RENTABILIDAD PROMEDIO OBTENIDAS POR LAS
ADMINISTRADORAS DE FONDOS DE PREVISONALES

AFPs EN CHILE


ANTECEDENTES PREVIOS

    El trabajo en Chile es precario: el 19% de los trabajadores asalariados no cotiza-no aporta a sistemas previsionales (13% trabaja sin contrato, y al 6% que tiene contrat,o no se le pagan cotizaciones previsionales) (encuesta CASEN 2011). Las pensiones pagadas por las AFPs son un reflejo de esto.
  1. El año 2015 el monto promedio de pensiones entregadas por el sistema de AFP fue de 7,34 UF, $191.331 por pensiones de vejez y de 7,96 UF o de $207.409, para el promedio total de pensiones entregadas por el sistema de AFP chileno. Pero en ese promedio hay personas que cotizan sólo 1 mes, y otras 40 años. Aún así, en promedio el sistema de AFP paga pensiones más altas que las pensiones pagadas por el sistema de reparto antiguo ($210.000 mensuales versus $203.000 mensuales).
  2. Los chilenos cotizan en promedio durante sólo 17 años, y eso es insuficiente para financiar 20 años de pensión. El 60% de las mujeres afiliadas al sistema de pensiones han contribuido menos de 50% del tiempo necesario.
  3. El ratio (Años de pensión/Años de cotización) = 0.885 para hombres, y 1,852 para mujeres. Es decir, en las mujeres, con el dinero cotizado en 1 año se debe financiar casi 2 años de pensión, lo que claramente no permite entregar montos aceptables.
  4. Para tener pensión razonable (65-70% de lo obtenido en la etapa activa) se debe ahorrar-cotizar al menos 30 años.
    El siguiente gráfico muestra que la pensión promedio pagada por las AFPS depende sustantivamente del número de años cotizados.

Pension promedio segun años cotizados (AFPs)

    Para mejorar sustantivamente la calidad de la información existente, la Superintendencia de Pensiones debería proporcionar estadísticas de montos de pensión por remuneración promedio mientras se cotizó, y por número de años cotizados. Recientemente (julio de 2016), la encuesta Cadem mostró que el 48% de las personas cree que los fondos de pensiones pertenecen a las AFP, lo que es una aberración total.


A. GRAFICOS COMPARATIVOS
    Los gráficos muestran el valor monetario alcanzado por diferentes instrumentos o fondos, de manera que finalizan a mediados de 2016 con igual valor.
    Para esto, los retornos o rentabilidades son transformadas a montos de dinero en fondos, de modo que a mayor pendiente de la curva, mayor rentabilidad histórica. Como resultado, el fondo más rentable es el que comienza desde un punto más bajo, y llega al mismo valor monetario final.


Grafico 1. Valor relativo de fondos calculados en base a rentabilidades mensuales reales.




Grafico 2. Valor relativo de fondos de AFP calculados en base a rentabilidades mensuales reales.
En el caso del IPSA y del Standard and Poor's, se usan rentabilidades mensuales nominales.

Del Gráfico 2 puede concluirse que el desempeño dela bolsa de valores chilena (IPSA) a partir del año 2011 hasta la fecha ha sido muy deficiente. Esto explica la mayor parte de las bajas rentabilidades del Fondo A. En efecto, a partir de 2014, la rentabilidad del Fondo A ha sido inferior al del Fondo E.




B. RENTABILIDAD DE LOS FONDOS DE PENSIONES
(No incluye comisiones pagadas a las AFPs)
Esta rentabilidad se puede calcular en términos reales (corregida por inflación) o nominales (en pesos de cada mes).


B1: RENTABILIDADES REALES ANUALES
Rentabilidad real anual HISTÓRICA del Fondo de Pensiones
Variación nominal deflactada por la UF
Promedio del sistema (promedio de todas las AFPs existentes en ese momento)
PROMEDIOS 8.65% 7.09% 5.92% 5.32% 4.66% 4.15%
AÑO SISTEMA FONDO A FONDO B FONDO C FONDO D FONDO E
2017
2016
2015 2.16% 3.79% 2.49% 2.16% 2.02% 0.70%
2014 9.00% 8.86% 8.27% 9.00% 7.68% 6.78%
2013 4.68% 6.79% 4.33% 4.68% 5.42% 5.09%
2012 4.61% 6.06% 4.88% 4.61% 3.81% 3.15%
2011 -3.79% -11.13% -7.52% -3.79% 0.06% 4.31%
2010 9.34% 11.64% 11.38% 9.34% 7.08% 6.71%
2009 22.53% 43.49% 33.41% 22.53% 15.34% 8.34%
2008 -18.94% -40.26% -30.08% -18.94% -9.86% -0.93%
2007 4.99% 10.06% 7.46% 4.99% 3.29% 1.89%
2006 15.77% 22.25% 18.82% 15.77% 11.46% 7.43%
2005 4.58% 10.71% 7.32% 4.58% 2.84% 0.94%
2004 8.86% 12.86% 10.26% 8.86% 6.80% 5.44%
2003 10.55% 10.55% 3.34%
2002 2.98% 2.98% 8.90%
2001 6.74% 6.74% 8.41%
2000 4.44% 4.44%
1999 16.26% 16.26%
1998 -1.14% -1.14%
1997 4.72% 4.72%
1996 3.54% 3.54%
1995 -2.52% -2.52%
1994 18.18% 18.18%
1993 16.21% 16.21%
1992 3.04% 3.04%
1991 29.68% 29.68%
1990 15.62% 15.62%
1989 6.92% 6.92%
1988 6.49% 6.49%
1987 5.41% 5.41%
1986 12.29% 12.29%
1985 13.42% 13.42%
1984 3.56% 3.56%
1983 21.25% 21.25%
1982 28.51% 28.51%



B2: RENTABILIDADES REALES MENSUALES
Rentabilidad real mensual HISTÓRICA del Fondo de Pensiones
Variación nominal deflactada por la UF
Promedio del sistema (promedio de todas las AFPs existentes en ese momento)
Fecha Fondo A Fondo B Fondo C Fondo D Fondo E SP500 total
 (real mes a mes)
IPSA Real
 (mes a mes)
Inflacion
 Chile
Var. SP500
 total
 (nominal
mes a mes)
Var. IPSA
Nominal
 (mes a mes)
2016.12
2016.11
2016.10
2016.09
2016.08 -0.81%
2016.07 3.69% 3.04%
2016.06 -3.82% -2.65% -1.89% -1.06% -0.10% -0.18% 1.11% 0.443% 0.26% 1.56%
2016.05 2.45% 1.78% 1.23% 0.67% 0.13% 1.56% -1.91% 0.231% 1.80% -1.68%
2016.04 -0.04% 0.04% 0.03% -0.04% -0.12% 0.07% 1.31% 0.321% 0.39% 1.64%
2016.03 4.42% 3.30% 2.20% 1.22% 0.43% 6.37% 5.56% 0.385% 6.78% 5.97%
2016.02 -1.44% -0.76% -0.21% 0.11% 0.88% -0.41% -0.01% 0.278% -0.13% 0.27%
2016.01 -6.02% -3.91% -2.05% -0.53% 0.71% -5.41% 0.23% 0.469% -4.96% 0.70%
2015.12 -2.21% -1.76% -1.49% -1.07% -0.53% -1.59% 0.67% 0.009% -1.58% 0.68%
2015.11 1.42% 0.85% 0.57% 0.38% -0.15% 0.32% -4.48% -0.027% 0.30% -4.51%
2015.10 4.94% 3.47% 2.05% 0.89% -0.03% 8.00% 3.46% 0.407% 8.44% 3.88%
2015.09 -3.44% -2.79% -2.15% -1.48% -0.73% -2.97% -4.53% 0.510% -2.47% -4.04%
2015.08 -3.57% -2.32% -1.13% -0.23% 0.56% -6.67% -1.45% 0.678% -6.03% -0.78%
2015.07 2.81% 2.15% 2.06% 2.02% 1.59% 1.66% -1.11% 0.423% 2.10% -0.69%
2015.06 -1.42% -1.25% -0.96% -0.53% -0.33% -2.41% -4.13% 0.481% -1.94% -3.67%
2015.05 0.21% -0.10% -0.34% -0.44% -0.86% 1.11% -0.13% 0.176% 1.29% 0.05%
2015.04 0.67% 0.47% 0.04% -0.47% -0.60% 0.38% 2.64% 0.578% 0.96% 3.23%
2015.03 0.19% 0.12% 0.18% 0.09% -0.17% -2.20% -2.29% 0.628% -1.58% -1.68%
2015.02 1.40% 1.20% 1.07% 1.01% 0.84% 5.37% 3.46% 0.357% 5.75% 3.83%
2015.01 3.11% 2.64% 2.35% 1.89% 1.14% -3.07% -0.44% 0.075% -3.00% -0.37%
2014.12 -1.72% -1.28% -0.67% -0.31% 0.10% 0.16% -3.13% -0.413% -0.25% -3.53%
2014.11 4.29% 3.20% 2.35% 1.32% 0.34% 2.67% 3.64% 0.019% 2.69% 3.66%
2014.10 -4.00% -2.83% -1.70% -0.75% 0.45% 1.39% -3.36% 1.042% 2.44% -2.35%
2014.09 -2.51% -2.07% -1.89% -1.64% -1.68% -2.22% -2.15% 0.841% -1.40% -1.33%
2014.08 3.80% 3.25% 3.25% 2.90% 2.67% 3.66% 2.79% 0.326% 4.00% 3.13%
2014.07 3.43% 2.85% 2.33% 1.54% 0.96% -1.61% -0.24% 0.231% -1.38% -0.01%
2014.06 1.18% 0.90% 0.93% 0.82% 0.74% 2.02% -0.77% 0.048% 2.07% -0.72%
2014.05 0.49% 0.34% 0.28% 0.24% 0.21% 2.00% -0.49% 0.338% 2.35% -0.15%
2014.04 1.84% 1.56% 1.27% 0.93% 0.73% 0.12% 2.99% 0.621% 0.74% 3.63%
2014.03 -0.70% -0.23% 0.06% 0.33% 0.72% 0.00% 0.60% 0.842% 0.84% 1.45%
2014.02 4.65% 3.71% 2.70% 1.36% 0.09% 4.07% 7.61% 0.482% 4.57% 8.13%
2014.01 -1.77% -1.16% -0.10% 0.75% 1.31% -3.63% -7.18% 0.177% -3.46% -7.02%
2013.12 -0.71% -0.52% -0.32% -0.03% 0.15% 1.92% -2.96% 0.605% 2.53% -2.37%
2013.11 1.15% 0.66% 0.56% 0.52% 0.26% 2.67% -3.51% 0.368% 3.05% -3.15%
2013.10 2.78% 2.02% 1.71% 1.35% 0.82% 4.44% 2.17% 0.149% 4.60% 2.32%
2013.09 4.19% 3.34% 2.10% 1.06% 0.15% 2.59% 4.82% 0.531% 3.14% 5.38%
2013.08 -3.74% -2.92% -1.92% -0.90% 0.13% -3.13% -3.01% 0.241% -2.90% -2.78%
2013.07 2.07% 1.19% 0.90% 0.83% 0.51% 4.81% -7.61% 0.262% 5.09% -7.37%
2013.06 -4.04% -2.92% -1.74% -0.56% 0.61% -1.97% -4.47% 0.638% -1.34% -3.86%
2013.05 2.43% 1.54% 1.28% 0.94% 0.54% 2.35% -2.34% -0.010% 2.34% -2.35%
2013.04 -0.44% -0.47% 0.08% 0.61% 0.79% 2.42% -2.69% -0.484% 1.93% -3.16%
2013.03 -0.06% -0.09% 0.13% 0.23% 0.27% 3.35% -3.14% 0.384% 3.75% -2.77%
2013.02 -0.34% -0.19% 0.13% 0.41% 0.71% 1.23% 0.01% 0.122% 1.36% 0.13%
2013.01 3.67% 2.80% 1.77% 0.86% 0.03% 4.99% 5.65% 0.183% 5.18% 5.84%
2012.12 3.17% 2.51% 1.77% 0.95% 0.19% 0.94% 3.93% -0.030% 0.91% 3.90%
2012.11 -0.84% -0.81% -0.57% -0.33% -0.10% 1.04% -2.52% -0.454% 0.58% -2.96%
2012.10 0.50% 0.45% 0.39% 0.12% -0.25% -2.39% 0.29% 0.559% -1.85% 0.85%
2012.09 2.40% 1.79% 1.18% 0.65% 0.16% 1.80% 1.02% 0.768% 2.58% 1.80%
2012.08 -0.06% -0.02% 0.28% 0.68% 0.95% 2.02% -1.92% 0.226% 2.25% -1.70%
2012.07 0.05% -0.24% -0.33% -0.10% 0.21% 1.40% -3.91% -0.010% 1.39% -3.92%
2012.06 0.12% 0.06% 0.17% 0.04% 0.03% 4.43% 2.20% -0.297% 4.12% 1.90%
2012.05 -4.40% -2.92% -1.34% 0.07% 1.35% -6.04% -5.87% 0.031% -6.01% -5.84%
2012.04 -1.21% -0.70% -0.23% 0.02% 0.49% -0.68% -1.88% 0.051% -0.63% -1.83%
2012.03 0.20% 0.22% 0.17% -0.03% -0.51% 3.12% 2.82% 0.164% 3.29% 2.99%
2012.02 3.73% 2.76% 1.67% 0.51% -0.64% 3.93% 6.05% 0.381% 4.32% 6.45%
2012.01 2.53% 1.81% 1.41% 1.21% 1.24% 4.38% 1.90% 0.093% 4.48% 1.99%
2011.12 0.64% 0.63% 0.60% 0.64% 0.76% 0.41% -0.22% 0.611% 1.02% 0.39%
2011.11 -3.68% -2.50% -1.44% -0.46% 0.67% -0.53% -4.14% 0.312% -0.22% -3.84%
2011.10 5.85% 3.69% 1.43% -0.36% -2.00% 10.39% 10.74% 0.491% 10.93% 11.28%
2011.09 -4.49% -3.23% -2.03% -0.72% -0.05% -7.49% -9.77% 0.493% -7.03% -9.32%
2011.08 -6.33% -3.96% -1.61% 0.26% 3.40% -5.58% -3.26% 0.158% -5.43% -3.11%
2011.07 -2.23% -1.85% -1.48% -0.76% 0.37% -2.16% -7.82% 0.126% -2.03% -7.70%
2011.06 -1.34% -1.28% -0.91% -0.63% -1.11% -1.84% -1.26% 0.179% -1.67% -1.08%
2011.05 -1.27% -0.63% -0.22% -0.05% 0.08% -1.52% 0.14% 0.392% -1.13% 0.53%
2011.04 0.42% 0.52% 0.57% 0.37% 0.47% 2.63% 3.95% 0.319% 2.96% 4.28%
2011.03 3.86% 3.33% 2.87% 2.04% 1.72% -0.73% 3.25% 0.771% 0.04% 4.05%
2011.02 -2.54% -2.06% -1.30% -0.18% 1.41% 3.19% -5.10% 0.225% 3.43% -4.89%
2011.01 0.03% -0.13% -0.24% -0.07% -1.48% 2.10% -5.41% 0.269% 2.37% -5.16%
2010.12 1.38% 0.81% 0.43% 0.34% 0.52% 6.56% -0.71% 0.118% 6.68% -0.59%
2010.11 -1.30% -0.74% -0.31% -0.07% 1.09% -0.06% 0.82% 0.075% 0.01% 0.90%
2010.10 3.38% 2.65% 1.63% 0.90% -0.51% 3.70% 2.34% 0.097% 3.80% 2.44%
2010.09 5.79% 4.18% 2.32% 0.89% -1.33% 8.49% 5.56% 0.401% 8.92% 5.98%
2010.08 -2.57% -1.42% -0.63% -0.19% 1.20% -4.42% 3.79% -0.097% -4.51% 3.69%
2010.07 4.53% 3.60% 2.69% 1.92% 1.03% 6.32% 6.66% 0.642% 7.01% 7.35%
2010.06 2.19% 2.07% 1.49% 0.94% 0.01% -5.23% 4.59% 0.000% -5.23% 4.59%
2010.05 -6.31% -4.36% -2.67% -1.53% 0.75% -8.32% 0.19% 0.361% -7.99% 0.55%
2010.04 0.58% 0.54% 0.54% 0.54% 0.56% 1.11% 2.25% 0.461% 1.58% 2.72%
2010.03 4.96% 3.60% 2.41% 1.65% 0.97% 5.94% -1.77% 0.088% 6.03% -1.68%
2010.02 -0.57% -0.19% 0.00% 0.37% 1.10% 2.81% 0.21% 0.275% 3.10% 0.49%
2010.01 -0.35% 0.41% 1.18% 1.14% 1.15% -4.10% 5.80% 0.521% -3.60% 6.35%
2009.12 4.77% 3.92% 2.99% 1.83% 0.58% 2.24% 10.35% -0.303% 1.93% 10.02%
2009.11 -1.41% -1.34% -1.56% -1.29% -1.29% 6.49% -1.32% -0.463% 6.00% -1.78%
2009.10 -0.43% -0.32% -0.46% -0.32% -0.16% -1.86% -1.73% 0.000% -1.86% -1.73%
2009.09 5.09% 4.14% 3.16% 2.46% 1.68% 2.72% 5.19% 0.986% 3.73% 6.23%
2009.08 2.25% 1.59% 1.04% 0.73% 0.56% 3.99% -1.22% -0.364% 3.61% -1.58%
2009.07 6.47% 4.90% 3.45% 2.24% 0.92% 8.03% 4.84% -0.433% 7.56% 4.39%
2009.06 0.46% 0.89% 1.12% 1.29% 1.57% -0.15% -0.66% 0.344% 0.20% -0.32%
2009.05 9.50% 6.25% 2.98% 0.31% -2.34% 5.86% 16.38% -0.252% 5.59% 16.09%
2009.04 9.01% 6.47% 3.97% 2.31% 0.70% 9.74% 7.90% -0.151% 9.57% 7.74%
2009.03 4.25% 2.50% 1.01% 0.21% -0.13% 8.34% 0.04% 0.384% 8.76% 0.42%
2009.02 -2.68% -0.87% 0.77% 2.01% 3.23% -10.32% -2.82% -0.363% -10.65% -3.17%
2009.01 0.23% 1.43% 2.14% 2.66% 2.87% -7.73% 8.10% -0.760% -8.43% 7.28%
2008.12 1.52% 0.63% 0.12% 0.08% 0.38% 2.29% -0.04% -1.198% 1.06% -1.24%
2008.11 -0.32% -0.56% -0.43% -0.33% -0.27% -7.05% -3.22% -0.130% -7.18% -3.35%
2008.10 -21.28% -14.25% -8.00% -4.00% -0.84% -17.52% -10.37% 0.881% -16.79% -9.58%
2008.09 -11.78% -8.81% -5.55% -3.47% -1.17% -9.87% -5.90% 1.066% -8.91% -4.90%
2008.08 -4.75% -3.41% -2.14% -0.99% 0.16% 0.51% -4.85% 0.927% 1.45% -3.97%
2008.07 -4.68% -3.44% -2.15% -0.99% 0.43% -1.95% -0.62% 1.131% -0.84% 0.50%
2008.06 -4.13% -3.15% -1.98% -1.22% -0.44% -9.77% -3.05% 1.489% -8.43% -1.61%
2008.05 3.22% 2.24% 1.39% 0.43% -1.40% 0.14% 0.83% 1.154% 1.30% 1.99%
2008.04 4.47% 3.29% 2.37% 1.24% 0.03% 4.47% 2.62% 0.383% 4.87% 3.01%
2008.03 -4.38% -2.87% -1.52% -0.35% 0.65% -1.25% 1.45% 0.833% -0.43% 2.30%
2008.02 4.76% 3.95% 3.02% 2.20% 1.03% -3.64% 1.33% 0.403% -3.25% 1.74%
2008.01 -9.60% -7.24% -5.34% -2.76% 0.55% -5.96% -8.60% -0.036% -6.00% -8.63%
2007.12 -1.36% -1.09% -1.09% -0.65% -0.14% -1.15% -5.19% 0.457% -0.69% -4.76%
2007.11 -5.64% -4.75% -3.64% -2.08% 0.22% -4.90% -7.85% 0.756% -4.18% -7.15%
2007.10 5.00% 3.97% 3.06% 1.85% 0.48% 1.28% 5.89% 0.311% 1.59% 6.22%
2007.09 3.78% 2.35% 1.14% 0.33% -0.07% 2.58% -2.95% 1.134% 3.74% -1.85%
2007.08 -2.52% -2.11% -1.48% -0.65% 0.53% 0.41% -1.97% 1.085% 1.50% -0.91%
2007.07 -0.56% -0.74% -0.68% -0.35% 0.76% -4.18% -4.81% 1.129% -3.10% -3.74%
2007.06 2.44% 1.96% 1.55% 0.89% -0.41% -2.57% 4.83% 0.934% -1.66% 5.81%
2007.05 0.92% 0.62% -0.10% -0.57% -1.36% 2.85% 3.10% 0.621% 3.49% 3.74%
2007.04 4.46% 3.78% 3.09% 2.04% 0.49% 3.83% 7.31% 0.575% 4.43% 7.93%
2007.03 -0.37% 0.03% 0.47% 0.71% 0.86% 0.69% 3.73% 0.427% 1.12% 4.17%
2007.02 2.27% 1.82% 1.33% 0.81% 0.39% -1.79% -2.73% -0.169% -1.96% -2.89%
2007.01 1.73% 1.75% 1.45% 1.00% 0.12% 1.20% 7.17% 0.306% 1.51% 7.50%
2006.12 4.80% 4.11% 3.23% 1.96% 0.50% 1.30% 5.12% 0.097% 1.40% 5.22%
2006.11 2.93% 2.59% 2.32% 1.74% 1.01% 2.07% 7.72% -0.168% 1.90% 7.54%
2006.10 3.01% 2.73% 2.25% 1.80% 1.33% 3.52% 4.65% -0.257% 3.26% 4.38%
2006.09 0.96% 1.02% 0.94% 0.74% 0.40% 2.56% 3.34% 0.016% 2.58% 3.36%
2006.08 1.63% 1.32% 1.02% 0.73% 0.65% 2.11% 3.24% 0.265% 2.38% 3.51%
2006.07 2.40% 1.90% 1.53% 1.17% 0.99% 0.07% -0.28% 0.542% 0.62% 0.26%
2006.06 -3.52% -2.59% -1.56% -0.84% 0.03% -0.45% -1.98% 0.586% 0.14% -1.41%
2006.05 -3.94% -3.14% -2.17% -1.31% -0.24% -3.12% -2.29% 0.245% -2.88% -2.05%
2006.04 3.24% 2.26% 1.40% 0.76% 0.08% 0.70% 0.26% 0.639% 1.34% 0.90%
2006.03 1.34% 1.24% 1.03% 0.67% 0.23% 0.65% 0.11% 0.586% 1.24% 0.70%
2006.02 0.72% 0.80% 0.67% 0.64% 0.40% 0.36% 2.37% -0.090% 0.27% 2.28%
2006.01 7.22% 5.46% 4.25% 2.90% 1.83% 2.56% 7.75% 0.082% 2.65% 7.84%
2005.12 1.65% 0.89% 0.61% 0.49% 0.81% 0.37% -2.78% -0.336% 0.03% -3.11%
2005.11 2.23% 0.84% -0.22% -0.54% -0.87% 4.03% -1.94% -0.239% 3.78% -2.17%
2005.10 -4.28% -3.72% -3.21% -2.85% -2.81% -2.14% -4.19% 0.488% -1.67% -3.72%
2005.09 3.21% 2.17% 1.22% 0.49% -0.51% -0.18% 2.18% 0.991% 0.81% 3.19%
2005.08 -0.67% -0.47% -0.31% 0.07% 0.75% -1.20% -4.36% 0.292% -0.91% -4.08%
2005.07 2.44% 1.90% 1.20% 0.73% 0.04% 3.09% 5.10% 0.614% 3.72% 5.75%
2005.06 2.23% 2.01% 1.65% 1.25% 0.57% -0.27% 4.04% 0.414% 0.14% 4.47%
2005.05 0.50% 0.30% 0.18% -0.04% -0.21% 2.90% 0.33% 0.271% 3.18% 0.60%
2005.04 -0.54% -0.25% 0.06% 0.38% 1.08% -2.77% -1.13% 0.897% -1.90% -0.24%
2005.03 -1.25% -0.35% 0.23% 0.55% 0.52% -2.39% 2.86% 0.636% -1.77% 3.51%
2005.02 4.23% 3.25% 2.31% 1.61% 0.90% 2.20% 4.81% -0.095% 2.10% 4.71%
2005.01 0.76% 0.67% 0.86% 0.74% 0.71% -2.13% 1.07% -0.317% -2.44% 0.75%
2004.12 0.67% 0.30% -0.13% -0.36% -0.44% 3.79% 0.72% -0.376% 3.40% 0.34%
2004.11 2.88% 1.74% 0.96% 0.21% -0.33% 3.78% 1.00% 0.256% 4.05% 1.26%
2004.10 2.70% 1.98% 1.65% 1.19% 0.82% 1.23% 3.28% 0.291% 1.53% 3.58%
2004.09 1.03% 0.61% 0.25% 0.01% -0.52% 1.03% 4.58% 0.052% 1.08% 4.63%
2004.08 3.22% 2.58% 2.11% 1.49% 0.92% 0.03% 6.86% 0.379% 0.40% 7.27%
2004.07 -1.70% -0.44% 0.23% 0.68% 1.15% -3.53% 2.31% 0.233% -3.31% 2.55%
2004.06 1.56% 0.97% 0.54% 0.03% -0.54% 1.50% 3.34% 0.434% 1.94% 3.79%
2004.05 -2.40% -1.19% -0.49% 0.19% 0.93% 0.85% -0.65% 0.523% 1.37% -0.13%
2004.04 -0.78% -0.58% -0.49% -0.34% -0.28% -1.93% -2.30% 0.367% -1.57% -1.94%
2004.03 0.31% 0.45% 0.81% 0.72% 1.08% -1.92% -5.86% 0.422% -1.51% -5.46%
2004.02 1.86% 1.80% 1.56% 1.40% 0.92% 1.38% 9.52% 0.009% 1.39% 9.53%
2004.01 2.66% 1.66% 1.57% 1.41% 1.64% 2.02% -4.93% -0.184% 1.84% -5.11%
2003.12 3.20% 2.10% 1.40% 0.90% 0.20% 5.59% 2.14% -0.323% 5.24% 1.81%
2003.11 -1.40% -1.10% -0.90% -0.30% 0.00% 1.19% -3.51% -0.305% 0.88% -3.80%
2003.10 3.50% 2.10% 1.20% 0.80% 0.00% 5.82% 6.14% -0.157% 5.66% 5.97%
2003.09 1.00% 0.80% 0.20% 0.20% -0.40% -1.25% 4.24% 0.192% -1.06% 4.44%
2003.08 3.00% 1.70% 1.00% 0.70% 0.00% 1.78% 3.48% 0.166% 1.95% 3.65%
2003.07 4.20% 2.60% 2.00% 1.60% 0.80% 1.85% 7.68% -0.087% 1.76% 7.59%
2003.06 0.90% 0.50% 0.40% 0.50% 0.40% 1.28% -0.23% 0.000% 1.28% -0.23%
2003.05 5.90% 3.20% 2.00% 1.50% 0.40% 5.67% 6.17% -0.382% 5.27% 5.76%
2003.04 4.10% 2.00% 1.00% 0.60% -0.50% 8.34% 15.45% -0.095% 8.24% 15.34%
2003.03 -0.40% -0.20% -0.30% 0.00% -0.10% -0.19% -1.72% 1.168% 0.97% -0.57%
2003.02 0.40% 0.80% 1.10% 1.10% 1.20% -2.29% 0.48% 0.806% -1.50% 1.29%
2003.01 -0.10% 0.60% 1.00% 1.00% 1.30% -2.71% 0.10% 0.097% -2.62% 0.20%
2002.12 0.87% 0.81% 0.77% 0.75% 0.60% -5.46% 4.59% -0.441% -5.87% 4.13%
2002.11 0.71% -0.41% -0.62% -0.93% -0.96% 5.98% 0.27% -0.088% 5.89% 0.18%
2002.10 -1.17% -0.73% -0.90% -0.46% -0.51% 7.86% 2.47% 0.871% 8.80% 3.36%
2002.09 1.30% 2.10% -11.61% -10.04% 0.843% -10.87% -9.28%
2002.08 0.70% 1.70% 0.28% -2.03% 0.378% 0.66% -1.66%
2002.07 -0.30% 1.20% -8.20% 0.31% 0.443% -7.79% 0.75%
2002.06 -0.20% 0.40% -7.01% -6.04% -0.126% -7.12% -6.16%
2002.05 -0.10% 0.10% -0.83% -3.44% 0.090% -0.74% -3.35%
2002.04 0.30% 1.00% -6.41% -2.58% 0.372% -6.06% -2.22%
2002.03 1.10% 1.20% 3.22% 1.15% 0.529% 3.76% 1.68%
2002.02 0.60% 0.90% -1.94% -0.76% 0.009% -1.93% -0.75%
2002.01 0.90% 1.00% -1.38% -2.46% -0.082% -1.46% -2.54%
2001.12 0.20% 0.40% 1.19% -0.44% -0.309% 0.88% -0.75%
2001.11 1.00% 0.60% 7.68% 6.27% -0.009% 7.67% 6.26%
2001.10 -0.10% 1.30% 1.77% 4.66% 0.136% 1.91% 4.80%
2001.09 -0.50% 0.80% -8.74% -14.28% 0.733% -8.08% -13.65%
2001.08 0.30% 0.00% -7.01% 2.38% 0.803% -6.26% 3.20%
2001.07 0.70% 0.70% -0.79% 2.94% -0.194% -0.98% 2.74%
2001.06 1.00% 0.42% -2.49% -3.23% 0.055% -2.43% -3.18%
2001.05 1.40% 0.33% 0.23% 8.76% 0.435% 0.67% 9.23%
2001.04 -0.30% 0.12% 7.28% 3.57% 0.456% 7.77% 4.04%
2001.03 0.60% 1.12% -6.78% -3.55% 0.477% -6.34% -3.09%
2001.02 1.10% 1.19% -8.84% -3.39% -0.308% -9.12% -3.69%
2001.01 1.30% 1.05% 3.20% 4.63% 0.337% 3.55% 4.98%
2000.12 0.30% 0.52% 0.38% -0.30% 0.112% 0.49% -0.19%
2000.11 0.50% 0.76% -8.19% 2.08% 0.338% -7.88% 2.43%
2000.10 -0.90% 0.60% -1.02% -4.99% 0.605% -0.42% -4.42%
2000.09 0.60% 0.88% -5.85% -1.80% 0.608% -5.28% -1.20%
2000.08 0.50% 1.32% 5.94% 4.24% 0.257% 6.21% 4.51%
2000.07 1.10% 1.17% -1.69% -3.19% 0.134% -1.56% -3.06%
2000.06 1.10% 0.88% 2.23% -1.61% 0.230% 2.47% -1.38%
2000.05 -0.40% -2.26% 4.35% 0.211% -2.05% 4.57%
2000.04 -0.40% -3.47% -5.21% 0.482% -3.01% -4.75%
2000.03 -0.50% 8.99% 1.28% 0.728% 9.78% 2.02%
2000.02 1.10% -2.44% -4.46% 0.556% -1.89% -3.93%
2000.01 1.30% -5.19% 2.14% 0.176% -5.02% 2.32%
1999.12 1.50% 5.61% 6.03% 0.265% 5.89% 6.31%
1999.11 0.70% 1.86% 6.99% 0.167% 2.03% 7.17%
1999.10 -0.40% 5.95% -0.01% 0.355% 6.33% 0.34%
1999.09 1.00% -2.96% -2.61% 0.227% -2.74% -2.39%
1999.08 -0.50% -0.69% -0.76% 0.198% -0.49% -0.56%
1999.07 1.90% -3.19% 0.72% 0.069% -3.12% 0.79%
1999.06 1.70% 5.40% 11.91% 0.139% 5.55% 12.07%
1999.05 2.00% -2.48% -4.60% 0.119% -2.36% -4.49%
1999.04 1.80% 3.48% 0.50% 0.379% 3.87% 0.88%
1999.03 1.80% 3.35% 7.70% 0.632% 4.00% 8.38%
1999.02 3.00% -3.18% 5.99% 0.073% -3.11% 6.07%
1999.01 0.70% 4.53% 3.36% -0.332% 4.18% 3.02%
1998.12 1.40% 5.23% -5.58% 0.508% 5.76% -5.10%
1998.11 4.70% 5.96% 13.00% 0.097% 6.06% 13.11%
1998.10 3.00% 7.28% 8.68% 0.797% 8.13% 9.55%
1998.09 -7.10% 5.85% 5.12% 0.522% 6.41% 5.67%
1998.08 -0.70% -14.75% -30.10% 0.339% -14.46% -29.86%
1998.07 -0.40% -1.49% 4.40% 0.427% -1.06% 4.85%
1998.06 -1.70% 3.71% -5.75% 0.342% 4.06% -5.43%
1998.05 -1.50% -1.90% -8.72% 0.183% -1.72% -8.55%
1998.04 1.00% 0.61% -6.70% 0.394% 1.01% -6.33%
1998.03 3.40% 4.71% 5.69% 0.396% 5.12% 6.11%
1998.02 -1.00% 7.35% 10.52% -0.131% 7.21% 10.38%
1998.01 -1.90% 0.41% -11.39% 0.698% 1.11% -10.77%
1997.12 0.20% 1.58% -2.14% 0.138% 1.72% -2.00%
1997.11 -2.30% 4.49% -2.72% 0.135% 4.63% -2.59%
1997.10 -1.60% -4.51% -8.64% 1.225% -3.34% -7.52%
1997.09 -0.50% 4.51% -0.43% 0.929% 5.48% 0.49%
1997.08 -0.20% -5.98% -5.48% 0.406% -5.60% -5.10%
1997.07 0.80% 7.31% 1.31% 0.603% 7.96% 1.92%
1997.06 2.80% 4.23% 1.05% 0.238% 4.48% 1.29%
1997.05 1.10% 5.84% 9.09% 0.231% 6.09% 9.34%
1997.04 0.60% 5.62% 4.21% 0.331% 5.97% 4.55%
1997.03 0.80% -4.41% -2.34% 0.314% -4.11% -2.03%
1997.02 1.90% -0.05% 4.05% 0.836% 0.78% 4.92%
1997.01 1.00% 5.71% 9.98% 0.504% 6.25% 10.53%
1996.12 -1.50% -2.34% -5.13% 0.362% -1.98% -4.79%
1996.11 -0.60% 7.13% -6.42% 0.396% 7.56% -6.05%
1996.10 1.20% 2.03% -0.63% 0.715% 2.76% 0.08%
1996.09 -0.10% 5.12% 2.07% 0.488% 5.63% 2.57%
1996.08 -0.20% 1.67% -3.83% 0.428% 2.11% -3.42%
1996.07 2.20% -4.69% -2.61% 0.290% -4.42% -2.33%
1996.06 0.00% -0.04% 4.20% 0.420% 0.38% 4.64%
1996.05 1.70% 1.75% -2.81% 0.810% 2.58% -2.02%
1996.04 -0.60% 0.46% 3.12% 1.014% 1.47% 4.17%
1996.03 -0.10% 0.23% -4.79% 0.726% 0.96% -4.10%
1996.02 -0.40% 0.41% -0.51% 0.517% 0.93% 0.00%
1996.01 1.80% 3.12% 2.89% 0.274% 3.40% 3.17%
1995.12 0.90% 1.63% 6.44% 0.287% 1.93% 6.75%
1995.11 0.30% 4.31% -4.92% 0.073% 4.39% -4.85%
1995.10 -0.10% -1.12% 2.84% 0.775% -0.36% 3.64%
1995.09 -2.10% 3.61% -2.92% 0.593% 4.22% -2.34%
1995.08 -2.60% -1.37% -5.36% 1.644% 0.25% -3.80%
1995.07 0.90% 2.46% -4.90% 0.835% 3.32% -4.11%
1995.06 1.50% 1.57% 1.57% 0.737% 2.32% 2.32%
1995.05 3.00% 3.36% 7.55% 0.612% 4.00% 8.21%
1995.04 1.70% 2.32% 6.37% 0.608% 2.94% 7.02%
1995.03 -2.00% 2.32% -2.56% 0.612% 2.95% -1.96%
1995.02 -1.60% 3.38% -4.03% 0.504% 3.90% -3.55%
1995.01 -2.30% 1.95% -5.37% 0.635% 2.59% -4.77%
1994.12 -1.30% 1.20% -5.89% 0.281% 1.48% -5.63%
1994.11 1.50% -4.22% -3.00% 0.603% -3.64% -2.41%
1994.10 3.50% 1.65% 10.13% 0.590% 2.25% 10.78%
1994.09 1.40% -2.92% 4.53% 0.492% -2.45% 5.04%
1994.08 0.90% 2.96% 10.44% 1.110% 4.10% 11.67%
1994.07 -0.90% 2.67% -0.07% 0.599% 3.28% 0.53%
1994.06 2.70% -2.97% -4.43% 0.533% -2.45% -3.92%
1994.05 2.40% 0.21% 7.65% 1.426% 1.64% 9.19%
1994.04 -2.70% 0.79% 9.10% 0.491% 1.28% 9.64%
1994.03 -1.50% -5.42% -12.81% 1.126% -4.36% -11.83%
1994.02 4.40% -3.02% -1.69% 0.311% -2.71% -1.38%
1994.01 6.80% 2.33% 12.64% 1.042% 3.40% 13.81%
1993.12 3.50% 1.01% 17.76% 0.198% 1.21% 17.99%
1993.11 1.10% -1.04% 6.63% 0.086% -0.95% 6.72%
1993.10 1.90% -0.49% 2.91% 2.574% 2.07% 5.56%
1993.09 1.00% -1.91% 3.12% 1.164% -0.77% 4.32%
1993.08 1.60% 1.62% 3.96% 2.135% 3.79% 6.18%
1993.07 3.60% -1.37% 0.65% 0.984% -0.40% 1.64%
1993.06 1.50% -0.20% 9.33% 0.494% 0.29% 9.87%
1993.05 -1.80% 1.20% 0.03% 1.460% 2.68% 1.49%
1993.04 -0.60% -3.77% -6.87% 1.401% -2.42% -5.57%
1993.03 -0.50% 1.53% -2.70% 0.567% 2.11% -2.15%
1993.02 2.70% 0.96% -2.40% 0.403% 1.36% -2.01%
1993.01 1.20% 0.67% 11.49% 0.166% 0.84% 11.68%
1992.12 -1.20% 1.16% 2.90% 0.071% 1.23% 2.97%
1992.11 0.60% 1.95% -8.40% 1.428% 3.40% -7.09%
1992.10 -2.00% -1.07% 7.92% 1.428% 0.35% 9.46%
1992.09 -2.00% -1.13% -10.35% 2.327% 1.18% -8.26%
1992.08 -1.00% -3.43% -7.71% 1.428% -2.05% -6.39%
1992.07 0.90% 2.94% 1.21% 1.117% 4.09% 2.34%
1992.06 0.90% -2.16% 3.74% 0.686% -1.49% 4.45%
1992.05 -0.10% -0.57% -0.23% 1.070% 0.49% 0.84%
1992.04 1.70% 1.60% -0.64% 1.314% 2.94% 0.67%
1992.03 4.70% -2.63% 8.86% 0.701% -1.94% 9.62%
1992.02 0.30% 1.94% 17.24% -0.630% 1.30% 16.51%
1992.01 0.20% -2.93% -3.82% 1.102% -1.86% -2.76%
1991.12 0.60% 10.08% -1.40% 1.231% 11.44% -0.18%
1991.11 -3.70% -4.91% -4.79% 0.923% -4.03% -3.91%
1991.10 4.60% -1.50% -8.41% 2.891% 1.34% -5.76%
1991.09 3.50% -2.94% 13.60% 1.307% -1.67% 15.09%
1991.08 2.70% 1.14% 11.11% 1.213% 2.37% 12.46%
1991.07 4.80% 2.80% 12.13% 1.808% 4.66% 14.16%
1991.06 1.80% -6.31% 16.57% 1.842% -4.58% 18.71%
1991.05 -0.30% 1.78% 2.99% 2.493% 4.31% 5.56%
1991.04 2.50% -1.58% 0.77% 1.843% 0.24% 2.63%
1991.03 3.20% 1.25% 7.16% 1.160% 2.42% 8.41%
1991.02 4.60% 7.01% 20.02% 0.128% 7.15% 20.17%
1991.01 2.20% 3.91% 18.47% 0.425% 4.36% 18.97%
1990.12 4.70% 2.25% 11.96% 0.522% 2.79% 12.54%
1990.11 1.80% 5.53% 19.71% 0.882% 6.46% 20.77%
1990.10 -0.80% -4.09% -0.23% 3.819% -0.43% 3.58%
1990.09 1.40% -9.30% -5.55% 4.892% -4.87% -0.93%
1990.08 2.40% -10.83% -1.98% 2.013% -9.04% -0.01%
1990.07 0.70% -1.96% -0.78% 1.668% -0.32% 0.88%
1990.06 2.30% -2.81% -4.32% 2.194% -0.67% -2.22%
1990.05 0.70% 8.13% -1.54% 1.500% 9.75% -0.07%
1990.04 -0.40% -4.22% -2.49% 1.800% -2.49% -0.74%
1990.03 3.30% 0.24% -1.08% 2.400% 2.65% 1.29%
1990.02 -1.80% 0.99% 13.94% 0.300% 1.29% 14.28%
1990.01 0.50% -8.99% 1.90% 2.500% -6.71% 4.45%
1989.12 0.60% 0.30% 11.61% 2.100% 2.40% 13.96%
1989.11 0.20% 0.33% -1.76% 1.700% 2.04% -0.09%
1989.10 0.50% -5.07% 7.99% 2.900% -2.32% 11.12%
1989.09 -0.20% -2.45% 3.90% 2.100% -0.41% 6.08%
1989.08 0.30% 0.95% -8.61% 1.000% 1.95% -7.70%
1989.07 -0.80% 7.10% -3.53% 1.800% 9.03% -1.79%
1989.06 -0.60% -2.33% -9.71% 1.800% -0.57% -8.09%
1989.05 2.20% 2.01% 1.26% 2.000% 4.05% 3.29%
1989.04 0.20% 4.15% 6.66% 1.000% 5.19% 7.72%
1989.03 1.70% 0.42% 2.99% 1.900% 2.33% 4.95%
1989.02 1.60% -2.59% 11.28% 0.100% -2.49% 11.39%
1989.01 1.00% 6.16% 12.21% 1.100% 7.32% 13.44%
1988.12 0.20% -0.15% 6.54% 1.900% 1.74% 8.56%
1988.11 0.20% -3.26% 5.23% 1.900% -1.43% 7.23%
1988.10 -0.10% 1.27% -8.08% 1.500% 2.78% -6.71%
1988.09 0.00% 3.33% -2.07% 0.900% 4.26% -1.19%
1988.08 0.60% -4.16% 8.22% 0.800% -3.39% 9.09%
1988.07 0.90% -0.48% 4.31% 0.100% -0.38% 4.41%
1988.06 0.80% 3.97% 27.46% 0.600% 4.59% 28.22%
1988.05 0.10% 0.36% -3.35% 0.500% 0.87% -2.87%
1988.04 -0.70% 0.30% -11.01% 0.800% 1.11% -10.30%
1988.03 0.80% -4.90% -5.83% 1.900% -3.09% -4.04%
1988.02 1.10% 4.24% 6.17% 0.400% 4.66% 6.60%
1988.01 2.40% 8.68% 0.700% 9.44%
1987.12 0.90% 12.75% 0.300% 13.09%
1987.11 -1.00% -11.94% 1.900% -10.27%
1987.10 -0.60% -21.03% 2.400% -19.13%
1987.09 1.20% 9.75% 1.900% 11.83%
1987.08 1.20% 13.97% 1.400% 15.57%
1987.07 1.50% 20.05% 1.700% 22.09%
1987.06 0.80% 11.92% 0.700% 12.71%
1987.05 -0.50% -4.94% 1.500% -3.51%
1987.04 -0.40% -5.68% 2.400% -3.42%
1987.03 0.20% -4.69% 1.600% -3.16%
1987.02 0.50% 6.01% 1.700% 7.81%
1987.01 1.40% 9.91% 2.000% 12.11%
1986.12 0.90% 19.16% 1.500% 20.95%
1986.11 0.70% 13.85% 1.400% 15.44%
1986.10 0.00% -0.83% 1.500% 0.66%
1986.09 0.40% 3.20% 1.500% 4.75%
1986.08 0.60% -2.73% 0.600% -2.15%
1986.07 0.70% 14.88% 1.000% 16.03%
1986.06 2.00% 9.16% 1.300% 10.58%
1986.05 0.90% 6.55% 0.700% 7.30%
1986.04 1.30% 1.39% 1.400% 2.81%
1986.03 1.90% 7.13% 1.500% 8.73%
1986.02 0.80% 14.51% 0.900% 15.54%
1986.01 1.40% 6.81% 2.700% 9.69%
1985.12 1.50% 5.93% 1.300% 7.31%
1985.11 1.10% 5.96% 1.600% 7.66%
1985.10 0.80% 2.92% 1.500% 4.47%
1985.09 1.40% 12.98% 1.200% 14.34%
1985.08 1.80% 3.71% 0.900% 4.64%
1985.07 0.40% 2.05% 1.300% 3.37%
1985.06 1.40% -3.31% 3.700% 0.27%
1985.05 1.00% 7.19% 2.000% 9.34%
1985.04 0.40% -0.02% 2.300% 2.28%
1985.03 1.10% 9.59% 2.800% 12.66%
1985.02 0.50% -1.97% 2.000% -0.01%
1985.01 1.30% 5.21% 3.100% 8.47%
1984.12 1.80% 1.95% 1.400% 3.38%
1984.11 -2.00% -6.64% 1.200% -5.52%
1984.10 -0.20% -14.25% 8.200% -7.21%
1984.09 -0.30% 0.91% 2.900% 3.84%
1984.08 0.50% -4.21% 0.300% -3.92%
1984.07 0.40% -8.27% 0.900% -7.45%
1984.06 -0.50% -3.23% 1.300% -1.97%
1984.05 0.30% 5.77% 1.200% 7.04%
1984.04 0.90% 2.24% 1.500% 3.77%
1984.03 1.50% -2.23% 2.500% 0.22%
1984.02 0.40% 6.77% -0.200% 6.56%
1984.01 0.80% 10.67% 0.100% 10.78%
1983.12 0.90% 2.33% 0.600% 2.94%
1983.11 0.80% 6.51% 1.300% 7.89%
1983.10 1.90% -7.29% 2.400% -5.07%
1983.09 4.30% 0.58% 2.300% 2.89%
1983.08 3.40% 10.22% 2.700% 13.20%
1983.07 2.20% 10.79% 1.900% 12.90%
1983.06 2.80% 2.18% 1.600% 3.82%
1983.05 2.20% -4.48% 1.400% -3.14%
1983.04 2.20% -5.72% 3.000% -2.89%
1983.03 1.60% 9.43% 1.900% 11.51%
1983.02 -0.50% -2.65% 0.100% -2.55%
1983.01 -2.30% -26.27% 1.800% -24.95%
1982.12 -0.10% 3.94% 1.200% 5.18%
1982.11 -0.20% -11.96% 3.300% -9.05%
1982.10 3.10% -14.91% 4.800% -10.82%
1982.09 4.30% 0.55% 4.300% 4.88%
1982.08 1.70% 18.98% 3.200% 22.79%
1982.07 3.00% -9.88% 2.000% -8.08%
1982.06 2.70% 3.77% 0.700% 4.50%
1982.05 2.00% -7.57% -0.500% -8.03%
1982.04 2.20% 7.85% -0.100% 7.74%
1982.03 2.90% -11.69% 0.400% -11.33%
1982.02 1.70% 6.33% -0.800% 5.48%
1982.01 2.30% -8.00% 0.700% -7.35%
1981.12 3.46% 0.500% 3.98%
1981.11 -2.46% 0.200% -2.27%
1981.10 -0.04% 0.300% 0.26%
1981.09 -19.55% 0.900% -18.83%
1981.08 11.32% 1.200% 12.66%
1981.07 -15.74% 0.600% -15.24%
1981.06 -6.67% 0.100% -6.58%
1981.05 -15.89% 1.300% -14.80%
1981.04 16.46% 1.200% 17.86%
1981.03 -7.18% 0.800% -6.44%
1981.02 -1.62% 0.300% -1.32%
1981.01 -10.47% 1.600% -9.04%
1980.12 5.38% 1.900% 7.39%
1980.11 -6.93% 2.600% -4.51%
1980.10 -8.25% 2.900% -5.59%
1980.09 -1.53% 2.100% 0.54%
1980.08 -3.46% 2.200% -1.34%
1980.07 -5.07% 2.000% -3.17%
1980.06 4.91% 1.900% 6.90%
1980.05 10.27% 2.300% 12.81%
1980.04 5.68% 2.500% 8.32%
1980.03 20.46% 2.900% 23.95%
1980.02 18.88% 1.800% 21.02%
1980.01 -4.23% 2.100% -2.22%

Notas:
- Los 5 multifondos (A,B,C,D,E) se inician a finales del 2002.
- A contar de julio de 2009, las AFP cobran la prima del Seguro de Invalidez y sobrevivencia que corresponde a 1,87%. En el caso de empresas con 100 o más trabajadores dependientes, dicha prima del seguro es de cargo del empleador.
- A contar de julio de 2010, las AFP cobran la prima del Seguro de Invalidez y sobrevivencia que corresponde a 1,49%.
- A contar de julio de 2012, las AFP cobran la prima del Seguro de Invalidez y sobrevivencia que corresponde a 1,26%.
- A contar de julio de 2014, las AFP cobran la prima del Seguro de Invalidez y sobrevivencia que corresponde a 1,15%.
- A contar de julio de 2016, las AFP cobran la prima del Seguro de Invalidez y sobrevivencia que corresponde a 1,41%.





C. RENTABILIDAD PARA LOS COTIZANTES
    Se busca calcular la rentabilidad promedio real anual después de pagar las comisiones que cobran las AFPs. Esta rentabilidad neta es llamada la "TIR efectiva" para los cotizantes de las AFPs. En resumen, se trata de rebajar de las rentabilidades de los fondos las comisiones pagadas a las AFPs.
    Calcular estas rentabilidades impone dificultades, debido a que las comisiones son principalmente un porcentaje sobre las remuneraciones de cada trabajador. Y como casi todo el mundo tiene remuneraciones diferentes, las comisiones pagadas por cada trabajador son también diferentes. Es por ello que normalmente se hacen algunos supuestos acerca del monto de remuneraciones de un trabajador representativo.

Metodología:
    Supongamos un trabajador que tiene hoy día en su fondo de pensiones un monto de VF=$50.000.000. Esta persona ha cotizado mensualmente en los últimos años un 10% del su remuneración mensual, que es de PMT=$1.000.000. En este último mes la rentabilidad real del fondo de pensiones en que se mantiene el dinero ha sido de R=1%, y la comisión cobrada por la AFP es de 1,16%. La pregunta es ¿cuál es la rentabilidad efectiva (TIR) para el cotizante durante este último mes?
    Para calcular la respuesta, primero calculamos el valor del fondo el mes previo (VA), es decir: VA*(1+0.01)+100.000=50.000.000. Se debe recordar que cada mes el trabajador agrega $100.000 a su fondo, y que esos aportes mensuales no deben afectar la rentabilidad que estamos calculando. El resultado anterior es: VA=49.405.941.
    Finalmente, calculamos TIR = (50.000.000 - 100.000 - 11.600 ) / (49.405.941) - 1 = 0.976%. Esta TIR=0.976% se puede comparar con R=1%. La primera es la rentabilidad efectiva proporcionada por el fondo a sus ahorros una vez descontadas las comisiones y los nuevos aportes mensuales, y R es la simple variación mensual en el valor del fondo sin considerar los nuevos aportes mensuales.



Grafico 3: Comparación de la evolución de los fondos A y E, bajo rentabilidades (TIR) efectivas o no.
Simulación con Patrimonio actual del afliliado = $50.000.000 y Renta mensual del afiliado = $1.000.000
(Fondo A_TIR y Fondo E_TIR usan rentabilidades efectivas después de comisiones).
Los resultados cambian si se usan diferentes valores de Patrimonio actual del afliliado y Renta mensual del afiliado
Para comparación
gráfica se usa como base el mes de noviembre de 2002=100.

   El gráfico muestra que existe una merma importante en el valor de los fondos cuandos se consideran las comisiones.

    El llamado Informe Bravo indica lo siguiente (página 76) hizo estimaciones globales, contando con la información de la base de datos de todo el sistema de pensiones. Con eso concluye:
"... Los cálculos de la tasa interna de retorno para aquellos afiliados que han cotizado al menos una vez entre el año 1981 y 2009 muestran importantes diferencias entre la TIR con y sin comisiones..."
"... La TIR real (anual) para mujeres es de 3,0% y 5,4% considerando y sin considerar las comisiones, respectivamente.."
"... En el caso de los hombres los valores corresponden a 3,1% y 5,4%, respectivamente..."
"... De todo lo anterior se concluye que existen importantes diferencias entre el retorno de las cuentas de Capitalización Individual (TIR) y el retorno de los fondos administrados por las AFP..."

 

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Fuente de la información aquí presentada es:
http://www.spensiones.cl/safpstats/stats/.sc.php?_cid=46

tags: Estadísticas, series de retornos, rentabilidad mensual, rentabilidad real, rentabilidad efectiva, administradoras de fondos de pensiones, AFP, AFPs, Chile