DBA vs. EWZ
DBA (Invesco DB Agriculture Fund) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, DBA returned 4.57%/yr vs 6.64%/yr for EWZ. Their 0.29 correlation means their historical movements had little consistent relationship. DBA charges 0.88%/yr vs 0.59%/yr for EWZ.
Performance
DBA vs. EWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBA achieves a 7.80% return, which is significantly lower than EWZ's 16.46% return. Over the past 10 years, DBA has underperformed EWZ with an annualized return of 4.57%, while EWZ has yielded a comparatively higher 6.64% annualized return.
DBA
- 1D
- 0.11%
- 1M
- 2.42%
- 6M
- 7.21%
- YTD
- 7.80%
- 1Y
- 10.05%
- 3Y*
- 12.21%
- 5Y*
- 10.82%
- 10Y*
- 4.57%
- ALL TIME*
- 1.46%
EWZ
- 1D
- 0.33%
- 1M
- 7.23%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 44.24%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.27M | $23.75M | $33.82M | |
| $598.51M | $637.15M | $833.60M |
DBA vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 7.80% | -0.56% | 33.45% | 7.64% | 2.53% | 22.37% | -2.54% | -0.71% | -8.74% | -6.06% |
EWZ iShares MSCI Brazil ETF | 16.46% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
Correlation
The correlation between DBA and EWZ is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.29 |
The correlation between DBA and EWZ shifts across timeframes, from 0.14 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBA vs. EWZ — Risk / Return Rank
DBA
EWZ
DBA vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) 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.
| DBA | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.31 | -1.14 |
| Martin ratioReturn relative to average drawdown | 2.40 | 5.64 | -3.24 |
Loading charts...
Drawdowns
DBA vs. EWZ - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for DBA and EWZ.
Loading charts...
Drawdown Indicators
| DBA | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -77.25% | +9.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -19.27% | +10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -31.36% | +19.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | -32.24% | +16.30% |
Max Drawdown (10Y)Largest decline over 10 years | -35.64% | -56.99% | +21.35% |
Current DrawdownCurrent decline from peak | -24.11% | -18.89% | -5.22% |
Average DrawdownAverage peak-to-trough decline | -40.97% | -35.86% | -5.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 7.86% | -3.67% |
Volatility
DBA vs. EWZ - Volatility Comparison
The current volatility for Invesco DB Agriculture Fund (DBA) is 4.72%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.69%. This indicates that DBA experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBA | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 6.69% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 19.32% | -11.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.12% | 25.12% | -14.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 27.46% | -13.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 33.90% | -20.85% |
DBA vs. EWZ - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than EWZ's 0.59% expense ratio.
Dividends
DBA vs. EWZ - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.32%, less than EWZ's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 3.32% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 3.99% | 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
DBA and EWZ have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (6.69%) compared to DBA (4.72%). In terms of maximum drawdown, DBA dropped -67.97% vs EWZ's -77.25%.
On 10-year performance, EWZ leads with 6.64% vs 4.57% for DBA. On fees, EWZ is cheaper at 0.59% per year. On volatility, DBA has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZ has performed better with a 6.64% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.88% for DBA.
EWZ has the higher dividend yield at 3.99%, compared with 3.32% for DBA.
DBA is categorized as Agricultural Commodities, while EWZ is Latin America Equities. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.88% for DBA and 0.59% for EWZ.
EWZ currently has the higher Sharpe Ratio (1.77 vs 0.91), 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.
Find the right allocation for DBA and EWZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer