BRAZ vs. EWZ
Compare and contrast key facts about Global X Brazil Active ETF (BRAZ) and iShares MSCI Brazil ETF (EWZ).
BRAZ and EWZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BRAZ is a passively managed fund by Global X that tracks the performance of the Solactive Brazil Mid Cap Index. It was launched on Aug 16, 2023. EWZ is a passively managed fund by iShares that tracks the performance of the MSCI Brazil 25/50 Index. It was launched on Jul 10, 2000. Both BRAZ and EWZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BRAZ vs. EWZ - Performance Comparison
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BRAZ vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BRAZ Global X Brazil Active ETF | 17.07% | 45.42% | -29.74% | 17.56% |
EWZ iShares MSCI Brazil ETF | 20.84% | 48.81% | -30.41% | 18.53% |
Returns By Period
In the year-to-date period, BRAZ achieves a 17.07% return, which is significantly lower than EWZ's 20.84% return.
BRAZ
- 1D
- 2.49%
- 1M
- -3.15%
- YTD
- 17.07%
- 6M
- 24.77%
- 1Y
- 52.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EWZ
- 1D
- 4.41%
- 1M
- -0.88%
- YTD
- 20.84%
- 6M
- 28.18%
- 1Y
- 56.58%
- 3Y*
- 19.24%
- 5Y*
- 11.82%
- 10Y*
- 9.08%
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BRAZ vs. EWZ - Expense Ratio Comparison
BRAZ has a 0.75% expense ratio, which is higher than EWZ's 0.59% expense ratio.
Return for Risk
BRAZ vs. EWZ — Risk / Return Rank
BRAZ
EWZ
BRAZ vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) and iShares MSCI Brazil ETF (EWZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BRAZ | EWZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.10 | 2.19 | -0.09 |
Sortino ratioReturn per unit of downside risk | 2.66 | 2.75 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 4.76 | 4.89 | -0.13 |
Martin ratioReturn relative to average drawdown | 13.26 | 13.02 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BRAZ | EWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.19 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.18 | +0.41 |
Correlation
The correlation between BRAZ and EWZ is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BRAZ vs. EWZ - Dividend Comparison
BRAZ's dividend yield for the trailing twelve months is around 2.91%, less than EWZ's 4.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRAZ Global X Brazil Active ETF | 2.91% | 3.41% | 4.16% | 1.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.29% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
Drawdowns
BRAZ vs. EWZ - Drawdown Comparison
The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for BRAZ and EWZ.
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Drawdown Indicators
| BRAZ | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.02% | -77.25% | +46.23% |
Max Drawdown (1Y)Largest decline over 1 year | -10.93% | -11.44% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -4.98% | -15.84% | +10.86% |
Average DrawdownAverage peak-to-trough decline | -11.54% | -36.09% | +24.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.93% | 4.29% | -0.36% |
Volatility
BRAZ vs. EWZ - Volatility Comparison
The current volatility for Global X Brazil Active ETF (BRAZ) is 10.90%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 12.21%. This indicates that BRAZ experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRAZ | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.90% | 12.21% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 19.31% | 19.72% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.40% | 25.98% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.60% | 27.78% | -4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.60% | 34.34% | -10.74% |