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CLF vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLF vs. EWZ

Last updated Jun 13, 2026

CLF (Cleveland-Cliffs Inc.) is a stock, while EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Over the past 10 years, CLF returned 11.73%/yr vs 8.29%/yr for EWZ. At a 0.43 correlation, their price movements are largely independent.

Performance

CLF vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cleveland-Cliffs Inc. (CLF) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CLF achieves a 3.77% return, which is significantly lower than EWZ's 10.48% return. Over the past 10 years, CLF has outperformed EWZ with an annualized return of 11.73%, while EWZ has yielded a comparatively lower 8.29% annualized return.

CLF

1D
0.51%
1M
25.39%
YTD
3.77%
6M
8.42%
1Y
91.92%
3Y*
-6.24%
5Y*
-10.83%
10Y*
11.73%

EWZ

1D
0.83%
1M
-4.57%
YTD
10.48%
6M
9.03%
1Y
31.47%
3Y*
9.47%
5Y*
4.96%
10Y*
8.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLF vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CLF
Cleveland-Cliffs Inc.		3.77%41.28%-53.97%26.75%-26.00%49.52%77.38%12.72%6.66%-14.27%
EWZ
iShares MSCI Brazil ETF		10.48%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between CLF and EWZ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2000

0.43

The correlation between CLF and EWZ shifts across timeframes, from 0.28 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

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Cleveland-Cliffs Inc.

iShares MSCI Brazil ETF

Often compared with CLF:
CLF vs. STLDCLF vs. XCLF vs. ^DJICLF vs. SPYCLF vs. WABCLF vs. ATROCLF vs. VOO
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

CLF vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLF
CLF Risk / Return Rank: 7575
Overall Rank
CLF Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
CLF Sortino Ratio Rank: 7676
Sortino Ratio Rank
CLF Omega Ratio Rank: 7676
Omega Ratio Rank
CLF Calmar Ratio Rank: 7474
Calmar Ratio Rank
CLF Martin Ratio Rank: 7272
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 3838
Overall Rank
EWZ Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3838
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3737
Martin Ratio Rank
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.

CLF vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cleveland-Cliffs Inc. (CLF) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CLFEWZDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.25

+0.10

Sortino ratioReturn per unit of downside risk
1.91
1.76

+0.15

Omega ratioGain probability vs. loss probability

1.25

1.22

+0.03

Calmar ratioReturn relative to maximum drawdown

1.79

1.64

+0.15

Martin ratioReturn relative to average drawdown

3.68

5.17

-1.49

CLF vs. EWZ - Sharpe Ratio Comparison

The current CLF Sharpe Ratio is 1.35, which is comparable to the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of CLF 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.

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Drawdowns

CLF vs. EWZ - Drawdown Comparison

The maximum CLF drawdown since its inception was -98.78%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for CLF and EWZ.

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Drawdown Indicators

CLFEWZDifference

Max Drawdown

Largest peak-to-trough decline

-98.78%

-77.25%

-21.53%

Max Drawdown (1Y)

Largest decline over 1 year

-51.67%

-19.27%

-32.40%

Max Drawdown (3Y)

Largest decline over 3 years

-74.46%

-31.36%

-43.10%

Max Drawdown (5Y)

Largest decline over 5 years

-82.37%

-32.24%

-50.13%

Max Drawdown (10Y)

Largest decline over 10 years

-82.37%

-56.99%

-25.38%

Current Drawdown

Current decline from peak

-85.95%

-23.06%

-62.89%

Average Drawdown

Average peak-to-trough decline

-47.62%

-35.93%

-11.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.06%

6.10%

+18.96%

Volatility

CLF vs. EWZ - Volatility Comparison

Cleveland-Cliffs Inc. (CLF) has a higher volatility of 22.19% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that CLF'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.

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Volatility by Period

CLFEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.19%

7.35%

+14.84%

Volatility (6M)

Calculated over the trailing 6-month period

47.32%

19.97%

+27.35%

Volatility (1Y)

Calculated over the trailing 1-year period

68.48%

25.20%

+43.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

59.28%

27.70%

+31.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.12%

34.04%

+28.08%

Dividends

CLF vs. EWZ - Dividend Comparison

CLF has not paid dividends to shareholders, while EWZ's dividend yield for the trailing twelve months is around 4.70%.

PositionTTM20252024202320222021202020192018201720162015
CLF
Cleveland-Cliffs Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.82%3.10%0.00%0.00%0.00%0.00%
EWZ
iShares MSCI Brazil ETF		4.70%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

CLF and EWZ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CLF has higher volatility (22.19%) compared to EWZ (7.35%). In terms of maximum drawdown, CLF dropped -98.78% vs EWZ's -77.25%.

CLF currently has the higher Sharpe Ratio (1.35 vs 1.25), 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.

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