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The new quarterly weights for Brazil's blue-chip Bovespa index are in and, as always, there are a few details for investors to mull when weighing exactly what constitutes market exposure.

Starting January 1, VALE will still be the biggest ordinary stock on the index with a 10.72% weighting. But add in preferred shares, and the gigantic mining company sinks to 13.4% of the entire Bovespa -- falling from 15.2% in the current quarter and tied with oil company Petrobras (NYSE:PBR) as the top overall name on the index.

Although PBR has usually been the biggest Brazilian stock by market capitalization, its recent travails have cost it that title in recent months. However, while VALE has powered on ahead, there are now signs that PBR is ready to reclaim its crown.

In any event, both companies together account for a stunning 26.8% of the entire Bovespa, which is a good indication of just how tied to commodity markets -- and by extension, the dollar -- the index really is.

And both dwarf their peers in Brasilia. The third-biggest stock on the index, independent oil upstart OGX Petroleo (OTCPK:OGXPY) has only a 4.6% weight, leaving the other 59 constituents to make up the other 69%

On the other hand, in a nod to the burgeoning consumer sector, the Bovespa is adding consumer products maker Hypermarcas (OTCPK:HYPMY) to the index. It is starting at just an 0.8% weighting, but simply getting into all the index portfolios that track the Bovespa should give it a bid over the next few months.

Disclosure: No positions

Source: Hypermarcas Joins Brazil's Bovespa Index