Revisión documental sobre la relación entre diversificación, riesgo de mercado, volatilidad y rentabilidad en portafolios del mercado financiero colombiano (2015- 2025)
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Fecha
2026
Autores
Hereira Cantillo, Hery David
Foliaco Valencia, Andrés Eduardo
Olivares Mejía, Sadid Elías
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Ediciones Universidad Simón Bolívar
Facultad de Administración y Negocios
Facultad de Administración y Negocios
Resumen
El mercado financiero colombiano ha experimentado durante la última década un entorno caracterizado por alta volatilidad, limitada profundidad bursátil y reducción en el número de emisores activos, factores que inciden en la gestión estratégica de portafolios de inversión. El presente estudio tuvo como objetivo analizar, mediante una revisión documental sistematizada, cómo la literatura académica ha abordado la relación entre diversificación, riesgo de mercado, volatilidad y rentabilidad en el mercado colombiano durante el período 2015–2025. La investigación se desarrolló bajo un enfoque cualitativo de carácter documental, con análisis temático categorial aplicado a un corpus de veinte fuentes académicas, regulatorias y técnicas seleccionadas por criterios de pertinencia y rigor metodológico. Los resultados evidencian una predominancia de marcos teóricos internacionales, especialmente la Teoría Moderna de Portafolio, el CAPM y los modelos ARCH/GARCH, así como una aplicación mayoritariamente univariante en estudios locales. Se identifican brechas metodológicas en el uso de modelos multivariantes y métricas avanzadas de riesgo de cola, lo que limita una comprensión integral de la dinámica riesgo–rentabilidad en el contexto colombiano. Se concluye que el fortalecimiento de la gestión estratégica de inversiones requiere tanto mejoras técnicas en modelación de riesgo como avances estructurales en profundidad y diversificación del mercado financiero nacional.
Over the last decade, the Colombian financial market has experienced an environment characterized by high volatility, limited stock market depth, and a reduction in the number of active issuers, factors that affect the strategic management of investment portfolios. The objective of this study was to analyze, through a systematized documentary review, how academic literature has addressed the relationship between diversification, market risk, volatility, and profitability in the Colombian market during the period 2015–2025. The research was conducted using a qualitative documentary approach, with categorical thematic analysis applied to a corpus of twenty academic, regulatory, and technical sources selected based on criteria of relevance and methodological rigor. The results show a predominance of international theoretical frameworks, especially Modern Portfolio Theory, CAPM, and ARCH/GARCH models, as well as a mostly univariate application in local studies. Methodological gaps are identified in the use of multivariate models and advanced tail risk metrics, which limits a comprehensive understanding of the risk-return dynamics in the Colombian context. It is concluded that strengthening strategic investment management requires both technical improvements in risk modeling and structural advances in the depth and diversification of the national financial market.
Over the last decade, the Colombian financial market has experienced an environment characterized by high volatility, limited stock market depth, and a reduction in the number of active issuers, factors that affect the strategic management of investment portfolios. The objective of this study was to analyze, through a systematized documentary review, how academic literature has addressed the relationship between diversification, market risk, volatility, and profitability in the Colombian market during the period 2015–2025. The research was conducted using a qualitative documentary approach, with categorical thematic analysis applied to a corpus of twenty academic, regulatory, and technical sources selected based on criteria of relevance and methodological rigor. The results show a predominance of international theoretical frameworks, especially Modern Portfolio Theory, CAPM, and ARCH/GARCH models, as well as a mostly univariate application in local studies. Methodological gaps are identified in the use of multivariate models and advanced tail risk metrics, which limits a comprehensive understanding of the risk-return dynamics in the Colombian context. It is concluded that strengthening strategic investment management requires both technical improvements in risk modeling and structural advances in the depth and diversification of the national financial market.
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Palabras clave
Riesgo de mercado, Volatilidad condicional, Diversificación de portafolios, Rentabilidad, Mercado financiero colombiano
