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Planilha: Otimizao de Carteiras

Esta planilha financeira ir ajudar voc:
1. Analisar Retorno e Risco Histrico entre Investimentos.
2. Montar uma carteira diversificada analisando diversos indicadores.
3. Otimizar uma carteira utilizando o SOLVER do Excel.

Crditos: Planilha Financeira desenvolvida por Henrique Carvalho

HC Investimentos

Otimizao de Carteiras

1994

Ativos
Ibov
Dlar
Ouro
CDI

Retorno
17.68%
2.47%
12.36%
21.05%

Risco
32.68%
22.37%
26.18%
3.06%

21.28%

13.17%

Carteira

Alocao
39.18%
0.00%
0.00%
60.82%
100%

Grfico Alocao de Ativos

Ibov
39.18%
CDI
60.82%

14.67%

Dlar
0.00%
Ouro
0.00%

Estatsticas
Tipo
Retorno
Risco
Retorno / Risco
Stress Test
Sharpe
Potencial de Diversificao

Valor
21.28%
13.17%
161.63%
-11.64%
0.0176
10.23%

Retorno Anual Esperado da Carteira

Risco Anual Esperado da Carteira
Relao entre Retorno x Risco. 100% signigica que Retorno = Risco
Retorno Esperado em um cenrio muito raro
Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)
Reduo do Risco ganha somente pela diversificao

Altere apenas as clulas com fundo roxo

Dados
Ms
Jul-94
Aug-94
Sep-94
Oct-94
Nov-94
Dec-94
Jan-95
Feb-95
Mar-95
Apr-95
May-95
Jun-95
Jul-95
Aug-95
Sep-95
Oct-95
Nov-95
Dec-95
Jan-96
Feb-96

Carteira
10.32%
13.05%
3.48%
-2.68%
1.34%
-0.21%
-2.11%
-4.23%
-0.81%
13.55%
1.64%
1.23%
5.42%
6.69%
5.24%
-2.68%
4.10%
0.95%
9.33%
-0.07%

39.18%
IBOV
15.96%
26.85%
2.90%
-12.51%
-2.96%
-6.49%
-10.77%
-15.81%
-8.92%
28.02%
-2.44%
-3.15%
7.61%
11.17%
8.34%
-11.60%
6.06%
-1.82%
19.83%
-3.76%

0.00%
DLAR
-6.00%
-5.43%
-4.05%
-0.82%
-0.12%
0.12%
-0.47%
1.13%
5.23%
1.90%
-0.77%
1.77%
1.52%
1.60%
0.32%
0.83%
0.49%
0.61%
0.63%
0.57%

0.00%
OURO
-4.54%
-1.40%
-2.31%
-5.36%
-0.58%
1.84%
-3.51%
1.08%
9.82%
-0.09%
-2.04%
2.71%
-0.18%
1.94%
1.56%
0.17%
2.13%
1.17%
4.61%
-0.79%

60.82%
CDI
6.68%
4.16%
3.85%
3.65%
4.11%
3.84%
3.47%
3.23%
4.41%
4.22%
4.27%
4.05%
4.01%
3.81%
3.25%
3.06%
2.84%
2.73%
2.56%
2.31%

Mar-96
Apr-96
May-96
Jun-96
Jul-96
Aug-96
Sep-96
Oct-96
Nov-96
Dec-96
Jan-97
Feb-97
Mar-97
Apr-97
May-97
Jun-97
Jul-97
Aug-97
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00

1.31%
2.89%
5.49%
3.34%
1.67%
2.06%
2.31%
1.66%
1.88%
3.29%
6.21%
5.00%
1.95%
5.07%
6.31%
5.19%
1.93%
-5.93%
5.35%
-8.32%
3.59%
5.12%
-0.21%
4.71%
6.43%
0.15%
-5.15%
0.30%
5.19%
-14.60%
2.24%
4.48%
10.38%
-6.94%
9.33%
4.97%
9.85%
3.78%
0.29%
2.89%
-3.01%
1.41%
2.90%
2.93%
7.80%
10.38%
-0.73%
3.94%
1.23%
-4.24%
-0.56%
5.48%
0.15%
2.98%
-2.46%

-0.06%
4.22%
10.92%
5.52%
1.31%
2.22%
2.99%
1.34%
2.03%
5.61%
13.14%
10.19%
2.45%
10.37%
13.64%
10.78%
2.43%
-17.58%
11.20%
-23.83%
4.54%
8.54%
-4.67%
8.74%
13.02%
-2.25%
-15.68%
-1.71%
10.63%
-39.55%
1.85%
6.89%
22.50%
-21.40%
20.45%
9.04%
20.04%
6.11%
-2.30%
4.84%
-10.19%
1.18%
5.13%
5.35%
17.77%
24.05%
-4.11%
7.81%
0.91%
-12.81%
-3.74%
11.84%
-1.63%
5.42%
-8.17%

0.39%
0.46%
0.59%
0.60%
0.68%
0.56%
0.45%
0.60%
0.55%
0.60%
0.64%
0.52%
0.74%
0.42%
0.74%
0.49%
0.60%
0.76%
0.44%
0.61%
0.61%
0.59%
0.65%
0.60%
0.62%
0.61%
0.54%
0.56%
0.56%
1.16%
0.74%
0.64%
0.67%
0.62%
64.08%
4.11%
-16.60%
-3.56%
3.81%
2.64%
1.11%
7.08%
0.33%
1.60%
-1.51%
-6.95%
0.75%
-1.88%
-1.20%
3.40%
1.10%
-1.46%
-1.40%
2.74%
1.11%

0.56%
-0.87%
0.32%
-2.30%
2.19%
0.79%
-1.74%
0.96%
-0.95%
-0.40%
-6.53%
5.43%
-1.72%
-3.16%
2.23%
-1.68%
-4.27%
1.34%
3.96%
-4.41%
-5.14%
-0.84%
4.81%
-1.44%
2.10%
1.88%
-2.63%
0.90%
-3.57%
-1.20%
8.53%
-1.64%
0.09%
-3.51%
70.00%
1.07%
-16.40%
-0.95%
-2.88%
-0.66%
0.00%
4.30%
19.37%
-0.53%
-1.87%
-8.45%
-9.54%
10.94%
-5.40%
5.33%
0.53%
4.21%
-1.59%
1.04%
0.00%

2.20%
2.03%
2.00%
1.94%
1.91%
1.95%
1.88%
1.86%
1.79%
1.79%
1.74%
1.66%
1.62%
1.66%
1.58%
1.59%
1.61%
1.58%
1.58%
1.68%
2.98%
2.91%
2.67%
2.11%
2.18%
1.69%
1.63%
1.60%
1.69%
1.47%
2.49%
2.93%
2.58%
2.38%
2.17%
2.35%
3.29%
2.28%
1.96%
1.63%
1.62%
1.55%
1.47%
1.37%
1.37%
1.58%
1.44%
1.44%
1.44%
1.28%
1.49%
1.39%
1.30%
1.40%
1.22%

Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05

-1.83%
-3.42%
6.54%
6.96%
-3.34%
-2.82%
2.02%
0.10%
0.53%
-1.25%
-1.63%
-5.92%
3.61%
6.25%
2.60%
-1.35%
4.80%
-1.34%
0.40%
0.18%
-4.45%
-3.91%
3.37%
-5.80%
8.02%
2.24%
3.88%
0.06%
-1.25%
4.86%
5.60%
3.89%
-0.19%
3.08%
5.70%
3.17%
5.82%
5.61%
4.82%
0.09%
0.48%
1.53%
-3.77%
0.62%
3.96%
2.98%
1.60%
1.51%
0.41%
4.29%
2.57%
-1.92%
6.84%
-1.20%
-1.74%

-6.66%
-10.63%
14.84%
15.81%
-10.08%
-9.14%
3.32%
-1.80%
-0.61%
-5.53%
-6.65%
-17.17%
6.85%
13.79%
4.47%
-5.83%
10.31%
-5.55%
-1.28%
-1.71%
-13.39%
-12.36%
6.35%
-16.95%
17.92%
3.35%
7.23%
-2.90%
-6.04%
9.66%
11.38%
6.89%
-3.35%
4.62%
11.81%
5.51%
12.32%
12.24%
10.17%
-1.73%
-0.44%
1.78%
-11.45%
-0.32%
8.21%
5.62%
2.09%
1.94%
-0.83%
9.01%
4.25%
-7.05%
15.56%
-5.43%
-6.64%

3.54%
2.65%
-0.21%
0.80%
3.76%
5.69%
1.07%
8.02%
-2.33%
5.48%
4.95%
4.69%
1.34%
-6.59%
-8.24%
4.22%
-2.90%
-1.05%
1.67%
6.75%
12.78%
20.54%
-11.85%
28.87%
-6.42%
-0.23%
-2.84%
-3.04%
1.06%
-5.90%
-13.82%
2.62%
-3.16%
3.26%
0.03%
-1.45%
-2.30%
3.26%
-2.04%
1.79%
-0.92%
-0.18%
1.24%
6.26%
-0.69%
-2.60%
-3.07%
-2.56%
-0.07%
-4.40%
-2.79%
-1.12%
-1.14%
2.74%
-5.06%

-0.86%
2.48%
1.15%
-3.33%
3.45%
0.56%
6.08%
9.90%
-0.47%
0.00%
4.05%
14.87%
-5.58%
-7.17%
-2.27%
3.64%
-0.22%
0.70%
3.45%
12.24%
9.02%
20.34%
-11.17%
20.97%
-1.87%
2.22%
5.42%
4.63%
-2.83%
-8.85%
-12.34%
10.76%
-7.43%
3.55%
6.41%
0.42%
-0.73%
5.37%
2.93%
-1.81%
-2.37%
6.22%
-7.38%
8.93%
-2.90%
-1.30%
1.05%
0.26%
1.56%
0.05%
-4.14%
-5.07%
2.53%
1.10%
-4.34%

1.28%
1.22%
1.19%
1.26%
1.01%
1.25%
1.18%
1.33%
1.27%
1.50%
1.60%
1.32%
1.53%
1.39%
1.39%
1.53%
1.25%
1.37%
1.48%
1.40%
1.31%
1.53%
1.45%
1.38%
1.64%
1.53%
1.73%
1.97%
1.83%
1.77%
1.87%
1.96%
1.85%
2.08%
1.76%
1.67%
1.63%
1.34%
1.37%
1.26%
1.08%
1.37%
1.17%
1.22%
1.22%
1.28%
1.29%
1.24%
1.21%
1.25%
1.48%
1.38%
1.22%
1.52%
1.41%

May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09

1.49%
0.72%
2.47%
4.02%
5.86%
-0.87%
3.08%
2.78%
6.64%
0.92%
0.19%
3.15%
-2.94%
0.82%
1.19%
-0.13%
0.87%
3.69%
3.28%
2.97%
0.81%
-0.13%
2.35%
3.27%
3.27%
2.14%
0.44%
0.93%
4.67%
3.70%
-0.88%
1.06%
-2.14%
3.12%
-1.05%
4.98%
3.26%
-3.51%
-2.68%
-1.90%
-3.65%
-9.00%
-0.09%
1.70%
2.46%
-0.59%
3.40%
6.60%
5.36%
-0.82%
2.99%
1.65%
3.91%
0.44%
3.90%

1.47%
-0.62%
3.96%
7.69%
12.62%
-4.40%
5.71%
4.82%
14.73%
0.59%
-1.71%
6.36%
-9.50%
0.27%
1.22%
-2.28%
0.60%
7.72%
6.80%
6.06%
0.38%
-1.68%
4.36%
6.88%
6.77%
4.06%
-0.39%
0.84%
10.67%
8.02%
-3.54%
1.40%
-6.88%
6.72%
-3.97%
11.32%
6.96%
-10.44%
-8.48%
-6.43%
-11.03%
-24.80%
-1.77%
2.61%
4.66%
-2.84%
7.18%
15.55%
12.49%
-3.25%
6.41%
3.15%
8.90%
0.04%
8.93%

-5.04%
-2.22%
1.71%
-1.12%
-5.99%
1.44%
-2.10%
6.06%
-5.33%
-3.63%
1.73%
-3.83%
10.11%
-5.92%
0.55%
-1.72%
1.66%
-1.44%
1.11%
-1.33%
-0.62%
-0.70%
-2.82%
-0.80%
-5.16%
-0.14%
-2.52%
4.50%
-6.27%
-5.16%
2.28%
-0.70%
-0.62%
-4.37%
3.91%
-3.54%
-3.43%
-2.30%
-1.59%
4.33%
17.13%
10.50%
10.30%
0.17%
-0.89%
2.69%
-2.66%
-5.91%
-9.42%
-1.08%
-4.05%
0.74%
-5.74%
-1.92%
0.37%

-7.65%
1.53%
0.00%
-0.30%
2.27%
-0.44%
4.76%
9.66%
5.70%
-4.17%
3.07%
9.18%
12.73%
-13.31%
3.49%
-1.80%
-5.03%
1.69%
7.23%
-3.87%
3.22%
1.34%
-1.54%
3.91%
-5.48%
-3.41%
-2.59%
2.42%
3.77%
7.95%
5.89%
-3.78%
7.02%
1.93%
-2.46%
-9.71%
0.22%
0.86%
-1.06%
-5.38%
22.50%
-5.38%
13.33%
10.64%
5.55%
3.70%
-4.29%
-6.94%
1.04%
-4.76%
-4.83%
-0.35%
0.97%
3.22%
15.03%

1.50%
1.58%
1.51%
1.65%
1.50%
1.40%
1.38%
1.47%
1.43%
1.14%
1.42%
1.08%
1.28%
1.18%
1.17%
1.25%
1.05%
1.09%
1.02%
0.98%
1.08%
0.87%
1.05%
0.94%
1.02%
0.90%
0.97%
0.99%
0.80%
0.92%
0.84%
0.84%
0.92%
0.79%
0.84%
0.90%
0.87%
0.95%
1.06%
1.01%
1.10%
1.17%
1.00%
1.11%
1.04%
0.85%
0.97%
0.84%
0.77%
0.75%
0.78%
0.69%
0.69%
0.69%
0.66%

Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11

1.34%
-1.42%
1.02%
2.74%
-1.18%
-2.15%
-0.83%
4.75%
-0.84%
3.09%
1.19%
-1.16%
1.49%
-1.02%
0.99%
1.26%
-0.89%
-0.30%
-0.76%
-1.66%

2.30%
-4.65%
1.68%
5.82%
-4.04%
-6.64%
-3.34%
10.80%
-3.51%
6.58%
1.79%
-4.20%
2.36%
-3.94%
1.22%
1.79%
-3.58%
-2.29%
-3.43%
-5.74%

-0.53%
7.67%
-3.40%
-1.66%
-2.83%
4.98%
-0.84%
-2.46%
-0.07%
-3.52%
0.42%
0.86%
-2.91%
0.72%
-0.73%
-1.96%
-3.40%
0.42%
-1.19%
-0.31%

-9.10%
6.45%
-1.20%
4.28%
1.47%
4.35%
2.92%
-3.91%
3.58%
0.75%
7.67%
6.25%
-3.53%
-9.39%
5.52%
0.00%
1.40%
-0.88%
2.16%
9.32%

0.72%
0.66%
0.59%
0.76%
0.66%
0.75%
0.79%
0.86%
0.89%
0.84%
0.81%
0.81%
0.93%
0.86%
0.84%
0.92%
0.84%
0.99%
0.95%
0.97%

e Retorno = Risco
livre de risco (CDI)

Otimizao de Carteiras

1999

Ativos
Ibov
Dlar
Ouro
Euro
CDI

Retorno
18.73%
1.82%
17.93%
3.54%
16.02%

Risco
28.09%
25.88%
29.63%
27.62%
1.36%

17.67%

5.58%

Carteira

Alocao
14.73%
0.00%
12.22%
0.00%
73.05%
100%

Grfico Alocao de Ativos

Ibov
14.73%

Dlar 0.00%

Ouro
12.22%
CDI 73.05%

8.75%

Estatsticas
Tipo
Retorno
Risco
Retorno / Risco
Stress Test
Sharpe
Potencial de Diversificao

Valor
17.67%
5.58%
316.94%
3.73%
0.2966
36.28%

Retorno Anual Esperado da Carteira

Risco Anual Esperado da Carteira
Relao entre Retorno x Risco. 100% signigica que Retorno = Risco
Retorno Esperado em um cenrio muito raro
Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)
Reduo do Risco ganha somente pela diversificao

Altere apenas as clulas com fundo roxo

Dados
Ms
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00

Carteira
13.15%
3.18%
3.35%
2.45%
0.74%
1.82%
-0.32%
1.83%
4.20%
1.72%
3.39%
3.67%
-0.72%
3.54%
0.53%
-0.30%
0.60%
3.27%

14.73%
IBOV
20.45%
9.04%
20.04%
6.11%
-2.30%
4.84%
-10.19%
1.18%
5.13%
5.35%
17.77%
24.05%
-4.11%
7.81%
0.91%
-12.81%
-3.74%
11.84%

0.00%
DLAR
64.08%
4.11%
-16.60%
-3.56%
3.81%
2.64%
1.11%
7.08%
0.33%
1.60%
-1.51%
-6.95%
0.75%
-1.88%
-1.20%
3.40%
1.10%
-1.46%

12.22%
OURO
70.00%
1.07%
-16.40%
-0.95%
-2.88%
-0.66%
0.00%
4.30%
19.37%
-0.53%
-1.87%
-8.45%
-9.54%
10.94%
-5.40%
5.33%
0.53%
4.21%

0.00%
EURO
68.05%
-6.10%
-18.68%
-4.05%
2.64%
-0.53%
2.57%
9.00%
-0.01%
2.57%
-4.92%
-7.94%
-3.02%
-2.48%
-2.07%
-1.35%
3.93%
0.19%

73.05%
CDI
2.17%
2.35%
3.29%
2.28%
1.96%
1.63%
1.62%
1.55%
1.47%
1.37%
1.37%
1.58%
1.44%
1.44%
1.44%
1.28%
1.49%
1.39%

Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05

0.52%
1.95%
-0.31%
-0.15%
-0.37%
3.20%
2.84%
-0.33%
-0.37%
2.09%
1.92%
0.78%
0.28%
0.68%
0.25%
1.45%
2.17%
1.40%
0.70%
2.41%
0.27%
1.31%
2.27%
0.09%
1.78%
0.63%
1.07%
3.61%
1.88%
2.99%
1.58%
0.10%
1.63%
1.53%
3.76%
-0.05%
2.63%
3.81%
2.08%
2.92%
3.44%
2.86%
0.44%
0.43%
2.02%
-1.73%
1.94%
1.75%
1.60%
1.38%
1.22%
0.95%
2.25%
1.20%
-0.65%

-1.63%
5.42%
-8.17%
-6.66%
-10.63%
14.84%
15.81%
-10.08%
-9.14%
3.32%
-1.80%
-0.61%
-5.53%
-6.65%
-17.17%
6.85%
13.79%
4.47%
-5.83%
10.31%
-5.55%
-1.28%
-1.71%
-13.39%
-12.36%
6.35%
-16.95%
17.92%
3.35%
7.23%
-2.90%
-6.04%
9.66%
11.38%
6.89%
-3.35%
4.62%
11.81%
5.51%
12.32%
12.24%
10.17%
-1.73%
-0.44%
1.78%
-11.45%
-0.32%
8.21%
5.62%
2.09%
1.94%
-0.83%
9.01%
4.25%
-7.05%

-1.40%
2.74%
1.11%
3.54%
2.65%
-0.21%
0.80%
3.76%
5.69%
1.07%
8.02%
-2.33%
5.48%
4.95%
4.69%
1.34%
-6.59%
-8.24%
4.22%
-2.90%
-1.05%
1.67%
6.75%
12.78%
20.54%
-11.85%
28.87%
-6.42%
-0.23%
-2.84%
-3.04%
1.06%
-5.90%
-13.82%
2.62%
-3.16%
3.26%
0.03%
-1.45%
-2.30%
3.26%
-2.04%
1.79%
-0.92%
-0.18%
1.24%
6.26%
-0.69%
-2.60%
-3.07%
-2.56%
-0.07%
-4.40%
-2.79%
-1.12%

-1.59%
1.04%
0.00%
-0.86%
2.48%
1.15%
-3.33%
3.45%
0.56%
6.08%
9.90%
-0.47%
0.00%
4.05%
14.87%
-5.58%
-7.17%
-2.27%
3.64%
-0.22%
0.70%
3.45%
12.24%
9.02%
20.34%
-11.17%
20.97%
-1.87%
2.22%
5.42%
4.63%
-2.83%
-8.85%
-12.34%
10.76%
-7.43%
3.55%
6.41%
0.42%
-0.73%
5.37%
2.93%
-1.81%
-2.37%
6.22%
-7.38%
8.93%
-2.90%
-1.30%
1.05%
0.26%
1.56%
0.05%
-4.14%
-5.07%

-4.18%
-1.50%
0.57%
-0.51%
5.53%
7.51%
0.11%
2.59%
0.54%
2.10%
3.07%
-1.88%
8.62%
9.27%
4.51%
0.24%
-7.01%
-9.12%
0.92%
-1.84%
-0.89%
5.10%
10.82%
19.69%
18.88%
-11.44%
29.59%
-6.21%
0.21%
2.19%
2.61%
1.47%
-4.86%
-11.79%
8.17%
-5.36%
0.80%
-2.30%
4.67%
-3.06%
6.96%
3.14%
0.48%
-0.63%
-1.70%
-1.44%
8.20%
-0.67%
-4.09%
-1.71%
-0.57%
2.82%
-0.64%
-0.40%
-5.37%

1.30%
1.40%
1.22%
1.28%
1.22%
1.19%
1.26%
1.01%
1.25%
1.18%
1.33%
1.27%
1.50%
1.60%
1.32%
1.53%
1.39%
1.39%
1.53%
1.25%
1.37%
1.48%
1.40%
1.31%
1.53%
1.45%
1.38%
1.64%
1.53%
1.73%
1.97%
1.83%
1.77%
1.87%
1.96%
1.85%
2.08%
1.76%
1.67%
1.63%
1.34%
1.37%
1.26%
1.08%
1.37%
1.17%
1.22%
1.22%
1.28%
1.29%
1.24%
1.21%
1.25%
1.48%
1.38%

Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09

3.49%
0.44%
-0.48%
0.38%
1.25%
1.69%
2.30%
3.23%
0.32%
2.43%
2.96%
3.91%
0.41%
1.16%
2.85%
1.09%
-0.72%
1.46%
0.36%
0.24%
2.14%
2.63%
1.14%
1.24%
0.55%
1.22%
2.18%
1.07%
0.84%
0.33%
1.14%
2.62%
2.82%
0.81%
0.36%
0.52%
1.81%
-0.27%
1.14%
1.69%
-0.74%
-0.60%
-0.86%
1.93%
-3.45%
2.10%
2.50%
2.13%
0.66%
1.24%
2.05%
2.53%
-0.51%
0.93%
0.93%

15.56%
-5.43%
-6.64%
1.47%
-0.62%
3.96%
7.69%
12.62%
-4.40%
5.71%
4.82%
14.73%
0.59%
-1.71%
6.36%
-9.50%
0.27%
1.22%
-2.28%
0.60%
7.72%
6.80%
6.06%
0.38%
-1.68%
4.36%
6.88%
6.77%
4.06%
-0.39%
0.84%
10.67%
8.02%
-3.54%
1.40%
-6.88%
6.72%
-3.97%
11.32%
6.96%
-10.44%
-8.48%
-6.43%
-11.03%
-24.80%
-1.77%
2.61%
4.66%
-2.84%
7.18%
15.55%
12.49%
-3.25%
6.41%
3.15%

-1.14%
2.74%
-5.06%
-5.04%
-2.22%
1.71%
-1.12%
-5.99%
1.44%
-2.10%
6.06%
-5.33%
-3.63%
1.73%
-3.83%
10.11%
-5.92%
0.55%
-1.72%
1.66%
-1.44%
1.11%
-1.33%
-0.62%
-0.70%
-2.82%
-0.80%
-5.16%
-0.14%
-2.52%
4.50%
-6.27%
-5.16%
2.28%
-0.70%
-0.62%
-4.37%
3.91%
-3.54%
-3.43%
-2.30%
-1.59%
4.33%
17.13%
10.50%
10.30%
0.17%
-0.89%
2.69%
-2.66%
-5.91%
-9.42%
-1.08%
-4.05%
0.74%

2.53%
1.10%
-4.34%
-7.65%
1.53%
0.00%
-0.30%
2.27%
-0.44%
4.76%
9.66%
5.70%
-4.17%
3.07%
9.18%
12.73%
-13.31%
3.49%
-1.80%
-5.03%
1.69%
7.23%
-3.87%
3.22%
1.34%
-1.54%
3.91%
-5.48%
-3.41%
-2.59%
2.42%
3.77%
7.95%
5.89%
-3.78%
7.02%
1.93%
-2.46%
-9.71%
0.22%
0.86%
-1.06%
-5.38%
22.50%
-5.38%
13.33%
10.64%
5.55%
3.70%
-4.29%
-6.94%
1.04%
-4.76%
-4.83%
-0.35%

0.45%
0.58%
-5.70%
-9.23%
-3.92%
1.89%
0.52%
-8.34%
1.13%
-3.68%
6.40%
-2.54%
-6.05%
3.83%
0.13%
11.82%
-6.10%
0.37%
-1.38%
0.64%
-0.80%
5.06%
-1.87%
-1.97%
1.40%
-2.30%
1.37%
-6.51%
0.45%
-1.45%
4.11%
-1.93%
-3.92%
3.95%
-0.45%
0.25%
-2.23%
7.97%
-4.54%
-3.81%
-1.13%
-2.49%
-1.86%
12.28%
-0.04%
10.04%
9.31%
-8.31%
1.75%
1.89%
-6.36%
-3.23%
-1.77%
-2.50%
1.11%

1.22%
1.52%
1.41%
1.50%
1.58%
1.51%
1.65%
1.50%
1.40%
1.38%
1.47%
1.43%
1.14%
1.42%
1.08%
1.28%
1.18%
1.17%
1.25%
1.05%
1.09%
1.02%
0.98%
1.08%
0.87%
1.05%
0.94%
1.02%
0.90%
0.97%
0.99%
0.80%
0.92%
0.84%
0.84%
0.92%
0.79%
0.84%
0.90%
0.87%
0.95%
1.06%
1.01%
1.10%
1.17%
1.00%
1.11%
1.04%
0.85%
0.97%
0.84%
0.77%
0.75%
0.78%
0.69%

Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11

1.93%
0.90%
3.63%
-0.24%
0.58%
0.53%
1.93%
0.07%
0.10%
0.44%
1.74%
0.57%
1.68%
1.79%
0.73%
0.59%
-1.10%
1.47%
0.94%
0.26%
0.27%
0.45%
1.00%

8.90%
0.04%
8.93%
2.30%
-4.65%
1.68%
5.82%
-4.04%
-6.64%
-3.34%
10.80%
-3.51%
6.58%
1.79%
-4.20%
2.36%
-3.94%
1.22%
1.79%
-3.58%
-2.29%
-3.43%
-5.74%

-5.74%
-1.92%
0.37%
-0.53%
7.67%
-3.40%
-1.66%
-2.83%
4.98%
-0.84%
-2.46%
-0.07%
-3.52%
0.42%
0.86%
-2.91%
0.72%
-0.73%
-1.96%
-3.40%
0.42%
-1.19%
-0.31%

0.97%
3.22%
15.03%
-9.10%
6.45%
-1.20%
4.28%
1.47%
4.35%
2.92%
-3.91%
3.58%
0.75%
7.67%
6.25%
-3.53%
-9.39%
5.52%
0.00%
1.40%
-0.88%
2.16%
9.32%

-3.70%
-1.18%
2.17%
-4.53%
3.82%
-5.24%
-2.40%
-4.31%
-2.93%
-1.44%
4.08%
-2.97%
3.79%
2.43%
-5.50%
-0.38%
2.84%
0.02%
0.02%
0.85%
-2.60%
-0.29%
-1.21%

0.69%
0.69%
0.66%
0.72%
0.66%
0.59%
0.76%
0.66%
0.75%
0.79%
0.86%
0.89%
0.84%
0.81%
0.81%
0.93%
0.86%
0.84%
0.92%
0.84%
0.99%
0.95%
0.97%

Dlar 0.00%

Euro 0.00%

% signigica que Retorno = Risco

elao a taxa livre de risco (CDI)

ela diversificao

2006

Otimizao de Carteiras
Ativos
Poupana
CDI
IRF-M
IMA-B
IMA-C
DLAR
EURO
OURO
IBOV
SMLL
PETR4
VALE5

Carteira

Alocao
0.00%
0.00%
0.00%
0.00%
69.01%
0.00%
0.00%
12.17%
0.00%
0.00%
0.00%
18.82%
100%

0.00%

20.00%

40.00%

60.00%

80.00%

Retorno
7.52%
11.73%
13.11%
15.60%
17.70%
-7.00%
-3.90%
15.91%
10.63%
14.85%
7.83%
16.99%

Risco
0.24%
0.61%
2.83%
6.07%
4.77%
15.17%
14.60%
21.74%
23.81%
29.61%
35.40%
30.40%

18.43%

7.37%
11.66%

Estatsticas
Tipo
Retorno
Risco
Retorno / Risco
Stress Test
Sharpe
Potencial de Diversificao

Valor
18.43%
7.37%
250.00%
0.00%
0.9093
36.77%

Retorno Anual Esperado da Carteira

Risco Anual Esperado da Carteira
Relao entre Retorno x Risco. 100% signigica que Retorno = Risco
Retorno Esperado em um cenrio muito raro
Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)
Reduo do Risco ganha somente pela diversificao

Altere apenas as clulas com fundo roxo

Dados
Ms
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06

Carteira
5.33%
1.72%
1.25%
0.89%
0.03%
-1.31%
0.71%
-0.92%
0.45%
5.07%
4.91%

0.00%
Poupana
0.73%
0.57%
0.71%
0.59%
0.69%
0.69%
0.68%
0.74%
0.65%
0.69%
0.63%

0.00%
CDI
1.43%
1.14%
1.42%
1.08%
1.28%
1.18%
1.17%
1.25%
1.05%
1.09%
1.02%

0.00%
IRF-M
1.80%
1.63%
1.38%
1.08%
0.36%
1.81%
1.55%
1.71%
1.33%
1.55%
1.24%

0.00%
IMA-B
2.69%
5.30%
-0.38%
0.46%
-3.38%
1.78%
3.41%
2.22%
0.58%
2.76%
2.06%

69.01%
IMA-C
2.15%
5.30%
0.33%
-0.37%
-0.89%
0.42%
0.89%
1.18%
1.20%
2.70%
3.21%

0.00%
DLAR
-5.33%
-3.63%
1.73%
-3.83%
10.11%
-5.92%
0.55%
-1.72%
1.66%
-1.44%
1.11%

Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11

2.43%
3.75%
1.75%
2.34%
6.01%
3.81%
0.14%
1.62%
-0.02%
7.56%
2.88%
0.12%
0.27%
-0.41%
3.12%
0.66%
0.95%
1.77%
-0.50%
-1.13%
-2.53%
-0.02%
-3.70%
1.88%
1.30%
4.09%
0.15%
-0.78%
2.41%
1.85%
-0.53%
1.25%
1.58%
4.85%
3.09%
3.59%
-2.87%
1.80%
2.44%
4.33%
0.03%
0.31%
-1.01%
2.23%
0.99%
4.74%
3.30%
2.38%
0.59%
0.66%
1.22%
0.02%
0.21%
0.09%
0.34%

0.65%
0.72%
0.57%
0.69%
0.63%
0.67%
0.60%
0.65%
0.65%
0.54%
0.61%
0.56%
0.56%
0.60%
0.52%
0.54%
0.60%
0.57%
0.62%
0.69%
0.66%
0.70%
0.75%
0.66%
0.72%
0.68%
0.55%
0.64%
0.55%
0.55%
0.57%
0.61%
0.52%
0.50%
0.50%
0.50%
0.55%
0.50%
0.50%
0.58%
0.50%
0.55%
0.56%
0.62%
0.59%
0.57%
0.55%
0.53%
0.64%
0.57%
0.55%
0.62%
0.54%
0.54%
0.66%

0.98%
1.08%
0.87%
1.05%
0.94%
1.02%
0.90%
0.97%
0.99%
0.80%
0.92%
0.84%
0.84%
0.92%
0.79%
0.84%
0.90%
0.87%
0.95%
1.06%
1.01%
1.10%
1.17%
1.00%
1.11%
1.04%
0.85%
0.97%
0.84%
0.77%
0.75%
0.78%
0.69%
0.69%
0.69%
0.66%
0.72%
0.66%
0.59%
0.76%
0.66%
0.75%
0.79%
0.86%
0.89%
0.84%
0.81%
0.81%
0.93%
0.86%
0.84%
0.92%
0.84%
0.99%
0.95%

1.49%
1.04%
1.13%
1.39%
1.78%
1.45%
0.55%
0.46%
0.06%
1.40%
0.58%
0.14%
0.29%
1.10%
1.31%
-0.04%
0.52%
0.67%
-0.20%
2.10%
1.35%
0.89%
-1.81%
2.59%
4.75%
1.92%
1.31%
1.82%
0.27%
1.79%
0.36%
0.97%
0.80%
0.50%
0.53%
0.69%
0.87%
1.10%
0.90%
1.20%
0.20%
1.16%
0.94%
1.63%
1.39%
0.48%
0.99%
0.12%
1.16%
-0.08%
1.27%
0.82%
1.07%
1.27%
0.80%

2.90%
1.47%
1.38%
2.17%
4.33%
2.60%
0.47%
-0.95%
-0.57%
2.47%
-0.25%
-0.48%
0.71%
1.38%
2.16%
-2.00%
2.57%
1.23%
0.18%
0.86%
0.56%
-1.67%
-3.83%
3.36%
6.08%
4.31%
1.36%
1.62%
-0.20%
4.51%
0.47%
1.27%
1.69%
0.89%
-1.12%
1.04%
1.78%
1.18%
1.75%
1.97%
0.68%
-0.34%
1.27%
1.58%
2.00%
0.52%
1.99%
0.87%
2.39%
-0.31%
0.64%
1.56%
0.55%
1.49%
-0.30%

2.31%
1.90%
1.18%
2.81%
5.23%
5.27%
1.16%
0.28%
-1.15%
2.50%
1.27%
0.38%
1.79%
1.38%
1.08%
0.88%
1.34%
2.13%
2.46%
2.47%
-0.81%
-0.21%
1.05%
1.33%
0.70%
0.24%
0.72%
-0.29%
0.37%
0.69%
2.29%
0.34%
1.94%
3.78%
1.43%
0.53%
-2.45%
1.50%
2.26%
2.39%
1.44%
1.82%
1.19%
0.49%
1.59%
2.99%
2.24%
2.21%
1.20%
1.21%
1.54%
1.25%
0.82%
1.02%
0.23%

-1.33%
-0.62%
-0.70%
-2.82%
-0.80%
-5.16%
-0.14%
-2.52%
4.50%
-6.27%
-5.16%
2.28%
-0.70%
-0.62%
-4.37%
3.91%
-3.54%
-3.43%
-2.30%
-1.59%
4.33%
17.13%
10.50%
10.30%
0.17%
-0.89%
2.69%
-2.66%
-5.91%
-9.42%
-1.08%
-4.05%
0.74%
-5.74%
-1.92%
0.37%
-0.53%
7.67%
-3.40%
-1.66%
-2.83%
4.98%
-0.84%
-2.46%
-0.07%
-3.52%
0.42%
0.86%
-2.91%
0.72%
-0.73%
-1.96%
-3.40%
0.42%
-1.19%

Jul-11

1.03%

0.62%

0.97%

0.72%

0.67%

0.43%

-0.31%

gnigica que Retorno = Risco

o a taxa livre de risco (CDI)

diversificao

0.00%
EURO
-2.54%
-6.05%
3.83%
0.13%
11.82%
-6.10%
0.37%
-1.38%
0.64%
-0.80%
5.06%

12.17%
OURO
5.70%
-4.17%
3.07%
9.18%
12.73%
-13.31%
3.49%
-1.80%
-5.03%
1.69%
7.23%

0.00%
IBOV
14.73%
0.59%
-1.71%
6.36%
-9.50%
0.27%
1.22%
-2.28%
0.60%
7.72%
6.80%

0.00%
SMLL
14.25%
2.05%
-0.16%
1.01%
-7.90%
1.10%
-0.32%
3.22%
2.93%
7.17%
10.01%

0.00%
PETR4
28.05%
-4.79%
-3.60%
8.71%
-4.82%
-1.86%
3.98%
-4.23%
-5.60%
5.94%
9.12%

18.82%
VALE5
16.78%
-7.57%
3.44%
0.18%
-4.78%
0.09%
-1.77%
-8.04%
1.26%
15.95%
9.62%

-1.87%
-1.97%
1.40%
-2.30%
1.37%
-6.51%
0.45%
-1.45%
4.11%
-1.93%
-3.92%
3.95%
-0.45%
0.25%
-2.23%
7.97%
-4.54%
-3.81%
-1.13%
-2.49%
-1.86%
12.28%
-0.04%
10.04%
9.31%
-8.31%
1.75%
1.89%
-6.36%
-3.23%
-1.77%
-2.50%
1.11%
-3.70%
-1.18%
2.17%
-4.53%
3.82%
-5.24%
-2.40%
-4.31%
-2.93%
-1.44%
4.08%
-2.97%
3.79%
2.43%
-5.50%
-0.38%
2.84%
0.02%
0.02%
0.85%
-2.60%
-0.29%

-3.87%
3.22%
1.34%
-1.54%
3.91%
-5.48%
-3.41%
-2.59%
2.42%
3.77%
7.95%
5.89%
-3.78%
7.02%
1.93%
-2.46%
-9.71%
0.22%
0.86%
-1.06%
-5.38%
22.50%
-5.38%
13.33%
10.64%
5.55%
3.70%
-4.29%
-6.94%
1.04%
-4.76%
-4.83%
-0.35%
0.97%
3.22%
15.03%
-9.10%
6.45%
-1.20%
4.28%
1.47%
4.35%
2.92%
-3.91%
3.58%
0.75%
7.67%
6.25%
-3.53%
-9.39%
5.52%
0.00%
1.40%
-0.88%
2.16%

6.06%
0.38%
-1.68%
4.36%
6.88%
6.77%
4.06%
-0.39%
0.84%
10.67%
8.02%
-3.54%
1.40%
-6.88%
6.72%
-3.97%
11.32%
6.96%
-10.44%
-8.48%
-6.43%
-11.03%
-24.80%
-1.77%
2.61%
4.66%
-2.84%
7.18%
15.55%
12.49%
-3.25%
6.41%
3.15%
8.90%
0.04%
8.93%
2.30%
-4.65%
1.68%
5.82%
-4.04%
-6.64%
-3.34%
10.80%
-3.51%
6.58%
1.79%
-4.20%
2.36%
-3.94%
1.22%
1.79%
-3.58%
-2.29%
-3.43%

7.63%
-2.67%
0.63%
3.68%
7.40%
9.54%
2.76%
0.60%
-2.89%
4.13%
4.38%
-6.10%
-1.33%
-11.14%
7.70%
-10.44%
10.69%
10.31%
-9.50%
-2.70%
-10.49%
-23.23%
-26.93%
-2.51%
3.85%
0.03%
-4.98%
2.65%
32.46%
12.23%
0.60%
15.93%
7.98%
7.37%
2.62%
12.59%
4.82%
-3.67%
3.15%
-1.36%
-0.48%
-3.54%
3.02%
11.83%
0.35%
5.13%
6.35%
-0.99%
1.91%
-8.31%
0.70%
6.27%
0.04%
-0.14%
-2.69%

8.66%
-5.00%
-8.51%
7.60%
-1.24%
1.64%
12.41%
2.07%
0.10%
13.41%
21.66%
-0.17%
22.95%
-8.71%
1.31%
-9.16%
14.37%
16.11%
-5.69%
-22.31%
-2.79%
0.57%
-33.59%
-13.94%
18.00%
9.59%
5.47%
8.14%
4.69%
16.62%
-5.81%
-2.07%
-0.29%
11.54%
0.69%
10.73%
-4.92%
-6.87%
1.29%
2.25%
-7.32%
-9.10%
-9.26%
3.69%
-5.75%
4.72%
-5.28%
-4.36%
11.85%
-0.73%
5.50%
-0.24%
-9.74%
-5.90%
-1.54%

6.96%
10.91%
4.10%
3.11%
10.23%
4.45%
-1.28%
9.26%
2.53%
28.57%
5.49%
-4.57%
-2.68%
-11.78%
11.37%
1.87%
6.43%
1.44%
-12.25%
-14.36%
-6.98%
-13.92%
-20.05%
-3.50%
-2.53%
17.25%
-4.21%
-0.30%
15.94%
6.63%
-8.15%
8.54%
1.54%
11.25%
9.11%
7.40%
-0.40%
-0.14%
5.48%
11.47%
-6.09%
-7.84%
-11.59%
12.56%
-2.91%
13.76%
4.34%
0.52%
1.04%
5.13%
-2.73%
-4.46%
-2.79%
-2.67%
-0.45%

-1.21%

9.32%

-5.74%

-6.41%

-0.94%

-2.13%

2008

Otimizao de Carteiras
Ativos
Poupana
CDI
IRF-M
IMA-B
IMA-C
DLAR
EURO
OURO
IBOV
SMLL
PETR4
VALE5
FFCI11
HTMX11B
FLMA11
NSLU11B
EURO11

Carteira

Alocao
0.00%
48.17%
11.88%
2.83%
25.62%
0.00%
0.00%
0.51%
0.00%
0.00%
0.00%
0.00%
2.96%
8.03%
0.00%
0.00%
0.00%
100%

0%

20%

40%

60%

Retorno
7.24%
10.80%
12.37%
14.28%
15.19%
-3.47%
-4.43%
18.16%
-2.28%
5.68%
-13.61%
-1.46%
28.39%
36.22%
33.62%
23.23%
14.81%

Risco
0.23%
0.47%
3.22%
5.82%
3.73%
16.39%
15.09%
22.81%
26.02%
34.56%
34.99%
30.21%
22.59%
15.01%
26.78%
15.97%
12.51%

14.83%

1.64%
3.72%

Estatsticas
Tipo
Retorno
Risco
Retorno / Risco
Stress Test
Sharpe
Potencial de Diversificao

14.83%
1.64%
905.94%
10.74%
2.4634
56.00%

Retorno Anual Esperado da Carteira

Risco Anual Esperado da Carteira
Relao entre Retorno x Risco. 100% signigica que Retorno = Risco
Retorno Esperado em um cenrio muito raro
Ganho em Excesso da Carteira em relao a taxa livre de risco (CDI)
Reduo do Risco ganha somente pela diversificao

Altere apenas as clulas com fundo roxo

Dados
Ms
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08

Carteira
1.27%
0.88%
1.25%
0.46%
1.58%
0.83%
1.56%

0.00%
Poupana
0.60%
0.52%
0.54%
0.60%
0.57%
0.62%
0.69%

48.17%
CDI
0.92%
0.79%
0.84%
0.90%
0.87%
0.95%
1.06%

11.88%
IRF-M
1.10%
1.31%
-0.04%
0.52%
0.67%
-0.20%
2.10%

2.83%
IMA-B
1.38%
2.16%
-2.00%
2.57%
1.23%
0.18%
0.86%

25.62%
IMA-C
1.38%
1.08%
0.88%
1.34%
2.13%
2.46%
2.47%

0.00%
DLAR
-0.62%
-4.37%
3.91%
-3.54%
-3.43%
-2.30%
-1.59%

Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11

0.41%
0.67%
0.61%
0.98%
1.62%
1.14%
1.36%
0.38%
0.67%
1.60%
1.65%
1.32%
2.02%
1.53%
0.81%
0.75%
-0.07%
1.00%
1.03%
1.27%
0.69%
1.25%
1.30%
1.47%
2.05%
0.93%
1.19%
2.13%
1.81%
1.07%
0.91%
1.02%
1.19%
1.30%
1.28%
1.67%

0.66%
0.70%
0.75%
0.66%
0.72%
0.68%
0.55%
0.64%
0.55%
0.55%
0.57%
0.61%
0.52%
0.50%
0.50%
0.50%
0.55%
0.50%
0.50%
0.58%
0.50%
0.55%
0.56%
0.62%
0.59%
0.57%
0.55%
0.53%
0.64%
0.57%
0.55%
0.62%
0.54%
0.54%
0.66%
0.62%

1.01%
1.10%
1.17%
1.00%
1.11%
1.04%
0.85%
0.97%
0.84%
0.77%
0.75%
0.78%
0.69%
0.69%
0.69%
0.66%
0.72%
0.66%
0.59%
0.76%
0.66%
0.75%
0.79%
0.86%
0.89%
0.84%
0.81%
0.81%
0.93%
0.86%
0.84%
0.92%
0.84%
0.99%
0.95%
0.97%

1.35%
0.89%
-1.81%
2.59%
4.75%
1.92%
1.31%
1.82%
0.27%
1.79%
0.36%
0.97%
0.80%
0.50%
0.53%
0.69%
0.87%
1.10%
0.90%
1.20%
0.20%
1.16%
0.94%
1.63%
1.39%
0.48%
0.99%
0.12%
1.16%
-0.08%
1.27%
0.82%
1.07%
1.27%
0.80%
0.72%

0.56%
-1.67%
-3.83%
3.36%
6.08%
4.31%
1.36%
1.62%
-0.20%
4.51%
0.47%
1.27%
1.69%
0.89%
-1.12%
1.04%
1.78%
1.18%
1.75%
1.97%
0.68%
-0.34%
1.27%
1.58%
2.00%
0.52%
1.99%
0.87%
2.39%
-0.31%
0.64%
1.56%
0.55%
1.49%
-0.30%
0.67%

-0.81%
-0.21%
1.05%
1.33%
0.70%
0.24%
0.72%
-0.29%
0.37%
0.69%
2.29%
0.34%
1.94%
3.78%
1.43%
0.53%
-2.45%
1.50%
2.26%
2.39%
1.44%
1.82%
1.19%
0.49%
1.59%
2.99%
2.24%
2.21%
1.20%
1.21%
1.54%
1.25%
0.82%
1.02%
0.23%
0.43%

4.33%
17.13%
10.50%
10.30%
0.17%
-0.89%
2.69%
-2.66%
-5.91%
-9.42%
-1.08%
-4.05%
0.74%
-5.74%
-1.92%
0.37%
-0.53%
7.67%
-3.40%
-1.66%
-2.83%
4.98%
-0.84%
-2.46%
-0.07%
-3.52%
0.42%
0.86%
-2.91%
0.72%
-0.73%
-1.96%
-3.40%
0.42%
-1.19%
-0.31%

% signigica que Retorno = Risco

relao a taxa livre de risco (CDI)

pela diversificao

0.00%
EURO
0.25%
-2.23%
7.97%
-4.54%
-3.81%
-1.13%
-2.49%

0.51%
OURO
7.02%
1.93%
-2.46%
-9.71%
0.22%
0.86%
-1.06%

0.00%
IBOV
-6.88%
6.72%
-3.97%
11.32%
6.96%
-10.44%
-8.48%

0.00%
SMLL
-11.14%
7.70%
-10.44%
10.69%
10.31%
-9.50%
-2.70%

0.00%
PETR4
-8.71%
1.31%
-9.16%
14.37%
16.11%
-5.69%
-22.31%

0.00%
VALE5
-11.78%
11.37%
1.87%
6.43%
1.44%
-12.25%
-14.36%

2.96%
8.03%
FFCI11 HTMX11B
8.90%
0.00%
-3.92%
1.41%
22.07%
0.54%
-15.12%
0.61%
14.70%
0.81%
-10.56%
0.80%
2.79%
0.77%

0.00%
0.00%
FLMA11
NSLU11B
6.13%
3.00%
19.39%
7.76%
-14.07%
-0.73%
-2.89%
-0.80%
9.93%
4.77%
2.10%
2.12%
7.84%
3.40%

-1.86%
12.28%
-0.04%
10.04%
9.31%
-8.31%
1.75%
1.89%
-6.36%
-3.23%
-1.77%
-2.50%
1.11%
-3.70%
-1.18%
2.17%
-4.53%
3.82%
-5.24%
-2.40%
-4.31%
-2.93%
-1.44%
4.08%
-2.97%
3.79%
2.43%
-5.50%
-0.38%
2.84%
0.02%
0.02%
0.85%
-2.60%
-0.29%
-1.21%

-5.38%
22.50%
-5.38%
13.33%
10.64%
5.55%
3.70%
-4.29%
-6.94%
1.04%
-4.76%
-4.83%
-0.35%
0.97%
3.22%
15.03%
-9.10%
6.45%
-1.20%
4.28%
1.47%
4.35%
2.92%
-3.91%
3.58%
0.75%
7.67%
6.25%
-3.53%
-9.39%
5.52%
0.00%
1.40%
-0.88%
2.16%
9.32%

-6.43%
-11.03%
-24.80%
-1.77%
2.61%
4.66%
-2.84%
7.18%
15.55%
12.49%
-3.25%
6.41%
3.15%
8.90%
0.04%
8.93%
2.30%
-4.65%
1.68%
5.82%
-4.04%
-6.64%
-3.34%
10.80%
-3.51%
6.58%
1.79%
-4.20%
2.36%
-3.94%
1.22%
1.79%
-3.58%
-2.29%
-3.43%
-5.74%

-10.49%
-23.23%
-26.93%
-2.51%
3.85%
0.03%
-4.98%
2.65%
32.46%
12.23%
0.60%
15.93%
7.98%
7.37%
2.62%
12.59%
4.82%
-3.67%
3.15%
-1.36%
-0.48%
-3.54%
3.02%
11.83%
0.35%
5.13%
6.35%
-0.99%
1.91%
-8.31%
0.70%
6.27%
0.04%
-0.14%
-2.69%
-6.41%

-2.79%
0.57%
-33.59%
-13.94%
18.00%
9.59%
5.47%
8.14%
4.69%
16.62%
-5.81%
-2.07%
-0.29%
11.54%
0.69%
10.73%
-4.92%
-6.87%
1.29%
2.25%
-7.32%
-9.10%
-9.26%
3.69%
-5.75%
4.72%
-5.28%
-4.36%
11.85%
-0.73%
5.50%
-0.24%
-9.74%
-5.90%
-1.54%
-0.94%

-6.98%
-13.92%
-20.05%
-3.50%
-2.53%
17.25%
-4.21%
-0.30%
15.94%
6.63%
-8.15%
8.54%
1.54%
11.25%
9.11%
7.40%
-0.40%
-0.14%
5.48%
11.47%
-6.09%
-7.84%
-11.59%
12.56%
-2.91%
13.76%
4.34%
0.52%
1.04%
5.13%
-2.73%
-4.46%
-2.79%
-2.67%
-0.45%
-2.13%

-3.03%
0.85%
1.98%
-0.96%
1.04%
4.07%
18.66%
-4.14%
6.16%
4.19%
8.09%
7.54%
-0.68%
0.74%
0.00%
1.48%
-0.67%
1.49%
-0.68%
0.77%
1.50%
-1.41%
0.78%
3.00%
-0.68%
0.04%
1.52%
5.92%
7.04%
3.33%
1.42%
10.33%
5.27%
0.62%
-6.05%
0.68%

0.89%
-0.02%
0.89%
-3.45%
1.06%
1.00%
-0.01%
-1.66%
0.00%
7.24%
5.39%
6.26%
13.34%
1.51%
0.85%
0.80%
1.56%
0.75%
0.47%
0.63%
-1.10%
3.92%
5.39%
7.77%
12.36%
-3.97%
-0.40%
11.57%
8.19%
3.94%
-1.57%
-2.41%
3.34%
4.51%
10.54%
11.42%

-5.63%
-2.66%
0.83%
2.21%
1.05%
2.24%
-1.51%
-2.91%
5.88%
4.56%
-0.26%
11.62%
18.69%
12.20%
-6.40%
-1.06%
0.70%
4.21%
-4.58%
-4.83%
10.98%
-1.85%
-7.20%
10.32%
2.52%
3.30%
1.62%
13.21%
25.71%
-6.38%
1.84%
0.50%
0.03%
1.31%
0.68%
-2.41%

-0.37%
-8.49%
2.35%
2.94%
-0.99%
1.61%
6.40%
0.98%
6.63%
9.36%
4.72%
2.45%
5.57%
16.46%
-12.21%
-7.49%
-1.77%
8.60%
1.61%
3.16%
-0.72%
1.87%
1.31%
1.80%
1.78%
-0.18%
1.46%
0.51%
2.25%
2.73%
1.00%
2.42%
-0.19%
2.54%
-0.98%
1.27%

0.00%
EURO11
0.25%
-1.06%
0.13%
0.83%
0.90%
-0.46%
-0.13%

-2.09%
-1.78%
-5.65%
1.75%
5.06%
5.22%
8.40%
-1.35%
5.77%
2.66%
1.43%
4.19%
2.77%
9.35%
-0.07%
-10.41%
4.87%
2.20%
1.23%
1.27%
1.32%
1.04%
1.87%
5.14%
-0.07%
2.04%
1.24%
6.43%
-0.51%
1.33%
-2.45%
4.68%
-2.97%
-3.39%
-1.93%
3.46%