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.
Publicada em
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.