Fecha Último Apertura Máximo Mínimo Vol. % var.

Oct-19 32,800.00 33,000.00 33,360.00 32,400.00 - -0.61%

Sep-19 33,000.00 33,180.00 34,240.00 32,540.00 7,20M -1.49%
Aug-19 33,500.00 33,680.00 34,380.00 31,020.00 4,99M -2.90%
Jul-19 34,500.00 33,800.00 35,680.00 33,200.00 4,12M 1.17%
Jun-19 34,100.00 33,360.00 34,920.00 32,700.00 3,80M 2.53%
May-19 33,260.00 35,960.00 36,200.00 32,480.00 5,46M -7.61%
Apr-19 36,000.00 36,640.00 36,780.00 34,400.00 3,99M -1.75%
Mar-19 36,640.00 34,800.00 37,500.00 34,180.00 8,36M 4.69%
Feb-19 35,000.00 34,500.00 36,300.00 34,320.00 4,96M 1.51%
Jan-19 34,480.00 31,920.00 34,800.00 31,840.00 10,49M 7.35%
Dec-18 32,120.00 32,500.00 33,400.00 31,600.00 6,60M -0.56%
Nov-18 32,300.00 32,200.00 33,600.00 30,800.00 6,98M 2.87%
Oct-18 31,400.00 34,340.00 34,860.00 31,180.00 22,37M -9.67%
Sep-18 34,760.00 36,100.00 36,100.00 33,000.00 4,39M -3.44%
Aug-18 36,000.00 36,320.00 37,200.00 35,800.00 5,37M -0.28%
Jul-18 36,100.00 37,720.00 37,980.00 35,380.00 6,82M -3.99%
Jun-18 37,600.00 37,160.00 37,960.00 36,000.00 4,87M 1.29%
May-18 37,120.00 38,880.00 38,880.00 36,500.00 7,71M -4.77%
Apr-18 38,980.00 37,280.00 38,980.00 36,980.00 11,73M 4.56%
Mar-18 37,280.00 38,440.00 39,400.00 36,500.00 2,58M -2.97%
Feb-18 38,420.00 40,700.00 40,960.00 38,100.00 4,10M -4.24%
Jan-18 40,120.00 40,280.00 41,600.00 38,640.00 2,74M -0.45%
Dec-17 40,300.00 39,360.00 40,680.00 38,560.00 3,12M 3.33%
Nov-17 39,000.00 39,300.00 39,500.00 37,180.00 3,00M 0.98%
Fecha Último Apertura Máximo Mínimo Vol. % var.
Oct-19 39,980.00 39,400.00 40,400.00 39,060.00 - 1.22%
Sep-19 39,500.00 39,260.00 40,480.00 38,100.00 3,40M -0.20%
Aug-19 39,580.00 39,240.00 41,000.00 37,500.00 4,39M 0.71%
Jul-19 39,300.00 38,600.00 40,000.00 38,100.00 4,92M 1.71%
Jun-19 38,640.00 37,000.00 39,900.00 36,840.00 6,27M 3.32%
May-19 37,400.00 38,740.00 39,400.00 35,240.00 3,36M -5.08%
Apr-19 39,400.00 39,700.00 41,720.00 38,620.00 3,36M -0.51%
Mar-19 39,600.00 35,640.00 41,460.00 35,620.00 5,01M 10.06%
Feb-19 35,980.00 33,500.00 36,100.00 33,500.00 8,45M 7.92%
Jan-19 33,340.00 30,400.00 34,300.00 30,400.00 5,77M 9.67%
Dec-18 30,400.00 32,840.00 33,360.00 30,000.00 2,99M -5.53%
Nov-18 32,180.00 30,280.00 33,800.00 30,280.00 4,16M 6.27%
Oct-18 30,280.00 32,160.00 32,400.00 28,780.00 8,16M -5.08%
Sep-18 31,900.00 32,720.00 33,060.00 30,200.00 3,30M -2.74%
Aug-18 32,800.00 33,420.00 34,500.00 32,720.00 3,10M -1.97%
Jul-18 33,460.00 35,320.00 36,140.00 33,460.00 3,34M -5.27%
Jun-18 35,320.00 33,120.00 35,320.00 32,900.00 5,15M 6.64%
May-18 33,120.00 33,600.00 34,520.00 32,100.00 7,86M -0.24%
Apr-18 33,200.00 30,680.00 34,900.00 30,500.00 6,92M 9.86%
Mar-18 30,220.00 31,140.00 32,600.00 29,420.00 5,67M 0.20%
Feb-18 30,160.00 32,520.00 33,340.00 30,160.00 7,30M -7.26%
Jan-18 32,520.00 29,980.00 32,520.00 29,520.00 4,69M 8.47%
Dec-17 29,980.00 28,840.00 29,980.00 28,400.00 4,25M 3.38%
Nov-17 29,000.00 27,860.00 29,300.00 27,020.00 6,60M 2.84%
Fecha Último Apertura Máximo Mínimo Vol. % var.
Oct-19 2,915.00 2,985.00 3,020.00 2,870.00 - -1.19%
Sep-19 2,950.00 2,715.00 3,050.00 2,655.00 200,62M 7.66%
Aug-19 2,740.00 2,970.00 2,985.00 2,615.00 184,22M -6.80%
Jul-19 2,940.00 2,920.00 3,110.00 2,895.00 167,57M 0.68%
Jun-19 2,920.00 2,785.00 3,030.00 2,725.00 133,09M 5.61%
May-19 2,765.00 2,975.00 3,120.00 2,740.00 200,10M -7.37%
Apr-19 2,985.00 3,460.00 3,465.00 2,965.00 173,88M -12.59%
Mar-19 3,415.00 3,100.00 3,570.00 3,080.00 181,83M 9.46%
Feb-19 3,120.00 2,920.00 3,280.00 2,825.00 188,94M 6.85%
Jan-19 2,920.00 2,620.00 2,970.00 2,540.00 175,55M 10.40%
Dec-18 2,645.00 3,160.00 3,300.00 2,520.00 133,53M -14.81%
Nov-18 3,105.00 3,700.00 3,740.00 2,990.00 218,81M -16.98%
Oct-18 3,740.00 4,040.00 4,190.00 3,635.00 272,90M -7.20%
Sep-18 4,030.00 3,400.00 4,030.00 3,350.00 287,92M 17.84%
Aug-18 3,420.00 3,055.00 3,455.00 2,985.00 193,34M 11.40%
Jul-18 3,070.00 3,025.00 3,095.00 2,850.00 161,86M 1.49%
Jun-18 3,025.00 3,080.00 3,125.00 2,800.00 211,31M -2.10%
May-18 3,090.00 3,060.00 3,315.00 2,855.00 354,93M -0.32%
Apr-18 3,100.00 2,645.00 3,145.00 2,645.00 387,33M 18.55%
Mar-18 2,615.00 2,500.00 2,810.00 2,415.00 315,66M 4.18%
Feb-18 2,510.00 2,655.00 2,770.00 2,315.00 434,33M -5.64%
Jan-18 2,660.00 2,200.00 2,860.00 2,175.00 472,22M 20.36%
Dec-17 2,210.00 1,755.00 2,210.00 1,755.00 191,93M 26.29%
Nov-17 1,750.00 1,690.00 1,850.00 1,675.00 312,53M 5.11%
 Portafolio de inversión 10% 26%
-7% -17%
Precios ajustados (COL) Retornos mensuales
Fecha BIC ECO SIS
Oct-19 39,980.00 2,915.00 32,800.00 Probab. BIC ECO
Sep-19 39,500.00 2,950.00 33,000.00 1/23 1.22% -1.19%
Aug-19 39,580.00 2,740.00 33,500.00 1/23 -0.20% 7.66%
Jul-19 39,300.00 2,940.00 34,500.00 1/23 0.71% -6.80%
Jun-19 38,640.00 2,920.00 34,100.00 1/23 1.71% 0.68%
May-19 37,400.00 2,765.00 33,260.00 1/23 3.32% 5.61%
Apr-19 39,400.00 2,985.00 36,000.00 1/23 -5.08% -7.37%
Mar-19 39,600.00 3,415.00 36,640.00 1/23 -0.51% -12.59%
Feb-19 35,980.00 3,120.00 35,000.00 1/23 10.06% 9.46%
Jan-19 33,340.00 2,920.00 34,480.00 1/23 7.92% 6.85%
Dec-18 30,400.00 2,645.00 32,120.00 1/23 9.67% 10.40%
Nov-18 32,180.00 3,105.00 32,300.00 1/23 -5.53% -14.81%
Oct-18 30,280.00 3,740.00 31,400.00 1/23 6.27% -16.98%
Sep-18 31,900.00 4,030.00 34,760.00 1/23 -5.08% -7.20%
Aug-18 32,800.00 3,420.00 36,000.00 1/23 -2.74% 17.84%
Jul-18 33,460.00 3,070.00 36,100.00 1/23 -1.97% 11.40%
Jun-18 35,320.00 3,025.00 37,600.00 1/23 -5.27% 1.49%
May-18 33,120.00 3,090.00 37,120.00 1/23 6.64% -2.10%
Apr-18 33,200.00 3,100.00 38,980.00 1/23 -0.24% -0.32%
Mar-18 30,220.00 2,615.00 37,280.00 1/23 9.86% 18.55%
Feb-18 30,160.00 2,510.00 38,420.00 1/23 0.20% 4.18%
Jan-18 32,520.00 2,660.00 40,120.00 1/23 -7.26% -5.64%
Dec-17 29,980.00 2,210.00 40,300.00 1/23 8.47% 20.36%
Nov-17 29,000.00 1,750.00 39,000.00 1/23 3.38% 26.29%

Retorno esperado 1.55% 2.86%

Varianza 0.29% 1.27%

Desviación estándar 5.34% 11.27%

Coeficiente de variación 3.46 3.94

Desempeño 0.29 0.25

Portafolio de 2 activos

WA BIC 74.8% Retorno esperado del portafolio

WB ECO 25.2%
100% Retorno esperado del portafolio

Portafolio de 2 activos Riesgo del portafolio

25%
BIC
ECO
 Portafolio de 2 activos
25% Desviación estándar del portafolio
BIC Calculada a partir de la correlación
ECO
Calculada a partir de la covarianza

75%

Matriz de covarianzas

0.1596% 0.0499%

0.0499% 0.0808%

Desempeño p (50% BIC; 50% 50% ECO)

Portafolio de 3 activos
Retorno esperado del portafolio
WA BIC 33.3%
WB ECO 33.3% Retorno esperado del portafolio
WC SIS 33.3%
100.0% BIC ECO SIS

BIC 0.0317% 0.0294% 0.0191%

Portafolio de partes iguales
ECO 0.0294% 0.1411% 0.0198%

33% 33% BIC SIS 0.0191% 0.0198% 0.0174%

ECO
SIS
Desviación estándar del portafolio
33%
Desempeño del portafolio

Portafolio de mínimo riesgo

Retorno esperado del portafolio
WA BIC 0.0%
WB ECO 0.0% Retorno esperado del portafolio
WC SIS 100.0%
100.0% BIC ECO SIS

BIC 0.0000% 0.0000% 0.0000%

Portafolio de mínimo riesgo
ECO 0.0000% 0.0000% 0.0000%

BIC SIS 0.0000% 0.0000% 0.1568%

ECO
SIS

100%
 BIC
ECO
SIS
Desviación estándar del portafolio
100%
Desempeño del portafolio

Portafolio de máximo desempeño

Retorno esperado del portafolio
WA BIC 74.8%
WB ECO 25.2% Retorno esperado del portafolio
WC SIS 0.0%
100.0% BIC ECO SIS

BIC 0.1596% 0.0499% 0.0000%

Portafolio de máximo desempeño
ECO 0.0499% 0.0808% 0.0000%

SIS 0.0000% 0.0000% 0.0000%

BIC
ECO
SIS
Desviación estándar del portafolio

Desempeño del portafolio

 7%
-10%
nos mensuales Distribución de frecuencia
Bins BIC ECO SIS
SIS -15% 0 1 0
-0.61% -10% 0 2 0
-1.49% -5% 5 4 2
-2.90% 0% 5 3 12
1.17% 5% 6 3 8
2.53% 10% 6 4 1
-7.61% 15% 1 2 0
-1.75% 20% 0 2 0
4.69% 25% 0 1 0
1.51% 30% 0 1 0
7.35% 35% 0 0 0
-0.56%
2.87%
-9.67% Tabla de Frecuencia
-3.44% 25
-0.28%
-3.99% 20
1.29%
-4.77% 15
4.56%
-2.97% 10

-4.24%
5
-0.45%
3.33% 0
1 2 3 4 5 6 7 8 9 10 11
-0.67% BIC ECO SIS

0.16%

3.96%

-5.91

-0.17

1.9%
5.83%
5.83%

5.83%

0.32

1.2%

5.72%

0.22

1.2%
3.96%

0.31

1.9%

5.83%

0.32
 Correlación Correlación Correlación
BIC-ECO 0.44 BIC-SIS 0.81 ECO-SIS

Covarianza Covarianza Covarianza

BIC-ECO 0.26% BIC-SIS 0.17% ECO-SIS

Desv est Desv est Desv est

BIC 5.34% BIC 5.34% ECO
ECO 11.27% SIS 3.96% SIS

Covarianza Correlación
BIC ECO SIS BIC
BIC 0.29% BIC 1
ECO 0.26% 1.27% ECO 0.43953975
SIS 0.17% 0.18% 0.16% SIS 0.81133539

9 10 11
 0.40

0.18%

11.27%
3.96%

ECO SIS

1
0.39862538 1
 Portafolio de inversión

Retornos (A) (B) (C)

Fecha Probab. BIC ECO BIC ECO
Oct-19 dif c/promed dif c/promed (A)*(B)
Sep-19 1/23 1.22% -1.19% -0.33% -4.05% 0.01%
Aug-19 1/23 -0.20% 7.66% -1.75% 4.80% -0.08%
Jul-19 1/23 0.71% -6.80% -0.84% -9.66% 0.08%
Jun-19 1/23 1.71% 0.68% 0.16% -2.18% 0.00%
May-19 1/23 3.32% 5.61% 1.77% 2.75% 0.05%
Apr-19 1/23 -5.08% -7.37% -6.63% -10.23% 0.68%
Mar-19 1/23 -0.51% -12.59% -2.06% -15.45% 0.32%
Feb-19 1/23 10.06% 9.46% 8.51% 6.60% 0.56%
Jan-19 1/23 7.92% 6.85% 6.37% 3.99% 0.25%
Dec-18 1/23 9.67% 10.40% 8.12% 7.54% 0.61%
Nov-18 1/23 -5.53% -14.81% -7.08% -17.67% 1.25%
Oct-18 1/23 6.27% -16.98% 4.72% -19.84% -0.94%
Sep-18 1/23 -5.08% -7.20% -6.63% -10.06% 0.67%
Aug-18 1/23 -2.74% 17.84% -4.29% 14.98% -0.64%
Jul-18 1/23 -1.97% 11.40% -3.52% 8.54% -0.30%
Jun-18 1/23 -5.27% 1.49% -6.82% -1.37% 0.09%
May-18 1/23 6.64% -2.10% 5.09% -4.96% -0.25%
Apr-18 1/23 -0.24% -0.32% -1.79% -3.18% 0.06%
Mar-18 1/23 9.86% 18.55% 8.31% 15.69% 1.30%
Feb-18 1/23 0.20% 4.18% -1.35% 1.32% -0.02%
Jan-18 1/23 -7.26% -5.64% -8.81% -8.50% 0.75%
Dec-17 1/23 8.47% 20.36% 6.92% 17.50% 1.21%
Nov-17 1/23 3.38% 26.29% 1.83% 23.43% 0.43%

Retorno esperado 1.55% 2.86% Covarianza 0.26%

 Portafolio de inversión

Retornos (A) (B) (C)

Fecha Probab. BIC SIS BIC SIS
Oct-19 dif c/promed dif c/promed (A)*(B)
Sep-19 1/23 1.22% -0.61% -0.33% 0.06% 0.00%
Aug-19 1/23 -0.20% -1.49% -1.75% -0.82% 0.01%
Jul-19 1/23 0.71% -2.90% -0.84% -2.23% 0.02%
Jun-19 1/23 1.71% 1.17% 0.16% 1.84% 0.00%
May-19 1/23 3.32% 2.53% 1.77% 3.20% 0.06%
Apr-19 1/23 -5.08% -7.61% -6.63% -6.94% 0.46%
Mar-19 1/23 -0.51% -1.75% -2.06% -1.08% 0.02%
Feb-19 1/23 10.06% 4.69% 8.51% 5.36% 0.46%
Jan-19 1/23 7.92% 1.51% 6.37% 2.18% 0.14%
Dec-18 1/23 9.67% 7.35% 8.12% 8.02% 0.65%
Nov-18 1/23 -5.53% -0.56% -7.08% 0.11% -0.01%
Oct-18 1/23 6.27% 2.87% 4.72% 3.54% 0.17%
Sep-18 1/23 -5.08% -9.67% -6.63% -9.00% 0.60%
Aug-18 1/23 -2.74% -3.44% -4.29% -2.77% 0.12%
Jul-18 1/23 -1.97% -0.28% -3.52% 0.39% -0.01%
Jun-18 1/23 -5.27% -3.99% -6.82% -3.32% 0.23%
May-18 1/23 6.64% 1.29% 5.09% 1.96% 0.10%
Apr-18 1/23 -0.24% -4.77% -1.79% -4.10% 0.07%
Mar-18 1/23 9.86% 4.56% 8.31% 5.23% 0.43%
Feb-18 1/23 0.20% -2.97% -1.35% -2.30% 0.03%
Jan-18 1/23 -7.26% -4.24% -8.81% -3.57% 0.31%
Dec-17 1/23 8.47% -0.45% 6.92% 0.22% 0.02%
Nov-17 1/23 3.38% 3.33% 1.83% 4.00% 0.07%

Retorno esperado 1.55% -0.67% Covarianza 0.17%

 Portafolio de inversión

Retornos (A) (B) (C)

Fecha Probab. ECO SIS BIC SIS
Oct-19 dif c/promed dif c/promed (A)*(B)
Sep-19 1/23 -1.19% -0.61% -4.05% 0.06% 0.00%
Aug-19 1/23 7.66% -1.49% 4.80% -0.82% -0.04%
Jul-19 1/23 -6.80% -2.90% -9.66% -2.23% 0.22%
Jun-19 1/23 0.68% 1.17% -2.18% 1.84% -0.04%
May-19 1/23 5.61% 2.53% 2.75% 3.20% 0.09%
Apr-19 1/23 -7.37% -7.61% -10.23% -6.94% 0.71%
Mar-19 1/23 -12.59% -1.75% -15.45% -1.08% 0.17%
Feb-19 1/23 9.46% 4.69% 6.60% 5.36% 0.35%
Jan-19 1/23 6.85% 1.51% 3.99% 2.18% 0.09%
Dec-18 1/23 10.40% 7.35% 7.54% 8.02% 0.60%
Nov-18 1/23 -14.81% -0.56% -17.67% 0.11% -0.02%
Oct-18 1/23 -16.98% 2.87% -19.84% 3.54% -0.70%
Sep-18 1/23 -7.20% -9.67% -10.06% -9.00% 0.91%
Aug-18 1/23 17.84% -3.44% 14.98% -2.77% -0.41%
Jul-18 1/23 11.40% -0.28% 8.54% 0.39% 0.03%
Jun-18 1/23 1.49% -3.99% -1.37% -3.32% 0.05%
May-18 1/23 -2.10% 1.29% -4.96% 1.96% -0.10%
Apr-18 1/23 -0.32% -4.77% -3.18% -4.10% 0.13%
Mar-18 1/23 18.55% 4.56% 15.69% 5.23% 0.82%
Feb-18 1/23 4.18% -2.97% 1.32% -2.30% -0.03%
Jan-18 1/23 -5.64% -4.24% -8.50% -3.57% 0.30%
Dec-17 1/23 20.36% -0.45% 17.50% 0.22% 0.04%
Nov-17 1/23 26.29% 3.33% 23.43% 4.00% 0.94%

Retorno esperado 2.86% -0.67% Covarianza 0.18%

 BIC ECO SIS
BIC 0.29%
ECO 0.26% 1.27%
SIS 0.17% 0.18% 0.16%
 BIC ECO SIS
BIC 1
ECO 0.43953975 1
SIS 0.81133539 0.39862538 1