BRAZ vs. EWZS

Last updated Jun 4, 2026

BRAZ (Global X Brazil Active ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds - BRAZ tracks the Solactive Brazil Mid Cap Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past year, BRAZ returned 32.60% vs 8.41% for EWZS. Their correlation of 0.91 suggests significant overlap in exposure. BRAZ charges 0.75%/yr vs 0.59%/yr for EWZS.

Performance

BRAZ vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) and iShares MSCI Brazil Small-Cap ETF (EWZS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRAZ achieves a 9.24% return, which is significantly higher than EWZS's 4.95% return.

BRAZ

• 1D: -1.64%
• 1M: -10.10%
• YTD: 9.24%
• 6M: 4.93%
• 1Y: 32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWZS

• 1D: -4.37%
• 1M: -8.19%
• YTD: 4.95%
• 6M: -2.70%
• 1Y: 8.41%
• 3Y*: 2.41%
• 5Y*: -4.16%
• 10Y*: 7.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRAZ vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	8.71%

Correlation

The correlation between BRAZ and EWZS is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.91

The correlation between BRAZ and EWZS has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

BRAZ vs. EWZS - Sectors Allocation Comparison

Sectors	BRAZ	EWZS
Financial Services	38.2%	10.4%
Energy	18.3%	4.8%
Basic Materials	13.4%	16.5%
Utilities	10.1%	12.1%
Industrials	6.7%	8.6%
Consumer Cyclical	3.7%	15.5%
Real Estate	2.8%	13.4%
Healthcare	2.3%	4.8%
Consumer Defensive	1.5%	10.9%
Technology	0.9%	3.0%
Communication Services	-	-

Return for Risk

BRAZ vs. EWZS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRAZ

BRAZ Risk / Return Rank: 38
BRAZ Sharpe Ratio Rank: 38
BRAZ Sortino Ratio Rank: 35
BRAZ Omega Ratio Rank: 35
BRAZ Calmar Ratio Rank: 42
BRAZ Martin Ratio Rank: 40

EWZS

EWZS Risk / Return Rank: 14
EWZS Sharpe Ratio Rank: 12
EWZS Sortino Ratio Rank: 13
EWZS Omega Ratio Rank: 13
EWZS Calmar Ratio Rank: 15
EWZS Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRAZ vs. EWZS - 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 Small-Cap ETF (EWZS). 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	EWZS	Difference
Sharpe ratio Return per unit of total volatility	1.36	0.28	+1.08
Sortino ratio Return per unit of downside risk	1.85	0.60	+1.25
Omega ratio Gain probability vs. loss probability	1.24	1.07	+0.17
Calmar ratio Return relative to maximum drawdown	2.06	0.50	+1.56
Martin ratio Return relative to average drawdown	6.33	1.24	+5.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRAZ vs. EWZS - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 1.36, which is higher than the EWZS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of BRAZ and EWZS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRAZ	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	0.28	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	-0.03	+0.47

Drawdowns

BRAZ vs. EWZS - Drawdown Comparison

The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for BRAZ and EWZS.

Drawdown Indicators

	BRAZ	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-79.23%	+48.21%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-17.05%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.15%	—
Current Drawdown Current decline from peak	-15.91%	-30.99%	+15.08%
Average Drawdown Average peak-to-trough decline	-11.25%	-36.57%	+25.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	6.79%	-1.62%

Volatility

BRAZ vs. EWZS - Volatility Comparison

The current volatility for Global X Brazil Active ETF (BRAZ) is 6.95%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 11.03%. This indicates that BRAZ experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAZ	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	11.03%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	25.56%	-5.52%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	30.44%	-6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	33.12%	-9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.58%	36.79%	-13.21%

BRAZ vs. EWZS - Expense Ratio Comparison

BRAZ has a 0.75% expense ratio, which is higher than EWZS's 0.59% expense ratio.

Dividends

BRAZ vs. EWZS - Dividend Comparison

BRAZ's dividend yield for the trailing twelve months is around 3.12%, less than EWZS's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRAZ Global X Brazil Active ETF	3.12%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWZS iShares MSCI Brazil Small-Cap ETF	3.69%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%

Frequently Asked Questions

Can I hold both BRAZ and EWZS in my portfolio?

With a correlation of 0.91, BRAZ and EWZS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BRAZ or EWZS?

EWZS has higher volatility (11.03%) compared to BRAZ (6.95%). In terms of maximum drawdown, BRAZ dropped -31.02% vs EWZS's -79.23%.

Which ETF is better, BRAZ or EWZS?

On 1-year performance, BRAZ leads with 32.60% vs 8.41% for EWZS. On fees, EWZS is cheaper at 0.59% per year. On volatility, BRAZ has been the lower-risk option at 6.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or EWZS?

Over the 1-year period, BRAZ has performed better with a 32.60% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or EWZS?

EWZS is cheaper with a 0.59% expense ratio, compared with 0.75% for BRAZ.

Which ETF pays a higher dividend yield, BRAZ or EWZS?

EWZS has the higher dividend yield at 3.69%, compared with 3.12% for BRAZ.

What is the main difference between BRAZ and EWZS?

BRAZ tracks Solactive Brazil Mid Cap Index, while EWZS tracks MSCI Brazil Small Cap Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.75% for BRAZ and 0.59% for EWZS.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (1.36 vs 0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.