Conversa
Tesouro IPCA+ Principal está acima ou abaixo da média histórica?
Comparação das taxas atuais dos títulos Tesouro IPCA+ Principal disponíveis para compra com a média histórica de cada vencimento, destacando diferenças entre taxa real e preço/PU.
Aviso legal
O texto que se segue reproduz uma conversa com inteligência artificial , eventualmente editada para leitura. Pode conter erros, imprecisões ou informação desatualizada. Não dispensa confirmação junto de fontes oficiais do Tesouro. Para decisões que afetem o seu patrimônio ou obrigações legais, procure profissionais devidamente habilitados e registrados nas áreas pertinentes (investimentos, contabilidade, direito tributário ou outras, consoante o caso).
Não constitui recomendação de investimento nem consultoria financeira, fiscal ou jurídica. Os editores deste site não assumem responsabilidade por decisões ou prejuízos com base neste conteúdo. Utilização por sua conta e risco.
Os títulos públicos do tipo IPCA+ Principal estão sendo negociados hoje acima ou abaixo da média histórica?
Vou checar as taxas atuais dos Tesouros IPCA+ Principal e comparar com uma referência histórica adequada. Para não misturar vencimentos diferentes, vou tratar cada título separadamente.
▸ catalog_list
input
{}output
{
"items": [
{
"type": "renda-mais",
"label": "Tesouro Renda+",
"products": [
{
"year": 2030,
"maturityDate": "2049-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2030-01-15",
"installments": 240
},
{
"year": 2035,
"maturityDate": "2054-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2035-01-15",
"installments": 240
},
{
"year": 2040,
"maturityDate": "2059-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2040-01-15",
"installments": 240
},
{
"year": 2045,
"maturityDate": "2064-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2045-01-15",
"installments": 240
},
{
"year": 2050,
"maturityDate": "2069-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2050-01-15",
"installments": 240
},
{
"year": 2055,
"maturityDate": "2074-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2055-01-15",
"installments": 240
},
{
"year": 2060,
"maturityDate": "2079-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2060-01-15",
"installments": 240
},
{
"year": 2065,
"maturityDate": "2084-12-15",
"launchDate": "2023-01-30",
"availableFor": ["buy", "sell"],
"conversionDate": "2065-01-15",
"installments": 240
}
]
},
{
"type": "educa-mais",
"label": "Tesouro Educa+",
"products": [
{
"year": 2026,
"maturityDate": "2030-12-15",
"launchDate": "2023-08-01",
"availableFor": ["sell"],
"conversionDate": "2026-01-15",
"installments": 60
},
{
"year": 2027,
"maturityDate": "2031-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2027-01-15",
"installments": 60
},
{
"year": 2028,
"maturityDate": "2032-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2028-01-15",
"installments": 60
},
{
"year": 2029,
"maturityDate": "2033-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2029-01-15",
"installments": 60
},
{
"year": 2030,
"maturityDate": "2034-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2030-01-15",
"installments": 60
},
{
"year": 2031,
"maturityDate": "2035-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2031-01-15",
"installments": 60
},
{
"year": 2032,
"maturityDate": "2036-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2032-01-15",
"installments": 60
},
{
"year": 2033,
"maturityDate": "2037-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2033-01-15",
"installments": 60
},
{
"year": 2034,
"maturityDate": "2038-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2034-01-15",
"installments": 60
},
{
"year": 2035,
"maturityDate": "2039-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2035-01-15",
"installments": 60
},
{
"year": 2036,
"maturityDate": "2040-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2036-01-15",
"installments": 60
},
{
"year": 2037,
"maturityDate": "2041-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2037-01-15",
"installments": 60
},
{
"year": 2038,
"maturityDate": "2042-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2038-01-15",
"installments": 60
},
{
"year": 2039,
"maturityDate": "2043-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2039-01-15",
"installments": 60
},
{
"year": 2040,
"maturityDate": "2044-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2040-01-15",
"installments": 60
},
{
"year": 2041,
"maturityDate": "2045-12-15",
"launchDate": "2023-08-01",
"availableFor": ["buy", "sell"],
"conversionDate": "2041-01-15",
"installments": 60
},
{
"year": 2042,
"maturityDate": "2046-12-15",
"launchDate": "2024-02-05",
"availableFor": ["buy", "sell"],
"conversionDate": "2042-01-15",
"installments": 60
},
{
"year": 2043,
"maturityDate": "2047-12-15",
"launchDate": "2025-02-03",
"availableFor": ["buy", "sell"],
"conversionDate": "2043-01-15",
"installments": 60
},
{
"year": 2044,
"maturityDate": "2048-12-15",
"launchDate": "2026-02-02",
"availableFor": ["buy", "sell"],
"conversionDate": "2044-01-15",
"installments": 60
}
]
},
{
"type": "ipca-mais",
"label": "Tesouro IPCA+",
"products": [
{
"year": 2026,
"maturityDate": "2026-08-15",
"launchDate": "2020-02-10",
"availableFor": ["sell"]
},
{
"year": 2029,
"maturityDate": "2029-05-15",
"launchDate": "2023-01-09",
"availableFor": ["sell"]
},
{
"year": 2032,
"maturityDate": "2032-08-15",
"launchDate": "2026-02-02",
"availableFor": ["buy", "sell"]
},
{
"year": 2035,
"maturityDate": "2035-05-15",
"launchDate": "2010-03-08",
"availableFor": ["sell"]
},
{
"year": 2040,
"maturityDate": "2040-08-15",
"launchDate": "2025-02-03",
"availableFor": ["buy", "sell"]
},
{
"year": 2045,
"maturityDate": "2045-05-15",
"launchDate": "2017-02-08",
"availableFor": ["sell"]
},
{
"year": 2050,
"maturityDate": "2050-08-15",
"launchDate": "2025-02-03",
"availableFor": ["buy", "sell"]
}
]
},
{
"type": "prefixado",
"label": "Tesouro Prefixado",
"products": [
{
"year": 2027,
"maturityDate": "2027-01-01",
"launchDate": "2024-02-05",
"availableFor": ["sell"]
},
{
"year": 2028,
"maturityDate": "2028-01-01",
"launchDate": "2025-02-03",
"availableFor": ["sell"]
},
{
"year": 2029,
"maturityDate": "2029-01-01",
"launchDate": "2022-02-21",
"availableFor": ["buy", "sell"]
},
{
"year": 2031,
"maturityDate": "2031-01-01",
"launchDate": "2024-02-05",
"availableFor": ["sell"]
},
{
"year": 2032,
"maturityDate": "2032-01-01",
"launchDate": "2025-02-03",
"availableFor": ["buy", "sell"]
}
]
},
{
"type": "prefixado-com-juros-semestrais",
"label": "Tesouro Prefixado com Juros Semestrais",
"products": [
{
"year": 2027,
"maturityDate": "2027-01-01",
"launchDate": "2016-01-26",
"availableFor": ["sell"]
},
{
"year": 2029,
"maturityDate": "2029-01-01",
"launchDate": "2018-02-07",
"availableFor": ["sell"]
},
{
"year": 2031,
"maturityDate": "2031-01-01",
"launchDate": "2020-02-10",
"availableFor": ["sell"]
},
{
"year": 2033,
"maturityDate": "2033-01-01",
"launchDate": "2022-02-21",
"availableFor": ["sell"]
},
{
"year": 2035,
"maturityDate": "2035-01-01",
"launchDate": "2024-02-07",
"availableFor": ["sell"]
},
{
"year": 2037,
"maturityDate": "2037-01-01",
"launchDate": "2026-02-02",
"availableFor": ["buy", "sell"]
}
]
},
{
"type": "ipca-mais-com-juros-semestrais",
"label": "Tesouro IPCA+ com Juros Semestrais",
"products": [
{
"year": 2026,
"maturityDate": "2026-08-15",
"launchDate": "2016-01-26",
"availableFor": ["sell"]
},
{
"year": 2030,
"maturityDate": "2030-08-15",
"launchDate": "2020-02-10",
"availableFor": ["sell"]
},
{
"year": 2032,
"maturityDate": "2032-08-15",
"launchDate": "2022-02-21",
"availableFor": ["sell"]
},
{
"year": 2035,
"maturityDate": "2035-05-15",
"launchDate": "2006-04-12",
"availableFor": ["sell"]
},
{
"year": 2037,
"maturityDate": "2037-05-15",
"launchDate": "2026-02-02",
"availableFor": ["buy", "sell"]
},
{
"year": 2040,
"maturityDate": "2040-08-15",
"launchDate": "2020-02-10",
"availableFor": ["sell"]
},
{
"year": 2045,
"maturityDate": "2045-05-15",
"launchDate": "2004-12-31",
"availableFor": ["buy", "sell"]
},
{
"year": 2050,
"maturityDate": "2050-08-15",
"launchDate": "2012-06-01",
"availableFor": ["sell"]
},
{
"year": 2055,
"maturityDate": "2055-05-15",
"launchDate": "2020-02-10",
"availableFor": ["sell"]
},
{
"year": 2060,
"maturityDate": "2060-08-15",
"launchDate": "2025-02-03",
"availableFor": ["buy", "sell"]
}
]
}
]
}Encontrei os IPCA+ sem cupom atualmente no catálogo. Vou usar a taxa de compra do investidor quando o título está disponível para compra; para os indisponíveis, a comparação fica menos útil para “comprar hoje”.
Pelo catálogo, “IPCA+ Principal” corresponde ao Tesouro IPCA+ sem juros semestrais. Hoje há três vencimentos disponíveis para compra: 2032, 2040 e 2050; vou comparar a taxa de compra atual com a média histórica de cada papel desde seu lançamento.
▸ live_quotes_lookup
input
{
"queries": [
{
"productId": "ipca-mais",
"maturityYear": 2032
},
{
"productId": "ipca-mais",
"maturityYear": 2040
},
{
"productId": "ipca-mais",
"maturityYear": 2050
}
]
}output
{
"results": [
{
"input": {
"productId": "ipca-mais",
"maturityYear": 2032
},
"found": true,
"maturityDate": "2032-08-15",
"fetchedAt": "2026-05-04T15:31:03.197Z",
"investorBuy": {
"rate": "0.0766",
"price": "2959.45"
},
"investorSell": {
"rate": "0.0778",
"price": "2937.40"
}
},
{
"input": {
"productId": "ipca-mais",
"maturityYear": 2040
},
"found": true,
"maturityDate": "2040-08-15",
"fetchedAt": "2026-05-04T15:31:03.950Z",
"investorBuy": {
"rate": "0.0712",
"price": "1766.85"
},
"investorSell": {
"rate": "0.0724",
"price": "1738.10"
}
},
{
"input": {
"productId": "ipca-mais",
"maturityYear": 2050
},
"found": true,
"maturityDate": "2050-08-15",
"fetchedAt": "2026-05-04T15:31:04.727Z",
"investorBuy": {
"rate": "0.0694",
"price": "929.51"
},
"investorSell": {
"rate": "0.0706",
"price": "904.24"
}
}
]
}▸ price_history_series
input
{
"productId": "ipca-mais",
"maturityDate": "2032-08-15",
"from": "2026-02-02",
"to": "2026-05-04",
"aggregate": "stats"
}output
{
"productId": "ipca-mais",
"maturityDate": "2032-08-15",
"points": null,
"stats": {
"firstDate": "2026-02-02",
"lastDate": "2026-04-30",
"investorBuy": {
"rate": {
"min": "0.0739",
"max": "0.0792",
"avg": "0.076287",
"count": 60
},
"price": {
"min": "2845.02",
"max": "2980.18",
"avg": "2902.99",
"count": 60
}
},
"investorSell": {
"rate": {
"min": "0.0751",
"max": "0.0804",
"avg": "0.077487",
"count": 60
},
"price": {
"min": "2823.35",
"max": "2957.85",
"avg": "2880.79",
"count": 60
}
}
}
}▸ price_history_series
input
{
"productId": "ipca-mais",
"maturityDate": "2040-08-15",
"from": "2025-02-03",
"to": "2026-05-04",
"aggregate": "stats"
}output
{
"productId": "ipca-mais",
"maturityDate": "2040-08-15",
"points": null,
"stats": {
"firstDate": "2025-02-03",
"lastDate": "2026-04-30",
"investorBuy": {
"rate": {
"min": "0.068",
"max": "0.0756",
"avg": "0.071765",
"count": 309
},
"price": {
"min": "1449.35",
"max": "1787.31",
"avg": "1628.53",
"count": 309
}
},
"investorSell": {
"rate": {
"min": "0.0692",
"max": "0.0768",
"avg": "0.072965",
"count": 309
},
"price": {
"min": "1421.05",
"max": "1757.33",
"avg": "1600.98",
"count": 309
}
}
}
}▸ price_history_series
input
{
"productId": "ipca-mais",
"maturityDate": "2050-08-15",
"from": "2025-02-03",
"to": "2026-05-04",
"aggregate": "stats"
}output
{
"productId": "ipca-mais",
"maturityDate": "2050-08-15",
"points": null,
"stats": {
"firstDate": "2025-02-03",
"lastDate": "2026-04-30",
"investorBuy": {
"rate": {
"min": "0.0669",
"max": "0.0752",
"avg": "0.07008",
"count": 309
},
"price": {
"min": "700.25",
"max": "956.44",
"avg": "851.58",
"count": 309
}
},
"investorSell": {
"rate": {
"min": "0.0681",
"max": "0.0764",
"avg": "0.07128",
"count": 309
},
"price": {
"min": "680.49",
"max": "930.30",
"avg": "827.90",
"count": 309
}
}
}
}Considerando taxa real de compra do investidor — o jeito mais útil de comparar Tesouro IPCA+ — o quadro de hoje é:
| Título IPCA+ Principal | Taxa hoje | Média histórica do próprio papel | Hoje vs média |
|---|---|---|---|
| IPCA+ 2032 | IPCA + 7,66% | IPCA + 7,63% | ligeiramente acima |
| IPCA+ 2040 | IPCA + 7,12% | IPCA + 7,18% | abaixo |
| IPCA+ 2050 | IPCA + 6,94% | IPCA + 7,01% | abaixo |
Resposta direta: os IPCA+ Principal disponíveis para compra hoje estão majoritariamente abaixo da média histórica de taxa. Só o IPCA+ 2032 está um pouco acima, mas por margem pequena.
Um cuidado importante: esses vencimentos 2032, 2040 e 2050 são relativamente novos no catálogo atual. As médias acima são desde o lançamento de cada papel atual, não uma “média histórica longa” de todo o Tesouro IPCA+ brasileiro. Em termos de preço/PU, a leitura inverte: os três estão com preço atual acima da média histórica do respectivo papel, porque taxa menor geralmente implica preço maior.