Eficiência de carteiras compostas por ações de empresas pagadora de dividendos: uma comparação com o benchmark de dividendos no Brasil

This study investigates the efficiency of portfolios composed of shares of dividend-paying companies in Brazil, comparing their performance with the Dividend Index (IDIV), with the CDI and IBOV. Portfolios were created using naive and optimized strategies, with the aim of evaluating whether these approaches can outperform the benchmark in terms of risk-adjusted return. The methodology involved the selection of assets based on dividend history and the application of optimization models, such as minimum risk and maximum Sharpe ratio. The results indicate that optimized portfolios, especially those with Sharpe ratio maximization, outperformed IDIV in some metrics, while the naive portfolio, despite its simplicity, demonstrated competitiveness. It was also observed that the correlation between the portfolios and the IBOV varied depending on the strategy adopted, showing different risk profiles. It is concluded that investing in dividend stocks, when structured with appropriate strategies, can provide attractive returns and lower volatility for investors seeking passive income. Future studies can expand the analysis to different periods and consider macroeconomic factors that influence the performance of dividend-paying companies.