Exchange traded funds (ETFs) vs Acciones: Rentabilidad y riesgo de una inversión. Año 2023

Abstract

Abstract: In the present investigation, three portfolios were created composed of the five stocks most relevant of the S&P 500, IBEX 35 and DAX, comparing them with the three main ETFs of these indices, with the objective of determining the risk and return and thus identifying the best investment option. The study period covers from October 1, 2018 to October 1 2023. The Markowitz model was used, recognized for its ability to optimize the relationship between risk and return, implemented in the R programming language and combined with LMC and VMG strategies to comprehensively analyze investment options. investment. The results show that ETFs are safer and more stable options for investors conservative, while stock portfolios, although more profitable, are more risky and suitable for investors with high risk tolerance; Furthermore, the strategy LMC outperforms VMG in performance, although with greater risk.