{"id":14663,"date":"2025-04-02T23:15:00","date_gmt":"2025-04-02T23:15:00","guid":{"rendered":"https:\/\/volity.io\/?p=14663"},"modified":"2026-06-03T05:25:48","modified_gmt":"2026-06-03T05:25:48","slug":"ratio-de-treynor","status":"publish","type":"post","link":"https:\/\/volity.io\/es\/acciones\/ratio-de-treynor\/","title":{"rendered":"Ratio de Treynor &#8211; Definici\u00f3n, f\u00f3rmula, qu\u00e9 muestra"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\n    <style>\n    .vd-wrap {\n        display: flex;\n        align-items: flex-start;\n        gap: 20px;\n        background: #ffffff;\n        border: 1px solid #f2f4f7;\n        border-left: 4px solid #c0392b;\n        border-radius: 12px;\n        padding: 24px;\n        margin: 30px 0;\n        box-sizing: border-box;\n        width: 100%;\n        box-shadow: 0 4px 20px rgba(0,0,0,0.04);\n        position: relative;\n        overflow: hidden;\n    }\n    .vd-wrap::after {\n        content: \"\";\n        position: absolute;\n        right: -20px;\n        bottom: -20px;\n        width: 100px;\n        height: 100px;\n        background: radial-gradient(circle, rgba(192, 57, 43, 0.03) 0%, transparent 70%);\n        pointer-events: none;\n    }\n    .vd-icon {\n        flex-shrink: 0;\n        background: #fff5f4;\n        border: 1px solid #fee2e1;\n        border-radius: 8px;\n        width: 40px;\n        height: 40px;\n        display: flex;\n        align-items: center;\n        justify-content: center;\n    }\n    .vd-icon svg { width: 22px; height: 22px; }\n    .vd-content { flex: 1; min-width: 0; }\n    .vd-label {\n        display: block;\n        font-size: 11px;\n        font-weight: 800;\n        letter-spacing: 0.1em;\n        text-transform: uppercase;\n        color: #c0392b;\n        margin-bottom: 8px;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text {\n        font-size: 14px;\n        line-height: 1.6;\n        color: #475467;\n        margin: 0;\n        font-family: \"Inter\", sans-serif;\n    }\n    .vd-text p { margin: 0 0 10px 0; }\n    .vd-text p:last-child { margin-bottom: 0; }\n    .vd-text strong { color: #101828; font-weight: 600; }\n    .vd-text a { color: #c0392b; text-decoration: underline; }\n    @media (max-width: 600px) {\n        .vd-wrap { flex-direction: column; gap: 12px; padding: 20px; }\n        .vd-icon { width: 32px; height: 32px; }\n    }\n    <\/style>\n\n    <div class=\"vd-wrap\" role=\"alert\" aria-label=\"Divulgaci\u00f3n de riesgos\">\n        <div class=\"vd-icon\">\n            <svg viewBox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                <path d=\"M12 9V14M12 17.01L12.01 16.998M12 21C16.9706 21 21 16.9706 21 12C21 7.02944 16.9706 3 12 3C7.02944 3 3 7.02944 3 12C3 16.9706 7.02944 21 12 21Z\" stroke=\"#c0392b\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n            <\/svg>\n        <\/div>\n        <div class=\"vd-content\">\n            <span class=\"vd-label\">Divulgaci\u00f3n de Riesgo Regulatorio<\/span>\n            <div class=\"vd-text\"><\/p>\n<p class=\"wp-block-paragraph\">El ratio de Treynor concentra el capital de los inversores en las megacapitalizaciones tecnol\u00f3gicas que presentan un riesgo idiosincr\u00e1sico extremo junto al riesgo de mercado sistem\u00e1tico, un fondo con una \u00abbuena\u00bb puntuaci\u00f3n de Treynor puede desplomarse m\u00e1s de un 50 % si la tesis de la IA se invierte a pesar de un beta moderado. Usar Treynor de forma aislada ignora los eventos de cola gruesa que pueden borrar el alfa de una cartera en horas, el shock iran\u00ed de marzo de 2026 vio caer juntos los bonos y las acciones, invalidando las hip\u00f3tesis de diversificaci\u00f3n. La dependencia de la m\u00e9trica del beta hist\u00f3rico es retrospectiva y no logra capturar los cambios de r\u00e9gimen cuando la pol\u00edtica de la Fed o las condiciones geopol\u00edticas alteran fundamentalmente las correlaciones de mercado de la noche a la ma\u00f1ana. La rentabilidad pasada no es indicativa de resultados futuros. Capital en riesgo.<\/p>\n<p class=\"wp-block-paragraph\">\n<\/div>\n        <\/div>\n    <\/div><\/p>\n\n\n<div style=\"border:1.5px solid #e0e0e0;border-left:6px solid #ff8c42;border-radius:10px;background:transparent;padding:18px 24px;margin:18px 0;box-shadow:0 3px 10px rgba(255,140,66,0.08);transition:all 0.3s ease;\"><div style=\"font-size:1.55em;font-weight:600;color:#1a1a33;margin:0 0 12px 0;padding-bottom:6px;display:inline-block;border-bottom:2px solid #7a5cff;\">Resumen r\u00e1pido<\/div><div style=\"font-size:1.05em;line-height:1.7;color:#2f3b52;text-align:justify;\"><br \/>\nEl ratio de Treynor identifica el rendimiento excedente que un inversor gana por cada unidad de riesgo sistem\u00e1tico (beta) aceptada por una cartera de inversi\u00f3n. A diferencia del ratio de Sharpe, que usa la volatilidad total, Treynor se centra exclusivamente en el riesgo relacionado con el mercado, lo que lo convierte en la m\u00e9trica principal para evaluar carteras bien diversificadas y gestores de fondos activos. En 2026, el S&#038;P 500 ha mantenido un ratio de Treynor TTM extraordinario de 24,23, superando notablemente a los hedge funds de acciones (11,5-16,5) debido a la sostenida rally de acciones impulsada por la IA y a la subida de los tipos sin riesgo del 4,57 %.<br \/>\n<\/div><\/div>\n\n\n<div class=\"volity-note-box-1\"><p style=\"margin:0!important;font-size:1.1em!important;line-height:1.6!important;color:#212529!important;font-family:inherit!important;\">Comprender <strong style=\"font-weight:700!important;color:#212529!important;\">Performance Attribution Metrics<\/strong> es importante, pero el verdadero crecimiento llega al aplicar ese conocimiento. <a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-link-1\">Cree su cuenta de trading de forex gratuita<\/a> para practicar con una cuenta demo gratuita y poner a prueba su estrategia.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u00bfQu\u00e9 es el ratio de Treynor y c\u00f3mo funciona?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El ratio de Treynor es una m\u00e9trica financiera que mide el rendimiento excedente ganado por unidad de riesgo sistem\u00e1tico, identificando la relaci\u00f3n entre el beneficio de una cartera y su sensibilidad al mercado. Esta m\u00e9trica divide la diferencia entre el rendimiento de la cartera y el tipo sin riesgo por el coeficiente beta de la cartera. Las tres variables incluyen el rendimiento de la cartera (lo que gan\u00f3 la inversi\u00f3n), el tipo sin riesgo (el umbral del 4,57 % del bono del Tesoro a 10 a\u00f1os) y el beta (el coeficiente de sensibilidad al mercado).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">El legado de Jack Treynor enfatiz\u00f3 el aislamiento del \u00abriesgo sistem\u00e1tico\u00bb porque es cr\u00edtico para los inversores diversificados que ya han eliminado el riesgo espec\u00edfico de la empresa mediante posiciones amplias. El establecimiento de referencias del riesgo de mercado usa un beta de 1,0 como base universal para el S&#038;P 500, cualquier beta por debajo de 1,0 significa una menor sensibilidad al mercado, mientras que por encima de 1,0 significa una mayor sensibilidad. A mediados de 2026, el S&#038;P 500 mantiene un rendimiento anualizado de ~28,8 % y un beta de 1,0, resultando en un ratio de Treynor hist\u00f3ricamente alto (Santander Asset Management, 2026).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ratio de Treynor vs. de Sharpe: \u00bfcu\u00e1l es mejor?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">El ratio de Sharpe identifica el riesgo a trav\u00e9s de la volatilidad total, mientras que el ratio de Treynor identifica el riesgo a trav\u00e9s de la sensibilidad al mercado, lo que hace a Treynor superior para evaluar carteras bien diversificadas. El riesgo idiosincr\u00e1sico versus el riesgo sistem\u00e1tico revela que Treynor ignora completamente la volatilidad espec\u00edfica de la empresa porque los inversores diversificados ya la han diversificado. Cu\u00e1ndo usar cada uno determina la elecci\u00f3n: una acci\u00f3n \u00fanica requiere el ratio de Sharpe (la volatilidad total importa), mientras que un fondo amplio requiere el ratio de Treynor (el beta del mercado es lo que importa).<\/p>\n\n\n<div class=\"volity-cta-box-2\"><p style=\"margin-top:0!important;margin-bottom:10px!important;font-size:1.1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\"><strong style=\"font-weight:700!important;color:#212529!important;\">\u00bfListo para llevar su trading al siguiente nivel?<\/strong><\/p><p style=\"margin-bottom:20px!important;font-size:1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\">Ya tiene la informaci\u00f3n. Ahora consiga la plataforma. \u00danase a miles de traders que usan Volity por sus potentes herramientas, ejecuci\u00f3n r\u00e1pida y soporte dedicado.<\/p><a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-button-2\">Cree su cuenta en menos de 3 minutos<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Comprender el riesgo sistem\u00e1tico (beta) en 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El riesgo sistem\u00e1tico identifica la porci\u00f3n de la volatilidad de una inversi\u00f3n que est\u00e1 vinculada al movimiento global del mercado, sirviendo como el \u00abdenominador\u00bb en el c\u00e1lculo de Treynor. La correlaci\u00f3n al mercado explica por qu\u00e9 las acciones tecnol\u00f3gicas a menudo tienen betas superiores a 1,30 mientras que los servicios p\u00fablicos se sit\u00faan en 0,55, la tecnolog\u00eda sube y baja con el sentimiento de mercado m\u00e1s amplio, mientras que los servicios p\u00fablicos permanecen estables a trav\u00e9s de los ciclos. El riesgo de concentraci\u00f3n revela por qu\u00e9 la ponderaci\u00f3n tecnol\u00f3gica del 40 % en el S&#038;P 500 difumina la l\u00ednea entre el riesgo idiosincr\u00e1sico y el sistem\u00e1tico, cuando un sector domina, el \u00abriesgo de mercado\u00bb se convierte en realidad en \u00abriesgo sectorial\u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La compresi\u00f3n del beta muestra c\u00f3mo los hedge funds de 2026 reducen la exposici\u00f3n al mercado a 0,45 mientras mantienen rendimientos altos, evitan el beta generando alfa puro en su lugar. Las carteras de hedge funds de acciones en 2026 muestran un rango de beta medio de 0,45 a 0,65, identificando un cambio principal hacia rendimientos \u00abcon mucho alfa\u00bb en lugar de \u00abcon mucho beta\u00bb (Santander Research, 2026). La <a href=\"https:\/\/volity.io\/es\/stocks\/how-standard-deviation-used-determine-risk\/\">desviaci\u00f3n est\u00e1ndar<\/a> mide la volatilidad hist\u00f3rica, proporcionando el fundamento matem\u00e1tico de los c\u00e1lculos de beta.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">C\u00f3mo calcular el ratio de Treynor de tu cartera<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El c\u00e1lculo del ratio de Treynor identifica la cantidad espec\u00edfica de rendimiento excedente generada por cada punto de beta, usando el tipo sin riesgo del 4,57 % como umbral de rendimiento. La f\u00f3rmula paso a paso usa (Rp &#8211; Rf) \/ \u03b2p, donde Rp es el rendimiento de la cartera, Rf es el tipo sin riesgo y \u03b2p es el beta de la cartera. La obtenci\u00f3n de datos requiere encontrar el rendimiento YTD de tu cartera y su beta hist\u00f3rico a partir de las herramientas de informes de rendimiento de tu br\u00f3ker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">El tipo umbral del 4,57 % en 2026 hace m\u00e1s dif\u00edcil lograr un Treynor positivo porque el tipo sin riesgo es tan alto, una cartera que rinde un 5 % con un beta de 1,0 genera solo (5 % &#8211; 4,57 %)\/1,0 = 0,43 de Treynor, lo que est\u00e1 apenas por encima de cero. Ejemplo de operaci\u00f3n real: Un inversor analiz\u00f3 un fondo en marzo de 2026 que entreg\u00f3 un rendimiento TTM del 14 % con un beta de 0,50, frente a un tipo sin riesgo del 4,57 %. El fondo logr\u00f3 un ratio de Treynor de 18,86, identific\u00e1ndolo como m\u00e1s eficiente que un \u00edndice amplio si el mercado experimentara una correcci\u00f3n sistem\u00e1tica. <strong>La rentabilidad pasada no es indicativa de resultados futuros.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Referencias del ratio de Treynor y estad\u00edsticas de alfa de 2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Las referencias de rendimiento identifican la divergencia hist\u00f3rica entre los \u00edndices ponderados por capitalizaci\u00f3n burs\u00e1til y las estrategias no direccionales gestionadas activamente en 2026.<\/p>\n\n\n\n<figure class=\"wp-block-table\">\n<table style=\"display:table;width:100%;border-collapse:collapse;margin:24px 0;table-layout:auto;word-wrap:break-word;\">\n<thead style=\"display:table-header-group;\">\n<tr style=\"display:table-row;\"><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Activo \/ Estrategia<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Rendimiento YTD 2026<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Beta de mercado (\u03b2)<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Treynor 2026 (TTM)<\/th><th style=\"display:table-cell;text-align:left;padding:10px 14px;background:#5b2c8d;color:#ffffff;font-weight:bold;font-size:14px;border:1px solid #4a2275;white-space:nowrap;\">Perfil de riesgo<\/th><\/tr>\n<\/thead>\n<tbody style=\"display:table-row-group;\">\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">S&#038;P 500 (SPX)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+10,02 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">1,00<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">24,23<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Rey del beta<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Hedge de acciones<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">+6,2 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">0,55<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">13,5<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Centrado en alfa<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Global Macro<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+6,5 % (ene)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">0,30<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">18,2 (est.)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">No direccional<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Nasdaq (NDX)<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">+15,4 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">1,35<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">22,8<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#f9f9f9;color:#333333;font-size:14px;vertical-align:top;\">Momentum alto<\/td><\/tr>\n<tr style=\"display:table-row;\"><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Valor con dividendo<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">+4,8 %<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">0,72<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">10,4<\/td><td style=\"display:table-cell;padding:9px 14px;border:1px solid #ddd;background:#ffffff;color:#333333;font-size:14px;vertical-align:top;\">Defensivo<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Fuentes: Datos recopilados de las tablas de rendimiento de Santander Asset Management Lux y los \u00edndices HFRX Global Hedge Fund (2026).<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Limitaciones del ratio de Treynor en un mercado concentrado<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El riesgo idiosincr\u00e1sico indica que el ratio de Treynor puede ser enga\u00f1oso para las carteras que no est\u00e1n totalmente diversificadas, ya que no logra penalizar la volatilidad espec\u00edfica de la empresa. La hip\u00f3tesis de diversificaci\u00f3n significa que Treynor es peligroso para las carteras con solo 1 a 5 acciones, esas posiciones conllevan un riesgo no relacionado con el mercado masivo que Treynor ignora completamente. Los riesgos de cola gruesa revelan que el beta no tiene en cuenta los eventos repentinos de \u00abcisne negro\u00bb ni los shocks geopol\u00edticos, la crisis iran\u00ed de marzo de 2026 valid\u00f3 que los bonos y las acciones cayeron juntos, invalidando la hip\u00f3tesis de diversificaci\u00f3n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La paradoja del beta negativo explica por qu\u00e9 el oro o los ETF inversos pueden tener ratios de Treynor negativos incluso cuando son rentables, se mueven en sentido opuesto al mercado, por lo que su Treynor es matem\u00e1ticamente negativo a pesar de su valor de cobertura. El <a href=\"https:\/\/volity.io\/es\/stocks\/sharpe-ratio\/\">ratio de Sharpe<\/a> ofrece una visi\u00f3n complementaria usando la volatilidad total en lugar del beta solo.<\/p>\n\n\n<div style=\"\n        display: flex;\n        align-items: flex-start;\n        gap: 12px;\n        border: 1px solid #b71c1c;\n        background: #d32f2f;\n        padding: 16px 20px;\n        margin: 20px 0;\n        border-radius: 8px;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #ffffff;\n        box-shadow: 0 4px 10px rgba(0,0,0,0.15);\n        max-width: 100%;\n        word-wrap: break-word;\n    \">\n        <div style=\"\n            font-size: 22px;\n            color: #ffffff;\n            line-height: 1;\n        \">&#9888;<\/div>\n\n        <div style=\"flex: 1;\">\n            <b>WARNING:<\/b> Nunca uses Treynor de forma aislada; en 2026, la concentraci\u00f3n del 40 % en solo diez acciones significa que el \u00abriesgo sistem\u00e1tico\u00bb (beta) est\u00e1 fuertemente sesgado, identificando un riesgo de que un solo fallo tecnol\u00f3gico pudiera liquidar una cartera con una puntuaci\u00f3n de Treynor \u00abexcelente\u00bb.\n        <\/div>\n    <\/div>\n\n\n<div style=\"\n        background-color: #e6f8e6;\n        border-left: 4px solid #4caf50;\n        padding: 16px;\n        margin: 20px 0;\n        border-radius: 6px;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #2e4e2e;\n        box-sizing: border-box;\n        max-width: 100%;\n        word-wrap: break-word;\">\n        <b>\ud83d\udca1 KEY INSIGHT:<\/b> En 2026, los analistas profesionales usan \u00abel alfa de Jensen\u00bb como complemento a Treynor, identificando la cantidad espec\u00edfica en d\u00f3lares de superaci\u00f3n de rendimiento que no puede explicarse solo por el beta.\n    <\/div>\n\n\n<div class=\"volity-cta-box-3\"><p style=\"margin-top:0!important;margin-bottom:10px!important;font-size:1.1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\"><strong style=\"font-weight:700!important;color:#212529!important;\">Convierta el conocimiento en ganancias<\/strong><\/p><p style=\"margin-bottom:20px!important;font-size:1em!important;color:#212529!important;font-family:inherit!important;line-height:1.6!important;\">Ya ha le\u00eddo, ahora es momento de actuar. La mejor manera de aprender es practicando. Abra una cuenta demo gratuita y sin riesgo y practique su estrategia con fondos virtuales hoy mismo.<\/p><a href=\"https:\/\/my.volity.io\/signup\" target=\"_blank\" class=\"volity-cta-button-3\">Abrir una cuenta demo gratuita<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Paso a paso: usar Treynor para seleccionar los mejores fondos de inversi\u00f3n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La selecci\u00f3n de fondos representa la aplicaci\u00f3n m\u00e1s eficaz del ratio de Treynor para los inversores minoristas que buscan el mayor rendimiento por unidad de exposici\u00f3n al mercado. Comparar \u00abigual con igual\u00bb requiere usar Treynor para comparar dos fondos Large-Cap Growth, si el fondo A tiene un Treynor de 12,5 y el fondo B de 8,3, el fondo A entrega m\u00e1s rendimiento por unidad de beta. Identificar los rendimientos \u00abbaratos\u00bb significa evitar a los gestores que solo superan el rendimiento porque asumen 2x el riesgo de mercado (beta de 2,0), su Treynor ser\u00eda bajo a pesar de los altos rendimientos absolutos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La supervisi\u00f3n de la deriva requiere comprobar si el Treynor de un fondo declina a medida que sus activos bajo gesti\u00f3n (AUM) crecen, a medida que los fondos se hacen m\u00e1s grandes, a menudo asumen m\u00e1s beta y menos alfa. <a href=\"https:\/\/volity.io\/es\/stocks\/how-to-choose-stocks\/\">C\u00f3mo elegir acciones<\/a> te ense\u00f1a a evaluar nombres individuales una vez que has reducido los candidatos mediante el filtrado de Treynor. La disciplina del <a href=\"https:\/\/volity.io\/es\/stocks\/portfolio-rebalancing\/\">reequilibrio de carteras<\/a> garantiza que tus selecciones de fondos no se sobreponderen a medida que los ganadores siguen superando el rendimiento.<\/p>\n\n\n\n    <div class=\"keytakeaways-container\">\n        <p class=\"keytakeaways-title\"><strong>Puntos clave<\/strong><\/p>\n        <ul class=\"keytakeaways-list\"><\/p>\n<li>[El ratio de Treynor] mide la eficiencia de una cartera diversificada dividiendo el rendimiento excedente por el beta del mercado.<\/li>\n<li>[El riesgo sistem\u00e1tico] es el denominador principal de Treynor, identificando la porci\u00f3n de volatilidad que no puede diversificarse.<\/li>\n<li>[Las referencias de 2026] muestran el S&#038;P 500 con un Treynor TTM de 24,23, un valor at\u00edpico impulsado por la rally de acciones liderada por la IA y los rendimientos del 4,57 %.<\/li>\n<li>[Treynor vs Sharpe] es una distinci\u00f3n cr\u00edtica; usa Treynor para carteras diversificadas y Sharpe para el an\u00e1lisis de activos individuales.<\/li>\n<li>[El tipo sin riesgo] se sit\u00faa actualmente en el 4,57 % (bono del Tesoro a 10 a\u00f1os), actuando como un umbral alto para todas las m\u00e9tricas de rendimiento ajustado al riesgo en 2026.<\/li>\n<li>[El riesgo de concentraci\u00f3n] en los \u00edndices de 2026 significa que el beta sistem\u00e1tico ahora incluye una exposici\u00f3n tecnol\u00f3gica significativa, lo que puede distorsionar las puntuaciones de Treynor.<\/li>\n<p><\/ul>\n    <\/div>\n    <style>\n    .keytakeaways-container { background-color: #fff; padding: 25px; border: 1px solid #800080; border-radius: 10px; box-shadow: 0 4px 12px rgba(0, 0, 0, 0.1); max-width: 700px; margin: 30px auto; }\n    .keytakeaways-title { text-transform: uppercase; letter-spacing: 1px; margin-bottom: 20px; border-bottom: 2px solid #800080; padding-bottom: 10px; font-weight: bold; font-size: 18px; }\n    .keytakeaways-list { list-style: none; margin: 0; padding: 0; }\n    .keytakeaways-list li { line-height: 1.8; margin-bottom: 15px; position: relative; padding-left: 25px; }\n    .keytakeaways-list li::before { content: \"\"; position: absolute; left: 0; top: 50%; transform: translateY(-50%); width: 8px; height: 8px; border-radius: 50%; background-color: #800080; }\n    @media (max-width: 768px) { .keytakeaways-container { padding: 20px; margin: 20px auto; } .keytakeaways-title { font-size: 16px; } .keytakeaways-list li { font-size: 14px; } }\n    <\/style>\n\n\n\n<h2 class=\"wp-block-heading\">Preguntas frecuentes<\/h2>\n\n\n    \n    <div class=\"faq-accordion\">\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfQu\u00e9 es un buen ratio de Treynor en 2026?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Un ratio de Treynor superior a cero coma ocho identifica una buena inversi\u00f3n; sin embargo, en el mercado alcista de 2026, los \u00edndices diversificados han servido de referencia por encima de veinte coma cero sobre una base de doce meses m\u00f3viles.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfC\u00f3mo se calcula el ratio de Treynor?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    Calculas el ratio de Treynor restando el tipo sin riesgo del rendimiento total de tu cartera y dividiendo el resultado por el beta o el coeficiente de sensibilidad al mercado de la cartera.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfCu\u00e1l es la diferencia entre los ratios de Sharpe y de Treynor?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    El ratio de Sharpe identifica el riesgo usando la volatilidad total, mientras que el ratio de Treynor identifica el riesgo usando el beta sistem\u00e1tico del mercado, lo que hace a Treynor mejor para evaluar la eficiencia de las carteras bien diversificadas.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfPor qu\u00e9 el ratio de Treynor del S&amp;P 500 es tan alto en 2026?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    El Treynor del S&amp;P 500 de 2026 identifica un per\u00edodo de rendimientos de acciones extraordinarios y una sensibilidad al mercado de uno coma cero, creando un valor at\u00edpico estad\u00edsticamente alto de veinticuatro coma veintitr\u00e9s.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfEs bueno un beta alto para un ratio de Treynor?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    No, un beta alto identifica m\u00e1s riesgo; dado que el beta es el denominador, un beta m\u00e1s alto reducir\u00e1 tu ratio de Treynor a menos que la cartera genere rendimientos excedentes notablemente m\u00e1s altos para compensar.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfCu\u00e1l es el tipo sin riesgo para los c\u00e1lculos de 2026?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    El tipo sin riesgo de 2026 se identifica como aproximadamente cuatro coma cincuenta y siete por ciento, basado en el rendimiento actual del bono del Tesoro estadounidense a diez a\u00f1os usado como umbral de rendimiento.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfFunciona el ratio de Treynor para acciones individuales?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    No, Treynor no se recomienda para acciones individuales; identifica el riesgo sistem\u00e1tico pero ignora el riesgo idiosincr\u00e1sico masivo que conllevan las empresas individuales, lo que podr\u00eda conducir a resultados de eficiencia enga\u00f1osos.                <\/div>\n            <\/div>\n                    <div class=\"faq-card\">\n                <div class=\"faq-question\">\n                    <span>\u00bfPuede ser negativo un ratio de Treynor?<\/span>\n                    <span class=\"faq-arrow\">&#9662;<\/span>\n                <\/div>\n                <div class=\"faq-answer\">\n                    S\u00ed, un Treynor negativo identifica que el rendimiento de la cartera fue inferior al tipo sin riesgo, indicando que el inversor habr\u00eda hecho mejor en mantener bonos del Estado seguros en su lugar.                <\/div>\n            <\/div>\n            <\/div>\n    <style>\n    .faq-accordion {\n        max-width: 800px;\n        margin: auto;\n        display: flex;\n        flex-direction: column;\n        gap: 10px;\n    }\n    .faq-card {\n        background: #fff;\n        border-radius: 8px;\n        border: 1px solid #ddd;\n        overflow: hidden;\n        box-shadow: 0 2px 6px rgba(0,0,0,0.05);\n        transition: box-shadow 0.3s ease;\n    }\n    .faq-question {\n        padding: 15px 20px;\n        font-weight: bold;\n        font-size: 1rem;\n        cursor: pointer;\n        display: flex;\n        justify-content: space-between;\n        align-items: center;\n        background: #f8f9fa;\n        transition: background 0.3s ease;\n    }\n    .faq-card:hover .faq-question {\n        background: #f1f3f5;\n    }\n    \n    \/* DEFAULT STATE - ANSWERS VISIBLE *\/\n    .faq-answer {\n        display: block !important;\n        padding: 15px 20px;\n        border-top: 1px solid #eee;\n        color: #444;\n        background: #fff;\n        animation: fadeIn 0.3s ease-in-out;\n        max-height: 1000px;\n        overflow: visible;\n        transition: max-height 0.3s ease, opacity 0.3s ease;\n        opacity: 1 !important;\n    }\n    \n    \/* HIDDEN STATE - When .active class is toggled *\/\n    .faq-card.active .faq-answer {\n        display: none !important;\n        max-height: 0;\n        opacity: 0 !important;\n        padding: 0 20px;\n    }\n    \n    \/* ARROW LOGIC *\/\n    .faq-arrow {\n        font-size: 1.2rem;\n        transition: transform 0.3s ease;\n        transform: rotate(0deg);\n    }\n    \n    .faq-card.active .faq-arrow {\n        transform: rotate(180deg);\n    }\n    \n    @keyframes fadeIn {\n        from { opacity: 0; 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}\n    .volity-coi .coi-body p { margin: 0 0 10px 0; }\n    .volity-coi .coi-body p:last-child { margin-bottom: 0; }\n    .volity-coi a { color: #2c6fad; text-decoration: underline; }\n    @media(max-width:480px) {\n        .volity-coi .coi-body { padding: 14px 16px; font-size: 13px; }\n        .volity-coi .coi-heading { padding: 8px 16px; }\n    }\n    <\/style>\n    <div class=\"volity-coi\" role=\"note\">\n        <span class=\"coi-heading\">\u24d8 Divulgaci\u00f3n<\/span>\n        <div class=\"coi-body\"><\/p>\n<p class=\"wp-block-paragraph\">Este art\u00edculo contiene referencias al ratio de Treynor y a Volity, una plataforma de trading de CFD regulada. Este contenido se produce \u00fanicamente con fines educativos y no constituye asesoramiento financiero ni una recomendaci\u00f3n de comprar o vender ning\u00fan instrumento financiero. Verifica siempre el estado regulatorio actual y los detalles de la plataforma antes de usar cualquier servicio de trading. Algunos enlaces de este art\u00edculo pueden ser enlaces de afiliados.<\/p>\n<p class=\"wp-block-paragraph\">\n<\/div>\n    <\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>\u00bfQu\u00e9 es el ratio de Treynor y c\u00f3mo funciona? El ratio de Treynor es una m\u00e9trica financiera que mide el rendimiento excedente [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"custom_schema":"","footnotes":""},"categories":[211],"tags":[],"class_list":["post-14663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-acciones"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ratio de Treynor - Definici\u00f3n, f\u00f3rmula, qu\u00e9 muestra - Volity<\/title>\n<meta name=\"description\" content=\"El coeficiente de Treynor relaciona el exceso de rentabilidad sobre el tipo sin riesgo con el riesgo adicional asumido; sin embargo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/volity.io\/es\/acciones\/ratio-de-treynor\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ratio de Treynor - Definici\u00f3n, f\u00f3rmula, qu\u00e9 muestra - Volity\" \/>\n<meta property=\"og:description\" content=\"El coeficiente de Treynor relaciona el exceso de rentabilidad sobre el tipo sin riesgo con el riesgo adicional asumido; 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