triade do dinheiro - fronteira eficiente
DESCRIPTION
Triade Do Dinheiro - Fronteira EficienteTRANSCRIPT
Selic x Ibov (1994)
Parametros Selic 90s/10i 80s/20i 70s/30i 60s/40i 50s/50i 40s/60i 30s/70iDp Anual 10.36% 10.32% 11.73% 14.16% 17.20% 20.56% 24.12% 27.80%
Retorno Media 22.36% 22.61% 22.86% 23.11% 23.36% 23.61% 23.86% 24.12%
Sharpe Media - 0.0244 0.0428 0.0532 0.0584 0.0611 0.0625 0.0633
DP Sharpe - 0.3877 0.6822 0.8472 0.9304 0.9726 0.9949 1.0071
VAR IC 95% 5.31% 5.64% 3.57% -0.19% -4.93% -10.21% -15.82% -21.62%
Retornos AnualizadosData Selic 90s/10i 80s/20i 70s/30i 60s/40i 50s/50i 40s/60i 30s/70i
07/94 a 06/95 62.81% 56.57% 50.32% 44.08% 37.84% 31.59% 25.35% 19.11%
08/94 a 07/95 58.47% 51.95% 45.42% 38.90% 32.37% 25.85% 19.32% 12.80%
09/94 a 08/95 57.35% 49.80% 42.25% 34.70% 27.15% 19.60% 12.05% 4.50%
10/94 a 09/95 57.19% 49.98% 42.76% 35.55% 28.34% 21.12% 13.91% 6.70%
11/94 a 10/95 56.39% 49.47% 42.55% 35.64% 28.72% 21.80% 14.88% 7.97%
12/94 a 11/95 54.60% 48.48% 42.36% 36.24% 30.13% 24.01% 17.89% 11.77%
01/95 a 12/95 53.05% 47.95% 42.85% 37.76% 32.66% 27.56% 22.46% 17.37%
02/95 a 01/96 51.88% 49.90% 47.92% 45.94% 43.96% 41.98% 40.00% 38.01%
03/95 a 02/96 50.56% 52.51% 54.46% 56.41% 58.36% 60.31% 62.26% 64.21%
04/95 a 03/96 47.61% 50.16% 52.71% 55.26% 57.82% 60.37% 62.92% 65.47%
05/95 a 04/96 44.52% 43.39% 42.27% 41.14% 40.02% 38.89% 37.77% 36.64%
06/95 a 05/96 41.42% 42.21% 43.00% 43.79% 44.58% 45.37% 46.17% 46.96%
07/95 a 06/96 38.62% 41.89% 45.15% 48.42% 51.68% 54.95% 58.21% 61.48%
08/95 a 07/96 35.83% 38.46% 41.10% 43.73% 46.37% 49.00% 51.63% 54.27%
09/95 a 08/96 33.39% 34.06% 34.72% 35.39% 36.06% 36.72% 37.39% 38.06%
10/95 a 09/96 31.55% 32.77% 33.98% 35.20% 36.42% 37.63% 38.85% 40.07%
11/95 a 10/96 29.98% 33.18% 36.38% 39.58% 42.78% 45.98% 49.19% 52.39%
12/95 a 11/96 28.63% 31.27% 33.90% 36.54% 39.17% 41.81% 44.44% 47.08%
01/96 a 12/96 27.41% 30.51% 33.62% 36.72% 39.82% 42.92% 46.03% 49.13%
02/96 a 01/97 26.35% 29.08% 31.81% 34.54% 37.27% 39.99% 42.72% 45.45%
03/96 a 02/97 25.51% 30.62% 35.73% 40.84% 45.95% 51.06% 56.17% 61.28%
04/96 a 03/97 24.80% 30.56% 36.32% 42.09% 47.85% 53.61% 59.37% 65.13%
05/96 a 04/97 24.30% 31.45% 38.59% 45.74% 52.89% 60.03% 67.18% 74.32%
06/96 a 05/97 23.77% 31.55% 39.34% 47.12% 54.91% 62.69% 70.47% 78.26%
07/96 a 06/97 23.32% 32.11% 40.90% 49.68% 58.47% 67.26% 76.05% 84.84%
08/96 a 07/97 22.93% 30.17% 37.40% 44.64% 51.87% 59.11% 66.35% 73.58%
09/96 a 08/97 22.47% 26.44% 30.42% 34.39% 38.36% 42.33% 46.31% 50.28%
10/96 a 09/97 22.09% 28.55% 35.00% 41.46% 47.91% 54.37% 60.83% 67.28%
11/96 a 10/97 21.87% 24.53% 27.18% 29.84% 32.50% 35.15% 37.81% 40.47%
12/96 a 11/97 23.35% 25.34% 27.33% 29.32% 31.31% 33.29% 35.28% 37.27%
01/97 a 12/97 24.77% 27.36% 29.95% 32.54% 35.13% 37.72% 40.31% 42.90%
02/97 a 01/98 25.92% 25.65% 25.37% 25.10% 24.83% 24.55% 24.28% 24.01%
03/97 a 02/98 26.49% 25.92% 25.35% 24.78% 24.21% 23.64% 23.07% 22.50%
04/97 a 03/98 27.19% 27.42% 27.66% 27.89% 28.13% 28.36% 28.60% 28.83%
05/97 a 04/98 27.25% 25.95% 24.64% 23.34% 22.04% 20.74% 19.43% 18.13%
06/97 a 05/98 27.31% 23.03% 18.76% 14.48% 10.20% 5.93% 1.65% -2.63%
07/97 a 06/98 27.30% 22.19% 17.09% 11.98% 6.88% 1.77% -3.33% -8.44%
08/97 a 07/98 27.43% 23.18% 18.93% 14.68% 10.43% 6.18% 1.93% -2.32%
09/97 a 08/98 27.29% 21.40% 15.52% 9.63% 3.74% -2.14% -8.03% -13.92%
10/97 a 09/98 28.42% 20.47% 12.53% 4.58% -3.36% -11.31% -19.26% -27.20%
11/97 a 10/98 30.02% 24.64% 19.25% 13.87% 8.48% 3.10% -2.29% -7.67%
12/97 a 11/98 29.50% 25.41% 21.31% 17.22% 13.12% 9.03% 4.93% 0.84%
01/98 a 12/98 28.79% 22.53% 16.28% 10.02% 3.77% -2.49% -8.75% -15.00%
02/98 a 01/99 28.17% 24.27% 20.37% 16.46% 12.56% 8.66% 4.76% 0.86%
03/98 a 02/99 28.49% 24.12% 19.75% 15.39% 11.02% 6.65% 2.28% -2.08%
04/98 a 03/99 29.91% 26.23% 22.55% 18.87% 15.19% 11.51% 7.83% 4.15%
05/98 a 04/99 30.72% 27.59% 24.45% 21.32% 18.19% 15.05% 11.92% 8.78%
06/98 a 05/99 31.22% 29.60% 27.98% 26.37% 24.75% 23.13% 21.51% 19.90%
07/98 a 06/99 31.31% 29.99% 28.67% 27.35% 26.02% 24.70% 23.38% 22.06%
08/98 a 07/99 31.26% 27.94% 24.62% 21.30% 17.98% 14.66% 11.35% 8.03%
09/98 a 08/99 31.38% 34.00% 36.63% 39.25% 41.87% 44.50% 47.12% 49.74%
10/98 a 09/99 30.10% 35.48% 40.86% 46.23% 51.61% 56.99% 62.37% 67.74%
11/98 a 10/99 28.13% 30.98% 33.83% 36.68% 39.53% 42.38% 45.24% 48.09%
12/98 a 11/99 26.58% 30.16% 33.74% 37.32% 40.90% 44.48% 48.06% 51.64%
01/99 a 12/99 25.59% 37.42% 49.25% 61.09% 72.92% 84.75% 96.58% 108.42%
02/99 a 01/00 24.70% 30.81% 36.93% 43.04% 49.15% 55.26% 61.38% 67.49%
03/99 a 02/00 23.57% 30.73% 37.89% 45.05% 52.22% 59.38% 66.54% 73.70%
04/99 a 03/00 21.32% 24.84% 28.35% 31.87% 35.38% 38.90% 42.41% 45.93%
05/99 a 04/00 20.08% 21.65% 23.21% 24.78% 26.35% 27.91% 29.48% 31.05%
06/99 a 05/00 19.45% 21.49% 23.52% 25.56% 27.60% 29.63% 31.67% 33.71%
07/99 a 06/00 19.13% 21.81% 24.49% 27.18% 29.86% 32.54% 35.22% 37.91%
08/99 a 07/00 18.72% 22.80% 26.88% 30.96% 35.04% 39.12% 43.20% 47.28%
09/99 a 08/00 18.53% 22.80% 27.07% 31.34% 35.61% 39.88% 44.15% 48.42%
10/99 a 09/00 18.21% 20.59% 22.96% 25.34% 27.72% 30.09% 32.47% 34.85%
11/99 a 10/00 18.11% 18.87% 19.64% 20.40% 21.17% 21.93% 22.70% 23.46%
12/99 a 11/00 17.91% 15.80% 13.70% 11.59% 9.49% 7.38% 5.27% 3.17%
01/00 a 12/00 17.45% 14.82% 12.18% 9.55% 6.91% 4.28% 1.65% -0.99%
02/00 a 01/01 17.23% 15.82% 14.41% 13.00% 11.59% 10.18% 8.77% 7.36%
03/00 a 02/01 16.73% 14.20% 11.67% 9.14% 6.61% 4.08% 1.56% -0.97%
04/00 a 03/01 16.51% 12.97% 9.42% 5.88% 2.34% -1.21% -4.75% -8.30%
05/00 a 04/01 16.38% 14.34% 12.30% 10.25% 8.21% 6.17% 4.13% 2.09%
06/00 a 05/01 16.21% 14.16% 12.11% 10.07% 8.02% 5.97% 3.92% 1.88%
07/00 a 06/01 16.07% 12.98% 9.89% 6.80% 3.71% 0.62% -2.47% -5.56%
08/00 a 07/01 16.29% 13.10% 9.91% 6.71% 3.52% 0.33% -2.86% -6.05%
09/00 a 08/01 16.51% 12.14% 7.77% 3.40% -0.97% -5.33% -9.70% -14.07%
10/00 a 09/01 16.63% 11.72% 6.80% 1.89% -3.03% -7.94% -12.85% -17.77%
11/00 a 10/01 16.90% 12.91% 8.92% 4.93% 0.93% -3.06% -7.05% -11.04%
12/00 a 11/01 17.10% 15.31% 13.53% 11.74% 9.96% 8.17% 6.39% 4.60%
01/01 a 12/01 17.32% 14.58% 11.84% 9.10% 6.36% 3.63% 0.89% -1.85%
02/01 a 01/02 17.62% 13.29% 8.95% 4.62% 0.29% -4.04% -8.38% -12.71%
03/01 a 02/02 17.89% 14.84% 11.79% 8.73% 5.68% 2.63% -0.42% -3.47%
04/01 a 03/02 18.02% 15.85% 13.68% 11.51% 9.34% 7.17% 5.00% 2.83%
05/01 a 04/02 18.35% 14.93% 11.51% 8.09% 4.68% 1.26% -2.16% -5.58%
06/01 a 05/02 18.44% 15.15% 11.87% 8.58% 5.30% 2.01% -1.27% -4.56%
07/01 a 06/02 18.50% 14.13% 9.77% 5.40% 1.03% -3.33% -7.70% -12.07%
08/01 a 07/02 18.55% 13.80% 9.04% 4.29% -0.47% -5.22% -9.97% -14.73%
09/01 a 08/02 18.37% 14.64% 10.91% 7.18% 3.45% -0.28% -4.01% -7.73%
10/01 a 09/02 18.44% 15.16% 11.89% 8.61% 5.34% 2.06% -1.22% -4.49%
11/01 a 10/02 18.58% 15.63% 12.67% 9.72% 6.77% 3.81% 0.86% -2.09%
12/01 a 11/02 18.75% 14.88% 11.01% 7.13% 3.26% -0.61% -4.48% -8.35%
01/02 a 12/02 19.16% 15.61% 12.06% 8.50% 4.95% 1.40% -2.15% -5.71%
02/02 a 01/03 19.68% 16.33% 12.98% 9.63% 6.28% 2.94% -0.41% -3.76%
03/02 a 02/03 20.36% 15.51% 10.66% 5.81% 0.95% -3.90% -8.75% -13.60%
04/02 a 03/03 20.85% 17.37% 13.90% 10.42% 6.94% 3.46% -0.01% -3.49%
05/02 a 04/03 21.31% 19.40% 17.48% 15.57% 13.65% 11.74% 9.83% 7.91%
06/02 a 05/03 21.98% 20.23% 18.48% 16.73% 14.99% 13.24% 11.49% 9.74%
07/02 a 06/03 22.62% 22.56% 22.50% 22.44% 22.38% 22.32% 22.26% 22.20%
08/02 a 07/03 23.27% 24.40% 25.52% 26.65% 27.77% 28.90% 30.03% 31.15%
09/02 a 08/03 23.67% 26.10% 28.52% 30.95% 33.37% 35.80% 38.22% 40.65%
10/02 a 09/03 24.04% 30.06% 36.08% 42.11% 48.13% 54.15% 60.17% 66.19%
11/02 a 10/03 24.03% 29.89% 35.75% 41.61% 47.46% 53.32% 59.18% 65.04%
12/02 a 11/03 23.78% 30.63% 37.48% 44.32% 51.17% 58.02% 64.87% 71.72%
01/03 a 12/03 23.33% 30.34% 37.35% 44.37% 51.38% 58.39% 65.40% 72.41%
02/03 a 01/04 22.49% 30.21% 37.93% 45.65% 53.37% 61.09% 68.81% 76.53%
03/03 a 02/04 21.59% 31.26% 40.94% 50.61% 60.28% 69.96% 79.63% 89.30%
04/03 a 03/05 21.11% 28.54% 35.96% 43.39% 50.81% 58.24% 65.66% 73.09%
05/03 a 04/04 20.29% 23.65% 27.00% 30.36% 33.71% 37.07% 40.43% 43.78%
06/03 a 05/04 19.41% 22.24% 25.08% 27.91% 30.75% 33.58% 36.42% 39.25%
07/03 a 06/04 18.68% 22.87% 27.07% 31.26% 35.46% 39.65% 43.84% 48.04%
08/03 a 07/04 17.76% 23.08% 28.40% 33.73% 39.05% 44.37% 49.69% 55.01%
09/03 a 08/04 17.20% 20.14% 23.09% 26.03% 28.98% 31.92% 34.86% 37.81%
10/03 a 09/04 16.71% 19.38% 22.05% 24.72% 27.40% 30.07% 32.74% 35.41%
11/03 a 10/04 16.21% 17.16% 18.10% 19.05% 20.00% 20.94% 21.89% 22.84%
12/03 a 11/04 16.11% 16.80% 17.48% 18.17% 18.86% 19.54% 20.23% 20.91%
01/04 a 12/04 16.24% 16.08% 15.91% 15.75% 15.59% 15.42% 15.26% 15.10%
02/04 a 01/05 16.36% 15.81% 15.26% 14.71% 14.15% 13.60% 13.05% 12.50%
03/04 a 02/05 16.52% 17.19% 17.87% 18.54% 19.21% 19.89% 20.56% 21.23%
04/04 a 03/05 16.70% 16.85% 17.00% 17.16% 17.31% 17.46% 17.61% 17.76%
05/04 a 04/05 16.96% 17.80% 18.64% 19.48% 20.32% 21.16% 21.99% 22.83%
06/04 a 05/05 17.27% 18.82% 20.37% 21.92% 23.47% 25.02% 26.56% 28.11%
07/04 a 06/05 17.69% 17.78% 17.86% 17.95% 18.04% 18.13% 18.21% 18.30%
08/04 a 07/05 17.95% 17.87% 17.79% 17.71% 17.63% 17.55% 17.47% 17.39%
09/04 a 08/05 18.38% 18.96% 19.55% 20.13% 20.71% 21.29% 21.88% 22.46%
10/04 a 09/05 18.67% 20.20% 21.73% 23.26% 24.79% 26.32% 27.85% 29.39%
11/04 a 10/05 18.90% 20.29% 21.67% 23.06% 24.45% 25.84% 27.22% 28.61%
12/04 a 11/05 19.06% 20.08% 21.10% 22.12% 23.14% 24.16% 25.18% 26.20%
01/05 a 12/05 19.04% 20.16% 21.29% 22.41% 23.53% 24.65% 25.78% 26.90%
02/05 a 01/06 19.10% 23.13% 27.15% 31.18% 35.20% 39.23% 43.26% 47.28%
03/05 a 02/06 19.02% 21.25% 23.47% 25.70% 27.93% 30.15% 32.38% 34.61%
04/05 a 03/06 18.89% 21.46% 24.03% 26.61% 29.18% 31.75% 34.32% 36.90%
05/05 a 04/06 18.50% 23.25% 28.01% 32.76% 37.51% 42.26% 47.02% 51.77%
06/05 a 05/06 18.25% 20.97% 23.70% 26.42% 29.14% 31.86% 34.59% 37.31%
07/05 a 06/06 17.77% 20.75% 23.73% 26.72% 29.70% 32.68% 35.66% 38.65%
08/05 a 07/06 17.38% 19.65% 21.92% 24.19% 26.46% 28.73% 31.00% 33.27%
09/05 a 08/06 16.91% 18.57% 20.23% 21.89% 23.55% 25.20% 26.86% 28.52%
10/05 a 09/06 16.41% 16.40% 16.39% 16.38% 16.38% 16.37% 16.36% 16.35%
11/05 a 10/06 16.04% 17.36% 18.68% 20.00% 21.31% 22.63% 23.95% 25.27%
12/05 a 11/06 15.63% 16.74% 17.84% 18.95% 20.06% 21.17% 22.27% 23.38%
01/06 a 12/06 15.08% 17.12% 19.15% 21.19% 23.22% 25.26% 27.30% 29.33%
02/06 a 01/07 14.68% 14.86% 15.03% 15.21% 15.39% 15.57% 15.74% 15.92%
03/06 a 02/07 14.37% 14.04% 13.71% 13.38% 13.05% 12.72% 12.39% 12.06%
04/06 a 03/07 13.95% 14.33% 14.71% 15.10% 15.48% 15.86% 16.24% 16.62%
05/06 a 04/07 13.79% 14.47% 15.15% 15.84% 16.52% 17.20% 17.88% 18.57%
06/06 a 05/07 13.51% 16.31% 19.11% 21.91% 24.72% 27.52% 30.32% 33.12%
07/06 a 06/07 13.21% 16.71% 20.21% 23.71% 27.21% 30.72% 34.22% 37.72%
08/06 a 07/07 12.98% 16.40% 19.83% 23.25% 26.67% 30.10% 33.52% 36.95%
09/06 a 08/07 12.68% 16.10% 19.52% 22.94% 26.36% 29.78% 33.21% 36.63%
10/06 a 09/07 12.39% 17.97% 23.56% 29.14% 34.72% 40.31% 45.89% 51.48%
11/06 a 10/07 12.21% 17.03% 21.85% 26.67% 31.49% 36.31% 41.13% 45.95%
12/06 a 11/07 12.01% 16.10% 20.19% 24.28% 28.38% 32.47% 36.56% 40.65%
01/07 a 12/07 11.85% 14.51% 17.16% 19.82% 22.48% 25.13% 27.79% 30.44%
02/07 a 01/08 11.68% 14.14% 16.60% 19.06% 21.52% 23.99% 26.45% 28.91%
03/07 a 02/08 11.60% 15.26% 18.92% 22.58% 26.24% 29.90% 33.56% 37.22%
04/07 a 03/08 11.37% 14.00% 16.63% 19.26% 21.89% 24.52% 27.15% 29.78%
05/07 a 04/08 11.33% 14.22% 17.11% 20.00% 22.88% 25.77% 28.66% 31.55%
06/07 a 05/08 11.16% 13.50% 15.84% 18.19% 20.53% 22.87% 25.21% 27.56%
07/07 a 06/08 11.21% 11.54% 11.87% 12.19% 12.52% 12.85% 13.18% 13.51%
08/07 a 07/08 11.32% 10.81% 10.31% 9.80% 9.30% 8.79% 8.29% 7.78%
09/07 a 08/08 11.35% 10.28% 9.20% 8.13% 7.05% 5.98% 4.90% 3.83%
10/07 a 09/08 11.68% 8.50% 5.32% 2.14% -1.04% -4.22% -7.40% -10.58%
11/07 a 10/08 11.96% 6.58% 1.20% -4.18% -9.56% -14.94% -20.32% -25.70%
12/07 a 11/08 12.16% 6.73% 1.31% -4.12% -9.54% -14.97% -20.39% -25.82%
01/08 a 12/08 12.47% 7.20% 1.93% -3.34% -8.61% -13.88% -19.14% -24.41%
02/08 a 01/09 12.60% 7.78% 2.95% -1.87% -6.70% -11.53% -16.35% -21.18%
03/08 a 02/09 12.67% 7.32% 1.97% -3.37% -8.72% -14.06% -19.41% -24.75%
04/08 a 03/09 12.81% 8.05% 3.29% -1.47% -6.24% -11.00% -15.76% -20.52%
05/08 a 04/09 12.74% 8.29% 3.83% -0.63% -5.08% -9.54% -13.99% -18.45%
06/08 a 05/09 12.62% 8.74% 4.86% 0.98% -2.90% -6.78% -10.66% -14.54%
07/08 a 06/09 12.41% 9.28% 6.16% 3.04% -0.08% -3.21% -6.33% -9.45%
08/08 a 07/09
09/08 a 08/09
10/08 a 09/09
11/08 a 10/09
12/08 a 11/09
01/09 a 12/09
PortifoliosSelic Ibov Retorno Risco (DP)100% 0% 22.36% 10.36%
20s/80i 10s/90i Ibov 90% 10% 22.61% 10.32%
31.56% 35.37% 39.22% 80% 20% 22.86% 11.73%
24.37% 24.62% 24.87% 70% 30% 23.11% 14.16%
0.0637 0.0639 0.0641 60% 40% 23.36% 17.20%
1.0139 1.0177 1.0199 50% 50% 23.61% 20.56%
-27.55% -33.57% -39.65% 40% 60% 23.86% 24.12%
30% 70% 24.12% 27.80%
20% 80% 24.37% 31.56%
10% 90% 24.62% 35.37%
0% 100% 24.87% 39.22%
Sharpe20s/80i 10s/90i Ibov Selic 90s/10i 80s/20i 70s/30i 60s/40i12.86% 6.62% 0.38% 6.06 -0.61 -1.06 -1.32 -1.45
6.28% -0.25% -6.77% 5.64 -0.63 -1.11 -1.38 -1.52
-3.05% -10.60% -18.15% 5.54 -0.73 -1.29 -1.60 -1.76
-0.51% -7.73% -14.94% 5.52 -0.70 -1.23 -1.53 -1.68
1.05% -5.87% -12.79% 5.44 -0.67 -1.18 -1.47 -1.61
5.65% -0.47% -6.58% 5.27 -0.59 -1.04 -1.30 -1.42
12.27% 7.17% 2.07% 5.12 -0.49 -0.87 -1.08 -1.19
36.03% 34.05% 32.07% 5.01 -0.19 -0.34 -0.42 -0.46
66.16% 68.11% 70.06% 4.88 0.19 0.33 0.41 0.45
68.02% 70.57% 73.12% 4.60 0.25 0.44 0.54 0.59
35.52% 34.39% 33.26% 4.30 -0.11 -0.19 -0.24 -0.26
47.75% 48.54% 49.33% 4.00 0.08 0.13 0.17 0.18
64.74% 68.01% 71.27% 3.73 0.32 0.56 0.69 0.76
56.90% 59.54% 62.17% 3.46 0.26 0.45 0.56 0.61
38.72% 39.39% 40.06% 3.22 0.06 0.11 0.14 0.16
41.28% 42.50% 43.72% 3.05 0.12 0.21 0.26 0.28
55.59% 58.79% 61.99% 2.89 0.31 0.55 0.68 0.74
49.71% 52.35% 54.98% 2.76 0.26 0.45 0.56 0.61
52.23% 55.33% 58.44% 2.65 0.30 0.53 0.66 0.72
48.18% 50.91% 53.64% 2.54 0.26 0.47 0.58 0.63
66.39% 71.50% 76.61% 2.46 0.50 0.87 1.08 1.19
70.90% 76.66% 82.42% 2.39 0.56 0.98 1.22 1.34
81.47% 88.62% 95.76% 2.35 0.69 1.22 1.51 1.66
86.04% 93.83% 101.61% 2.29 0.75 1.33 1.65 1.81
93.63% 102.41% 111.20% 2.25 0.85 1.50 1.86 2.04
80.82% 88.05% 95.29% 2.21 0.70 1.23 1.53 1.68
54.25% 58.23% 62.20% 2.17 0.39 0.68 0.84 0.92
73.74% 80.19% 86.65% 2.13 0.63 1.10 1.37 1.50
43.12% 45.78% 48.44% 2.11 0.26 0.45 0.56 0.62
39.26% 41.25% 43.24% 2.25 0.19 0.34 0.42 0.46
45.49% 48.08% 50.67% 2.39 0.25 0.44 0.55 0.60
23.73% 23.46% 23.19% 2.50 -0.03 -0.05 -0.06 -0.06
21.93% 21.36% 20.80% 2.56 -0.06 -0.10 -0.12 -0.13
29.07% 29.30% 29.54% 2.62 0.02 0.04 0.05 0.05
16.83% 15.53% 14.22% 2.63 -0.13 -0.22 -0.28 -0.30
-6.90% -11.18% -15.46% 2.64 -0.41 -0.73 -0.91 -0.99
-13.54% -18.65% -23.75% 2.64 -0.49 -0.87 -1.08 -1.19
-6.57% -10.82% -15.07% 2.65 -0.41 -0.72 -0.90 -0.99
-19.80% -25.69% -31.58% 2.63 -0.57 -1.00 -1.25 -1.37
-35.15% -43.09% -51.04% 2.74 -0.77 -1.36 -1.68 -1.85
-13.06% -18.44% -23.83% 2.90 -0.52 -0.92 -1.14 -1.25
-3.25% -7.35% -11.44% 2.85 -0.40 -0.70 -0.87 -0.95
-21.26% -27.51% -33.77% 2.78 -0.61 -1.07 -1.32 -1.46
-3.05% -6.95% -10.85% 2.72 -0.38 -0.67 -0.83 -0.91
-6.45% -10.82% -15.19% 2.75 -0.42 -0.74 -0.93 -1.02
0.47% -3.21% -6.89% 2.89 -0.36 -0.63 -0.78 -0.86
5.65% 2.52% -0.62% 2.97 -0.30 -0.53 -0.66 -0.73
18.28% 16.66% 15.04% 3.01 -0.16 -0.28 -0.34 -0.38
20.74% 19.42% 18.10% 3.02 -0.13 -0.23 -0.28 -0.31
4.71% 1.39% -1.93% 3.02 -0.32 -0.57 -0.70 -0.77
52.37% 54.99% 57.61% 3.03 0.25 0.45 0.56 0.61
73.12% 78.50% 83.88% 2.91 0.52 0.92 1.14 1.25
50.94% 53.79% 56.64% 2.72 0.28 0.49 0.60 0.66
55.22% 58.80% 62.38% 2.57 0.35 0.61 0.76 0.83
120.25% 132.08% 143.91% 2.47 1.15 2.02 2.51 2.75
73.60% 79.72% 85.83% 2.38 0.59 1.04 1.29 1.42
80.86% 88.02% 95.18% 2.28 0.69 1.22 1.52 1.67
49.44% 52.96% 56.47% 2.06 0.34 0.60 0.74 0.82
32.61% 34.18% 35.75% 1.94 0.15 0.27 0.33 0.36
35.75% 37.78% 39.82% 1.88 0.20 0.35 0.43 0.47
40.59% 43.27% 45.95% 1.85 0.26 0.46 0.57 0.62
51.36% 55.44% 59.52% 1.81 0.40 0.70 0.86 0.95
52.69% 56.96% 61.23% 1.79 0.41 0.73 0.90 0.99
37.22% 39.60% 41.97% 1.76 0.23 0.41 0.50 0.55
24.22% 24.99% 25.75% 1.75 0.07 0.13 0.16 0.18
1.06% -1.04% -3.15% 1.73 -0.20 -0.36 -0.45 -0.49
-3.62% -6.26% -8.89% 1.68 -0.26 -0.45 -0.56 -0.61
5.94% 4.53% 3.12% 1.66 -0.14 -0.24 -0.30 -0.33
-3.50% -6.03% -8.56% 1.61 -0.25 -0.43 -0.54 -0.59
-11.84% -15.38% -18.93% 1.59 -0.34 -0.60 -0.75 -0.82
0.04% -2.00% -4.04% 1.58 -0.20 -0.35 -0.43 -0.47
-0.17% -2.22% -4.27% 1.56 -0.20 -0.35 -0.43 -0.48
-8.64% -11.73% -14.82% 1.55 -0.30 -0.53 -0.65 -0.72
-9.25% -12.44% -15.63% 1.57 -0.31 -0.54 -0.68 -0.74
-18.44% -22.81% -27.18% 1.59 -0.42 -0.75 -0.93 -1.02
-22.68% -27.59% -32.51% 1.61 -0.48 -0.84 -1.04 -1.14
-15.03% -19.02% -23.01% 1.63 -0.39 -0.68 -0.85 -0.93
2.82% 1.03% -0.75% 1.65 -0.17 -0.30 -0.38 -0.42
-4.59% -7.33% -10.07% 1.67 -0.27 -0.47 -0.58 -0.64
-17.04% -21.37% -25.71% 1.70 -0.42 -0.74 -0.92 -1.01
-6.52% -9.58% -12.63% 1.73 -0.30 -0.52 -0.65 -0.71
0.66% -1.51% -3.68% 1.74 -0.21 -0.37 -0.46 -0.50
-9.00% -12.42% -15.84% 1.77 -0.33 -0.58 -0.72 -0.80
-7.84% -11.13% -14.41% 1.78 -0.32 -0.56 -0.70 -0.76
-16.43% -20.80% -25.17% 1.79 -0.42 -0.74 -0.92 -1.02
-19.48% -24.24% -28.99% 1.79 -0.46 -0.81 -1.01 -1.11
-11.46% -15.19% -18.92% 1.77 -0.36 -0.64 -0.79 -0.87
-7.77% -11.05% -14.32% 1.78 -0.32 -0.56 -0.69 -0.76
-5.04% -8.00% -10.95% 1.79 -0.29 -0.50 -0.63 -0.69
-12.22% -16.10% -19.97% 1.81 -0.38 -0.66 -0.82 -0.90
-9.26% -12.81% -16.36% 1.85 -0.34 -0.61 -0.75 -0.83
-7.11% -10.46% -13.81% 1.90 -0.32 -0.57 -0.71 -0.78
-18.45% -23.30% -28.15% 1.97 -0.47 -0.83 -1.03 -1.13
-6.97% -10.45% -13.92% 2.01 -0.34 -0.59 -0.74 -0.81
6.00% 4.08% 2.17% 2.06 -0.19 -0.33 -0.41 -0.45
7.99% 6.24% 4.49% 2.12 -0.17 -0.30 -0.37 -0.41
22.14% 22.08% 22.03% 2.18 -0.01 -0.01 -0.01 -0.01
32.28% 33.41% 34.53% 2.25 0.11 0.19 0.24 0.26
43.08% 45.50% 47.93% 2.28 0.24 0.41 0.51 0.56
72.22% 78.24% 84.26% 2.32 0.58 1.03 1.28 1.40
70.90% 76.76% 82.61% 2.32 0.57 1.00 1.24 1.36
78.56% 85.41% 92.26% 2.30 0.66 1.17 1.45 1.59
79.43% 86.44% 93.45% 2.25 0.68 1.20 1.49 1.63
84.25% 91.97% 99.69% 2.17 0.75 1.32 1.63 1.80
98.97% 108.65% 118.32% 2.08 0.94 1.65 2.05 2.25
80.52% 87.94% 95.37% 2.04 0.72 1.27 1.57 1.73
47.14% 50.49% 53.85% 1.96 0.33 0.57 0.71 0.78
42.09% 44.92% 47.75% 1.87 0.27 0.48 0.60 0.66
52.23% 56.43% 60.62% 1.80 0.41 0.72 0.89 0.98
60.34% 65.66% 70.98% 1.71 0.52 0.91 1.13 1.24
40.75% 43.69% 46.64% 1.66 0.29 0.50 0.62 0.68
38.08% 40.75% 43.43% 1.61 0.26 0.46 0.57 0.62
23.79% 24.73% 25.68% 1.56 0.09 0.16 0.20 0.22
21.60% 22.29% 22.97% 1.55 0.07 0.12 0.15 0.16
14.93% 14.77% 14.61% 1.57 -0.02 -0.03 -0.03 -0.04
11.95% 11.40% 10.85% 1.58 -0.05 -0.09 -0.12 -0.13
21.90% 22.58% 23.25% 1.59 0.07 0.11 0.14 0.16
17.91% 18.07% 18.22% 1.61 0.01 0.03 0.03 0.04
23.67% 24.51% 25.35% 1.64 0.08 0.14 0.18 0.20
29.66% 31.21% 32.76% 1.67 0.15 0.26 0.33 0.36
18.39% 18.48% 18.56% 1.71 0.01 0.01 0.02 0.02
17.31% 17.23% 17.15% 1.73 -0.01 -0.01 -0.02 -0.02
23.04% 23.63% 24.21% 1.77 0.06 0.10 0.12 0.14
30.92% 32.45% 33.98% 1.80 0.15 0.26 0.32 0.36
30.00% 31.39% 32.77% 1.82 0.13 0.24 0.29 0.32
27.22% 28.24% 29.26% 1.84 0.10 0.17 0.22 0.24
28.02% 29.14% 30.27% 1.84 0.11 0.19 0.24 0.26
51.31% 55.33% 59.36% 1.84 0.39 0.69 0.85 0.94
36.83% 39.06% 41.29% 1.84 0.22 0.38 0.47 0.52
39.47% 42.04% 44.61% 1.82 0.25 0.44 0.54 0.60
56.52% 61.28% 66.03% 1.79 0.46 0.81 1.01 1.11
40.03% 42.75% 45.48% 1.76 0.26 0.46 0.58 0.63
41.63% 44.61% 47.59% 1.72 0.29 0.51 0.63 0.69
35.54% 37.81% 40.08% 1.68 0.22 0.39 0.48 0.53
30.18% 31.84% 33.50% 1.63 0.16 0.28 0.35 0.39
16.34% 16.33% 16.33% 1.58 0.00 0.00 0.00 0.00
26.59% 27.91% 29.23% 1.55 0.13 0.22 0.28 0.31
24.49% 25.60% 26.70% 1.51 0.11 0.19 0.23 0.26
31.37% 33.40% 35.44% 1.46 0.20 0.35 0.43 0.47
16.10% 16.27% 16.45% 1.42 0.02 0.03 0.04 0.04
11.73% 11.40% 11.08% 1.39 -0.03 -0.06 -0.07 -0.08
17.01% 17.39% 17.77% 1.35 0.04 0.07 0.08 0.09
19.25% 19.93% 20.61% 1.33 0.07 0.12 0.14 0.16
35.92% 38.72% 41.52% 1.30 0.27 0.48 0.59 0.65
41.22% 44.72% 48.22% 1.28 0.34 0.60 0.74 0.81
40.37% 43.79% 47.22% 1.25 0.33 0.58 0.73 0.80
40.05% 43.47% 46.89% 1.22 0.33 0.58 0.72 0.80
57.06% 62.64% 68.23% 1.20 0.54 0.95 1.18 1.30
50.77% 55.59% 60.41% 1.18 0.47 0.82 1.02 1.12
44.74% 48.83% 52.92% 1.16 0.40 0.70 0.87 0.95
33.10% 35.76% 38.41% 1.14 0.26 0.45 0.56 0.62
31.37% 33.83% 36.29% 1.13 0.24 0.42 0.52 0.57
40.88% 44.54% 48.20% 1.12 0.35 0.62 0.78 0.85
32.41% 35.04% 37.67% 1.10 0.25 0.45 0.56 0.61
34.44% 37.33% 40.22% 1.09 0.28 0.49 0.61 0.67
29.90% 32.24% 34.58% 1.08 0.23 0.40 0.50 0.54
13.84% 14.16% 14.49% 1.08 0.03 0.06 0.07 0.08
7.27% 6.77% 6.26% 1.09 -0.05 -0.09 -0.11 -0.12
2.75% 1.68% 0.60% 1.10 -0.10 -0.18 -0.23 -0.25
-13.76% -16.94% -20.12% 1.13 -0.31 -0.54 -0.67 -0.74
-31.07% -36.45% -41.83% 1.15 -0.52 -0.92 -1.14 -1.25
-31.24% -36.67% -42.10% 1.17 -0.53 -0.93 -1.15 -1.26
-29.68% -34.95% -40.22% 1.20 -0.51 -0.90 -1.12 -1.23
-26.00% -30.83% -35.66% 1.22 -0.47 -0.82 -1.02 -1.12
-30.10% -35.45% -40.79% 1.22 -0.52 -0.91 -1.13 -1.24
-25.28% -30.04% -34.81% 1.24 -0.46 -0.81 -1.01 -1.11
-22.91% -27.36% -31.82% 1.23 -0.43 -0.76 -0.94 -1.04
-18.42% -22.30% -26.18% 1.22 -0.38 -0.66 -0.82 -0.90
-12.57% -15.70% -18.82% 1.20 -0.30 -0.53 -0.66 -0.73
50s/50i 40s/60i 30s/70i 20s/80i 10s/90i Ibov-1.52 -1.55 -1.57 -1.58 -1.59 -1.59
-1.59 -1.62 -1.64 -1.65 -1.66 -1.66
-1.84 -1.88 -1.90 -1.91 -1.92 -1.92
-1.75 -1.79 -1.82 -1.83 -1.84 -1.84
-1.68 -1.72 -1.74 -1.75 -1.76 -1.76
-1.49 -1.52 -1.54 -1.55 -1.56 -1.56
-1.24 -1.27 -1.28 -1.29 -1.30 -1.30
-0.48 -0.49 -0.50 -0.50 -0.50 -0.51
0.47 0.49 0.49 0.49 0.50 0.50
0.62 0.63 0.64 0.65 0.65 0.65
-0.27 -0.28 -0.28 -0.29 -0.29 -0.29
0.19 0.20 0.20 0.20 0.20 0.20
0.79 0.81 0.82 0.83 0.83 0.83
0.64 0.66 0.66 0.67 0.67 0.67
0.16 0.17 0.17 0.17 0.17 0.17
0.30 0.30 0.31 0.31 0.31 0.31
0.78 0.80 0.81 0.81 0.81 0.82
0.64 0.66 0.66 0.67 0.67 0.67
0.75 0.77 0.78 0.79 0.79 0.79
0.66 0.68 0.69 0.69 0.69 0.70
1.24 1.27 1.29 1.30 1.30 1.30
1.40 1.43 1.45 1.46 1.47 1.47
1.74 1.78 1.80 1.81 1.82 1.82
1.89 1.94 1.96 1.97 1.98 1.98
2.14 2.19 2.21 2.23 2.24 2.24
1.76 1.80 1.82 1.83 1.84 1.84
0.97 0.99 1.00 1.01 1.01 1.01
1.57 1.61 1.63 1.64 1.64 1.65
0.65 0.66 0.67 0.67 0.68 0.68
0.48 0.49 0.50 0.50 0.51 0.51
0.63 0.64 0.65 0.66 0.66 0.66
-0.07 -0.07 -0.07 -0.07 -0.07 -0.07
-0.14 -0.14 -0.14 -0.14 -0.14 -0.15
0.06 0.06 0.06 0.06 0.06 0.06
-0.32 -0.32 -0.33 -0.33 -0.33 -0.33
-1.04 -1.06 -1.08 -1.08 -1.09 -1.09
-1.24 -1.27 -1.29 -1.29 -1.30 -1.30
-1.03 -1.06 -1.07 -1.08 -1.08 -1.08
-1.43 -1.46 -1.48 -1.49 -1.50 -1.50
-1.93 -1.98 -2.00 -2.01 -2.02 -2.03
-1.31 -1.34 -1.36 -1.36 -1.37 -1.37
-1.00 -1.02 -1.03 -1.04 -1.04 -1.04
-1.52 -1.56 -1.57 -1.59 -1.59 -1.59
-0.95 -0.97 -0.98 -0.99 -0.99 -0.99
-1.06 -1.09 -1.10 -1.11 -1.11 -1.11
-0.89 -0.92 -0.93 -0.93 -0.94 -0.94
-0.76 -0.78 -0.79 -0.79 -0.80 -0.80
-0.39 -0.40 -0.41 -0.41 -0.41 -0.41
-0.32 -0.33 -0.33 -0.33 -0.34 -0.34
-0.81 -0.83 -0.84 -0.84 -0.84 -0.85
0.64 0.65 0.66 0.66 0.67 0.67
1.31 1.34 1.35 1.36 1.37 1.37
0.69 0.71 0.72 0.72 0.73 0.73
0.87 0.89 0.90 0.91 0.91 0.91
2.88 2.94 2.98 3.00 3.01 3.02
1.49 1.52 1.54 1.55 1.56 1.56
1.74 1.78 1.80 1.82 1.82 1.83
0.85 0.87 0.89 0.89 0.89 0.90
0.38 0.39 0.39 0.40 0.40 0.40
0.50 0.51 0.51 0.52 0.52 0.52
0.65 0.67 0.68 0.68 0.68 0.68
0.99 1.01 1.03 1.03 1.04 1.04
1.04 1.06 1.07 1.08 1.09 1.09
0.58 0.59 0.60 0.60 0.60 0.61
0.19 0.19 0.19 0.19 0.19 0.19
-0.51 -0.52 -0.53 -0.53 -0.54 -0.54
-0.64 -0.66 -0.66 -0.67 -0.67 -0.67
-0.34 -0.35 -0.36 -0.36 -0.36 -0.36
-0.61 -0.63 -0.64 -0.64 -0.64 -0.64
-0.86 -0.88 -0.89 -0.90 -0.90 -0.90
-0.50 -0.51 -0.51 -0.52 -0.52 -0.52
-0.50 -0.51 -0.52 -0.52 -0.52 -0.52
-0.75 -0.77 -0.78 -0.78 -0.79 -0.79
-0.78 -0.79 -0.80 -0.81 -0.81 -0.81
-1.06 -1.09 -1.10 -1.11 -1.11 -1.11
-1.19 -1.22 -1.24 -1.25 -1.25 -1.25
-0.97 -0.99 -1.00 -1.01 -1.02 -1.02
-0.43 -0.44 -0.45 -0.45 -0.45 -0.46
-0.67 -0.68 -0.69 -0.69 -0.70 -0.70
-1.05 -1.08 -1.09 -1.10 -1.10 -1.10
-0.74 -0.76 -0.77 -0.77 -0.78 -0.78
-0.53 -0.54 -0.55 -0.55 -0.55 -0.55
-0.83 -0.85 -0.86 -0.87 -0.87 -0.87
-0.80 -0.82 -0.83 -0.83 -0.84 -0.84
-1.06 -1.09 -1.10 -1.11 -1.11 -1.11
-1.16 -1.18 -1.20 -1.20 -1.21 -1.21
-0.91 -0.93 -0.94 -0.95 -0.95 -0.95
-0.80 -0.81 -0.82 -0.83 -0.83 -0.84
-0.72 -0.73 -0.74 -0.75 -0.75 -0.75
-0.94 -0.96 -0.97 -0.98 -0.99 -0.99
-0.86 -0.88 -0.89 -0.90 -0.90 -0.91
-0.81 -0.83 -0.84 -0.85 -0.85 -0.85
-1.18 -1.21 -1.22 -1.23 -1.23 -1.24
-0.85 -0.86 -0.88 -0.88 -0.88 -0.89
-0.47 -0.48 -0.48 -0.49 -0.49 -0.49
-0.43 -0.43 -0.44 -0.44 -0.44 -0.45
-0.01 -0.01 -0.01 -0.02 -0.02 -0.02
0.27 0.28 0.28 0.29 0.29 0.29
0.59 0.60 0.61 0.61 0.62 0.62
1.46 1.50 1.52 1.53 1.53 1.54
1.42 1.46 1.47 1.48 1.49 1.49
1.67 1.70 1.72 1.74 1.74 1.75
1.70 1.74 1.77 1.78 1.78 1.79
1.88 1.92 1.94 1.96 1.96 1.97
2.35 2.41 2.44 2.45 2.46 2.47
1.81 1.85 1.87 1.88 1.89 1.89
0.82 0.83 0.84 0.85 0.85 0.86
0.69 0.70 0.71 0.72 0.72 0.72
1.02 1.04 1.06 1.06 1.07 1.07
1.29 1.32 1.34 1.35 1.35 1.36
0.72 0.73 0.74 0.75 0.75 0.75
0.65 0.66 0.67 0.68 0.68 0.68
0.23 0.24 0.24 0.24 0.24 0.24
0.17 0.17 0.17 0.17 0.17 0.17
-0.04 -0.04 -0.04 -0.04 -0.04 -0.04
-0.13 -0.14 -0.14 -0.14 -0.14 -0.14
0.16 0.17 0.17 0.17 0.17 0.17
0.04 0.04 0.04 0.04 0.04 0.04
0.20 0.21 0.21 0.21 0.21 0.21
0.38 0.39 0.39 0.39 0.39 0.39
0.02 0.02 0.02 0.02 0.02 0.02
-0.02 -0.02 -0.02 -0.02 -0.02 -0.02
0.14 0.14 0.15 0.15 0.15 0.15
0.37 0.38 0.39 0.39 0.39 0.39
0.34 0.35 0.35 0.35 0.35 0.35
0.25 0.25 0.26 0.26 0.26 0.26
0.27 0.28 0.28 0.28 0.29 0.29
0.98 1.00 1.01 1.02 1.02 1.03
0.54 0.55 0.56 0.56 0.57 0.57
0.63 0.64 0.65 0.65 0.65 0.66
1.16 1.18 1.20 1.20 1.21 1.21
0.66 0.68 0.69 0.69 0.69 0.69
0.73 0.74 0.75 0.76 0.76 0.76
0.55 0.56 0.57 0.58 0.58 0.58
0.40 0.41 0.42 0.42 0.42 0.42
0.00 0.00 0.00 0.00 0.00 0.00
0.32 0.33 0.33 0.33 0.34 0.34
0.27 0.28 0.28 0.28 0.28 0.28
0.50 0.51 0.51 0.52 0.52 0.52
0.04 0.04 0.04 0.04 0.05 0.05
-0.08 -0.08 -0.08 -0.08 -0.08 -0.08
0.09 0.10 0.10 0.10 0.10 0.10
0.17 0.17 0.17 0.17 0.17 0.17
0.68 0.70 0.71 0.71 0.71 0.71
0.85 0.87 0.88 0.89 0.89 0.89
0.83 0.85 0.86 0.87 0.87 0.87
0.83 0.85 0.86 0.87 0.87 0.87
1.36 1.39 1.41 1.42 1.42 1.42
1.17 1.20 1.21 1.22 1.23 1.23
0.99 1.02 1.03 1.04 1.04 1.04
0.65 0.66 0.67 0.67 0.68 0.68
0.60 0.61 0.62 0.62 0.63 0.63
0.89 0.91 0.92 0.93 0.93 0.93
0.64 0.65 0.66 0.67 0.67 0.67
0.70 0.72 0.73 0.73 0.73 0.74
0.57 0.58 0.59 0.59 0.60 0.60
0.08 0.08 0.08 0.08 0.08 0.08
-0.12 -0.13 -0.13 -0.13 -0.13 -0.13
-0.26 -0.27 -0.27 -0.27 -0.27 -0.27
-0.77 -0.79 -0.80 -0.81 -0.81 -0.81
-1.31 -1.34 -1.35 -1.36 -1.37 -1.37
-1.32 -1.35 -1.37 -1.38 -1.38 -1.38
-1.28 -1.31 -1.33 -1.34 -1.34 -1.34
-1.17 -1.20 -1.22 -1.22 -1.23 -1.23
-1.30 -1.33 -1.35 -1.35 -1.36 -1.36
-1.16 -1.18 -1.20 -1.21 -1.21 -1.21
-1.08 -1.11 -1.12 -1.13 -1.13 -1.14
-0.94 -0.97 -0.98 -0.98 -0.99 -0.99
-0.76 -0.78 -0.79 -0.79 -0.79 -0.80
5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%
24.50%
25.00%
25.50%
100% Selic
90% Selic / 10% Ibov
80% Selic / 20% Ibo
70% Selic / 30% Ibov
60% Selic / 40% Ibov
50% Selic / 50% Ibov
40% Selic / 60% Ibov
30% Selic / 70% Ibov
20% Selic / 80% Ibov
10% Selic / 90% Ibov
100% Ibov
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al
07
/94
a 0
6/9
51
0/9
4 a
09
/95
01
/95
a 1
2/9
50
4/9
5 a
03
/96
07
/95
a 0
6/9
61
0/9
5 a
09
/96
01
/96
a 1
2/9
60
4/9
6 a
03
/97
07
/96
a 0
6/9
71
0/9
6 a
09
/97
01
/97
a 1
2/9
70
4/9
7 a
03
/98
07
/97
a 0
6/9
81
0/9
7 a
09
/98
01
/98
a 1
2/9
80
4/9
8 a
03
/99
07
/98
a 0
6/9
91
0/9
8 a
09
/99
01
/99
a 1
2/9
90
4/9
9 a
03
/00
07
/99
a 0
6/0
01
0/9
9 a
09
/00
01
/00
a 1
2/0
00
4/0
0 a
03
/01
07
/00
a 0
6/0
11
0/0
0 a
09
/01
01
/01
a 1
2/0
10
4/0
1 a
03
/02
07
/01
a 0
6/0
21
0/0
1 a
09
/02
01
/02
a 1
2/0
20
4/0
2 a
03
/03
07
/02
a 0
6/0
31
0/0
2 a
09
/03
01
/03
a 1
2/0
30
4/0
3 a
03
/05
07
/03
a 0
6/0
41
0/0
3 a
09
/04
01
/04
a 1
2/0
40
4/0
4 a
03
/05
07
/04
a 0
6/0
51
0/0
4 a
09
/05
01
/05
a 1
2/0
50
4/0
5 a
03
/06
07
/05
a 0
6/0
61
0/0
5 a
09
/06
01
/06
a 1
2/0
60
4/0
6 a
03
/07
07
/06
a 0
6/0
71
0/0
6 a
09
/07
01
/07
a 1
2/0
70
4/0
7 a
03
/08
07
/07
a 0
6/0
81
0/0
7 a
09
/08
01
/08
a 1
2/0
80
4/0
8 a
03
/09
07
/08
a 0
6/0
9
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
Retornos Anuais (12M)
SelicIbov70s/30i50s/50i30s/70i
Dolar x Ibov (1994)
Parametros Ibov 90i/10d 80i/20d 70i/30d 60i/40d 50i/50d 40i/60d 30i/70dDp Anual 39.22% 34.47% 29.88% 25.54% 21.62% 18.36% 16.19% 15.56%
Retorno Media 24.87% 23.23% 21.59% 19.94% 18.30% 16.66% 15.02% 13.38%
Sharpe Media - -0.0476 -0.1099 -0.1928 -0.3038 -0.4470 -0.6084 -0.7384
DP Sharpe - 0.1522 0.3513 0.6163 0.9710 1.4289 1.9446 2.3604
VAR IC 95% -39.65% -33.47% -27.56% -22.07% -17.26% -13.55% -11.62% -12.22%
Resolver o Sharpe: Incluir Selic para calcula-lo
Retornos AnualizadosData Ibov 90i/10d 80i/20d 70i/30d 60i/40d 50i/50d 40i/60d 30i/70d
07/94 a 06/95 0.38% 0.23% 0.09% -0.06% -0.20% -0.35% -0.49% -0.64%
08/94 a 07/95 -6.77% -6.10% -5.42% -4.74% -4.06% -3.39% -2.71% -2.03%
09/94 a 08/95 -18.15% -15.54% -12.93% -10.32% -7.71% -5.10% -2.49% 0.12%
10/94 a 09/95 -14.94% -12.27% -9.60% -6.93% -4.26% -1.59% 1.08% 3.75%
11/94 a 10/95 -12.79% -10.08% -7.37% -4.67% -1.96% 0.75% 3.46% 6.16%
12/94 a 11/95 -6.58% -4.51% -2.44% -0.37% 1.70% 3.77% 5.84% 7.91%
01/95 a 12/95 2.07% 3.41% 4.75% 6.09% 7.43% 8.77% 10.11% 11.45%
02/95 a 01/96 32.07% 30.53% 28.99% 27.45% 25.91% 24.37% 22.83% 21.29%
03/95 a 02/96 70.06% 64.59% 59.11% 53.63% 48.16% 42.68% 37.20% 31.73%
04/95 a 03/96 73.12% 66.81% 60.50% 54.19% 47.87% 41.56% 35.25% 28.94%
05/95 a 04/96 33.26% 30.82% 28.37% 25.92% 23.48% 21.03% 18.58% 16.13%
06/95 a 05/96 49.33% 45.51% 41.69% 37.86% 34.04% 30.22% 26.40% 22.58%
07/95 a 06/96 71.27% 65.01% 58.76% 52.50% 46.24% 39.98% 33.73% 27.47%
08/95 a 07/96 62.17% 56.81% 51.46% 46.10% 40.74% 35.39% 30.03% 24.67%
09/95 a 08/96 40.06% 36.79% 33.52% 30.25% 26.98% 23.71% 20.44% 17.17%
10/95 a 09/96 43.72% 40.08% 36.45% 32.81% 29.18% 25.54% 21.91% 18.27%
11/95 a 10/96 61.99% 56.52% 51.05% 45.58% 40.11% 34.64% 29.17% 23.70%
12/95 a 11/96 54.98% 50.10% 45.22% 40.34% 35.46% 30.58% 25.70% 20.83%
01/96 a 12/96 58.44% 53.31% 48.19% 43.07% 37.95% 32.83% 27.70% 22.58%
02/96 a 01/97 53.64% 48.99% 44.34% 39.69% 35.04% 30.39% 25.74% 21.09%
03/96 a 02/97 76.61% 69.67% 62.72% 55.77% 48.83% 41.88% 34.93% 27.98%
04/96 a 03/97 82.42% 74.89% 67.35% 59.82% 52.28% 44.75% 37.21% 29.68%
05/96 a 04/97 95.76% 86.89% 78.03% 69.16% 60.29% 51.42% 42.55% 33.68%
06/96 a 05/97 101.61% 92.15% 82.69% 73.23% 63.77% 54.31% 44.84% 35.38%
07/96 a 06/97 111.20% 100.88% 90.56% 80.24% 69.92% 59.60% 49.28% 38.96%
08/96 a 07/97 95.29% 86.45% 77.62% 68.78% 59.95% 51.11% 42.27% 33.44%
09/96 a 08/97 62.20% 56.66% 51.13% 45.60% 40.06% 34.53% 29.00% 23.46%
10/96 a 09/97 86.65% 78.77% 70.89% 63.01% 55.13% 47.25% 39.37% 31.49%
11/96 a 10/97 48.44% 44.27% 40.11% 35.94% 31.78% 27.62% 23.45% 19.29%
12/96 a 11/97 43.24% 39.69% 36.14% 32.60% 29.05% 25.50% 21.96% 18.41%
01/97 a 12/97 50.67% 46.37% 42.08% 37.78% 33.48% 29.18% 24.88% 20.59%
02/97 a 01/98 23.19% 21.53% 19.88% 18.23% 16.58% 14.93% 13.27% 11.62%
03/97 a 02/98 20.80% 19.48% 18.16% 16.84% 15.52% 14.21% 12.89% 11.57%
04/97 a 03/98 29.54% 27.24% 24.95% 22.66% 20.36% 18.07% 15.78% 13.48%
05/97 a 04/98 14.22% 13.56% 12.89% 12.22% 11.55% 10.89% 10.22% 9.55%
06/97 a 05/98 -15.46% -13.16% -10.87% -8.58% -6.28% -3.99% -1.70% 0.60%
07/97 a 06/98 -23.75% -20.73% -17.70% -14.68% -11.66% -8.63% -5.61% -2.59%
08/97 a 07/98 -15.07% -12.82% -10.57% -8.32% -6.08% -3.83% -1.58% 0.67%
09/97 a 08/98 -31.58% -27.68% -23.79% -19.90% -16.01% -12.12% -8.23% -4.34%
10/97 a 09/98 -51.04% -45.21% -39.38% -33.55% -27.71% -21.88% -16.05% -10.22%
11/97 a 10/98 -23.83% -20.63% -17.43% -14.23% -11.02% -7.82% -4.62% -1.42%
12/97 a 11/98 -11.44% -9.49% -7.53% -5.58% -3.62% -1.67% 0.29% 2.24%
01/98 a 12/98 -33.77% -29.68% -25.59% -21.50% -17.40% -13.31% -9.22% -5.13%
02/98 a 01/99 -10.85% -1.46% 7.93% 17.32% 26.70% 36.09% 45.48% 54.87%
03/98 a 02/99 -15.19% -5.70% 3.78% 13.26% 22.75% 32.23% 41.71% 51.20%
04/98 a 03/99 -6.89% -1.03% 4.84% 10.71% 16.57% 22.44% 28.30% 34.17%
05/98 a 04/99 -0.62% 4.13% 8.87% 13.62% 18.37% 23.11% 27.86% 32.60%
06/98 a 05/99 15.04% 18.68% 22.31% 25.95% 29.58% 33.22% 36.85% 40.49%
07/98 a 06/99 18.10% 21.65% 25.21% 28.76% 32.32% 35.87% 39.43% 42.99%
08/98 a 07/99 -1.93% 4.01% 9.96% 15.90% 21.84% 27.78% 33.73% 39.67%
09/98 a 08/99 57.61% 58.37% 59.13% 59.89% 60.65% 61.41% 62.17% 62.93%
10/98 a 09/99 83.88% 81.90% 79.91% 77.93% 75.95% 73.97% 71.99% 70.01%
11/98 a 10/99 56.64% 57.55% 58.45% 59.36% 60.27% 61.18% 62.08% 62.99%
12/98 a 11/99 62.38% 62.14% 61.91% 61.67% 61.43% 61.19% 60.95% 60.71%
01/99 a 12/99 143.91% 134.61% 125.31% 116.01% 106.71% 97.41% 88.12% 78.82%
02/99 a 01/00 85.83% 76.01% 66.19% 56.38% 46.56% 36.74% 26.93% 17.11%
03/99 a 02/00 95.18% 84.41% 73.64% 62.87% 52.11% 41.34% 30.57% 19.80%
04/99 a 03/00 56.47% 51.02% 45.56% 40.11% 34.65% 29.20% 23.74% 18.29%
05/99 a 04/00 35.75% 32.96% 30.17% 27.39% 24.60% 21.82% 19.03% 16.24%
06/99 a 05/00 39.82% 36.35% 32.88% 29.41% 25.94% 22.47% 18.99% 15.52%
07/99 a 06/00 45.95% 41.60% 37.25% 32.90% 28.54% 24.19% 19.84% 15.49%
08/99 a 07/00 59.52% 53.34% 47.16% 40.98% 34.79% 28.61% 22.43% 16.25%
09/99 a 08/00 61.23% 54.53% 47.83% 41.14% 34.44% 27.74% 21.05% 14.35%
10/99 a 09/00 41.97% 37.30% 32.62% 27.94% 23.26% 18.59% 13.91% 9.23%
11/99 a 10/00 25.75% 22.87% 19.98% 17.10% 14.21% 11.33% 8.44% 5.56%
12/99 a 11/00 -3.15% -2.65% -2.14% -1.64% -1.14% -0.64% -0.13% 0.37%
01/00 a 12/00 -8.89% -7.28% -5.68% -4.07% -2.46% -0.86% 0.75% 2.36%
02/00 a 01/01 3.12% 3.86% 4.60% 5.34% 6.08% 6.82% 7.56% 8.30%
03/00 a 02/01 -8.56% -6.30% -4.03% -1.77% 0.49% 2.76% 5.02% 7.29%
04/00 a 03/01 -18.93% -14.60% -10.27% -5.94% -1.61% 2.72% 7.05% 11.38%
05/00 a 04/01 -4.04% -1.39% 1.25% 3.90% 6.55% 9.19% 11.84% 14.49%
06/00 a 05/01 -4.27% -0.83% 2.60% 6.03% 9.46% 12.89% 16.33% 19.76%
07/00 a 06/01 -14.82% -10.36% -5.89% -1.43% 3.04% 7.51% 11.97% 16.44%
08/00 a 07/01 -15.63% -10.11% -4.59% 0.92% 6.44% 11.96% 17.48% 23.00%
09/00 a 08/01 -27.18% -20.44% -13.70% -6.96% -0.21% 6.53% 13.27% 20.01%
10/00 a 09/01 -32.51% -24.58% -16.65% -8.72% -0.80% 7.13% 15.06% 22.99%
11/00 a 10/01 -23.01% -17.12% -11.22% -5.32% 0.57% 6.47% 12.36% 18.26%
12/00 a 11/01 -0.75% 1.77% 4.30% 6.82% 9.34% 11.87% 14.39% 16.92%
01/01 a 12/01 -10.07% -7.25% -4.43% -1.61% 1.21% 4.03% 6.85% 9.67%
02/01 a 01/02 -25.71% -20.93% -16.15% -11.38% -6.60% -1.83% 2.95% 7.73%
03/01 a 02/02 -12.63% -9.89% -7.16% -4.43% -1.69% 1.04% 3.77% 6.51%
04/01 a 03/02 -3.68% -2.74% -1.81% -0.88% 0.06% 0.99% 1.92% 2.86%
05/01 a 04/02 -15.84% -13.37% -10.90% -8.43% -5.96% -3.49% -1.02% 1.45%
06/01 a 05/02 -14.41% -12.07% -9.72% -7.38% -5.04% -2.69% -0.35% 2.00%
07/01 a 06/02 -25.17% -20.36% -15.55% -10.75% -5.94% -1.14% 3.67% 8.48%
08/01 a 07/02 -28.99% -24.05% -19.10% -14.16% -9.22% -4.28% 0.66% 5.61%
09/01 a 08/02 -18.92% -14.90% -10.89% -6.87% -2.85% 1.17% 5.18% 9.20%
10/01 a 09/02 -14.32% -9.36% -4.40% 0.57% 5.53% 10.49% 15.45% 20.42%
11/01 a 10/02 -10.95% -6.27% -1.59% 3.10% 7.78% 12.46% 17.14% 21.83%
12/01 a 11/02 -19.97% -12.86% -5.75% 1.36% 8.47% 15.58% 22.69% 29.80%
01/02 a 12/02 -16.36% -9.75% -3.13% 3.49% 10.10% 16.72% 23.34% 29.95%
02/02 a 01/03 -13.81% -7.74% -1.67% 4.39% 10.46% 16.53% 22.60% 28.66%
03/02 a 02/03 -28.15% -20.32% -12.49% -4.66% 3.18% 11.01% 18.84% 26.67%
04/02 a 03/03 -13.92% -8.34% -2.75% 2.83% 8.42% 14.00% 19.59% 25.17%
05/02 a 04/03 2.17% 4.56% 6.95% 9.35% 11.74% 14.13% 16.52% 18.91%
06/02 a 05/03 4.49% 5.39% 6.28% 7.17% 8.06% 8.95% 9.84% 10.74%
07/02 a 06/03 22.03% 19.57% 17.11% 14.66% 12.20% 9.75% 7.29% 4.84%
08/02 a 07/03 34.53% 31.31% 28.08% 24.85% 21.63% 18.40% 15.17% 11.95%
09/02 a 08/03 47.93% 42.69% 37.46% 32.22% 26.99% 21.75% 16.52% 11.28%
10/02 a 09/03 84.26% 73.75% 63.25% 52.74% 42.23% 31.72% 21.21% 10.70%
11/02 a 10/03 82.61% 72.45% 62.29% 52.13% 41.96% 31.80% 21.64% 11.48%
12/02 a 11/03 92.26% 81.00% 69.73% 58.47% 47.20% 35.94% 24.68% 13.41%
01/03 a 12/03 93.45% 82.41% 71.37% 60.33% 49.29% 38.25% 27.21% 16.17%
02/03 a 01/04 99.69% 87.91% 76.13% 64.35% 52.58% 40.80% 29.02% 17.24%
03/03 a 02/04 118.32% 104.77% 91.22% 77.67% 64.12% 50.56% 37.01% 23.46%
04/03 a 03/05 95.37% 84.70% 74.04% 63.38% 52.72% 42.05% 31.39% 20.73%
05/03 a 04/04 53.85% 48.24% 42.64% 37.03% 31.43% 25.82% 20.21% 14.61%
06/03 a 05/04 47.75% 43.62% 39.50% 35.37% 31.24% 27.11% 22.98% 18.85%
07/03 a 06/04 60.62% 55.36% 50.09% 44.83% 39.57% 34.31% 29.04% 23.78%
08/03 a 07/04 70.98% 63.83% 56.67% 49.52% 42.37% 35.21% 28.06% 20.91%
09/03 a 08/04 46.64% 41.89% 37.14% 32.38% 27.63% 22.88% 18.13% 13.38%
10/03 a 09/04 43.43% 38.83% 34.24% 29.65% 25.06% 20.47% 15.88% 11.29%
11/03 a 10/04 25.68% 23.01% 20.34% 17.67% 15.00% 12.33% 9.66% 6.99%
12/03 a 11/04 22.97% 19.97% 16.97% 13.96% 10.96% 7.95% 4.95% 1.95%
01/04 a 12/04 14.61% 12.57% 10.53% 8.49% 6.45% 4.41% 2.37% 0.33%
02/04 a 01/05 10.85% 8.76% 6.67% 4.58% 2.49% 0.40% -1.69% -3.78%
03/04 a 02/05 23.25% 20.06% 16.88% 13.69% 10.50% 7.32% 4.13% 0.94%
04/04 a 03/05 18.22% 15.59% 12.96% 10.33% 7.70% 5.07% 2.43% -0.20%
05/04 a 04/05 25.35% 21.24% 17.13% 13.01% 8.90% 4.79% 0.68% -3.43%
06/04 a 05/05 32.76% 27.21% 21.65% 16.10% 10.54% 4.99% -0.57% -6.12%
07/04 a 06/05 18.56% 14.51% 10.45% 6.39% 2.34% -1.72% -5.78% -9.84%
08/04 a 07/05 17.15% 13.14% 9.14% 5.13% 1.13% -2.88% -6.89% -10.89%
09/04 a 08/05 24.21% 19.72% 15.24% 10.75% 6.27% 1.78% -2.70% -7.19%
10/04 a 09/05 33.98% 28.57% 23.17% 17.77% 12.36% 6.96% 1.55% -3.85%
11/04 a 10/05 32.77% 27.34% 21.90% 16.46% 11.03% 5.59% 0.16% -5.28%
12/04 a 11/05 29.26% 24.44% 19.62% 14.80% 9.98% 5.15% 0.33% -4.49%
01/05 a 12/05 30.27% 25.90% 21.54% 17.18% 12.82% 8.46% 4.09% -0.27%
02/05 a 01/06 59.36% 51.91% 44.45% 37.00% 29.55% 22.09% 14.64% 7.19%
03/05 a 02/06 41.29% 35.15% 29.01% 22.87% 16.73% 10.59% 4.45% -1.69%
04/05 a 03/06 44.61% 38.17% 31.73% 25.29% 18.85% 12.42% 5.98% -0.46%
05/05 a 04/06 66.03% 57.72% 49.41% 41.10% 32.79% 24.47% 16.16% 7.85%
06/05 a 05/06 45.48% 40.33% 35.19% 30.05% 24.90% 19.76% 14.62% 9.48%
07/05 a 06/06 47.59% 41.97% 36.35% 30.73% 25.11% 19.49% 13.87% 8.25%
08/05 a 07/06 40.08% 35.34% 30.60% 25.85% 21.11% 16.36% 11.62% 6.88%
09/05 a 08/06 33.50% 29.26% 25.02% 20.78% 16.54% 12.31% 8.07% 3.83%
10/05 a 09/06 16.33% 14.31% 12.29% 10.27% 8.26% 6.24% 4.22% 2.20%
11/05 a 10/06 29.23% 25.94% 22.65% 19.36% 16.08% 12.79% 9.50% 6.21%
12/05 a 11/06 26.70% 23.83% 20.96% 18.08% 15.21% 12.33% 9.46% 6.58%
01/06 a 12/06 35.44% 31.08% 26.71% 22.35% 17.98% 13.62% 9.26% 4.89%
02/06 a 01/07 16.45% 14.26% 12.06% 9.87% 7.68% 5.48% 3.29% 1.10%
03/06 a 02/07 11.08% 10.06% 9.05% 8.04% 7.02% 6.01% 5.00% 3.99%
04/06 a 03/07 17.77% 15.53% 13.30% 11.06% 8.82% 6.59% 4.35% 2.11%
05/06 a 04/07 20.61% 18.33% 16.04% 13.75% 11.46% 9.17% 6.89% 4.60%
06/06 a 05/07 41.52% 35.84% 30.15% 24.46% 18.78% 13.09% 7.40% 1.72%
07/06 a 06/07 48.22% 42.21% 36.20% 30.18% 24.17% 18.16% 12.14% 6.13%
08/06 a 07/07 47.22% 41.09% 34.96% 28.84% 22.71% 16.59% 10.46% 4.33%
09/06 a 08/07 46.89% 41.37% 35.86% 30.35% 24.83% 19.32% 13.81% 8.29%
10/06 a 09/07 68.23% 59.80% 51.37% 42.94% 34.51% 26.08% 17.65% 9.22%
11/06 a 10/07 60.41% 52.54% 44.67% 36.80% 28.93% 21.06% 13.19% 5.32%
12/06 a 11/07 52.92% 45.92% 38.92% 31.91% 24.91% 17.91% 10.90% 3.90%
01/07 a 12/07 38.41% 32.85% 27.29% 21.73% 16.16% 10.60% 5.04% -0.52%
02/07 a 01/08 36.29% 30.96% 25.62% 20.28% 14.95% 9.61% 4.27% -1.06%
03/07 a 02/08 48.20% 41.22% 34.24% 27.26% 20.28% 13.30% 6.32% -0.66%
04/07 a 03/08 37.67% 32.47% 27.27% 22.07% 16.86% 11.66% 6.46% 1.26%
05/07 a 04/08 40.22% 34.33% 28.44% 22.55% 16.67% 10.78% 4.89% -1.00%
06/07 a 05/08 34.58% 29.59% 24.59% 19.60% 14.60% 9.61% 4.61% -0.38%
07/07 a 06/08 14.49% 11.44% 8.39% 5.34% 2.28% -0.77% -3.82% -6.87%
08/07 a 07/08 6.26% 3.97% 1.67% -0.63% -2.93% -5.22% -7.52% -9.82%
09/07 a 08/08 0.60% -0.98% -2.57% -4.15% -5.74% -7.33% -8.91% -10.50%
10/07 a 09/08 -20.12% -17.52% -14.92% -12.32% -9.72% -7.12% -4.53% -1.93%
11/07 a 10/08 -41.83% -35.29% -28.75% -22.21% -15.67% -9.13% -2.59% 3.95%
12/07 a 11/08 -42.10% -34.98% -27.87% -20.75% -13.64% -6.53% 0.59% 7.70%
01/08 a 12/08 -40.22% -33.02% -25.82% -18.62% -11.42% -4.22% 2.99% 10.19%
02/08 a 01/09 -35.66% -28.82% -21.97% -15.13% -8.29% -1.45% 5.39% 12.24%
03/08 a 02/09 -40.79% -32.54% -24.30% -16.05% -7.80% 0.45% 8.70% 16.94%
04/08 a 03/09 -34.81% -28.04% -21.28% -14.51% -7.75% -0.98% 5.78% 12.54%
05/08 a 04/09 -31.82% -25.40% -18.97% -12.55% -6.12% 0.30% 6.73% 13.15%
06/08 a 05/09 -26.18% -21.50% -16.82% -12.13% -7.45% -2.77% 1.91% 6.59%
07/08 a 06/09 -18.82% -14.70% -10.58% -6.46% -2.34% 1.77% 5.89% 10.01%
PortifoliosIbov Dolar Retorno Risco (DP)100% 0% 24.87% 39.22%
20i/80d 10i/90d Dolar 90% 10% 23.23% 34.47%
16.65% 19.17% 22.64% 80% 20% 21.59% 29.88%
11.74% 10.09% 8.45% 70% 30% 19.94% 25.54%
-0.7887 -0.7707 -0.7250 60% 40% 18.30% 21.62%
2.5210 2.4636 2.3174 50% 50% 16.66% 18.36%
-15.66% -21.44% -28.80% 40% 60% 15.02% 16.19%
30% 70% 13.38% 15.56%
20% 80% 11.74% 16.65%
10% 90% 10.09% 19.17%
0% 100% 8.45% 22.64%
Sharpe20i/80d 10i/90d Dolar Ibov 90i/10d 80i/20d 70i/30d 60i/40d-0.78% -0.93% -1.08% 0.01 0.00 -0.01 -0.02 -0.03
-1.35% -0.68% 0.00% -0.17 0.02 0.05 0.08 0.13
2.73% 5.34% 7.95% -0.46 0.08 0.17 0.31 0.48
6.42% 9.09% 11.76% -0.38 0.08 0.18 0.31 0.49
8.87% 11.58% 14.29% -0.33 0.08 0.18 0.32 0.50
9.98% 12.05% 14.12% -0.17 0.06 0.14 0.24 0.38
12.80% 14.14% 15.48% 0.05 0.04 0.09 0.16 0.25
19.75% 18.21% 16.67% 0.82 -0.04 -0.10 -0.18 -0.29
26.25% 20.77% 15.29% 1.79 -0.16 -0.37 -0.64 -1.01
22.62% 16.31% 10.00% 1.86 -0.18 -0.42 -0.74 -1.17
13.69% 11.24% 8.79% 0.85 -0.07 -0.16 -0.29 -0.45
18.75% 14.93% 11.11% 1.26 -0.11 -0.26 -0.45 -0.71
21.21% 14.95% 8.70% 1.82 -0.18 -0.42 -0.73 -1.16
19.32% 13.96% 8.60% 1.59 -0.16 -0.36 -0.63 -0.99
13.91% 10.64% 7.37% 1.02 -0.09 -0.22 -0.38 -0.60
14.64% 11.00% 7.37% 1.11 -0.11 -0.24 -0.43 -0.67
18.23% 12.76% 7.29% 1.58 -0.16 -0.37 -0.64 -1.01
15.95% 11.07% 6.19% 1.40 -0.14 -0.33 -0.57 -0.90
17.46% 12.34% 7.22% 1.49 -0.15 -0.34 -0.60 -0.95
16.44% 11.79% 7.14% 1.37 -0.13 -0.31 -0.55 -0.86
21.04% 14.09% 7.14% 1.95 -0.20 -0.47 -0.82 -1.29
22.14% 14.61% 7.07% 2.10 -0.22 -0.50 -0.88 -1.39
24.81% 15.94% 7.07% 2.44 -0.26 -0.59 -1.04 -1.64
25.92% 16.46% 7.00% 2.59 -0.27 -0.63 -1.11 -1.75
28.64% 18.32% 8.00% 2.84 -0.30 -0.69 -1.21 -1.91
24.60% 15.77% 6.93% 2.43 -0.26 -0.59 -1.04 -1.64
17.93% 12.40% 6.86% 1.59 -0.16 -0.37 -0.65 -1.02
23.60% 15.72% 7.84% 2.21 -0.23 -0.53 -0.93 -1.46
15.12% 10.96% 6.80% 1.23 -0.12 -0.28 -0.49 -0.77
14.86% 11.31% 7.77% 1.10 -0.10 -0.24 -0.42 -0.66
16.29% 11.99% 7.69% 1.29 -0.12 -0.29 -0.50 -0.80
9.97% 8.32% 6.67% 0.59 -0.05 -0.11 -0.19 -0.31
10.25% 8.94% 7.62% 0.53 -0.04 -0.09 -0.15 -0.24
11.19% 8.90% 6.60% 0.75 -0.07 -0.15 -0.27 -0.42
8.88% 8.21% 7.55% 0.36 -0.02 -0.04 -0.08 -0.12
2.89% 5.18% 7.48% -0.39 0.07 0.15 0.27 0.42
0.44% 3.46% 6.48% -0.61 0.09 0.20 0.36 0.56
2.91% 5.16% 7.41% -0.38 0.07 0.15 0.26 0.42
-0.44% 3.45% 7.34% -0.81 0.11 0.26 0.46 0.72
-4.39% 1.44% 7.27% -1.30 0.17 0.39 0.68 1.08
1.78% 4.98% 8.18% -0.61 0.09 0.21 0.38 0.59
4.20% 6.15% 8.11% -0.29 0.06 0.13 0.23 0.36
-1.04% 3.05% 7.14% -0.86 0.12 0.27 0.48 0.76
64.26% 73.65% 83.04% -0.28 0.27 0.63 1.10 1.74
60.68% 70.16% 79.65% -0.39 0.28 0.63 1.11 1.75
40.04% 45.90% 51.77% -0.18 0.17 0.39 0.69 1.09
37.35% 42.10% 46.84% -0.02 0.14 0.32 0.56 0.88
44.12% 47.76% 51.39% 0.38 0.11 0.24 0.43 0.67
46.54% 50.10% 53.65% 0.46 0.10 0.24 0.42 0.66
45.61% 51.56% 57.50% -0.05 0.17 0.40 0.70 1.10
63.69% 64.45% 65.21% 1.47 0.02 0.05 0.09 0.14
68.03% 66.05% 64.07% 2.14 -0.06 -0.13 -0.23 -0.37
63.90% 64.81% 65.71% 1.44 0.03 0.06 0.11 0.17
60.48% 60.24% 60.00% 1.59 -0.01 -0.02 -0.03 -0.04
69.52% 60.22% 50.92% 3.67 -0.27 -0.62 -1.09 -1.72
7.29% -2.52% -12.34% 2.19 -0.28 -0.66 -1.15 -1.82
9.03% -1.74% -12.51% 2.43 -0.31 -0.72 -1.26 -1.99
12.83% 7.38% 1.92% 1.44 -0.16 -0.37 -0.64 -1.01
13.46% 10.67% 7.89% 0.91 -0.08 -0.19 -0.33 -0.52
12.05% 8.58% 5.11% 1.02 -0.10 -0.23 -0.41 -0.64
11.14% 6.79% 2.43% 1.17 -0.13 -0.29 -0.51 -0.81
10.07% 3.88% -2.30% 1.52 -0.18 -0.41 -0.73 -1.14
7.65% 0.95% -5.74% 1.56 -0.19 -0.45 -0.79 -1.24
4.55% -0.13% -4.80% 1.07 -0.14 -0.31 -0.55 -0.87
2.68% -0.21% -3.09% 0.66 -0.08 -0.19 -0.34 -0.53
0.87% 1.37% 1.88% -0.08 0.01 0.03 0.06 0.09
3.96% 5.57% 7.18% -0.23 0.05 0.11 0.19 0.30
9.04% 9.78% 10.52% 0.08 0.02 0.05 0.09 0.14
9.55% 11.81% 14.08% -0.22 0.07 0.15 0.27 0.42
15.71% 20.04% 24.37% -0.48 0.13 0.29 0.51 0.80
17.13% 19.78% 22.43% -0.10 0.08 0.18 0.31 0.49
23.19% 26.62% 30.05% -0.11 0.10 0.23 0.40 0.64
20.90% 25.37% 29.83% -0.38 0.13 0.30 0.52 0.83
28.52% 34.03% 39.55% -0.40 0.16 0.37 0.65 1.02
26.75% 33.49% 40.23% -0.69 0.20 0.45 0.79 1.25
30.92% 38.84% 46.77% -0.83 0.23 0.53 0.93 1.47
24.16% 30.05% 35.95% -0.59 0.17 0.39 0.69 1.09
19.44% 21.96% 24.49% -0.02 0.07 0.17 0.30 0.47
12.49% 15.31% 18.13% -0.26 0.08 0.19 0.33 0.52
12.50% 17.28% 22.05% -0.66 0.14 0.32 0.56 0.88
9.24% 11.98% 14.71% -0.32 0.08 0.18 0.32 0.51
3.79% 4.72% 5.66% -0.09 0.03 0.06 0.11 0.17
3.92% 6.39% 8.86% -0.40 0.07 0.17 0.29 0.46
4.34% 6.69% 9.03% -0.37 0.07 0.16 0.28 0.43
13.28% 18.09% 22.89% -0.64 0.14 0.32 0.56 0.89
10.55% 15.49% 20.43% -0.74 0.14 0.33 0.58 0.91
13.22% 17.24% 21.25% -0.48 0.12 0.27 0.47 0.74
25.38% 30.34% 35.30% -0.37 0.14 0.33 0.58 0.92
26.51% 31.19% 35.87% -0.28 0.14 0.31 0.55 0.87
36.91% 44.02% 51.13% -0.51 0.21 0.48 0.84 1.32
36.57% 43.19% 49.80% -0.42 0.19 0.44 0.78 1.22
34.73% 40.80% 46.86% -0.35 0.18 0.41 0.71 1.12
34.51% 42.34% 50.17% -0.72 0.23 0.52 0.92 1.45
30.75% 36.34% 41.92% -0.35 0.16 0.37 0.66 1.03
21.31% 23.70% 26.09% 0.06 0.07 0.16 0.28 0.44
11.63% 12.52% 13.41% 0.11 0.03 0.06 0.10 0.16
2.38% -0.07% -2.53% 0.56 -0.07 -0.16 -0.29 -0.45
8.72% 5.49% 2.27% 0.88 -0.09 -0.22 -0.38 -0.60
6.05% 0.81% -4.42% 1.22 -0.15 -0.35 -0.61 -0.97
0.20% -10.31% -20.82% 2.15 -0.30 -0.70 -1.23 -1.94
1.32% -8.85% -19.01% 2.11 -0.29 -0.68 -1.19 -1.88
2.15% -9.12% -20.38% 2.35 -0.33 -0.75 -1.32 -2.08
5.14% -5.90% -16.94% 2.38 -0.32 -0.74 -1.30 -2.04
5.47% -6.31% -18.09% 2.54 -0.34 -0.79 -1.38 -2.18
9.91% -3.64% -17.19% 3.02 -0.39 -0.91 -1.59 -2.51
10.07% -0.60% -11.26% 2.43 -0.31 -0.71 -1.25 -1.97
9.00% 3.40% -2.21% 1.37 -0.16 -0.38 -0.66 -1.04
14.72% 10.59% 6.46% 1.22 -0.12 -0.28 -0.49 -0.76
18.52% 13.26% 7.99% 1.55 -0.15 -0.35 -0.62 -0.97
13.75% 6.60% -0.55% 1.81 -0.21 -0.48 -0.84 -1.32
8.63% 3.87% -0.88% 1.19 -0.14 -0.32 -0.56 -0.88
6.70% 2.11% -2.48% 1.11 -0.13 -0.31 -0.54 -0.85
4.32% 1.66% -1.01% 0.65 -0.08 -0.18 -0.31 -0.49
-1.06% -4.06% -7.06% 0.59 -0.09 -0.20 -0.35 -0.56
-1.71% -3.74% -5.78% 0.37 -0.06 -0.14 -0.24 -0.38
-5.87% -7.96% -10.05% 0.28 -0.06 -0.14 -0.25 -0.39
-2.24% -5.43% -8.62% 0.59 -0.09 -0.21 -0.37 -0.59
-2.83% -5.46% -8.09% 0.46 -0.08 -0.18 -0.31 -0.49
-7.54% -11.66% -15.77% 0.65 -0.12 -0.28 -0.48 -0.76
-11.68% -17.23% -22.79% 0.84 -0.16 -0.37 -0.65 -1.03
-13.89% -17.95% -22.01% 0.47 -0.12 -0.27 -0.48 -0.75
-14.90% -18.90% -22.91% 0.44 -0.12 -0.27 -0.47 -0.74
-11.68% -16.16% -20.65% 0.62 -0.13 -0.30 -0.53 -0.83
-9.26% -14.66% -20.06% 0.87 -0.16 -0.36 -0.63 -1.00
-10.72% -16.15% -21.59% 0.84 -0.16 -0.36 -0.64 -1.01
-9.31% -14.13% -18.95% 0.75 -0.14 -0.32 -0.57 -0.89
-4.63% -8.99% -13.36% 0.77 -0.13 -0.29 -0.51 -0.81
-0.27% -7.72% -15.17% 1.51 -0.22 -0.50 -0.88 -1.38
-7.83% -13.97% -20.11% 1.05 -0.18 -0.41 -0.72 -1.14
-6.90% -13.34% -19.78% 1.14 -0.19 -0.43 -0.76 -1.19
-0.46% -8.77% -17.08% 1.68 -0.24 -0.56 -0.98 -1.54
4.33% -0.81% -5.95% 1.16 -0.15 -0.34 -0.60 -0.95
2.64% -2.98% -8.60% 1.21 -0.16 -0.38 -0.66 -1.04
2.13% -2.61% -7.36% 1.02 -0.14 -0.32 -0.56 -0.88
-0.41% -4.65% -8.89% 0.85 -0.12 -0.28 -0.50 -0.78
0.18% -1.83% -3.85% 0.42 -0.06 -0.14 -0.24 -0.37
2.93% -0.36% -3.65% 0.75 -0.10 -0.22 -0.39 -0.61
3.71% 0.84% -2.04% 0.68 -0.08 -0.19 -0.34 -0.53
0.53% -3.84% -8.20% 0.90 -0.13 -0.29 -0.51 -0.81
-1.10% -3.29% -5.48% 0.42 -0.06 -0.15 -0.26 -0.41
2.97% 1.96% 0.95% 0.28 -0.03 -0.07 -0.12 -0.19
-0.12% -2.36% -4.59% 0.45 -0.06 -0.15 -0.26 -0.41
2.31% 0.02% -2.27% 0.53 -0.07 -0.15 -0.27 -0.42
-3.97% -9.65% -15.34% 1.06 -0.16 -0.38 -0.67 -1.05
0.12% -5.89% -11.91% 1.23 -0.17 -0.40 -0.71 -1.11
-1.79% -7.92% -14.04% 1.20 -0.18 -0.41 -0.72 -1.13
2.78% -2.73% -8.25% 1.20 -0.16 -0.37 -0.65 -1.02
0.79% -7.64% -16.07% 1.74 -0.24 -0.56 -0.99 -1.56
-2.55% -10.42% -18.29% 1.54 -0.23 -0.53 -0.92 -1.46
-3.11% -10.11% -17.11% 1.35 -0.20 -0.47 -0.82 -1.30
-6.09% -11.65% -17.21% 0.98 -0.16 -0.37 -0.65 -1.03
-6.40% -11.73% -17.07% 0.93 -0.15 -0.36 -0.63 -0.99
-7.64% -14.62% -21.60% 1.23 -0.20 -0.47 -0.82 -1.29
-3.94% -9.15% -14.35% 0.96 -0.15 -0.35 -0.61 -0.96
-6.88% -12.77% -18.66% 1.03 -0.17 -0.39 -0.69 -1.09
-5.38% -10.37% -15.37% 0.88 -0.14 -0.33 -0.59 -0.92
-9.92% -12.98% -16.03% 0.37 -0.09 -0.20 -0.36 -0.56
-12.12% -14.41% -16.71% 0.16 -0.07 -0.15 -0.27 -0.43
-12.08% -13.67% -15.25% 0.02 -0.05 -0.11 -0.19 -0.29
0.67% 3.27% 5.87% -0.51 0.08 0.17 0.31 0.48
10.49% 17.03% 23.57% -1.07 0.19 0.44 0.77 1.21
14.81% 21.93% 29.04% -1.07 0.21 0.48 0.84 1.32
17.39% 24.59% 31.79% -1.03 0.21 0.48 0.85 1.33
19.08% 25.92% 32.76% -0.91 0.20 0.46 0.80 1.27
25.19% 33.44% 41.69% -1.04 0.24 0.55 0.97 1.53
19.31% 26.07% 32.84% -0.89 0.20 0.45 0.79 1.25
19.57% 26.00% 32.42% -0.81 0.19 0.43 0.75 1.19
11.27% 15.96% 20.64% -0.67 0.14 0.31 0.55 0.87
14.13% 18.25% 22.37% -0.48 0.12 0.28 0.48 0.76
50i/50d 40i/60d 30i/70d 20i/80d 10i/90d Dolar -0.04 -0.05 -0.07 -0.07 -0.07 -0.06
0.18 0.25 0.30 0.33 0.32 0.30
0.71 0.97 1.17 1.25 1.23 1.15
0.73 0.99 1.20 1.28 1.25 1.18
0.74 1.00 1.22 1.30 1.27 1.20
0.56 0.77 0.93 0.99 0.97 0.91
0.36 0.50 0.60 0.64 0.63 0.59
-0.42 -0.57 -0.69 -0.74 -0.72 -0.68
-1.49 -2.03 -2.46 -2.63 -2.57 -2.42
-1.72 -2.34 -2.84 -3.03 -2.96 -2.79
-0.67 -0.91 -1.10 -1.18 -1.15 -1.08
-1.04 -1.42 -1.72 -1.84 -1.79 -1.69
-1.70 -2.32 -2.81 -3.01 -2.94 -2.76
-1.46 -1.99 -2.41 -2.57 -2.51 -2.37
-0.89 -1.21 -1.47 -1.57 -1.53 -1.44
-0.99 -1.35 -1.63 -1.75 -1.71 -1.61
-1.49 -2.03 -2.46 -2.63 -2.57 -2.42
-1.33 -1.81 -2.19 -2.34 -2.29 -2.15
-1.39 -1.90 -2.30 -2.46 -2.40 -2.26
-1.27 -1.72 -2.09 -2.23 -2.18 -2.05
-1.89 -2.57 -3.12 -3.34 -3.26 -3.07
-2.05 -2.79 -3.39 -3.62 -3.54 -3.33
-2.42 -3.29 -3.99 -4.26 -4.16 -3.92
-2.58 -3.51 -4.26 -4.55 -4.44 -4.18
-2.81 -3.82 -4.64 -4.96 -4.85 -4.56
-2.41 -3.27 -3.97 -4.24 -4.15 -3.90
-1.51 -2.05 -2.49 -2.66 -2.60 -2.44
-2.15 -2.92 -3.54 -3.79 -3.70 -3.48
-1.13 -1.54 -1.87 -2.00 -1.95 -1.84
-0.97 -1.31 -1.60 -1.70 -1.67 -1.57
-1.17 -1.59 -1.93 -2.06 -2.02 -1.90
-0.45 -0.61 -0.74 -0.79 -0.78 -0.73
-0.36 -0.49 -0.59 -0.63 -0.62 -0.58
-0.62 -0.85 -1.03 -1.10 -1.08 -1.01
-0.18 -0.25 -0.30 -0.32 -0.31 -0.29
0.62 0.85 1.03 1.10 1.08 1.01
0.82 1.12 1.36 1.45 1.42 1.34
0.61 0.83 1.01 1.08 1.06 0.99
1.06 1.44 1.75 1.87 1.83 1.72
1.59 2.16 2.62 2.80 2.74 2.58
0.87 1.19 1.44 1.54 1.50 1.41
0.53 0.72 0.88 0.94 0.92 0.86
1.11 1.52 1.84 1.97 1.92 1.81
2.56 3.48 4.22 4.51 4.41 4.15
2.58 3.51 4.27 4.56 4.45 4.19
1.60 2.17 2.64 2.82 2.75 2.59
1.29 1.76 2.13 2.28 2.23 2.10
0.99 1.35 1.63 1.75 1.71 1.61
0.97 1.32 1.60 1.71 1.67 1.57
1.62 2.20 2.67 2.86 2.79 2.62
0.21 0.28 0.34 0.37 0.36 0.34
-0.54 -0.73 -0.89 -0.95 -0.93 -0.87
0.25 0.34 0.41 0.44 0.43 0.40
-0.06 -0.09 -0.11 -0.11 -0.11 -0.11
-2.53 -3.45 -4.18 -4.47 -4.37 -4.11
-2.67 -3.64 -4.42 -4.72 -4.61 -4.34
-2.93 -3.99 -4.84 -5.17 -5.06 -4.76
-1.49 -2.02 -2.45 -2.62 -2.56 -2.41
-0.76 -1.03 -1.25 -1.34 -1.31 -1.23
-0.95 -1.29 -1.56 -1.67 -1.63 -1.53
-1.18 -1.61 -1.96 -2.09 -2.04 -1.92
-1.68 -2.29 -2.78 -2.97 -2.90 -2.73
-1.82 -2.48 -3.01 -3.22 -3.14 -2.96
-1.27 -1.73 -2.10 -2.25 -2.20 -2.07
-0.79 -1.07 -1.30 -1.39 -1.35 -1.27
0.14 0.19 0.23 0.24 0.24 0.22
0.44 0.60 0.72 0.77 0.75 0.71
0.20 0.27 0.33 0.36 0.35 0.33
0.62 0.84 1.02 1.09 1.06 1.00
1.18 1.60 1.95 2.08 2.03 1.91
0.72 0.98 1.19 1.27 1.24 1.17
0.93 1.27 1.54 1.65 1.61 1.52
1.22 1.65 2.01 2.15 2.10 1.97
1.50 2.04 2.48 2.65 2.59 2.44
1.84 2.50 3.03 3.24 3.16 2.98
2.16 2.94 3.57 3.81 3.72 3.50
1.61 2.19 2.65 2.83 2.77 2.60
0.69 0.94 1.14 1.21 1.18 1.11
0.77 1.05 1.27 1.35 1.32 1.25
1.30 1.77 2.15 2.29 2.24 2.11
0.74 1.01 1.23 1.31 1.28 1.21
0.25 0.35 0.42 0.45 0.44 0.41
0.67 0.92 1.11 1.19 1.16 1.09
0.64 0.87 1.05 1.13 1.10 1.04
1.31 1.78 2.16 2.31 2.26 2.12
1.35 1.83 2.22 2.37 2.32 2.18
1.09 1.49 1.81 1.93 1.89 1.77
1.35 1.84 2.23 2.38 2.33 2.19
1.28 1.74 2.11 2.25 2.20 2.07
1.94 2.63 3.20 3.42 3.34 3.14
1.80 2.45 2.98 3.18 3.11 2.92
1.65 2.25 2.73 2.91 2.85 2.68
2.13 2.90 3.52 3.76 3.68 3.46
1.52 2.07 2.51 2.68 2.62 2.47
0.65 0.89 1.08 1.15 1.12 1.06
0.24 0.33 0.40 0.43 0.42 0.39
-0.67 -0.91 -1.10 -1.18 -1.15 -1.08
-0.88 -1.20 -1.45 -1.55 -1.51 -1.42
-1.43 -1.94 -2.35 -2.51 -2.46 -2.31
-2.86 -3.89 -4.73 -5.05 -4.93 -4.64
-2.77 -3.77 -4.57 -4.88 -4.77 -4.49
-3.07 -4.17 -5.07 -5.41 -5.29 -4.97
-3.01 -4.09 -4.97 -5.30 -5.18 -4.88
-3.21 -4.36 -5.30 -5.66 -5.53 -5.20
-3.69 -5.02 -6.10 -6.51 -6.36 -5.98
-2.90 -3.95 -4.80 -5.12 -5.01 -4.71
-1.53 -2.08 -2.52 -2.69 -2.63 -2.48
-1.12 -1.53 -1.86 -1.98 -1.94 -1.82
-1.43 -1.95 -2.37 -2.53 -2.47 -2.32
-1.95 -2.65 -3.22 -3.44 -3.36 -3.16
-1.29 -1.76 -2.14 -2.28 -2.23 -2.10
-1.25 -1.70 -2.06 -2.21 -2.16 -2.03
-0.73 -0.99 -1.20 -1.28 -1.25 -1.18
-0.82 -1.11 -1.35 -1.44 -1.41 -1.33
-0.56 -0.76 -0.92 -0.98 -0.96 -0.90
-0.57 -0.77 -0.94 -1.00 -0.98 -0.92
-0.87 -1.18 -1.43 -1.53 -1.50 -1.41
-0.72 -0.97 -1.18 -1.26 -1.24 -1.16
-1.12 -1.52 -1.85 -1.98 -1.93 -1.82
-1.51 -2.06 -2.50 -2.67 -2.61 -2.45
-1.10 -1.50 -1.82 -1.95 -1.90 -1.79
-1.09 -1.48 -1.80 -1.92 -1.88 -1.77
-1.22 -1.66 -2.02 -2.15 -2.11 -1.98
-1.47 -2.00 -2.43 -2.60 -2.54 -2.39
-1.48 -2.01 -2.45 -2.61 -2.55 -2.40
-1.31 -1.79 -2.17 -2.32 -2.26 -2.13
-1.19 -1.62 -1.96 -2.10 -2.05 -1.93
-2.03 -2.76 -3.35 -3.58 -3.50 -3.29
-1.67 -2.28 -2.76 -2.95 -2.88 -2.71
-1.75 -2.39 -2.90 -3.09 -3.02 -2.84
-2.26 -3.08 -3.74 -3.99 -3.90 -3.67
-1.40 -1.91 -2.31 -2.47 -2.41 -2.27
-1.53 -2.08 -2.53 -2.70 -2.64 -2.48
-1.29 -1.76 -2.13 -2.28 -2.23 -2.09
-1.15 -1.57 -1.91 -2.04 -1.99 -1.87
-0.55 -0.75 -0.91 -0.97 -0.95 -0.89
-0.90 -1.22 -1.48 -1.58 -1.54 -1.45
-0.78 -1.07 -1.29 -1.38 -1.35 -1.27
-1.19 -1.62 -1.96 -2.10 -2.05 -1.93
-0.60 -0.81 -0.99 -1.05 -1.03 -0.97
-0.28 -0.38 -0.46 -0.49 -0.48 -0.45
-0.61 -0.83 -1.01 -1.07 -1.05 -0.99
-0.62 -0.85 -1.03 -1.10 -1.07 -1.01
-1.55 -2.11 -2.56 -2.73 -2.67 -2.51
-1.64 -2.23 -2.70 -2.89 -2.82 -2.66
-1.67 -2.27 -2.76 -2.94 -2.88 -2.71
-1.50 -2.04 -2.48 -2.65 -2.59 -2.43
-2.30 -3.12 -3.79 -4.05 -3.96 -3.72
-2.14 -2.92 -3.54 -3.78 -3.69 -3.48
-1.91 -2.60 -3.15 -3.36 -3.29 -3.09
-1.51 -2.06 -2.50 -2.67 -2.61 -2.46
-1.45 -1.98 -2.40 -2.56 -2.51 -2.36
-1.90 -2.59 -3.14 -3.35 -3.28 -3.08
-1.42 -1.93 -2.34 -2.50 -2.44 -2.30
-1.60 -2.18 -2.65 -2.83 -2.76 -2.60
-1.36 -1.85 -2.25 -2.40 -2.35 -2.21
-0.83 -1.13 -1.37 -1.47 -1.43 -1.35
-0.63 -0.85 -1.03 -1.10 -1.08 -1.01
-0.43 -0.59 -0.71 -0.76 -0.74 -0.70
0.71 0.96 1.17 1.25 1.22 1.15
1.78 2.42 2.94 3.14 3.07 2.89
1.94 2.64 3.20 3.42 3.34 3.14
1.96 2.67 3.24 3.46 3.38 3.18
1.86 2.54 3.08 3.29 3.21 3.02
2.25 3.06 3.71 3.96 3.87 3.64
1.84 2.51 3.04 3.25 3.18 2.99
1.75 2.38 2.89 3.09 3.02 2.84
1.27 1.73 2.11 2.25 2.20 2.07
1.12 1.53 1.85 1.98 1.93 1.82
10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
100% Ibov
10% Dólar / 90% Ibov
20% Dólar / 80% Ibov
30% Dólar / 70% Ibov
40% Dólar / 60% Ibov
50% Dólar / 50% Ibov
60% Dólar / 40% Ibov
70% Dólar / 30% Ibov
80% Dólar / 20% Ibovv
90% Dólar / 10% Ibov
100% Dólar
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al
Ouro x Ibov (1994)
Parametros Ibov 90i/10o 80i/20o 70i/30o 60i/40o 50i/50o 40i/60o 30i/70oDp Anual 39.22% 34.65% 30.23% 26.04% 22.20% 18.95% 16.61% 15.61%
Retorno Media 24.87% 23.82% 22.78% 21.73% 20.69% 19.64% 18.60% 17.55%
Sharpe Media - -0.0302 -0.0691 -0.1204 -0.1883 -0.2758 -0.3776 -0.4687
DP Sharpe - 0.1456 0.3338 0.5814 0.9090 1.3317 1.8231 2.2633
VAR IC 95% -39.65% -33.18% -26.95% -21.10% -15.84% -11.52% -8.72% -8.12%
Resolver o Sharpe: Incluir Selic para calcula-lo
Retornos AnualizadosData Ibov 90i/10o 80i/20o 70i/30o 60i/40o 50i/50o 40i/60o 30i/70o
07/94 a 06/95 0.38% -0.17% -0.72% -1.27% -1.81% -2.36% -2.91% -3.46%
08/94 a 07/95 -6.77% -6.17% -5.58% -4.98% -4.38% -3.78% -3.18% -2.58%
09/94 a 08/95 -18.15% -16.08% -14.01% -11.93% -9.86% -7.79% -5.72% -3.64%
10/94 a 09/95 -14.94% -12.78% -10.63% -8.47% -6.31% -4.15% -1.99% 0.16%
11/94 a 10/95 -12.79% -10.22% -7.66% -5.09% -2.52% 0.04% 2.61% 5.17%
12/94 a 11/95 -6.58% -4.33% -2.08% 0.17% 2.43% 4.68% 6.93% 9.18%
01/95 a 12/95 2.07% 3.41% 4.75% 6.09% 7.43% 8.77% 10.11% 11.45%
02/95 a 01/96 32.07% 31.52% 30.97% 30.41% 29.86% 29.31% 28.76% 28.21%
03/95 a 02/96 70.06% 65.35% 60.64% 55.93% 51.22% 46.51% 41.80% 37.09%
04/95 a 03/96 73.12% 66.96% 60.80% 54.64% 48.48% 42.32% 36.16% 30.00%
05/95 a 04/96 33.26% 31.08% 28.89% 26.71% 24.52% 22.34% 20.15% 17.96%
06/95 a 05/96 49.33% 45.80% 42.27% 38.74% 35.21% 31.68% 28.15% 24.62%
07/95 a 06/96 71.27% 65.04% 58.81% 52.59% 46.36% 40.13% 33.90% 27.67%
08/95 a 07/96 62.17% 57.04% 51.91% 46.78% 41.64% 36.51% 31.38% 26.25%
09/95 a 08/96 40.06% 36.97% 33.88% 30.79% 27.70% 24.62% 21.53% 18.44%
10/95 a 09/96 43.72% 39.97% 36.23% 32.49% 28.75% 25.01% 21.27% 17.53%
11/95 a 10/96 61.99% 56.47% 50.95% 45.43% 39.92% 34.40% 28.88% 23.36%
12/95 a 11/96 54.98% 49.82% 44.65% 39.49% 34.32% 29.16% 23.99% 18.83%
01/96 a 12/96 58.44% 52.66% 46.88% 41.10% 35.32% 29.55% 23.77% 17.99%
02/96 a 01/97 53.64% 47.34% 41.05% 34.75% 28.45% 22.16% 15.86% 9.57%
03/96 a 02/97 76.61% 68.72% 60.82% 52.92% 45.02% 37.12% 29.22% 21.32%
04/96 a 03/97 82.42% 73.67% 64.92% 56.17% 47.42% 38.67% 29.92% 21.17%
05/96 a 04/97 95.76% 85.43% 75.10% 64.77% 54.44% 44.11% 33.78% 23.45%
06/96 a 05/97 101.61% 90.85% 80.10% 69.34% 58.59% 47.83% 37.07% 26.32%
07/96 a 06/97 111.20% 99.60% 88.01% 76.41% 64.81% 53.22% 41.62% 30.02%
08/96 a 07/97 95.29% 84.84% 74.39% 63.93% 53.48% 43.03% 32.57% 22.12%
09/96 a 08/97 62.20% 55.10% 48.00% 40.90% 33.80% 26.71% 19.61% 12.51%
10/96 a 09/97 86.65% 77.42% 68.20% 58.97% 49.75% 40.52% 31.29% 22.07%
11/96 a 10/97 48.44% 42.60% 36.76% 30.92% 25.08% 19.24% 13.40% 7.56%
12/96 a 11/97 43.24% 37.53% 31.82% 26.11% 20.39% 14.68% 8.97% 3.26%
01/97 a 12/97 50.67% 44.16% 37.65% 31.14% 24.62% 18.11% 11.60% 5.09%
02/97 a 01/98 23.19% 20.41% 17.64% 14.87% 12.09% 9.32% 6.55% 3.78%
03/97 a 02/98 20.80% 17.61% 14.43% 11.25% 8.07% 4.89% 1.71% -1.48%
04/97 a 03/98 29.54% 25.95% 22.37% 18.79% 15.21% 11.63% 8.05% 4.47%
05/97 a 04/98 14.22% 12.59% 10.95% 9.31% 7.68% 6.04% 4.40% 2.77%
06/97 a 05/98 -15.46% -14.71% -13.97% -13.22% -12.48% -11.74% -10.99% -10.25%
07/97 a 06/98 -23.75% -21.87% -19.98% -18.10% -16.22% -14.34% -12.45% -10.57%
08/97 a 07/98 -15.07% -14.01% -12.95% -11.89% -10.83% -9.77% -8.71% -7.65%
09/97 a 08/98 -31.58% -29.07% -26.57% -24.06% -21.56% -19.06% -16.55% -14.05%
10/97 a 09/98 -51.04% -45.99% -40.93% -35.88% -30.83% -25.77% -20.72% -15.67%
11/97 a 10/98 -23.83% -21.46% -19.10% -16.73% -14.37% -12.00% -9.64% -7.27%
12/97 a 11/98 -11.44% -9.48% -7.53% -5.57% -3.61% -1.65% 0.31% 2.27%
01/98 a 12/98 -33.77% -29.58% -25.39% -21.21% -17.02% -12.83% -8.64% -4.45%
02/98 a 01/99 -10.85% -3.97% 2.92% 9.80% 16.69% 23.57% 30.45% 37.34%
03/98 a 02/99 -15.19% -5.27% 4.64% 14.56% 24.48% 34.39% 44.31% 54.22%
04/98 a 03/99 -6.89% -2.10% 2.70% 7.50% 12.29% 17.09% 21.89% 26.68%
05/98 a 04/99 -0.62% 3.21% 7.03% 10.86% 14.68% 18.51% 22.33% 26.16%
06/98 a 05/99 15.04% 17.48% 19.93% 22.37% 24.81% 27.25% 29.69% 32.13%
07/98 a 06/99 18.10% 19.90% 21.71% 23.52% 25.32% 27.13% 28.93% 30.74%
08/98 a 07/99 -1.93% 2.27% 6.46% 10.66% 14.86% 19.05% 23.25% 27.45%
09/98 a 08/99 57.61% 56.87% 56.14% 55.40% 54.66% 53.92% 53.18% 52.45%
10/98 a 09/99 83.88% 81.71% 79.55% 77.39% 75.23% 73.07% 70.90% 68.74%
11/98 a 10/99 56.64% 57.02% 57.40% 57.79% 58.17% 58.55% 58.93% 59.31%
12/98 a 11/99 62.38% 61.82% 61.25% 60.68% 60.11% 59.55% 58.98% 58.41%
01/99 a 12/99 143.91% 134.53% 125.14% 115.75% 106.37% 96.98% 87.59% 78.20%
02/99 a 01/00 85.83% 76.65% 67.47% 58.29% 49.11% 39.93% 30.75% 21.57%
03/99 a 02/00 95.18% 83.86% 72.53% 61.21% 49.88% 38.56% 27.23% 15.91%
04/99 a 03/00 56.47% 50.98% 45.50% 40.01% 34.52% 29.03% 23.54% 18.05%
05/99 a 04/00 35.75% 32.91% 30.08% 27.24% 24.41% 21.57% 18.73% 15.90%
06/99 a 05/00 39.82% 37.03% 34.24% 31.45% 28.65% 25.86% 23.07% 20.28%
07/99 a 06/00 45.95% 42.96% 39.97% 36.99% 34.00% 31.01% 28.02% 25.03%
08/99 a 07/00 59.52% 54.87% 50.22% 45.56% 40.91% 36.25% 31.60% 26.95%
09/99 a 08/00 61.23% 55.85% 50.47% 45.09% 39.71% 34.33% 28.95% 23.57%
10/99 a 09/00 41.97% 36.87% 31.77% 26.67% 21.56% 16.46% 11.36% 6.26%
11/99 a 10/00 25.75% 22.38% 19.00% 15.62% 12.25% 8.87% 5.49% 2.12%
12/99 a 11/00 -3.15% -3.56% -3.97% -4.38% -4.78% -5.19% -5.60% -6.01%
01/00 a 12/00 -8.89% -7.79% -6.69% -5.59% -4.49% -3.39% -2.29% -1.18%
02/00 a 01/01 3.12% 2.90% 2.67% 2.44% 2.21% 1.98% 1.76% 1.53%
03/00 a 02/01 -8.56% -7.31% -6.05% -4.80% -3.54% -2.29% -1.03% 0.22%
04/00 a 03/01 -18.93% -15.94% -12.95% -9.96% -6.97% -3.98% -0.99% 2.00%
05/00 a 04/01 -4.04% -2.66% -1.28% 0.09% 1.47% 2.85% 4.22% 5.60%
06/00 a 05/01 -4.27% -2.40% -0.54% 1.32% 3.18% 5.04% 6.90% 8.76%
07/00 a 06/01 -14.82% -11.66% -8.49% -5.33% -2.16% 1.01% 4.17% 7.34%
08/00 a 07/01 -15.63% -12.06% -8.50% -4.93% -1.37% 2.20% 5.76% 9.33%
09/00 a 08/01 -27.18% -22.43% -17.67% -12.92% -8.17% -3.42% 1.34% 6.09%
10/00 a 09/01 -32.51% -26.80% -21.10% -15.39% -9.69% -3.99% 1.72% 7.42%
11/00 a 10/01 -23.01% -15.81% -8.60% -1.39% 5.82% 13.03% 20.24% 27.44%
12/00 a 11/01 -0.75% 3.40% 7.56% 11.71% 15.87% 20.02% 24.18% 28.33%
01/01 a 12/01 -10.07% -6.64% -3.20% 0.23% 3.66% 7.09% 10.52% 13.96%
02/01 a 01/02 -25.71% -20.51% -15.31% -10.10% -4.90% 0.30% 5.50% 10.70%
03/01 a 02/02 -12.63% -8.26% -3.90% 0.47% 4.83% 9.20% 13.57% 17.93%
04/01 a 03/02 -3.68% -0.71% 2.25% 5.21% 8.17% 11.13% 14.09% 17.06%
05/01 a 04/02 -15.84% -12.21% -8.59% -4.97% -1.35% 2.28% 5.90% 9.52%
06/01 a 05/02 -14.41% -10.67% -6.92% -3.18% 0.56% 4.31% 8.05% 11.80%
07/01 a 06/02 -25.17% -19.66% -14.15% -8.64% -3.13% 2.38% 7.89% 13.40%
08/01 a 07/02 -28.99% -22.04% -15.10% -8.15% -1.20% 5.74% 12.69% 19.63%
09/01 a 08/02 -18.92% -12.36% -5.79% 0.78% 7.34% 13.91% 20.48% 27.04%
10/01 a 09/02 -14.32% -8.41% -2.49% 3.43% 9.34% 15.26% 21.18% 27.09%
11/01 a 10/02 -10.95% -5.06% 0.84% 6.73% 12.62% 18.52% 24.41% 30.30%
12/01 a 11/02 -19.97% -13.23% -6.49% 0.25% 6.99% 13.73% 20.46% 27.20%
01/02 a 12/02 -16.36% -8.08% 0.20% 8.48% 16.76% 25.04% 33.32% 41.60%
02/02 a 01/03 -13.81% -5.42% 2.97% 11.35% 19.74% 28.13% 36.52% 44.90%
03/02 a 02/03 -28.15% -16.56% -4.96% 6.63% 18.23% 29.83% 41.42% 53.02%
04/02 a 03/03 -13.92% -4.90% 4.12% 13.14% 22.16% 31.18% 40.20% 49.22%
05/02 a 04/03 2.17% 7.17% 12.18% 17.18% 22.18% 27.19% 32.19% 37.19%
06/02 a 05/03 4.49% 7.83% 11.17% 14.50% 17.84% 21.18% 24.51% 27.85%
07/02 a 06/03 22.03% 22.58% 23.13% 23.68% 24.23% 24.78% 25.33% 25.89%
08/02 a 07/03 34.53% 31.72% 28.91% 26.10% 23.29% 20.48% 17.68% 14.87%
09/02 a 08/03 47.93% 44.02% 40.11% 36.19% 32.28% 28.37% 24.46% 20.55%
10/02 a 09/03 84.26% 76.89% 69.53% 62.16% 54.79% 47.42% 40.06% 32.69%
11/02 a 10/03 82.61% 73.63% 64.64% 55.66% 46.67% 37.69% 28.70% 19.71%
12/02 a 11/03 92.26% 82.93% 73.59% 64.26% 54.92% 45.59% 36.25% 26.91%
01/03 a 12/03 93.45% 84.41% 75.38% 66.34% 57.31% 48.27% 39.23% 30.20%
02/03 a 01/04 99.69% 90.32% 80.96% 71.59% 62.22% 52.86% 43.49% 34.12%
03/03 a 02/04 118.32% 105.22% 92.12% 79.02% 65.92% 52.82% 39.72% 26.62%
04/03 a 03/05 95.37% 84.87% 74.38% 63.88% 53.39% 42.89% 32.40% 21.90%
05/03 a 04/04 53.85% 49.96% 46.07% 42.18% 38.29% 34.41% 30.52% 26.63%
06/03 a 05/04 47.75% 43.99% 40.23% 36.47% 32.71% 28.95% 25.19% 21.43%
07/03 a 06/04 60.62% 55.89% 51.17% 46.44% 41.72% 36.99% 32.27% 27.54%
08/03 a 07/04 70.98% 66.15% 61.31% 56.48% 51.64% 46.81% 41.98% 37.14%
09/03 a 08/04 46.64% 43.22% 39.79% 36.37% 32.95% 29.53% 26.11% 22.68%
10/03 a 09/04 43.43% 40.05% 36.68% 33.31% 29.94% 26.57% 23.20% 19.83%
11/03 a 10/04 25.68% 24.04% 22.40% 20.76% 19.12% 17.48% 15.84% 14.20%
12/03 a 11/04 22.97% 21.82% 20.66% 19.51% 18.36% 17.20% 16.05% 14.89%
01/04 a 12/04 14.61% 13.56% 12.51% 11.46% 10.41% 9.36% 8.31% 7.26%
02/04 a 01/05 10.85% 9.45% 8.06% 6.66% 5.27% 3.87% 2.48% 1.08%
03/04 a 02/05 23.25% 20.73% 18.20% 15.68% 13.15% 10.62% 8.10% 5.57%
04/04 a 03/05 18.22% 16.42% 14.63% 12.84% 11.04% 9.25% 7.46% 5.66%
05/04 a 04/05 25.35% 22.12% 18.89% 15.66% 12.43% 9.20% 5.97% 2.73%
06/04 a 05/05 32.76% 29.05% 25.34% 21.63% 17.92% 14.21% 10.50% 6.78%
07/04 a 06/05 18.56% 15.01% 11.45% 7.90% 4.34% 0.79% -2.77% -6.32%
08/04 a 07/05 17.15% 14.03% 10.91% 7.80% 4.68% 1.56% -1.56% -4.68%
09/04 a 08/05 24.21% 20.34% 16.48% 12.61% 8.74% 4.87% 1.01% -2.86%
10/04 a 09/05 33.98% 29.17% 24.37% 19.56% 14.76% 9.96% 5.15% 0.35%
11/04 a 10/05 32.77% 28.38% 23.99% 19.61% 15.22% 10.83% 6.44% 2.05%
12/04 a 11/05 29.26% 24.82% 20.38% 15.94% 11.50% 7.07% 2.63% -1.81%
01/05 a 12/05 30.27% 26.40% 22.54% 18.68% 14.82% 10.95% 7.09% 3.23%
02/05 a 01/06 59.36% 54.03% 48.69% 43.36% 38.03% 32.69% 27.36% 22.03%
03/05 a 02/06 41.29% 38.08% 34.88% 31.67% 28.47% 25.26% 22.06% 18.86%
04/05 a 03/06 44.61% 40.86% 37.12% 33.37% 29.62% 25.88% 22.13% 18.38%
05/05 a 04/06 66.03% 60.70% 55.38% 50.05% 44.73% 39.40% 34.08% 28.75%
06/05 a 05/06 45.48% 43.79% 42.11% 40.42% 38.74% 37.05% 35.37% 33.68%
07/05 a 06/06 47.59% 47.43% 47.26% 47.10% 46.94% 46.77% 46.61% 46.45%
08/05 a 07/06 40.08% 39.00% 37.93% 36.85% 35.77% 34.69% 33.61% 32.53%
09/05 a 08/06 33.50% 34.03% 34.57% 35.10% 35.63% 36.17% 36.70% 37.23%
10/05 a 09/06 16.33% 17.96% 19.60% 21.24% 22.88% 24.52% 26.16% 27.79%
11/05 a 10/06 29.23% 28.15% 27.07% 26.00% 24.92% 23.85% 22.77% 21.69%
12/05 a 11/06 26.70% 27.05% 27.41% 27.76% 28.11% 28.46% 28.81% 29.16%
01/06 a 12/06 35.44% 34.21% 32.98% 31.75% 30.52% 29.29% 28.06% 26.83%
02/06 a 01/07 16.45% 15.70% 14.95% 14.20% 13.45% 12.69% 11.94% 11.19%
03/06 a 02/07 11.08% 10.86% 10.65% 10.44% 10.23% 10.02% 9.81% 9.60%
04/06 a 03/07 17.77% 17.53% 17.29% 17.05% 16.82% 16.58% 16.34% 16.10%
05/06 a 04/07 20.61% 19.64% 18.66% 17.68% 16.70% 15.73% 14.75% 13.77%
06/06 a 05/07 41.52% 37.42% 33.31% 29.20% 25.09% 20.99% 16.88% 12.77%
07/06 a 06/07 48.22% 42.50% 36.78% 31.06% 25.34% 19.62% 13.90% 8.18%
08/06 a 07/07 47.22% 42.05% 36.89% 31.72% 26.56% 21.39% 16.22% 11.06%
09/06 a 08/07 46.89% 41.72% 36.55% 31.38% 26.21% 21.04% 15.87% 10.70%
10/06 a 09/07 68.23% 61.29% 54.35% 47.42% 40.48% 33.55% 26.61% 19.67%
11/06 a 10/07 60.41% 55.67% 50.94% 46.20% 41.47% 36.73% 32.00% 27.26%
12/06 a 11/07 52.92% 48.71% 44.49% 40.28% 36.06% 31.84% 27.63% 23.41%
01/07 a 12/07 38.41% 35.57% 32.72% 29.87% 27.02% 24.17% 21.33% 18.48%
02/07 a 01/08 36.29% 34.65% 33.01% 31.37% 29.73% 28.09% 26.45% 24.81%
03/07 a 02/08 48.20% 45.43% 42.67% 39.90% 37.13% 34.37% 31.60% 28.84%
04/07 a 03/08 37.67% 35.86% 34.05% 32.25% 30.44% 28.63% 26.82% 25.01%
05/07 a 04/08 40.22% 37.14% 34.07% 31.00% 27.93% 24.85% 21.78% 18.71%
06/07 a 05/08 34.58% 32.15% 29.71% 27.27% 24.84% 22.40% 19.97% 17.53%
07/07 a 06/08 14.49% 13.62% 12.74% 11.87% 10.99% 10.12% 9.24% 8.37%
08/07 a 07/08 6.26% 7.06% 7.85% 8.64% 9.44% 10.23% 11.03% 11.82%
09/07 a 08/08 0.60% 1.16% 1.72% 2.28% 2.84% 3.40% 3.97% 4.53%
10/07 a 09/08 -20.12% -15.91% -11.70% -7.50% -3.29% 0.92% 5.12% 9.33%
11/07 a 10/08 -41.83% -36.91% -31.99% -27.07% -22.15% -17.23% -12.31% -7.39%
12/07 a 11/08 -42.10% -35.99% -29.89% -23.79% -17.69% -11.58% -5.48% 0.62%
01/08 a 12/08 -40.22% -33.23% -26.23% -19.24% -12.25% -5.25% 1.74% 8.73%
02/08 a 01/09 -35.66% -28.93% -22.21% -15.49% -8.76% -2.04% 4.68% 11.41%
03/08 a 02/09 -40.79% -33.46% -26.12% -18.78% -11.45% -4.11% 3.23% 10.57%
04/08 a 03/09 -34.81% -27.93% -21.04% -14.16% -7.28% -0.40% 6.48% 13.36%
05/08 a 04/09 -31.82% -24.88% -17.93% -10.98% -4.04% 2.91% 9.85% 16.80%
06/08 a 05/09 -26.18% -20.04% -13.90% -7.77% -1.63% 4.51% 10.64% 16.78%
07/08 a 06/09 -18.82% -14.69% -10.57% -6.44% -2.31% 1.81% 5.94% 10.07%
PortifoliosIbov Ouro Retorno Risco (DP)100% 0% 24.87% 39.22%
20i/80do 10i/90o Ouro 90% 10% 23.82% 34.65%
16.19% 18.22% 21.27% 80% 20% 22.78% 30.23%
16.51% 15.46% 14.42% 70% 30% 21.73% 26.04%
-0.5162 -0.5163 -0.4913 60% 40% 20.69% 22.20%
2.4926 2.4928 2.3722 50% 50% 19.64% 18.95%
-10.13% -14.50% -20.57% 40% 60% 18.60% 16.61%
30% 70% 17.55% 15.61%
20% 80% 16.51% 16.19%
10% 90% 15.46% 18.22%
0% 100% 14.42% 21.27%
Sharpe20i/80do 10i/90o Ouro Ibov 90i/10o 80i/20o 70i/30o 60i/40o
-4.00% -4.55% -5.10% 0.01 -0.02 -0.04 -0.06 -0.10
-1.99% -1.39% -0.79% -0.17 0.02 0.04 0.07 0.11
-1.57% 0.50% 2.58% -0.46 0.06 0.14 0.24 0.37
2.32% 4.48% 6.64% -0.38 0.06 0.14 0.25 0.39
7.74% 10.31% 12.87% -0.33 0.07 0.17 0.30 0.46
11.44% 13.69% 15.94% -0.17 0.07 0.15 0.26 0.41
12.79% 14.13% 15.46% 0.05 0.04 0.09 0.15 0.24
27.65% 27.10% 26.55% 0.82 -0.02 -0.04 -0.06 -0.10
32.38% 27.67% 22.96% 1.79 -0.14 -0.31 -0.54 -0.85
23.84% 17.68% 11.51% 1.86 -0.18 -0.41 -0.71 -1.11
15.78% 13.59% 11.41% 0.85 -0.06 -0.14 -0.25 -0.39
21.09% 17.56% 14.03% 1.26 -0.10 -0.23 -0.41 -0.64
21.44% 15.22% 8.99% 1.82 -0.18 -0.41 -0.72 -1.12
21.12% 15.99% 10.86% 1.59 -0.15 -0.34 -0.59 -0.92
15.35% 12.27% 9.18% 1.02 -0.09 -0.20 -0.36 -0.56
13.79% 10.05% 6.31% 1.11 -0.11 -0.25 -0.43 -0.67
17.84% 12.33% 6.81% 1.58 -0.16 -0.37 -0.64 -0.99
13.66% 8.50% 3.33% 1.40 -0.15 -0.34 -0.60 -0.93
12.21% 6.44% 0.66% 1.49 -0.17 -0.38 -0.67 -1.04
3.27% -3.03% -9.32% 1.37 -0.18 -0.42 -0.73 -1.13
13.42% 5.53% -2.37% 1.95 -0.23 -0.52 -0.91 -1.42
12.42% 3.67% -5.08% 2.10 -0.25 -0.58 -1.01 -1.58
13.12% 2.79% -7.54% 2.44 -0.30 -0.68 -1.19 -1.86
15.56% 4.80% -5.95% 2.59 -0.31 -0.71 -1.24 -1.94
18.42% 6.83% -4.77% 2.84 -0.33 -0.77 -1.34 -2.09
11.67% 1.22% -9.24% 2.43 -0.30 -0.69 -1.20 -1.88
5.41% -1.69% -8.79% 1.59 -0.20 -0.47 -0.82 -1.28
12.84% 3.61% -5.61% 2.21 -0.27 -0.61 -1.06 -1.66
1.72% -4.12% -9.96% 1.23 -0.17 -0.39 -0.67 -1.05
-2.45% -8.16% -13.87% 1.10 -0.16 -0.38 -0.66 -1.03
-1.42% -7.94% -14.45% 1.29 -0.19 -0.43 -0.75 -1.17
1.00% -1.77% -4.54% 0.59 -0.08 -0.18 -0.32 -0.50
-4.66% -7.84% -11.02% 0.53 -0.09 -0.21 -0.37 -0.57
0.89% -2.69% -6.28% 0.75 -0.10 -0.24 -0.41 -0.65
1.13% -0.51% -2.15% 0.36 -0.05 -0.11 -0.19 -0.29
-9.50% -8.76% -8.02% -0.39 0.02 0.05 0.09 0.13
-8.69% -6.81% -4.92% -0.61 0.05 0.12 0.22 0.34
-6.59% -5.53% -4.47% -0.38 0.03 0.07 0.12 0.19
-11.55% -9.04% -6.54% -0.81 0.07 0.17 0.29 0.45
-10.62% -5.56% -0.51% -1.30 0.15 0.33 0.58 0.91
-4.91% -2.54% -0.18% -0.61 0.07 0.16 0.27 0.43
4.23% 6.19% 8.15% -0.29 0.06 0.13 0.23 0.35
-0.27% 3.92% 8.11% -0.86 0.12 0.28 0.48 0.75
44.22% 51.11% 57.99% -0.28 0.20 0.46 0.79 1.24
64.14% 74.06% 83.97% -0.39 0.29 0.66 1.14 1.79
31.48% 36.27% 41.07% -0.18 0.14 0.32 0.55 0.86
29.98% 33.81% 37.63% -0.02 0.11 0.25 0.44 0.69
34.57% 37.01% 39.45% 0.38 0.07 0.16 0.28 0.44
32.55% 34.35% 36.16% 0.46 0.05 0.12 0.21 0.33
31.64% 35.84% 40.04% -0.05 0.12 0.28 0.48 0.76
51.71% 50.97% 50.23% 1.47 -0.02 -0.05 -0.09 -0.13
66.58% 64.42% 62.25% 2.14 -0.06 -0.14 -0.25 -0.39
59.70% 60.08% 60.46% 1.44 0.01 0.03 0.04 0.07
57.84% 57.28% 56.71% 1.59 -0.02 -0.04 -0.07 -0.10
68.82% 59.43% 50.04% 3.67 -0.27 -0.62 -1.08 -1.69
12.39% 3.21% -5.97% 2.19 -0.26 -0.61 -1.06 -1.65
4.58% -6.74% -18.07% 2.43 -0.33 -0.75 -1.30 -2.04
12.56% 7.07% 1.58% 1.44 -0.16 -0.36 -0.63 -0.99
13.06% 10.23% 7.39% 0.91 -0.08 -0.19 -0.33 -0.51
17.49% 14.70% 11.91% 1.02 -0.08 -0.18 -0.32 -0.50
22.04% 19.05% 16.07% 1.17 -0.09 -0.20 -0.34 -0.54
22.29% 17.64% 12.98% 1.52 -0.13 -0.31 -0.54 -0.84
18.19% 12.81% 7.43% 1.56 -0.16 -0.36 -0.62 -0.97
1.15% -3.95% -9.05% 1.07 -0.15 -0.34 -0.59 -0.92
-1.26% -4.63% -8.01% 0.66 -0.10 -0.22 -0.39 -0.61
-6.42% -6.83% -7.24% -0.08 -0.01 -0.03 -0.05 -0.07
-0.08% 1.02% 2.12% -0.23 0.03 0.07 0.13 0.20
1.30% 1.07% 0.85% 0.08 -0.01 -0.02 -0.03 -0.04
1.48% 2.73% 3.99% -0.22 0.04 0.08 0.14 0.23
4.99% 7.98% 10.97% -0.48 0.09 0.20 0.34 0.54
6.98% 8.36% 9.73% -0.10 0.04 0.09 0.16 0.25
10.62% 12.48% 14.34% -0.11 0.05 0.12 0.21 0.34
10.50% 13.67% 16.84% -0.38 0.09 0.21 0.36 0.57
12.89% 16.46% 20.02% -0.40 0.10 0.24 0.41 0.64
10.84% 15.59% 20.35% -0.69 0.14 0.31 0.55 0.86
13.13% 18.83% 24.54% -0.83 0.16 0.38 0.66 1.03
34.65% 41.86% 49.07% -0.59 0.21 0.48 0.83 1.30
32.49% 36.64% 40.80% -0.02 0.12 0.27 0.48 0.75
17.39% 20.82% 24.25% -0.26 0.10 0.23 0.40 0.62
15.90% 21.10% 26.30% -0.66 0.15 0.34 0.60 0.94
22.30% 26.66% 31.03% -0.32 0.13 0.29 0.50 0.79
20.02% 22.98% 25.94% -0.09 0.09 0.20 0.34 0.53
13.14% 16.77% 20.39% -0.40 0.10 0.24 0.42 0.65
15.54% 19.29% 23.03% -0.37 0.11 0.25 0.43 0.67
18.91% 24.42% 29.93% -0.64 0.16 0.36 0.63 0.99
26.58% 33.53% 40.47% -0.74 0.20 0.46 0.80 1.25
33.61% 40.18% 46.74% -0.48 0.19 0.43 0.76 1.18
33.01% 38.93% 44.84% -0.37 0.17 0.39 0.68 1.07
36.20% 42.09% 47.99% -0.28 0.17 0.39 0.68 1.06
33.94% 40.68% 47.42% -0.51 0.19 0.45 0.78 1.21
49.88% 58.15% 66.43% -0.42 0.24 0.55 0.95 1.49
53.29% 61.68% 70.07% -0.35 0.24 0.55 0.97 1.51
64.61% 76.21% 87.80% -0.72 0.33 0.77 1.34 2.09
58.24% 67.26% 76.28% -0.35 0.26 0.60 1.04 1.63
42.19% 47.20% 52.20% 0.06 0.14 0.33 0.58 0.90
31.19% 34.52% 37.86% 0.11 0.10 0.22 0.38 0.60
26.44% 26.99% 27.54% 0.56 0.02 0.04 0.06 0.10
12.06% 9.25% 6.44% 0.88 -0.08 -0.19 -0.32 -0.51
16.64% 12.72% 8.81% 1.22 -0.11 -0.26 -0.45 -0.70
25.32% 17.95% 10.59% 2.15 -0.21 -0.49 -0.85 -1.33
10.73% 1.74% -7.24% 2.11 -0.26 -0.59 -1.04 -1.62
17.58% 8.24% -1.09% 2.35 -0.27 -0.62 -1.08 -1.68
21.16% 12.13% 3.09% 2.38 -0.26 -0.60 -1.04 -1.63
24.76% 15.39% 6.03% 2.54 -0.27 -0.62 -1.08 -1.69
13.52% 0.42% -12.68% 3.02 -0.38 -0.87 -1.51 -2.36
11.41% 0.91% -9.59% 2.43 -0.30 -0.69 -1.21 -1.89
22.74% 18.85% 14.96% 1.37 -0.11 -0.26 -0.45 -0.70
17.67% 13.91% 10.15% 1.22 -0.11 -0.25 -0.43 -0.68
22.82% 18.09% 13.36% 1.55 -0.14 -0.31 -0.54 -0.85
32.31% 27.47% 22.64% 1.81 -0.14 -0.32 -0.56 -0.87
19.26% 15.84% 12.42% 1.19 -0.10 -0.23 -0.39 -0.62
16.46% 13.09% 9.72% 1.11 -0.10 -0.22 -0.39 -0.61
12.56% 10.92% 9.28% 0.65 -0.05 -0.11 -0.19 -0.30
13.74% 12.58% 11.43% 0.59 -0.03 -0.08 -0.13 -0.21
6.21% 5.16% 4.11% 0.37 -0.03 -0.07 -0.12 -0.19
-0.31% -1.71% -3.10% 0.28 -0.04 -0.09 -0.16 -0.25
3.05% 0.52% -2.00% 0.59 -0.07 -0.17 -0.29 -0.45
3.87% 2.07% 0.28% 0.46 -0.05 -0.12 -0.21 -0.32
-0.50% -3.73% -6.96% 0.65 -0.09 -0.21 -0.37 -0.58
3.07% -0.64% -4.35% 0.84 -0.11 -0.25 -0.43 -0.67
-9.88% -13.43% -16.99% 0.47 -0.10 -0.24 -0.41 -0.64
-7.79% -10.91% -14.03% 0.44 -0.09 -0.21 -0.36 -0.56
-6.73% -10.59% -14.46% 0.62 -0.11 -0.26 -0.45 -0.70
-4.46% -9.26% -14.07% 0.87 -0.14 -0.32 -0.55 -0.87
-2.34% -6.73% -11.12% 0.84 -0.13 -0.29 -0.51 -0.79
-6.25% -10.69% -15.13% 0.75 -0.13 -0.29 -0.51 -0.80
-0.63% -4.49% -8.36% 0.77 -0.11 -0.26 -0.45 -0.70
16.69% 11.36% 6.03% 1.51 -0.15 -0.35 -0.61 -0.96
15.65% 12.45% 9.24% 1.05 -0.09 -0.21 -0.37 -0.58
14.64% 10.89% 7.14% 1.14 -0.11 -0.25 -0.43 -0.68
23.43% 18.10% 12.78% 1.68 -0.15 -0.35 -0.61 -0.96
31.99% 30.31% 28.62% 1.16 -0.05 -0.11 -0.19 -0.30
46.28% 46.12% 45.95% 1.21 0.00 -0.01 -0.02 -0.03
31.45% 30.37% 29.29% 1.02 -0.03 -0.07 -0.12 -0.19
37.77% 38.30% 38.83% 0.85 0.02 0.04 0.06 0.10
29.43% 31.07% 32.71% 0.42 0.05 0.11 0.19 0.30
20.62% 19.54% 18.46% 0.75 -0.03 -0.07 -0.12 -0.19
29.51% 29.86% 30.21% 0.68 0.01 0.02 0.04 0.06
25.60% 24.37% 23.14% 0.90 -0.04 -0.08 -0.14 -0.22
10.44% 9.69% 8.94% 0.42 -0.02 -0.05 -0.09 -0.14
9.39% 9.18% 8.97% 0.28 -0.01 -0.01 -0.02 -0.04
15.86% 15.62% 15.39% 0.45 -0.01 -0.02 -0.03 -0.04
12.79% 11.82% 10.84% 0.53 -0.03 -0.06 -0.11 -0.18
8.66% 4.55% 0.45% 1.06 -0.12 -0.27 -0.47 -0.74
2.45% -3.27% -8.99% 1.23 -0.17 -0.38 -0.66 -1.03
5.89% 0.73% -4.44% 1.20 -0.15 -0.34 -0.60 -0.93
5.53% 0.36% -4.81% 1.20 -0.15 -0.34 -0.60 -0.93
12.74% 5.80% -1.14% 1.74 -0.20 -0.46 -0.80 -1.25
22.53% 17.80% 13.06% 1.54 -0.14 -0.31 -0.55 -0.85
19.20% 14.98% 10.77% 1.35 -0.12 -0.28 -0.49 -0.76
15.63% 12.78% 9.94% 0.98 -0.08 -0.19 -0.33 -0.51
23.17% 21.53% 19.89% 0.93 -0.05 -0.11 -0.19 -0.30
26.07% 23.30% 20.54% 1.23 -0.08 -0.18 -0.32 -0.50
23.20% 21.39% 19.58% 0.96 -0.05 -0.12 -0.21 -0.33
15.64% 12.56% 9.49% 1.03 -0.09 -0.20 -0.35 -0.55
15.09% 12.66% 10.22% 0.88 -0.07 -0.16 -0.28 -0.44
7.49% 6.62% 5.74% 0.37 -0.03 -0.06 -0.10 -0.16
12.61% 13.41% 14.20% 0.16 0.02 0.05 0.09 0.14
5.09% 5.65% 6.21% 0.02 0.02 0.04 0.06 0.10
13.54% 17.74% 21.95% -0.51 0.12 0.28 0.48 0.76
-2.47% 2.45% 7.37% -1.07 0.14 0.33 0.57 0.89
6.72% 12.83% 18.93% -1.07 0.18 0.40 0.70 1.10
15.73% 22.72% 29.72% -1.03 0.20 0.46 0.81 1.26
18.13% 24.86% 31.58% -0.91 0.19 0.44 0.77 1.21
17.90% 25.24% 32.58% -1.04 0.21 0.49 0.85 1.32
20.24% 27.12% 34.00% -0.89 0.20 0.46 0.79 1.24
23.75% 30.69% 37.64% -0.81 0.20 0.46 0.80 1.25
22.92% 29.06% 35.19% -0.67 0.18 0.41 0.71 1.11
14.20% 18.32% 22.45% -0.48 0.12 0.27 0.48 0.74
50i/50o 40i/60o 30i/70o 20i/80do 10i/90o Dolar -0.14 -0.20 -0.25 -0.27 -0.27 -0.26
0.16 0.22 0.27 0.30 0.30 0.28
0.55 0.75 0.93 1.02 1.02 0.97
0.57 0.78 0.97 1.07 1.07 1.01
0.68 0.93 1.15 1.27 1.27 1.21
0.59 0.81 1.01 1.11 1.11 1.06
0.35 0.48 0.60 0.66 0.66 0.63
-0.15 -0.20 -0.25 -0.27 -0.27 -0.26
-1.24 -1.70 -2.11 -2.33 -2.33 -2.21
-1.63 -2.23 -2.76 -3.04 -3.04 -2.90
-0.58 -0.79 -0.98 -1.08 -1.08 -1.03
-0.93 -1.28 -1.58 -1.74 -1.74 -1.66
-1.64 -2.25 -2.79 -3.08 -3.08 -2.93
-1.35 -1.85 -2.30 -2.53 -2.54 -2.41
-0.81 -1.12 -1.39 -1.53 -1.53 -1.45
-0.99 -1.35 -1.68 -1.85 -1.85 -1.76
-1.46 -1.99 -2.47 -2.73 -2.73 -2.59
-1.36 -1.87 -2.32 -2.55 -2.55 -2.43
-1.52 -2.09 -2.59 -2.85 -2.85 -2.72
-1.66 -2.27 -2.82 -3.11 -3.11 -2.96
-2.08 -2.85 -3.54 -3.90 -3.90 -3.71
-2.31 -3.16 -3.92 -4.32 -4.32 -4.11
-2.73 -3.73 -4.63 -5.10 -5.10 -4.86
-2.84 -3.89 -4.82 -5.31 -5.31 -5.06
-3.06 -4.19 -5.20 -5.73 -5.73 -5.45
-2.76 -3.78 -4.69 -5.16 -5.16 -4.91
-1.87 -2.56 -3.18 -3.51 -3.51 -3.34
-2.44 -3.33 -4.14 -4.56 -4.56 -4.34
-1.54 -2.11 -2.62 -2.88 -2.88 -2.75
-1.51 -2.06 -2.56 -2.82 -2.82 -2.68
-1.72 -2.35 -2.92 -3.22 -3.22 -3.06
-0.73 -1.00 -1.24 -1.37 -1.37 -1.30
-0.84 -1.15 -1.43 -1.57 -1.57 -1.50
-0.95 -1.29 -1.61 -1.77 -1.77 -1.68
-0.43 -0.59 -0.73 -0.81 -0.81 -0.77
0.20 0.27 0.33 0.37 0.37 0.35
0.50 0.68 0.84 0.93 0.93 0.89
0.28 0.38 0.48 0.52 0.52 0.50
0.66 0.90 1.12 1.24 1.24 1.18
1.33 1.83 2.27 2.50 2.50 2.38
0.62 0.85 1.06 1.17 1.17 1.11
0.52 0.71 0.88 0.97 0.97 0.92
1.11 1.51 1.88 2.07 2.07 1.97
1.82 2.49 3.09 3.40 3.40 3.24
2.62 3.58 4.45 4.90 4.90 4.66
1.27 1.73 2.15 2.37 2.37 2.25
1.01 1.38 1.72 1.89 1.89 1.80
0.64 0.88 1.09 1.21 1.21 1.15
0.48 0.65 0.81 0.89 0.89 0.85
1.11 1.52 1.88 2.07 2.07 1.97
-0.19 -0.27 -0.33 -0.36 -0.36 -0.35
-0.57 -0.78 -0.97 -1.07 -1.07 -1.02
0.10 0.14 0.17 0.19 0.19 0.18
-0.15 -0.20 -0.25 -0.28 -0.28 -0.27
-2.48 -3.39 -4.21 -4.64 -4.64 -4.41
-2.42 -3.32 -4.12 -4.53 -4.53 -4.32
-2.99 -4.09 -5.08 -5.59 -5.59 -5.32
-1.45 -1.98 -2.46 -2.71 -2.71 -2.58
-0.75 -1.02 -1.27 -1.40 -1.40 -1.33
-0.74 -1.01 -1.25 -1.38 -1.38 -1.31
-0.79 -1.08 -1.34 -1.48 -1.48 -1.41
-1.23 -1.68 -2.09 -2.30 -2.30 -2.19
-1.42 -1.94 -2.41 -2.66 -2.66 -2.53
-1.35 -1.84 -2.29 -2.52 -2.52 -2.40
-0.89 -1.22 -1.51 -1.67 -1.67 -1.59
-0.11 -0.15 -0.18 -0.20 -0.20 -0.19
0.29 0.40 0.49 0.54 0.54 0.52
-0.06 -0.08 -0.10 -0.11 -0.11 -0.11
0.33 0.45 0.56 0.62 0.62 0.59
0.79 1.08 1.34 1.48 1.48 1.41
0.36 0.50 0.62 0.68 0.68 0.65
0.49 0.67 0.83 0.92 0.92 0.87
0.84 1.14 1.42 1.56 1.56 1.49
0.94 1.29 1.60 1.76 1.76 1.68
1.25 1.72 2.13 2.35 2.35 2.23
1.51 2.06 2.56 2.82 2.82 2.68
1.90 2.60 3.23 3.56 3.56 3.39
1.10 1.50 1.86 2.05 2.05 1.95
0.91 1.24 1.54 1.70 1.70 1.61
1.37 1.88 2.33 2.57 2.57 2.45
1.15 1.58 1.96 2.16 2.16 2.05
0.78 1.07 1.33 1.46 1.46 1.39
0.96 1.31 1.62 1.79 1.79 1.70
0.99 1.35 1.68 1.85 1.85 1.76
1.45 1.99 2.47 2.72 2.72 2.59
1.83 2.51 3.12 3.43 3.43 3.27
1.73 2.37 2.95 3.24 3.24 3.09
1.56 2.14 2.65 2.92 2.92 2.78
1.56 2.13 2.64 2.91 2.91 2.77
1.78 2.43 3.02 3.33 3.33 3.17
2.19 2.99 3.71 4.09 4.09 3.89
2.21 3.03 3.76 4.14 4.14 3.94
3.06 4.19 5.20 5.73 5.73 5.45
2.38 3.26 4.05 4.46 4.46 4.24
1.32 1.81 2.24 2.47 2.47 2.35
0.88 1.21 1.50 1.65 1.65 1.57
0.15 0.20 0.25 0.27 0.27 0.26
-0.74 -1.02 -1.26 -1.39 -1.39 -1.32
-1.03 -1.41 -1.75 -1.93 -1.93 -1.84
-1.94 -2.66 -3.30 -3.64 -3.64 -3.46
-2.37 -3.25 -4.03 -4.44 -4.44 -4.22
-2.46 -3.37 -4.19 -4.61 -4.61 -4.39
-2.38 -3.26 -4.05 -4.46 -4.46 -4.25
-2.47 -3.38 -4.20 -4.63 -4.63 -4.40
-3.46 -4.73 -5.88 -6.47 -6.47 -6.16
-2.77 -3.79 -4.71 -5.18 -5.18 -4.93
-1.03 -1.40 -1.74 -1.92 -1.92 -1.83
-0.99 -1.36 -1.69 -1.86 -1.86 -1.77
-1.25 -1.71 -2.12 -2.33 -2.33 -2.22
-1.28 -1.75 -2.17 -2.39 -2.39 -2.27
-0.90 -1.24 -1.53 -1.69 -1.69 -1.61
-0.89 -1.22 -1.51 -1.67 -1.67 -1.58
-0.43 -0.59 -0.74 -0.81 -0.81 -0.77
-0.30 -0.42 -0.52 -0.57 -0.57 -0.54
-0.28 -0.38 -0.47 -0.52 -0.52 -0.49
-0.37 -0.50 -0.63 -0.69 -0.69 -0.66
-0.67 -0.91 -1.13 -1.25 -1.25 -1.19
-0.47 -0.65 -0.80 -0.89 -0.89 -0.84
-0.85 -1.17 -1.45 -1.60 -1.60 -1.52
-0.98 -1.34 -1.66 -1.83 -1.83 -1.74
-0.94 -1.28 -1.59 -1.76 -1.76 -1.67
-0.82 -1.13 -1.40 -1.54 -1.54 -1.47
-1.02 -1.40 -1.73 -1.91 -1.91 -1.82
-1.27 -1.74 -2.15 -2.37 -2.37 -2.26
-1.16 -1.59 -1.97 -2.17 -2.17 -2.06
-1.17 -1.60 -1.99 -2.19 -2.19 -2.09
-1.02 -1.40 -1.73 -1.91 -1.91 -1.82
-1.41 -1.93 -2.39 -2.63 -2.63 -2.51
-0.85 -1.16 -1.44 -1.58 -1.58 -1.51
-0.99 -1.35 -1.68 -1.85 -1.85 -1.76
-1.41 -1.92 -2.39 -2.63 -2.63 -2.50
-0.44 -0.61 -0.76 -0.83 -0.83 -0.79
-0.04 -0.06 -0.07 -0.08 -0.08 -0.08
-0.28 -0.39 -0.48 -0.53 -0.53 -0.51
0.14 0.19 0.24 0.26 0.26 0.25
0.43 0.59 0.73 0.81 0.81 0.77
-0.28 -0.39 -0.48 -0.53 -0.53 -0.51
0.09 0.13 0.16 0.17 0.17 0.17
-0.32 -0.44 -0.55 -0.61 -0.61 -0.58
-0.20 -0.27 -0.34 -0.37 -0.37 -0.35
-0.06 -0.08 -0.09 -0.10 -0.10 -0.10
-0.06 -0.09 -0.11 -0.12 -0.12 -0.11
-0.26 -0.35 -0.44 -0.48 -0.48 -0.46
-1.08 -1.48 -1.84 -2.03 -2.03 -1.93
-1.51 -2.07 -2.57 -2.83 -2.83 -2.69
-1.36 -1.87 -2.32 -2.55 -2.55 -2.43
-1.36 -1.87 -2.32 -2.55 -2.55 -2.43
-1.83 -2.51 -3.11 -3.43 -3.43 -3.26
-1.25 -1.71 -2.12 -2.34 -2.34 -2.23
-1.11 -1.52 -1.89 -2.08 -2.08 -1.98
-0.75 -1.03 -1.28 -1.41 -1.41 -1.34
-0.43 -0.59 -0.74 -0.81 -0.81 -0.77
-0.73 -1.00 -1.24 -1.37 -1.37 -1.30
-0.48 -0.65 -0.81 -0.89 -0.89 -0.85
-0.81 -1.11 -1.38 -1.52 -1.52 -1.44
-0.64 -0.88 -1.09 -1.20 -1.20 -1.15
-0.23 -0.32 -0.39 -0.43 -0.43 -0.41
0.21 0.29 0.36 0.39 0.39 0.37
0.15 0.20 0.25 0.28 0.28 0.26
1.11 1.52 1.89 2.08 2.08 1.98
1.30 1.78 2.21 2.43 2.43 2.31
1.61 2.20 2.74 3.01 3.01 2.87
1.85 2.53 3.14 3.45 3.46 3.29
1.77 2.43 3.02 3.32 3.32 3.16
1.94 2.65 3.29 3.62 3.62 3.45
1.82 2.49 3.09 3.40 3.40 3.23
1.83 2.51 3.12 3.43 3.43 3.27
1.62 2.22 2.75 3.03 3.03 2.89
1.09 1.49 1.85 2.04 2.04 1.94
10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
100% Ibov10% Ouro / 90% Ibov
20% Ouro / 80% Ibov
30% Ouro / 70% Ibovv
40% Ouro / 60% Ibov
50% Ouro / 50% Ibov60% Ouro / 40% Ibov
70% Ouro / 30% Ibov
80% Ouro / 20% Ibov
90% Ouro / 10% Ibov
100% Ouro
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al
Selic x Ibov (1999)
Parametros Selic 90s/10i 80s/20i 70s/30i 60s/40i 50s/50i 40s/60i 30s/70iDp Anual 3.52% 5.90% 9.19% 12.69% 16.27% 19.89% 23.53% 27.18%
Retorno Media 17.14% 17.65% 18.17% 18.68% 19.19% 19.71% 20.22% 20.73%
Sharpe Media - 0.0869 0.1117 0.1213 0.1262 0.1290 0.1309 0.1322
DP Sharpe - 0.6233 0.8011 0.8700 0.9047 0.9252 0.9386 0.9480
VAR IC 95% 11.35% 7.94% 3.05% -2.20% -7.57% -13.01% -18.48% -23.97%
Retornos AnualizadosData Selic 90s/10i 80s/20i 70s/30i 60s/40i 50s/50i 40s/60i 30s/70i
01/99 a 12/99 25.59% 37.42% 49.25% 61.09% 72.92% 84.75% 96.58% 108.42%
02/99 a 01/00 24.70% 30.81% 36.93% 43.04% 49.15% 55.26% 61.38% 67.49%
03/99 a 02/00 23.57% 30.73% 37.89% 45.05% 52.22% 59.38% 66.54% 73.70%
04/99 a 03/00 21.32% 24.84% 28.35% 31.87% 35.38% 38.90% 42.41% 45.93%
05/99 a 04/00 20.08% 21.65% 23.21% 24.78% 26.35% 27.91% 29.48% 31.05%
06/99 a 05/00 19.45% 21.49% 23.52% 25.56% 27.60% 29.63% 31.67% 33.71%
07/99 a 06/00 19.13% 21.81% 24.49% 27.18% 29.86% 32.54% 35.22% 37.91%
08/99 a 07/00 18.72% 22.80% 26.88% 30.96% 35.04% 39.12% 43.20% 47.28%
09/99 a 08/00 18.53% 22.80% 27.07% 31.34% 35.61% 39.88% 44.15% 48.42%
10/99 a 09/00 18.21% 20.59% 22.96% 25.34% 27.72% 30.09% 32.47% 34.85%
11/99 a 10/00 18.11% 18.87% 19.64% 20.40% 21.17% 21.93% 22.70% 23.46%
12/99 a 11/00 17.91% 15.80% 13.70% 11.59% 9.49% 7.38% 5.27% 3.17%
01/00 a 12/00 17.45% 14.82% 12.18% 9.55% 6.91% 4.28% 1.65% -0.99%
02/00 a 01/01 17.23% 15.82% 14.41% 13.00% 11.59% 10.18% 8.77% 7.36%
03/00 a 02/01 16.73% 14.20% 11.67% 9.14% 6.61% 4.08% 1.56% -0.97%
04/00 a 03/01 16.51% 12.97% 9.42% 5.88% 2.34% -1.21% -4.75% -8.30%
05/00 a 04/01 16.38% 14.34% 12.30% 10.25% 8.21% 6.17% 4.13% 2.09%
06/00 a 05/01 16.21% 14.16% 12.11% 10.07% 8.02% 5.97% 3.92% 1.88%
07/00 a 06/01 16.07% 12.98% 9.89% 6.80% 3.71% 0.62% -2.47% -5.56%
08/00 a 07/01 16.29% 13.10% 9.91% 6.71% 3.52% 0.33% -2.86% -6.05%
09/00 a 08/01 16.51% 12.14% 7.77% 3.40% -0.97% -5.33% -9.70% -14.07%
10/00 a 09/01 16.63% 11.72% 6.80% 1.89% -3.03% -7.94% -12.85% -17.77%
11/00 a 10/01 16.90% 12.91% 8.92% 4.93% 0.93% -3.06% -7.05% -11.04%
12/00 a 11/01 17.10% 15.31% 13.53% 11.74% 9.96% 8.17% 6.39% 4.60%
01/01 a 12/01 17.32% 14.58% 11.84% 9.10% 6.36% 3.63% 0.89% -1.85%
02/01 a 01/02 17.62% 13.29% 8.95% 4.62% 0.29% -4.04% -8.38% -12.71%
03/01 a 02/02 17.89% 14.84% 11.79% 8.73% 5.68% 2.63% -0.42% -3.47%
04/01 a 03/02 18.02% 15.85% 13.68% 11.51% 9.34% 7.17% 5.00% 2.83%
05/01 a 04/02 18.35% 14.93% 11.51% 8.09% 4.68% 1.26% -2.16% -5.58%
06/01 a 05/02 18.44% 15.15% 11.87% 8.58% 5.30% 2.01% -1.27% -4.56%
07/01 a 06/02 18.50% 14.13% 9.77% 5.40% 1.03% -3.33% -7.70% -12.07%
08/01 a 07/02 18.55% 13.80% 9.04% 4.29% -0.47% -5.22% -9.97% -14.73%
09/01 a 08/02 18.37% 14.64% 10.91% 7.18% 3.45% -0.28% -4.01% -7.73%
10/01 a 09/02 18.44% 15.16% 11.89% 8.61% 5.34% 2.06% -1.22% -4.49%
11/01 a 10/02 18.58% 15.63% 12.67% 9.72% 6.77% 3.81% 0.86% -2.09%
12/01 a 11/02 18.75% 14.88% 11.01% 7.13% 3.26% -0.61% -4.48% -8.35%
01/02 a 12/02 19.16% 15.61% 12.06% 8.50% 4.95% 1.40% -2.15% -5.71%
02/02 a 01/03 19.68% 16.33% 12.98% 9.63% 6.28% 2.94% -0.41% -3.76%
03/02 a 02/03 20.36% 15.51% 10.66% 5.81% 0.95% -3.90% -8.75% -13.60%
04/02 a 03/03 20.85% 17.37% 13.90% 10.42% 6.94% 3.46% -0.01% -3.49%
05/02 a 04/03 21.31% 19.40% 17.48% 15.57% 13.65% 11.74% 9.83% 7.91%
06/02 a 05/03 21.98% 20.23% 18.48% 16.73% 14.99% 13.24% 11.49% 9.74%
07/02 a 06/03 22.62% 22.56% 22.50% 22.44% 22.38% 22.32% 22.26% 22.20%
08/02 a 07/03 23.27% 24.40% 25.52% 26.65% 27.77% 28.90% 30.03% 31.15%
09/02 a 08/03 23.67% 26.10% 28.52% 30.95% 33.37% 35.80% 38.22% 40.65%
10/02 a 09/03 24.04% 30.06% 36.08% 42.11% 48.13% 54.15% 60.17% 66.19%
11/02 a 10/03 24.03% 29.89% 35.75% 41.61% 47.46% 53.32% 59.18% 65.04%
12/02 a 11/03 23.78% 30.63% 37.48% 44.32% 51.17% 58.02% 64.87% 71.72%
01/03 a 12/03 23.33% 30.34% 37.35% 44.37% 51.38% 58.39% 65.40% 72.41%
02/03 a 01/04 22.49% 30.21% 37.93% 45.65% 53.37% 61.09% 68.81% 76.53%
03/03 a 02/04 21.59% 31.26% 40.94% 50.61% 60.28% 69.96% 79.63% 89.30%
04/03 a 03/05 21.11% 28.54% 35.96% 43.39% 50.81% 58.24% 65.66% 73.09%
05/03 a 04/04 20.29% 23.65% 27.00% 30.36% 33.71% 37.07% 40.43% 43.78%
06/03 a 05/04 19.41% 22.24% 25.08% 27.91% 30.75% 33.58% 36.42% 39.25%
07/03 a 06/04 18.68% 22.87% 27.07% 31.26% 35.46% 39.65% 43.84% 48.04%
08/03 a 07/04 17.76% 23.08% 28.40% 33.73% 39.05% 44.37% 49.69% 55.01%
09/03 a 08/04 17.20% 20.14% 23.09% 26.03% 28.98% 31.92% 34.86% 37.81%
10/03 a 09/04 16.71% 19.38% 22.05% 24.72% 27.40% 30.07% 32.74% 35.41%
11/03 a 10/04 16.21% 17.16% 18.10% 19.05% 20.00% 20.94% 21.89% 22.84%
12/03 a 11/04 16.11% 16.80% 17.48% 18.17% 18.86% 19.54% 20.23% 20.91%
01/04 a 12/04 16.24% 16.08% 15.91% 15.75% 15.59% 15.42% 15.26% 15.10%
02/04 a 01/05 16.36% 15.81% 15.26% 14.71% 14.15% 13.60% 13.05% 12.50%
03/04 a 02/05 16.52% 17.19% 17.87% 18.54% 19.21% 19.89% 20.56% 21.23%
04/04 a 03/05 16.70% 16.85% 17.00% 17.16% 17.31% 17.46% 17.61% 17.76%
05/04 a 04/05 16.96% 17.80% 18.64% 19.48% 20.32% 21.16% 21.99% 22.83%
06/04 a 05/05 17.27% 18.82% 20.37% 21.92% 23.47% 25.02% 26.56% 28.11%
07/04 a 06/05 17.69% 17.78% 17.86% 17.95% 18.04% 18.13% 18.21% 18.30%
08/04 a 07/05 17.95% 17.87% 17.79% 17.71% 17.63% 17.55% 17.47% 17.39%
09/04 a 08/05 18.38% 18.96% 19.55% 20.13% 20.71% 21.29% 21.88% 22.46%
10/04 a 09/05 18.67% 20.20% 21.73% 23.26% 24.79% 26.32% 27.85% 29.39%
11/04 a 10/05 18.90% 20.29% 21.67% 23.06% 24.45% 25.84% 27.22% 28.61%
12/04 a 11/05 19.06% 20.08% 21.10% 22.12% 23.14% 24.16% 25.18% 26.20%
01/05 a 12/05 19.04% 20.16% 21.29% 22.41% 23.53% 24.65% 25.78% 26.90%
02/05 a 01/06 19.10% 23.13% 27.15% 31.18% 35.20% 39.23% 43.26% 47.28%
03/05 a 02/06 19.02% 21.25% 23.47% 25.70% 27.93% 30.15% 32.38% 34.61%
04/05 a 03/06 18.89% 21.46% 24.03% 26.61% 29.18% 31.75% 34.32% 36.90%
05/05 a 04/06 18.50% 23.25% 28.01% 32.76% 37.51% 42.26% 47.02% 51.77%
06/05 a 05/06 18.25% 20.97% 23.70% 26.42% 29.14% 31.86% 34.59% 37.31%
07/05 a 06/06 17.77% 20.75% 23.73% 26.72% 29.70% 32.68% 35.66% 38.65%
08/05 a 07/06 17.38% 19.65% 21.92% 24.19% 26.46% 28.73% 31.00% 33.27%
09/05 a 08/06 16.91% 18.57% 20.23% 21.89% 23.55% 25.20% 26.86% 28.52%
10/05 a 09/06 16.41% 16.40% 16.39% 16.38% 16.38% 16.37% 16.36% 16.35%
11/05 a 10/06 16.04% 17.36% 18.68% 20.00% 21.31% 22.63% 23.95% 25.27%
12/05 a 11/06 15.63% 16.74% 17.84% 18.95% 20.06% 21.17% 22.27% 23.38%
01/06 a 12/06 15.08% 17.12% 19.15% 21.19% 23.22% 25.26% 27.30% 29.33%
02/06 a 01/07 14.68% 14.86% 15.03% 15.21% 15.39% 15.57% 15.74% 15.92%
03/06 a 02/07 14.37% 14.04% 13.71% 13.38% 13.05% 12.72% 12.39% 12.06%
04/06 a 03/07 13.95% 14.33% 14.71% 15.10% 15.48% 15.86% 16.24% 16.62%
05/06 a 04/07 13.79% 14.47% 15.15% 15.84% 16.52% 17.20% 17.88% 18.57%
06/06 a 05/07 13.51% 16.31% 19.11% 21.91% 24.72% 27.52% 30.32% 33.12%
07/06 a 06/07 13.21% 16.71% 20.21% 23.71% 27.21% 30.72% 34.22% 37.72%
08/06 a 07/07 12.98% 16.40% 19.83% 23.25% 26.67% 30.10% 33.52% 36.95%
09/06 a 08/07 12.68% 16.10% 19.52% 22.94% 26.36% 29.78% 33.21% 36.63%
10/06 a 09/07 12.39% 17.97% 23.56% 29.14% 34.72% 40.31% 45.89% 51.48%
11/06 a 10/07 12.21% 17.03% 21.85% 26.67% 31.49% 36.31% 41.13% 45.95%
12/06 a 11/07 12.01% 16.10% 20.19% 24.28% 28.38% 32.47% 36.56% 40.65%
01/07 a 12/07 11.85% 14.51% 17.16% 19.82% 22.48% 25.13% 27.79% 30.44%
02/07 a 01/08 11.68% 14.14% 16.60% 19.06% 21.52% 23.99% 26.45% 28.91%
03/07 a 02/08 11.60% 15.26% 18.92% 22.58% 26.24% 29.90% 33.56% 37.22%
04/07 a 03/08 11.37% 14.00% 16.63% 19.26% 21.89% 24.52% 27.15% 29.78%
05/07 a 04/08 11.33% 14.22% 17.11% 20.00% 22.88% 25.77% 28.66% 31.55%
06/07 a 05/08 11.16% 13.50% 15.84% 18.19% 20.53% 22.87% 25.21% 27.56%
07/07 a 06/08 11.21% 11.54% 11.87% 12.19% 12.52% 12.85% 13.18% 13.51%
08/07 a 07/08 11.32% 10.81% 10.31% 9.80% 9.30% 8.79% 8.29% 7.78%
09/07 a 08/08 11.35% 10.28% 9.20% 8.13% 7.05% 5.98% 4.90% 3.83%
10/07 a 09/08 11.68% 8.50% 5.32% 2.14% -1.04% -4.22% -7.40% -10.58%
11/07 a 10/08 11.96% 6.58% 1.20% -4.18% -9.56% -14.94% -20.32% -25.70%
12/07 a 11/08 12.16% 6.73% 1.31% -4.12% -9.54% -14.97% -20.39% -25.82%
01/08 a 12/08 12.47% 7.20% 1.93% -3.34% -8.61% -13.88% -19.14% -24.41%
02/08 a 01/09 12.60% 7.78% 2.95% -1.87% -6.70% -11.53% -16.35% -21.18%
03/08 a 02/09 12.67% 7.32% 1.97% -3.37% -8.72% -14.06% -19.41% -24.75%
04/08 a 03/09 12.81% 8.05% 3.29% -1.47% -6.24% -11.00% -15.76% -20.52%
05/08 a 04/09 12.74% 8.29% 3.83% -0.63% -5.08% -9.54% -13.99% -18.45%
06/08 a 05/09 12.62% 8.74% 4.86% 0.98% -2.90% -6.78% -10.66% -14.54%
07/08 a 06/09 12.41% 9.28% 6.16% 3.04% -0.08% -3.21% -6.33% -9.45%
08/08 a 07/09
09/08 a 08/09
10/08 a 09/09
11/08 a 10/09
12/08 a 11/09
01/09 a 12/09
PortifoliosSelic Ibov Retorno Risco (DP)100% 0% 17.14% 3.52%
20s/80i 10s/90i Ibov 90% 10% 17.65% 5.90%
30.83% 34.49% 38.16% 80% 20% 18.17% 9.19%
21.25% 21.76% 22.27% 70% 30% 18.68% 12.69%
0.1332 0.1339 0.1345 60% 40% 19.19% 16.27%
0.9549 0.9603 0.9645 50% 50% 19.71% 19.89%
-29.47% -34.98% -40.50% 40% 60% 20.22% 23.53%
30% 70% 20.73% 27.18%
20% 80% 21.25% 30.83%
10% 90% 21.76% 34.49%
0% 100% 22.27% 38.16%
Sharpe20s/80i 10s/90i Ibov Selic 90s/10i 80s/20i 70s/30i 60s/40i120.25% 132.08% 143.91% 7.27 2.00 2.58 2.80 2.91
73.60% 79.72% 85.83% 7.02 1.04 1.33 1.45 1.50
80.86% 88.02% 95.18% 6.69 1.21 1.56 1.69 1.76
49.44% 52.96% 56.47% 6.06 0.60 0.77 0.83 0.86
32.61% 34.18% 35.75% 5.70 0.27 0.34 0.37 0.39
35.75% 37.78% 39.82% 5.52 0.34 0.44 0.48 0.50
40.59% 43.27% 45.95% 5.43 0.45 0.58 0.63 0.66
51.36% 55.44% 59.52% 5.32 0.69 0.89 0.96 1.00
52.69% 56.96% 61.23% 5.26 0.72 0.93 1.01 1.05
37.22% 39.60% 41.97% 5.17 0.40 0.52 0.56 0.58
24.22% 24.99% 25.75% 5.14 0.13 0.17 0.18 0.19
1.06% -1.04% -3.15% 5.09 -0.36 -0.46 -0.50 -0.52
-3.62% -6.26% -8.89% 4.96 -0.45 -0.57 -0.62 -0.65
5.94% 4.53% 3.12% 4.89 -0.24 -0.31 -0.33 -0.35
-3.50% -6.03% -8.56% 4.75 -0.43 -0.55 -0.60 -0.62
-11.84% -15.38% -18.93% 4.69 -0.60 -0.77 -0.84 -0.87
0.04% -2.00% -4.04% 4.65 -0.35 -0.44 -0.48 -0.50
-0.17% -2.22% -4.27% 4.60 -0.35 -0.45 -0.48 -0.50
-8.64% -11.73% -14.82% 4.56 -0.52 -0.67 -0.73 -0.76
-9.25% -12.44% -15.63% 4.63 -0.54 -0.69 -0.75 -0.78
-18.44% -22.81% -27.18% 4.69 -0.74 -0.95 -1.03 -1.07
-22.68% -27.59% -32.51% 4.72 -0.83 -1.07 -1.16 -1.21
-15.03% -19.02% -23.01% 4.80 -0.68 -0.87 -0.94 -0.98
2.82% 1.03% -0.75% 4.86 -0.30 -0.39 -0.42 -0.44
-4.59% -7.33% -10.07% 4.92 -0.46 -0.60 -0.65 -0.67
-17.04% -21.37% -25.71% 5.00 -0.73 -0.94 -1.02 -1.07
-6.52% -9.58% -12.63% 5.08 -0.52 -0.66 -0.72 -0.75
0.66% -1.51% -3.68% 5.12 -0.37 -0.47 -0.51 -0.53
-9.00% -12.42% -15.84% 5.21 -0.58 -0.74 -0.81 -0.84
-7.84% -11.13% -14.41% 5.24 -0.56 -0.72 -0.78 -0.81
-16.43% -20.80% -25.17% 5.25 -0.74 -0.95 -1.03 -1.07
-19.48% -24.24% -28.99% 5.27 -0.81 -1.03 -1.12 -1.17
-11.46% -15.19% -18.92% 5.22 -0.63 -0.81 -0.88 -0.92
-7.77% -11.05% -14.32% 5.24 -0.55 -0.71 -0.77 -0.81
-5.04% -8.00% -10.95% 5.28 -0.50 -0.64 -0.70 -0.73
-12.22% -16.10% -19.97% 5.33 -0.66 -0.84 -0.92 -0.95
-9.26% -12.81% -16.36% 5.44 -0.60 -0.77 -0.84 -0.87
-7.11% -10.46% -13.81% 5.59 -0.57 -0.73 -0.79 -0.82
-18.45% -23.30% -28.15% 5.78 -0.82 -1.06 -1.15 -1.19
-6.97% -10.45% -13.92% 5.92 -0.59 -0.76 -0.82 -0.85
6.00% 4.08% 2.17% 6.05 -0.32 -0.42 -0.45 -0.47
7.99% 6.24% 4.49% 6.24 -0.30 -0.38 -0.41 -0.43
22.14% 22.08% 22.03% 6.42 -0.01 -0.01 -0.01 -0.01
32.28% 33.41% 34.53% 6.61 0.19 0.25 0.27 0.28
43.08% 45.50% 47.93% 6.72 0.41 0.53 0.57 0.60
72.22% 78.24% 84.26% 6.83 1.02 1.31 1.42 1.48
70.90% 76.76% 82.61% 6.83 0.99 1.28 1.38 1.44
78.56% 85.41% 92.26% 6.75 1.16 1.49 1.62 1.68
79.43% 86.44% 93.45% 6.63 1.19 1.53 1.66 1.72
84.25% 91.97% 99.69% 6.39 1.31 1.68 1.82 1.90
98.97% 108.65% 118.32% 6.13 1.64 2.11 2.29 2.38
80.52% 87.94% 95.37% 6.00 1.26 1.62 1.76 1.83
47.14% 50.49% 53.85% 5.76 0.57 0.73 0.79 0.82
42.09% 44.92% 47.75% 5.51 0.48 0.62 0.67 0.70
52.23% 56.43% 60.62% 5.31 0.71 0.91 0.99 1.03
60.34% 65.66% 70.98% 5.04 0.90 1.16 1.26 1.31
40.75% 43.69% 46.64% 4.89 0.50 0.64 0.70 0.72
38.08% 40.75% 43.43% 4.75 0.45 0.58 0.63 0.66
23.79% 24.73% 25.68% 4.60 0.16 0.21 0.22 0.23
21.60% 22.29% 22.97% 4.58 0.12 0.15 0.16 0.17
14.93% 14.77% 14.61% 4.61 -0.03 -0.04 -0.04 -0.04
11.95% 11.40% 10.85% 4.65 -0.09 -0.12 -0.13 -0.14
21.90% 22.58% 23.25% 4.69 0.11 0.15 0.16 0.17
17.91% 18.07% 18.22% 4.74 0.03 0.03 0.04 0.04
23.67% 24.51% 25.35% 4.82 0.14 0.18 0.20 0.21
29.66% 31.21% 32.76% 4.91 0.26 0.34 0.37 0.38
18.39% 18.48% 18.56% 5.02 0.01 0.02 0.02 0.02
17.31% 17.23% 17.15% 5.10 -0.01 -0.02 -0.02 -0.02
23.04% 23.63% 24.21% 5.22 0.10 0.13 0.14 0.14
30.92% 32.45% 33.98% 5.30 0.26 0.33 0.36 0.38
30.00% 31.39% 32.77% 5.37 0.23 0.30 0.33 0.34
27.22% 28.24% 29.26% 5.41 0.17 0.22 0.24 0.25
28.02% 29.14% 30.27% 5.41 0.19 0.24 0.27 0.28
51.31% 55.33% 59.36% 5.42 0.68 0.88 0.95 0.99
36.83% 39.06% 41.29% 5.40 0.38 0.48 0.53 0.55
39.47% 42.04% 44.61% 5.37 0.44 0.56 0.61 0.63
56.52% 61.28% 66.03% 5.25 0.80 1.03 1.12 1.17
40.03% 42.75% 45.48% 5.18 0.46 0.59 0.64 0.67
41.63% 44.61% 47.59% 5.05 0.51 0.65 0.70 0.73
35.54% 37.81% 40.08% 4.94 0.38 0.49 0.54 0.56
30.18% 31.84% 33.50% 4.80 0.28 0.36 0.39 0.41
16.34% 16.33% 16.33% 4.66 0.00 0.00 0.00 0.00
26.59% 27.91% 29.23% 4.56 0.22 0.29 0.31 0.32
24.49% 25.60% 26.70% 4.44 0.19 0.24 0.26 0.27
31.37% 33.40% 35.44% 4.28 0.34 0.44 0.48 0.50
16.10% 16.27% 16.45% 4.17 0.03 0.04 0.04 0.04
11.73% 11.40% 11.08% 4.08 -0.06 -0.07 -0.08 -0.08
17.01% 17.39% 17.77% 3.96 0.06 0.08 0.09 0.09
19.25% 19.93% 20.61% 3.92 0.12 0.15 0.16 0.17
35.92% 38.72% 41.52% 3.84 0.47 0.61 0.66 0.69
41.22% 44.72% 48.22% 3.75 0.59 0.76 0.83 0.86
40.37% 43.79% 47.22% 3.69 0.58 0.75 0.81 0.84
40.05% 43.47% 46.89% 3.60 0.58 0.74 0.81 0.84
57.06% 62.64% 68.23% 3.52 0.95 1.22 1.32 1.37
50.77% 55.59% 60.41% 3.47 0.82 1.05 1.14 1.18
44.74% 48.83% 52.92% 3.41 0.69 0.89 0.97 1.01
33.10% 35.76% 38.41% 3.37 0.45 0.58 0.63 0.65
31.37% 33.83% 36.29% 3.32 0.42 0.54 0.58 0.60
40.88% 44.54% 48.20% 3.29 0.62 0.80 0.87 0.90
32.41% 35.04% 37.67% 3.23 0.45 0.57 0.62 0.65
34.44% 37.33% 40.22% 3.22 0.49 0.63 0.68 0.71
29.90% 32.24% 34.58% 3.17 0.40 0.51 0.55 0.58
13.84% 14.16% 14.49% 3.18 0.06 0.07 0.08 0.08
7.27% 6.77% 6.26% 3.22 -0.09 -0.11 -0.12 -0.12
2.75% 1.68% 0.60% 3.22 -0.18 -0.23 -0.25 -0.26
-13.76% -16.94% -20.12% 3.32 -0.54 -0.69 -0.75 -0.78
-31.07% -36.45% -41.83% 3.40 -0.91 -1.17 -1.27 -1.32
-31.24% -36.67% -42.10% 3.45 -0.92 -1.18 -1.28 -1.33
-29.68% -34.95% -40.22% 3.54 -0.89 -1.15 -1.25 -1.30
-26.00% -30.83% -35.66% 3.58 -0.82 -1.05 -1.14 -1.19
-30.10% -35.45% -40.79% 3.60 -0.91 -1.16 -1.26 -1.31
-25.28% -30.04% -34.81% 3.64 -0.81 -1.04 -1.13 -1.17
-22.91% -27.36% -31.82% 3.62 -0.75 -0.97 -1.05 -1.10
-18.42% -22.30% -26.18% 3.58 -0.66 -0.84 -0.92 -0.95
-12.57% -15.70% -18.82% 3.52 -0.53 -0.68 -0.74 -0.77
50s/50i 40s/60i 30s/70i 20s/80i 10s/90i Ibov2.97 3.02 3.05 3.07 3.09 3.10
1.54 1.56 1.57 1.59 1.59 1.60
1.80 1.83 1.84 1.86 1.87 1.88
0.88 0.90 0.91 0.91 0.92 0.92
0.39 0.40 0.40 0.41 0.41 0.41
0.51 0.52 0.52 0.53 0.53 0.53
0.67 0.68 0.69 0.70 0.70 0.70
1.03 1.04 1.05 1.06 1.06 1.07
1.07 1.09 1.10 1.11 1.11 1.12
0.60 0.61 0.61 0.62 0.62 0.62
0.19 0.19 0.20 0.20 0.20 0.20
-0.53 -0.54 -0.54 -0.55 -0.55 -0.55
-0.66 -0.67 -0.68 -0.68 -0.69 -0.69
-0.35 -0.36 -0.36 -0.37 -0.37 -0.37
-0.64 -0.64 -0.65 -0.66 -0.66 -0.66
-0.89 -0.90 -0.91 -0.92 -0.92 -0.93
-0.51 -0.52 -0.53 -0.53 -0.53 -0.54
-0.51 -0.52 -0.53 -0.53 -0.53 -0.54
-0.78 -0.79 -0.80 -0.80 -0.81 -0.81
-0.80 -0.81 -0.82 -0.83 -0.83 -0.84
-1.10 -1.11 -1.13 -1.13 -1.14 -1.14
-1.24 -1.25 -1.27 -1.28 -1.28 -1.29
-1.00 -1.02 -1.03 -1.04 -1.04 -1.05
-0.45 -0.46 -0.46 -0.46 -0.47 -0.47
-0.69 -0.70 -0.71 -0.71 -0.71 -0.72
-1.09 -1.10 -1.12 -1.12 -1.13 -1.14
-0.77 -0.78 -0.79 -0.79 -0.80 -0.80
-0.55 -0.55 -0.56 -0.56 -0.57 -0.57
-0.86 -0.87 -0.88 -0.89 -0.89 -0.90
-0.83 -0.84 -0.85 -0.85 -0.86 -0.86
-1.10 -1.11 -1.12 -1.13 -1.14 -1.14
-1.20 -1.21 -1.22 -1.23 -1.24 -1.25
-0.94 -0.95 -0.96 -0.97 -0.97 -0.98
-0.82 -0.84 -0.84 -0.85 -0.85 -0.86
-0.74 -0.75 -0.76 -0.77 -0.77 -0.77
-0.97 -0.99 -1.00 -1.00 -1.01 -1.01
-0.89 -0.91 -0.92 -0.92 -0.93 -0.93
-0.84 -0.85 -0.86 -0.87 -0.87 -0.88
-1.22 -1.24 -1.25 -1.26 -1.27 -1.27
-0.87 -0.89 -0.90 -0.90 -0.91 -0.91
-0.48 -0.49 -0.49 -0.50 -0.50 -0.50
-0.44 -0.45 -0.45 -0.45 -0.46 -0.46
-0.01 -0.02 -0.02 -0.02 -0.02 -0.02
0.28 0.29 0.29 0.29 0.29 0.30
0.61 0.62 0.62 0.63 0.63 0.64
1.51 1.54 1.55 1.56 1.57 1.58
1.47 1.49 1.51 1.52 1.53 1.54
1.72 1.75 1.76 1.78 1.79 1.79
1.76 1.79 1.81 1.82 1.83 1.84
1.94 1.97 1.99 2.00 2.01 2.02
2.43 2.47 2.49 2.51 2.52 2.54
1.87 1.89 1.91 1.93 1.94 1.95
0.84 0.86 0.86 0.87 0.88 0.88
0.71 0.72 0.73 0.74 0.74 0.74
1.05 1.07 1.08 1.09 1.09 1.10
1.34 1.36 1.37 1.38 1.39 1.39
0.74 0.75 0.76 0.76 0.77 0.77
0.67 0.68 0.69 0.69 0.70 0.70
0.24 0.24 0.24 0.25 0.25 0.25
0.17 0.18 0.18 0.18 0.18 0.18
-0.04 -0.04 -0.04 -0.04 -0.04 -0.04
-0.14 -0.14 -0.14 -0.14 -0.14 -0.14
0.17 0.17 0.17 0.17 0.18 0.18
0.04 0.04 0.04 0.04 0.04 0.04
0.21 0.21 0.22 0.22 0.22 0.22
0.39 0.40 0.40 0.40 0.40 0.41
0.02 0.02 0.02 0.02 0.02 0.02
-0.02 -0.02 -0.02 -0.02 -0.02 -0.02
0.15 0.15 0.15 0.15 0.15 0.15
0.38 0.39 0.39 0.40 0.40 0.40
0.35 0.35 0.36 0.36 0.36 0.36
0.26 0.26 0.26 0.26 0.27 0.27
0.28 0.29 0.29 0.29 0.29 0.29
1.01 1.03 1.04 1.04 1.05 1.06
0.56 0.57 0.57 0.58 0.58 0.58
0.65 0.66 0.66 0.67 0.67 0.67
1.19 1.21 1.22 1.23 1.24 1.25
0.68 0.69 0.70 0.71 0.71 0.71
0.75 0.76 0.77 0.77 0.78 0.78
0.57 0.58 0.58 0.59 0.59 0.59
0.42 0.42 0.43 0.43 0.43 0.43
0.00 0.00 0.00 0.00 0.00 0.00
0.33 0.34 0.34 0.34 0.34 0.35
0.28 0.28 0.29 0.29 0.29 0.29
0.51 0.52 0.52 0.53 0.53 0.53
0.04 0.05 0.05 0.05 0.05 0.05
-0.08 -0.08 -0.08 -0.09 -0.09 -0.09
0.10 0.10 0.10 0.10 0.10 0.10
0.17 0.17 0.18 0.18 0.18 0.18
0.70 0.71 0.72 0.73 0.73 0.73
0.88 0.89 0.90 0.91 0.91 0.92
0.86 0.87 0.88 0.89 0.89 0.90
0.86 0.87 0.88 0.89 0.89 0.90
1.40 1.42 1.44 1.45 1.46 1.46
1.21 1.23 1.24 1.25 1.26 1.26
1.03 1.04 1.05 1.06 1.07 1.07
0.67 0.68 0.68 0.69 0.69 0.70
0.62 0.63 0.63 0.64 0.64 0.64
0.92 0.93 0.94 0.95 0.95 0.96
0.66 0.67 0.68 0.68 0.69 0.69
0.73 0.74 0.74 0.75 0.75 0.76
0.59 0.60 0.60 0.61 0.61 0.61
0.08 0.08 0.08 0.09 0.09 0.09
-0.13 -0.13 -0.13 -0.13 -0.13 -0.13
-0.27 -0.27 -0.28 -0.28 -0.28 -0.28
-0.80 -0.81 -0.82 -0.83 -0.83 -0.83
-1.35 -1.37 -1.39 -1.40 -1.40 -1.41
-1.36 -1.38 -1.40 -1.41 -1.42 -1.42
-1.32 -1.34 -1.36 -1.37 -1.37 -1.38
-1.21 -1.23 -1.24 -1.25 -1.26 -1.26
-1.34 -1.36 -1.38 -1.39 -1.39 -1.40
-1.20 -1.21 -1.23 -1.24 -1.24 -1.25
-1.12 -1.14 -1.15 -1.16 -1.16 -1.17
-0.98 -0.99 -1.00 -1.01 -1.01 -1.02
-0.78 -0.80 -0.80 -0.81 -0.81 -0.82
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%
24.50%
25.00%
25.50%
100% Selic
90% Selic / 10% Ibov
80% Selic / 20% Ibo
70% Selic / 30% Ibov
60% Selic / 40% Ibov
50% Selic / 50% Ibov
40% Selic / 60% Ibov
30% Selic / 70% Ibov
20% Selic / 80% Ibov
10% Selic / 90% Ibov
100% Ibov
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al
Dolar x Ibov (1999)
Parametros Ibov 90i/10d 80i/20d 70i/30d 60i/40d 50i/50d 40i/60d 30i/70dDp Anual 38.16% 33.02% 27.98% 23.12% 18.57% 14.62% 11.91% 11.33%
Retorno Media 22.27% 20.39% 18.51% 16.63% 14.75% 12.86% 10.98% 9.10%
Sharpe Media - -0.0570 -0.1345 -0.2442 -0.4054 -0.6435 -0.9484 -1.1625
DP Sharpe - 0.1642 0.3875 0.7036 1.1680 1.8536 2.7322 3.3488
VAR IC 95% -40.50% -33.92% -27.52% -21.40% -15.80% -11.19% -8.60% -9.54%
Resolver o Sharpe: Incluir Selic para calcula-lo
Retornos AnualizadosData Ibov 90i/10d 80i/20d 70i/30d 60i/40d 50i/50d 40i/60d 30i/70d
01/99 a 12/99 143.91% 134.61% 125.31% 116.01% 106.71% 97.41% 88.12% 78.82%
02/99 a 01/00 85.83% 76.01% 66.19% 56.38% 46.56% 36.74% 26.93% 17.11%
03/99 a 02/00 95.18% 84.41% 73.64% 62.87% 52.11% 41.34% 30.57% 19.80%
04/99 a 03/00 56.47% 51.02% 45.56% 40.11% 34.65% 29.20% 23.74% 18.29%
05/99 a 04/00 35.75% 32.96% 30.17% 27.39% 24.60% 21.82% 19.03% 16.24%
06/99 a 05/00 39.82% 36.35% 32.88% 29.41% 25.94% 22.47% 18.99% 15.52%
07/99 a 06/00 45.95% 41.60% 37.25% 32.90% 28.54% 24.19% 19.84% 15.49%
08/99 a 07/00 59.52% 53.34% 47.16% 40.98% 34.79% 28.61% 22.43% 16.25%
09/99 a 08/00 61.23% 54.53% 47.83% 41.14% 34.44% 27.74% 21.05% 14.35%
10/99 a 09/00 41.97% 37.30% 32.62% 27.94% 23.26% 18.59% 13.91% 9.23%
11/99 a 10/00 25.75% 22.87% 19.98% 17.10% 14.21% 11.33% 8.44% 5.56%
12/99 a 11/00 -3.15% -2.65% -2.14% -1.64% -1.14% -0.64% -0.13% 0.37%
01/00 a 12/00 -8.89% -7.28% -5.68% -4.07% -2.46% -0.86% 0.75% 2.36%
02/00 a 01/01 3.12% 3.86% 4.60% 5.34% 6.08% 6.82% 7.56% 8.30%
03/00 a 02/01 -8.56% -6.30% -4.03% -1.77% 0.49% 2.76% 5.02% 7.29%
04/00 a 03/01 -18.93% -14.60% -10.27% -5.94% -1.61% 2.72% 7.05% 11.38%
05/00 a 04/01 -4.04% -1.39% 1.25% 3.90% 6.55% 9.19% 11.84% 14.49%
06/00 a 05/01 -4.27% -0.83% 2.60% 6.03% 9.46% 12.89% 16.33% 19.76%
07/00 a 06/01 -14.82% -10.36% -5.89% -1.43% 3.04% 7.51% 11.97% 16.44%
08/00 a 07/01 -15.63% -10.11% -4.59% 0.92% 6.44% 11.96% 17.48% 23.00%
09/00 a 08/01 -27.18% -20.44% -13.70% -6.96% -0.21% 6.53% 13.27% 20.01%
10/00 a 09/01 -32.51% -24.58% -16.65% -8.72% -0.80% 7.13% 15.06% 22.99%
11/00 a 10/01 -23.01% -17.12% -11.22% -5.32% 0.57% 6.47% 12.36% 18.26%
12/00 a 11/01 -0.75% 1.77% 4.30% 6.82% 9.34% 11.87% 14.39% 16.92%
01/01 a 12/01 -10.07% -7.25% -4.43% -1.61% 1.21% 4.03% 6.85% 9.67%
02/01 a 01/02 -25.71% -20.93% -16.15% -11.38% -6.60% -1.83% 2.95% 7.73%
03/01 a 02/02 -12.63% -9.89% -7.16% -4.43% -1.69% 1.04% 3.77% 6.51%
04/01 a 03/02 -3.68% -2.74% -1.81% -0.88% 0.06% 0.99% 1.92% 2.86%
05/01 a 04/02 -15.84% -13.37% -10.90% -8.43% -5.96% -3.49% -1.02% 1.45%
06/01 a 05/02 -14.41% -12.07% -9.72% -7.38% -5.04% -2.69% -0.35% 2.00%
07/01 a 06/02 -25.17% -20.36% -15.55% -10.75% -5.94% -1.14% 3.67% 8.48%
08/01 a 07/02 -28.99% -24.05% -19.10% -14.16% -9.22% -4.28% 0.66% 5.61%
09/01 a 08/02 -18.92% -14.90% -10.89% -6.87% -2.85% 1.17% 5.18% 9.20%
10/01 a 09/02 -14.32% -9.36% -4.40% 0.57% 5.53% 10.49% 15.45% 20.42%
11/01 a 10/02 -10.95% -6.27% -1.59% 3.10% 7.78% 12.46% 17.14% 21.83%
12/01 a 11/02 -19.97% -12.86% -5.75% 1.36% 8.47% 15.58% 22.69% 29.80%
01/02 a 12/02 -16.36% -9.75% -3.13% 3.49% 10.10% 16.72% 23.34% 29.95%
02/02 a 01/03 -13.81% -7.74% -1.67% 4.39% 10.46% 16.53% 22.60% 28.66%
03/02 a 02/03 -28.15% -20.32% -12.49% -4.66% 3.18% 11.01% 18.84% 26.67%
04/02 a 03/03 -13.92% -8.34% -2.75% 2.83% 8.42% 14.00% 19.59% 25.17%
05/02 a 04/03 2.17% 4.56% 6.95% 9.35% 11.74% 14.13% 16.52% 18.91%
06/02 a 05/03 4.49% 5.39% 6.28% 7.17% 8.06% 8.95% 9.84% 10.74%
07/02 a 06/03 22.03% 19.57% 17.11% 14.66% 12.20% 9.75% 7.29% 4.84%
08/02 a 07/03 34.53% 31.31% 28.08% 24.85% 21.63% 18.40% 15.17% 11.95%
09/02 a 08/03 47.93% 42.69% 37.46% 32.22% 26.99% 21.75% 16.52% 11.28%
10/02 a 09/03 84.26% 73.75% 63.25% 52.74% 42.23% 31.72% 21.21% 10.70%
11/02 a 10/03 82.61% 72.45% 62.29% 52.13% 41.96% 31.80% 21.64% 11.48%
12/02 a 11/03 92.26% 81.00% 69.73% 58.47% 47.20% 35.94% 24.68% 13.41%
01/03 a 12/03 93.45% 82.41% 71.37% 60.33% 49.29% 38.25% 27.21% 16.17%
02/03 a 01/04 99.69% 87.91% 76.13% 64.35% 52.58% 40.80% 29.02% 17.24%
03/03 a 02/04 118.32% 104.77% 91.22% 77.67% 64.12% 50.56% 37.01% 23.46%
04/03 a 03/05 95.37% 84.70% 74.04% 63.38% 52.72% 42.05% 31.39% 20.73%
05/03 a 04/04 53.85% 48.24% 42.64% 37.03% 31.43% 25.82% 20.21% 14.61%
06/03 a 05/04 47.75% 43.62% 39.50% 35.37% 31.24% 27.11% 22.98% 18.85%
07/03 a 06/04 60.62% 55.36% 50.09% 44.83% 39.57% 34.31% 29.04% 23.78%
08/03 a 07/04 70.98% 63.83% 56.67% 49.52% 42.37% 35.21% 28.06% 20.91%
09/03 a 08/04 46.64% 41.89% 37.14% 32.38% 27.63% 22.88% 18.13% 13.38%
10/03 a 09/04 43.43% 38.83% 34.24% 29.65% 25.06% 20.47% 15.88% 11.29%
11/03 a 10/04 25.68% 23.01% 20.34% 17.67% 15.00% 12.33% 9.66% 6.99%
12/03 a 11/04 22.97% 19.97% 16.97% 13.96% 10.96% 7.95% 4.95% 1.95%
01/04 a 12/04 14.61% 12.57% 10.53% 8.49% 6.45% 4.41% 2.37% 0.33%
02/04 a 01/05 10.85% 8.76% 6.67% 4.58% 2.49% 0.40% -1.69% -3.78%
03/04 a 02/05 23.25% 20.06% 16.88% 13.69% 10.50% 7.32% 4.13% 0.94%
04/04 a 03/05 18.22% 15.59% 12.96% 10.33% 7.70% 5.07% 2.43% -0.20%
05/04 a 04/05 25.35% 21.24% 17.13% 13.01% 8.90% 4.79% 0.68% -3.43%
06/04 a 05/05 32.76% 27.21% 21.65% 16.10% 10.54% 4.99% -0.57% -6.12%
07/04 a 06/05 18.56% 14.51% 10.45% 6.39% 2.34% -1.72% -5.78% -9.84%
08/04 a 07/05 17.15% 13.14% 9.14% 5.13% 1.13% -2.88% -6.89% -10.89%
09/04 a 08/05 24.21% 19.72% 15.24% 10.75% 6.27% 1.78% -2.70% -7.19%
10/04 a 09/05 33.98% 28.57% 23.17% 17.77% 12.36% 6.96% 1.55% -3.85%
11/04 a 10/05 32.77% 27.34% 21.90% 16.46% 11.03% 5.59% 0.16% -5.28%
12/04 a 11/05 29.26% 24.44% 19.62% 14.80% 9.98% 5.15% 0.33% -4.49%
01/05 a 12/05 30.27% 25.90% 21.54% 17.18% 12.82% 8.46% 4.09% -0.27%
02/05 a 01/06 59.36% 51.91% 44.45% 37.00% 29.55% 22.09% 14.64% 7.19%
03/05 a 02/06 41.29% 35.15% 29.01% 22.87% 16.73% 10.59% 4.45% -1.69%
04/05 a 03/06 44.61% 38.17% 31.73% 25.29% 18.85% 12.42% 5.98% -0.46%
05/05 a 04/06 66.03% 57.72% 49.41% 41.10% 32.79% 24.47% 16.16% 7.85%
06/05 a 05/06 45.48% 40.33% 35.19% 30.05% 24.90% 19.76% 14.62% 9.48%
07/05 a 06/06 47.59% 41.97% 36.35% 30.73% 25.11% 19.49% 13.87% 8.25%
08/05 a 07/06 40.08% 35.34% 30.60% 25.85% 21.11% 16.36% 11.62% 6.88%
09/05 a 08/06 33.50% 29.26% 25.02% 20.78% 16.54% 12.31% 8.07% 3.83%
10/05 a 09/06 16.33% 14.31% 12.29% 10.27% 8.26% 6.24% 4.22% 2.20%
11/05 a 10/06 29.23% 25.94% 22.65% 19.36% 16.08% 12.79% 9.50% 6.21%
12/05 a 11/06 26.70% 23.83% 20.96% 18.08% 15.21% 12.33% 9.46% 6.58%
01/06 a 12/06 35.44% 31.08% 26.71% 22.35% 17.98% 13.62% 9.26% 4.89%
02/06 a 01/07 16.45% 14.26% 12.06% 9.87% 7.68% 5.48% 3.29% 1.10%
03/06 a 02/07 11.08% 10.06% 9.05% 8.04% 7.02% 6.01% 5.00% 3.99%
04/06 a 03/07 17.77% 15.53% 13.30% 11.06% 8.82% 6.59% 4.35% 2.11%
05/06 a 04/07 20.61% 18.33% 16.04% 13.75% 11.46% 9.17% 6.89% 4.60%
06/06 a 05/07 41.52% 35.84% 30.15% 24.46% 18.78% 13.09% 7.40% 1.72%
07/06 a 06/07 48.22% 42.21% 36.20% 30.18% 24.17% 18.16% 12.14% 6.13%
08/06 a 07/07 47.22% 41.09% 34.96% 28.84% 22.71% 16.59% 10.46% 4.33%
09/06 a 08/07 46.89% 41.37% 35.86% 30.35% 24.83% 19.32% 13.81% 8.29%
10/06 a 09/07 68.23% 59.80% 51.37% 42.94% 34.51% 26.08% 17.65% 9.22%
11/06 a 10/07 60.41% 52.54% 44.67% 36.80% 28.93% 21.06% 13.19% 5.32%
12/06 a 11/07 52.92% 45.92% 38.92% 31.91% 24.91% 17.91% 10.90% 3.90%
01/07 a 12/07 38.41% 32.85% 27.29% 21.73% 16.16% 10.60% 5.04% -0.52%
02/07 a 01/08 36.29% 30.96% 25.62% 20.28% 14.95% 9.61% 4.27% -1.06%
03/07 a 02/08 48.20% 41.22% 34.24% 27.26% 20.28% 13.30% 6.32% -0.66%
04/07 a 03/08 37.67% 32.47% 27.27% 22.07% 16.86% 11.66% 6.46% 1.26%
05/07 a 04/08 40.22% 34.33% 28.44% 22.55% 16.67% 10.78% 4.89% -1.00%
06/07 a 05/08 34.58% 29.59% 24.59% 19.60% 14.60% 9.61% 4.61% -0.38%
07/07 a 06/08 14.49% 11.44% 8.39% 5.34% 2.28% -0.77% -3.82% -6.87%
08/07 a 07/08 6.26% 3.97% 1.67% -0.63% -2.93% -5.22% -7.52% -9.82%
09/07 a 08/08 0.60% -0.98% -2.57% -4.15% -5.74% -7.33% -8.91% -10.50%
10/07 a 09/08 -20.12% -17.52% -14.92% -12.32% -9.72% -7.12% -4.53% -1.93%
11/07 a 10/08 -41.83% -35.29% -28.75% -22.21% -15.67% -9.13% -2.59% 3.95%
12/07 a 11/08 -42.10% -34.98% -27.87% -20.75% -13.64% -6.53% 0.59% 7.70%
01/08 a 12/08 -40.22% -33.02% -25.82% -18.62% -11.42% -4.22% 2.99% 10.19%
02/08 a 01/09 -35.66% -28.82% -21.97% -15.13% -8.29% -1.45% 5.39% 12.24%
03/08 a 02/09 -40.79% -32.54% -24.30% -16.05% -7.80% 0.45% 8.70% 16.94%
04/08 a 03/09 -34.81% -28.04% -21.28% -14.51% -7.75% -0.98% 5.78% 12.54%
05/08 a 04/09 -31.82% -25.40% -18.97% -12.55% -6.12% 0.30% 6.73% 13.15%
06/08 a 05/09 -26.18% -21.50% -16.82% -12.13% -7.45% -2.77% 1.91% 6.59%
07/08 a 06/09 -18.82% -14.70% -10.58% -6.46% -2.34% 1.77% 5.89% 10.01%
PortifoliosIbov Dolar Retorno Risco (DP)100% 0% 22.27% 38.16%
20i/80d 10i/90d Dolar 90% 10% 20.39% 33.02%
13.19% 16.68% 21.00% 80% 20% 18.51% 27.98%
7.22% 5.34% 3.45% 70% 30% 16.63% 23.12%
-1.1417 -1.0156 -0.8960 60% 40% 14.75% 18.57%
3.2890 2.9257 2.5812 50% 50% 12.86% 14.62%
-14.47% -22.10% -31.10% 40% 60% 10.98% 11.91%
30% 70% 9.10% 11.33%
20% 80% 7.22% 13.19%
10% 90% 5.34% 16.68%
0% 100% 3.45% 21.00%
Sharpe20i/80d 10i/90d Dolar Ibov 90i/10d 80i/20d 70i/30d 60i/40d69.52% 60.22% 50.92% 3.77 -0.28 -0.66 -1.21 -2.00
7.29% -2.52% -12.34% 2.25 -0.30 -0.70 -1.27 -2.11
9.03% -1.74% -12.51% 2.49 -0.33 -0.77 -1.40 -2.32
12.83% 7.38% 1.92% 1.48 -0.17 -0.39 -0.71 -1.18
13.46% 10.67% 7.89% 0.94 -0.08 -0.20 -0.36 -0.60
12.05% 8.58% 5.11% 1.04 -0.11 -0.25 -0.45 -0.75
11.14% 6.79% 2.43% 1.20 -0.13 -0.31 -0.56 -0.94
10.07% 3.88% -2.30% 1.56 -0.19 -0.44 -0.80 -1.33
7.65% 0.95% -5.74% 1.60 -0.20 -0.48 -0.87 -1.44
4.55% -0.13% -4.80% 1.10 -0.14 -0.33 -0.61 -1.01
2.68% -0.21% -3.09% 0.67 -0.09 -0.21 -0.37 -0.62
0.87% 1.37% 1.88% -0.08 0.02 0.04 0.07 0.11
3.96% 5.57% 7.18% -0.23 0.05 0.11 0.21 0.35
9.04% 9.78% 10.52% 0.08 0.02 0.05 0.10 0.16
9.55% 11.81% 14.08% -0.22 0.07 0.16 0.29 0.49
15.71% 20.04% 24.37% -0.50 0.13 0.31 0.56 0.93
17.13% 19.78% 22.43% -0.11 0.08 0.19 0.34 0.57
23.19% 26.62% 30.05% -0.11 0.10 0.25 0.45 0.74
20.90% 25.37% 29.83% -0.39 0.14 0.32 0.58 0.96
28.52% 34.03% 39.55% -0.41 0.17 0.39 0.72 1.19
26.75% 33.49% 40.23% -0.71 0.20 0.48 0.87 1.45
30.92% 38.84% 46.77% -0.85 0.24 0.57 1.03 1.71
24.16% 30.05% 35.95% -0.60 0.18 0.42 0.77 1.27
19.44% 21.96% 24.49% -0.02 0.08 0.18 0.33 0.54
12.49% 15.31% 18.13% -0.26 0.09 0.20 0.37 0.61
12.50% 17.28% 22.05% -0.67 0.14 0.34 0.62 1.03
9.24% 11.98% 14.71% -0.33 0.08 0.20 0.35 0.59
3.79% 4.72% 5.66% -0.10 0.03 0.07 0.12 0.20
3.92% 6.39% 8.86% -0.41 0.07 0.18 0.32 0.53
4.34% 6.69% 9.03% -0.38 0.07 0.17 0.30 0.51
13.28% 18.09% 22.89% -0.66 0.15 0.34 0.62 1.04
10.55% 15.49% 20.43% -0.76 0.15 0.35 0.64 1.06
13.22% 17.24% 21.25% -0.50 0.12 0.29 0.52 0.87
25.38% 30.34% 35.30% -0.38 0.15 0.35 0.64 1.07
26.51% 31.19% 35.87% -0.29 0.14 0.33 0.61 1.01
36.91% 44.02% 51.13% -0.52 0.22 0.51 0.92 1.53
36.57% 43.19% 49.80% -0.43 0.20 0.47 0.86 1.43
34.73% 40.80% 46.86% -0.36 0.18 0.43 0.79 1.31
34.51% 42.34% 50.17% -0.74 0.24 0.56 1.02 1.69
30.75% 36.34% 41.92% -0.36 0.17 0.40 0.72 1.20
21.31% 23.70% 26.09% 0.06 0.07 0.17 0.31 0.52
11.63% 12.52% 13.41% 0.12 0.03 0.06 0.12 0.19
2.38% -0.07% -2.53% 0.58 -0.07 -0.18 -0.32 -0.53
8.72% 5.49% 2.27% 0.90 -0.10 -0.23 -0.42 -0.70
6.05% 0.81% -4.42% 1.26 -0.16 -0.37 -0.68 -1.13
0.20% -10.31% -20.82% 2.21 -0.32 -0.75 -1.36 -2.26
1.32% -8.85% -19.01% 2.17 -0.31 -0.73 -1.32 -2.19
2.15% -9.12% -20.38% 2.42 -0.34 -0.81 -1.46 -2.43
5.14% -5.90% -16.94% 2.45 -0.33 -0.79 -1.43 -2.38
5.47% -6.31% -18.09% 2.61 -0.36 -0.84 -1.53 -2.54
9.91% -3.64% -17.19% 3.10 -0.41 -0.97 -1.76 -2.92
10.07% -0.60% -11.26% 2.50 -0.32 -0.76 -1.38 -2.30
9.00% 3.40% -2.21% 1.41 -0.17 -0.40 -0.73 -1.21
14.72% 10.59% 6.46% 1.25 -0.13 -0.30 -0.54 -0.89
18.52% 13.26% 7.99% 1.59 -0.16 -0.38 -0.68 -1.13
13.75% 6.60% -0.55% 1.86 -0.22 -0.51 -0.93 -1.54
8.63% 3.87% -0.88% 1.22 -0.14 -0.34 -0.62 -1.02
6.70% 2.11% -2.48% 1.14 -0.14 -0.33 -0.60 -0.99
4.32% 1.66% -1.01% 0.67 -0.08 -0.19 -0.35 -0.58
-1.06% -4.06% -7.06% 0.60 -0.09 -0.21 -0.39 -0.65
-1.71% -3.74% -5.78% 0.38 -0.06 -0.15 -0.26 -0.44
-5.87% -7.96% -10.05% 0.28 -0.06 -0.15 -0.27 -0.45
-2.24% -5.43% -8.62% 0.61 -0.10 -0.23 -0.41 -0.69
-2.83% -5.46% -8.09% 0.48 -0.08 -0.19 -0.34 -0.57
-7.54% -11.66% -15.77% 0.66 -0.12 -0.29 -0.53 -0.89
-11.68% -17.23% -22.79% 0.86 -0.17 -0.40 -0.72 -1.20
-13.89% -17.95% -22.01% 0.49 -0.12 -0.29 -0.53 -0.87
-14.90% -18.90% -22.91% 0.45 -0.12 -0.29 -0.52 -0.86
-11.68% -16.16% -20.65% 0.63 -0.14 -0.32 -0.58 -0.97
-9.26% -14.66% -20.06% 0.89 -0.16 -0.39 -0.70 -1.16
-10.72% -16.15% -21.59% 0.86 -0.16 -0.39 -0.71 -1.17
-9.31% -14.13% -18.95% 0.77 -0.15 -0.34 -0.63 -1.04
-4.63% -8.99% -13.36% 0.79 -0.13 -0.31 -0.57 -0.94
-0.27% -7.72% -15.17% 1.56 -0.23 -0.53 -0.97 -1.61
-7.83% -13.97% -20.11% 1.08 -0.19 -0.44 -0.80 -1.32
-6.90% -13.34% -19.78% 1.17 -0.20 -0.46 -0.84 -1.39
-0.46% -8.77% -17.08% 1.73 -0.25 -0.59 -1.08 -1.79
4.33% -0.81% -5.95% 1.19 -0.16 -0.37 -0.67 -1.11
2.64% -2.98% -8.60% 1.25 -0.17 -0.40 -0.73 -1.21
2.13% -2.61% -7.36% 1.05 -0.14 -0.34 -0.62 -1.02
-0.41% -4.65% -8.89% 0.88 -0.13 -0.30 -0.55 -0.91
0.18% -1.83% -3.85% 0.43 -0.06 -0.14 -0.26 -0.43
2.93% -0.36% -3.65% 0.77 -0.10 -0.24 -0.43 -0.71
3.71% 0.84% -2.04% 0.70 -0.09 -0.21 -0.37 -0.62
0.53% -3.84% -8.20% 0.93 -0.13 -0.31 -0.57 -0.94
-1.10% -3.29% -5.48% 0.43 -0.07 -0.16 -0.28 -0.47
2.97% 1.96% 0.95% 0.29 -0.03 -0.07 -0.13 -0.22
-0.12% -2.36% -4.59% 0.47 -0.07 -0.16 -0.29 -0.48
2.31% 0.02% -2.27% 0.54 -0.07 -0.16 -0.30 -0.49
-3.97% -9.65% -15.34% 1.09 -0.17 -0.41 -0.74 -1.23
0.12% -5.89% -11.91% 1.26 -0.18 -0.43 -0.78 -1.30
-1.79% -7.92% -14.04% 1.24 -0.19 -0.44 -0.80 -1.32
2.78% -2.73% -8.25% 1.23 -0.17 -0.39 -0.72 -1.19
0.79% -7.64% -16.07% 1.79 -0.26 -0.60 -1.09 -1.82
-2.55% -10.42% -18.29% 1.58 -0.24 -0.56 -1.02 -1.70
-3.11% -10.11% -17.11% 1.39 -0.21 -0.50 -0.91 -1.51
-6.09% -11.65% -17.21% 1.01 -0.17 -0.40 -0.72 -1.20
-6.40% -11.73% -17.07% 0.95 -0.16 -0.38 -0.69 -1.15
-7.64% -14.62% -21.60% 1.26 -0.21 -0.50 -0.91 -1.50
-3.94% -9.15% -14.35% 0.99 -0.16 -0.37 -0.68 -1.12
-6.88% -12.77% -18.66% 1.05 -0.18 -0.42 -0.76 -1.27
-5.38% -10.37% -15.37% 0.91 -0.15 -0.36 -0.65 -1.08
-9.92% -12.98% -16.03% 0.38 -0.09 -0.22 -0.40 -0.66
-12.12% -14.41% -16.71% 0.16 -0.07 -0.16 -0.30 -0.49
-12.08% -13.67% -15.25% 0.02 -0.05 -0.11 -0.21 -0.34
0.67% 3.27% 5.87% -0.53 0.08 0.19 0.34 0.56
10.49% 17.03% 23.57% -1.10 0.20 0.47 0.85 1.41
14.81% 21.93% 29.04% -1.10 0.22 0.51 0.92 1.53
17.39% 24.59% 31.79% -1.05 0.22 0.51 0.93 1.55
19.08% 25.92% 32.76% -0.93 0.21 0.49 0.89 1.47
25.19% 33.44% 41.69% -1.07 0.25 0.59 1.07 1.78
19.31% 26.07% 32.84% -0.91 0.20 0.48 0.88 1.46
19.57% 26.00% 32.42% -0.83 0.19 0.46 0.83 1.38
11.27% 15.96% 20.64% -0.69 0.14 0.33 0.61 1.01
14.13% 18.25% 22.37% -0.49 0.12 0.29 0.53 0.89
50i/50d 40i/60d 30i/70d 20i/80d 10i/90d Dolar -3.18 -4.69 -5.74 -5.64 -5.02 -4.43
-3.36 -4.95 -6.06 -5.96 -5.30 -4.67
-3.68 -5.43 -6.65 -6.53 -5.81 -5.13
-1.87 -2.75 -3.37 -3.31 -2.94 -2.60
-0.95 -1.40 -1.72 -1.69 -1.50 -1.33
-1.19 -1.75 -2.14 -2.11 -1.87 -1.65
-1.49 -2.19 -2.69 -2.64 -2.35 -2.07
-2.11 -3.12 -3.82 -3.75 -3.34 -2.94
-2.29 -3.38 -4.14 -4.06 -3.61 -3.19
-1.60 -2.36 -2.89 -2.84 -2.52 -2.23
-0.99 -1.45 -1.78 -1.75 -1.56 -1.37
0.17 0.25 0.31 0.30 0.27 0.24
0.55 0.81 0.99 0.97 0.87 0.77
0.25 0.37 0.46 0.45 0.40 0.35
0.77 1.14 1.40 1.37 1.22 1.08
1.48 2.18 2.67 2.63 2.34 2.06
0.90 1.33 1.63 1.61 1.43 1.26
1.17 1.73 2.12 2.08 1.85 1.63
1.53 2.25 2.76 2.71 2.41 2.13
1.89 2.78 3.41 3.35 2.98 2.63
2.30 3.40 4.16 4.09 3.64 3.21
2.71 4.00 4.90 4.81 4.28 3.77
2.02 2.97 3.64 3.58 3.18 2.81
0.86 1.27 1.56 1.53 1.36 1.20
0.96 1.42 1.74 1.71 1.52 1.34
1.63 2.41 2.95 2.90 2.58 2.27
0.93 1.38 1.69 1.66 1.48 1.30
0.32 0.47 0.58 0.57 0.50 0.44
0.84 1.24 1.53 1.50 1.33 1.18
0.80 1.18 1.45 1.42 1.27 1.12
1.64 2.42 2.97 2.92 2.59 2.29
1.69 2.49 3.05 3.00 2.67 2.35
1.37 2.02 2.48 2.44 2.17 1.91
1.70 2.50 3.07 3.01 2.68 2.36
1.60 2.36 2.89 2.84 2.53 2.23
2.43 3.58 4.39 4.31 3.84 3.39
2.26 3.33 4.09 4.01 3.57 3.15
2.07 3.06 3.75 3.68 3.27 2.89
2.68 3.95 4.84 4.75 4.23 3.73
1.91 2.81 3.45 3.39 3.01 2.66
0.82 1.21 1.48 1.45 1.29 1.14
0.30 0.45 0.55 0.54 0.48 0.42
-0.84 -1.24 -1.52 -1.49 -1.33 -1.17
-1.10 -1.63 -1.99 -1.96 -1.74 -1.54
-1.79 -2.64 -3.23 -3.18 -2.83 -2.49
-3.59 -5.30 -6.49 -6.38 -5.67 -5.00
-3.47 -5.12 -6.28 -6.17 -5.48 -4.84
-3.85 -5.68 -6.96 -6.83 -6.08 -5.36
-3.77 -5.56 -6.82 -6.70 -5.96 -5.26
-4.03 -5.94 -7.28 -7.15 -6.36 -5.61
-4.63 -6.83 -8.37 -8.22 -7.31 -6.45
-3.65 -5.37 -6.59 -6.47 -5.75 -5.08
-1.92 -2.83 -3.46 -3.40 -3.03 -2.67
-1.41 -2.08 -2.55 -2.51 -2.23 -1.97
-1.80 -2.65 -3.25 -3.19 -2.84 -2.51
-2.45 -3.61 -4.42 -4.34 -3.86 -3.41
-1.62 -2.39 -2.94 -2.88 -2.56 -2.26
-1.57 -2.31 -2.84 -2.79 -2.48 -2.19
-0.91 -1.35 -1.65 -1.62 -1.44 -1.27
-1.03 -1.51 -1.86 -1.82 -1.62 -1.43
-0.70 -1.03 -1.26 -1.24 -1.10 -0.97
-0.71 -1.05 -1.29 -1.27 -1.13 -0.99
-1.09 -1.61 -1.97 -1.93 -1.72 -1.52
-0.90 -1.33 -1.63 -1.60 -1.42 -1.25
-1.41 -2.07 -2.54 -2.49 -2.22 -1.96
-1.90 -2.80 -3.43 -3.37 -3.00 -2.64
-1.39 -2.04 -2.51 -2.46 -2.19 -1.93
-1.37 -2.02 -2.47 -2.43 -2.16 -1.91
-1.53 -2.26 -2.77 -2.72 -2.42 -2.14
-1.85 -2.72 -3.34 -3.28 -2.92 -2.57
-1.86 -2.74 -3.36 -3.30 -2.93 -2.59
-1.65 -2.43 -2.98 -2.92 -2.60 -2.30
-1.49 -2.20 -2.69 -2.65 -2.35 -2.08
-2.55 -3.76 -4.60 -4.52 -4.02 -3.55
-2.10 -3.09 -3.79 -3.72 -3.31 -2.92
-2.20 -3.25 -3.98 -3.91 -3.48 -3.07
-2.84 -4.19 -5.13 -5.04 -4.49 -3.96
-1.76 -2.59 -3.18 -3.12 -2.78 -2.45
-1.92 -2.83 -3.47 -3.41 -3.03 -2.68
-1.62 -2.39 -2.93 -2.88 -2.56 -2.26
-1.45 -2.14 -2.62 -2.57 -2.29 -2.02
-0.69 -1.02 -1.25 -1.22 -1.09 -0.96
-1.12 -1.66 -2.03 -1.99 -1.77 -1.57
-0.98 -1.45 -1.78 -1.74 -1.55 -1.37
-1.49 -2.20 -2.70 -2.65 -2.36 -2.08
-0.75 -1.11 -1.35 -1.33 -1.18 -1.04
-0.35 -0.51 -0.63 -0.61 -0.55 -0.48
-0.76 -1.13 -1.38 -1.36 -1.21 -1.06
-0.78 -1.15 -1.41 -1.39 -1.23 -1.09
-1.94 -2.87 -3.51 -3.45 -3.07 -2.71
-2.06 -3.03 -3.71 -3.65 -3.24 -2.86
-2.09 -3.09 -3.78 -3.72 -3.31 -2.92
-1.89 -2.78 -3.41 -3.35 -2.98 -2.63
-2.88 -4.25 -5.21 -5.11 -4.55 -4.01
-2.69 -3.97 -4.86 -4.77 -4.25 -3.75
-2.39 -3.53 -4.33 -4.25 -3.78 -3.33
-1.90 -2.80 -3.44 -3.37 -3.00 -2.65
-1.82 -2.69 -3.30 -3.24 -2.88 -2.54
-2.39 -3.52 -4.31 -4.23 -3.77 -3.32
-1.78 -2.62 -3.21 -3.16 -2.81 -2.48
-2.01 -2.97 -3.64 -3.57 -3.18 -2.80
-1.71 -2.52 -3.09 -3.03 -2.70 -2.38
-1.04 -1.54 -1.89 -1.85 -1.65 -1.45
-0.79 -1.16 -1.42 -1.39 -1.24 -1.09
-0.54 -0.80 -0.98 -0.96 -0.86 -0.75
0.89 1.31 1.61 1.58 1.40 1.24
2.24 3.30 4.04 3.97 3.53 3.11
2.43 3.59 4.39 4.32 3.84 3.39
2.46 3.63 4.45 4.37 3.89 3.43
2.34 3.45 4.23 4.15 3.69 3.26
2.82 4.16 5.09 5.00 4.45 3.93
2.31 3.41 4.18 4.10 3.65 3.22
2.20 3.24 3.97 3.90 3.47 3.06
1.60 2.36 2.89 2.84 2.53 2.23
1.41 2.08 2.54 2.50 2.22 1.96
5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
100% Ibov
10% Dólar / 90% Ibov
20% Dólar / 80% Ibov
30% Dólar / 70% Ibov
40% Dólar / 60% Ibov
50% Dólar / 50% Ibov
60% Dólar / 40% Ibov
70% Dólar / 30% Ibov
80% Dólar / 20% Ibovv
90% Dólar / 10% Ibov
100% Dólar
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al
Ouro x Ibov (1999)
Parametros Ibov 90i/10o 80i/20o 70i/30o 60i/40o 50i/50o 40i/60o 30i/70oDp Anual 38.16% 33.47% 28.91% 24.55% 20.52% 17.05% 14.56% 13.59%
Retorno Media 22.27% 21.63% 20.98% 20.34% 19.69% 19.05% 18.41% 17.76%
Sharpe Media - -0.0193 -0.0446 -0.0788 -0.1257 -0.1891 -0.2657 -0.3321
DP Sharpe - 0.1515 0.3509 0.6198 0.9887 1.4871 2.0899 2.6124
VAR IC 95% -40.50% -33.43% -26.57% -20.04% -14.05% -9.00% -5.54% -4.59%
Resolver o Sharpe: Incluir Selic para calcula-lo
Retornos AnualizadosData Ibov 90i/10o 80i/20o 70i/30o 60i/40o 50i/50o 40i/60o 30i/70o
01/99 a 12/99 143.91% 134.53% 125.14% 115.75% 106.37% 96.98% 87.59% 78.20%
02/99 a 01/00 85.83% 76.65% 67.47% 58.29% 49.11% 39.93% 30.75% 21.57%
03/99 a 02/00 95.18% 83.86% 72.53% 61.21% 49.88% 38.56% 27.23% 15.91%
04/99 a 03/00 56.47% 50.98% 45.50% 40.01% 34.52% 29.03% 23.54% 18.05%
05/99 a 04/00 35.75% 32.91% 30.08% 27.24% 24.41% 21.57% 18.73% 15.90%
06/99 a 05/00 39.82% 37.03% 34.24% 31.45% 28.65% 25.86% 23.07% 20.28%
07/99 a 06/00 45.95% 42.96% 39.97% 36.99% 34.00% 31.01% 28.02% 25.03%
08/99 a 07/00 59.52% 54.87% 50.22% 45.56% 40.91% 36.25% 31.60% 26.95%
09/99 a 08/00 61.23% 55.85% 50.47% 45.09% 39.71% 34.33% 28.95% 23.57%
10/99 a 09/00 41.97% 36.87% 31.77% 26.67% 21.56% 16.46% 11.36% 6.26%
11/99 a 10/00 25.75% 22.38% 19.00% 15.62% 12.25% 8.87% 5.49% 2.12%
12/99 a 11/00 -3.15% -3.56% -3.97% -4.38% -4.78% -5.19% -5.60% -6.01%
01/00 a 12/00 -8.89% -7.79% -6.69% -5.59% -4.49% -3.39% -2.29% -1.18%
02/00 a 01/01 3.12% 2.90% 2.67% 2.44% 2.21% 1.98% 1.76% 1.53%
03/00 a 02/01 -8.56% -7.31% -6.05% -4.80% -3.54% -2.29% -1.03% 0.22%
04/00 a 03/01 -18.93% -15.94% -12.95% -9.96% -6.97% -3.98% -0.99% 2.00%
05/00 a 04/01 -4.04% -2.66% -1.28% 0.09% 1.47% 2.85% 4.22% 5.60%
06/00 a 05/01 -4.27% -2.40% -0.54% 1.32% 3.18% 5.04% 6.90% 8.76%
07/00 a 06/01 -14.82% -11.66% -8.49% -5.33% -2.16% 1.01% 4.17% 7.34%
08/00 a 07/01 -15.63% -12.06% -8.50% -4.93% -1.37% 2.20% 5.76% 9.33%
09/00 a 08/01 -27.18% -22.43% -17.67% -12.92% -8.17% -3.42% 1.34% 6.09%
10/00 a 09/01 -32.51% -26.80% -21.10% -15.39% -9.69% -3.99% 1.72% 7.42%
11/00 a 10/01 -23.01% -15.81% -8.60% -1.39% 5.82% 13.03% 20.24% 27.44%
12/00 a 11/01 -0.75% 3.40% 7.56% 11.71% 15.87% 20.02% 24.18% 28.33%
01/01 a 12/01 -10.07% -6.64% -3.20% 0.23% 3.66% 7.09% 10.52% 13.96%
02/01 a 01/02 -25.71% -20.51% -15.31% -10.10% -4.90% 0.30% 5.50% 10.70%
03/01 a 02/02 -12.63% -8.26% -3.90% 0.47% 4.83% 9.20% 13.57% 17.93%
04/01 a 03/02 -3.68% -0.71% 2.25% 5.21% 8.17% 11.13% 14.09% 17.06%
05/01 a 04/02 -15.84% -12.21% -8.59% -4.97% -1.35% 2.28% 5.90% 9.52%
06/01 a 05/02 -14.41% -10.67% -6.92% -3.18% 0.56% 4.31% 8.05% 11.80%
07/01 a 06/02 -25.17% -19.66% -14.15% -8.64% -3.13% 2.38% 7.89% 13.40%
08/01 a 07/02 -28.99% -22.04% -15.10% -8.15% -1.20% 5.74% 12.69% 19.63%
09/01 a 08/02 -18.92% -12.36% -5.79% 0.78% 7.34% 13.91% 20.48% 27.04%
10/01 a 09/02 -14.32% -8.41% -2.49% 3.43% 9.34% 15.26% 21.18% 27.09%
11/01 a 10/02 -10.95% -5.06% 0.84% 6.73% 12.62% 18.52% 24.41% 30.30%
12/01 a 11/02 -19.97% -13.23% -6.49% 0.25% 6.99% 13.73% 20.46% 27.20%
01/02 a 12/02 -16.36% -8.08% 0.20% 8.48% 16.76% 25.04% 33.32% 41.60%
02/02 a 01/03 -13.81% -5.42% 2.97% 11.35% 19.74% 28.13% 36.52% 44.90%
03/02 a 02/03 -28.15% -16.56% -4.96% 6.63% 18.23% 29.83% 41.42% 53.02%
04/02 a 03/03 -13.92% -4.90% 4.12% 13.14% 22.16% 31.18% 40.20% 49.22%
05/02 a 04/03 2.17% 7.17% 12.18% 17.18% 22.18% 27.19% 32.19% 37.19%
06/02 a 05/03 4.49% 7.83% 11.17% 14.50% 17.84% 21.18% 24.51% 27.85%
07/02 a 06/03 22.03% 22.58% 23.13% 23.68% 24.23% 24.78% 25.33% 25.89%
08/02 a 07/03 34.53% 31.72% 28.91% 26.10% 23.29% 20.48% 17.68% 14.87%
09/02 a 08/03 47.93% 44.02% 40.11% 36.19% 32.28% 28.37% 24.46% 20.55%
10/02 a 09/03 84.26% 76.89% 69.53% 62.16% 54.79% 47.42% 40.06% 32.69%
11/02 a 10/03 82.61% 73.63% 64.64% 55.66% 46.67% 37.69% 28.70% 19.71%
12/02 a 11/03 92.26% 82.93% 73.59% 64.26% 54.92% 45.59% 36.25% 26.91%
01/03 a 12/03 93.45% 84.41% 75.38% 66.34% 57.31% 48.27% 39.23% 30.20%
02/03 a 01/04 99.69% 90.32% 80.96% 71.59% 62.22% 52.86% 43.49% 34.12%
03/03 a 02/04 118.32% 105.22% 92.12% 79.02% 65.92% 52.82% 39.72% 26.62%
04/03 a 03/05 95.37% 84.87% 74.38% 63.88% 53.39% 42.89% 32.40% 21.90%
05/03 a 04/04 53.85% 49.96% 46.07% 42.18% 38.29% 34.41% 30.52% 26.63%
06/03 a 05/04 47.75% 43.99% 40.23% 36.47% 32.71% 28.95% 25.19% 21.43%
07/03 a 06/04 60.62% 55.89% 51.17% 46.44% 41.72% 36.99% 32.27% 27.54%
08/03 a 07/04 70.98% 66.15% 61.31% 56.48% 51.64% 46.81% 41.98% 37.14%
09/03 a 08/04 46.64% 43.22% 39.79% 36.37% 32.95% 29.53% 26.11% 22.68%
10/03 a 09/04 43.43% 40.05% 36.68% 33.31% 29.94% 26.57% 23.20% 19.83%
11/03 a 10/04 25.68% 24.04% 22.40% 20.76% 19.12% 17.48% 15.84% 14.20%
12/03 a 11/04 22.97% 21.82% 20.66% 19.51% 18.36% 17.20% 16.05% 14.89%
01/04 a 12/04 14.61% 13.56% 12.51% 11.46% 10.41% 9.36% 8.31% 7.26%
02/04 a 01/05 10.85% 9.45% 8.06% 6.66% 5.27% 3.87% 2.48% 1.08%
03/04 a 02/05 23.25% 20.73% 18.20% 15.68% 13.15% 10.62% 8.10% 5.57%
04/04 a 03/05 18.22% 16.42% 14.63% 12.84% 11.04% 9.25% 7.46% 5.66%
05/04 a 04/05 25.35% 22.12% 18.89% 15.66% 12.43% 9.20% 5.97% 2.73%
06/04 a 05/05 32.76% 29.05% 25.34% 21.63% 17.92% 14.21% 10.50% 6.78%
07/04 a 06/05 18.56% 15.01% 11.45% 7.90% 4.34% 0.79% -2.77% -6.32%
08/04 a 07/05 17.15% 14.03% 10.91% 7.80% 4.68% 1.56% -1.56% -4.68%
09/04 a 08/05 24.21% 20.34% 16.48% 12.61% 8.74% 4.87% 1.01% -2.86%
10/04 a 09/05 33.98% 29.17% 24.37% 19.56% 14.76% 9.96% 5.15% 0.35%
11/04 a 10/05 32.77% 28.38% 23.99% 19.61% 15.22% 10.83% 6.44% 2.05%
12/04 a 11/05 29.26% 24.82% 20.38% 15.94% 11.50% 7.07% 2.63% -1.81%
01/05 a 12/05 30.27% 26.40% 22.54% 18.68% 14.82% 10.95% 7.09% 3.23%
02/05 a 01/06 59.36% 54.03% 48.69% 43.36% 38.03% 32.69% 27.36% 22.03%
03/05 a 02/06 41.29% 38.08% 34.88% 31.67% 28.47% 25.26% 22.06% 18.86%
04/05 a 03/06 44.61% 40.86% 37.12% 33.37% 29.62% 25.88% 22.13% 18.38%
05/05 a 04/06 66.03% 60.70% 55.38% 50.05% 44.73% 39.40% 34.08% 28.75%
06/05 a 05/06 45.48% 43.79% 42.11% 40.42% 38.74% 37.05% 35.37% 33.68%
07/05 a 06/06 47.59% 47.43% 47.26% 47.10% 46.94% 46.77% 46.61% 46.45%
08/05 a 07/06 40.08% 39.00% 37.93% 36.85% 35.77% 34.69% 33.61% 32.53%
09/05 a 08/06 33.50% 34.03% 34.57% 35.10% 35.63% 36.17% 36.70% 37.23%
10/05 a 09/06 16.33% 17.96% 19.60% 21.24% 22.88% 24.52% 26.16% 27.79%
11/05 a 10/06 29.23% 28.15% 27.07% 26.00% 24.92% 23.85% 22.77% 21.69%
12/05 a 11/06 26.70% 27.05% 27.41% 27.76% 28.11% 28.46% 28.81% 29.16%
01/06 a 12/06 35.44% 34.21% 32.98% 31.75% 30.52% 29.29% 28.06% 26.83%
02/06 a 01/07 16.45% 15.70% 14.95% 14.20% 13.45% 12.69% 11.94% 11.19%
03/06 a 02/07 11.08% 10.86% 10.65% 10.44% 10.23% 10.02% 9.81% 9.60%
04/06 a 03/07 17.77% 17.53% 17.29% 17.05% 16.82% 16.58% 16.34% 16.10%
05/06 a 04/07 20.61% 19.64% 18.66% 17.68% 16.70% 15.73% 14.75% 13.77%
06/06 a 05/07 41.52% 37.42% 33.31% 29.20% 25.09% 20.99% 16.88% 12.77%
07/06 a 06/07 48.22% 42.50% 36.78% 31.06% 25.34% 19.62% 13.90% 8.18%
08/06 a 07/07 47.22% 42.05% 36.89% 31.72% 26.56% 21.39% 16.22% 11.06%
09/06 a 08/07 46.89% 41.72% 36.55% 31.38% 26.21% 21.04% 15.87% 10.70%
10/06 a 09/07 68.23% 61.29% 54.35% 47.42% 40.48% 33.55% 26.61% 19.67%
11/06 a 10/07 60.41% 55.67% 50.94% 46.20% 41.47% 36.73% 32.00% 27.26%
12/06 a 11/07 52.92% 48.71% 44.49% 40.28% 36.06% 31.84% 27.63% 23.41%
01/07 a 12/07 38.41% 35.57% 32.72% 29.87% 27.02% 24.17% 21.33% 18.48%
02/07 a 01/08 36.29% 34.65% 33.01% 31.37% 29.73% 28.09% 26.45% 24.81%
03/07 a 02/08 48.20% 45.43% 42.67% 39.90% 37.13% 34.37% 31.60% 28.84%
04/07 a 03/08 37.67% 35.86% 34.05% 32.25% 30.44% 28.63% 26.82% 25.01%
05/07 a 04/08 40.22% 37.14% 34.07% 31.00% 27.93% 24.85% 21.78% 18.71%
06/07 a 05/08 34.58% 32.15% 29.71% 27.27% 24.84% 22.40% 19.97% 17.53%
07/07 a 06/08 14.49% 13.62% 12.74% 11.87% 10.99% 10.12% 9.24% 8.37%
08/07 a 07/08 6.26% 7.06% 7.85% 8.64% 9.44% 10.23% 11.03% 11.82%
09/07 a 08/08 0.60% 1.16% 1.72% 2.28% 2.84% 3.40% 3.97% 4.53%
10/07 a 09/08 -20.12% -15.91% -11.70% -7.50% -3.29% 0.92% 5.12% 9.33%
11/07 a 10/08 -41.83% -36.91% -31.99% -27.07% -22.15% -17.23% -12.31% -7.39%
12/07 a 11/08 -42.10% -35.99% -29.89% -23.79% -17.69% -11.58% -5.48% 0.62%
01/08 a 12/08 -40.22% -33.23% -26.23% -19.24% -12.25% -5.25% 1.74% 8.73%
02/08 a 01/09 -35.66% -28.93% -22.21% -15.49% -8.76% -2.04% 4.68% 11.41%
03/08 a 02/09 -40.79% -33.46% -26.12% -18.78% -11.45% -4.11% 3.23% 10.57%
04/08 a 03/09 -34.81% -27.93% -21.04% -14.16% -7.28% -0.40% 6.48% 13.36%
05/08 a 04/09 -31.82% -24.88% -17.93% -10.98% -4.04% 2.91% 9.85% 16.80%
06/08 a 05/09 -26.18% -20.04% -13.90% -7.77% -1.63% 4.51% 10.64% 16.78%
07/08 a 06/09 -18.82% -14.69% -10.57% -6.44% -2.31% 1.81% 5.94% 10.07%
PortifoliosIbov Ouro Retorno Risco (DP)100% 0% 22.27% 38.16%
20i/80do 10i/90o Ouro 90% 10% 21.63% 33.47%
14.45% 16.86% 20.28% 80% 20% 20.98% 28.91%
17.12% 16.47% 15.83% 70% 30% 20.34% 24.55%
-0.3570 -0.3442 -0.3179 60% 40% 19.69% 20.52%
2.8080 2.7069 2.5006 50% 50% 19.05% 17.05%
-6.65% -11.27% -17.53% 40% 60% 18.41% 14.56%
30% 70% 17.76% 13.59%
20% 80% 17.12% 14.45%
10% 90% 16.47% 16.86%
0% 100% 15.83% 20.28%
Sharpe20i/80do 10i/90o Ouro Ibov 90i/10o 80i/20o 70i/30o 60i/40o68.82% 59.43% 50.04% 3.77 -0.28 -0.65 -1.15 -1.83
12.39% 3.21% -5.97% 2.25 -0.27 -0.64 -1.12 -1.79
4.58% -6.74% -18.07% 2.49 -0.34 -0.78 -1.38 -2.21
12.56% 7.07% 1.58% 1.48 -0.16 -0.38 -0.67 -1.07
13.06% 10.23% 7.39% 0.94 -0.08 -0.20 -0.35 -0.55
17.49% 14.70% 11.91% 1.04 -0.08 -0.19 -0.34 -0.54
22.04% 19.05% 16.07% 1.20 -0.09 -0.21 -0.37 -0.58
22.29% 17.64% 12.98% 1.56 -0.14 -0.32 -0.57 -0.91
18.19% 12.81% 7.43% 1.60 -0.16 -0.37 -0.66 -1.05
1.15% -3.95% -9.05% 1.10 -0.15 -0.35 -0.62 -0.99
-1.26% -4.63% -8.01% 0.67 -0.10 -0.23 -0.41 -0.66
-6.42% -6.83% -7.24% -0.08 -0.01 -0.03 -0.05 -0.08
-0.08% 1.02% 2.12% -0.23 0.03 0.08 0.13 0.21
1.30% 1.07% 0.85% 0.08 -0.01 -0.02 -0.03 -0.04
1.48% 2.73% 3.99% -0.22 0.04 0.09 0.15 0.24
4.99% 7.98% 10.97% -0.50 0.09 0.21 0.37 0.58
6.98% 8.36% 9.73% -0.11 0.04 0.10 0.17 0.27
10.62% 12.48% 14.34% -0.11 0.06 0.13 0.23 0.36
10.50% 13.67% 16.84% -0.39 0.09 0.22 0.39 0.62
12.89% 16.46% 20.02% -0.41 0.11 0.25 0.44 0.70
10.84% 15.59% 20.35% -0.71 0.14 0.33 0.58 0.93
13.13% 18.83% 24.54% -0.85 0.17 0.39 0.70 1.11
34.65% 41.86% 49.07% -0.60 0.22 0.50 0.88 1.41
32.49% 36.64% 40.80% -0.02 0.12 0.29 0.51 0.81
17.39% 20.82% 24.25% -0.26 0.10 0.24 0.42 0.67
15.90% 21.10% 26.30% -0.67 0.16 0.36 0.64 1.01
22.30% 26.66% 31.03% -0.33 0.13 0.30 0.53 0.85
20.02% 22.98% 25.94% -0.10 0.09 0.20 0.36 0.58
13.14% 16.77% 20.39% -0.41 0.11 0.25 0.44 0.71
15.54% 19.29% 23.03% -0.38 0.11 0.26 0.46 0.73
18.91% 24.42% 29.93% -0.66 0.16 0.38 0.67 1.07
26.58% 33.53% 40.47% -0.76 0.21 0.48 0.85 1.35
33.61% 40.18% 46.74% -0.50 0.20 0.45 0.80 1.28
33.01% 38.93% 44.84% -0.38 0.18 0.41 0.72 1.15
36.20% 42.09% 47.99% -0.29 0.18 0.41 0.72 1.15
33.94% 40.68% 47.42% -0.52 0.20 0.47 0.82 1.31
49.88% 58.15% 66.43% -0.43 0.25 0.57 1.01 1.61
53.29% 61.68% 70.07% -0.36 0.25 0.58 1.03 1.64
64.61% 76.21% 87.80% -0.74 0.35 0.80 1.42 2.26
58.24% 67.26% 76.28% -0.36 0.27 0.62 1.10 1.76
42.19% 47.20% 52.20% 0.06 0.15 0.35 0.61 0.98
31.19% 34.52% 37.86% 0.12 0.10 0.23 0.41 0.65
26.44% 26.99% 27.54% 0.58 0.02 0.04 0.07 0.11
12.06% 9.25% 6.44% 0.90 -0.08 -0.19 -0.34 -0.55
16.64% 12.72% 8.81% 1.26 -0.12 -0.27 -0.48 -0.76
25.32% 17.95% 10.59% 2.21 -0.22 -0.51 -0.90 -1.44
10.73% 1.74% -7.24% 2.17 -0.27 -0.62 -1.10 -1.75
17.58% 8.24% -1.09% 2.42 -0.28 -0.65 -1.14 -1.82
21.16% 12.13% 3.09% 2.45 -0.27 -0.63 -1.10 -1.76
24.76% 15.39% 6.03% 2.61 -0.28 -0.65 -1.14 -1.83
13.52% 0.42% -12.68% 3.10 -0.39 -0.91 -1.60 -2.55
11.41% 0.91% -9.59% 2.50 -0.31 -0.73 -1.28 -2.05
22.74% 18.85% 14.96% 1.41 -0.12 -0.27 -0.48 -0.76
17.67% 13.91% 10.15% 1.25 -0.11 -0.26 -0.46 -0.73
22.82% 18.09% 13.36% 1.59 -0.14 -0.33 -0.58 -0.92
32.31% 27.47% 22.64% 1.86 -0.14 -0.33 -0.59 -0.94
19.26% 15.84% 12.42% 1.22 -0.10 -0.24 -0.42 -0.67
16.46% 13.09% 9.72% 1.14 -0.10 -0.23 -0.41 -0.66
12.56% 10.92% 9.28% 0.67 -0.05 -0.11 -0.20 -0.32
13.74% 12.58% 11.43% 0.60 -0.03 -0.08 -0.14 -0.23
6.21% 5.16% 4.11% 0.38 -0.03 -0.07 -0.13 -0.20
-0.31% -1.71% -3.10% 0.28 -0.04 -0.10 -0.17 -0.27
3.05% 0.52% -2.00% 0.61 -0.08 -0.17 -0.31 -0.49
3.87% 2.07% 0.28% 0.48 -0.05 -0.12 -0.22 -0.35
-0.50% -3.73% -6.96% 0.66 -0.10 -0.22 -0.39 -0.63
3.07% -0.64% -4.35% 0.86 -0.11 -0.26 -0.45 -0.72
-9.88% -13.43% -16.99% 0.49 -0.11 -0.25 -0.43 -0.69
-7.79% -10.91% -14.03% 0.45 -0.09 -0.22 -0.38 -0.61
-6.73% -10.59% -14.46% 0.63 -0.12 -0.27 -0.47 -0.75
-4.46% -9.26% -14.07% 0.89 -0.14 -0.33 -0.59 -0.94
-2.34% -6.73% -11.12% 0.86 -0.13 -0.30 -0.54 -0.86
-6.25% -10.69% -15.13% 0.77 -0.13 -0.31 -0.54 -0.87
-0.63% -4.49% -8.36% 0.79 -0.12 -0.27 -0.47 -0.75
16.69% 11.36% 6.03% 1.56 -0.16 -0.37 -0.65 -1.04
15.65% 12.45% 9.24% 1.08 -0.10 -0.22 -0.39 -0.62
14.64% 10.89% 7.14% 1.17 -0.11 -0.26 -0.46 -0.73
23.43% 18.10% 12.78% 1.73 -0.16 -0.37 -0.65 -1.04
31.99% 30.31% 28.62% 1.19 -0.05 -0.12 -0.21 -0.33
46.28% 46.12% 45.95% 1.25 0.00 -0.01 -0.02 -0.03
31.45% 30.37% 29.29% 1.05 -0.03 -0.07 -0.13 -0.21
37.77% 38.30% 38.83% 0.88 0.02 0.04 0.07 0.10
29.43% 31.07% 32.71% 0.43 0.05 0.11 0.20 0.32
20.62% 19.54% 18.46% 0.77 -0.03 -0.07 -0.13 -0.21
29.51% 29.86% 30.21% 0.70 0.01 0.02 0.04 0.07
25.60% 24.37% 23.14% 0.93 -0.04 -0.09 -0.15 -0.24
10.44% 9.69% 8.94% 0.43 -0.02 -0.05 -0.09 -0.15
9.39% 9.18% 8.97% 0.29 -0.01 -0.01 -0.03 -0.04
15.86% 15.62% 15.39% 0.47 -0.01 -0.02 -0.03 -0.05
12.79% 11.82% 10.84% 0.54 -0.03 -0.07 -0.12 -0.19
8.66% 4.55% 0.45% 1.09 -0.12 -0.28 -0.50 -0.80
2.45% -3.27% -8.99% 1.26 -0.17 -0.40 -0.70 -1.12
5.89% 0.73% -4.44% 1.24 -0.15 -0.36 -0.63 -1.01
5.53% 0.36% -4.81% 1.23 -0.15 -0.36 -0.63 -1.01
12.74% 5.80% -1.14% 1.79 -0.21 -0.48 -0.85 -1.35
22.53% 17.80% 13.06% 1.58 -0.14 -0.33 -0.58 -0.92
19.20% 14.98% 10.77% 1.39 -0.13 -0.29 -0.52 -0.82
15.63% 12.78% 9.94% 1.01 -0.09 -0.20 -0.35 -0.56
23.17% 21.53% 19.89% 0.95 -0.05 -0.11 -0.20 -0.32
26.07% 23.30% 20.54% 1.26 -0.08 -0.19 -0.34 -0.54
23.20% 21.39% 19.58% 0.99 -0.05 -0.13 -0.22 -0.35
15.64% 12.56% 9.49% 1.05 -0.09 -0.21 -0.38 -0.60
15.09% 12.66% 10.22% 0.91 -0.07 -0.17 -0.30 -0.47
7.49% 6.62% 5.74% 0.38 -0.03 -0.06 -0.11 -0.17
12.61% 13.41% 14.20% 0.16 0.02 0.05 0.10 0.15
5.09% 5.65% 6.21% 0.02 0.02 0.04 0.07 0.11
13.54% 17.74% 21.95% -0.53 0.13 0.29 0.51 0.82
-2.47% 2.45% 7.37% -1.10 0.15 0.34 0.60 0.96
6.72% 12.83% 18.93% -1.10 0.18 0.42 0.75 1.19
15.73% 22.72% 29.72% -1.05 0.21 0.48 0.85 1.36
18.13% 24.86% 31.58% -0.93 0.20 0.47 0.82 1.31
17.90% 25.24% 32.58% -1.07 0.22 0.51 0.90 1.43
20.24% 27.12% 34.00% -0.91 0.21 0.48 0.84 1.34
23.75% 30.69% 37.64% -0.83 0.21 0.48 0.85 1.35
22.92% 29.06% 35.19% -0.69 0.18 0.42 0.75 1.20
14.20% 18.32% 22.45% -0.49 0.12 0.29 0.50 0.80
50i/50o 40i/60o 30i/70o 20i/80do 10i/90o Dolar -2.75 -3.87 -4.84 -5.20 -5.01 -4.63
-2.69 -3.78 -4.73 -5.08 -4.90 -4.53
-3.32 -4.67 -5.83 -6.27 -6.05 -5.58
-1.61 -2.26 -2.83 -3.04 -2.93 -2.71
-0.83 -1.17 -1.46 -1.57 -1.51 -1.40
-0.82 -1.15 -1.44 -1.55 -1.49 -1.38
-0.88 -1.23 -1.54 -1.65 -1.60 -1.47
-1.36 -1.92 -2.40 -2.58 -2.48 -2.29
-1.58 -2.22 -2.77 -2.98 -2.87 -2.65
-1.50 -2.10 -2.63 -2.83 -2.72 -2.52
-0.99 -1.39 -1.74 -1.87 -1.80 -1.66
-0.12 -0.17 -0.21 -0.23 -0.22 -0.20
0.32 0.45 0.57 0.61 0.59 0.54
-0.07 -0.09 -0.12 -0.13 -0.12 -0.11
0.37 0.52 0.65 0.69 0.67 0.62
0.88 1.23 1.54 1.66 1.60 1.47
0.40 0.57 0.71 0.76 0.74 0.68
0.55 0.77 0.96 1.03 0.99 0.92
0.93 1.30 1.63 1.75 1.69 1.56
1.05 1.47 1.84 1.97 1.90 1.76
1.39 1.96 2.45 2.63 2.54 2.34
1.67 2.35 2.94 3.16 3.04 2.81
2.11 2.97 3.71 3.99 3.85 3.55
1.22 1.71 2.14 2.30 2.22 2.05
1.01 1.41 1.77 1.90 1.83 1.69
1.53 2.14 2.68 2.88 2.78 2.56
1.28 1.80 2.25 2.42 2.33 2.15
0.87 1.22 1.53 1.64 1.58 1.46
1.06 1.49 1.87 2.01 1.93 1.79
1.10 1.54 1.93 2.07 2.00 1.85
1.62 2.27 2.84 3.05 2.94 2.72
2.04 2.86 3.58 3.85 3.71 3.43
1.93 2.71 3.38 3.64 3.51 3.24
1.73 2.44 3.05 3.28 3.16 2.92
1.73 2.43 3.04 3.26 3.15 2.91
1.98 2.78 3.47 3.73 3.60 3.32
2.43 3.41 4.27 4.58 4.42 4.08
2.46 3.46 4.32 4.64 4.48 4.14
3.40 4.78 5.97 6.42 6.19 5.72
2.65 3.72 4.65 4.99 4.81 4.45
1.47 2.06 2.58 2.77 2.67 2.47
0.98 1.38 1.72 1.85 1.78 1.65
0.16 0.23 0.28 0.31 0.29 0.27
-0.82 -1.16 -1.45 -1.56 -1.50 -1.39
-1.15 -1.61 -2.02 -2.17 -2.09 -1.93
-2.16 -3.04 -3.80 -4.08 -3.93 -3.63
-2.63 -3.70 -4.63 -4.98 -4.80 -4.43
-2.74 -3.85 -4.81 -5.17 -4.98 -4.60
-2.65 -3.72 -4.65 -5.00 -4.82 -4.46
-2.75 -3.86 -4.83 -5.19 -5.00 -4.62
-3.84 -5.40 -6.75 -7.25 -6.99 -6.46
-3.08 -4.33 -5.41 -5.81 -5.60 -5.18
-1.14 -1.60 -2.00 -2.15 -2.08 -1.92
-1.10 -1.55 -1.94 -2.08 -2.01 -1.85
-1.39 -1.95 -2.43 -2.62 -2.52 -2.33
-1.42 -1.99 -2.49 -2.68 -2.58 -2.38
-1.00 -1.41 -1.76 -1.89 -1.83 -1.69
-0.99 -1.39 -1.74 -1.87 -1.80 -1.66
-0.48 -0.68 -0.85 -0.91 -0.88 -0.81
-0.34 -0.48 -0.59 -0.64 -0.62 -0.57
-0.31 -0.43 -0.54 -0.58 -0.56 -0.52
-0.41 -0.57 -0.72 -0.77 -0.74 -0.69
-0.74 -1.04 -1.30 -1.40 -1.35 -1.25
-0.53 -0.74 -0.92 -0.99 -0.96 -0.88
-0.95 -1.33 -1.66 -1.79 -1.72 -1.59
-1.09 -1.53 -1.91 -2.05 -1.98 -1.83
-1.04 -1.47 -1.83 -1.97 -1.90 -1.75
-0.91 -1.28 -1.61 -1.73 -1.66 -1.54
-1.13 -1.59 -1.99 -2.14 -2.06 -1.91
-1.41 -1.98 -2.48 -2.66 -2.56 -2.37
-1.29 -1.81 -2.26 -2.43 -2.34 -2.16
-1.30 -1.83 -2.29 -2.46 -2.37 -2.19
-1.13 -1.59 -1.99 -2.14 -2.06 -1.90
-1.56 -2.20 -2.75 -2.95 -2.85 -2.63
-0.94 -1.32 -1.65 -1.77 -1.71 -1.58
-1.10 -1.54 -1.93 -2.07 -2.00 -1.85
-1.56 -2.19 -2.74 -2.95 -2.84 -2.63
-0.49 -0.69 -0.87 -0.93 -0.90 -0.83
-0.05 -0.07 -0.08 -0.09 -0.09 -0.08
-0.32 -0.44 -0.56 -0.60 -0.58 -0.53
0.16 0.22 0.27 0.30 0.28 0.26
0.48 0.68 0.84 0.91 0.87 0.81
-0.32 -0.44 -0.55 -0.60 -0.57 -0.53
0.10 0.14 0.18 0.19 0.19 0.17
-0.36 -0.51 -0.63 -0.68 -0.66 -0.61
-0.22 -0.31 -0.39 -0.42 -0.40 -0.37
-0.06 -0.09 -0.11 -0.12 -0.11 -0.10
-0.07 -0.10 -0.12 -0.13 -0.13 -0.12
-0.29 -0.40 -0.50 -0.54 -0.52 -0.48
-1.20 -1.69 -2.12 -2.27 -2.19 -2.03
-1.68 -2.36 -2.95 -3.17 -3.05 -2.82
-1.51 -2.13 -2.66 -2.86 -2.76 -2.55
-1.52 -2.13 -2.66 -2.86 -2.76 -2.55
-2.03 -2.86 -3.57 -3.84 -3.70 -3.42
-1.39 -1.95 -2.44 -2.62 -2.53 -2.33
-1.24 -1.74 -2.17 -2.33 -2.25 -2.08
-0.84 -1.17 -1.47 -1.58 -1.52 -1.40
-0.48 -0.68 -0.85 -0.91 -0.88 -0.81
-0.81 -1.14 -1.42 -1.53 -1.48 -1.36
-0.53 -0.75 -0.93 -1.00 -0.97 -0.89
-0.90 -1.27 -1.58 -1.70 -1.64 -1.51
-0.71 -1.00 -1.26 -1.35 -1.30 -1.20
-0.26 -0.36 -0.45 -0.48 -0.47 -0.43
0.23 0.33 0.41 0.44 0.42 0.39
0.16 0.23 0.29 0.31 0.30 0.28
1.23 1.73 2.17 2.33 2.25 2.07
1.44 2.03 2.53 2.72 2.63 2.43
1.79 2.51 3.14 3.38 3.26 3.01
2.05 2.88 3.60 3.87 3.73 3.45
1.97 2.77 3.46 3.72 3.59 3.32
2.15 3.02 3.78 4.06 3.92 3.62
2.02 2.84 3.54 3.81 3.67 3.39
2.04 2.86 3.58 3.85 3.71 3.43
1.80 2.53 3.16 3.40 3.28 3.03
1.21 1.70 2.13 2.29 2.20 2.03
10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
100% Ibov10% Ouro / 90% Ibov
20% Ouro / 80% Ibov30% Ouro / 70% Ibovv
40% Ouro / 60% Ibov50% Ouro / 50% Ibov
60% Ouro / 40% Ibov70% Ouro / 30% Ibov
80% Ouro / 20% Ibov90% Ouro / 10% Ibov
100% Ouro
Fronteira Eficiente
Risco (Desvio Padrao)
Ret
orn
o A
nu
al