BRAZ vs. ILF

Last updated Jun 4, 2026

BRAZ (Global X Brazil Active ETF) and ILF (iShares Latin American 40 ETF) are both Latin America Equities funds - BRAZ tracks the Solactive Brazil Mid Cap Index while ILF tracks the S&P Latin America 40 Index. Both are passively managed. Over the past year, BRAZ returned 32.60% vs 39.82% for ILF. Their correlation of 0.91 suggests significant overlap in exposure. BRAZ charges 0.75%/yr vs 0.48%/yr for ILF.

Performance

BRAZ vs. ILF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) and iShares Latin American 40 ETF (ILF). 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 lower than ILF's 11.66% return.

BRAZ

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

ILF

• 1D: -2.72%
• 1M: -4.92%
• YTD: 11.66%
• 6M: 10.51%
• 1Y: 39.82%
• 3Y*: 15.62%
• 5Y*: 8.53%
• 10Y*: 8.33%

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

BRAZ vs. ILF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%
ILF iShares Latin American 40 ETF	11.66%	52.65%	-23.11%	15.42%

Correlation

The correlation between BRAZ and ILF is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.91

The correlation between BRAZ and ILF has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

BRAZ vs. ILF - Sectors Allocation Comparison

Sectors	BRAZ	ILF
Financial Services	38.2%	34.1%
Energy	18.3%	13.4%
Basic Materials	13.4%	21.9%
Utilities	10.1%	4.9%
Industrials	6.7%	9.2%
Consumer Cyclical	3.7%	1.2%
Real Estate	2.8%	0.7%
Healthcare	2.3%	1.2%
Consumer Defensive	1.5%	8.8%
Technology	0.9%	-
Communication Services	-	4.5%

Return for Risk

BRAZ vs. ILF — 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

ILF

ILF Risk / Return Rank: 54
ILF Sharpe Ratio Rank: 53
ILF Sortino Ratio Rank: 49
ILF Omega Ratio Rank: 49
ILF Calmar Ratio Rank: 63
ILF Martin Ratio Rank: 55

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. ILF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) and iShares Latin American 40 ETF (ILF). 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	ILF	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.84	-0.48
Sortino ratio: Return per unit of downside risk	1.85	2.44	-0.59
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	2.06	3.16	-1.10
Martin ratio: Return relative to average drawdown	6.33	9.70	-3.37
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. ILF - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 1.36, which is comparable to the ILF Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of BRAZ and ILF, 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	ILF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.84	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.30	+0.14

Drawdowns

BRAZ vs. ILF - Drawdown Comparison

The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum ILF drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for BRAZ and ILF.

Drawdown Indicators

	BRAZ	ILF	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-67.48%	+36.46%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-12.67%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.79%	—
Current Drawdown Current decline from peak	-15.91%	-10.76%	-5.15%
Average Drawdown Average peak-to-trough decline	-11.25%	-23.94%	+12.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	4.12%	+1.05%

Volatility

BRAZ vs. ILF - Volatility Comparison

Global X Brazil Active ETF (BRAZ) has a higher volatility of 6.95% compared to iShares Latin American 40 ETF (ILF) at 6.49%. This indicates that BRAZ's price experiences larger fluctuations and is considered to be riskier than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAZ	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	6.49%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	18.52%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	21.76%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	23.18%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.58%	28.44%	-4.86%

BRAZ vs. ILF - Expense Ratio Comparison

BRAZ has a 0.75% expense ratio, which is higher than ILF's 0.48% expense ratio.

Dividends

BRAZ vs. ILF - Dividend Comparison

BRAZ's dividend yield for the trailing twelve months is around 3.12%, less than ILF's 3.93% 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%
ILF iShares Latin American 40 ETF	3.93%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%

Frequently Asked Questions

Can I hold both BRAZ and ILF in my portfolio?

With a correlation of 0.93, BRAZ and ILF 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 ILF?

BRAZ has higher volatility (6.95%) compared to ILF (6.49%). In terms of maximum drawdown, BRAZ dropped -31.02% vs ILF's -67.48%.

Which ETF is better, BRAZ or ILF?

On 1-year performance, ILF leads with 39.82% vs 32.60% for BRAZ. On fees, ILF is cheaper at 0.48% per year. On volatility, ILF has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or ILF?

Over the 1-year period, ILF has performed better with a 39.82% return vs 32.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or ILF?

ILF is cheaper with a 0.48% expense ratio, compared with 0.75% for BRAZ.

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

ILF has the higher dividend yield at 3.93%, compared with 3.12% for BRAZ.

What is the main difference between BRAZ and ILF?

BRAZ tracks Solactive Brazil Mid Cap Index, while ILF tracks S&P Latin America 40 Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.75% for BRAZ and 0.48% for ILF.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.84 vs 1.36), 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.