BRAZIL, THROUGH A DOLLAR LENS
Ten years.
Two currencies.
A different story.
A great return in reais can tell a different story in dollars. Follow ten of Brazil’s largest listed companies through a decade of markets and a changing currency.
See what US$100 became01 / THE LONG VIEW
Same companies. A new perspective.
Growth of US$100 · distributions reinvested in BRL
Weekly observations. All lines start at 100 in the selected currency. Logarithmic scale gives equal space to equal percentage changes.
02 / THE TEN-YEAR RESULT
What your money became.
| # | Company | In BRL | In USD | US$100 became |
|---|
Same holdings, different unit of account. The currency conversion multiplies the portfolio’s value; it does not subtract a fixed number of percentage points from its return.
03 / BEHIND THE NUMBERS
A fair comparison
starts with the details.
Historical data, a common starting point, and the exchange rate on each observation date.
Get the complete chart datasetWhat does “top ten” mean?
The ten largest B3-listed companies in the Stock Analysis / S&P Global ranking retrieved on 26 October 2026, with one share class per company. These are today’s large companies, selected with hindsight; this is not a portfolio chosen in 2016. Foreign-listed Brazilian businesses are outside this selection.
How is the dollar return calculated?
Start with US$100, convert to BRL, buy a stock, and reinvest distributions in that stock in BRL. Translate its value back to dollars at each date using Banco Central do Brasil’s PTAX selling reference rate.
USD growth = BRL growth × starting USD/BRL ÷ current USD/BRL
PTAX is a reference rate, not a retail conversion quote. Stock and FX reference times differ. If a daily exchange rate is absent, the most recent earlier rate is used. No forward-looking rates are used.
Are dividends, fees and inflation included?
Yahoo Finance adjusted closes account for splits and cash distributions, approximating reinvestment in BRL. Returns are nominal and exclude personal taxes, trading fees, conversion taxes and FX spreads. This is an adjusted-price estimate, not an exact investor account balance. The BRL cash line earns no interest and isolates the exchange-rate effect.
Why BPAC3 and AXIA3?
BTG Pactual’s BPAC3 common shares cover the full decade. Their liquidity and returns differ from the more widely traded BPAC11 units used in the company ranking. AXIA3 includes ELET3 history, before the company’s ticker change. Itaúsa’s holdings overlap with Itaú Unibanco.
Where does the data come from?
Prices: Yahoo Finance, with split and distribution adjustments. FX: Banco Central do Brasil / PTAX. Company selection: Stock Analysis / S&P Global. Ticker continuity: B3’s AXIA announcement.
Snapshot: 26 October 2026. Last available session in each ISO week, plus the first and latest daily observations. The latest week is incomplete. The site makes no live market-data requests.