-$800,000
-$1,000,000
-$1,200,000
-$1,400,000
-$1,600,000
-$1,800,000
-$2,000,000

VAR(p) Min Var VAR(p) max Sharpe

Analisis:
Basados en el modelo de Markowits y teniendo en cuenta los calculos de rentabilidad y riesgo, estas
fueron optimistas para la inversiòn en el portafolio, ya que se logrò tener un alto nivel de rentabilidad:
0,089%, comparado con el S&P: 0,068%.
El valor del riesgo es de $1,316,849 en minima varianza, $1,746,938 en Max Sharpe.
 De acuerdo al grafico de frecuencia acumulada (Normalizados) se puede
apreciar desde un historico de precios y rendimientos en las acciones,
recomendamos invertir en acciones con tendencia al alza CITI, BAC, JPM y
Grupo Aval BANCOLOMBIA.
Basados en el modelo de Markowits donde nos indica que esta basada en la
diversificaciòn de un portafolio que es la meta principal como inversionistas, y
que cada activo tenga un peso significativo en el portafolio.

10/9/2018

USD)
De acuerdo al grafico podemos observar el comparativo de el indice S&P,
BOVESPA y el portafolio, mayor rentabilidad en el S&P, aunque la diferencia
del S&P con relaciòn al portafolio es muy minima, por ello decidimos invertir
en varios activos que ofrecen un alto nivel de riego para obtener una mayor
rentabilidad esperada.

10/9/2018

El valor en riesgo total del portafolio de Minima varianza es de -1,316,849, El

valor de riesgo en Portafolio Max Sharpe es de -1,746,938, estos son los
valores que estoy dispuesto a perder en el portafolio.

0.0499170 0.0647858

Max Sharpe = 0
 0.0499170 0.0647858

Max Sharpe = 0

pe

101 105 109 113 117 121

60 5.20 5.80 6.40 7.00

harpe
19 20 21 22 23 24
 Debido al previo analisis del mercado BOVESPA, este se evidenciò
idad y riesgo, estas inferior en su rendimientos frente al S&P y el Portafolio de
nivel de rentabilidad: Inversion, por lo tanto se indica no invertir en el mercado de
Brasil.
pe. Se decide no invertir mucho peso en los portafolios Aval y Dis ya
que su relaciòn retabilidad y riesgo no es muy favorable

De acuerdo al analisis de las graficas se recomienda invertir en

activos de Citi, bancolombia y BAC, JPM y asì diversificar el
portafolio

En general el portafolio presenta una relacion

Rendimiento/Riesgo no muy favorable por lo tanto se
recomienda diversificar mas sus activos, que aunque sus niveles
son altos respecto al mercado, presenta un riesgo muy alto y no
es compensado de igual manera frente a su rendimiento.