{"id":1501,"date":"2026-09-08T09:17:31","date_gmt":"2026-09-08T12:17:31","guid":{"rendered":"https:\/\/www.dexetfs.com.br\/noticias\/bolsa-brasileira-supera-mercados-globais-hedge-cambial\/"},"modified":"2026-09-08T11:21:44","modified_gmt":"2026-09-08T14:21:44","slug":"brazilian-equities-outperform-global-markets-currency-hedge","status":"publish","type":"noticias","link":"https:\/\/www.dexetfs.com.br\/en\/noticias\/brazilian-equities-outperform-global-markets-currency-hedge\/","title":{"rendered":"Brazilian equities outperform global markets as currency hedge protects SPXR11"},"content":{"rendered":"
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Credit: iStock<\/p><\/div>\n

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BOVA11 led the selected ETFs with a 5.34% gain, followed by ARGE11 at 3.26%. SPXR11, which provides currency-hedged exposure to the S&P 500, declined only 0.13%. IVWO11, WRLD11, SPXI11, DOLB11 and PKIN11 posted losses ranging from 0.32% to 1.78%.<\/p>\n

Brazilian equities concentrated their gains during the first three sessions. The Ibovespa advanced 1.00% on Monday, 1.30% on Tuesday and 3.05% on Wednesday before finishing nearly unchanged during the final two sessions. Banks, commodities, utilities, consumer discretionary companies and industrials participated in the rally.<\/p>\n

Lower domestic risk premiums also strengthened the Brazilian real. The US dollar began the period above BRL 5.18 and ended near BRL 5.13. The currency recovered part of its losses after the stronger payroll report but remained lower for the week.<\/p>\n

In the United States, the S&P 500 finished near unchanged. The index declined early in the week, recovered during the middle sessions and moved lower again on Friday, when the creation of 162,000 jobs pushed Treasury yields higher and reinforced expectations for tighter monetary policy.<\/p>\n

BOVA11 (BlackRock): +5.34%<\/span><\/h2>\n

BOVA11 captured the broad appreciation of Brazilian equities. Banks, Petrobras, Vale, utilities and companies tied to the domestic economy contributed to the gain.<\/p>\n

At the beginning of the week, Petrobras and Banco do Brasil advanced more than 3%. Oil prices strengthened amid rising tensions in the Middle East and provided additional support to Petrobras on Tuesday, when Brent crude moved above $94 per barrel.<\/p>\n

The rally reached its greatest breadth on Wednesday. The Ibovespa advanced 3.05%, with 74 of its 77 constituents finishing higher. Consumer discretionary companies, industrials, commodities and financial institutions formed the core of the move.<\/p>\n

Vale and Petrobras faced profit-taking late in the week, but the reversal did not erase the previous gains. The fund is up 4.05% for the month, 15.15% for the year and 31.83% over 12 months.<\/p>\n

ARGE11 (Investo): +3.26%<\/span><\/h2>\n

ARGE11 advanced 3.26% with a portfolio concentrated in energy, financial services and basic materials, which represent more than 80% of the fund\u2019s exposure.<\/p>\n

YPF accounts for 19.99% of the portfolio, followed by Grupo Financiero Galicia at 16.91%, Ternium at 13.74% and Pampa Energ\u00eda at 12.06%. Energy represents 35.56% of the portfolio, financial services account for 31.27% and basic materials make up 16.11%.<\/p>\n

The weekly gain was built before profit-taking late in the period. The Merval declined 1.55% on Thursday, with YPF falling 3.1% and Central Puerto losing 1.8%. Banco Macro gained 0.2%, limiting part of the pressure on financial companies.<\/p>\n

The ETF preserved its weekly advance despite the correction in major holdings. The fund is down 1.44% for the month and 2.84% for the year but remains up 31.85% over 12 months.<\/p>\n

SPXR11 (Ita\u00fa Asset): -0.13%<\/span> and SPXI11 (Ita\u00fa Asset): -1.13%<\/span><\/h2>\n

SPXR11 and SPXI11 track the S&P 500 but differ in their currency exposure. SPXR11 uses a currency hedge, while SPXI11 incorporates movements in the US dollar against the Brazilian real.<\/p>\n

The S&P 500 declined 0.33% on Monday and 0.71% on Tuesday. The index recovered 0.46% on Wednesday and 1.06% on Thursday before losing 0.38% on Friday. The weekly result was close to unchanged.<\/p>\n

The payroll report ended the recovery. The US economy added 162,000 jobs in August, nearly three times the expected amount, pushing the 10-year Treasury yield toward 4.78% and the two-year yield to 4.374%.<\/p>\n

SPXR11 primarily reflected the US equity market and declined only 0.13%. In SPXI11, the stronger Brazilian real increased the loss to 1.13%. The 1-percentage-point gap between the ETFs demonstrates the impact of the currency hedge.<\/p>\n

SPXR11 is up 0.55% for the month, 18.69% for the year and 29.69% over 12 months. SPXI11 is down 0.18% for the month but remains up 5.27% for the year and 12.21% over 12 months.<\/p>\n

IVWO11 (Investo): -0.32%<\/span><\/h2>\n

IVWO11 recorded the smallest loss among the unhedged international ETFs. Diversification across more than 20 emerging markets offset part of the pressure from the stronger Brazilian real and weaker Chinese equities.<\/p>\n

Taiwan accounts for 30.80% of the portfolio, China represents 27.60% and India makes up 17.00%. Taiwan Semiconductor is the largest holding at 14.93%, followed by Tencent, Alibaba and MediaTek.<\/p>\n

Exposure to Taiwan, India and other markets reduced the fund\u2019s dependence on China. This helped limit IVWO11\u2019s loss to 0.32%, compared with a 1.78% decline in PKIN11, which concentrates on major Chinese companies.<\/p>\n

The fund is up 2.24% for the month. Year-to-date and 12-month returns are not yet available in the dataset.<\/p>\n

WRLD11 (Investo): -0.87%<\/span><\/h2>\n

WRLD11 declined 0.87%. The fund invests in the Vanguard Total World Stock ETF and provides exposure to approximately 9,700 companies.<\/p>\n

The United States represents about 60.8% of the portfolio. Nvidia, Apple, Microsoft, Amazon, Alphabet, Broadcom and Taiwan Semiconductor are among the largest holdings, while technology represents approximately 28.7% of the exposure.<\/p>\n

The nearly unchanged S&P 500 did not generate enough return to offset the stronger Brazilian real. Diversification across Japan, Europe, Taiwan and emerging markets limited the loss, allowing WRLD11 to outperform SPXI11 by 0.26 percentage point.<\/p>\n

The fund is up 0.72% for the month, 6.90% for the year and 14.22% over 12 months.<\/p>\n

DOLB11 (BTG Asset): -1.21%<\/span><\/h2>\n

DOLB11 followed the Brazilian real\u2019s weekly appreciation. The US dollar began the period above BRL 5.18 and moved toward BRL 5.11 during the strong rally in Brazilian assets.<\/p>\n

On Friday, the stronger-than-expected payroll report pushed Treasury yields higher and restored part of the demand for the US currency. The dollar ended near BRL 5.13, still below its level before the beginning of the week.<\/p>\n

The fund is up 0.52% for the month. Performance remains negative at 3.21% for the year and 1.15% over 12 months.<\/p>\n

PKIN11 (Bradesco Asset): -1.78%<\/span><\/h2>\n

PKIN11 posted the largest decline in the group. The ETF tracks the CSI 300, which includes major companies listed in Shanghai and Shenzhen.<\/p>\n

The Chinese index advanced at the beginning of the period but weakened during the following sessions. The CSI 300 declined 0.97% on Wednesday and moved lower again on Friday, finishing the week with a loss of approximately 0.6%.<\/p>\n

The stronger Brazilian real increased the decline when the underlying exposure was converted into local currency. Unlike IVWO11, PKIN11 did not receive an offsetting contribution from Taiwan, India and other emerging markets because it remains concentrated in major Chinese companies.<\/p>\n

The fund is down 0.63% for the month and 5.58% for the year while remaining up 3.59% over 12 months.<\/p>\n<\/div>\n<\/div>\n

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Exclusive DEX PRO data. This content is provided for informational purposes only and does not constitute a recommendation to invest in, buy or sell any asset.<\/em><\/strong><\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

BOVA11 led the selected ETFs last week with a 5.34% gain, followed by ARGE11 at 3.26%. Lower domestic risk premiums supported Brazilian equities, while energy and financial companies lifted the Argentine ETF before profit-taking late in the week. 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