Annual Returns on Investments in Value of $100 invested at star

S&P 500 Baa S&P 500

(includes 3-month US T. Bond Corporate Real Estate (includes
T.Bill
dividends) Bond dividends)3
Year
1928 43.81% 3.08% 0.84% 3.22% 1.49% S/ 143.81
1929 -8.30% 3.16% 4.20% 3.02% -2.06% S/ 131.88
1930 -25.12% 4.55% 4.54% 0.54% -4.30% S/ 98.75
1931 -43.84% 2.31% -2.56% -15.68% -8.15% S/ 55.46
1932 -8.64% 1.07% 8.79% 23.59% -10.47% S/ 50.66
1933 49.98% 0.96% 1.86% 12.97% -3.81% S/ 75.99
1934 -1.19% 0.28% 7.96% 18.82% 2.91% S/ 75.09
1935 46.74% 0.17% 4.47% 13.31% 9.77% S/ 110.18
1936 31.94% 0.17% 5.02% 11.38% 3.22% S/ 145.38
1937 -35.34% 0.28% 1.38% -4.42% 2.56% S/ 94.00
1938 29.28% 0.07% 4.21% 9.24% -0.87% S/ 121.53
1939 -1.10% 0.05% 4.41% 7.98% -1.30% S/ 120.20
1940 -10.67% 0.04% 5.40% 8.65% 3.31% S/ 107.37
1941 -12.77% 0.13% -2.02% 5.01% -8.38% S/ 93.66
1942 19.17% 0.34% 2.29% 5.18% 3.33% S/ 111.61
1943 25.06% 0.38% 2.49% 8.04% 11.45% S/ 139.59
1944 19.03% 0.38% 2.58% 6.57% 16.58% S/ 166.15
1945 35.82% 0.38% 3.80% 6.80% 11.78% S/ 225.67
1946 -8.43% 0.38% 3.13% 2.51% 24.10% S/ 206.65
1947 5.20% 0.60% 0.92% 0.26% 21.26% S/ 217.39
1948 5.70% 1.05% 1.95% 3.44% 2.06% S/ 229.79
1949 18.30% 1.12% 4.66% 5.38% 0.09% S/ 271.85
1950 30.81% 1.20% 0.43% 4.24% 3.64% S/ 355.60
1951 23.68% 1.52% -0.30% -0.19% 6.05% S/ 439.80
1952 18.15% 1.72% 2.27% 4.44% 4.41% S/ 519.62
1953 -1.21% 1.89% 4.14% 1.62% 11.52% S/ 513.35
1954 52.56% 0.94% 3.29% 6.16% 0.92% S/ 783.18
1955 32.60% 1.73% -1.34% 2.04% 0.00% S/ 1,038.47
1956 7.44% 2.63% -2.26% -2.35% 0.91% S/ 1,115.73
1957 -10.46% 3.23% 6.80% -0.72% 2.72% S/ 999.05
1958 43.72% 1.77% -2.10% 6.43% 0.66% S/ 1,435.84
1959 12.06% 3.39% -2.65% 1.57% 0.11% S/ 1,608.95
1960 0.34% 2.88% 11.64% 6.66% 0.77% S/ 1,614.37
1961 26.64% 2.35% 2.06% 5.10% 0.98% S/ 2,044.40
1962 -8.81% 2.77% 5.69% 6.50% 0.32% S/ 1,864.26
1963 22.61% 3.16% 1.68% 5.46% 2.14% S/ 2,285.80
1964 16.42% 3.55% 3.73% 5.16% 1.26% S/ 2,661.02
1965 12.40% 3.95% 0.72% 3.19% 1.66% S/ 2,990.97
1966 -9.97% 4.86% 2.91% -3.45% 1.22% S/ 2,692.74
1967 23.80% 4.31% -1.58% 0.90% 2.32% S/ 3,333.69
1968 10.81% 5.34% 3.27% 4.85% 4.13% S/ 3,694.23
1969 -8.24% 6.67% -5.01% -2.03% 6.99% S/ 3,389.77
1970 3.56% 6.39% 16.75% 5.65% 8.22% S/ 3,510.49
1971 14.22% 4.33% 9.79% 14.00% 4.24% S/ 4,009.72
1972 18.76% 4.07% 2.82% 11.41% 2.98% S/ 4,761.76
1973 -14.31% 7.03% 3.66% 4.32% 3.42% S/ 4,080.44
1974 -25.90% 7.83% 1.99% -4.38% 10.07% S/ 3,023.54
1975 37.00% 5.78% 3.61% 11.05% 6.77% S/ 4,142.10
1976 23.83% 4.97% 15.98% 19.75% 8.18% S/ 5,129.20
1977 -6.98% 5.27% 1.29% 9.95% 14.65% S/ 4,771.20
1978 6.51% 7.19% -0.78% 3.14% 15.72% S/ 5,081.77
1979 18.52% 10.07% 0.67% -2.01% 13.74% S/ 6,022.89
1980 31.74% 11.43% -2.99% -3.32% 7.40% S/ 7,934.26
1981 -4.70% 14.03% 8.20% 8.46% 5.10% S/ 7,561.16
1982 20.42% 10.61% 32.81% 29.05% 0.56% S/ 9,105.08
1983 22.34% 8.61% 3.20% 16.19% 4.75% S/ 11,138.90
1984 6.15% 9.52% 13.73% 15.62% 4.68% S/ 11,823.51
1985 31.24% 7.48% 25.71% 23.86% 7.47% S/ 15,516.60
1986 18.49% 5.98% 24.28% 21.49% 9.61% S/ 18,386.33
1987 5.81% 5.78% -4.96% 2.29% 7.88% S/ 19,455.08
1988 16.54% 6.67% 8.22% 15.12% 7.21% S/ 22,672.40
1989 31.48% 8.11% 17.69% 15.79% 4.38% S/ 29,808.58
1990 -3.06% 7.49% 6.24% 6.14% -0.69% S/ 28,895.11
1991 30.23% 5.38% 15.00% 17.85% -0.16% S/ 37,631.51
1992 7.49% 3.43% 9.36% 12.17% 0.82% S/ 40,451.51
1993 9.97% 3.00% 14.21% 16.43% 2.16% S/ 44,483.33
1994 1.33% 4.25% -8.04% -1.32% 2.51% S/ 45,073.14
1995 37.20% 5.49% 23.48% 20.16% 1.80% S/ 61,838.19
1996 22.68% 5.01% 1.43% 4.79% 2.42% S/ 75,863.69
1997 33.10% 5.06% 9.94% 11.83% 4.02% S/ 100,977.34
1998 28.34% 4.78% 14.92% 7.95% 6.45% S/ 129,592.25
1999 20.89% 4.64% -8.25% 0.84% 7.68% S/ 156,658.05
2000 -9.03% 5.82% 16.66% 9.33% 9.28% S/ 142,508.98
2001 -11.85% 3.39% 5.57% 7.82% 6.67% S/ 125,622.01
2002 -21.97% 1.60% 15.12% 12.18% 9.56% S/ 98,027.82
2003 28.36% 1.01% 0.38% 13.53% 9.82% S/ 125,824.39
2004 10.74% 1.37% 4.49% 9.89% 13.64% S/ 139,341.42
2005 4.83% 3.15% 2.87% 4.92% 13.51% S/ 146,077.85
2006 15.61% 4.73% 1.96% 7.05% 1.73% S/ 168,884.34
 2007 5.48% 4.35% 10.21% 3.15% -5.40% S/ 178,147.20
2008 -36.55% 1.37% 20.10% -5.07% -12.00% S/ 113,030.22
2009 25.94% 0.15% -11.12% 23.33% -3.85% S/ 142,344.87
2010 14.82% 0.14% 8.46% 8.35% -4.12% S/ 163,441.94
2011 2.10% 0.05% 16.04% 12.58% -3.88% S/ 166,871.56
2012 15.89% 0.09% 2.97% 10.12% 6.44% S/ 193,388.43
2013 32.15% 0.06% -9.10% -1.06% 10.72% S/ 255,553.31
2014 13.52% 0.03% 10.75% 10.38% 4.51% S/ 290,115.42
2015 1.38% 0.05% 1.28% -0.70% 5.21% S/ 294,115.79
2016 11.77% 0.32% 0.69% 10.37% 5.31% S/ 328,742.28
2017 21.61% 0.93% 2.80% 9.72% 6.21% S/ 399,768.64
2018 -4.23% 1.94% -0.02% -2.76% 4.53% S/ 382,870.94
2019 31.21% 1.55% 9.64% 15.33% 3.69% S/ 502,371.39
2020 18.02% 0.09% 11.33% 10.41% 10.35% S/ 592,914.80
2021 28.47% 0.06% -4.42% 0.93% 16.83% S/ 761,710.83

Arithmetic Average Historical Return

1928-2021 11.82% 3.33% 5.11% 7.19% 4.36%
1972-2021 12.47% 4.42% 7.00% 9.29% 5.41%
2012-2021 16.98% 0.51% 2.59% 6.28% 7.38%

Geometric Average Historical Return

1928-2021 9.98% 3.28% 4.84% 6.93% 4.18%
1972-2021 11.06% 4.37% 6.60% 9.01% 5.25%
2012-2021 16.40% 0.51% 2.40% 6.10% 7.31%
Value of $100 invested at start of 1928 in Annual Risk Premium

Stocks -
3-month T.Bill4 US T. Bond5 Baa Corporate Real Estate2 Stocks - Stocks - Baa Corp
Bond6 Bills Bonds
Bond

S/ 103.08 S/ 100.84 S/ 103.22 S/ 101.49 40.73% 42.98% 40.59%

S/ 106.34 S/ 105.07 S/ 106.33 S/ 99.40 -11.46% -12.50% -11.32%
S/ 111.18 S/ 109.85 S/ 106.91 S/ 95.13 -29.67% -29.66% -25.66%
S/ 113.74 S/ 107.03 S/ 90.14 S/ 87.38 -46.15% -41.28% -28.16%
S/ 114.96 S/ 116.44 S/ 111.41 S/ 78.23 -9.71% -17.43% -32.23%
S/ 116.06 S/ 118.60 S/ 125.86 S/ 75.25 49.02% 48.13% 37.02%
S/ 116.39 S/ 128.05 S/ 149.54 S/ 77.44 -1.47% -9.15% -20.00%
S/ 116.58 S/ 133.78 S/ 169.44 S/ 85.00 46.57% 42.27% 33.43%
S/ 116.78 S/ 140.49 S/ 188.73 S/ 87.73 31.77% 26.93% 20.56%
S/ 117.11 S/ 142.43 S/ 180.39 S/ 89.98 -35.61% -36.72% -30.92%
S/ 117.18 S/ 148.43 S/ 197.05 S/ 89.20 29.22% 25.07% 20.05%
S/ 117.24 S/ 154.98 S/ 212.78 S/ 88.04 -1.14% -5.51% -9.08%
S/ 117.28 S/ 163.35 S/ 231.18 S/ 90.95 -10.71% -16.08% -19.32%
S/ 117.43 S/ 160.04 S/ 242.76 S/ 83.32 -12.90% -10.75% -17.78%
S/ 117.83 S/ 163.72 S/ 255.33 S/ 86.10 18.83% 16.88% 13.99%
S/ 118.28 S/ 167.79 S/ 275.88 S/ 95.95 24.68% 22.57% 17.02%
S/ 118.73 S/ 172.12 S/ 293.99 S/ 111.87 18.65% 16.45% 12.46%
S/ 119.18 S/ 178.67 S/ 313.98 S/ 125.04 35.44% 32.02% 29.02%
S/ 119.63 S/ 184.26 S/ 321.85 S/ 155.18 -8.81% -11.56% -10.94%
S/ 120.35 S/ 185.95 S/ 322.70 S/ 188.17 4.60% 4.28% 4.94%
S/ 121.61 S/ 189.58 S/ 333.79 S/ 192.05 4.66% 3.75% 2.27%
S/ 122.96 S/ 198.42 S/ 351.74 S/ 192.22 17.19% 13.64% 12.93%
S/ 124.44 S/ 199.27 S/ 366.65 S/ 199.22 29.60% 30.38% 26.57%
S/ 126.33 S/ 198.68 S/ 365.95 S/ 211.26 22.16% 23.97% 23.87%
S/ 128.51 S/ 203.19 S/ 382.20 S/ 220.57 16.43% 15.88% 13.71%
S/ 130.94 S/ 211.61 S/ 388.39 S/ 245.98 -3.10% -5.35% -2.83%
S/ 132.17 S/ 218.57 S/ 412.31 S/ 248.25 51.62% 49.27% 46.41%
S/ 134.45 S/ 215.65 S/ 420.74 S/ 248.25 30.87% 33.93% 30.55%
S/ 137.98 S/ 210.79 S/ 410.84 S/ 250.52 4.81% 9.70% 9.79%
S/ 142.43 S/ 225.11 S/ 407.89 S/ 257.33 -13.68% -17.25% -9.74%
S/ 144.95 S/ 220.39 S/ 434.11 S/ 259.03 41.95% 45.82% 37.29%
S/ 149.86 S/ 214.56 S/ 440.95 S/ 259.31 8.67% 14.70% 10.48%
S/ 154.18 S/ 239.53 S/ 470.33 S/ 261.30 -2.55% -11.30% -6.33%
S/ 157.81 S/ 244.46 S/ 494.32 S/ 263.85 24.28% 24.58% 21.54%
S/ 162.19 S/ 258.38 S/ 526.43 S/ 264.70 -11.58% -14.51% -15.31%
S/ 167.31 S/ 262.74 S/ 555.19 S/ 270.38 19.45% 20.93% 17.15%
S/ 173.25 S/ 272.53 S/ 583.85 S/ 273.78 12.87% 12.69% 11.25%
S/ 180.09 S/ 274.49 S/ 602.47 S/ 278.32 8.45% 11.68% 9.21%
S/ 188.84 S/ 282.47 S/ 581.72 S/ 281.72 -14.83% -12.88% -6.53%
S/ 196.98 S/ 278.01 S/ 586.92 S/ 288.25 19.50% 25.38% 22.91%
S/ 207.49 S/ 287.11 S/ 615.36 S/ 300.17 5.48% 7.54% 5.97%
S/ 221.32 S/ 272.71 S/ 602.90 S/ 321.16 -14.91% -3.23% -6.22%
S/ 235.47 S/ 318.41 S/ 636.96 S/ 347.55 -2.83% -13.19% -2.09%
S/ 245.67 S/ 349.57 S/ 726.14 S/ 362.30 9.89% 4.43% 0.22%
S/ 255.68 S/ 359.42 S/ 808.99 S/ 373.08 14.68% 15.94% 7.35%
S/ 273.66 S/ 372.57 S/ 843.92 S/ 385.85 -21.34% -17.97% -18.63%
S/ 295.08 S/ 379.98 S/ 806.95 S/ 424.72 -33.73% -27.89% -21.52%
S/ 312.12 S/ 393.68 S/ 896.12 S/ 453.48 31.22% 33.39% 25.95%
S/ 327.65 S/ 456.61 S/ 1,073.13 S/ 490.57 18.86% 7.85% 4.08%
S/ 344.91 S/ 462.50 S/ 1,179.96 S/ 562.46 -12.25% -8.27% -16.93%
S/ 369.71 S/ 458.90 S/ 1,216.98 S/ 650.90 -0.68% 7.29% 3.37%
S/ 406.93 S/ 461.98 S/ 1,192.53 S/ 740.35 8.45% 17.85% 20.53%
S/ 453.46 S/ 448.17 S/ 1,152.99 S/ 795.11 20.30% 34.72% 35.05%
S/ 517.06 S/ 484.91 S/ 1,250.56 S/ 835.62 -18.73% -12.90% -13.16%
S/ 571.94 S/ 644.04 S/ 1,613.88 S/ 840.33 9.80% -12.40% -8.63%
S/ 621.19 S/ 664.65 S/ 1,875.23 S/ 880.25 13.73% 19.14% 6.14%
S/ 680.35 S/ 755.92 S/ 2,168.13 S/ 921.43 -3.38% -7.59% -9.47%
S/ 731.23 S/ 950.29 S/ 2,685.50 S/ 990.27 23.76% 5.52% 7.37%
S/ 774.95 S/ 1,181.06 S/ 3,262.50 S/ 1,085.46 12.52% -5.79% -2.99%
S/ 819.70 S/ 1,122.47 S/ 3,337.20 S/ 1,170.95 0.04% 10.77% 3.52%
S/ 874.35 S/ 1,214.78 S/ 3,841.62 S/ 1,255.38 9.87% 8.31% 1.42%
S/ 945.28 S/ 1,429.72 S/ 4,448.20 S/ 1,310.38 23.36% 13.78% 15.69%
S/ 1,016.11 S/ 1,518.87 S/ 4,721.33 S/ 1,301.32 -10.56% -9.30% -9.20%
S/ 1,070.73 S/ 1,746.77 S/ 5,564.25 S/ 1,299.27 24.86% 15.23% 12.38%
S/ 1,107.47 S/ 1,910.30 S/ 6,241.54 S/ 1,309.89 4.06% -1.87% -4.68%
S/ 1,140.67 S/ 2,181.77 S/ 7,267.12 S/ 1,338.15 6.97% -4.24% -6.46%
S/ 1,189.11 S/ 2,006.43 S/ 7,171.25 S/ 1,371.72 -2.92% 9.36% 2.65%
S/ 1,254.39 S/ 2,477.55 S/ 8,616.71 S/ 1,396.39 31.71% 13.71% 17.04%
S/ 1,317.18 S/ 2,512.94 S/ 9,029.67 S/ 1,430.13 17.68% 21.25% 17.89%
S/ 1,383.84 S/ 2,762.71 S/ 10,098.32 S/ 1,487.69 28.04% 23.16% 21.27%
S/ 1,449.94 S/ 3,174.95 S/ 10,900.68 S/ 1,583.61 23.56% 13.42% 20.39%
S/ 1,517.20 S/ 2,912.88 S/ 10,992.59 S/ 1,705.23 16.25% 29.14% 20.04%
S/ 1,605.45 S/ 3,398.03 S/ 12,018.16 S/ 1,863.51 -14.85% -25.69% -18.36%
S/ 1,659.84 S/ 3,587.37 S/ 12,957.88 S/ 1,987.87 -15.24% -17.42% -19.67%
S/ 1,686.44 S/ 4,129.65 S/ 14,535.88 S/ 2,178.00 -23.57% -37.08% -34.14%
S/ 1,703.49 S/ 4,145.15 S/ 16,502.87 S/ 2,391.78 27.34% 27.98% 14.82%
S/ 1,726.86 S/ 4,331.30 S/ 18,134.78 S/ 2,717.92 9.37% 6.25% 0.85%
S/ 1,781.19 S/ 4,455.50 S/ 19,026.57 S/ 3,085.18 1.69% 1.97% -0.08%
S/ 1,865.39 S/ 4,542.87 S/ 20,367.63 S/ 3,138.62 10.89% 13.65% 8.56%
S/ 1,946.59 S/ 5,006.69 S/ 21,009.29 S/ 2,969.21 1.13% -4.73% 2.33%
S/ 1,973.16 S/ 6,013.10 S/ 19,945.02 S/ 2,612.92 -37.92% -56.65% -31.49%
S/ 1,976.12 S/ 5,344.65 S/ 24,598.10 S/ 2,512.37 25.79% 37.05% 2.61%
S/ 1,978.82 S/ 5,796.96 S/ 26,651.51 S/ 2,408.91 14.68% 6.36% 6.47%
S/ 1,979.86 S/ 6,726.52 S/ 30,005.47 S/ 2,315.38 2.05% -13.94% -10.49%
S/ 1,981.56 S/ 6,926.40 S/ 33,043.43 S/ 2,464.41 15.80% 12.92% 5.77%
S/ 1,982.72 S/ 6,295.79 S/ 32,694.52 S/ 2,728.54 32.09% 41.25% 33.20%
S/ 1,983.36 S/ 6,972.34 S/ 36,089.82 S/ 2,851.70 13.49% 2.78% 3.14%
S/ 1,984.40 S/ 7,061.89 S/ 35,838.08 S/ 3,000.22 1.33% 0.09% 2.08%
S/ 1,990.70 S/ 7,110.65 S/ 39,552.74 S/ 3,159.52 11.46% 11.08% 1.41%
S/ 2,009.23 S/ 7,309.87 S/ 43,398.81 S/ 3,355.82 20.67% 18.80% 11.88%
S/ 2,048.20 S/ 7,308.65 S/ 42,199.86 S/ 3,507.93 -6.17% -4.21% -1.46%
S/ 2,079.94 S/ 8,012.89 S/ 48,668.87 S/ 3,637.43 29.66% 21.58% 15.88%
S/ 2,081.82 S/ 8,920.90 S/ 53,736.05 S/ 4,013.76 17.93% 6.69% 7.61%
S/ 2,083.06 S/ 8,526.95 S/ 54,237.64 S/ 4,689.35 28.41% 32.88% 27.54%
Risk Premium Standard Error
Stocks - T.Bills Stocks - T.Bonds Stocks - T.BiStocks - T.Bonds
8.49% 6.71% 2.05% 2.17%
8.04% 5.47% 2.44% 2.76%
16.47% 14.39% 3.88% 4.59%
Risk Premium
Stocks - T.Bills Stocks - T.Bonds
6.69% 5.13%
6.70% 4.47%
15.89% 14.00%
Premium Annual Real Returns on

Historical S&P 500

risk Inflation (includes 3-month T. !0-year Baa Corp Real
Rate Bill (Real) T.Bonds Bonds Estate3
premium dividends)2

-1.16% 45.49% 4.29% 2.01% 4.43% 2.68%

0.58% -8.83% 2.56% 3.60% 2.42% -2.63%
-6.40% -20.01% 11.69% 11.68% 7.41% 2.24%
-9.32% -38.07% 12.82% 7.45% -7.02% 1.29%
-10.27% 1.82% 12.64% 21.25% 37.74% -0.21%
0.76% 48.85% 0.20% 1.08% 12.11% -4.54%
1.52% -2.66% -1.22% 6.35% 17.04% 1.37%
2.99% 42.49% -2.74% 1.44% 10.02% 6.58%
1.45% 30.06% -1.26% 3.52% 9.79% 1.74%
2.86% -37.13% -2.51% -1.44% -7.07% -0.29%
-2.78% 32.98% 2.92% 7.19% 12.36% 1.96%
0.00% -1.10% 0.05% 4.41% 7.98% -1.30%
0.71% -11.31% -0.67% 4.65% 7.88% 2.57%
9.93% -20.65% -8.91% -10.87% -4.48% -16.66%
9.03% 9.30% -7.97% -6.18% -3.53% -5.23%
2.96% 21.47% -2.50% -0.46% 4.94% 8.24%
2.30% 16.36% -1.88% 0.27% 4.17% 13.96%
2.25% 32.84% -1.83% 1.52% 4.45% 9.32%
18.13% -22.48% -15.03% -12.70% -13.23% 5.05%
8.84% -3.34% -7.57% -7.27% -7.88% 11.42%
2.99% 2.63% -1.89% -1.01% 0.43% -0.91%
-2.07% 20.81% 3.26% 6.88% 7.61% 2.21%
5.93% 23.48% -4.46% -5.19% -1.60% -2.16%
6.00% 16.68% -4.23% -5.94% -5.84% 0.04%
0.75% 17.27% 0.96% 1.50% 3.66% 3.62%
0.75% -1.94% 1.13% 3.37% 0.86% 10.69%
-0.74% 53.71% 1.69% 4.06% 6.95% 1.68%
0.37% 32.10% 1.35% -1.70% 1.66% -0.37%
2.99% 4.33% -0.35% -5.09% -5.18% -2.01%
2.90% -12.98% 0.32% 3.79% -3.52% -0.18%
1.76% 41.23% 0.01% -3.79% 4.59% -1.08%
1.73% 10.15% 1.63% -4.30% -0.15% -1.59%
6.11% 1.36% -1.01% 1.50% 10.14% 5.23% -0.59%
6.62% 0.67% 25.79% 1.67% 1.38% 4.40% 0.30%
5.97% 1.33% -10.01% 1.42% 4.30% 5.09% -1.00%
6.36% 1.64% 20.63% 1.49% 0.04% 3.76% 0.49%
6.53% 0.97% 15.30% 2.55% 2.73% 4.15% 0.29%
6.66% 1.92% 10.28% 1.99% -1.18% 1.24% -0.26%
6.11% 3.46% -12.98% 1.36% -0.53% -6.67% -2.16%
6.57% 3.04% 20.15% 1.23% -4.48% -2.08% -0.70%
6.60% 4.72% 5.82% 0.59% -1.38% 0.12% -0.56%
6.33% 6.20% -13.60% 0.44% -10.56% -7.74% 0.75%
5.90% 5.57% -1.90% 0.78% 10.59% 0.08% 2.51%
5.87% 3.27% 10.61% 1.03% 6.31% 10.40% 0.95%
6.08% 3.41% 14.84% 0.64% -0.57% 7.74% -0.42%
5.50% 8.71% -21.17% -1.54% -4.64% -4.04% -4.86%
4.64% 12.34% -34.04% -4.01% -9.21% -14.88% -2.02%
5.17% 6.94% 28.11% -1.09% -3.12% 3.85% -0.15%
5.22% 4.86% 18.09% 0.10% 10.60% 14.20% 3.16%
4.93% 6.70% -12.82% -1.34% -5.07% 3.05% 7.45%
4.97% 9.02% -2.30% -1.68% -8.99% -5.39% 6.15%
5.21% 13.29% 4.61% -2.85% -11.14% -13.51% 0.40%
5.73% 12.52% 17.08% -0.96% -13.78% -14.07% -4.55%
5.37% 8.92% -12.51% 4.68% -0.66% -0.42% -3.51%
5.10% 3.83% 15.98% 6.53% 27.92% 24.29% -3.15%
5.34% 3.79% 17.87% 4.64% -0.57% 11.95% 0.92%
5.12% 3.95% 2.11% 5.36% 9.41% 11.23% 0.70%
5.13% 3.80% 26.43% 3.55% 21.11% 19.33% 3.54%
4.97% 1.10% 17.21% 4.83% 22.93% 20.17% 8.42%
5.07% 4.43% 1.32% 1.28% -9.00% -2.05% 3.30%
5.12% 4.42% 11.60% 2.15% 3.64% 10.24% 2.67%
5.24% 4.65% 25.64% 3.31% 12.47% 10.65% -0.25%
5.00% 6.11% -8.64% 1.31% 0.12% 0.03% -6.41%
5.14% 3.06% 26.36% 2.24% 11.59% 14.35% -3.13%
5.03% 2.90% 4.46% 0.52% 6.28% 9.01% -2.02%
4.90% 2.75% 7.03% 0.24% 11.16% 13.32% -0.57%
4.97% 2.67% -1.31% 1.53% -10.43% -3.89% -0.16%
5.08% 2.54% 33.80% 2.88% 20.42% 17.18% -0.72%
5.30% 3.32% 18.74% 1.63% -1.83% 1.42% -0.88%
5.53% 1.70% 30.88% 3.30% 8.10% 9.96% 2.28%
5.63% 1.61% 26.30% 3.11% 13.10% 6.23% 4.76%
5.96% 2.68% 17.72% 1.90% -10.65% -1.79% 4.86%
5.51% 3.39% -12.01% 2.35% 12.83% 5.75% 5.70%
5.17% 1.55% -13.20% 1.81% 3.96% 6.17% 5.04%
4.53% 2.38% -23.78% -0.76% 12.44% 9.57% 7.02%
4.82% 1.88% 25.99% -0.85% -1.48% 11.44% 7.79%
4.84% 3.26% 7.25% -1.82% 1.20% 6.42% 10.05%
4.80% 3.42% 1.37% -0.26% -0.53% 1.45% 9.76%
4.91% 2.54% 12.75% 2.13% -0.57% 4.40% -0.79%
4.79% 4.08% 1.35% 0.26% 5.89% -0.89% -9.11%
3.88% 0.09% -36.61% 1.27% 19.99% -5.15% -12.08%
4.29% 2.72% 22.60% -2.50% -13.47% 20.06% -6.40%
4.31% 1.50% 13.13% -1.34% 6.86% 6.75% -5.53%
4.10% 2.96% -0.84% -2.83% 12.70% 9.35% -6.65%
4.20% 1.74% 13.91% -1.63% 1.21% 8.24% 4.61%
4.62% 1.50% 30.19% -1.42% -10.45% -2.52% 9.08%
4.60% 0.76% 12.67% -0.72% 9.91% 9.56% 3.73%
4.54% 0.73% 0.64% -0.67% 0.55% -1.42% 4.45%
4.62% 2.07% 9.50% -1.72% -1.36% 8.12% 3.17%
4.77% 2.11% 19.09% -1.15% 0.68% 7.46% 4.02%
4.66% 1.91% -6.02% 0.03% -1.89% -4.59% 2.57%
4.83% 2.29% 28.28% -0.72% 7.19% 12.75% 1.38%
4.84% 1.36% 16.44% -1.25% 9.84% 8.93% 8.86%
5.13% 7.00% 20.06% -6.49% -10.67% -5.67% 9.19%

Arithmetic Average Annual Real Return

1928-2021 8.48% 0.35% 2.28% 4.27% 1.27%
1972-2021 8.13% 0.63% 3.42% 5.61% 1.27%
2012-2021 12.39% -1.21% 2.84% 5.59% 3.52%
 Prima de
adj. Propagación Prima de riesgo riesgo de Prima de
calificación de Moody's predeterminada país acciones riesgo país
Abu Dhabi Aa2 0,42% 0,49% 4,73% 0,49%
Albania B1 3,83% 4,45% 8,69% 4,45%
Argelia NR 5,53% 6,43% 10,67% 6,43%
Andorra (Principado de) Baa2 1,62% 1,88% 6,12% 1,88%
angola B3 5,53% 6,43% 10,67% 6,43%
anguila NR 5,88% 6,83% 11,07% 6,83%
Antigua y Barbuda NR 5,88% 6,83% 11,07% 6,83%
Argentina California 10,21% 11,87% 16,11% 11,87%
Armenia Ba3 3,06% 3,56% 7,80% 3,56%
Aruba Baa2 1,62% 1,88% 6,12% 1,88%
Australia aaa 0,00% 0,00% 4,24% 0,00%
Austria Aa1 0,34% 0,39% 4,63% 0,39%
Azerbaiyán Ba2 2,56% 2,97% 7.21% 2,97%
bahamas Ba3 3,06% 3,56% 7,80% 3,56%
Baréin B2 4,68% 5,44% 9,68% 5,44%
bangladesh Ba3 3,06% 3,56% 7,80% 3,56%
barbados Caa1 6,38% 7,41% 11,65% 7,41%
Bielorrusia B3 5,53% 6,43% 10,67% 6,43%
Bélgica Aa3 0,51% 0,60% 4,84% 0,60%
Belice Caa3 8,51% 9.89% 14,13% 9.89%
Benín B1 3,83% 4,45% 8,69% 4,45%
islas Bermudas A2 0,72% 0,84% 5,08% 0,84%
Bolivia B2 4,68% 5,44% 9,68% 5,44%
Bosnia y Herzegovina B3 5,53% 6,43% 10,67% 6,43%
Botsuana A3 1,02% 1,19% 5,43% 1,19%
Brasil Ba2 2,56% 2,97% 7.21% 2,97%
Islas Vírgenes Británicas NR 5,88% 6,83% 11,07% 6,83%
Brunéi NR 0,72% 0,84% 5,08% 0,84%
Bulgaria Baa1 1,36% 1,58% 5,82% 1,58%
Burkina Faso B2 4,68% 5,44% 9,68% 5,44%
Camboya B2 4,68% 5,44% 9,68% 5,44%
Camerún B2 4,68% 5,44% 9,68% 5,44%
Canadá aaa 0,00% 0,00% 4,24% 0,00%
Cabo Verde B3 5,53% 6,43% 10,67% 6,43%
Islas Caimán Aa3 0,51% 0,60% 4,84% 0,60%
Islas del Canal NR 0,72% 0,83% 5,07% 0,83%
Chile A1 0,60% 0,70% 4,94% 0,70%
Porcelana A1 0,60% 0,70% 4,94% 0,70%
Colombia Baa2 1,62% 1,88% 6,12% 1,88%
Congo (República Democ Caa1 6,38% 7,41% 11,65% 7,41%
Congo (República del) Caa2 7,66% 8,90% 13,14% 8,90%
Islas Cook B1 3,83% 4,45% 8,69% 4,45%
Costa Rica B2 4,68% 5,44% 9,68% 5,44%
Croacia Ba1 2,13% 2,47% 6,71% 2,47%
Cuba California 10,21% 11,87% 16,11% 11,87%
curazao Baa2 1,62% 1,88% 6,12% 1,88%
Chipre Ba1 2,13% 2,47% 6,71% 2,47%
Republica checa Aa3 0,51% 0,60% 4,84% 0,60%
Dinamarca aaa 0,00% 0,00% 4,24% 0,00%
República Dominicana Ba3 3,06% 3,56% 7,80% 3,56%
Ecuador Caa3 8,51% 9.89% 14,13% 9.89%
Egipto B2 4,68% 5,44% 9,68% 5,44%
El Salvador Caa1 6,38% 7,41% 11,65% 7,41%
Estonia A1 0,60% 0,70% 4,94% 0,70%
Etiopía Caa2 7,66% 8,90% 13,14% 8,90%
Islas Malvinas NR 5,88% 6,83% 11,07% 6,83%
Fiyi B1 3,83% 4,45% 8,69% 4,45%
Finlandia Aa1 0,34% 0,39% 4,63% 0,39%
Francia Aa2 0,42% 0,49% 4,73% 0,49%
Guayana Francesa NR 3,26% 3,79% 8,03% 3,79%
Gabón Caa1 6,38% 7,41% 11,65% 7,41%
Gambia NR 4,68% 5,44% 9,68% 5,44%
Georgia Ba2 2,56% 2,97% 7.21% 2,97%
Alemania aaa 0,00% 0,00% 4,24% 0,00%
Ghana B3 5,53% 6,43% 10,67% 6,43%
Gibraltar NR 0,72% 0,83% 5,07% 0,83%
Grecia Ba3 3,06% 3,56% 7,80% 3,56%
Groenlandia NR 0,72% 0,83% 5,07% 0,83%
Guatemala Ba1 2,13% 2,47% 6,71% 2,47%
Guernesey Aa3 0,51% 0,60% 4,84% 0,60%
Guinea NR 7,66% 8,90% 13,14% 8,90%
Guinea-Bisáu NR 5,53% 6,43% 10,67% 6,43%
Guayana NR 3,83% 4,45% 8,69% 4,45%
Haití NR 8,51% 9.89% 14,13% 9.89%
Honduras B1 3,83% 4,45% 8,69% 4,45%
Hong Kong Aa3 0,51% 0,60% 4,84% 0,60%
Hungría Baa2 1,62% 1,88% 6,12% 1,88%
Islandia A2 0,72% 0,84% 5,08% 0,84%
India Baa3 1,87% 2,18% 6,42% 2,18%
Indonesia Baa2 1,62% 1,88% 6,12% 1,88%
Irán NR 5,53% 6,43% 10,67% 6,43%
Irak Caa1 6,38% 7,41% 11,65% 7,41%
Irlanda A2 0,72% 0,84% 5,08% 0,84%
Isla del hombre Aa3 0,51% 0,60% 4,84% 0,60%
Israel A1 0,60% 0,70% 4,94% 0,70%
Italia Baa3 1,87% 2,18% 6,42% 2,18%
Costa de Marfil Ba3 3,06% 3,56% 7,80% 3,56%
Jamaica B2 4,68% 5,44% 9,68% 5,44%
Japón A1 0,60% 0,70% 4,94% 0,70%
Jersey aaa 0,00% 0,00% 4,24% 0,00%
Jordán B1 3,83% 4,45% 8,69% 4,45%
Kazajstán Baa2 1,62% 1,88% 6,12% 1,88%
Kenia B2 4,68% 5,44% 9,68% 5,44%
Corea, RPD NR 10,21% 11,87% 16,11% 11,87%
Kuwait A1 0,60% 0,70% 4,94% 0,70%
Kirguistán B2 4,68% 5,44% 9,68% 5,44%
Laos Caa2 7,66% 8,90% 13,14% 8,90%
letonia A3 1,02% 1,19% 5,43% 1,19%
Líbano C 17,50% 20,34% 24,58% 20,34%
Liberia NR 7,66% 8,90% 13,14% 8,90%
Libia NR 3,83% 4,45% 8,69% 4,45%
Liechtenstein aaa 0,00% 0,00% 4,24% 0,00%
Lituania A2 0,72% 0,84% 5,08% 0,84%
luxemburgo aaa 0,00% 0,00% 4,24% 0,00%
Macao Aa3 0,51% 0,60% 4,84% 0,60%
macedonia Ba3 3,06% 3,56% 7,80% 3,56%
Madagascar NR 5,53% 6,43% 10,67% 6,43%
Malaui NR 7,66% 8,90% 13,14% 8,90%
Malasia A3 1,02% 1,19% 5,43% 1,19%
Maldivas Caa1 6,38% 7,41% 11,65% 7,41%
Malí Caa1 6,38% 7,41% 11,65% 7,41%
Malta A2 0,72% 0,84% 5,08% 0,84%
Martinica NR 3,26% 3,79% 8,03% 3,79%
Mauricio Baa2 1,62% 1,88% 6,12% 1,88%
México Baa1 1,36% 1,58% 5,82% 1,58%
Moldavia B3 5,53% 6,43% 10,67% 6,43%
Mongolia B3 5,53% 6,43% 10,67% 6,43%
montenegro B1 3,83% 4,45% 8,69% 4,45%
Montserrat Baa3 1,87% 2,18% 6,42% 2,18%
Marruecos Ba1 2,13% 2,47% 6,71% 2,47%
Mozambique Caa2 7,66% 8,90% 13,14% 8,90%
Birmania NR 10,21% 11,87% 16,11% 11,87%
Namibia Ba3 3,06% 3,56% 7,80% 3,56%
Países Bajos aaa 0,00% 0,00% 4,24% 0,00%
Antillas Holandesas NR 5,88% 6,83% 11,07% 6,83%
Nueva Zelanda aaa 0,00% 0,00% 4,24% 0,00%
Nicaragua B3 5,53% 6,43% 10,67% 6,43%
Níger B3 5,53% 6,43% 10,67% 6,43%
Nigeria B2 4,68% 5,44% 9,68% 5,44%
Noruega aaa 0,00% 0,00% 4,24% 0,00%
Omán Ba3 3,06% 3,56% 7,80% 3,56%
Pakistán B3 5,53% 6,43% 10,67% 6,43%
Autoridad Palestina NR 1,38% 1,60% 5,84% 1,60%
Panamá Baa2 1,62% 1,88% 6,12% 1,88%
Papúa Nueva Guinea B2 4,68% 5,44% 9,68% 5,44%
Paraguay Ba1 2,13% 2,47% 6,71% 2,47%
Perú Baa1 1,36% 1,58% 5,82% 1,58%
Filipinas Baa2 1,62% 1,88% 6,12% 1,88%
Polonia A2 0,72% 0,84% 5,08% 0,84%
Portugal Baa2 1,62% 1,88% 6,12% 1,88%
Katar Aa3 0,51% 0,60% 4,84% 0,60%
Ras Al Khaimah (Emirato A3 1,02% 1,19% 5,43% 1,19%
Reunión NR 4,51% 5,25% 9,49% 5,25%
Rumania Baa3 1,87% 2,18% 6,42% 2,18%
Rusia Baa3 1,87% 2,18% 6,42% 2,18%
Ruanda B2 4,68% 5,44% 9,68% 5,44%
Santa Lucía NR 5,88% 6,83% 11,07% 6,83%
Arabia Saudita A1 0,60% 0,70% 4,94% 0,70%
Senegal Ba3 3,06% 3,56% 7,80% 3,56%
Serbia Ba2 2,56% 2,97% 7.21% 2,97%
Sharjah Baa3 1,87% 2,18% 6,42% 2,18%
Sierra Leona NR 8,51% 9.89% 14,13% 9.89%
Singapur aaa 0,00% 0,00% 4,24% 0,00%
Eslovaquia A2 0,72% 0,84% 5,08% 0,84%
Eslovenia A3 1,02% 1,19% 5,43% 1,19%
Islas Salomón Caa1 6,38% 7,41% 11,65% 7,41%
Somalia NR 10,21% 11,87% 16,11% 11,87%
Sudáfrica Ba2 2,56% 2,97% 7.21% 2,97%
Corea del Sur Aa2 0,42% 0,49% 4,73% 0,49%
España Baa1 1,36% 1,58% 5,82% 1,58%
Sri Lanka Caa2 7,66% 8,90% 13,14% 8,90%
San Martín Ba2 2,56% 2,97% 7.21% 2,97%
San Vicente y las Granad B3 5,53% 6,43% 10,67% 6,43%
Sudán NR 17,50% 20,34% 24,58% 20,34%
Surinam Caa3 8,51% 9.89% 14,13% 9.89%
Suazilandia B3 5,53% 6,43% 10,67% 6,43%
Suecia aaa 0,00% 0,00% 4,24% 0,00%
Suiza aaa 0,00% 0,00% 4,24% 0,00%
Siria NR 17,50% 20,34% 24,58% 20,34%
Taiwán Aa3 0,51% 0,60% 4,84% 0,60%
Tayikistán B3 5,53% 6,43% 10,67% 6,43%
Tanzania B2 4,68% 5,44% 9,68% 5,44%
Tailandia Baa1 1,36% 1,58% 5,82% 1,58%
Ir B3 5,53% 6,43% 10,67% 6,43%
Trinidad y Tobago Ba2 2,56% 2,97% 7.21% 2,97%
Túnez Caa1 6,38% 7,41% 11,65% 7,41%
Pavo B2 4,68% 5,44% 9,68% 5,44%
Islas Turcas y Caicos Baa1 1,36% 1,58% 5,82% 1,58%
Uganda B2 4,68% 5,44% 9,68% 5,44%
Ucrania B3 5,53% 6,43% 10,67% 6,43%
Emiratos Árabes Unidos Aa2 0,42% 0,49% 4,73% 0,49%
Reino Unido Aa3 0,51% 0,60% 4,84% 0,60%
Estados Unidos aaa 0,00% 0,00% 4,24% 0,00%
Uruguay Baa2 1,62% 1,88% 6,12% 1,88%
Uzbekistán B1 3,83% 4,45% 8,69% 4,45%
Venezuela C 17,50% 20,34% 24,58% 20,34%
Vietnam Ba3 3,06% 3,56% 7,80% 3,56%
Yemen NR 10,21% 11,87% 16,11% 11,87%
Zambia California 10,21% 11,87% 16,11% 11,87%
Zimbabue NR 6,38% 7,41% 11,65% 7,41%
 Número de Beta promedio
bre de la industria empresas no apalancada
Publicidad 49 1.1
Aeroespacial 73 1.11
Transporte aéreo 21 0.91
Vestir 39 1.1
Automóviles y Camiones 26 1.02
Autopartes 38 1.21
Banco (Centro de dinero) 7 1.03
Bancos (Regionales) 563 0.84
Bebida (Alcohólica) 21 0.72
Bebida (suave) 32 1.12
Radiodifusión 28 0.81
Corretaje y Banca de Inversión 31 0,67
Materiales de construcción 44 1.09
Servicios para empresas y consumidores 160 0.99
Televisión por cable 11 0,66
Químico (Básico) 35 0,94
Químico (Diversificado) 4 1.21
Químico (Especialidad) 81 1
Carbón y energía relacionada 18 0.82
Servicios informáticos 83 1.06
Computadoras/Periféricos 46 1.25
Suministros de construcción 48 0.98
Diversificado 22 0.7
Medicamentos (Biotecnología) 581 0.97
Drogas (farmacéuticas) 298 1.01
Educación 35 1.1
Equipo eléctrico 104 1.19
Electrónica (consumo y oficina) dieciséis 1.06
Electrónica (general) 137 1.05
Ingeniería/Construcción 48 0.97
Entretenimiento 108 0.96
Servicios ambientales y de residuos 58 1.09
Ganadería/Agricultura 36 0.85
Servicios Financieros. (No bancarios y de seguros) 223 0.15
Procesamiento de alimentos 92 0,63
Mayoristas de comida 15 1.08
Muebles/Muebles para el hogar 32 0.99
Energía verde y renovable 20 1.1
Productos para el cuidado de la salud 244 0.91
Servicios de asistencia sanitaria 131 0,95
Información y Tecnología de la Salud 142 0.91
Construcción de viviendas 29 1.59
Hospitales/Centros de Salud 31 0.96
Hoteles/Juegos 66 1.44
Productos domésticos 118 0,92
Servicios de información 79 1.2
Seguros (Generales) 23 0.81
Seguro (Vida) 24 0.88
Seguro (Prop/Cas.) 52 0.78
Inversiones y gestión de activos 687 0.97
Maquinaria 111 1.18
Metales y Minería 74 1.13
Equipos y servicios de oficina 18 1.11
Petróleo/Gas (Integrado) 4 1.25
Petróleo/Gas (Producción y Exploración) 183 1.13
Distribución de Petróleo/Gas 21 0.86
Servicios/Equipos de yacimientos petrolífero 100 1.18
Embalaje y contenedor 26 0.78
Papel/Productos Forestales 11 1
Energía 50 0,56
Metales preciosos 76 0.99
Publicaciones y periódicos 21 1.46
REIT 238 0.99
Desarrollo inmobiliario) 19 0.74
Bienes Raíces (General/Diversificado) 10 0.83
Bienes Raíces (Operaciones y Servicios) 51 0.87
Recreación 60 1.07
Reaseguro 2 1.3
Restaurante/Restaurante 70 1.33
Minorista (Automotriz) 32 1.12
Venta al por menor (suministros para la cons dieciséis 1.42
Minorista (Distribuidores) 68 1.06
Minorista (General) dieciséis 1.04
Venta al por menor (supermercados y alimen 15 0.21
Venta al por menor (en línea) 60 1.07
Minorista (Líneas Especiales) 76 1.23
Neumáticos de goma 2 0.59
Semiconductor 67 1.14
Equipo de semiconductores 34 1.34
Construcción naval y Marina 8 0.8
Zapato 12 1.19
Software (Entretenimiento) 88 1.21
Software (Internet) 36 0.98
Software (Sistema y Aplicación) 375 1.12
Acero 28 0.98
Telecomunicaciones (inalámbrica) 17 0,63
telecomunicaciones Equipo 82 1.06
telecomunicaciones Servicios 42 0.51
Tabaco dieciséis 0.86
Transporte 17 0.72
Transporte (Ferrocarril) 4 0,65
Camionaje 34 1.28
Utilidad (General) dieciséis 0,60
Utilidad (Agua) 14 0,61
Mercado total 7229 0.91
Mercado Total (sin financieros) 5619 1.04
 Beta Correlación Beta
apalancada media con el Beta total no apalancada
promedio mercado apalancada total
1.34 27,79% 3.97 4.82
1.28 43,47% 2.55 2.95
1.58 54,49% 1.68 2.9
1.23 41,64% 2.64 2.95
1.13 31,10% 3.28 3.63
1.4 43,36% 2.8 3.22
1.12 61,35% 1.68 1.82
0.7 42,84% 1.96 1.63
0.82 32,28% 2.23 2.54
1.22 32,78% 3.4 3.71
1.35 36,21% 2.24 3.73
1.17 47,66% 1.41 2.47
1.19 54,38% 2 2.18
1.09 41,66% 2.37 2.61
0.93 58,86% 1.13 1.59
1.16 36,26% 2.58 3.21
1.5 49,50% 2.44 3.04
1.1 41,62% 2.4 2.65
0,92 21,02% 3.9 4.36
1.2 31,41% 3.37 3.82
1.29 35,99% 3.47 3.58
1.11 46,03% 2.13 2.41
0.75 36,86% 1.91 2.05
0.99 25,14% 3.87 3.95
1.08 24,67% 4.09 4.36
1.13 35,12% 3.14 3.21
1.25 31,63% 3.78 3.94
0.98 26,08% 4.05 3.74
1.09 35,13% 2.99 3.09
1.06 42,26% 2.3 2.5
1.01 21,28% 4.53 4.76
1.24 32,89% 3.3 3.77
1.03 36,38% 2.33 2.83
0.93 39,63% 0.38 2.34
0.75 27,17% 2.33 2.76
1.4 35,16% 3.08 3.99
1.11 40,05% 2.48 2.77
1.59 16,24% 6.74 9.78
0,94 33,80% 2.7 2.78
1.06 31,98% 2.97 3.31
0,94 31,96% 2.84 2.95
1.69 59,72% 2.66 2.82
1.41 44,03% 2.19 3.21
1.79 48,99% 2.93 3.66
0.98 24,21% 3.8 4.05
1.25 42,61% 2.83 2.93
0,92 49,28% 1,65 1.87
1.22 57,21% 1.54 2.14
0.86 49,52% 1.58 1.74
1.05 36,48% 2.65 2.87
1.25 48,92% 2.41 2.55
1.17 22,01% 5.13 5.33
1.38 42,80% 2.6 3.23
1.47 63,86% 1.96 2.29
1.32 24,00% 4.7 5.5
1.4 39,19% 2.21 3.56
1.5 30,63% 3.85 4.88
1.01 54,95% 1.42 1.84
1.21 47,04% 2.12 2.58
0.83 62,91% 0.89 1.32
0.99 17,94% 5.5 5.52
1.69 41,66% 3.52 4.07
1.35 59,81% 1,65 2.25
1.06 29,89% 2.48 3.56
0.91 42,27% 1.97 2.14
1.15 32,33% 2.69 3.54
1.23 32,91% 3.26 3.73
1.37 77,54% 1.67 1.77
1.56 49,00% 2.72 3.18
1.4 45,34% 2.47 3.08
1.52 54,08% 2.62 2.82
1.28 42,93% 2.48 2.98
1.12 45,00% 2.31 2.48
0.3 18,16% 1.17 1,65
1.1 26,35% 4.04 4.19
1.44 45,79% 2.68 3.15
1.16 38,84% 1.52 2.98
1.16 45,24% 2.51 2.57
1.34 55,64% 2.41 2.41
0.99 32,42% 2.47 3.06
1.19 48,59% 2.45 2.44
1.2 24,57% 4.91 4.9
 1 26,75% 3.65 3.75
1.14 31,23% 3.59 3.66
1.13 44,26% 2.22 2.56
0.96 22,85% 2.74 4.22
1.08 34,50% 3.06 3.14
0.85 25,65% 1.98 3.3
1 33,11% 2.6 3.01
0.79 36,59% 1.96 2.16
0.73 77,60% 0.83 0,94
1.44 49,29% 2.59 2.92
0.89 71,49% 0.83 1.25
0.77 42,88% 1.43 1.78
1.09 36,74% 2.48 2.98
1.15 35,69% 2.91 3.22
 KOA - PETRO PERU

KOA =Rf + B KOA =Rf + B

Rf = Rendimiento de riesgo t -bill o T bonds Rf = Rendimiento de riesgo t -bill o T bonds
B = Riesgo del negocio B = Riesgo del negocio
RM = Rendimiento de mercado S&P RM = Rendimiento de mercado S&P
RP = Riesgo del Pais RP = Riesgo del Pais

Rf 5.11% Rf 5.11%
RM 11.82% RM 11.82%
RP 1,58% RP 1,58%
BETA 0.86 BETA 1.13

KOA DE LA DISTRIBUCION DE PETROLEO/GAS KOA DE PETROLEO/GAS (PRODUCCION Y EXPLOR

KOA = 0.124606 KOA = 0.142723

RENDIMIENDO MINIMO DEL ACCIONISTA DE LA RENDIMIENDO MINIMO DEL ACCIONISTA DE PETRO

DISTRIBUCION DE PETROLEO ES DE 0.12% (PRODUCCION Y EXPLORACION) ES DE 0.14%
OA - PETRO PERU

KOA =Rf + B KOA =Rf + B

nto de riesgo t -bill o T bonds Rf = Rendimiento de riesgo t -bill o T bonds
negocio B = Riesgo del negocio
ento de mercado S&P RM = Rendimiento de mercado S&P
l Pais RP = Riesgo del Pais

Rf 5.11%
RM 11.82%
RP 1,58%
BETA 1.25

ROLEO/GAS (PRODUCCION Y EXPLORACION) KOA DE PETROLEO/GAS (INTEGRADO)

0.142723 KOA = 0.150775

O MINIMO DEL ACCIONISTA DE PETROLEO/GAS RENDIMIENDO MINIMO DEL ACCIONISTA

UCCION Y EXPLORACION) ES DE 0.14% DEPETROLEO/GAS (INTEGRADO) ES DE 0.15%