Fecha Valor

6/7/2019 1.51
5/7/2019 1.53
4/8/2019 1.625
3/7/2019 1.735
2/7/2019 1.89
1/8/2019 1.78
12/7/2018 2.1
11/7/2018 2.11
10/8/2018 2.19
9/7/2018 2.01
8/8/2018 2.18
7/9/2018 2.345
6/7/2018 2.695
5/7/2018 2.84
4/9/2018 3.005
3/7/2018 3.085
2/7/2018 2.81
1/9/2018 2.93
12/7/2017 3.08
11/7/2017 2.635
10/6/2017 2.855
9/7/2017 3
8/8/2017 2.62
7/7/2017 2.68
6/7/2017 2.45
5/8/2017 2.66
4/7/2017 2.755
3/7/2017 2.625
2/7/2017 2.74
1/6/2017 3.7
12/7/2016 3.26
11/8/2016 2.7
10/7/2016 2.38
9/7/2016 2.515
8/8/2016 2.305
7/7/2016 2.205
6/7/2016 2.495
5/6/2016 2.06
4/25/2016 2.165
 AVIANCA

Probabilidad Retorno
Fecha Valor Paso 1 Paso 2
1 6/7/2019 1.51
2 5/7/2019 1.53 0.02631579 -1.3% -0.9% 7.79382037E-05
3 4/8/2019 1.625 0.02631579 -5.8% -5.4% 0.0029395812
4 3/7/2019 1.735 0.02631579 -6.3% -5.9% 0.0034995439
5 2/7/2019 1.89 0.02631579 -8.2% -7.8% 0.0060476982
6 1/8/2019 1.78 0.02631579 6.2% 6.6% 0.0043614647
7 12/7/2018 2.1 0.02631579 -15.2% -14.8% 0.0219446652
8 11/7/2018 2.11 0.02631579 -0.5% 0.0% 2.45721181E-07
9 10/8/2018 2.19 0.02631579 -3.7% -3.2% 0.0010423888
10 9/7/2018 2.01 0.02631579 9.0% 9.4% 0.0087976657
11 8/8/2018 2.18 0.02631579 -7.8% -7.4% 0.0054372952
12 7/6/2018 2.38 0.02631579 -8.4% -8.0% 0.0063664409
13 6/7/2018 2.695 0.02631579 -11.7% -11.3% 0.0126876532
14 5/7/2018 2.84 0.02631579 -5.1% -4.7% 0.0021914293
15 4/6/2018 2.985 0.02631579 -4.9% -4.4% 0.0019653777
16 3/7/2018 3.085 0.02631579 -3.2% -2.8% 0.0007936209
17 2/7/2018 2.81 0.02631579 9.8% 10.2% 0.0104261259
18 1/9/2018 2.93 0.02631579 -4.1% -3.7% 0.0013477708
19 12/7/2017 3.08 0.02631579 -4.9% -4.4% 0.001976484
20 11/7/2017 2.635 0.02631579 16.9% 17.3% 0.0299719503
21 10/6/2017 2.855 0.02631579 -7.7% -7.3% 0.0053019018
22 9/7/2017 3 0.02631579 -4.8% -4.4% 0.0019439016
23 8/8/2017 2.62 0.02631579 14.5% 14.9% 0.0222850563
24 7/7/2017 2.68 0.02631579 -2.2% -1.8% 0.0003292202
25 6/7/2017 2.45 0.02631579 9.4% 9.8% 0.0096277669
26 5/8/2017 2.66 0.02631579 -7.9% -7.5% 0.005580648
27 4/7/2017 2.755 0.02631579 -3.4% -3.0% 0.0009144047
28 3/7/2017 2.625 0.02631579 5.0% 5.4% 0.002890938
29 2/7/2017 2.74 0.02631579 -4.2% -3.8% 0.0014233393
30 1/6/2017 3.7 0.02631579 -25.9% -25.5% 0.0651351177
31 12/7/2016 3.26 0.02631579 13.5% 13.9% 0.0193802479
32 11/8/2016 2.7 0.02631579 20.7% 21.2% 0.0447961632
33 10/7/2016 2.38 0.02631579 13.4% 13.9% 0.019236973
34 9/7/2016 2.515 0.02631579 -5.4% -4.9% 0.0024437499
35 8/8/2016 2.305 0.02631579 9.1% 9.5% 0.0090916081
36 7/7/2016 2.205 0.02631579 4.5% 5.0% 0.0024596747
37 6/7/2016 2.495 0.02631579 -11.6% -11.2% 0.0125414983
38 5/6/2016 2.06 0.02631579 21.1% 21.5% 0.0464009004
39 4/25/2016 2.165 0.02631579 -4.8% -4.4% 0.0019585237

Retorno Esperado -0.42% Varianza

Desv E
 Paso 3

0.000002051
7.735739969E-05
9.209325938E-05
0.00015915
0.0001147754
0.0005774912
6.466346856E-09
2.743128432E-05
0.0002315175
0.0001430867
0.0001675379
0.0003338856
5.766919156E-05
5.172046592E-05
2.088475927E-05
0.0002743717
3.546765182E-05
5.201273606E-05
0.0007887355
0.0001395237
5.115530544E-05
0.0005864489
8.663689265E-06
0.0002533623
0.0001468592
2.406328082E-05
7.607731472E-05
3.745629714E-05
0.001714082
0.0005100065
0.0011788464
0.0005062361
6.430920739E-05
0.0002392528
6.472828179E-05
0.0003300394
0.0012210763
5.154009852E-05

1.04%
10.20% Es el riesgo
 PRECIOS 1 2 3 PROBABILIDAD
Numero Fecha A B C
1 8/1/2013 28.21 33.4 15.39
2 7/1/2013 29.23 31.62 16.58 0.0434782609
3 6/1/2013 27.78 34.3 18.91 0.0434782609
4 5/1/2013 27.01 34.66 21.53 0.0434782609
5 4/1/2013 28.6 32.64 20.93 0.0434782609
6 3/1/2013 28.39 28.21 20.18 0.0434782609
7 2/1/2013 26.92 27.41 19.12 0.0434782609
8 1/1/2013 26.84 26.85 20.68 0.0434782609
9 12/1/2012 24.46 26.12 18.11 0.0434782609
10 11/1/2012 24.4 26.03 16.76 0.0434782609
11 10/1/2012 24.04 27.68 17.29 0.0434782609
12 9/1/2012 24.02 28.87 15.45 0.0434782609
13 8/1/2012 23.06 29.9 13.64 0.0434782609
14 7/1/2012 23.02 28.4 11.27 0.0434782609
15 6/1/2012 22.03 29.48 10.67 0.0434782609
16 5/1/2012 20.94 28.13 9.33 0.0434782609
17 4/1/2012 21.72 30.65 9.81 0.0434782609
18 3/1/2012 21.48 30.88 8.82 0.0434782609
19 2/1/2012 20.04 30.39 8.79 0.0434782609
20 1/1/2012 20.08 28.09 7.43 0.0434782609
21 12/1/2011 20.31 24.69 6.29 0.0434782609
22 11/1/2011 18.84 24.33 6.09 0.0434782609
23 10/1/2011 17.9 25.14 5.16 0.0434782609
24 9/1/2011 16.43 23.5 3.94 0.0434782609

Activos
Individuales

Retorno Esperado
Varianza
Riesgo= Desviacion Estandar
Desempeño
Proporciones

Covarianza A y B

Correlacion A y B

Retorno Esperado del Portafolio

Riesgo del Portafolio

 RETORNOS Varianza
1 2 3 1 2 3
A B C A B C

-3.5% 5.6% -7.2% 0.0001537 0.0000665 0.0008350

5.2% -7.8% -12.3% 0.0000332 0.0003951 0.0015700
2.9% -1.0% -12.2% 0.0000007 0.0000331 0.0015449
-5.6% 6.2% 2.9% 0.0002794 0.0000868 0.0000633
0.7% 15.7% 3.7% 0.0000128 0.0008503 0.0000382
5.5% 2.9% 5.5% 0.0000392 0.0000063 0.0000056
0.3% 2.1% -7.5% 0.0000203 0.0000006 0.0008797
9.7% 2.8% 14.2% 0.0002300 0.0000050 0.0002452
0.2% 0.3% 8.1% 0.0000212 0.0000082 0.0000082
1.5% -6.0% -3.1% 0.0000040 0.0002565 0.0004130
0.1% -4.1% 11.9% 0.0000245 0.0001483 0.0001189
4.2% -3.4% 13.3% 0.0000127 0.0001160 0.0001887
0.2% 5.3% 21.0% 0.0000227 0.0000552 0.0008951
4.5% -3.7% 5.6% 0.0000181 0.0001260 0.0000049
5.2% 4.8% 14.4% 0.0000329 0.0000412 0.0002565
-3.6% -8.2% -4.9% 0.0001590 0.0004297 0.0005824
1.1% -0.7% 11.2% 0.0000078 0.0000264 0.0000898
7.2% 1.6% 0.3% 0.0000972 0.0000000 0.0001747
-0.2% 8.2% 18.3% 0.0000307 0.0001819 0.0005874
-1.1% 13.8% 18.1% 0.0000560 0.0006315 0.0005693
7.8% 1.5% 3.3% 0.0001243 0.0000002 0.0000502
5.3% -3.2% 18.0% 0.0000340 0.0001062 0.0005593
8.9% 7.0% 31.0% 0.0001832 0.0001203 0.0025639

A B C
2.46% 1.72% 6.68%
0.16% 0.37% 1.22%
cion Estandar 4.00% 6.08% 11.07%
0.6145707 0.282996 0.60377682
0.5 0.5

-0.032%

-0.132

o Esperado del Portafolio 2.1% Aplica solamente para la rentabilidad, no aplica para los riesgos.
A AB BA B
del Portafolio 0.04% -0.01% -0.01% 0.09% 0.12% 3.41%

Indice de Desempecho 0.61

Probabilidad
de A y B

-0.000101079
-0.000114531
-4.73113E-06
-0.000155762
-0.000104369
1.566581E-05
-3.43729E-06
3.401182E-05
1.32005E-05
3.201516E-05
6.026635E-05
-3.83226E-05
-3.53522E-05
-4.76878E-05
3.681163E-05
0.000261385
0.000014345
-2.19964E-06
-7.46832E-05
-0.000188039
-5.57157E-06
-6.00507E-05
0.000148424
-0.032%

Riesgo del Portafolio

Fecha Valor
6/4/2019 311
5/7/2019 310
4/10/2019 307
3/5/2019 270
2/8/2019 267
1/9/2019 265
12/7/2018 271
11/9/2018 264
10/12/2018 270
9/6/2018 275
8/8/2018 277
7/6/2018 287
6/7/2018 284
5/8/2018 260
4/11/2018 267
3/7/2018 260
2/8/2018 267
1/9/2018 270
12/6/2017 264
11/7/2017 261
10/10/2017 262
9/8/2017 265
8/10/2017 255
7/7/2017 255
6/6/2017 265
5/8/2017 267
4/7/2017 270
3/6/2017 271
2/7/2017 263
1/6/2017 260
12/7/2016 252
11/8/2016 270
10/7/2016 261
9/7/2016 261
8/8/2016 270
7/7/2016 270
6/7/2016 275
Fecha Valor
6/7/2019 7.35
5/7/2019 7.91
4/8/2019 8.09
3/7/2019 7.82
2/7/2019 8.2
1/8/2019 7.1
12/7/2018 6.98
11/7/2018 7
10/8/2018 7.4
9/7/2018 7.6
8/6/2018 8.9
7/6/2018 9.7
6/7/2018 9.32
5/7/2018 9.56
4/6/2018 9.7
3/7/2018 9.64
2/7/2018 10.8
1/9/2018 11.7
12/7/2017 10.68
11/7/2017 10.94
10/6/2017 11.88
9/7/2017 12
8/8/2017 11.86
7/7/2017 11.68
6/7/2017 12.16
5/8/2017 12.12
4/7/2017 11.8
3/7/2017 11.84
2/7/2017 11.88
1/6/2017 11.98
12/7/2016 11.42
11/8/2016 11.54
10/7/2016 11.66
9/7/2016 12
8/8/2016 11.62
7/7/2016 11.8
6/7/2016 11.88
5/6/2016 10.98
4/12/2016 11.76
Fecha Valor
6/7/2019 38
5/7/2019 38.24
4/8/2019 41.42
3/7/2019 36.94
2/7/2019 35.1
1/8/2019 32.42
12/7/2018 32.1
11/7/2018 32
10/8/2018 31.5
9/7/2018 31.5
8/6/2018 33.58
7/6/2018 35.48
6/7/2018 33.08
5/7/2018 33.66
4/6/2018 33.08
3/7/2018 31.92
2/7/2018 31.52
1/9/2018 30.7
12/7/2017 29.14
11/7/2017 27.76
10/6/2017 32.68
9/7/2017 33.96
8/8/2017 30.6
7/7/2017 31.7
6/7/2017 30.88
5/8/2017 27.7
4/7/2017 26.42
3/7/2017 25.28
2/7/2017 25.32
1/6/2017 25.7
12/7/2016 24.96
11/8/2016 26.88
10/7/2016 25.9
9/7/2016 27.66
8/8/2016 24.44
7/7/2016 23.5
6/7/2016 23.46
5/6/2016 24.38
4/12/2016 26
Fecha BBVA Fecha Argos Fecha Bancolombia
6/4/2019 311 6/7/2019 7.35 6/7/2019 38
5/7/2019 310 5/7/2019 7.91 5/7/2019 38.24
4/10/2019 307 4/8/2019 8.09 4/8/2019 41.42
3/5/2019 270 3/7/2019 7.82 3/7/2019 36.94
2/8/2019 267 2/7/2019 8.2 2/7/2019 35.1
1/9/2019 265 1/8/2019 7.1 1/8/2019 32.42
12/7/2018 271 12/7/2018 6.98 12/7/2018 32.1
11/9/2018 264 11/7/2018 7 11/7/2018 32
10/12/2018 270 10/8/2018 7.4 10/8/2018 31.5
9/6/2018 275 9/7/2018 7.6 9/7/2018 31.5
8/8/2018 277 8/6/2018 8.9 8/6/2018 33.58
7/6/2018 287 7/6/2018 9.7 7/6/2018 35.48
6/7/2018 284 6/7/2018 9.32 6/7/2018 33.08
5/8/2018 260 5/7/2018 9.56 5/7/2018 33.66
4/11/2018 267 4/6/2018 9.7 4/6/2018 33.08
3/7/2018 260 3/7/2018 9.64 3/7/2018 31.92
2/8/2018 267 2/7/2018 10.8 2/7/2018 31.52
1/9/2018 270 1/9/2018 11.7 1/9/2018 30.7
12/6/2017 264 12/7/2017 10.68 12/7/2017 29.14
11/7/2017 261 11/7/2017 10.94 11/7/2017 27.76
10/10/2017 262 10/6/2017 11.88 10/6/2017 32.68
9/8/2017 265 9/7/2017 12 9/7/2017 33.96
8/10/2017 255 8/8/2017 11.86 8/8/2017 30.6
7/7/2017 255 7/7/2017 11.68 7/7/2017 31.7
6/6/2017 265 6/7/2017 12.16 6/7/2017 30.88
5/8/2017 267 5/8/2017 12.12 5/8/2017 27.7
4/7/2017 270 4/7/2017 11.8 4/7/2017 26.42
3/6/2017 271 3/7/2017 11.84 3/7/2017 25.28
2/7/2017 263 2/7/2017 11.88 2/7/2017 25.32
1/6/2017 260 1/6/2017 11.98 1/6/2017 25.7
12/7/2016 252 12/7/2016 11.42 12/7/2016 24.96
11/8/2016 270 11/8/2016 11.54 11/8/2016 26.88
10/7/2016 261 10/7/2016 11.66 10/7/2016 25.9
9/7/2016 261 9/7/2016 12 9/7/2016 27.66
8/8/2016 270 8/8/2016 11.62 8/8/2016 24.44
7/7/2016 270 7/7/2016 11.8 7/7/2016 23.5
6/7/2016 275 6/7/2016 11.88 6/7/2016 23.46