Analisis Macroeconomico

Fecha Último Apertura Máximo Mínimo Vol. Var. %01.12.2014 109.69 118.83 119.23 109.50 - -7.77%01.11.2014 118.93 108.22 119.75 107.72 820,47M 10.12%01.10.2014 108 100.59 108.04 95.18 1,36B 7.20%01.09.2014 100.75 103.06 103.74 96.14 1,53B -1.71%01.08.2014 102.5 94.90 102.90 93.28 937,08M 7.22%01.07.2014 95.6 93.52 99.44 92.57 1,04B 2.87%01.06.2014 92.93 90.57 95.05 88.93 1,21B 2.76%01.05.2014 90.43 84.57 92.02 82.90 1,43B 7.27%01.04.2014 84.3 76.82 85.63 73.05 1,61B 9.94%01.03.2014 76.68 74.77 78.43 74.69 1,25B 2.00%01.02.2014 75.18 71.80 78.74 71.33 1,47B 5.13%01.01.2014 71.51 79.38 80.03 70.51 2,20B -10.78%01.12.2013 80.15 79.71 82.16 76.97 1,76B 0.89%01.11.2013 79.44 74.86 79.76 73.20 1,31B 6.39%01.10.2013 74.67 68.35 77.04 68.33 1,96B 9.63%01.09.2013 68.11 70.44 72.56 63.89 2,16B -2.14%01.08.2013 69.6 65.11 73.39 64.75 2,01B 7.66%01.07.2013 64.65 57.53 65.33 57.32 1,64B 14.12%01.06.2013 56.65 64.39 64.92 55.55 1,76B -11.83%01.05.2013 64.25 63.49 66.54 59.84 2,36B 1.58%01.04.2013 63.25 63.13 63.61 55.01 2,74B 0.02%01.03.2013 63.24 62.57 67.14 59.86 2,29B 0.29%01.02.2013 63.06 65.59 69.28 62.52 2,34B -3.09%01.01.2013 65.07 79.12 79.29 62.14 3,28B -14.40%

01.12.2014 208,411 0.084237401.11.2014 225,967 -0.091902801.10.2014 205,200 -0.0671296301.09.2014 191,425 0.0173697301.08.2014 194,750 -0.0673170701.07.2014 181,640 -0.0279288701.06.2014 176,567 -0.0269019701.05.2014 171,817 -0.0677872401.04.2014 160,170 -0.0903914601.03.2014 145,692 -0.0195618201.02.2014 142,842 -0.0488161701.01.2014 135,869 0.1208222601.12.2013 152,285 -0.0088583901.11.2013 150,936 -0.0600453201.10.2013 141,873 -0.0878532201.09.2013 129,409 0.0218763801.08.2013 132,240 -0.07112069

01.07.2013 122,835 -0.1237432301.06.2013 107,635 0.1341571101.05.2013 122,075 -0.015564201.04.2013 120,175 -0.000158101.03.2013 120,156 -0.002846301.02.2013 119,814 0.0318744101.01.2013 123,633 -1

Nombre applNemotecnicofecha Cantidad Volumen Precio Cierre

Apple ECOPETROL 01/07/2014 00:00:00 8,605,359.00 28,983,778,810.00 3,370.00

Apple ECOPETROL 02/07/2014 00:00:00 5,305,288.00 17,699,744,500.00 3,340.00

Apple ECOPETROL 03/07/2014 00:00:00 2,439,711.00 8,172,261,495.00 3,350.00

Apple ECOPETROL 04/07/2014 00:00:00 1,228,635.00 4,093,662,245.00 3,320.00

Apple ECOPETROL 07/07/2014 00:00:00 5,586,570.00 18,644,273,045.00 3,345.00

Apple ECOPETROL 08/07/2014 00:00:00 12,645,887.00 41,444,585,725.00 3,230.00

Apple ECOPETROL 09/07/2014 00:00:00 18,668,231.00 59,145,791,090.00 3,160.00

Apple ECOPETROL 10/07/2014 00:00:00 15,354,484.00 48,299,188,535.00 3,190.00

Apple ECOPETROL 11/07/2014 00:00:00 9,601,246.00 30,916,106,155.00 3,250.00

Apple ECOPETROL 14/07/2014 00:00:00 9,634,404.00 30,790,201,645.00 3,185.00

Apple ECOPETROL 15/07/2014 00:00:00 9,401,039.00 30,120,145,310.00 3,225.00

Apple ECOPETROL 16/07/2014 00:00:00 13,805,893.00 45,470,969,560.00 3,315.00

Apple ECOPETROL 17/07/2014 00:00:00 7,608,479.00 25,122,696,815.00 3,310.00

Apple ECOPETROL 18/07/2014 00:00:00 6,769,008.00 22,471,360,240.00 3,305.00

Apple ECOPETROL 21/07/2014 00:00:00 2,994,205.00 9,908,511,410.00 3,300.00

Apple ECOPETROL 22/07/2014 00:00:00 4,080,963.00 13,452,803,400.00 3,300.00

Apple ECOPETROL 23/07/2014 00:00:00 3,700,912.00 12,143,114,610.00 3,270.00

Apple ECOPETROL 24/07/2014 00:00:00 10,589,890.00 34,117,247,195.00 3,215.00

Apple ECOPETROL 25/07/2014 00:00:00 5,541,772.00 17,924,796,615.00 3,240.00

Apple ECOPETROL 28/07/2014 00:00:00 6,231,013.00 20,432,022,765.00 3,270.00

Apple ECOPETROL 29/07/2014 00:00:00 7,037,802.00 22,653,793,725.00 3,200.00

Apple ECOPETROL 30/07/2014 00:00:00 6,682,629.00 21,354,126,490.00 3,210.00

Apple ECOPETROL 31/07/2014 00:00:00 9,329,700.00 29,749,213,935.00 3,180.00

Apple ECOPETROL 01/08/2014 00:00:00 11,725,890.00 37,027,291,265.00 3,130.00

ECOPETROL 04/08/2014 00:00:00 10,192,488.00 32,294,329,410.00 3,190.00

ECOPETROL 05/08/2014 00:00:00 11,728,425.00 37,830,027,200.00 3,255.00

ECOPETROL 06/08/2014 00:00:00 8,061,186.00 26,360,119,940.00 3,275.00

ECOPETROL 08/08/2014 00:00:00 5,184,016.00 16,827,442,835.00 3,245.00

ECOPETROL 11/08/2014 00:00:00 6,527,217.00 21,206,019,595.00 3,250.00

ECOPETROL 12/08/2014 00:00:00 12,372,509.00 39,500,953,845.00 3,160.00

ECOPETROL 13/08/2014 00:00:00 17,764,554.00 55,886,897,210.00 3,195.00

ECOPETROL 14/08/2014 00:00:00 10,941,978.00 34,099,523,345.00 3,110.00

ECOPETROL 15/08/2014 00:00:00 3,125,331.00 9,766,418,625.00 3,135.00

ECOPETROL 19/08/2014 00:00:00 5,469,322.00 17,357,260,080.00 3,170.00

ECOPETROL 20/08/2014 00:00:00 8,473,346.00 27,373,694,900.00 3,240.00

ECOPETROL 21/08/2014 00:00:00 5,845,157.00 18,908,532,155.00 3,255.00

ECOPETROL 22/08/2014 00:00:00 7,306,939.00 23,366,482,800.00 3,190.00

ECOPETROL 25/08/2014 00:00:00 5,635,701.00 18,034,044,225.00 3,215.00

ECOPETROL 26/08/2014 00:00:00 8,574,217.00 27,778,906,780.00 3,275.00

ECOPETROL 27/08/2014 00:00:00 12,445,149.00 41,152,281,960.00 3,330.00

ECOPETROL 28/08/2014 00:00:00 7,784,644.00 25,862,155,105.00 3,305.00

ECOPETROL 29/08/2014 00:00:00 7,749,766.00 25,738,895,280.00 3,325.00

ECOPETROL 01/09/2014 00:00:00 3,554,157.00 11,891,591,965.00 3,335.00

ECOPETROL 02/09/2014 00:00:00 8,677,082.00 29,249,816,360.00 3,365.00

ECOPETROL 03/09/2014 00:00:00 7,609,910.00 25,672,088,375.00 3,380.00

ECOPETROL 04/09/2014 00:00:00 13,260,309.00 45,013,232,415.00 3,365.00

ECOPETROL 05/09/2014 00:00:00 3,311,957.00 11,156,483,380.00 3,365.00

ECOPETROL 08/09/2014 00:00:00 3,428,230.00 11,425,154,165.00 3,335.00

ECOPETROL 09/09/2014 00:00:00 8,587,138.00 28,946,082,890.00 3,375.00

ECOPETROL 10/09/2014 00:00:00 9,992,229.00 33,743,218,510.00 3,375.00

ECOPETROL 11/09/2014 00:00:00 3,484,828.00 11,739,170,420.00 3,365.00

ECOPETROL 12/09/2014 00:00:00 2,792,424.00 9,370,607,200.00 3,345.00

ECOPETROL 15/09/2014 00:00:00 2,796,075.00 9,347,330,215.00 3,350.00

ECOPETROL 16/09/2014 00:00:00 4,843,062.00 16,302,986,720.00 3,355.00

ECOPETROL 17/09/2014 00:00:00 4,045,055.00 13,553,405,670.00 3,360.00

ECOPETROL 18/09/2014 00:00:00 6,495,515.00 21,778,682,260.00 3,340.00

ECOPETROL 19/09/2014 00:00:00 8,904,013.00 29,655,588,775.00 3,360.00

ECOPETROL 22/09/2014 00:00:00 5,021,714.00 16,583,927,650.00 3,280.00

ECOPETROL 23/09/2014 00:00:00 7,794,646.00 25,297,221,395.00 3,245.00

ECOPETROL 24/09/2014 00:00:00 4,786,277.00 15,498,064,780.00 3,230.00

ECOPETROL 25/09/2014 00:00:00 4,600,924.00 14,733,840,835.00 3,200.00

ECOPETROL 26/09/2014 00:00:00 3,833,138.00 12,353,897,410.00 3,210.00

ECOPETROL 29/09/2014 00:00:00 4,810,496.00 15,378,411,415.00 3,205.00

ECOPETROL 30/09/2014 00:00:00 5,215,064.00 16,592,100,845.00 3,165.00

ECOPETROL 01/10/2014 00:00:00 5,524,805.00 17,378,951,760.00 3,140.00

ECOPETROL 02/10/2014 00:00:00 6,064,100.00 18,881,298,285.00 3,115.00

ECOPETROL 03/10/2014 00:00:00 2,964,553.00 9,240,557,575.00 3,110.00

ECOPETROL 06/10/2014 00:00:00 7,025,728.00 21,917,049,165.00 3,100.00

ECOPETROL 07/10/2014 00:00:00 8,155,729.00 25,197,042,425.00 3,070.00

ECOPETROL 08/10/2014 00:00:00 16,735,621.00 49,789,420,090.00 2,990.00

ECOPETROL 09/10/2014 00:00:00 16,452,039.00 49,598,059,345.00 3,030.00

ECOPETROL 10/10/2014 00:00:00 8,530,689.00 25,144,951,310.00 2,920.00

ECOPETROL 14/10/2014 00:00:00 11,210,491.00 33,212,956,600.00 2,945.00

ECOPETROL 15/10/2014 00:00:00 11,607,523.00 34,127,925,660.00 2,975.00

ECOPETROL 16/10/2014 00:00:00 11,175,805.00 33,848,088,075.00 3,050.00

ECOPETROL 17/10/2014 00:00:00 7,804,393.00 23,745,481,630.00 3,010.00

ECOPETROL 20/10/2014 00:00:00 4,926,719.00 14,853,653,745.00 3,010.00

ECOPETROL 21/10/2014 00:00:00 7,878,660.00 23,893,182,565.00 3,050.00

ECOPETROL 22/10/2014 00:00:00 7,692,544.00 22,968,353,070.00 2,930.00

ECOPETROL 23/10/2014 00:00:00 8,231,992.00 24,193,418,745.00 2,945.00

ECOPETROL 24/10/2014 00:00:00 6,728,896.00 19,802,968,910.00 2,940.00

ECOPETROL 27/10/2014 00:00:00 6,720,783.00 19,159,126,290.00 2,845.00

ECOPETROL 28/10/2014 00:00:00 10,812,553.00 30,585,921,060.00 2,835.00

ECOPETROL 29/10/2014 00:00:00 8,087,302.00 23,003,952,290.00 2,860.00

ECOPETROL 30/10/2014 00:00:00 7,641,373.00 21,560,048,465.00 2,820.00

ECOPETROL 31/10/2014 00:00:00 10,960,888.00 30,309,597,145.00 2,750.00

ECOPETROL 04/11/2014 00:00:00 11,187,805.00 29,728,920,625.00 2,630.00

ECOPETROL 05/11/2014 00:00:00 24,478,639.00 63,961,351,390.00 2,675.00

ECOPETROL 06/11/2014 00:00:00 13,293,147.00 35,858,733,990.00 2,675.00

ECOPETROL 07/11/2014 00:00:00 10,133,618.00 27,361,881,835.00 2,690.00

ECOPETROL 10/11/2014 00:00:00 6,172,015.00 16,599,519,770.00 2,675.00

ECOPETROL 11/11/2014 00:00:00 14,284,387.00 37,557,799,535.00 2,660.00

ECOPETROL 12/11/2014 00:00:00 11,817,608.00 31,641,532,340.00 2,675.00

ECOPETROL 13/11/2014 00:00:00 10,079,944.00 26,446,041,785.00 2,635.00

ECOPETROL 14/11/2014 00:00:00 12,136,688.00 32,125,848,470.00 2,665.00

ECOPETROL 18/11/2014 00:00:00 6,643,930.00 17,767,460,645.00 2,680.00

ECOPETROL 19/11/2014 00:00:00 11,351,817.00 30,589,916,225.00 2,690.00

ECOPETROL 20/11/2014 00:00:00 11,945,232.00 32,346,080,930.00 2,705.00

ECOPETROL 21/11/2014 00:00:00 17,540,414.00 47,785,343,625.00 2,715.00

ECOPETROL 24/11/2014 00:00:00 4,826,557.00 12,965,861,360.00 2,680.00

ECOPETROL 25/11/2014 00:00:00 9,449,336.00 25,088,577,000.00 2,660.00

ECOPETROL 26/11/2014 00:00:00 5,894,422.00 15,321,755,880.00 2,570.00

ECOPETROL 27/11/2014 00:00:00 6,445,226.00 15,796,995,415.00 2,425.00

ECOPETROL 28/11/2014 00:00:00 8,727,897.00 20,033,969,580.00 2,290.00

ECOPETROL 01/12/2014 00:00:00 7,997,464.00 18,176,787,295.00 2,285.00

ECOPETROL 1/2/2013 5,450.00ECOPETROL 1/3/2013 5,490.00ECOPETROL 1/4/2013 5,520.00ECOPETROL 1/8/2013 5,430.00ECOPETROL 1/9/2013 5,450.00ECOPETROL 1/10/2013 5,460.00ECOPETROL 1/11/2013 5,450.00ECOPETROL 1/14/2013 5,460.00ECOPETROL 1/15/2013 5,440.00ECOPETROL 1/16/2013 5,450.00ECOPETROL 1/17/2013 5,440.00ECOPETROL 1/18/2013 5,490.00ECOPETROL 1/21/2013 5,500.00ECOPETROL 1/22/2013 5,480.00ECOPETROL 1/23/2013 5,560.00ECOPETROL 1/24/2013 5,590.00ECOPETROL 1/25/2013 5,600.00ECOPETROL 1/28/2013 5,600.00ECOPETROL 1/29/2013 5,640.00ECOPETROL 1/30/2013 5,620.00ECOPETROL 1/31/2013 5,620.00ECOPETROL 2/1/2013 5,650.00ECOPETROL 2/4/2013 5,700.00

ECOPETROL 2/5/2013 5,710.00ECOPETROL 2/6/2013 5,600.00ECOPETROL 2/7/2013 5,510.00ECOPETROL 2/8/2013 5,500.00ECOPETROL 2/11/2013 5,440.00ECOPETROL 2/12/2013 5,420.00ECOPETROL 2/13/2013 5,430.00ECOPETROL 2/14/2013 5,450.00ECOPETROL 2/15/2013 5,410.00ECOPETROL 2/18/2013 5,410.00ECOPETROL 2/19/2013 5,220.00ECOPETROL 2/20/2013 5,190.00ECOPETROL 2/21/2013 5,230.00ECOPETROL 2/22/2013 5,280.00ECOPETROL 2/25/2013 5,270.00ECOPETROL 2/26/2013 5,220.00ECOPETROL 2/27/2013 5,230.00ECOPETROL 2/28/2013 5,210.00ECOPETROL 3/1/2013 5,200.00ECOPETROL 3/4/2013 5,150.00ECOPETROL 3/5/2013 5,120.00ECOPETROL 3/6/2013 5,090.00ECOPETROL 3/7/2013 5,060.00ECOPETROL 3/8/2013 5,140.00ECOPETROL 3/11/2013 5,140.00ECOPETROL 3/12/2013 5,110.00ECOPETROL 3/13/2013 5,100.00ECOPETROL 3/14/2013 5,100.00ECOPETROL 3/15/2013 5,100.00ECOPETROL 3/18/2013 4,960.00ECOPETROL 3/19/2013 4,895.00ECOPETROL 3/20/2013 4,900.00ECOPETROL 3/21/2013 4,955.00ECOPETROL 3/22/2013 5,030.00ECOPETROL 3/26/2013 5,070.00ECOPETROL 3/27/2013 5,050.00ECOPETROL 4/1/2013 4,980.00ECOPETROL 4/2/2013 4,975.00ECOPETROL 4/3/2013 4,900.00ECOPETROL 4/4/2013 4,935.00ECOPETROL 4/5/2013 5,020.00ECOPETROL 4/8/2013 4,935.00ECOPETROL 4/9/2013 4,620.00

ECOPETROL 4/10/2013 4,525.00ECOPETROL 4/11/2013 4,550.00ECOPETROL 4/12/2013 4,450.00ECOPETROL 4/15/2013 4,225.00ECOPETROL 4/16/2013 4,395.00ECOPETROL 4/17/2013 4,330.00ECOPETROL 4/18/2013 4,310.00ECOPETROL 4/19/2013 4,345.00ECOPETROL 4/22/2013 4,360.00ECOPETROL 4/23/2013 4,375.00ECOPETROL 4/24/2013 4,410.00ECOPETROL 4/25/2013 4,405.00ECOPETROL 4/26/2013 4,335.00ECOPETROL 4/29/2013 4,340.00ECOPETROL 4/30/2013 4,390.00ECOPETROL 5/2/2013 4,290.00ECOPETROL 5/3/2013 4,320.00ECOPETROL 5/6/2013 4,180.00ECOPETROL 5/7/2013 4,200.00ECOPETROL 5/8/2013 4,200.00ECOPETROL 5/9/2013 4,180.00ECOPETROL 5/10/2013 4,135.00ECOPETROL 5/14/2013 4,125.00ECOPETROL 5/15/2013 4,140.00ECOPETROL 5/16/2013 4,125.00ECOPETROL 5/17/2013 4,075.00ECOPETROL 5/20/2013 3,995.00ECOPETROL 5/21/2013 40.00ECOPETROL 5/22/2013 4,015.00ECOPETROL 5/23/2013 4,135.00ECOPETROL 5/24/2013 4,155.00ECOPETROL 5/27/2013 4,170.00ECOPETROL 5/28/2013 4,190.00ECOPETROL 5/29/2013 4,195.00ECOPETROL 5/30/2013 4,205.00ECOPETROL 5/31/2013 4,080.00ECOPETROL 6/4/2013 4,120.00ECOPETROL 6/5/2013 4,110.00ECOPETROL 6/6/2013 4,085.00ECOPETROL 6/7/2013 4,135.00ECOPETROL 6/11/2013 4,060.00ECOPETROL 6/12/2013 3,955.00ECOPETROL 6/13/2013 3,975.00

ECOPETROL 6/14/2013 40.00ECOPETROL 6/17/2013 4,085.00ECOPETROL 6/18/2013 4,180.00ECOPETROL 6/19/2013 4,120.00ECOPETROL 6/20/2013 3,960.00ECOPETROL 6/21/2013 3,975.00ECOPETROL 6/24/2013 3,850.00ECOPETROL 6/25/2013 3,850.00ECOPETROL 6/26/2013 3,885.00ECOPETROL 6/27/2013 3,900.00ECOPETROL 6/28/2013 4,080.00ECOPETROL 7/2/2013 4,080.00ECOPETROL 7/3/2013 4,045.00ECOPETROL 7/4/2013 4,100.00ECOPETROL 7/5/2013 4,035.00ECOPETROL 7/8/2013 4,010.00ECOPETROL 7/9/2013 3,955.00ECOPETROL 7/10/2013 3,875.00ECOPETROL 7/11/2013 4,050.00ECOPETROL 7/12/2013 4,060.00ECOPETROL 7/15/2013 4,140.00ECOPETROL 7/16/2013 4,160.00ECOPETROL 7/17/2013 4,235.00ECOPETROL 7/18/2013 4,295.00ECOPETROL 7/19/2013 4,330.00ECOPETROL 7/22/2013 4,320.00ECOPETROL 7/23/2013 4,390.00ECOPETROL 7/24/2013 4,385.00ECOPETROL 7/25/2013 4,340.00ECOPETROL 7/26/2013 4,325.00ECOPETROL 7/29/2013 4,300.00ECOPETROL 7/30/2013 4,305.00ECOPETROL 7/31/2013 4,335.00ECOPETROL 8/1/2013 4,350.00ECOPETROL 8/2/2013 4,330.00ECOPETROL 8/5/2013 4,345.00ECOPETROL 8/6/2013 4,455.00ECOPETROL 8/8/2013 4,320.00ECOPETROL 8/9/2013 4,340.00ECOPETROL 8/12/2013 4,335.00ECOPETROL 8/13/2013 4,340.00ECOPETROL 8/14/2013 4,355.00ECOPETROL 8/15/2013 4,345.00

ECOPETROL 8/16/2013 4,370.00ECOPETROL 8/20/2013 4,390.00ECOPETROL 8/21/2013 4,360.00ECOPETROL 8/22/2013 4,360.00ECOPETROL 8/23/2013 4,350.00ECOPETROL 8/26/2013 4,355.00ECOPETROL 8/27/2013 4,370.00ECOPETROL 8/28/2013 4,465.00ECOPETROL 8/29/2013 4,385.00ECOPETROL 8/30/2013 4,335.00ECOPETROL 9/2/2013 4,355.00ECOPETROL 9/3/2013 4,350.00ECOPETROL 9/4/2013 4,395.00ECOPETROL 9/5/2013 4,415.00ECOPETROL 9/6/2013 4,390.00ECOPETROL 9/9/2013 4,425.00ECOPETROL 9/10/2013 4,495.00ECOPETROL 9/11/2013 4,495.00ECOPETROL 9/12/2013 4,490.00ECOPETROL 9/13/2013 4,450.00ECOPETROL 9/16/2013 4,435.00ECOPETROL 9/17/2013 4,445.00ECOPETROL 9/18/2013 4,490.00ECOPETROL 9/19/2013 4,425.00ECOPETROL 9/20/2013 4,440.00ECOPETROL 9/23/2013 4,465.00ECOPETROL 9/24/2013 4,460.00ECOPETROL 9/25/2013 4,445.00ECOPETROL 9/26/2013 4,435.00ECOPETROL 9/27/2013 4,425.00ECOPETROL 9/30/2013 4,380.00ECOPETROL 10/1/2013 4,375.00ECOPETROL 10/2/2013 4,340.00ECOPETROL 10/3/2013 4,335.00ECOPETROL 10/4/2013 4,325.00ECOPETROL 10/7/2013 4,340.00ECOPETROL 10/8/2013 4,355.00ECOPETROL 10/9/2013 4,320.00ECOPETROL 10/10/2013 4,360.00ECOPETROL 10/11/2013 4,385.00ECOPETROL 10/15/2013 4,460.00ECOPETROL 10/16/2013 4,515.00ECOPETROL 10/17/2013 4,515.00

ECOPETROL 10/18/2013 4,570.00ECOPETROL 10/21/2013 4,565.00ECOPETROL 10/22/2013 4,535.00ECOPETROL 10/23/2013 4,540.00ECOPETROL 10/24/2013 4,590.00ECOPETROL 10/25/2013 4,590.00ECOPETROL 10/28/2013 4,555.00ECOPETROL 10/29/2013 4,555.00ECOPETROL 10/30/2013 4,470.00ECOPETROL 10/31/2013 4,500.00ECOPETROL 11/1/2013 4,470.00ECOPETROL 11/5/2013 4,410.00ECOPETROL 11/6/2013 4,490.00ECOPETROL 11/7/2013 4,415.00ECOPETROL 11/8/2013 4,235.00ECOPETROL 11/12/2013 4,030.00ECOPETROL 11/13/2013 4,175.00ECOPETROL 11/14/2013 4,150.00ECOPETROL 11/15/2013 4,110.00ECOPETROL 11/18/2013 4,070.00ECOPETROL 11/19/2013 4,050.00ECOPETROL 11/20/2013 4,055.00ECOPETROL 11/21/2013 4,035.00ECOPETROL 11/22/2013 4,045.00ECOPETROL 11/25/2013 3,980.00ECOPETROL 11/26/2013 3,925.00ECOPETROL 11/27/2013 3,905.00ECOPETROL 11/28/2013 3,935.00ECOPETROL 11/29/2013 3,935.00ECOPETROL 12/2/2013 4,035.00ECOPETROL 12/3/2013 4,025.00ECOPETROL 12/4/2013 3,975.00ECOPETROL 12/5/2013 4,030.00ECOPETROL 12/6/2013 4,100.00ECOPETROL 12/9/2013 4,160.00ECOPETROL 12/10/2013 4,135.00ECOPETROL 12/11/2013 4,155.00ECOPETROL 12/12/2013 4,145.00ECOPETROL 12/13/2013 4,130.00ECOPETROL 12/16/2013 3,865.00ECOPETROL 12/17/2013 3,875.00ECOPETROL 12/18/2013 3,705.00ECOPETROL 12/19/2013 3,695.00

ECOPETROL 12/20/2013 3,790.00ECOPETROL 12/23/2013 3,735.00ECOPETROL 12/24/2013 3,800.00ECOPETROL 12/26/2013 3,735.00ECOPETROL 12/27/2013 3,740.00ECOPETROL 12/30/2013 3,700.00ECOPETROL 1/2/2014 3,700.00ECOPETROL 1/3/2014 3,650.00ECOPETROL 1/7/2014 3,550.00ECOPETROL 1/8/2014 3,465.00ECOPETROL 1/9/2014 3,445.00ECOPETROL 1/10/2014 3,415.00ECOPETROL 1/13/2014 3,415.00ECOPETROL 1/14/2014 3,425.00ECOPETROL 1/15/2014 3,485.00ECOPETROL 1/16/2014 3,440.00ECOPETROL 1/17/2014 3,485.00ECOPETROL 1/20/2014 3,490.00ECOPETROL 1/21/2014 3,480.00ECOPETROL 1/22/2014 3,520.00ECOPETROL 1/23/2014 3,470.00ECOPETROL 1/24/2014 3,390.00ECOPETROL 1/27/2014 3,425.00ECOPETROL 1/28/2014 3,455.00ECOPETROL 1/29/2014 3,405.00ECOPETROL 1/30/2014 3,510.00ECOPETROL 1/31/2014 3,520.00ECOPETROL 2/3/2014 3,480.00ECOPETROL 2/4/2014 3,480.00ECOPETROL 2/5/2014 3,560.00ECOPETROL 2/6/2014 3,620.00ECOPETROL 2/7/2014 3,590.00ECOPETROL 2/10/2014 3,540.00ECOPETROL 2/11/2014 3,590.00ECOPETROL 2/12/2014 3,700.00ECOPETROL 2/13/2014 3,670.00ECOPETROL 2/14/2014 3,655.00ECOPETROL 2/17/2014 3,625.00ECOPETROL 2/18/2014 3,695.00ECOPETROL 2/19/2014 3,770.00ECOPETROL 2/20/2014 3,680.00ECOPETROL 2/21/2014 3,610.00ECOPETROL 2/24/2014 3,635.00

ECOPETROL 2/25/2014 3,540.00ECOPETROL 2/26/2014 3,430.00ECOPETROL 2/27/2014 3,440.00ECOPETROL 2/28/2014 3,500.00ECOPETROL 3/3/2014 3,430.00ECOPETROL 3/4/2014 3,510.00ECOPETROL 3/5/2014 3,585.00ECOPETROL 3/6/2014 3,650.00ECOPETROL 3/7/2014 3,630.00ECOPETROL 3/10/2014 3,605.00ECOPETROL 3/11/2014 3,635.00ECOPETROL 3/12/2014 3,625.00ECOPETROL 3/13/2014 3,635.00ECOPETROL 3/14/2014 3,600.00ECOPETROL 3/17/2014 3,605.00ECOPETROL 3/18/2014 3,625.00ECOPETROL 3/19/2014 3,675.00ECOPETROL 3/20/2014 3,700.00ECOPETROL 3/21/2014 3,720.00ECOPETROL 3/25/2014 3,825.00ECOPETROL 3/27/2014 3,910.00ECOPETROL 3/28/2014 3,975.00ECOPETROL 3/31/2014 4,030.00ECOPETROL 4/1/2014 40.00ECOPETROL 4/2/2014 4,030.00ECOPETROL 4/3/2014 4,025.00ECOPETROL 4/4/2014 3,970.00ECOPETROL 4/7/2014 3,945.00ECOPETROL 4/8/2014 3,875.00ECOPETROL 4/9/2014 3,900.00ECOPETROL 4/10/2014 3,945.00ECOPETROL 4/11/2014 3,925.00ECOPETROL 4/14/2014 3,950.00ECOPETROL 4/15/2014 3,960.00ECOPETROL 4/16/2014 3,885.00ECOPETROL 4/21/2014 3,830.00ECOPETROL 4/22/2014 3,580.00ECOPETROL 4/23/2014 3,510.00ECOPETROL 4/24/2014 3,500.00ECOPETROL 4/25/2014 3,545.00ECOPETROL 4/28/2014 3,450.00ECOPETROL 4/29/2014 3,500.00ECOPETROL 4/30/2014 3,605.00

ECOPETROL 5/2/2014 3,555.00ECOPETROL 5/5/2014 3,480.00ECOPETROL 5/6/2014 3,480.00ECOPETROL 5/7/2014 3,515.00ECOPETROL 5/8/2014 3,515.00ECOPETROL 5/9/2014 3,525.00ECOPETROL 5/12/2014 3,525.00ECOPETROL 5/13/2014 3,525.00ECOPETROL 5/14/2014 3,570.00ECOPETROL 5/15/2014 3,595.00ECOPETROL 5/16/2014 3,610.00ECOPETROL 5/19/2014 3,630.00ECOPETROL 5/20/2014 3,570.00ECOPETROL 5/21/2014 3,625.00ECOPETROL 5/22/2014 3,555.00ECOPETROL 5/23/2014 3,515.00ECOPETROL 5/26/2014 3,515.00ECOPETROL 5/27/2014 3,490.00ECOPETROL 5/28/2014 3,455.00ECOPETROL 5/29/2014 3,500.00ECOPETROL 5/30/2014 3,430.00ECOPETROL 6/3/2014 3,490.00ECOPETROL 6/4/2014 3,480.00ECOPETROL 6/5/2014 3,520.00ECOPETROL 6/6/2014 3,500.00ECOPETROL 6/9/2014 3,510.00ECOPETROL 6/10/2014 3,650.00ECOPETROL 6/11/2014 3,645.00ECOPETROL 6/12/2014 3,615.00ECOPETROL 6/13/2014 3,645.00ECOPETROL 6/16/2014 3,645.00ECOPETROL 6/17/2014 3,520.00ECOPETROL 6/18/2014 3,510.00ECOPETROL 6/19/2014 3,475.00ECOPETROL 6/20/2014 3,480.00ECOPETROL 6/24/2014 3,485.00ECOPETROL 6/25/2014 3,490.00ECOPETROL 6/26/2014 3,430.00ECOPETROL 6/27/2014 3,410.00ECOPETROL 7/1/2014 3,370.00ECOPETROL 7/2/2014 3,340.00ECOPETROL 7/3/2014 3,350.00ECOPETROL 7/4/2014 3,320.00

ECOPETROL 7/7/2014 3,345.00ECOPETROL 7/8/2014 3,230.00ECOPETROL 7/9/2014 3,160.00ECOPETROL 7/10/2014 3,190.00ECOPETROL 7/11/2014 3,250.00ECOPETROL 7/14/2014 3,185.00ECOPETROL 7/15/2014 3,225.00ECOPETROL 7/16/2014 3,315.00ECOPETROL 7/17/2014 3,310.00ECOPETROL 7/18/2014 3,305.00ECOPETROL 7/21/2014 3,300.00ECOPETROL 7/22/2014 3,300.00ECOPETROL 7/23/2014 3,270.00ECOPETROL 7/24/2014 3,215.00ECOPETROL 7/25/2014 3,240.00ECOPETROL 7/28/2014 3,270.00ECOPETROL 7/29/2014 3,200.00ECOPETROL 7/30/2014 3,210.00ECOPETROL 7/31/2014 3,180.00ECOPETROL 8/1/2014 3,130.00ECOPETROL 8/4/2014 3,190.00ECOPETROL 8/5/2014 3,255.00ECOPETROL 8/6/2014 3,275.00ECOPETROL 8/8/2014 3,245.00ECOPETROL 8/11/2014 3,250.00ECOPETROL 8/12/2014 3,160.00ECOPETROL 8/13/2014 3,195.00ECOPETROL 8/14/2014 3,110.00ECOPETROL 8/15/2014 3,135.00ECOPETROL 8/19/2014 3,170.00ECOPETROL 8/20/2014 3,240.00ECOPETROL 8/21/2014 3,255.00ECOPETROL 8/22/2014 3,190.00ECOPETROL 8/25/2014 3,215.00ECOPETROL 8/26/2014 3,275.00ECOPETROL 8/27/2014 3,330.00ECOPETROL 8/28/2014 3,305.00ECOPETROL 8/29/2014 3,325.00ECOPETROL 9/1/2014 3,335.00ECOPETROL 9/2/2014 3,365.00ECOPETROL 9/3/2014 3,380.00ECOPETROL 9/4/2014 3,365.00ECOPETROL 9/5/2014 3,365.00

ECOPETROL 9/8/2014 3,335.00ECOPETROL 9/9/2014 3,375.00ECOPETROL 9/10/2014 3,375.00ECOPETROL 9/11/2014 3,365.00ECOPETROL 9/12/2014 3,345.00ECOPETROL 9/15/2014 3,350.00ECOPETROL 9/16/2014 3,355.00ECOPETROL 9/17/2014 3,360.00ECOPETROL 9/18/2014 3,340.00ECOPETROL 9/19/2014 3,360.00ECOPETROL 9/22/2014 3,280.00ECOPETROL 9/23/2014 3,245.00ECOPETROL 9/24/2014 3,230.00ECOPETROL 9/25/2014 3,200.00ECOPETROL 9/26/2014 3,210.00ECOPETROL 9/29/2014 3,205.00ECOPETROL 9/30/2014 3,165.00ECOPETROL 10/1/2014 3,140.00ECOPETROL 10/2/2014 3,115.00ECOPETROL 10/3/2014 3,110.00ECOPETROL 10/6/2014 3,100.00ECOPETROL 10/7/2014 3,070.00ECOPETROL 10/8/2014 2,990.00ECOPETROL 10/9/2014 3,030.00ECOPETROL 10/10/2014 2,920.00ECOPETROL 10/14/2014 2,945.00ECOPETROL 10/15/2014 2,975.00ECOPETROL 10/16/2014 3,050.00ECOPETROL 10/17/2014 3,010.00ECOPETROL 10/20/2014 3,010.00ECOPETROL 10/21/2014 3,050.00ECOPETROL 10/22/2014 2,930.00ECOPETROL 10/23/2014 2,945.00ECOPETROL 10/24/2014 2,940.00ECOPETROL 10/27/2014 2,845.00ECOPETROL 10/28/2014 2,835.00ECOPETROL 10/29/2014 2,860.00ECOPETROL 10/30/2014 2,820.00ECOPETROL 10/31/2014 2,750.00ECOPETROL 11/4/2014 2,630.00ECOPETROL 11/5/2014 2,675.00ECOPETROL 11/6/2014 2,675.00ECOPETROL 11/7/2014 2,690.00

ECOPETROL 11/10/2014 2,675.00ECOPETROL 11/11/2014 2,660.00ECOPETROL 11/12/2014 2,675.00ECOPETROL 11/13/2014 2,635.00ECOPETROL 11/14/2014 2,665.00ECOPETROL 11/18/2014 2,680.00ECOPETROL 11/19/2014 2,690.00ECOPETROL 11/20/2014 2,705.00ECOPETROL 11/21/2014 2,715.00ECOPETROL 11/24/2014 2,680.00ECOPETROL 11/25/2014 2,660.00ECOPETROL 11/26/2014 2,570.00ECOPETROL 11/27/2014 2,425.00ECOPETROL 11/28/2014 2,290.00

Precio MayorPrecio MedioPrecio MenorVariacion% Variacion AbsRentabilidad

3,410.00 3,368.11 3,360.00 -1.17 -40.003,370.00 3,336.25 3,305.00 -.89 -30.00 -0.008902083,365.00 3,349.68 3,320.00 .30 10.00 0.002994013,350.00 3,331.88 3,320.00 -.90 -30.00 -0.008955223,355.00 3,337.34 3,320.00 .75 25.00 0.007530123,360.00 3,277.32 3,220.00 -3.44 -115.00 -0.034379673,230.00 3,168.26 3,125.00 -2.17 -70.00 -0.021671833,190.00 3,145.61 3,100.00 .95 30.00 0.009493673,250.00 3,220.01 3,160.00 1.88 60.00 0.018808783,260.00 3,195.86 3,150.00 -2.00 -65.00 -0.023,225.00 3,203.92 3,175.00 1.26 40.00 0.012558873,335.00 3,293.59 3,210.00 2.79 90.00 0.027906983,340.00 3,301.93 3,255.00 -.15 -5.00 -0.00150833,345.00 3,319.74 3,285.00 -.15 -5.00 -0.001510573,325.00 3,309.23 3,300.00 -.15 -5.00 -0.001512863,320.00 3,296.48 3,280.00 .00 .00 03,300.00 3,281.11 3,260.00 -.91 -30.00 -0.009090913,260.00 3,221.68 3,180.00 -1.68 -55.00 -0.016819573,250.00 3,234.49 3,215.00 .78 25.00 0.007776053,300.00 3,279.09 3,250.00 .93 30.00 0.009259263,280.00 3,218.87 3,185.00 -2.14 -70.00 -0.021406733,230.00 3,195.47 3,175.00 .31 10.00 0.0031253,220.00 3,188.66 3,180.00 -.93 -30.00 -0.009345793,210.00 3,157.74 3,120.00 -1.57 -50.00 -0.015723273,190.00 3,168.44 3,130.00 1.92 60.00 0.019169333,255.00 3,225.50 3,175.00 2.04 65.00 0.020376183,295.00 3,270.01 3,230.00 .61 20.00 0.006144393,265.00 3,246.02 3,230.00 -.92 -30.00 -0.009160313,270.00 3,248.86 3,230.00 .15 5.00 0.001540833,255.00 3,192.64 3,160.00 -2.77 -90.00 -0.027692313,195.00 3,145.98 3,105.00 1.11 35.00 0.011075953,200.00 3,116.39 3,090.00 -2.66 -85.00 -0.026604073,140.00 3,124.92 3,110.00 .80 25.00 0.008038593,185.00 3,173.57 3,145.00 1.12 35.00 0.011164273,250.00 3,230.56 3,185.00 2.21 70.00 0.022082023,255.00 3,234.91 3,210.00 .46 15.00 0.004629633,235.00 3,197.85 3,180.00 -2.00 -65.00 -0.019969283,225.00 3,199.96 3,185.00 .78 25.00 0.007836993,275.00 3,239.82 3,210.00 1.87 60.00 0.018662523,335.00 3,306.69 3,260.00 1.68 55.00 0.016793893,335.00 3,322.20 3,305.00 -.75 -25.00 -0.007507513,330.00 3,321.25 3,305.00 .61 20.00 0.00605144

3,355.00 3,345.83 3,320.00 .30 10.00 0.003007523,395.00 3,370.93 3,330.00 .90 30.00 0.00899553,380.00 3,373.51 3,360.00 .45 15.00 0.004457653,420.00 3,394.58 3,360.00 -.44 -15.00 -0.004437873,385.00 3,368.55 3,355.00 .00 .00 03,365.00 3,332.67 3,320.00 -.89 -30.00 -0.00891533,390.00 3,370.86 3,315.00 1.20 40.00 0.0119943,395.00 3,376.95 3,360.00 .00 .00 03,385.00 3,368.65 3,350.00 -.30 -10.00 -0.002962963,370.00 3,355.73 3,340.00 -.59 -20.00 -0.005943543,350.00 3,343.02 3,330.00 .15 5.00 0.001494773,380.00 3,366.26 3,335.00 .15 5.00 0.001492543,360.00 3,350.61 3,335.00 .15 5.00 0.001490313,375.00 3,352.88 3,335.00 -.60 -20.00 -0.005952383,360.00 3,330.59 3,285.00 .60 20.00 0.005988023,360.00 3,302.44 3,280.00 -2.38 -80.00 -0.023809523,290.00 3,245.46 3,220.00 -1.07 -35.00 -0.010670733,255.00 3,238.02 3,220.00 -.46 -15.00 -0.00462253,230.00 3,202.37 3,185.00 -.93 -30.00 -0.009287933,245.00 3,222.92 3,190.00 .31 10.00 0.0031253,210.00 3,196.85 3,185.00 -.16 -5.00 -0.001557633,205.00 3,181.57 3,165.00 -1.25 -40.00 -0.01248053,175.00 3,145.62 3,120.00 -.79 -25.00 -0.007898893,140.00 3,113.62 3,100.00 -.80 -25.00 -0.007961783,150.00 3,117.02 3,105.00 -.16 -5.00 -0.001605143,160.00 3,119.54 3,095.00 -.32 -10.00 -0.003215433,115.00 3,089.49 3,050.00 -.97 -30.00 -0.009677423,080.00 2,975.06 2,930.00 -2.61 -80.00 -0.026058633,035.00 3,014.71 2,965.00 1.34 40.00 0.013377933,000.00 2,947.59 2,920.00 -3.63 -110.00 -0.036303633,000.00 2,962.67 2,915.00 .86 25.00 0.008561642,980.00 2,940.16 2,900.00 1.02 30.00 0.010186763,055.00 3,028.69 2,935.00 2.52 75.00 0.025210083,095.00 3,042.58 2,995.00 -1.31 -40.00 -0.013114753,035.00 3,014.92 2,995.00 .00 .00 03,050.00 3,032.65 3,010.00 1.33 40.00 0.013289043,050.00 2,985.79 2,930.00 -3.93 -120.00 -0.039344262,960.00 2,938.95 2,910.00 .51 15.00 0.005119452,955.00 2,942.97 2,915.00 -.17 -5.00 -0.001697792,950.00 2,850.73 2,835.00 -3.23 -95.00 -0.032312932,870.00 2,828.74 2,780.00 -.35 -10.00 -0.003514942,865.00 2,844.45 2,810.00 .88 25.00 0.008818342,890.00 2,821.49 2,800.00 -1.40 -40.00 -0.01398601

2,810.00 2,765.25 2,730.00 -2.48 -70.00 -0.02482272,730.00 2,657.26 2,625.00 -4.36 -120.00 -0.043636362,680.00 2,612.95 2,555.00 1.71 45.00 0.017110272,735.00 2,697.54 2,640.00 .00 .00 02,720.00 2,700.11 2,655.00 .56 15.00 0.005607482,730.00 2,689.48 2,675.00 -.56 -15.00 -0.005576212,680.00 2,629.29 2,600.00 -.56 -15.00 -0.005607482,710.00 2,677.49 2,630.00 .56 15.00 0.00563912,675.00 2,623.63 2,590.00 -1.50 -40.00 -0.014953272,670.00 2,647.00 2,620.00 1.14 30.00 0.01138522,695.00 2,674.24 2,645.00 .56 15.00 0.005628522,715.00 2,694.72 2,670.00 .37 10.00 0.003731342,730.00 2,707.87 2,690.00 .56 15.00 0.005576212,760.00 2,724.30 2,700.00 .37 10.00 0.003696862,715.00 2,686.36 2,670.00 -1.29 -35.00 -0.012891342,690.00 2,655.06 2,635.00 -.75 -20.00 -0.007462692,660.00 2,599.37 2,570.00 -3.38 -90.00 -0.033834592,555.00 2,450.96 2,410.00 -5.64 -145.00 -0.056420232,475.00 2,295.39 2,230.00 -5.57 -135.00 -0.05567012,310.00 2,272.82 2,235.00 -.22 -5.00 -0.00218341

0.00733945

0.005464481

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-1

ecopetrol ecopetrol ecopetrol Apple Inc Apple inc

Año Rentabilidad Volatilidad Rentabilidad

2013 I 5339 -0.227 121201.00 -0.3402013 II 4125 0.048 0.195 116628.33 0.0392013 III 4324 -0.033 0.058 128161.33 -0.0582013 IV 3527 -0.143 0.078 148364.67 -0.0422014 I 3553 -0.008 0.096 141467.67 0.0172014 II 3269 -0.080 0.051 169518.00 -0.0622014 III 2821 -0.137 0.040 189271.67 -0.026

Periodo (trimestre)

Valor Accion Trimestre

Valor Accion Trimeste

Apple inc

Volatilidad

0.270.070.010.040.060.03

ecopetrol ecopetrol ecopetrol Apple Inc Apple inc

Año Rentabilidad Volatilidad Rentabilidad

2013 I 5339 -0.227 121201.00 -0.3402013 II 4125 0.048 0.195 116628.33 0.0392013 III 4324 -0.033 0.058 128161.33 -0.0582013 IV 3527 -0.143 0.078 148364.67 -0.0422014 I 3553 -0.008 0.096 141467.67 0.0172014 II 3269 -0.080 0.051 169518.00 -0.0622014 III 2821 -0.137 0.040 189271.67 -0.026

Periodo (trimestre)

Valor Accion Trimestre

Valor Accion Trimeste

2012.8 2013 2013.2 2013.4 2013.6 2013.8 2014 2014.20.000

0.050

0.100

0.150

0.200

0.250

Column ELinear (Column E)

Periodo

Varia

cion

de la

acc

ion.

2013 2013 2013 2013 2014 2014 2014

Ecopetrol->Rentabilidad

-0.227 0.048 -0.033 -0.143 -0.008 -0.080 -0.137

Apple Inc->rentabilidad

-0.340 0.039 -0.058 -0.042 0.017 -0.062 -0.026-0.650-0.450-0.250-0.0500.150

Ecopetrol vs Apple Inc

varia

cione

s

Tabla final

Teta (Ø) E(ri)- E(rj)0.05 -0.0024291

0.5 -0.00024292 -0.0097165

2.5 0.2265735

2013 2013 2013 2013 2014 2014 2014

Ecopetrol->Rentabilidad

-0.227 0.048 -0.033 -0.143 -0.008 -0.080 -0.137

Apple Inc->rentabilidad

-0.340 0.039 -0.058 -0.042 0.017 -0.062 -0.026-0.650-0.450-0.250-0.0500.150

Ecopetrol vs Apple Inc

varia

cione

s

Apple inc Hogares

Volatilidad ρ Cov (ri, gc) E(ri) Teta 1 (Ø1) E(gc2)

1.02345031 0.15 -0.01097502 0.26344369 0.5 1.04750.27 0.54167305 0.15 0.01874034 0.32017806 0.5 0.29340.07 1.51715375 0.15 0.01874034 0.05478873 0.5 2.30180.01 1.2892082 0.15 0.01874034 0.1807026 0.5 1.66210.04 1.44827245 0.15 0.01874034 0.09694648 0.5 2.09750.06 1.00613915 0.15 0.01874034 0.28282125 0.5 1.01230.03 1.36152047 0.15 0.01874034 0.14497866 0.5 1.8537

Tasa Consumo

2012.8 2013 2013.2 2013.4 2013.6 2013.8 2014 2014.20.000

0.050

0.100

0.150

0.200

0.250

Column ELinear (Column E)

Periodo

Varia

cion

de la

acc

ion.

2013 2013 2013 2013 2014 20140.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350

0.400

0.450

0.500

Relacion de las variaciones del precio de la accion

Apple IncEcopetrol

Axis Title

2013 2013 2013 2013 2014 2014 2014

Ecopetrol->Rentabilidad

-0.227 0.048 -0.033 -0.143 -0.008 -0.080 -0.137

Apple Inc->rentabilidad

-0.340 0.039 -0.058 -0.042 0.017 -0.062 -0.026-0.650-0.450-0.250-0.0500.150

Ecopetrol vs Apple Inc

varia

cione

s

2013 2013 2013 2013 2014 20140.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350

0.400

0.450

0.500

Relacion de las variaciones del precio de la accion

Apple IncEcopetrol

Axis Title

2013 2013 2013 2013 2014 2014 2014

Ecopetrol->Rentabilidad

-0.227 0.048 -0.033 -0.143 -0.008 -0.080 -0.137

Apple Inc->rentabilidad

-0.340 0.039 -0.058 -0.042 0.017 -0.062 -0.026-0.650-0.450-0.250-0.0500.150

Ecopetrol vs Apple Inc

varia

cione

s

1 2 3 40

0.5

1

1.5

2

2.5

3

E(ri)- E(rj)Teta (Ø)

Cov (rj, gc) E(rj) E(ri)- E(rj) Teta 2 (Ø2) E(ri) E(rj) E(ri)- E(rj)

-0.006117 0.26587283 -0.00242913 0.05 0.17313 0.17337 -0.00024290.002423 0.31201956 0.05 0.17032 0.169500.002423 0.04663023 0.05 0.16637 0.165560.002423 0.1725441 0.05 0.17177 0.170950.002423 0.08878798 0.05 0.16829 0.167480.002423 0.27466274 0.05 0.17467 0.173850.002423 0.13682016 0.05 0.17035 0.16954

2013 2013 2013 2013 2014 20140.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350

0.400

0.450

0.500

Relacion de las variaciones del precio de la accion

Apple IncEcopetrol

Axis Title

2013 2013 2013 2013 2014 20140.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350

0.400

0.450

0.500

Relacion de las variaciones del precio de la accion

Apple IncEcopetrol

Axis Title

1 2 3 40

0.5

1

1.5

2

2.5

3

E(ri)- E(rj)Teta (Ø)

Teta 3 (Ø3) E(ri) E(rj) E(ri)- E(rj) Teta 4 (Ø4) E(ri) E(rj)

2 -0.96740101 -0.95768448 -0.00971653 2.5 -1.90140785 -1.889262182 0.3905977 0.35796368 2.5 0.26736606 0.226573542 -3.68347831 -3.71611232 2.5 -6.08044508 -6.121237592 -2.22027627 -2.25291029 2.5 -3.85163146 -3.892423972 -3.20845371 -3.24108772 2.5 -5.35900032 -5.399792842 -0.837189 -0.86982302 2.5 -1.71668375 -1.757476272 -2.65069232 -2.68332633 2.5 -4.50945164 -4.55024415