BRAZ vs. SPY

Last updated Jun 4, 2026

BRAZ (Global X Brazil Active ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BRAZ is a Latin America Equities fund tracking the Solactive Brazil Mid Cap Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, BRAZ returned 32.60% vs 27.98% for SPY. At a 0.48 correlation, their price movements are largely independent. BRAZ charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

BRAZ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return.

BRAZ

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BRAZ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	9.72%

Correlation

The correlation between BRAZ and SPY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.48

The correlation between BRAZ and SPY has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

BRAZ vs. SPY - Sectors Allocation Comparison

Sectors	BRAZ	SPY
Financial Services	38.2%	11.8%
Energy	18.3%	3.6%
Basic Materials	13.4%	1.8%
Utilities	10.1%	2.4%
Industrials	6.7%	7.8%
Consumer Cyclical	3.7%	10.3%
Real Estate	2.8%	1.9%
Healthcare	2.3%	8.4%
Consumer Defensive	1.5%	4.8%
Technology	0.9%	35.9%
Communication Services	-	11.3%

Return for Risk

BRAZ vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.38	-1.02
Sortino ratio: Return per unit of downside risk	1.85	3.24	-1.39
Omega ratio: Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio: Return relative to maximum drawdown	2.06	3.16	-1.10
Martin ratio: Return relative to average drawdown	6.33	14.72	-8.39
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. SPY - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 1.36, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BRAZ and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.38	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.59	-0.15

Drawdowns

BRAZ vs. SPY - Drawdown Comparison

The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BRAZ and SPY.

Drawdown Indicators

	BRAZ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-55.19%	+24.17%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-8.88%	-7.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-15.91%	-0.70%	-15.21%
Average Drawdown Average peak-to-trough decline	-11.25%	-9.05%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	1.91%	+3.26%

Volatility

BRAZ vs. SPY - Volatility Comparison

Global X Brazil Active ETF (BRAZ) has a higher volatility of 6.95% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BRAZ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAZ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	2.84%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	8.90%	+11.14%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	11.83%	+12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	17.05%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.58%	17.94%	+5.64%

BRAZ vs. SPY - Expense Ratio Comparison

BRAZ has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BRAZ vs. SPY - Dividend Comparison

BRAZ's dividend yield for the trailing twelve months is around 3.12%, more than SPY's 0.98% 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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BRAZ and SPY in my portfolio?

BRAZ and SPY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRAZ or SPY?

BRAZ has higher volatility (6.95%) compared to SPY (2.84%). In terms of maximum drawdown, BRAZ dropped -31.02% vs SPY's -55.19%.

Which ETF is better, BRAZ or SPY?

On 1-year performance, BRAZ leads with 32.60% vs 27.98% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or SPY?

Over the 1-year period, BRAZ has performed better with a 32.60% return vs 27.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for BRAZ.

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

BRAZ has the higher dividend yield at 3.12%, compared with 0.98% for SPY.

What is the main difference between BRAZ and SPY?

BRAZ is categorized as Latin America Equities, while SPY is S&P 500. BRAZ tracks Solactive Brazil Mid Cap Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.75% for BRAZ and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.