ECH vs. EWZ
ECH (iShares MSCI Chile ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - ECH is a Foreign Large Cap Equities fund tracking the MSCI Chile Investable Market 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, ECH returned 4.81%/yr vs 8.29%/yr for EWZ. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.
Performance
ECH vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, ECH achieves a 2.72% return, which is significantly lower than EWZ's 10.48% return. Over the past 10 years, ECH has underperformed EWZ with an annualized return of 4.81%, while EWZ has yielded a comparatively higher 8.29% annualized return.
ECH
- 1D
- 1.32%
- 1M
- 3.39%
- YTD
- 2.72%
- 6M
- 4.70%
- 1Y
- 33.67%
- 3Y*
- 15.41%
- 5Y*
- 11.35%
- 10Y*
- 4.81%
EWZ
- 1D
- 0.83%
- 1M
- -5.47%
- YTD
- 10.48%
- 6M
- 9.03%
- 1Y
- 31.51%
- 3Y*
- 9.47%
- 5Y*
- 4.96%
- 10Y*
- 8.29%
ECH vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ECH iShares MSCI Chile ETF | 2.72% | 65.41% | -8.67% | 9.01% | 25.12% | -19.80% | -7.13% | -17.79% | -18.98% | 41.79% |
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 ECH and EWZ is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007 | 0.58 |
The correlation between ECH and EWZ shifts across timeframes, from 0.51 (5 years) to 0.62 (1 year), reflecting how their relationship changes across market environments.
ECH vs. EWZ - Sectors Allocation Comparison
Sectors
ECH
EWZ
Financial Services
Basic Materials
Industrials
Utilities
Consumer Cyclical
Real Estate
-
Consumer Defensive
Communication Services
Energy
-
Healthcare
-
Technology
-
Financial Services
ECH
EWZ
Basic Materials
ECH
EWZ
Industrials
ECH
EWZ
Utilities
ECH
EWZ
Consumer Cyclical
ECH
EWZ
Real Estate
ECH
EWZ
-
Consumer Defensive
ECH
EWZ
Communication Services
ECH
EWZ
Energy
ECH
-
EWZ
Healthcare
ECH
-
EWZ
Technology
ECH
-
EWZ
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Return for Risk
ECH vs. EWZ — Risk / Return Rank
ECH
EWZ
ECH vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Chile ETF (ECH) 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.
| ECH | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.64 | -0.07 |
| Martin ratioReturn relative to average drawdown | 3.77 | 5.17 | -1.40 |
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Drawdowns
ECH vs. EWZ - Drawdown Comparison
The maximum ECH drawdown since its inception was -74.08%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for ECH and EWZ.
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Drawdown Indicators
| ECH | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.08% | -77.25% | +3.17% |
Max Drawdown (1Y)Largest decline over 1 year | -19.74% | -19.27% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -25.59% | -31.36% | +5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -25.59% | -32.24% | +6.65% |
Max Drawdown (10Y)Largest decline over 10 years | -66.89% | -56.99% | -9.90% |
Current DrawdownCurrent decline from peak | -23.67% | -23.06% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -37.50% | -35.93% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.23% | 6.10% | +2.13% |
Volatility
ECH vs. EWZ - Volatility Comparison
iShares MSCI Chile ETF (ECH) has a higher volatility of 9.36% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that ECH'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
| ECH | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 7.35% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 19.97% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.60% | 25.20% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.64% | 27.70% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.27% | 34.04% | -6.77% |
ECH vs. EWZ - Expense Ratio Comparison
Both ECH and EWZ have an expense ratio of 0.59%.
Dividends
ECH vs. EWZ - Dividend Comparison
ECH's dividend yield for the trailing twelve months is around 1.96%, less than EWZ's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ECH iShares MSCI Chile ETF | 1.96% | 2.01% | 3.12% | 4.77% | 6.73% | 5.49% | 2.16% | 2.47% | 2.37% | 1.42% | 1.85% | 2.13% |
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
ECH and EWZ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ECH has higher volatility (9.36%) compared to EWZ (7.35%). In terms of maximum drawdown, ECH dropped -74.08% vs EWZ's -77.25%.
On 10-year performance, EWZ leads with 8.29% vs 4.81% for ECH. Both ETFs have the same 0.59% expense ratio. 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.
Over the 10-year period, EWZ has performed better with a 8.29% return vs 4.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ECH and EWZ have the same expense ratio: 0.59% per year.
EWZ has the higher dividend yield at 4.70%, compared with 1.96% for ECH.
ECH is categorized as Foreign Large Cap Equities, while EWZ is Latin America Equities. ECH tracks MSCI Chile Investable Market Index, while EWZ tracks MSCI Brazil 25/50 Index.
EWZ currently has the higher Sharpe Ratio (1.25 vs 1.21), 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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