Aplica as mesmas premissas de desempenho a todos os cenários, para isolar a comparação tributária.
Curva linear entre o FX inicial (compra) e o FX final (fim do horizonte). Para PF, o IR de ganho de capital é apurado em BRL — variação cambial infla o ganho na realização. Para offshore opaca, o lucro é apurado em USD (moeda funcional) e convertido a BRL pelo FX de 31/dez para o IR anual de 15%; a variação cambial sobre o principal só é tributada na devolução de capital (15%, art. 7º Lei 14.754).
Depreciação implícita do BRL: 5.60% a.a. — FX médio do período: R$ 7,90.
Melhor cenário
CSPX (IE ACC) — Offshore opaca
vs. SPY (US ETF) — PF Brasil (base). Comparação pelo patrimônio líquido em BRL ao fim do horizonte (já descontados impostos).
SPY (US ETF) — PF Brasil
Patrimônio líq.
R$ 1.918.191
$191,819
Retorno a.a. (BRL)
12.71%
Total: 230.72%
Imposto total
(R$ 266.490)
($27,810)
CSPX (IE ACC) — PF Brasil
Patrimônio líq.
R$ 2.008.836
$200,884
Retorno a.a. (BRL)
13.23%
Total: 246.35%
Δ a.a.
+0.52%
Δ total
+15.63%
Δ patrim.
+4.73%
Imposto total
(R$ 252.148)
($25,215)
VUSA (IE DIST) — PF Brasil
Patrimônio líq.
R$ 1.952.286
$195,229
Retorno a.a. (BRL)
12.90%
Total: 236.60%
Δ a.a.
+0.20%
Δ total
+5.88%
Δ patrim.
+1.78%
Imposto total
(R$ 242.891)
($24,870)
SPY (US ETF) — Offshore opaca
Patrimônio líq.
R$ 1.938.334
$193,833
Retorno a.a. (BRL)
12.82%
Total: 234.20%
Δ a.a.
+0.12%
Δ total
+3.47%
Δ patrim.
+1.05%
Imposto total
(R$ 165.477)
($20,040)
CSPX (IE ACC) — Offshore opaca
Patrimônio líq.
R$ 2.008.910
$200,891
Retorno a.a. (BRL)
13.23%
Total: 246.36%
Δ a.a.
+0.52%
Δ total
+15.64%
Δ patrim.
+4.73%
Imposto total
(R$ 148.662)
($17,804)
Em BRL — moeda principal
Em USD (auxiliar)
Deslize para ver tudo
| Ano | SPY (US ETF) — PF Brasil | CSPX (IE ACC) — PF Brasil | VUSA (IE DIST) — PF Brasil | SPY (US ETF) — Offshore opaca | CSPX (IE ACC) — Offshore opaca |
|---|---|---|---|---|---|
| 1 | R$ 659.207 $105,982 | R$ 660.640 $106,212 Δ: +0.22% | R$ 660.599 $106,206 Δ: +0.21% | R$ 665.540 $107,000 Δ: +0.96% | R$ 666.940 $107,225 Δ: +1.17% |
| 2 | R$ 747.684 $112,603 | R$ 751.426 $113,167 Δ: +0.50% | R$ 750.792 $113,071 Δ: +0.42% | R$ 759.933 $114,448 Δ: +1.64% | R$ 763.414 $114,972 Δ: +2.10% |
| 3 | R$ 846.346 $119,879 | R$ 853.501 $120,893 Δ: +0.85% | R$ 851.531 $120,614 Δ: +0.61% | R$ 863.938 $122,371 Δ: +2.08% | R$ 870.348 $123,279 Δ: +2.84% |
| 4 | R$ 956.190 $127,833 | R$ 968.129 $129,429 Δ: +1.25% | R$ 963.859 $128,858 Δ: +0.80% | R$ 978.372 $130,798 Δ: +2.32% | R$ 988.748 $132,186 Δ: +3.41% |
| 5 | R$ 1.078.302 $136,494 | R$ 1.096.705 $138,823 Δ: +1.71% | R$ 1.088.907 $137,836 Δ: +0.98% | R$ 1.104.116 $139,762 Δ: +2.39% | R$ 1.119.715 $141,736 Δ: +3.84% |
| 6 | R$ 1.213.867 $145,897 | R$ 1.240.774 $149,131 Δ: +2.22% | R$ 1.227.913 $147,586 Δ: +1.16% | R$ 1.242.118 $149,293 Δ: +2.33% | R$ 1.264.444 $151,976 Δ: +4.17% |
| 7 | R$ 1.364.172 $156,084 | R$ 1.402.039 $160,416 Δ: +2.78% | R$ 1.382.222 $158,149 Δ: +1.32% | R$ 1.393.400 $159,428 Δ: +2.14% | R$ 1.424.242 $162,957 Δ: +4.40% |
| 8 | R$ 1.530.621 $167,098 | R$ 1.582.383 $172,749 Δ: +3.38% | R$ 1.553.301 $169,574 Δ: +1.48% | R$ 1.559.060 $170,203 Δ: +1.86% | R$ 1.600.530 $174,730 Δ: +4.57% |
| 9 | R$ 1.714.740 $178,992 | R$ 1.783.884 $186,209 Δ: +4.03% | R$ 1.742.743 $181,915 Δ: +1.63% | R$ 1.740.281 $181,658 Δ: +1.49% | R$ 1.794.858 $187,355 Δ: +4.67% |
| 10 | R$ 1.918.191 $191,819 | R$ 2.008.836 $200,884 Δ: +4.73% | R$ 1.952.286 $195,229 Δ: +1.78% | R$ 1.938.334 $193,833 Δ: +1.05% | R$ 2.008.910 $200,891 Δ: +4.73% |
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| Ano | SPY (US ETF) — PF Brasil | CSPX (IE ACC) — PF Brasil | VUSA (IE DIST) — PF Brasil | SPY (US ETF) — Offshore opaca | CSPX (IE ACC) — Offshore opaca |
|---|---|---|---|---|---|
| 1 | (R$ 2.705) ($450) | R$ 0 $0 | (R$ 1.352) ($225) | (R$ 9.236) ($1,500) | (R$ 7.931) ($1,275) |
| 2 | (R$ 3.096) ($482) | R$ 0 $0 | (R$ 1.548) ($241) | (R$ 10.489) ($1,595) | (R$ 9.078) ($1,367) |
| 3 | (R$ 3.529) ($515) | R$ 0 $0 | (R$ 1.765) ($258) | (R$ 11.863) ($1,695) | (R$ 10.349) ($1,466) |
| 4 | (R$ 4.008) ($551) | R$ 0 $0 | (R$ 2.004) ($276) | (R$ 13.367) ($1,802) | (R$ 11.757) ($1,572) |
| 5 | (R$ 4.536) ($590) | R$ 0 $0 | (R$ 2.268) ($295) | (R$ 15.012) ($1,915) | (R$ 13.314) ($1,685) |
| 6 | (R$ 5.119) ($631) | R$ 0 $0 | (R$ 2.559) ($316) | (R$ 16.809) ($2,035) | (R$ 15.035) ($1,807) |
| 7 | (R$ 5.761) ($675) | R$ 0 $0 | (R$ 2.880) ($338) | (R$ 18.770) ($2,163) | (R$ 16.935) ($1,938) |
| 8 | (R$ 6.467) ($723) | R$ 0 $0 | (R$ 3.234) ($361) | (R$ 20.910) ($2,298) | (R$ 19.032) ($2,078) |
| 9 | (R$ 7.245) ($773) | R$ 0 $0 | (R$ 3.622) ($387) | (R$ 23.242) ($2,442) | (R$ 21.342) ($2,228) |
| 10 | (R$ 8.099) ($827) | R$ 0 $0 | (R$ 4.050) ($414) | (R$ 25.781) ($2,594) | (R$ 23.888) ($2,389) |
Deslize para ver tudo
| Ano | SPY (US ETF) — PF Brasil | CSPX (IE ACC) — PF Brasil | VUSA (IE DIST) — PF Brasil | SPY (US ETF) — Offshore opaca | CSPX (IE ACC) — Offshore opaca |
|---|---|---|---|---|---|
| 1 | 13.66% Total: 13.66% | 13.90% Total: 13.90% Δ a.a.: +0.25% Δ tot.: +0.25% | 13.90% Total: 13.90% Δ a.a.: +0.24% Δ tot.: +0.24% | 14.75% Total: 14.75% Δ a.a.: +1.09% Δ tot.: +1.09% | 14.99% Total: 14.99% Δ a.a.: +1.33% Δ tot.: +1.33% |
| 2 | 13.54% Total: 28.91% | 13.82% Total: 29.56% Δ a.a.: +0.28% Δ tot.: +0.65% | 13.77% Total: 29.45% Δ a.a.: +0.24% Δ tot.: +0.54% | 14.47% Total: 31.02% Δ a.a.: +0.93% Δ tot.: +2.11% | 14.73% Total: 31.62% Δ a.a.: +1.19% Δ tot.: +2.71% |
| 3 | 13.42% Total: 45.92% | 13.74% Total: 47.16% Δ a.a.: +0.32% Δ tot.: +1.23% | 13.66% Total: 46.82% Δ a.a.: +0.23% Δ tot.: +0.89% | 14.20% Total: 48.95% Δ a.a.: +0.78% Δ tot.: +3.03% | 14.49% Total: 50.06% Δ a.a.: +1.06% Δ tot.: +4.14% |
| 4 | 13.31% Total: 64.86% | 13.66% Total: 66.92% Δ a.a.: +0.35% Δ tot.: +2.06% | 13.54% Total: 66.18% Δ a.a.: +0.23% Δ tot.: +1.32% | 13.96% Total: 68.68% Δ a.a.: +0.65% Δ tot.: +3.82% | 14.27% Total: 70.47% Δ a.a.: +0.95% Δ tot.: +5.61% |
| 5 | 13.20% Total: 85.91% | 13.59% Total: 89.09% Δ a.a.: +0.38% Δ tot.: +3.17% | 13.43% Total: 87.74% Δ a.a.: +0.22% Δ tot.: +1.83% | 13.74% Total: 90.36% Δ a.a.: +0.54% Δ tot.: +4.45% | 14.06% Total: 93.05% Δ a.a.: +0.86% Δ tot.: +7.14% |
| 6 | 13.10% Total: 109.29% | 13.51% Total: 113.93% Δ a.a.: +0.41% Δ tot.: +4.64% | 13.32% Total: 111.71% Δ a.a.: +0.22% Δ tot.: +2.42% | 13.53% Total: 114.16% Δ a.a.: +0.43% Δ tot.: +4.87% | 13.87% Total: 118.01% Δ a.a.: +0.77% Δ tot.: +8.72% |
| 7 | 13.00% Total: 135.20% | 13.44% Total: 141.73% Δ a.a.: +0.44% Δ tot.: +6.53% | 13.21% Total: 138.31% Δ a.a.: +0.21% Δ tot.: +3.11% | 13.34% Total: 140.24% Δ a.a.: +0.34% Δ tot.: +5.04% | 13.69% Total: 145.56% Δ a.a.: +0.70% Δ tot.: +10.36% |
| 8 | 12.90% Total: 163.90% | 13.37% Total: 172.82% Δ a.a.: +0.47% Δ tot.: +8.92% | 13.10% Total: 167.81% Δ a.a.: +0.21% Δ tot.: +3.91% | 13.16% Total: 168.80% Δ a.a.: +0.26% Δ tot.: +4.90% | 13.53% Total: 175.95% Δ a.a.: +0.63% Δ tot.: +12.05% |
| 9 | 12.80% Total: 195.64% | 13.30% Total: 207.57% Δ a.a.: +0.50% Δ tot.: +11.92% | 13.00% Total: 200.47% Δ a.a.: +0.20% Δ tot.: +4.83% | 12.99% Total: 200.05% Δ a.a.: +0.19% Δ tot.: +4.40% | 13.37% Total: 209.46% Δ a.a.: +0.57% Δ tot.: +13.81% |
| 10 | 12.71% Total: 230.72% | 13.23% Total: 246.35% Δ a.a.: +0.52% Δ tot.: +15.63% | 12.90% Total: 236.60% Δ a.a.: +0.20% Δ tot.: +5.88% | 12.82% Total: 234.20% Δ a.a.: +0.12% Δ tot.: +3.47% | 13.23% Total: 246.36% Δ a.a.: +0.52% Δ tot.: +15.64% |