KoreHow much of my CEDEAR gain came from the stock and how much from the CCL exchange rate?
You bought CEDEARs in pesos and today they are worth a good deal more pesos. That gain has two engines: the stock's price in dollars and the CCL exchange rate. To see how much each one contributed, you need four numbers (the CEDEAR's price in pesos and the CCL, on the day you bought and today) and a few multiplications.
What a CEDEAR is, and what the CCL is
A CEDEAR is a certificate that trades in Buenos Aires (on BYMA, the local exchange), in Argentine pesos (ARS), and represents shares or ETFs from other countries. Each one has a conversion ratio: with a 10:1 ratio, ten CEDEARs equal one share of the underlying stock.
The CCL (contado con liquidación) is the exchange rate you get when you buy an asset in pesos in Argentina and sell it for dollars abroad. It is the dollar rate built into CEDEAR prices.
CEDEAR price in pesos ≈ stock price in dollars × CCL ÷ ratio
The equality is approximate, because each CEDEAR has its own supply and demand. It is close enough to show what matters: the price in pesos goes up when the stock rises, when the CCL rises, or when both rise at once.
An example with round numbers
Example prices, no fees. You buy 100 CEDEARs of a company whose ratio is 10:1.
| Figure | When you bought | Today |
|---|---|---|
| CEDEAR price (pesos) | 15,000 | 21,450 |
| CCL (pesos per dollar) | 1,000 | 1,300 |
| CEDEAR price in dollars (pesos ÷ CCL) | 15 | 16.50 |
| Stock price in dollars (× ratio) | 150 | 165 |
You paid 1,500,000 pesos. Today your position is worth 2,145,000 pesos: +645,000 pesos, 43% more. Over the same period the stock rose 10% in dollars and the CCL rose 30%.
How the gain splits
| Part | Calculation | Pesos | On what you invested |
|---|---|---|---|
| The stock | 100 × (16.50 − 15) × 1,000 | +150,000 | +10% |
| The CCL | 100 × 15 × (1,300 − 1,000) | +450,000 | +30% |
| Both together | 100 × (16.50 − 15) × (1,300 − 1,000) | +45,000 | +3% |
| Total | +645,000 | +43% |
- The stock: what each CEDEAR gained in dollars (1.50), multiplied by the CCL on the day you bought.
- The CCL: what each CEDEAR was worth in dollars when you bought it (15), multiplied by how much the CCL rose.
- Both together: the 1.50 dollars the stock gained are also worth more pesos, because each dollar now costs more pesos. That is why 10% and 30% make 43% and not 40%: 1.10 × 1.30 = 1.43.
If you prefer two parts, fold the joint term into one of the others. Either the stock at today's CCL (195,000) plus the CCL (450,000), or the stock (150,000) plus the CCL calculated with today's price (495,000). Both come to 645,000; just use the same one every time.
In dollars
In dollars the math is shorter. You paid US$1,500 (1,500,000 ÷ 1,000) and today you hold US$1,650 (2,145,000 ÷ 1,300): +US$150, a 10% gain. That is exactly what the stock gained.
The CCL drops out because when it rises, it raises the CEDEAR's price in pesos and also the price of each dollar. The 450,000 pesos that came from the CCL are a gain in pesos; in dollars, all they did was keep the value of what you already had. Both figures are correct: one tells you how much your money grew in pesos, the other in dollars.
How to set it up in a spreadsheet
Put the inputs in column B:
| Cell | Input | Value |
|---|---|---|
| B1 | Number of CEDEARs | 100 |
| B2 | CEDEAR price when you bought (pesos) | 15000 |
| B3 | CCL when you bought | 1000 |
| B4 | CEDEAR price today (pesos) | 21450 |
| B5 | CCL today | 1300 |
And these formulas below them:
| Cell | What it calculates | Formula | Result |
|---|---|---|---|
| B7 | Dollars per CEDEAR when you bought | =B2/B3 | 15 |
| B8 | Dollars per CEDEAR today | =B4/B5 | 16.5 |
| B9 | Total gain in pesos | =B1*(B4-B2) | 645,000 |
| B10 | Stock part | =B1*(B8-B7)*B3 | 150,000 |
| B11 | CCL part | =B1*B7*(B5-B3) | 450,000 |
| B12 | Both together | =B1*(B8-B7)*(B5-B3) | 45,000 |
| B13 | Gain in dollars | =B1*(B8-B7) | 150 |
| B14 | Check: must be 0 | =B10+B11+B12-B9 | 0 |
With no functions in them, these formulas work as typed in Excel or Google Sheets in any language; only the decimal mark in the result may change (16.5 or 16,5).
If the CCL fell or the stock dropped, the formulas are the same and the part that fell comes out negative.
What Kore. does with your CEDEARs
- When you enter a CEDEAR purchase by hand, you type the number of CEDEARs ("Nominales") and the total you paid in pesos ("Total ARS Paid"). Kore. fills in the ratio (if the CEDEAR is in its BYMA table) and calculates the CCL your purchase implied ("Implied CCL"), using the stock's dollar price on that day.
- It stores the cost in dollars (the pesos divided by that CCL) and values the position at the stock's dollar price divided by the ratio. So the "Unrealized P&L" card shows the stock's part, in dollars: with the example above, +US$150 (+10%).
- If you tap the "Unrealized P&L" card of a CEDEAR bought in pesos, it opens "PnL in pesos": the total gain in pesos and how it splits into "Stock" (what the stock did, at the CCL you paid), "Dollar (CCL)" (what the CCL did on what you put in) and "Both together" (the part that needs both to have moved). The three add up to the total. With the example above: +150,000, +450,000 and +45,000 pesos, +645,000 in total.
- On a computer, the asset's trade table ("Trade_Ledger") lists each purchase with its price in pesos per CEDEAR, its CCL and what it cost in dollars.
- Your whole portfolio is compared in a single currency (dollars).
The sample portfolio includes CEDEARs bought in pesos. Try it in the demo, no account needed.
Frequently asked questions
What if I bought on several dates?
Use an average purchase CCL, weighted by what you invested each time. Divide the pesos of each purchase by its CCL to see how many dollars it represented, then divide the total pesos by the total dollars. For example, 600,000 pesos at a CCL of 1,000 (US$600) and 900,000 pesos at a CCL of 1,250 (US$720) give 1,500,000 ÷ 1,320 = 1,136.36 (rounded), not the 1,125 of a simple average. If you put the pesos in B2:B3 and each purchase's dollars in D2:D3, the formula is =SUM(B2:B3)/SUM(D2:D3). For the purchase price, use the total pesos divided by the total number of CEDEARs.
Why doesn't my CEDEAR trade at exactly stock × CCL ÷ ratio?
Because it trades in Buenos Aires, with its own supply and demand. If you use the published CCL, that gap ends up inside the stock's part. If you use your CEDEAR's implied CCL (price in pesos × ratio ÷ stock price in dollars; in the example, 15,000 × 10 ÷ 150 = 1,000), the stock's part reflects only what the stock did, and the gap moves into the CCL's part.
Is the CCL part a real gain?
In pesos, yes: you have more pesos than before. In dollars it adds nothing, because it only offsets the fact that each dollar costs more pesos. If you measure your results in dollars, the figure that answers the question is the gain in dollars.
Can I make money in dollars and lose it in pesos?
Yes, if the CCL falls by more than the stock rises. With the stock up 5% in dollars and the CCL down 10%, the price in pesos ends at 1.05 × 0.90 = 0.945 of what you paid: 5.5% less in pesos, even though you gained 5% in dollars.