BRF vs. EWZS

Last updated Jun 4, 2026

BRF (VanEck Vectors Brazil Small-Cap ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds - BRF tracks the MVIS Brazil Small-Cap Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 10 years, BRF returned 6.61%/yr vs 7.86%/yr for EWZS. Their correlation of 0.94 suggests significant overlap in exposure. BRF charges 0.60%/yr vs 0.59%/yr for EWZS.

Performance

BRF vs. EWZS - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BRF having a 5.08% return and EWZS slightly lower at 4.95%. Over the past 10 years, BRF has underperformed EWZS with an annualized return of 6.61%, while EWZS has yielded a comparatively higher 7.86% annualized return.

BRF

• 1D: -4.64%
• 1M: -10.08%
• YTD: 5.08%
• 6M: -0.52%
• 1Y: 20.45%
• 3Y*: 5.49%
• 5Y*: -3.39%
• 10Y*: 6.61%

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)

BRF vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRF VanEck Vectors Brazil Small-Cap ETF	5.08%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%

Correlation

The correlation between BRF and EWZS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.94

The correlation between BRF and EWZS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

BRF vs. EWZS - Sectors Allocation Comparison

Sectors	BRF	EWZS
Consumer Cyclical	14.2%	15.5%
Real Estate	14.1%	13.4%
Industrials	13.5%	8.6%
Basic Materials	12.9%	16.5%
Consumer Defensive	10.3%	10.9%
Utilities	9.4%	12.1%
Financial Services	8.9%	10.4%
Healthcare	6.0%	4.8%
Energy	5.7%	4.8%
Technology	4.0%	3.0%
Communication Services	-	-

Return for Risk

BRF vs. EWZS — Risk / Return Rank

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

BRF

BRF Risk / Return Rank: 23
BRF Sharpe Ratio Rank: 21
BRF Sortino Ratio Rank: 21
BRF Omega Ratio Rank: 21
BRF Calmar Ratio Rank: 26
BRF Martin Ratio Rank: 26

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.

BRF vs. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Brazil Small-Cap ETF (BRF) 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.

	BRF	EWZS	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.28	+0.45
Sortino ratio: Return per unit of downside risk	1.14	0.60	+0.54
Omega ratio: Gain probability vs. loss probability	1.15	1.07	+0.07
Calmar ratio: Return relative to maximum drawdown	1.27	0.50	+0.78
Martin ratio: Return relative to average drawdown	3.58	1.24	+2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRF vs. EWZS - Sharpe Ratio Comparison

The current BRF Sharpe Ratio is 0.72, which is higher than the EWZS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of BRF 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

	BRF	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.28	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	-0.13	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.21	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.03	+0.09

Drawdowns

BRF vs. EWZS - Drawdown Comparison

The maximum BRF drawdown since its inception was -82.26%, roughly equal to the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for BRF and EWZS.

Drawdown Indicators

	BRF	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-82.26%	-79.23%	-3.03%
Max Drawdown (1Y) Largest decline over 1 year	-16.11%	-17.05%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-37.81%	-37.55%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-50.49%	-48.78%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	-60.43%	-63.15%	+2.72%
Current Drawdown Current decline from peak	-48.77%	-30.99%	-17.78%
Average Drawdown Average peak-to-trough decline	-45.74%	-36.57%	-9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	6.79%	-1.07%

Volatility

BRF vs. EWZS - Volatility Comparison

The current volatility for VanEck Vectors Brazil Small-Cap ETF (BRF) is 10.39%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 11.03%. This indicates that BRF 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

	BRF	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	11.03%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	24.39%	25.56%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	28.46%	30.44%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.66%	33.12%	-1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.94%	36.79%	-2.85%

BRF vs. EWZS - Expense Ratio Comparison

BRF has a 0.60% expense ratio, which is higher than EWZS's 0.59% expense ratio.

Dividends

BRF vs. EWZS - Dividend Comparison

BRF's dividend yield for the trailing twelve months is around 5.28%, more than EWZS's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.28%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
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 BRF and EWZS in my portfolio?

With a correlation of 0.96, BRF 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, BRF or EWZS?

EWZS has higher volatility (11.03%) compared to BRF (10.39%). In terms of maximum drawdown, BRF dropped -82.26% vs EWZS's -79.23%.

Which ETF is better, BRF or EWZS?

On 10-year performance, EWZS leads with 7.86% vs 6.61% for BRF. On fees, EWZS is cheaper at 0.59% per year. On volatility, BRF has been the lower-risk option at 10.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRF or EWZS?

Over the 10-year period, EWZS has performed better with a 7.86% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRF or EWZS?

EWZS is cheaper with a 0.59% expense ratio, compared with 0.60% for BRF.

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

BRF has the higher dividend yield at 5.28%, compared with 3.69% for EWZS.

What is the main difference between BRF and EWZS?

BRF tracks MVIS Brazil Small-Cap Index, while EWZS tracks MSCI Brazil Small Cap Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.60% for BRF and 0.59% for EWZS.

Which has better risk-adjusted returns?

BRF currently has the higher Sharpe Ratio (0.72 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.