IBM (IBM)

Date
12/1/2014
11/3/2014
10/1/2014
9/2/2014
8/1/2014
7/1/2014
6/2/2014
5/1/2014
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011

Open
161.64
164.25
189.91
192.68
190.5
181.7
184.76
196.31
193.12
183.33
176.02
187.21
179.46
179.81
185.34
183.63
196.65
192.15
208.25
201.87
212.8
200.65
204.65
194.09
190.76
194.68
208.01
196.61
196.96
196.36
190.12
207.18
208.96
197.23
193.21
186.73
187.01
181.55
174.36
172.71
182.6
171.61
168.9

High
164.52
164.97
190.89
195
194.13
196.4
187.65
196.74
199.21
195.63
186.12
190.81
187.79
186.24
186.99
194.89
197.17
200.94
210.05
211.98
214.89
215.9
205.35
208.58
196.45
198
211.79
208.32
202
197.84
199.99
208.93
210.69
209.12
199.23
193.1
194.9
189.97
190.53
180.91
183.69
185.63
172.45

Low
150.5
159.8
161.1
188.12
183.58
181.7
179.27
182.33
187.01
182.21
172.19
175.34
172.73
177.31
172.57
182.31
181.1
190.26
188.41
199.2
187.68
199.36
197.51
190.39
186.94
184.78
190.56
193.25
193.02
181.85
187
192
196.79
196.81
190.83
177.35
179.04
177.06
168.88
158.76
157.13
171.49
161.52

Close
160.44
162.17
164.4
189.83
192.3
191.67
181.27
184.36
196.47
192.49
185.17
176.68
187.57
179.68
179.21
185.18
182.27
195.04
191.11
208.02
202.54
213.3
200.83
203.07
191.55
190.07
194.53
207.45
194.85
195.98
195.58
192.9
207.08
208.65
196.73
192.6
183.88
188
184.63
174.87
171.91
181.85
171.55

Volume
4799700
4337700
6611800
3195800
2684000
4627500
3939300
3554200
5840600
6072400
4827500
6127700
4838700
5192700
5881900
3773300
3445800
4176700
4513500
4346900
5282100
3988600
3622800
4320300
4200200
4134700
4867000
4329000
2775900
4524900
4277000
4331400
4468800
4150500
4196300
5742000
5093600
4992900
7108200
6938200
8744700
6012900
5024800

5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007
9/4/2007

172.11
163.7
163.15
162.11
147.21
143.61
143.64
135.51
125.31
129.25
123.55
124.69
129.39
128.95
127.5
123.23
131.18
127.29
120.77
119.39
117.67
118.88
105
106.94
103.78
96.13
91.17
90.6
83.89
80.95
92.64
115.51
122.87
128.52
117.5
128.49
121.06
115.2
113.86
107.16
108.99
105.55
115.5
117.61
116.34

173.54
173
167.72
166.25
164.35
147.5
147.53
144
136.11
132.49
131.6
131.94
133.1
132.28
130.73
128.27
134.25
132.85
128.94
128.61
122.88
120.88
119.37
110.64
106.82
106.05
99.86
97.1
94.94
87.27
94.76
116.8
124
129.97
130.93
129.37
129.99
125
119.79
116.63
108.99
112.19
116.09
121.46
118.89

165.9
162.19
151.71
159.03
146.64
143.51
141.18
134.39
124.52
122.28
120.61
122.82
116
127.12
125.2
121.61
121.9
126
119.5
117.26
115.15
116.12
99.5
103.51
99.83
95.7
83.02
82.85
81.76
75.31
69.5
78.82
109.95
121.5
116.6
118.15
120.78
113.86
111.8
100.6
97.04
104
99.27
110.96
114.3

168.93
170.58
163.07
161.88
162
146.76
141.46
143.6
134.14
123.13
128.4
123.48
125.26
129
128.25
127.16
122.39
130.9
126.35
120.61
119.61
118.05
117.93
104.42
106.28
103.21
96.89
92.03
91.65
84.16
81.6
92.97
116.96
121.73
127.98
118.53
129.43
120.7
115.14
113.86
107.11
108.1
105.18
116.12
117.8

5710800
5317800
5807600
4938900
6301400
4380100
5322400
6939200
5834200
5591700
7147600
7728900
9793300
7271100
6300000
6210200
8825300
5849900
5852500
8692800
6631200
5615200
8250000
7637000
7997800
10679800
13666700
12859400
10928800
8886900
11695800
14151200
11304900
6865900
9396900
7655500
8008100
9100700
9449500
8837700
12218000
6994100
10181900
7777600
7366000

8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004
12/1/2003

110.39
105.39
106.62
102.06
94.51
90.25
98.97
97.18
91.9
92.5
81.76
81.13
76.65
77.54
79.89
82.59
82.72
80.2
80.9
82.45
89.15
81.85
80.22
80.16
83
74.3
75.57
76.88
91.49
92.64
93.67
98.97
94.5
89.33
85.95
84.05
86.87
88.28
88
88.13
91.67
96.5
99.15
92.86
90.9

117.35
118.82
107.24
108.05
103
95.81
100.44
100.9
97.88
94.05
92.68
83.79
81.68
78.53
80.87
83.69
84.45
84.99
82.24
85.03
89.92
89.94
84.6
82.11
84.2
85.11
77.73
78.11
91.76
93.73
94.97
99.1
99
96.63
90.27
87.28
87.39
88.44
91.21
89.75
94.55
97.6
100.43
99.85
94.12

103.7
104.58
101.56
101.35
93.91
88.77
92.47
94.55
90.55
90.43
81.56
79.31
75.05
72.73
76.06
79.06
80.63
79.51
78.93
80.21
81.56
80.64
78.7
76.93
79.87
74.16
73.45
72.5
71.85
89.09
91.55
91.44
94.47
89.23
84.29
83.24
81.9
83.42
87.3
85.12
88.01
90.28
95.2
89.01
90.03

116.69
110.65
105.25
106.6
102.21
94.26
92.94
99.15
97.15
91.92
92.33
81.94
80.97
77.41
76.82
79.9
82.34
82.47
80.24
81.3
82.2
88.9
81.88
80.22
80.62
83.46
74.2
75.55
76.38
91.38
92.58
93.42
98.58
94.24
89.75
85.74
84.69
87.07
88.15
88.59
88.17
91.84
96.5
99.23
92.68

9119700
10979700
8410400
6888100
8842800
7765100
7261400
9956700
5446300
5280900
8165200
5377300
4550700
7128500
6698600
5433200
6432000
5103300
6158500
7663100
5976200
5556400
7019600
5772200
4801300
8056500
6439500
6896900
10709200
5025600
4455600
5960900
5043800
5754800
5839700
4719200
4298600
5929000
4604400
5395500
5507200
5612900
5392400
7275300
5492200

11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
12/3/2001
11/1/2001
10/1/2001
9/4/2001
8/1/2001
7/2/2001
6/1/2001
5/1/2001
4/2/2001
3/1/2001
2/1/2001
1/2/2001
12/1/2000
11/1/2000
10/2/2000
9/1/2000
8/1/2000
7/3/2000
6/1/2000
5/1/2000
4/3/2000
3/1/2000

89.9
88.75
82.4
81.15
81.4
89
85.3
78.5
78.9
78.2
78.8
88.6
78.9
59.2
74.2
70.4
72.01
80.75
83.85
104
98.6
107.64
120.6
114.8
107.25
91.72
100.15
105.35
113.5
112.5
115.85
97.45
99.3
112.4
84.5
94.44
98.44
112.62
133.06
112
108.75
107.56
112.5
120
102

91.48
94.54
93.47
84.72
87.03
89.08
90.4
86.49
84.9
80.05
88.95
89.46
88.11
79.79
77.5
82.85
74.2
80.95
86.49
104
108.85
109.3
126.39
124.7
117
112.1
103.13
110.09
115.4
119
119.9
118.05
108.4
118.64
116.75
104.75
104.38
119.62
134.94
134.25
117.81
122.31
113.62
128
128.25

87.72
87.53
82.3
78.73
80.58
79.81
84.45
78.12
73.17
74.31
77.02
75.6
76.7
54.01
57.99
65.85
65.7
66.1
75.92
83.34
98.5
95.76
101
113.21
106.9
91.34
87.49
98.86
101.56
111.1
110.96
90.05
87.65
99.1
83.75
80.06
91.62
86.94
110.25
110.25
100
105.5
102
101.25
99.5

90.54
89.48
88.33
82.01
81.25
82.5
88.04
84.9
78.43
77.95
78.2
77.5
86.92
78.94
58.31
75.38
70.4
72
80.45
83.76
104
98.12
107.89
120.96
115.59
108.07
91.72
99.95
105.21
113.5
111.8
115.14
96.18
99.9
112
85
93.5
98.5
112.62
132.02
112.25
109.56
107.31
111.5
118.38

5271600
6999200
8523800
5624600
7362000
9163700
7415800
8872300
9624100
8013500
9698900
7592100
9370900
12847400
9934200
7787400
11771600
10096300
8084700
11608500
7830800
9487300
9687600
6845300
6701600
10066400
13359300
6588100
7934200
7257400
7549100
11678400
12000500
8861600
9870300
8736700
6717300
10655100
5853100
5542000
7762100
6583100
5797000
9123800
8797500

2/1/2000
1/3/2000
12/1/1999
11/1/1999
10/1/1999
9/1/1999
8/2/1999
7/1/1999
6/1/1999
5/3/1999
4/1/1999
3/1/1999
2/1/1999
1/4/1999
12/1/1998
11/2/1998
10/1/1998
9/1/1998
8/3/1998
7/1/1998
6/1/1998
5/1/1998
4/1/1998
3/2/1998
2/2/1998
1/2/1998
12/1/1997
11/3/1997
10/1/1997
9/2/1997
8/1/1997
7/1/1997
6/2/1997
5/1/1997
4/1/1997
3/3/1997
2/3/1997
1/2/1997
12/2/1996
11/1/1996
10/1/1996
9/3/1996
8/1/1996
7/1/1996
6/3/1996

112.38
112.44
102.56
98.5
121
125.62
124
130
113.62
208
177.31
169.5
184.5
185
163.5
148.44
125.06
113
134
116
117.38
115.94
103.88
104.19
100
104.5
110
99.12
106.12
101.38
105.5
90.25
87.75
160.5
137
143.75
157.38
153.75
159.62
128.88
124
113.25
108
99.25
106.38

119.75
124.75
122.12
109.88
123.25
137.69
129.62
139.19
132
246
215.25
185.94
184.5
199.25
189.94
170.56
149.81
136.19
134.88
138.12
120
129.31
120
106.69
105.88
108.38
113.5
109.94
107.25
107.44
109.44
108.44
93.75
179.25
161.12
149.75
157.38
170.12
166
160.75
135.38
127.88
115.75
108.88
106.62

100.94
109.62
102.25
90
89
119.62
117.56
122.62
109.44
112.62
163
164
161.75
173.5
162.25
145.75
116.81
110.75
112.62
112.75
106
115.5
103.31
95.88
97.5
95.62
96.38
95.25
88.62
96.12
99.69
90.12
81.75
84.5
127.12
130
137.12
145
147.25
127.12
123.12
112.56
107.25
89.12
96.12

102.75
112.25
107.88
103.06
98.25
121
124.56
125.69
129.25
116
209.19
177.25
169.75
183.25
184.38
165.12
148.5
128.5
112.62
132.5
114.81
117.5
115.88
103.88
104.44
98.75
104.62
109.5
98.5
106
101.38
105.75
90.25
86.5
160.5
137.25
143.75
156.88
151.5
159.38
129
124.5
114.38
107.5
99

7200400
9073100
7340700
10521000
15065500
7378000
6112500
6526800
6333300
10931300
13162000
10284200
11467100
13515800
6631400
7160400
11642500
9505300
9632200
8488300
7836400
7871700
8718200
7560300
7802200
10597600
8851600
7917600
10356500
8730500
7770100
9786800
8291000
13661300
15671700
14708700
16944800
19400500
13207100
14674500
10666900
11036100
8822000
14376500
12086000

5/1/1996
4/1/1996
3/1/1996
2/1/1996
1/2/1996
12/1/1995
11/1/1995
10/2/1995
9/1/1995
8/1/1995
7/3/1995
6/1/1995
5/1/1995
4/3/1995
3/1/1995
2/1/1995
1/3/1995
12/1/1994
11/1/1994
10/3/1994
9/1/1994
8/1/1994
7/1/1994
6/1/1994
5/2/1994
4/4/1994
3/1/1994
2/1/1994
1/3/1994
12/1/1993
11/1/1993
10/1/1993
9/1/1993
8/2/1993
7/1/1993
6/1/1993
5/3/1993
4/1/1993
3/1/1993
2/1/1993
1/4/1993
12/1/1992
11/2/1992
10/1/1992
9/1/1992

107.75
112.12
121.62
108.75
91.38
97
97.25
95
102.75
109.12
96.25
93.5
93.88
82.25
75.12
72.38
73.5
70.62
74.38
69.38
66.88
61.88
59
63
57.5
53
52.88
56.88
56.88
54.75
46
42.12
45.75
44.38
49.62
53.25
49.12
51.5
54.75
52
51.75
68.38
67
81
86.62

112.5
120.88
125.5
128.88
109.88
97.25
102.38
99.25
104.5
114.62
111.25
99.38
97.88
96.88
85.12
76.25
78
74.62
75.25
76.38
71.38
70.12
63.12
65
64.12
59.5
58.88
57.38
60
59.88
56.12
46.62
46.38
45.88
49.75
54.38
54
53.12
57.12
54.88
53.25
68.88
69.88
81.12
88.75

103.62
103.38
107.62
108.12
83.12
87.75
93
89.12
91.62
98.62
95.75
88.38
91.5
82.25
75.12
72.25
70.25
68.88
68
67.38
66.62
61.5
54.5
58.12
56.25
51.38
51.38
52
54.75
52.75
45.75
42.12
41.25
40.62
41.12
48.5
47.12
47.38
49.88
48.75
45.88
48.75
60.88
65
80

106.75
107.75
111.25
122.62
108.5
91.38
96.62
97.25
94.5
103.38
108.88
96
93
94.62
82.12
75.25
72.12
73.5
70.75
74.5
69.62
68.5
61.88
58.75
63
57.5
54.62
52.88
56.5
56.5
53.88
46
42
45.75
44.5
49.38
52.75
48.62
50.88
54.38
51.5
50.38
68.25
66.88
80.75

10658400
18098800
16340200
18533400
20720900
12609000
11089300
15587300
19977800
12595200
15660600
12562400
12316000
12830000
11576400
7786500
10522200
7991100
9134300
10729400
9090500
10930000
11349600
8671100
9421100
11643400
11338000
8035100
10592500
9299300
13246400
9037900
7122500
6844000
10176600
6812100
8017300
8105700
9544200
10945000
16155600
18612600
10433500
12173700
6967200

8/3/1992
7/1/1992
6/1/1992
5/1/1992
4/1/1992
3/2/1992
2/3/1992
1/2/1992
12/2/1991
11/1/1991
10/1/1991
9/3/1991
8/1/1991
7/1/1991
6/3/1991
5/1/1991
4/1/1991
3/1/1991
2/1/1991
1/2/1991
12/3/1990
11/1/1990
10/1/1990
9/4/1990
8/1/1990
7/2/1990
6/1/1990
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990
12/1/1989
11/1/1989
10/2/1989
9/1/1989
8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
2/1/1989
1/3/1989

94.5
97.88
90.5
91.25
83.5
86.88
90
89
91.12
98.38
103.62
97.75
101
97.62
106
102.5
113.88
128.25
126.5
112.88
114.5
105.38
107.12
101
111.88
117.5
120.5
109.5
105.12
103.75
98.62
94.75
97.62
100.25
109.38
116.88
115.5
112.5
109.5
113
109.25
122.12
129.75
121.88

95.25
100.38
98.62
94.38
90.75
90.25
93.25
98.12
92.38
101.38
104.75
106.38
101.75
103
107.38
106.5
114.75
135
139.75
127.12
116
115.12
110.38
109.25
112.38
123.12
122.25
122.12
111.25
109.38
105.5
101.62
101.88
100.75
109.75
118.75
119.38
116.75
115.12
113.75
115.75
122.38
130.88
130.88

85
92.38
88.25
90.12
81.62
83.12
86.62
88.88
83.5
92.38
96.75
97.62
92
95.62
96.62
100.5
102.12
111
125.62
105.5
110.62
104.88
96.25
100.75
96.5
110.5
116.25
107.88
105
103.38
97.5
94.5
93.38
96
97.75
107.75
112.5
110.62
107.5
107.5
106.25
107.62
120.62
120.62

86.62
94.75
97.88
90.75
90.75
83.5
86.88
90
89
92.5
98.25
103.62
96.88
101.25
97.12
106.12
103
113.88
128.75
126.75
113
113.62
105.5
106.38
101.88
111.5
117.5
120
109
106.12
103.88
98.62
94.12
97.62
100.25
109.25
117.12
115
111.88
109.62
114.12
109.12
121.5
130.62

5963600
6676100
6847700
5857600
7660600
6394900
6132000
7027100
9257300
6143500
5497500
6105400
6038500
5408800
7546900
6884000
8053600
9236000
8905300
8263400
5620500
7054000
7259400
6617000
7353000
5983800
5782300
7145600
5828000
6091900
7347800
7492600
6807800
6015000
8048400
6850400
6617400
5580700
6919200
6546300
5798400
7728900
6278000
6677100

Adj Close
159.32
161.04
162.15
187.23
189.66
187.93
177.73
180.76
191.52
187.64
180.51
171.29
181.85
174.2
172.82
178.57
175.77
187.14
183.37
199.6
193.43
203.71
191.8
193.13
182.17
180.76
184.2
196.43
184.5
184.78
184.41
181.88
194.43
195.91
184.72
180.14
171.98
175.84
171.99
162.9
160.14
168.67
159.11

Var_IBM
-0.12389
-0.07555
-0.06174
0.04850
0.07902
0.00422
-0.03076
-0.09439
-0.00987
-0.07889
-0.05886
-0.11308
-0.00176
-0.03629
-0.06178
-0.09092
-0.04732
0.01277
-0.00564
0.09743
-0.00514
0.03981
0.03833
0.07211
0.05925
0.02798
0.07099
0.20583
0.15212
0.09551
0.15901
0.16084
0.23440
0.30104
0.23575
0.20899
0.27411
0.35147
0.30801
0.32622
0.42031
0.44175
0.41419

Rendimiento IBM:
Desviacin Standard:
GRFICO DE DISPERSIN

Chart T
1.40000
1.20000
1.00000
0.80000
0.60000
0.40000
0.20000
0.00000
-0.20000

50

-0.40000
-0.60000

Grfica Referencial

100

150

156.68
157.51
150.58
149.48
149
134.98
130.11
131.49
122.83
112.75
116.99
112.51
114.13
116.94
116.26
115.27
110.45
118.13
114.03
108.36
107.46
106.06
105.46
93.38
95.04
91.82
86.2
81.87
81.09
74.47
72.2
81.8
102.91
107.11
112.17
103.89
113.44
105.36
100.51
99.39
93.14
94
91.46
100.62
102.07

0.37282
0.34693
0.29520
0.29678
0.34903
0.14264
0.14102
0.21346
0.14303
0.06308
0.10933
0.20486
0.20086
0.27358
0.34872
0.40796
0.36207
0.58628
0.57936
0.32469
0.04421
-0.00980
-0.05982
-0.10116
-0.16220
-0.12851
-0.14237
-0.17628
-0.12938
-0.20777
-0.21058
-0.18704
0.00823
0.05934
0.17406
0.14316
0.23251
0.19850
0.23979
0.24331
0.09551
0.12832
0.16037
0.27496
0.45731

101.11
95.54
90.88
92.04
87.91
81.07
79.94
85.02
83.31
78.82
78.92
70.04
69.21
65.9
65.4
68.02
69.85
69.96
68.07
68.79
69.55
75.22
69.12
67.72
68.05
70.28
62.48
63.62
64.15
76.75
77.76
78.31
82.64
79
75.09
71.74
70.86
72.69
73.6
73.96
73.46
76.52
80.4
82.55
77.1

0.46092
0.44977
0.38960
0.35313
0.25855
0.15881
0.17438
0.23594
0.19784
0.04786
0.14178
0.03426
0.01705
-0.06232
0.04673
0.06916
0.08885
-0.08847
-0.12461
-0.12157
-0.15840
-0.04785
-0.07950
-0.05604
-0.03966
-0.03315
-0.15109
-0.13981
-0.12674
0.00301
-0.03284
-0.05136
0.07185
0.04886
0.01063
-0.02195
0.04053
0.07961
0.07650
0.01371
0.04599
0.17941
0.24690
0.27866
0.20506

75.32
74.3
73.35
68.1
67.33
68.37
72.96
70.23
64.88
64.48
64.56
63.98
71.76
65.05
48.05
62.12
57.89
59.2
66.15
68.74
85.34
80.52
88.42
99.13
94.73
88.46
75.08
81.81
86
92.78
91.39
94.01
78.53
81.57
91.34
69.32
76.25
80.23
91.73
107.53
91.33
89.14
87.31
90.61
96.19

0.04961
0.14220
0.52653
0.09627
0.16307
0.15490
0.10295
0.02168
-0.23975
-0.19921
-0.26985
-0.35458
-0.24248
-0.26464
-0.36002
-0.24068
-0.32686
-0.36193
-0.27618
-0.26880
0.08672
-0.01287
-0.03197
0.43003
0.24236
0.10258
-0.18151
-0.23919
-0.05836
0.04083
0.04673
0.03752
-0.18359
-0.02311
0.00241
-0.20840
-0.08857
0.00728
-0.06484
0.06486
-0.10276
-0.14845
-0.07068
0.07091
0.34156

83.5
91.12
87.57
83.66
79.65
98.09
100.98
101.79
104.68
93.95
84.61
71.7
68.66
74.02
74.48
66.7
59.9
51.83
45.43
53.35
46.23
47.31
46.57
41.75
41.97
39.61
41.97
43.92
39.43
42.43
40.58
42.26
36.06
34.56
32.07
27.42
28.72
31.27
30.2
31.77
25.64
24.75
22.74
21.3
19.62

0.21614
0.23102
0.17575
0.25427
0.32972
0.89253
1.22276
0.90797
1.26433
0.98584
0.81683
0.71737
0.63593
0.86872
0.77460
0.51867
0.51915
0.22154
0.11952
0.26242
0.28203
0.36892
0.45214
0.52261
0.46135
0.26671
0.38974
0.38244
0.53783
0.71434
0.78452
0.98404
0.83792
0.63404
0.50705
0.24807
0.18580
0.46258
0.67685
0.66859
0.34100
0.33208
0.11909
-0.00234
0.04195

21.15
21.28
21.97
24.22
21.38
18.01
19.04
19.12
18.58
20.32
21.35
18.83
18.24
18.51
16.06
14.72
14.06
14.33
13.79
14.47
13.53
13.31
11.97
11.37
12.19
11.08
10.52
10.19
10.84
10.84
10.33
8.78
8.02
8.73
8.45
9.37
10.01
9.13
9.55
10.21
9.56
9.36
12.68
12.2
14.73

0.15954
0.14965
0.36800
0.64538
0.52063
0.25680
0.38071
0.32135
0.37324
0.52667
0.78363
0.65611
0.49631
0.67058
0.52662
0.44455
0.29705
0.32196
0.33495
0.64806
0.68703
0.52463
0.41657
0.21345
0.21778
0.21358
0.10157
-0.00196
0.13389
0.15812
-0.18533
-0.28033
-0.45553
-0.44747
-0.50469
-0.46822
-0.38739
-0.43397
-0.35647
-0.33873
-0.39417
-0.40000
-0.21825
-0.28277
-0.17939

15.8
17.06
17.62
16.34
16.13
14.84
15.44
15.78
15.6
16.22
17.01
17.95
16.78
17.32
16.62
18.16
17.42
19.26
21.77
21.23
18.93
19.03
17.47
17.62
16.87
18.26
19.24
19.65
17.65
17.19
16.82
15.78
15.06
15.62
15.84
17.26
18.51
17.98
17.49
17.14
17.65
16.88
18.79
20.03

-0.05840
-0.01501
0.06017
-0.10022
-0.07405
-0.22949
-0.29077
-0.25671
-0.17591
-0.14766
-0.02633
0.01873
-0.00533
-0.05148
-0.13617
-0.07583
-0.01303
0.12042
0.29429
0.34537
0.25697
0.21831
0.10290
0.02086
-0.08860
0.01557
0.10006
0.14644
0.00000
0.01836
-0.10484
-0.21218

8.91%

E DISPERSIN

Chart Title

50

a Referencial

100

150

200

250

300

350

Min
Max

real
0.00%
0.00%
Rangos
Distribucin
-60%
#VALUE!
-50%
#VALUE!
-40%
#VALUE!
-30%
#VALUE!
-20%
#VALUE!
-10%
#VALUE!
0%
#VALUE!
10%
#VALUE!
20%
#VALUE!
30%
#VALUE!
40%
#VALUE!
50%
#VALUE!
60%
#VALUE!
70%
#VALUE!
80%
#VALUE!
90%
#VALUE!
100%
#VALUE!
110%
#VALUE!
120%
#VALUE!
130%
#VALUE!

GRFICO DE DISTRIBUCIN DE

Ejemplo Referencial

DE DISTRIBUCIN DE FRECUENCIAS

mplo Referencial

MICROSOFT (MSFT)
Date
12/1/2014
10/1/2014
9/2/2014
8/1/2014
7/1/2014
6/2/2014
5/1/2014
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011

Open
47.88
46.89
46.27
45.43
43.21
41.86
40.95
40.24
41.15
37.92
37.74
37.35
38.09
35.67
33.35
31.75
32.06
34.75
34.92
32.93
28.64
27.72
27.67
27.25
26.78
28.84
29.81
30.45
29.59
30.62
28.76
32.05
32.22
31.93
29.79
26.55
25.56
26.19
24.72
26.46
27.51
25.93
24.99

High
48.78
50.05
46.97
47.57
45.47
45.71
42.29
40.97
41.66
41.5
38.46
37.89
38.98
38.29
36.29
33.75
35.2
36.43
35.78
35.28
33.11
28.66
28.2
28.23
27.73
30.2
30.25
31.61
30.96
31.05
31.14
32.34
32.89
32.95
32
29.95
26.19
27.2
27.5
27.5
27.69
28.15
26

Low
47.71
46.73
42.1
44.53
42.21
41.05
39.86
38.51
38.9
37.49
35.69
34.63
35.53
35.39
32.8
30.95
30.84
31.02
32.57
32.32
28.11
27.52
27.1
26.28
26.26
26.34
27.76
29.74
28.97
28.54
28.32
28.64
30.23
31.49
29.71
26.39
25.16
24.3
24.26
24.6
23.79
25.84
23.65

Close
48.62
47.81
46.95
46.36
45.43
43.16
41.7
40.94
40.4
40.99
38.31
37.84
37.41
38.13
35.41
33.28
33.4
31.84
34.54
34.9
33.1
28.61
27.8
27.45
26.71
26.62
28.54
29.76
30.82
29.47
30.59
29.19
32.02
32.26
31.74
29.53
25.96
25.58
26.63
24.89
26.6
27.4
26

Volume
62383200
28659100
38655800
42564700
25501300
34688800
27932600
28996600
37217700
39300500
39290500
48732700
40196200
41126100
43783200
64140000
49729700
52501300
50535000
51273800
70041900
45019900
42969800
56932500
49503000
66390700
55946000
49859800
30797300
42105900
48969400
47886600
48821800
44277900
52182700
70271500
49264800
53693200
60235300
63522800
77332100
68186100
61376900

5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007
9/4/2007

25.94
25.53
26.6
27.8
28.05
25.57
26.88
24.77
23.67
25.99
23.09
25.53
30.67
29.35
28.77
28.39
30.62
29.52
27.7
25.41
24.35
23.82
24.05
21
20.19
18.23
15.96
17.03
19.53
19.88
22.48
26.38
27.67
25.92
27.27
28.24
28.5
28.83
27.24
31.06
35.79
33.5
36.53
29.46
28.5

26.25
26.87
26.78
28.34
29.46
28.4
28.87
27.2
25.53
26.38
26.41
26.93
31.06
31.58
30.57
29.03
31.24
31.5
30.14
29.35
26.25
25.49
25.72
24.34
20.94
21.2
18.88
19.93
21
21.25
23.66
27.47
27.76
28.5
27.91
29.57
30.53
32.1
29.59
33.25
35.96
36.72
37.5
37
29.85

24.03
24.72
24.68
26.43
27.42
25.56
24.93
23.78
23.54
23.32
22.73
22.95
24.56
28.62
28.24
27.57
27.66
29.25
27.41
24.43
23.76
23.03
22
20.86
19.01
18.18
14.87
16.1
16.75
18.47
17.5
20.65
23.5
25.07
24.87
27.11
27.95
27.93
26.87
27.02
31.04
32.63
32.68
29.29
28.27

25.01
25.92
25.39
26.58
27.73
27.91
25.26
26.67
24.49
23.47
25.81
23.01
25.8
30.54
29.29
28.67
28.18
30.48
29.41
27.73
25.72
24.65
23.52
23.77
20.89
20.26
18.37
16.15
17.1
19.44
20.22
22.33
26.69
27.29
25.72
27.51
28.32
28.52
28.38
27.2
32.6
35.6
33.6
36.81
29.46

67821800
81658100
59744300
61355100
71314300
48111900
68402700
66458300
63542900
61156600
71053500
79675500
89381300
65821100
51043300
58684900
81765200
43297000
53121400
72581900
52500600
49659200
71441700
67163500
57362800
78563800
78098900
81560000
81320700
72425500
95976900
136418800
96891900
59889700
77180100
77060400
69931800
69066000
74958500
122099600
97806800
55002300
90565400
85117900
61223000

8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004
12/1/2003

28.95
29.67
30.79
29.94
27.89
27.82
30.84
29.91
29.23
28.78
27.32
25.89
24.02
23.53
22.74
24.32
27.67
26.98
27.96
26.25
27.73
25.61
25.71
27.38
25.81
24.85
25.73
25.23
24.24
25.19
26.25
26.8
26.95
28.16
27.82
27.23
28.27
28.7
26.13
26.19
24.95
26.63
27.61
27.58
25.9

30.1
31.84
30.9
31.16
30.74
28.55
30.94
31.48
30.26
30
28.85
27.52
26.25
24.6
23.65
25
27.94
28.22
28.07
28.38
28.1
28.25
25.8
27.39
27.94
26.48
26
26.09
25.45
25.79
26.5
27.1
27.44
30.2
28.89
27.79
28.55
29.89
28.8
26.6
27.72
26.72
27.8
28.83
27.55

27.51
28.95
29.04
29.9
27.56
26.6
27.79
29.4
28.8
28.58
27.15
25.39
23.85
22.23
21.46
22.45
24
26.62
26.34
26.1
26.1
25.61
24.25
25.12
25.76
24.5
24.82
24.64
23.94
23.82
25.13
25.64
26.68
26.1
27.55
26.74
26.85
27.25
25.86
25.42
24.85
24.01
26.35
27.26
25.5

28.73
28.99
29.47
30.69
29.94
27.87
28.17
30.86
29.86
29.36
28.71
27.35
25.7
24.06
23.3
22.65
24.15
27.21
26.87
28.15
26.15
27.68
25.7
25.73
27.38
25.61
24.84
25.8
25.3
24.17
25.16
26.28
26.72
26.81
27.97
27.65
27.3
28.49
28.56
26.23
26.13
24.93
26.53
27.65
27.37

55264800
64862000
59647900
64202000
51337600
59843900
72483300
69924300
58945000
61544700
61492200
56588300
50459500
68627600
92940200
110427000
107219900
65223100
58565000
74173200
62892300
71469100
72132400
66976400
65529900
69046600
62956700
62699700
77090200
72899700
75992300
79642800
84488000
86446000
65742900
57725200
52104600
76666600
77068200
58942400
77386600
77111900
57385900
63635800
69030000

11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
12/3/2001
11/1/2001
10/1/2001
9/4/2001
8/1/2001
7/2/2001
6/1/2001
5/1/2001
4/2/2001
3/1/2001
2/1/2001
1/2/2001
12/1/2000
11/1/2000
10/2/2000
9/1/2000
8/1/2000
7/3/2000
6/1/2000
5/1/2000
4/3/2000
3/1/2000

26.35
28.03
26.7
26.33
25.59
24.98
25.54
24.46
24.02
47.93
52.3
58.65
52.43
44.32
48.52
47.58
54.12
50.99
52.16
59.83
59.05
64.15
66.65
63.83
60.08
50.94
57.19
66.8
72.05
69.6
67.66
54.81
58.56
60.81
44.12
58.06
68.5
60.5
70
69.94
79.69
64.38
72.88
94.44
89.62

26.75
29.46
30
26.95
27.81
26.51
26.5
26.43
26.8
49.1
57.32
58.96
58.64
54.07
51.1
53.45
54.93
56.44
56.44
60.4
65
64.5
70.62
69.89
68.34
63.63
59.08
67.54
73.15
76.15
72.15
71.1
61.12
65.06
64.75
60.62
72.38
70.12
72.06
74.88
82.88
82.19
74
96.5
115

24.84
25.91
26.47
25.43
25.39
23.6
23.89
23.95
22.55
23.3
47.03
51.26
51.9
43.19
43.11
43.8
41.41
49.17
48.35
51.44
58.31
57.15
61.33
63.8
59.6
50.41
47.5
56.3
64.2
66.01
67.25
51.06
49.75
53.88
42.88
40.31
57
48.44
58.62
68.12
67.25
63.81
60.38
65
88.94

25.71
26.14
27.8
26.52
26.41
25.64
24.61
25.57
24.21
23.7
47.46
51.7
57.68
53.47
43.74
49.08
47.98
54.7
50.91
52.26
60.31
58.34
63.71
66.25
64.21
58.15
51.17
57.05
66.19
73
69.18
67.75
54.69
59
61.06
43.38
57.38
68.88
60.31
69.81
69.81
80
62.56
69.75
106.25

77670400
63898000
62697200
47667100
61659800
77050900
66480900
62151600
68727900
73871300
86929500
63170400
79219500
112232300
90564100
80631600
114821000
96181400
67578800
67948300
55857200
63117200
68080000
51004700
65676300
78938700
108497700
52686800
72106300
73498100
83999400
107508700
90297700
85342300
99401400
107832200
103841100
116994900
74979300
56172800
65223400
69063900
63609000
122959400
90976900

2/1/2000
1/3/2000
12/1/1999
11/1/1999
10/1/1999
9/1/1999
8/2/1999
7/1/1999
6/1/1999
5/3/1999
4/1/1999
3/1/1999
2/1/1999
1/4/1999
12/1/1998
11/2/1998
10/1/1998
9/1/1998
8/3/1998
7/1/1998
6/1/1998
5/1/1998
4/1/1998
3/2/1998
2/2/1998
1/2/1998
12/1/1997
11/3/1997
10/1/1997
9/2/1997
8/1/1997
7/1/1997
6/2/1997
5/1/1997
4/1/1997
3/3/1997
2/3/1997
1/2/1997
12/2/1996
11/1/1996
10/1/1996
9/3/1996
8/1/1996
7/1/1996
6/3/1996

98.5
117.38
91.06
93.25
90.19
92.31
85.69
89.88
80.62
81.44
91.25
149.56
175.44
139.61
120.25
106.38
108.06
95.25
109.12
109.12
83.88
90.19
89.81
85.88
151.75
129.62
141.94
131.62
132.5
133.12
141.38
126.44
125
122
90.12
97
102.62
83.12
157.5
137.25
131.75
122
117.88
120.25
118.75

110
118.62
119.94
94.5
95.25
97.88
96.38
100.75
90.25
81.81
95.62
180.38
175.94
175.12
144
130.27
110.12
114.62
113.75
119.62
108.56
91
99.12
90.94
160.06
150.12
146.62
142.25
139.62
140.25
144.62
150.75
134.94
129.06
122.62
101
103.5
103.25
159.5
158
139.12
138.62
126.12
122.88
125.88

88.12
94.88
90.88
84.38
85.06
88.81
81.62
85.5
76.12
75.5
79.88
87.88
143.98
136
120.12
104.75
87.75
94.5
95.75
105.38
83.12
81.88
86.62
79.25
79.38
124.38
118
129
123.5
130.62
131
123.25
118.25
114.88
89.75
87.62
94
80.75
76.38
136.5
130.88
120.62
117.38
107.5
116.25

89.38
97.88
116.75
91.05
92.56
90.56
92.56
85.81
90.19
80.69
81.31
89.62
150.12
175
138.69
122
105.88
110.06
95.94
109.94
108.38
84.81
90.12
89.5
84.75
149.19
129.25
141.5
130
132.31
132.19
141.38
126.38
124
121.5
91.69
97.5
102
82.62
156.88
137.25
131.88
122.5
117.88
120.12

69646200
67403400
57886100
72828600
54369300
48796600
63403500
56944200
42956400
58290200
58198000
70789600
87282900
81688900
51152500
61680300
77380500
58628500
70606100
58318300
59552800
56473600
51116700
51732000
76292100
76808900
67425900
49124300
68703800
57024100
57472700
78917500
48022600
65770100
90802500
78573200
72398100
75104400
71113800
81906000
59898400
69450400
53270500
101509800
66605100

5/1/1996
4/1/1996
3/1/1996
2/1/1996
1/2/1996
12/1/1995
11/1/1995
10/2/1995
9/1/1995
8/1/1995
7/3/1995
6/1/1995
5/1/1995
4/3/1995
3/1/1995
2/1/1995
1/3/1995
12/1/1994
11/1/1994
10/3/1994
9/1/1994
8/1/1994
7/1/1994
6/1/1994
5/2/1994
4/4/1994
3/1/1994
2/1/1994
1/3/1994
12/1/1993
11/1/1993
10/1/1993
9/1/1993
8/2/1993
7/1/1993
6/1/1993
5/3/1993
4/1/1993
3/1/1993
2/1/1993
1/4/1993
12/1/1992
11/2/1992
10/1/1992
9/1/1992

112.88
103.14
98.38
92.25
87.88
87.12
100.12
90.5
91.75
90.75
90.88
85
81.88
71
63.12
59.38
61.5
62.62
62.75
56.12
57
51.62
51.62
53.5
92.75
82.5
83
85
80.5
80.5
80.25
82.5
75.25
74.75
88.25
93
85.5
92.5
83.75
86.25
85
92.75
89
80
74

120
113.88
107.06
103.62
93.25
94.75
101
103.38
97.88
100.75
109.25
92.38
89.5
82.12
74.12
63.25
65.25
64.25
65.12
63.75
58.25
59.25
51.75
54.62
99.25
95.25
89.25
85.75
87
86.5
83
85.75
84.25
79.25
88.5
98
95.5
94.75
94.25
90.25
94
94
95
90.25
82

109.62
99.62
94.62
92
79.88
85.12
84.25
80.38
83.38
87
88.5
81.75
78.88
68.75
62.75
58.38
58.25
58.75
60.75
53.88
54.88
51.5
46.88
49.25
48.5
82
79.75
78
79.25
79.25
76
78
73.25
70.38
72
86.75
84.5
79.75
81.25
76.75
84.5
85.25
87.25
75.75
73.25

118.75
113.25
103.12
98.69
92.5
87.75
87.12
100
90.5
92.5
90.5
90.38
84.69
81.75
71.12
63
59.38
61.12
62.88
63
56.12
58.12
51.5
51.62
53.75
92.5
84.75
82.5
85.13
80.62
80
80.13
82.5
75.13
74
88
92.62
85.5
92.5
83.38
86.5
85.38
93.13
88.75
80.5

56708500
65463000
83450400
84932600
96608600
85297800
93544300
105458800
85874400
94326500
121614700
60169600
66036200
73246000
64295800
55326400
55788300
51430400
50724800
60337500
47593200
58781100
79751500
112728200
81232900
101490600
63035100
74958600
61724600
43535400
48127000
67171200
57183800
89295500
106730900
57846900
66979200
64069400
59896400
83061800
72537700
52917200
63120600
53259900
50607800

8/3/1992
7/1/1992
6/1/1992
5/1/1992
4/1/1992
3/2/1992
2/3/1992
1/2/1992
12/2/1991
11/1/1991
10/1/1991
9/3/1991
8/1/1991
7/1/1991
6/3/1991
5/1/1991
4/1/1991
3/1/1991
2/1/1991
1/2/1991
12/3/1990
11/1/1990
10/1/1990
9/4/1990
8/1/1990
7/2/1990
6/1/1990
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990
12/1/1989
11/1/1989
10/2/1989
9/1/1989
8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
2/1/1989
1/3/1989

72.75
70.25
120.5
110.5
117.25
123.75
118.25
110.75
96.25
93.5
89
85
73.75
68.75
109.5
98.5
106
103
99
75
73.25
63
64.75
61
66.25
76
73.25
58.75
109.75
98.5
92.5
87.25
87.12
81.75
68.25
59
54.75
53.12
60.25
55.38
50
60
59.5
53.5

75
74.75
124.5
122.25
129.25
130.25
129
133.25
112
101.75
95.25
90
86.75
74
114.75
112.5
117.5
113
109
99.5
76.75
74.25
68.5
63.5
67.25
80.75
77.75
78.75
122
117
100.5
96
88.25
89.25
86
69.5
60.5
57
60.75
61
56.5
62.25
64.75
60.25

68
65.5
65.75
109.25
107
116.75
113
109.5
96
90.75
86.25
80
71.75
60.5
65.5
96.62
96
93
97.25
73
70.5
62.75
53.5
54.5
50.75
65.75
71
56.75
55.63
98.5
92.25
84
75
76
68
57.75
54
51.5
51.25
51
47.5
45.75
58.5
50.25

74.5
72.75
70
121
110.25
118.5
123.5
120.25
111.25
97.25
93.88
89
85.25
73.5
68.12
109.75
99
106.13
103.75
98.13
75.25
72.25
63.75
63
61.5
66.5
76
73
58
110.75
98.75
92.5
87
87
81.75
68.5
58.75
54.75
53
60.5
55.87
49.87
59.5
59.62

43570200
58204900
75038100
57956800
106419800
58679800
76436200
69039400
40441200
45387300
47956400
43088100
59235300
77222400
67844600
70202000
95496000
98149700
96660300
105961100
49183600
63108800
98229500
72041600
88022900
75773800
57184100
77462100
62612800
79749600
77297000
113358400
76913900
92717200
121160800
67441400
60648200
62716900
51809400
60905700
60229200
140382800
97135600
71435800

Adj Close
48.28
47.47
46.33
45.74
44.83
42.32
40.89
40.15
39.34
39.91
37.3
36.57
36.16
36.85
33.97
31.92
32.04
30.33
32.9
33.24
31.31
27.06
26.29
25.75
25.06
24.97
26.55
27.69
28.68
27.24
28.27
26.98
29.4
29.62
29.15
26.94
23.68
23.34
24.11
22.54
24.09
24.65
23.39

0.335
0.288
0.364
0.433
0.399
0.395
0.243
0.208
0.256
0.475
0.419
0.420
0.443
0.476
0.279
0.153
0.117
0.113
0.164
0.232
0.065
-0.086
-0.098
-0.044
0.058
0.070
0.101
0.228
0.191
0.105
0.209
0.199
0.269
0.305
0.227
0.093
-0.045
0.040
0.023
0.042
0.162
0.087
0.157

Var_MSFT
-24%
-39%
30%
183%
241%
248%
48%
-10%
295%
-649%
-527%
-1051%
660%
581%
176%
-33%
-39%
8%
-22%
17%
-76%
-128%
-143%
-147%
-229%
76%
334%
443%
18%
21%
33%
-2755%
-303%
-367%
-531%
1982%
-31%
-132%
-219%
-242%
-650%
-27%
-1290%

Rendimiento MSFT:
Desviacin Standard:
GRFICO DE DISPERSIN

Chart Tit
2.500
2.000
1.500
1.000
0.500
0.000

50

-0.500
-1.000

Grfica Referencial

100

150

22.5
23.17
22.7
23.76
24.64
24.8
22.45
23.56
21.63
20.73
22.68
20.22
22.67
26.71
25.62
25.08
24.53
26.53
25.6
24.03
22.29
21.36
20.27
20.49
18
17.35
15.73
13.83
14.55
16.54
17.2
18.87
22.55
23.06
21.64
23.15
23.83
23.91
23.79
22.81
27.23
29.73
28.06
30.64
24.52

-0.007
-0.133
-0.114
-0.053
0.004
-0.065
-0.123
-0.020
-0.030
-0.029
0.119
-0.013
0.259
0.539
0.629
0.813
0.686
0.604
0.488
0.273
-0.012
-0.074
-0.063
-0.115
-0.245
-0.274
-0.339
-0.394
-0.466
-0.444
-0.387
-0.384
-0.080
-0.036
-0.100
-0.053
-0.064
-0.034
0.033
-0.021
0.071
0.209
0.160
0.299
0.092

-103%
-125%
-118%
-106%
-99%
-111%
-125%
-107%
157%
-60%
-288%
-89%
-206%
-297%
-286%
-307%
-247%
-236%
-226%
-171%
-86%
105%
-37%
116%
282%
699%
-1141%
1810%
-758%
-313%
-342%
-228%
-188%
-127%
-145%
-119%
-117%
-113%
-16%
-132%
-37%
32%
110%
125%
18%

23.92
24.05
24.45
25.46
24.76
23.04
23.29
25.43
24.6
24.19
23.58
22.46
21.1
19.69
19.06
18.53
19.68
22.18
21.9
22.86
21.24
22.48
20.81
20.84
22.17
20.68
20.06
20.83
20.36
19.45
20.25
21.09
21.44
21.51
20.14
19.91
19.66
20.45
20.5
18.83
18.76
17.9
19.04
19.85
19.65

0.134
0.221
0.283
0.374
0.258
0.039
0.063
0.112
0.158
0.076
0.133
0.078
-0.048
-0.048
-0.050
-0.110
-0.033
0.140
0.081
0.084
-0.009
0.045
0.033
0.047
0.128
0.011
-0.021
0.106
0.085
0.087
0.064
0.062
0.091
0.165
0.074
0.003
0.039
0.085
0.120
0.072
0.028
0.036
0.125
0.175
0.069

-377%
-563%
-667%
-439%
-873%
-72%
-22%
34%
-1796%
69%
300%
66%
-138%
-526%
132%
-204%
-139%
62%
28%
34%
-110%
-73%
-55%
1445%
231%
-87%
-118%
48%
205%
141%
-49%
-64%
33%
-265%
-638%
-99%
-54%
-19%
-302%
-341%
-253%
-118%
-168%
-169%
-131%

18.46
18.76
19.85
18.93
18.85
18.3
17.57
18.25
17.28
16.92
16.89
18.39
20.52
19.02
15.56
17.46
17.07
19.46
18.11
18.59
21.46
20.76
22.67
23.57
22.84
20.69
18.21
20.3
23.55
25.97
24.61
24.1
19.46
20.99
21.72
15.43
20.41
24.5
21.46
24.84
24.84
28.46
22.26
24.82
37.8

-0.100
-0.014
0.276
0.084
0.104
-0.060
-0.030
-0.018
-0.195
-0.185
-0.255
-0.220
-0.102
-0.081
-0.146
-0.140
-0.275
-0.251
-0.264
-0.229
0.103
-0.011
0.044
0.528
0.119
-0.156
-0.151
-0.183
-0.052
-0.087
0.106
-0.029
-0.485
-0.340
-0.376
-0.629
-0.370
-0.256
-0.334
-0.246
-0.186
-0.113
-0.225
-0.142
0.185

-1%
-83%
-289%
-160%
-138%
-76%
-89%
-92%
-290%
1588%
-683%
-142%
-185%
-48%
-4%
-23%
430%
187%
-350%
688%
-121%
-97%
-112%
-184%
-132%
-39%
-55%
-26%
-72%
-23%
-147%
-80%
-362%
-278%
-417%
-192%
-175%
-134%
-152%
-126%
-133%
-117%
-125%
-118%
-82%

31.8
34.82
41.54
32.39
32.93
32.22
32.93
30.53
32.09
28.71
28.93
31.89
26.71
31.13
24.67
21.7
18.83
19.58
17.07
19.56
19.28
15.09
16.03
15.92
15.08
13.27
11.5
12.59
11.56
11.77
11.76
12.57
11.24
11.03
10.81
8.16
8.67
9.07
7.35
6.98
6.1
5.86
5.45
5.24
5.34

0.191
0.119
0.684
0.493
0.749
0.646
0.929
0.561
0.664
0.903
0.805
1.003
0.771
1.346
1.145
0.724
0.629
0.664
0.452
0.556
0.715
0.368
0.483
0.951
0.739
0.463
0.565
0.804
0.895
1.009
1.158
1.399
1.105
1.089
1.145
0.778
0.975
1.207
0.885
0.804
0.371
0.458
0.326
0.303
0.328

-75%
-91%
-40%
-32%
19%
-3%
106%
1%
-7%
145%
67%
5%
4%
191%
103%
-10%
-30%
-34%
-61%
-60%
-35%
-66%
-58%
22%
-24%
-62%
-36%
0%
141%
120%
255%
361%
236%
172%
198%
72%
72%
117%
104%
110%
-37%
-25%
-45%
-60%
-56%

5.28
5.04
4.59
4.39
4.11
3.9
3.87
4.45
4.02
4.11
4.02
4.02
3.77
3.64
3.16
2.8
2.64
2.72
2.8
2.8
2.5
2.58
2.29
2.3
2.39
2.06
1.88
1.83
1.89
1.79
1.78
1.78
1.83
1.67
1.65
1.96
2.06
1.9
2.06
1.85
1.92
1.9
2.07
1.97
1.79

0.401
0.385
0.453
0.568
0.557
0.434
0.382
0.589
0.608
0.593
0.755
0.748
0.577
0.767
0.681
0.530
0.397
0.520
0.573
0.573
0.366
0.545
0.388
0.173
0.160
0.084
-0.087
-0.011
-0.016
-0.058
-0.140
-0.096
0.022
0.006
0.019
0.256
0.151
0.166
0.170
0.011
0.079
0.152
0.438
0.417
0.356

-31%
-50%
-34%
7%
40%
-17%
-33%
3%
66%
9%
95%
331%
260%
811%
-879%
-5003%
-2640%
-997%
-509%
-694%
1538%
8946%
1995%
-32%
6%
-49%
-151%
-199%
-120%
-138%
-132%
-123%
-94%
-98%
-96%
-53%
-77%
-75%
-75%
-99%
-91%
-88%
-57%
-65%
-68%

1.66
1.62
1.56
1.79
1.63
1.76
1.83
1.78
1.65
1.44
1.39
1.32
1.26
1.09
1.01
1.08
0.98
1.05
1.03
0.97
0.74
0.71
0.63
0.62
0.61
0.66
0.75
0.72
0.57
0.55
0.49
0.46
0.43
0.43
0.4
0.34
0.29
0.27
0.26
0.3
0.28
0.25
0.29
0.29

0.317
0.486
0.545
0.657
0.663
0.676
0.777
0.835
1.230
1.028
1.206
1.129
1.066
0.652
0.347
0.500
0.719
0.909
1.102
1.109
0.721
0.651
0.575
0.824
1.103
1.444
1.885
1.400
1.036
1.200
0.690
0.586

-70%
-25%
57%
31%
-8%
-26%
-30%
-25%
71%
58%
110%
37%
-3%
-55%
-82%
-64%
-31%
-24%
60%
89%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

17.15%

DE DISPERSIN

Chart Title

50

Referencial

100

150

200

250

300

350

Min
Max

real
#DIV/0!
#DIV/0!
Rangos
Distribucin
-60%
#DIV/0!
-50%
#DIV/0!
-40%
#DIV/0!
-30%
#DIV/0!
-20%
#DIV/0!
-10%
#DIV/0!
0%
#DIV/0!
10%
#DIV/0!
20%
#DIV/0!
30%
#DIV/0!
40%
#DIV/0!
50%
#DIV/0!
60%
#DIV/0!
70%
#DIV/0!
80%
#DIV/0!
90%
#DIV/0!
100%
#DIV/0!
110%
#DIV/0!
120%
#DIV/0!
130%
#DIV/0!
140%
#DIV/0!
150%
#DIV/0!
160%
#DIV/0!
170%
#DIV/0!
180%
#DIV/0!
190%
#DIV/0!

GRFICO DE DISTRIBUCI

Ejemplo Referencial

FICO DE DISTRIBUCIN DE FRECUENCIAS

mplo Referencial

COVARIANZA Y CORRELACIN
IBM & MSFT
Date
Var_IBM
12/1/2014
-12.39%
11/3/2014
-7.55%
10/1/2014
-6.17%
9/2/2014
4.85%
8/1/2014
7.90%
7/1/2014
0.42%
6/2/2014
-3.08%
5/1/2014
-9.44%
4/1/2014
-0.99%
3/3/2014
-7.89%
2/3/2014
-5.89%
1/2/2014
-11.31%
12/2/2013
-0.18%
11/1/2013
-3.63%
10/1/2013
-6.18%
9/3/2013
-9.09%
8/1/2013
-4.73%
7/1/2013
1.28%
6/3/2013
-0.56%
5/1/2013
9.74%
4/1/2013
-0.51%
3/1/2013
3.98%
2/1/2013
3.83%
1/2/2013
7.21%
12/3/2012
5.93%
11/1/2012
2.80%
10/1/2012
7.10%
9/4/2012
20.58%
8/1/2012
15.21%
7/2/2012
9.55%
6/1/2012
15.90%
5/1/2012
16.08%
4/2/2012
23.44%
3/1/2012
30.10%
2/1/2012
23.58%
1/3/2012
20.90%
12/1/2011
27.41%
11/1/2011
35.15%
10/3/2011
30.80%
9/1/2011
32.62%
8/1/2011
42.03%
7/1/2011
44.17%

Var_MSFT
33.52%
28.82%
36.39%
43.30%
39.92%
39.53%
24.29%
20.79%
25.65%
47.49%
41.88%
42.02%
44.29%
47.58%
27.95%
15.28%
11.72%
11.34%
16.38%
23.20%
6.50%
-8.64%
-9.81%
-4.42%
5.83%
6.98%
10.12%
22.85%
19.05%
10.51%
20.86%
19.91%
26.89%
30.48%
22.69%
9.33%
-4.52%
3.96%
2.33%
4.21%
16.21%
8.69%

COVARIANZA
COEF. CORRELACIN

GRFICO DE DISPERSIN

250.00%
200.00%
150.00%
100.00%
50.00%
0.00%
-60.00% -40.00% -20.00% 0.00%
-50.00%
-100.00%

Grfica Referencial

20.00

6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007

41.42%
37.28%
34.69%
29.52%
29.68%
34.90%
14.26%
14.10%
21.35%
14.30%
6.31%
10.93%
20.49%
20.09%
27.36%
34.87%
40.80%
36.21%
58.63%
57.94%
32.47%
4.42%
-0.98%
-5.98%
-10.12%
-16.22%
-12.85%
-14.24%
-17.63%
-12.94%
-20.78%
-21.06%
-18.70%
0.82%
5.93%
17.41%
14.32%
23.25%
19.85%
23.98%
24.33%
9.55%
12.83%
16.04%
27.50%

15.68%
-0.75%
-13.25%
-11.40%
-5.26%
0.45%
-6.52%
-12.30%
-1.96%
-2.96%
-2.95%
11.89%
-1.32%
25.94%
53.95%
62.87%
81.34%
68.59%
60.40%
48.84%
27.34%
-1.15%
-7.37%
-6.33%
-11.49%
-24.46%
-27.44%
-33.88%
-39.37%
-46.57%
-44.37%
-38.70%
-38.41%
-8.03%
-3.60%
-10.02%
-5.32%
-6.40%
-3.43%
3.26%
-2.06%
7.08%
20.85%
16.00%
29.94%

9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004

45.73%
46.09%
44.98%
38.96%
35.31%
25.86%
15.88%
17.44%
23.59%
19.78%
4.79%
14.18%
3.43%
1.70%
-6.23%
4.67%
6.92%
8.89%
-8.85%
-12.46%
-12.16%
-15.84%
-4.78%
-7.95%
-5.60%
-3.97%
-3.32%
-15.11%
-13.98%
-12.67%
0.30%
-3.28%
-5.14%
7.19%
4.89%
1.06%
-2.19%
4.05%
7.96%
7.65%
1.37%
4.60%
17.94%
24.69%
27.87%

9.17%
13.36%
22.14%
28.28%
37.40%
25.81%
3.88%
6.35%
11.24%
15.82%
7.61%
13.31%
7.77%
-4.83%
-4.79%
-4.99%
-11.04%
-3.34%
14.04%
8.15%
8.39%
-0.93%
4.51%
3.33%
4.67%
12.77%
1.12%
-2.15%
10.62%
8.53%
8.66%
6.36%
6.25%
9.11%
16.52%
7.36%
0.30%
3.86%
8.49%
12.02%
7.17%
2.79%
3.59%
12.53%
17.53%

12/1/2003
11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
12/3/2001
11/1/2001
10/1/2001
9/4/2001
8/1/2001
7/2/2001
6/1/2001
5/1/2001
4/2/2001
3/1/2001
2/1/2001
1/2/2001
12/1/2000
11/1/2000
10/2/2000
9/1/2000
8/1/2000
7/3/2000
6/1/2000
5/1/2000
4/3/2000

20.51%
4.96%
14.22%
52.65%
9.63%
16.31%
15.49%
10.29%
2.17%
-23.97%
-19.92%
-26.98%
-35.46%
-24.25%
-26.46%
-36.00%
-24.07%
-32.69%
-36.19%
-27.62%
-26.88%
8.67%
-1.29%
-3.20%
43.00%
24.24%
10.26%
-18.15%
-23.92%
-5.84%
4.08%
4.67%
3.75%
-18.36%
-2.31%
0.24%
-20.84%
-8.86%
0.73%
-6.48%
6.49%
-10.28%
-14.85%
-7.07%
7.09%

6.85%
-10.04%
-1.37%
27.57%
8.42%
10.43%
-5.96%
-2.98%
-1.83%
-19.48%
-18.50%
-25.50%
-21.98%
-10.16%
-8.07%
-14.55%
-13.99%
-27.52%
-25.07%
-26.41%
-22.86%
10.28%
-1.10%
4.37%
52.75%
11.91%
-15.55%
-15.14%
-18.28%
-5.19%
-8.75%
10.56%
-2.90%
-48.52%
-33.99%
-37.62%
-62.86%
-36.99%
-25.60%
-33.40%
-24.57%
-18.64%
-11.31%
-22.47%
-14.21%

3/1/2000
2/1/2000
1/3/2000
12/1/1999
11/1/1999
10/1/1999
9/1/1999
8/2/1999
7/1/1999
6/1/1999
5/3/1999
4/1/1999
3/1/1999
2/1/1999
1/4/1999
12/1/1998
11/2/1998
10/1/1998
9/1/1998
8/3/1998
7/1/1998
6/1/1998
5/1/1998
4/1/1998
3/2/1998
2/2/1998
1/2/1998
12/1/1997
11/3/1997
10/1/1997
9/2/1997
8/1/1997
7/1/1997
6/2/1997
5/1/1997
4/1/1997
3/3/1997
2/3/1997
1/2/1997
12/2/1996
11/1/1996
10/1/1996
9/3/1996
8/1/1996
7/1/1996

34.16%
21.61%
23.10%
17.58%
25.43%
32.97%
89.25%
122.28%
90.80%
126.43%
98.58%
81.68%
71.74%
63.59%
86.87%
77.46%
51.87%
51.91%
22.15%
11.95%
26.24%
28.20%
36.89%
45.21%
52.26%
46.14%
26.67%
38.97%
38.24%
53.78%
71.43%
78.45%
98.40%
83.79%
63.40%
50.70%
24.81%
18.58%
46.26%
67.68%
66.86%
34.10%
33.21%
11.91%
-0.23%

18.53%
19.06%
11.85%
68.38%
49.26%
74.88%
64.56%
92.91%
56.08%
66.44%
90.26%
80.47%
100.31%
77.12%
134.59%
114.52%
72.36%
62.89%
66.36%
45.15%
55.61%
71.53%
36.81%
48.29%
95.10%
73.93%
46.31%
56.46%
80.37%
89.51%
100.85%
115.78%
139.89%
110.49%
108.90%
114.48%
77.78%
97.49%
120.68%
88.46%
80.36%
37.08%
45.77%
32.60%
30.35%

6/3/1996
5/1/1996
4/1/1996
3/1/1996
2/1/1996
1/2/1996
12/1/1995
11/1/1995
10/2/1995
9/1/1995
8/1/1995
7/3/1995
6/1/1995
5/1/1995
4/3/1995
3/1/1995
2/1/1995
1/3/1995
12/1/1994
11/1/1994
10/3/1994
9/1/1994
8/1/1994
7/1/1994
6/1/1994
5/2/1994
4/4/1994
3/1/1994
2/1/1994
1/3/1994
12/1/1993
11/1/1993
10/1/1993
9/1/1993
8/2/1993
7/1/1993
6/1/1993
5/3/1993
4/1/1993
3/1/1993
2/1/1993
1/4/1993
12/1/1992
11/2/1992
10/1/1992

4.20%
15.95%
14.96%
36.80%
64.54%
52.06%
25.68%
38.07%
32.14%
37.32%
52.67%
78.36%
65.61%
49.63%
67.06%
52.66%
44.46%
29.70%
32.20%
33.49%
64.81%
68.70%
52.46%
41.66%
21.34%
21.78%
21.36%
10.16%
-0.20%
13.39%
15.81%
-18.53%
-28.03%
-45.55%
-44.75%
-50.47%
-46.82%
-38.74%
-43.40%
-35.65%
-33.87%
-39.42%
-40.00%
-21.82%
-28.28%

32.84%
40.05%
38.46%
45.25%
56.79%
55.68%
43.38%
38.21%
58.93%
60.80%
59.30%
75.55%
74.78%
57.74%
76.70%
68.09%
53.01%
39.68%
51.96%
57.30%
57.30%
36.61%
54.49%
38.79%
17.35%
16.02%
8.42%
-8.74%
-1.08%
-1.56%
-5.79%
-14.01%
-9.64%
2.23%
0.60%
1.85%
25.64%
15.08%
16.56%
17.05%
1.09%
7.87%
15.15%
43.75%
41.73%

9/1/1992
8/3/1992
7/1/1992
6/1/1992
5/1/1992
4/1/1992
3/2/1992
2/3/1992
1/2/1992
12/2/1991
11/1/1991
10/1/1991
9/3/1991
8/1/1991
7/1/1991
6/3/1991
5/1/1991
4/1/1991
3/1/1991
2/1/1991
1/2/1991
12/3/1990
11/1/1990
10/1/1990
9/4/1990
8/1/1990
7/2/1990
6/1/1990
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990

-17.94%
-5.84%
-1.50%
6.02%
-10.02%
-7.41%
-22.95%
-29.08%
-25.67%
-17.59%
-14.77%
-2.63%
1.87%
-0.53%
-5.15%
-13.62%
-7.58%
-1.30%
12.04%
29.43%
34.54%
25.70%
21.83%
10.29%
2.09%
-8.86%
1.56%
10.01%
14.64%
0.00%
1.84%
-10.48%
-21.22%

35.61%
31.75%
48.62%
54.46%
65.74%
66.33%
67.62%
77.67%
83.51%
122.97%
102.82%
120.63%
112.90%
106.56%
65.15%
34.67%
50.00%
71.93%
90.91%
110.20%
110.87%
72.09%
65.12%
57.50%
82.35%
110.34%
144.44%
188.46%
140.00%
103.57%
120.00%
68.97%
58.62%

0.061708142

DISPERSIN

Chart Title
250.00%
200.00%
150.00%
100.00%
50.00%

0.00%
% -20.00% 0.00%
-50.00%
-100.00%

20.00%

40.00%

60.00%

80.00% 100.00% 120.00% 140.00%

Returns by year

Date updated: 4-Jan-11

Created by:
Aswath Damodaran, adamodar@stern.nyu.edu
What is this dat Historical returns: Stocks, T.Bonds & T.Bills with premiums
Home Page:
http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in eac
http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definiti http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm

CustomixedGeometricriskpremiumestimator
Whatisyourriskfreerate?
Enteryourstartingyear

LT
1928

Valueofstocksinstartingyear:
ValueofT.Billsinstartingyear:
ValueofT.bondsinstartingyear:
Estimateofriskpremiumbasedonyourinputs:
AnnualReturnsonInvestmentsin
Year

S&P 500

3-month T.Bill

10-year T. Bond

1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

43.81%
-8.30%
-25.12%
-43.84%
-8.64%
49.98%
-1.19%
46.74%
31.94%
-35.34%
29.28%
-1.10%
-10.67%
-12.77%
19.17%
25.06%
19.03%
35.82%
-8.43%
5.20%

3.08%
3.16%
4.55%
2.31%
1.07%
0.96%
0.32%
0.18%
0.17%
0.30%
0.08%
0.04%
0.03%
0.08%
0.34%
0.38%
0.38%
0.38%
0.38%
0.57%

0.84%
4.20%
4.54%
-2.56%
8.79%
1.86%
7.96%
4.47%
5.02%
1.38%
4.21%
4.41%
5.40%
-2.02%
2.29%
2.49%
2.58%
3.80%
3.13%
0.92%

Page 85

Returns by year

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987

5.70%
18.30%
30.81%
23.68%
18.15%
-1.21%
52.56%
32.60%
7.44%
-10.46%
43.72%
12.06%
0.34%
26.64%
-8.81%
22.61%
16.42%
12.40%
-9.97%
23.80%
10.81%
-8.24%
3.56%
14.22%
18.76%
-14.31%
-25.90%
37.00%
23.83%
-6.98%
6.51%
18.52%
31.74%
-4.70%
20.42%
22.34%
6.15%
31.24%
18.49%
5.81%

1.02%
1.10%
1.17%
1.48%
1.67%
1.89%
0.96%
1.66%
2.56%
3.23%
1.78%
3.26%
3.05%
2.27%
2.78%
3.11%
3.51%
3.90%
4.84%
4.33%
5.26%
6.56%
6.69%
4.54%
3.95%
6.73%
7.78%
5.99%
4.97%
5.13%
6.93%
9.94%
11.22%
14.30%
11.01%
8.45%
9.61%
7.49%
6.04%
5.72%

Page 86

1.95%
4.66%
0.43%
-0.30%
2.27%
4.14%
3.29%
-1.34%
-2.26%
6.80%
-2.10%
-2.65%
11.64%
2.06%
5.69%
1.68%
3.73%
0.72%
2.91%
-1.58%
3.27%
-5.01%
16.75%
9.79%
2.82%
3.66%
1.99%
3.61%
15.98%
1.29%
-0.78%
0.67%
-2.99%
8.20%
32.81%
3.20%
13.73%
25.71%
24.28%
-4.96%

Returns by year

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

16.54%
31.48%
-3.06%
30.23%
7.49%
9.97%
1.33%
37.20%
22.68%
33.10%
28.34%
20.89%
-9.03%
-11.85%
-21.97%
28.36%
10.74%
4.83%
15.61%
5.48%
-36.55%
25.94%
14.82%
2.10%
15.89%
32.15%
13.48%

6.45%
8.11%
7.55%
5.61%
3.41%
2.98%
3.99%
5.52%
5.02%
5.05%
4.73%
4.51%
5.76%
3.67%
1.66%
1.03%
1.23%
3.01%
4.68%
4.64%
1.59%
0.14%
0.13%
0.03%
0.05%
0.07%
0.05%

8.22%
17.69%
6.24%
15.00%
9.36%
14.21%
-8.04%
23.48%
1.43%
9.94%
14.92%
-8.25%
16.66%
5.57%
15.12%
0.38%
4.49%
2.87%
1.96%
10.21%
20.10%
-11.12%
8.46%
16.04%
2.97%
-9.10%
10.75%

ArithmeticAverage
19282014
19652014
20052014

11.53%
11.23%
9.37%

3.53%
5.04%
1.44%

5.28%
7.11%
5.31%

GeometricAverage
19282014
19652014
20052014

9.60%
9.84%
7.60%

3.49%
4.99%
1.42%

5.00%
6.70%
4.88%

Page 87

Returns by year

h premiums

US companies

/data.html

ame.xls

/datafile/variable.htm

Estimatesofriskpremiumsfrom1928,overthelast50yearsandoverthelast10years
areprovidedatthebottomofthistable.
100
100
100
4.62%
CompoundedValueof$100
Stocks
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

143.81
131.88
98.75
55.46
50.66
75.99
75.09
110.18
145.38
94.00
121.53
120.20
107.37
93.66
111.61
139.59
166.15
225.67
206.65
217.39

T.Bills
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

103.08
106.34
111.18
113.74
114.96
116.06
116.44
116.64
116.84
117.19
117.29
117.33
117.36
117.46
117.85
118.30
118.75
119.20
119.65
120.33

T.Bonds
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

100.84
105.07
109.85
107.03
116.44
118.60
128.05
133.78
140.49
142.43
148.43
154.98
163.35
160.04
163.72
167.79
172.12
178.67
184.26
185.95

Page 88

Stocks - Bills
40.73%
-11.46%
-29.67%
-46.15%
-9.71%
49.02%
-1.51%
46.57%
31.77%
-35.64%
29.21%
-1.14%
-10.70%
-12.85%
18.84%
24.68%
18.65%
35.44%
-8.81%
4.63%

Stocks - Bonds
42.98%
-12.50%
-29.66%
-41.28%
-17.43%
48.13%
-9.15%
42.27%
26.93%
-36.72%
25.07%
-5.51%
-16.08%
-10.75%
16.88%
22.57%
16.45%
32.02%
-11.56%
4.28%

Returns by year

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

229.79
271.85
355.60
439.80
519.62
513.35
783.18
1,038.47
1,115.73
999.05
1,435.84
1,608.95
1,614.37
2,044.40
1,864.26
2,285.80
2,661.02
2,990.97
2,692.74
3,333.69
3,694.23
3,389.77
3,510.49
4,009.72
4,761.76
4,080.44
3,023.54
4,142.10
5,129.20
4,771.20
5,081.77
6,022.89
7,934.26
7,561.16
9,105.08
11,138.90
11,823.51
15,516.60
18,386.33
19,455.08

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

121.56
122.90
124.34
126.18
128.29
130.72
131.98
134.17
137.60
142.04
144.57
149.27
153.82
157.30
161.67
166.70
172.54
179.28
187.95
196.10
206.41
219.96
234.66
245.32
255.01
272.16
293.33
310.90
326.35
343.09
366.87
403.33
448.58
512.73
569.18
617.26
676.60
727.26
771.15
815.27

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

189.58
198.42
199.27
198.68
203.19
211.61
218.57
215.65
210.79
225.11
220.39
214.56
239.53
244.46
258.38
262.74
272.53
274.49
282.47
278.01
287.11
272.71
318.41
349.57
359.42
372.57
379.98
393.68
456.61
462.50
458.90
461.98
448.17
484.91
644.04
664.65
755.92
950.29
1,181.06
1,122.47

Page 89

4.68%
17.20%
29.63%
22.20%
16.48%
-3.10%
51.60%
30.94%
4.88%
-13.69%
41.94%
8.80%
-2.71%
24.37%
-11.59%
19.50%
12.91%
8.50%
-14.81%
19.47%
5.55%
-14.80%
-3.12%
9.68%
14.80%
-21.03%
-33.68%
31.01%
18.86%
-12.11%
-0.42%
8.58%
20.52%
-19.00%
9.41%
13.89%
-3.47%
23.75%
12.46%
0.09%

3.75%
13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30%
24.58%
-14.51%
20.93%
12.69%
11.68%
-12.88%
25.38%
7.54%
-3.23%
-13.19%
4.43%
15.94%
-17.97%
-27.89%
33.39%
7.85%
-8.27%
7.29%
17.85%
34.72%
-12.90%
-12.40%
19.14%
-7.59%
5.52%
-5.79%
10.77%

Returns by year

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

22,672.40
29,808.58
28,895.11
37,631.51
40,451.51
44,483.33
45,073.14
61,838.19
75,863.69
100,977.34
129,592.25
156,658.05
142,508.98
125,622.01
98,027.82
125,824.39
139,341.42
146,077.85
168,884.34
178,147.20
113,030.22
142,344.87
163,441.94
166,871.56
193,388.43
255,553.31
289,995.13

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

867.86 $
1,214.78
10.09%
8.31%
938.24 $
1,429.72
23.37%
13.78%
1,009.08 $
1,518.87
-10.61%
-9.30%
1,065.69 $
1,746.77
24.62%
15.23%
1,101.98 $
1,910.30
4.09%
-1.87%
1,134.84 $
2,181.77
6.98%
-4.24%
1,180.07 $
2,006.43
-2.66%
9.36%
1,245.15 $
2,477.55
31.68%
13.71%
1,307.68 $
2,512.94
17.66%
21.25%
1,373.76 $
2,762.71
28.05%
23.16%
1,438.70 $
3,174.95
23.61%
13.42%
1,503.58 $
2,912.88
16.38%
29.14%
1,590.23 $
3,398.03
-14.79%
-25.69%
1,648.63 $
3,587.37
-15.52%
-17.42%
1,675.96 $
4,129.65
-23.62%
-37.08%
1,693.22 $
4,145.15
27.33%
27.98%
1,714.00 $
4,331.30
9.52%
6.25%
1,765.59 $
4,455.50
1.82%
1.97%
1,848.18 $
4,542.87
10.94%
13.65%
1,933.98 $
5,006.69
0.84%
-4.73%
1,964.64 $
6,013.10
-38.14%
-56.65%
1,967.29 $
5,344.65
25.80%
37.05%
1,969.84 $
5,796.96
14.69%
6.36%
1,970.44 $
6,726.52
2.07%
-13.94%
1,971.42 $
6,926.40
15.84%
12.92%
1,972.72 $
6,295.79
32.08%
41.25%
1,973.77 $
6,972.34
13.42%
2.73%
RiskPremium
StandardError
StocksT.Bills StocksT.Bonds StocksT.Bills
StocksT.Bonds
8.00%
6.25%
2.17%
2.32%
6.19%
4.12%
2.42%
2.74%
7.94%
4.06%
6.05%
8.65%
RiskPremium
StocksT.Bills StocksT.Bonds
6.11%
4.60%
4.84%
3.14%
6.18%
2.73%

Page 90

Returns by year

rthelast10years

Historical
risk
premium

EVOLUCIN DE VARIACIN ANUAL

60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
S&P 500

Rend
S&P500
TBill3M

Page 91

3-month T.Bill

Desv.Stand
11.53%
3.53%

19.79%
3.04%

Returns by year

6.11%
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%

Page 92

Returns by year

5.12%
5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.30%
5.53%
5.63%
5.96%
5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%
4.60%

Page 93

Returns by year

ARIACIN ANUAL

3-month T.Bill

Page 94

Returns by year

Page 95

Returns by year

Page 96

COMPOSICIN DE UN PORTAFOLIO CON ACTIVO LIBRE DE RIESGO Y ACTIVO DE RIES

E(rf)

T-Bills 3M

E(rMSFT)
T-Bills

Terico

MSFT

=E5*$B$4+F5*$B$5

w A2 A2 w B2 B2 2 w A w B A, B A B

w1 1
=F5*$B$7

wT-Bills

wmsft

100%

0%

95%

5%

90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%

Y ACTIVO DE RIESGO
Razn Sharpe

E(rp)

(E(rp)-Rf)/p
=(G6$B$4)/H6

DIAGRAMA DE RENTABILI

DIAGRAMA DE RENTABILI

AGRAMA DE RENTABILIDAD - RIESGO DEL PORTAFOLIO

AGRAMA DE RENTABILIDAD - RIESGO DEL PORTAFOLIO

Grfica Referencial

Grfica Referencial

COMPOSICIN DE UN PORTAFOLIO CON 02 ACTIVOS DE RIESGO

E(rIBM)

wibm

wmsft

E(rMSFT)

100%

0%

IBM

95%

5%

MSFT

90%

10%

IBM,MSFT

85%

15%

Rf

80%

20%

75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%

=E5*$B$4+F5*$B$5

w A2 A2 w B2 B2 2 w A w B A, B A B

=RCUAD(E5^2*$B$6^2+F5^2*$B$7^2+2*E5*F5*$B$8*$B$6*$B$7)

OPTIMIZACIN (utilizar Solver):

* Supuesto:

wibm

E(rp)

55%

p
Razn Sharpe:

(E(rp)-Rf)/p

Portafolio ptimo (Cartera

Tangencial):

#DIV/0! => Maximizar

wibm

11.51%

E(rp)

wmsft

88.49%

(E(rp)-Rf)/p

#DIV/0!

Razn Sharpe
E(rp)

DIAGRAMA DE RENT

(E(rp)-Rf)/p
=(G5-$B$9)/H5

DIAGRAMA DE RENT

0.00%
0.00%

0.00%
0.00%

AGRAMA DE RENTABILIDAD - RIESGO DEL PORTAFOLIO

AGRAMA DE RENTABILIDAD - RIESGO DEL PORTAFOLIO

Grfica Referencial

Grfica Referencial

ANLISIS Y CONCLUSIONES FINALES