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How the four compare

Each portfolio against the CDI over exactly the same months, to the end of August 2026. They began on different dates, so compare each with its own CDI, not with each other.

Returns to the end of August 2026, in reais, before personal tax · record before the investment policy of 1 October 2026 · ° estimated month: a large deposit arrived on a day with no valuation · past performance is no guarantee of future results. How we measure →

Since each began

Each portfolio against its own CDI since it beganΔ Delta 6.28 against 51.64; Θ Theta 27.07 against 31.64; Γ Gamma 3.33 against 8.07; ρ Rho 3.47 against 3.470%+10%+20%+30%+40%+50%Δ Delta31 Mar 2023 · 3.4 years−45.36 ptsΘ Theta30 Jun 2024 · 2.2 years−4.57 ptsΓ Gamma31 Jan 2026 · 7 months−4.74 ptsρ Rho31 May 2026 · 3 months0.00 pts
Filled dot: the portfolio. Hollow dot: the CDI over the same months. Gap in percentage points.
Each portfolio against its own CDI since it beganΔ Delta 6.28 against 51.64; Θ Theta 27.07 against 31.64; Γ Gamma 3.33 against 8.07; ρ Rho 3.47 against 3.470%+10%+20%+30%+40%+50%Δ Delta31 Mar 2023 · 3.4 years−45.36 ptsΘ Theta30 Jun 2024 · 2.2 years−4.57 ptsΓ Gamma31 Jan 2026 · 7 months−4.74 ptsρ Rho31 May 2026 · 3 months0.00 pts
Filled dot: the portfolio. Hollow dot: the CDI over the same months.

Return and the CDI, side by side

PortfolioSince start2026 to AugustLast 12 monthsWorst fall
Δ DeltaPersonal · diversified+6.28%CDI +51.64%−5.66%CDI +9.27%−7.47%CDI +14.57%−11.50%Aug 2025 → Jun 2026°
Θ ThetaPersonal · fixed income+27.07%CDI +31.64%+8.86%CDI +9.27%+13.18%CDI +14.57%−4.91%Feb 2026 → Mar 2026°
Γ GammaCompany · diversified+3.33%CDI +8.07%= since start— under 12 months−1.62%Apr 2026 → Jun 2026
ρ RhoCompany · fixed income+3.47%CDI +3.47%= since start— under 12 monthsNone yetnever below a previous high
Δ Delta
Since start+6.28%CDI +51.64%
12 months−7.47%CDI +14.57%
2026 to date−5.66%CDI +9.27%
Worst fall−11.50%
Θ Theta
Since start+27.07%CDI +31.64%
12 months+13.18%CDI +14.57%
2026 to date+8.86%CDI +9.27%
Worst fall−4.91%
Γ Gamma
Since start+3.33%CDI +8.07%
12 months—under 12 months
2026 to date+3.33%CDI +8.07%
Worst fall−1.62%
ρ Rho
Since start+3.47%CDI +3.47%
12 months—under 12 months
2026 to date+3.47%CDI +3.47%
Worst fallNone yet

Under 12 months of record is too short to judge.

Year by year against the CDI

Portfolio2023202420252026 (to Aug)
Δ Delta+8.08%(Apr–Dec) CDI +9.48%−1.68%CDI +10.88%+6.02%CDI +14.32%−5.66%CDI +9.27%
Θ Theta+4.11%(Jul–Dec) CDI +5.38%+12.12%CDI +14.32%+8.86%CDI +9.27%
Γ Gamma+3.33%(Feb–Aug) CDI +8.07%
ρ Rho+3.47%(Jun–Aug) CDI +3.47%

The last 12 months

Sep 25OctNovDecJan 26FebMarAprMayJunJulAug
Δ Delta−1.49°−1.41°+0.41°+0.57°+1.25−6.68°+1.43−0.70−2.32−2.94°+3.62+0.91
Θ Theta+1.02+1.04°+0.82+1.03°+1.04+0.67−4.91°+1.42+1.16+7.97°+0.55°+1.05°
Γ Gamma+1.10+1.33+1.20−0.07−1.55+2.03−0.70
ρ Rho+1.12+1.20+1.12°

% per month. ° Estimated: a large deposit or withdrawal arrived on a day with no valuation, so the month counts it from the day it arrived.

How big each one is

Δ Delta 48.50%Θ Theta 29.44%Γ Gamma 4.26%ρ Rho 17.80%

Each portfolio's share of the four together at the latest valuation, 21 September 2026: their sizes relative to each other, not a return.