BRZU vs. EWZ

Last updated Jun 3, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, BRZU returned -15.64%/yr vs 8.16%/yr for EWZ. With a 0.99 correlation, they move nearly in lockstep. BRZU charges 1.29%/yr vs 0.59%/yr for EWZ.

Performance

BRZU vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRZU achieves a 19.48% return, which is significantly higher than EWZ's 12.62% return. Over the past 10 years, BRZU has underperformed EWZ with an annualized return of -15.64%, while EWZ has yielded a comparatively higher 8.16% annualized return.

BRZU

• 1D: 0.47%
• 1M: -18.56%
• YTD: 19.48%
• 6M: 10.44%
• 1Y: 69.96%
• 3Y*: 11.88%
• 5Y*: -2.00%
• 10Y*: -15.64%

EWZ

• 1D: 0.31%
• 1M: -9.26%
• YTD: 12.62%
• 6M: 8.83%
• 1Y: 38.34%
• 3Y*: 12.25%
• 5Y*: 5.41%
• 10Y*: 8.16%

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

BRZU vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	19.48%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%
EWZ iShares MSCI Brazil ETF	12.62%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between BRZU and EWZ is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	0.99

The correlation between BRZU and EWZ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

BRZU vs. EWZ - Sectors Allocation Comparison

Sectors	BRZU	EWZ
Financial Services	32.7%	32.7%
Energy	18.7%	18.5%
Basic Materials	13.7%	13.7%
Utilities	12.8%	12.9%
Industrials	10.9%	10.9%
Consumer Defensive	4.2%	4.2%
Healthcare	2.4%	2.4%
Communication Services	2.2%	2.2%
Consumer Cyclical	1.5%	1.5%
Technology	0.9%	1.0%
Real Estate	-	-

Return for Risk

BRZU vs. EWZ — Risk / Return Rank

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

BRZU

BRZU Risk / Return Rank: 41
BRZU Sharpe Ratio Rank: 40
BRZU Sortino Ratio Rank: 37
BRZU Omega Ratio Rank: 38
BRZU Calmar Ratio Rank: 50
BRZU Martin Ratio Rank: 41

EWZ

EWZ Risk / Return Rank: 45
EWZ Sharpe Ratio Rank: 44
EWZ Sortino Ratio Rank: 41
EWZ Omega Ratio Rank: 42
EWZ Calmar Ratio Rank: 53
EWZ Martin Ratio Rank: 45

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.

BRZU vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) 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.

	BRZU	EWZ	Difference
Sharpe ratio Return per unit of total volatility	1.43	1.56	-0.12
Sortino ratio Return per unit of downside risk	1.93	2.10	-0.16
Omega ratio Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio Return relative to maximum drawdown	2.53	2.66	-0.13
Martin ratio Return relative to average drawdown	6.77	7.41	-0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRZU vs. EWZ - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 1.43, which is comparable to the EWZ Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of BRZU and EWZ, 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

	BRZU	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.56	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.20	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	0.24	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.17	-0.52

Drawdowns

BRZU vs. EWZ - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for BRZU and EWZ.

Drawdown Indicators

	BRZU	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-77.25%	-22.46%
Max Drawdown (1Y) Largest decline over 1 year	-28.06%	-14.52%	-13.54%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-31.36%	-26.89%
Max Drawdown (5Y) Largest decline over 5 years	-65.00%	-32.24%	-32.76%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	-56.99%	-41.12%
Current Drawdown Current decline from peak	-99.14%	-21.57%	-77.57%
Average Drawdown Average peak-to-trough decline	-89.55%	-35.95%	-53.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	5.22%	+5.24%

Volatility

BRZU vs. EWZ - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 14.71% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that BRZU's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRZU	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.71%	7.35%	+7.36%
Volatility (6M) Calculated over the trailing 6-month period	41.12%	20.53%	+20.59%
Volatility (1Y) Calculated over the trailing 1-year period	49.12%	24.75%	+24.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.33%	27.64%	+27.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.14%	34.09%	+49.05%

BRZU vs. EWZ - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than EWZ's 0.59% expense ratio.

Dividends

BRZU vs. EWZ - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 2.23%, less than EWZ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRZU Direxion Daily Brazil Bull 2X Shares	2.23%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	0.00%	0.00%
EWZ iShares MSCI Brazil ETF	4.61%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%

Frequently Asked Questions

Can I hold both BRZU and EWZ in my portfolio?

With a correlation of 1.00, BRZU and EWZ 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, BRZU or EWZ?

BRZU has higher volatility (14.71%) compared to EWZ (7.35%). In terms of maximum drawdown, BRZU dropped -99.71% vs EWZ's -77.25%.

Which ETF is better, BRZU or EWZ?

On 10-year performance, EWZ leads with 8.16% vs -15.64% for BRZU. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or EWZ?

Over the 10-year period, EWZ has performed better with a 8.16% return vs -15.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or EWZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, BRZU or EWZ?

EWZ has the higher dividend yield at 4.61%, compared with 2.23% for BRZU.

What is the main difference between BRZU and EWZ?

BRZU is categorized as Leveraged Equities, while EWZ is Latin America Equities. Both ETFs track MSCI Brazil 25/50 Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.29% for BRZU and 0.59% for EWZ.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.56 vs 1.43), 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.