Relación riesgo-rendimiento y construcción óptima de carteras: un enfoque analítico
Resumen
La relación riesgo–rendimiento constituye un eje central de la teoría financiera y de la gestión moderna de carteras, especialmente en contextos caracterizados por alta volatilidad, incertidumbre macroeconómica y creciente complejidad de los mercados financieros. El objetivo de esta revisión de literatura es analizar de manera sistemática los avances teóricos y analíticos en la construcción óptima de carteras, a partir de evidencia científica reciente publicada entre 2021 y 2025. Siguiendo el método PRISMA, se seleccionaron y analizaron 50 artículos científicos de alto rigor académico, indexados en Scopus, Web of Science, Scielo y DOAJ, con verificación individual de DOI y extracción estructurada de información. Los resultados muestran una evolución desde el modelo media–varianza clásico hacia enfoques analíticos más robustos que incorporan medidas de riesgo no lineales, optimización bajo restricciones reales, modelos robustos y, de forma incipiente, criterios de sostenibilidad financiera. La evidencia revela que una gestión inadecuada del riesgo en la construcción de carteras no solo reduce la eficiencia financiera, sino que también incrementa la vulnerabilidad sistémica, afectando el crecimiento económico y la estabilidad de los mercados, particularmente en economías emergentes. En este sentido, la investigación se alinea con los Objetivos de Desarrollo Sostenible, especialmente el ODS 8 y el ODS 9, al contribuir a una asignación más eficiente y responsable del capital. La revisión identifica vacíos relevantes y propone líneas futuras orientadas al desarrollo de carteras óptimas resilientes y sostenibles.
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Derechos de autor 2026 Jaime Leonardo Estrada Aguilar,Verónica Alexandra Arrata Corzo,Ricardo Ruben Mora Torosine,Mauricio Rubén Franco Coello
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