METODO HISTORICO - CON 2 PORTAFOLIOS

Ao
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Rendimiento
VAR
Riesgo
COV
CORR

Rendimiento
A
B
40%
25%
-5%
-2%
28%
19%
-2%
-1%
35%
20%
38%
12%
21%
6%
12%
24%
-23%
-1%
-15%
-16%
12%
29%
27%
36%
48%
46%
43%
40%
20%
30%
10%
8%
-3%
-1%
5%
16%
-6%
-5%
16%
20%
29%
32%
25%
10%
40%
15%
42%
36%
18.21%
16.58%
0.03976504 0.02586014
19.94%
16.08%
0.024087847
-1

Cartera Riesgo Cero

Wa
0.44642087
Wb
0.55357913

Wa
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.1
0.11
0.12
0.13
0.14
0.15
0.16
0.17
0.18
0.19
0.2
0.21
0.22
0.23
0.24
0.25
0.26
0.27
0.28
0.29
0.3
0.31
0.32
0.33
0.34
0.35
0.36
0.37
0.38
0.39
0.4
0.41

RIESGO DE PORTAFOLIO USANDO COVARIANZA

Wb
Rp
1.00
16.58%
0.99
16.60%
0.98
16.62%
0.97
16.63%
0.96
16.65%
0.95
16.66%
0.94
16.68%
0.93
16.70%
0.92
16.71%
0.91
16.73%
0.9
16.75%
0.89
16.76%
0.88
16.78%
0.87
16.79%
0.86
16.81%
0.85
16.83%
0.84
16.84%
0.83
16.86%
0.82
16.88%
0.81
16.89%
0.8
16.91%
0.79
16.92%
0.78
16.94%
0.77
16.96%
0.76
16.97%
0.75
16.99%
0.74
17.01%
0.73
17.02%
0.72
17.04%
0.71
17.05%
0.7
17.07%
0.69
17.09%
0.68
17.10%
0.67
17.12%
0.66
17.14%
0.65
17.15%
0.64
17.17%
0.63
17.18%
0.62
17.20%
0.61
17.22%
0.6
17.23%
0.59
17.25%

0.42
0.43
0.44
0.45
0.46
0.47
0.48
0.49
0.5
0.51
0.52
0.53
0.54
0.55
0.56
0.57
0.58
0.59
0.6
0.61
0.62
0.63
0.64
0.65
0.66
0.67
0.68
0.69
0.7
0.71
0.72
0.73
0.74
0.75
0.76
0.77
0.78
0.79
0.8
0.81
0.82
0.83
0.84
0.85
0.86
0.87
0.88
0.89
0.9
0.91

0.58
0.57
0.56
0.55
0.54
0.53
0.52
0.51
0.5
0.49
0.48
0.47
0.46
0.45
0.44
0.43
0.42
0.41
0.4
0.39
0.38
0.37
0.36
0.35
0.34
0.33
0.32
0.31
0.3
0.29
0.28
0.27
0.26
0.25
0.24
0.23
0.22
0.21
0.2
0.19
0.18
0.17
0.16
0.15
0.14
0.13
0.12
0.11
0.1
0.09

17.27%
17.28%
17.30%
17.31%
17.33%
17.35%
17.36%
17.38%
17.40%
17.41%
17.43%
17.44%
17.46%
17.48%
17.49%
17.51%
17.53%
17.54%
17.56%
17.57%
17.59%
17.61%
17.62%
17.64%
17.66%
17.67%
17.69%
17.70%
17.72%
17.74%
17.75%
17.77%
17.79%
17.80%
17.82%
17.83%
17.85%
17.87%
17.88%
17.90%
17.92%
17.93%
17.95%
17.96%
17.98%
18.00%
18.01%
18.03%
18.05%
18.06%

0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
1

0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0

18.08%
18.09%
18.11%
18.13%
18.14%
18.16%
18.18%
18.19%
18.21%

PORTAFOLIO USANDO COVARIANZA

VARp
0.02586014
0.02582644
0.02579623
0.02576951
0.02574628
0.02572654
0.02571029
0.02569753
0.02568825
0.02568247
0.02568018
0.02568138
0.02568607
0.02569424
0.02570591
0.02572107
0.02573972
0.02576185
0.02578748
0.0258166
0.02584921
0.0258853
0.02592489
0.02596797
0.02601453
0.02606459
0.02611814
0.02617517
0.0262357
0.02629971
0.02636722
0.02643822
0.0265127
0.02659068
0.02667214
0.0267571
0.02684554
0.02693748
0.0270329
0.02713182
0.02723422
0.02734012

Riesgo p
16.08%
16.07%
16.06%
16.05%
16.05%
16.04%
16.03%
16.03%
16.03%
16.03%
16.03%
16.03%
16.03%
16.03%
16.03%
16.04%
16.04%
16.05%
16.06%
16.07%
16.08%
16.09%
16.10%
16.11%
16.13%
16.14%
16.16%
16.18%
16.20%
16.22%
16.24%
16.26%
16.28%
16.31%
16.33%
16.36%
16.38%
16.41%
16.44%
16.47%
16.50%
16.53%

RENDIMIENTO

ON 2 PORTAFOLIOS

18.40%
18.20%
18.00%
17.80%
17.60%
17.40%
17.20%
17.00%
16.80%
16.60%
16.40%
0.00%

5.00%

10.00%

15.00%
RIESGO

0.0274495
0.02756238
0.02767874
0.0277986
0.02792194
0.02804878
0.0281791
0.02831291
0.02845022
0.02859101
0.0287353
0.02888307
0.02903433
0.02918909
0.02934733
0.02950906
0.02967429
0.029843
0.0300152
0.0301909
0.03037008
0.03055275
0.03073891
0.03092857
0.03112171
0.03131834
0.03151846
0.03172207
0.03192918
0.03213977
0.03235385
0.03257142
0.03279248
0.03301703
0.03324508
0.03347661
0.03371163
0.03395014
0.03419214
0.03443763
0.03468661
0.03493908
0.03519504
0.03545449
0.03571743
0.03598386
0.03625378
0.03652719
0.03680409
0.03708448

16.57%
16.60%
16.64%
16.67%
16.71%
16.75%
16.79%
16.83%
16.87%
16.91%
16.95%
17.00%
17.04%
17.08%
17.13%
17.18%
17.23%
17.28%
17.32%
17.38%
17.43%
17.48%
17.53%
17.59%
17.64%
17.70%
17.75%
17.81%
17.87%
17.93%
17.99%
18.05%
18.11%
18.17%
18.23%
18.30%
18.36%
18.43%
18.49%
18.56%
18.62%
18.69%
18.76%
18.83%
18.90%
18.97%
19.04%
19.11%
19.18%
19.26%

0.03736836
0.03765573
0.03794659
0.03824094
0.03853878
0.03884011
0.03914493
0.03945324
0.03976504

19.33%
19.41%
19.48%
19.56%
19.63%
19.71%
19.79%
19.86%
19.94%

20.00%

25.00%

Wa
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.10
0.11
0.12
0.13
0.14
0.15
0.16
0.17
0.18
0.19
0.20
0.21
0.22
0.23
0.24
0.25
0.26
0.27
0.28
0.29
0.30
0.31
0.32
0.33
0.34
0.35
0.36
0.37
0.38
0.39
0.40
0.41

RIESGO DE PORTAFOLIO USANDO CORRELACION

Wb
Rp
VARp
Riesgo p
1.00
16.58%
0.02586014
16.08%
0.99
16.60%
0.02471457
15.72%
0.98
16.62%
0.02359494
15.36%
0.97
16.63%
0.02250127
15.00%
0.96
16.65%
0.02143354
14.64%
0.95
16.66%
0.02039177
14.28%
0.94
16.68%
0.01937596
13.92%
0.93
16.70%
0.01838609
13.56%
0.92
16.71%
0.01742218
13.20%
0.91
16.73%
0.01648421
12.84%
0.90
16.75%
0.0155722
12.48%
0.89
16.76%
0.01468615
12.12%
0.88
16.78%
0.01382604
11.76%
0.87
16.79%
0.01299189
11.40%
0.86
16.81%
0.01218368
11.04%
0.85
16.83%
0.01140144
10.68%
0.84
16.84%
0.01064514
10.32%
0.83
16.86%
0.00991479
9.96%
0.82
16.88%
0.0092104
9.60%
0.81
16.89%
0.00853196
9.24%
0.80
16.91%
0.00787947
8.88%
0.79
16.92%
0.00725293
8.52%
0.78
16.94%
0.00665235
8.16%
0.77
16.96%
0.00607771
7.80%
0.76
16.97%
0.00552903
7.44%
0.75
16.99%
0.0050063
7.08%
0.74
17.01%
0.00450953
6.72%
0.73
17.02%
0.0040387
6.36%
0.72
17.04%
0.00359383
5.99%
0.71
17.05%
0.00317491
5.63%
0.70
17.07%
0.00278194
5.27%
0.69
17.09%
0.00241492
4.91%
0.68
17.10%
0.00207386
4.55%
0.67
17.12%
0.00175875
4.19%
0.66
17.14%
0.00146959
3.83%
0.65
17.15%
0.00120638
3.47%
0.64
17.17%
0.00096912
3.11%
0.63
17.18%
0.00075782
2.75%
0.62
17.20%
0.00057247
2.39%
0.61
17.22%
0.00041307
2.03%
0.60
17.23%
0.00027962
1.67%
0.59
17.25%
0.00017212
1.31%

0.42
0.43
0.44
0.44642087
0.45
0.46
0.47
0.48
0.49
0.50
0.51
0.52
0.53
0.54
0.55
0.56
0.57
0.58
0.59
0.60
0.61
0.62
0.63
0.64
0.65
0.66
0.67
0.68
0.69
0.70
0.71
0.72
0.73
0.74
0.75
0.76
0.77
0.78
0.79
0.80
0.81
0.82
0.83
0.84
0.85
0.86
0.87
0.88
0.89
0.90

0.58
0.57
0.56
0.55
0.55
0.54
0.53
0.52
0.51
0.50
0.49
0.48
0.47
0.46
0.45
0.44
0.43
0.42
0.41
0.40
0.39
0.38
0.37
0.36
0.35
0.34
0.33
0.32
0.31
0.30
0.29
0.28
0.27
0.26
0.25
0.24
0.23
0.22
0.21
0.20
0.19
0.18
0.17
0.16
0.15
0.14
0.13
0.12
0.11
0.10

17.27%
17.28%
17.30%
17.31%
17.31%
17.33%
17.35%
17.36%
17.38%
17.40%
17.41%
17.43%
17.44%
17.46%
17.48%
17.49%
17.51%
17.53%
17.54%
17.56%
17.57%
17.59%
17.61%
17.62%
17.64%
17.66%
17.67%
17.69%
17.70%
17.72%
17.74%
17.75%
17.77%
17.79%
17.80%
17.82%
17.83%
17.85%
17.87%
17.88%
17.90%
17.92%
17.93%
17.95%
17.96%
17.98%
18.00%
18.01%
18.03%
18.05%

9.0581E-05
3.4989E-05
5.3497E-06
0
1.6622E-06
2.3927E-05
7.2144E-05
0.00014631
0.00024643
0.00037251
0.00052453
0.00070251
0.00090644
0.00113632
0.00139215
0.00167394
0.00198167
0.00231536
0.002675
0.0030606
0.00347214
0.00390964
0.00437309
0.00486249
0.00537785
0.00591915
0.00648641
0.00707962
0.00769878
0.0083439
0.00901496
0.00971198
0.01043495
0.01118388
0.01195875
0.01275958
0.01358636
0.01443909
0.01531777
0.0162224
0.01715299
0.01810953
0.01909202
0.02010046
0.02113486
0.02219521
0.02328151
0.02439376
0.02553196
0.02669612

0.95%
0.59%
0.23%
0.00%
0.13%
0.49%
0.85%
1.21%
1.57%
1.93%
2.29%
2.65%
3.01%
3.37%
3.73%
4.09%
4.45%
4.81%
5.17%
5.53%
5.89%
6.25%
6.61%
6.97%
7.33%
7.69%
8.05%
8.41%
8.77%
9.13%
9.49%
9.85%
10.22%
10.58%
10.94%
11.30%
11.66%
12.02%
12.38%
12.74%
13.10%
13.46%
13.82%
14.18%
14.54%
14.90%
15.26%
15.62%
15.98%
16.34%

0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
1.00

0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00

18.06%
18.08%
18.09%
18.11%
18.13%
18.14%
18.16%
18.18%
18.19%
18.21%

0.02788622
0.02910228
0.0303443
0.03161226
0.03290618
0.03422604
0.03557186
0.03694364
0.03834136
0.03976504

16.70%
17.06%
17.42%
17.78%
18.14%
18.50%
18.86%
19.22%
19.58%
19.94%

RENDIMIENTO

18.40%
18.20%
18.00%
17.80%
17.60%
17.40%
17.20%
17.00%
16.80%
16.60%
16.40%
0.00%

5.00%

10.00%

15.00%

RIESGO

20.00%

25.00%

Ao
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Rendimiento
VAR
Riesgo
COVa,b
COVa,c
COVb,c
CORR a,b
CORR a,c
CORR b,c

Rendimiento
A
B
C
40%
25%
50%
-5%
-2%
20%
28%
19%
10%
-2%
-1%
10%
35%
20%
5%
38%
12%
30%
21%
6%
-9%
12%
24%
36%
-23%
-1%
-21%
-15%
-16%
-17%
12%
29%
30%
27%
36%
45%
48%
30%
44%
43%
40%
30%
20%
30%
40%
20%
8%
30%
-3%
-1%
10%
5%
16%
27%
-6%
-5%
-4%
16%
20%
24%
29%
32%
35%
30%
15%
-5%
40%
15%
-10%
48%
36%
30%
19.08%
16.13%
18.33%
0.04120797 0.02268098 0.04346667
20.30%
15.06%
20.85%
0.022378125
0.020226389
0.0216875
0.731985012
0.477913798
0.690717457

RIESGO DE
Wa
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%

0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%

50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
80.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%

45.0%
50.0%
55.0%
60.0%
65.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
45.0%
50.0%
0%
5%
10.0%
15.00%
20.0%
25.00%

30.0%
35.0%
40.0%
45.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
40.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
35.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
30.0%
0%
5%
10.0%
15.00%
20.0%
25.00%
0%
5%
10.0%
15.00%
20.0%
0%
5%
10.0%
15.00%
0%
5%
10.0%

0%
5%
0%

CARTERAS
19.500%

Riesgo p
15.06%
15.07%
15.10%
15.17%
15.27%
15.40%
15.56%
15.75%
15.97%
16.21%
16.48%
16.77%
17.09%
17.43%
17.79%
18.16%
18.56%
18.97%
19.40%
19.84%
20.30%
15.05%
15.05%
15.09%
15.15%
15.25%
15.38%
15.54%
15.73%
15.94%
16.18%
16.45%
16.74%
17.06%
17.39%
17.75%
18.13%
18.52%
18.93%
19.36%
19.80%

19.000%
18.500%
RENDIMIENTO

RIESGO DE PORTAFOLIO USANDO CORRELACION

Wb
Wc
Rp
VARp
100%
0%
100%
16.125%
0.02268098
95%
0%
100%
16.27%
0.02269852
90%
0%
100%
16.42%
0.02281173
85%
0%
100%
16.57%
0.02302061
80%
0%
100%
16.72%
0.02332514
75%
0%
100%
16.86%
0.02372535
70%
0%
100%
17.01%
0.02422121
65%
0%
100%
17.16%
0.02481274
60%
0%
100%
17.31%
0.02549993
55%
0%
100%
17.46%
0.02628278
50%
0%
100%
17.60%
0.0271613
45%
0%
100%
17.75%
0.02813548
40%
0%
100%
17.90%
0.02920533
35%
0%
100%
18.05%
0.03037083
30%
0%
100%
18.20%
0.03163201
25%
0%
100%
18.34%
0.03298884
20%
0%
100%
18.49%
0.03444134
15%
0%
100%
18.64%
0.0359895
10%
0%
100%
18.79%
0.03763333
5%
0%
100%
18.94%
0.03937282
0%
0%
100%
19.08%
0.04120797
95.00%
5%
100%
16.24%
0.02263856
90.00%
5%
100%
16.38%
0.02265032
85.00%
5%
100%
16.53%
0.02275774
80.00%
5%
100%
16.68%
0.02296082
75.00%
5%
100%
16.83%
0.02325956
70.00%
5%
100%
16.98%
0.02365397
65.00%
5%
100%
17.12%
0.02414405
60.00%
5%
100%
17.27%
0.02472978
55.00%
5%
100%
17.42%
0.02541118
50.00%
5%
100%
17.57%
0.02618824
45.00%
5%
100%
17.71%
0.02706097
40.00%
5%
100%
17.86%
0.02802936
35.00%
5%
100%
18.01%
0.02909341
30.00%
5%
100%
18.16%
0.03025313
25.00%
5%
100%
18.31%
0.03150851
20.00%
5%
100%
18.45%
0.03285956
15.00%
5%
100%
18.60%
0.03430626
10.00%
5%
100%
18.75%
0.03584863
5.00%
5%
100%
18.90%
0.03748667
0.00%
5%
100%
19.05%
0.03922037

18.000%
17.500%
17.000%
16.500%
16.000%
15.500%

90.00%
85.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
85.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
80.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%

10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

16.35%
16.49%
16.64%
16.79%
16.94%
17.09%
17.23%
17.38%
17.53%
17.68%
17.83%
17.97%
18.12%
18.27%
18.42%
18.56%
18.71%
18.86%
19.01%
16.46%
16.60%
16.75%
16.90%
17.05%
17.20%
17.34%
17.49%
17.64%
17.79%
17.94%
18.08%
18.23%
18.38%
18.53%
18.68%
18.82%
18.97%
16.57%
16.71%
16.86%
17.01%
17.16%
17.31%
17.45%
17.60%
17.75%
17.90%

0.02271001
0.02271597
0.0228176
0.02301489
0.02330785
0.02369646
0.02418074
0.02476069
0.0254363
0.02620757
0.0270745
0.0280371
0.02909537
0.03024929
0.03149888
0.03284413
0.03428505
0.03582163
0.03745387
0.02289532
0.02289549
0.02299133
0.02318283
0.02346999
0.02385282
0.02433131
0.02490546
0.02557528
0.02634076
0.0272019
0.02815871
0.02921118
0.03035932
0.03160311
0.03294257
0.0343777
0.03590849
0.02319449
0.02318887
0.02327892
0.02346463
0.023746
0.02412303
0.02459573
0.0251641
0.02582812
0.02658781

15.07%
15.07%
15.11%
15.17%
15.27%
15.39%
15.55%
15.74%
15.95%
16.19%
16.45%
16.74%
17.06%
17.39%
17.75%
18.12%
18.52%
18.93%
19.35%
15.13%
15.13%
15.16%
15.23%
15.32%
15.44%
15.60%
15.78%
15.99%
16.23%
16.49%
16.78%
17.09%
17.42%
17.78%
18.15%
18.54%
18.95%
15.23%
15.23%
15.26%
15.32%
15.41%
15.53%
15.68%
15.86%
16.07%
16.31%

30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
75.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
70.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
65.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%

20%
20%
20%
20%
20%
20%
20%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
35%
35%
35%
35%
35%
35%
35%
35%
35%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

18.05%
18.19%
18.34%
18.49%
18.64%
18.79%
18.93%
16.68%
16.83%
16.97%
17.12%
17.27%
17.42%
17.56%
17.71%
17.86%
18.01%
18.16%
18.30%
18.45%
18.60%
18.75%
18.90%
16.79%
16.94%
17.08%
17.23%
17.38%
17.53%
17.68%
17.82%
17.97%
18.12%
18.27%
18.41%
18.56%
18.71%
18.86%
16.90%
17.05%
17.19%
17.34%
17.49%
17.64%
17.79%
17.93%
18.08%

0.02744316
0.02839418
0.02944086
0.0305832
0.03182121
0.03315488
0.03458421
0.02360753
0.02359612
0.02368037
0.02386029
0.02413587
0.02450711
0.02497402
0.02553659
0.02619483
0.02694873
0.02779829
0.02874351
0.0297844
0.03092095
0.03215317
0.03348105
0.02413443
0.02411723
0.02419569
0.02436982
0.02463961
0.02500506
0.02546617
0.02602295
0.0266754
0.0274235
0.02826727
0.02920671
0.0302418
0.03137256
0.03259899
0.02477519
0.0247522
0.02482487
0.02499321
0.0252572
0.02561686
0.02607219
0.02662318
0.02726983

16.57%
16.85%
17.16%
17.49%
17.84%
18.21%
18.60%
15.36%
15.36%
15.39%
15.45%
15.54%
15.65%
15.80%
15.98%
16.18%
16.42%
16.67%
16.95%
17.26%
17.58%
17.93%
18.30%
15.54%
15.53%
15.55%
15.61%
15.70%
15.81%
15.96%
16.13%
16.33%
16.56%
16.81%
17.09%
17.39%
17.71%
18.06%
15.74%
15.73%
15.76%
15.81%
15.89%
16.01%
16.15%
16.32%
16.51%

20.00%
15.00%
10.00%
5.00%
0.00%
60.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
55.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%

35%
35%
35%
35%
35%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
40%
45%
45%
45%
45%
45%
45%
45%
45%
45%
45%
45%
45%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
55%
55%
55%
55%
55%
55%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

18.23%
18.38%
18.53%
18.67%
18.82%
17.01%
17.16%
17.30%
17.45%
17.60%
17.75%
17.90%
18.04%
18.19%
18.34%
18.49%
18.64%
18.78%
17.12%
17.27%
17.41%
17.56%
17.71%
17.86%
18.01%
18.15%
18.30%
18.45%
18.60%
18.75%
17.23%
17.38%
17.53%
17.67%
17.82%
17.97%
18.12%
18.26%
18.41%
18.56%
18.71%
17.34%
17.49%
17.64%
17.78%
17.93%
18.08%

0.02801214
0.02885012
0.02978377
0.03081307
0.03193804
0.02552982
0.02550103
0.02556791
0.02573046
0.02598866
0.02634253
0.02679207
0.02733727
0.02797813
0.02871465
0.02954684
0.03047469
0.0314982
0.02639831
0.02636373
0.02642482
0.02658157
0.02683399
0.02718207
0.02762581
0.02816522
0.02880028
0.02953102
0.03035741
0.03127947
0.02738066
0.02734029
0.02739559
0.02754655
0.02779318
0.02813546
0.02857341
0.02910703
0.02973631
0.03046125
0.03128185
0.02847688
0.02843072
0.02848023
0.02862539
0.02886623
0.02920272

16.74%
16.99%
17.26%
17.55%
17.87%
15.98%
15.97%
15.99%
16.04%
16.12%
16.23%
16.37%
16.53%
16.73%
16.95%
17.19%
17.46%
17.75%
16.25%
16.24%
16.26%
16.30%
16.38%
16.49%
16.62%
16.78%
16.97%
17.18%
17.42%
17.69%
16.55%
16.53%
16.55%
16.60%
16.67%
16.77%
16.90%
17.06%
17.24%
17.45%
17.69%
16.88%
16.86%
16.88%
16.92%
16.99%
17.09%

15.00%
10.00%
5.00%
0.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
20.00%
15.00%
10.00%
5.00%
0.00%
15.00%
10.00%
5.00%
0.00%
10.00%
5.00%
0.00%

55%
55%
55%
55%
60%
60%
60%
60%
60%
60%
60%
60%
60%
=
65%
65%
65%
65%
65%
65%
65%
65%
70%
70%
70%
70%
70%
70%
70%
75%
75%
75%
75%
75%
75%
80%
80%
80%
80%
80%
85%
85%
85%
85%
90%
90%
90%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

18.23%
18.38%
18.52%
18.67%
17.45%
17.60%
17.75%
17.89%
18.04%
18.19%
18.34%
18.49%
18.63%

0.02963488
0.03016271
0.03078619
0.03150534
0.02968696
0.02963501
0.02967872
0.0298181
0.03005314
0.03038385
0.03081021
0.03133225
0.03194994

17.21%
17.37%
17.55%
17.75%
17.23%
17.21%
17.23%
17.27%
17.34%
17.43%
17.55%
17.70%
17.87%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

17.56%
17.71%
17.86%
18.00%
18.15%
18.30%
18.45%
18.60%
17.67%
17.82%
17.97%
18.11%
18.26%
18.41%
18.56%
17.78%
17.93%
18.08%
18.23%
18.37%
18.52%
17.89%
18.04%
18.19%
18.34%
18.48%
18.00%
18.15%
18.30%
18.45%
18.11%
18.26%
18.41%

0.0310109
0.03095316
0.03099108
0.03112467
0.03135392
0.03167883
0.03209941
0.03261565
0.0324487
0.03238517
0.0324173
0.0325451
0.03276856
0.03308768
0.03350247
0.03400037
0.03393105
0.03395739
0.0340794
0.03429706
0.03461039
0.03566591
0.03559079
0.03561134
0.03572755
0.03593943
0.0374453
0.0373644
0.03737915
0.03748958
0.03933856
0.03925186
0.03926083

17.61%
17.59%
17.60%
17.64%
17.71%
17.80%
17.92%
18.06%
18.01%
18.00%
18.00%
18.04%
18.10%
18.19%
18.30%
18.44%
18.42%
18.43%
18.46%
18.52%
18.60%
18.89%
18.87%
18.87%
18.90%
18.96%
19.35%
19.33%
19.33%
19.36%
19.83%
19.81%
19.81%

5.00%
0.00%
0.00%

95%
95%
100%

100%
100%
100%

18.22%
18.37%
18.33%

0.04134568
0.04125319
0.04346667

20.33%
20.31%
20.85%

19.500%
19.000%
18.500%
18.000%
17.500%
17.000%
16.500%
16.000%
15.500%
0.00%

5.00%

10.00%

15.00%
RIESGO

20.00%

25.00%