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The IDIV (Dividend Index) is nothing more than an index that represents the companies on the stock exchange that paid the most dividends (in this case, dividends and interest on equity) to their shareholders. What is IBOV IBOV is an index that represents the performance of the most traded and liquid shares in our market. IDIV vs. IBOV Basically, they are different indices with different compositions and different objectives. In general terms, despite the different criteria between them, both have a considerable concentration between the same securities, such as Vale, Petrobras and banks (companies with low multiples and high profitability). In the illustrations below, we can see the composition of each of them (the allocation is in descending order). IDIV composition. IDIV composition. Source: Bloomberg 09/19/23 IBOV composition. IBOV composition. Source: Bloomberg 09/19/23 But what is more worth it? Invest in IBOV or IDIV? How much do you need to retire on R$15,000.00 per month? Receive the FREE report in your email. Your email ACCESS NOW Analyzing the performance of IDIV and IBOV To get to this point, we will analyze performance considering different periods.
Financial Freedom Worksheet Checking the attribution of performance by sector, considering the last 10 years, the relatively superior performance of IDIV in relation to IBOV is explained, mainly, by the greater composition in the Utilities sector (which performed better), as well as cell phone number list by the smaller allocation in the sector of consumption (retail), which had a worse performance. Performance attribution by sector, 10-year window. Performance attribution by sector, 10-year window. Source: Bloomberg 09/19/23 Now, going into the attribution of performance by sector considering the last 5 years, the superior performance of IDIV in relation to IBOV is explained, in large part, also by the greater allocation in the Utilities sector, by a difference in composition in the financial sector, as well as within a period of 10 years, due to a smaller allocation to consumption. Performance attribution by sector, 5-year window.
Performance attribution by sector, 5-year window. As a very important consideration, note that, in more adverse market times, it is expected that more consolidated sectors with more stable and predictable cash flow (such as companies belonging to the Utilities segment, which involve electrical, sanitation...) end up suffering less and, as we have seen, there is a greater participation of Utilities in IDIV. As expected behavior, the opposite reasoning in relation to what we wrote is also valid. Is it worth investing in IDIV instead of IBOV? Thinking about greater protection and defense, prefer exposure to IDIV over IBOV. It shows long-term gains in relation to IBOV and presents a more resilient characteristic in its composition, as well as less volatile over time, especially considering more turbulent market moments. Furthermore, on the other hand, I understand that the index also presents good companies, with high ROE, low multiples and that also end up appreciating when the market rises.
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发表于 2023-10-12 15:12:43