CEDEAR Dividend Yield Calculator (USD to ARS, 2026)
CEDEARs let Argentine investors hold foreign stocks in pesos, but their effective dividend yield is more complex than just 'annual dividend divided by price.' The USD dividend must first be divided by the conversion ratio (to find the dividend per CEDEAR unit), then multiplied by the peso/dollar exchange rate you actually receive. This calculator handles all three steps so you get an honest ARS-based yield — and you can run it with the official, MEP, or CCL rate to compare scenarios.
CEDEAR dividend yield = (Annual USD dividend ÷ Conversion ratio × ARS/USD rate) ÷ CEDEAR price in ARS × 100. Example: KO pays USD 1.94/share, ratio 8, MEP rate ARS 1,200, CEDEAR price ARS 7,200 → yield 4.04%. At CCL rate of 1,250 the same CEDEAR yields 4.21%.
When to use this calculator
- Comparing the dividend yield of AAPL, MSFT, KO, or JNJ CEDEARs at current market prices before buying
- Deciding which ARS/USD rate (MEP vs CCL) to use when projecting actual cash you will receive at your broker
- Screening high-yield CEDEARs (e.g. T, VZ, MO) to build a dividend-income portfolio in Argentina
- Verifying that a broker's quoted yield figure matches the underlying fundamentals before investing
Worked Example: Coca-Cola (KO) CEDEAR at MEP Rate
- KO CEDEAR price: ARS 7,200 per unit
- Conversion ratio: 8 (8 KO CEDEARs = 1 KO share)
- Annual dividend: USD 1.94 per KO share (2025 declared)
- Exchange rate: ARS 1,200 per USD (MEP reference)
- Dividend per CEDEAR = 1.94 ÷ 8 × 1,200 = ARS 291
- Dividend yield = 291 ÷ 7,200 × 100 = 4.04%
- Annual income with 100 CEDEARs = ARS 29,100
How it works
2 min readCEDEAR Dividend Yield Formula
A CEDEAR (Certificado de Depósito Argentino) is a peso-denominated depositary receipt representing a fraction of a foreign share listed on BYMA. When the underlying company pays a USD dividend, the equivalent is credited to CEDEAR holders in ARS.
Dividend per CEDEAR (ARS) = (Annual USD dividend per share ÷ Conversion ratio) × ARS/USD rate
Dividend Yield = Dividend per CEDEAR (ARS) ÷ CEDEAR price (ARS) × 100Worked example (KO CEDEAR)
| Variable | Value |
|---|---|
| Annual USD dividend (per share) | USD 1.94 |
| Conversion ratio | 8 |
| ARS/USD rate (MEP) | ARS 1,200 |
| CEDEAR price | ARS 7,200 |
| Dividend per CEDEAR | ARS 291 |
| Dividend yield | 4.04% |
How Exchange Rate Choice Affects Yield
The same CEDEAR can look very different depending on the rate used:
| Rate scenario | ARS/USD | Dividend per CEDEAR | Yield |
|---|---|---|---|
| Official (Banco Nación) | ~900 | ARS 218 | 3.03% |
| MEP (dollar bolsa) | ~1,200 | ARS 291 | 4.04% |
| CCL (blue-chip swap) | ~1,250 | ARS 303 | 4.21% |
Most Argentine online brokers (IOL, Balanz, PPI, Cocos) credit CEDEAR dividends at the MEP rate — confirm with your broker before projecting income.
Common CEDEAR Conversion Ratios (2026)
Official ratios are published by CNV and BYMA. These are illustrative — always verify at BYMA before calculating:
| Stock | Ticker | Conversion Ratio |
|---|---|---|
| Apple | AAPL | 10 |
| Microsoft | MSFT | 10 |
| Alphabet | GOOGL | 30 |
| Amazon | AMZN | 10 |
| Coca-Cola | KO | 8 |
| AT&T | T | 3 |
| Chevron | CVX | 6 |
| Verizon | VZ | 3 |
Typical CEDEAR Dividend Yields by Sector (Reference)
| Sector | Representative CEDEARs | Typical USD Yield |
|---|---|---|
| Telecom | T, VZ | 5–7% |
| Tobacco | MO | 7–9% |
| Energy | CVX, XOM | 3–5% |
| Consumer staples | KO, PG | 2–4% |
| Tech (growth) | AAPL, MSFT | 0.5–1% |
| No dividend | AMZN, GOOGL | 0% |
Tax Note
Argentine individuals pay a 15% dividend tax on dividends received from CEDEAR holdings (Ley 27.430). US-source stocks may also carry 30% US withholding (often reduced to 15% under the US-Argentina tax treaty via W-8BEN). The yield this calculator shows is before any withholding.
Frequently asked questions
What is the CEDEAR dividend yield formula?
CEDEAR dividend yield = (Annual USD dividend per share ÷ Conversion ratio × ARS/USD rate) ÷ CEDEAR price in ARS × 100. You must adjust for the conversion ratio because each CEDEAR represents only a fraction of one foreign share. For example: if a stock pays USD 1.94/year, ratio is 8, MEP rate is ARS 1,200, and CEDEAR price is ARS 7,200 → yield = (1.94 ÷ 8 × 1,200) ÷ 7,200 × 100 = 4.04%.
What is a CEDEAR conversion ratio and where do I find it?
The conversion ratio tells you how many CEDEAR units equal one underlying foreign share. For example, Apple's ratio of 10 means 10 AAPL CEDEARs = 1 real Apple share, so each CEDEAR entitles you to 1/10 of the dividend. Official ratios are published by BYMA (byma.com.ar) and CNV (cnv.gov.ar) and can also be found in your broker's app. Ratios change occasionally when CNV adjusts them, so always verify before calculating.
Which dollar exchange rate should I use — official, MEP, or CCL?
Use the rate at which your broker actually credits the dividend. Most Argentine retail brokers (IOL, Balanz, PPI, Cocos) convert CEDEAR dividends at the MEP rate (also called 'dólar bolsa'). The official Banco Nación rate is lower and rarely used for CEDEAR dividend payouts. CCL (contado con liquidación) is a useful upper-bound scenario. Always confirm with your specific broker.
How are CEDEAR dividends actually paid to investors?
When the underlying company declares a dividend, BYMA calculates the ARS equivalent using the conversion ratio and the applicable exchange rate. Your broker then credits your ARS cash account on the payment date — you do not receive USD directly. The process usually takes 2–5 business days after the original ex-dividend date.
What Argentine taxes apply to CEDEAR dividends?
Argentine individuals are subject to a 15% income tax on dividends received from CEDEAR holdings (under Ley 27.430). Your broker typically withholds this automatically before crediting your account. Corporations may face a different rate. Consult a contador or the ARCA (formerly AFIP) portal for your specific situation.
Is there US withholding tax on CEDEAR dividends?
Yes, US-listed stocks (most CEDEARs) are subject to 30% US withholding tax on dividends by default. If your broker files a W-8BEN on your behalf, the rate may drop to 15% under the US-Argentina tax treaty. In practice, many Argentine retail brokers absorb or handle this at the custody level — check your broker's documentation to understand the net dividend you actually receive.
Which CEDEARs pay the highest dividend yields?
High-yield options historically include telecom and tobacco stocks like AT&T (T), Verizon (VZ), and Altria (MO), which have yielded 5–8% in USD terms. Energy companies like Chevron (CVX) and utilities also tend to have above-average yields. However, a high yield can signal a falling stock price ('dividend yield trap') rather than strength — always check whether the company's earnings can sustainably cover the payout.
Does dividend yield in pesos keep pace with Argentine inflation?
Only if the ARS/USD exchange rate depreciates at least as fast as inflation, since the underlying dividend is in USD. Historically, peso devaluation has often exceeded the dividend income in nominal pesos, but this is not guaranteed. CEDEAR investors typically consider dollar-measured yield (not ARS yield) as the relevant benchmark.
What is a 'good' dividend yield for a CEDEAR?
In USD terms, a dividend yield above 3% is generally considered solid for blue-chip foreign stocks. Yields above 6–7% warrant extra scrutiny — they can reflect either a genuinely high-payout business or a stock whose price has fallen sharply. Compare against the stock's own 5-year historical yield range and the S&P 500 average (~1.3–1.5% yield as of 2025) for context.
Can CEDEARs that don't pay dividends still be worthwhile?
Yes. Many growth-oriented CEDEARs (like AMZN or GOOGL) pay no dividends but offer price appreciation exposure. The dividend yield for such CEDEARs is 0%, but investors hold them for capital gains. This calculator is specifically for dividend-paying CEDEARs; for total-return analysis you would need to factor in price change as well.