EMES.L vs. EWZ
EMES.L (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - EMES.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 5 years, EMES.L returned 1.35%/yr vs 4.39%/yr for EWZ. At a 0.23 correlation, their price movements are largely independent. EMES.L charges 0.45%/yr vs 0.59%/yr for EWZ.
Performance
EMES.L vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, EMES.L achieves a 1.50% return, which is significantly lower than EWZ's 9.47% return.
EMES.L
- 1D
- 0.06%
- 1M
- 1.02%
- YTD
- 1.50%
- 6M
- 2.10%
- 1Y
- 10.68%
- 3Y*
- 9.03%
- 5Y*
- 1.35%
- 10Y*
- —
EWZ
- 1D
- 0.40%
- 1M
- -12.42%
- YTD
- 9.47%
- 6M
- 3.68%
- 1Y
- 33.64%
- 3Y*
- 11.00%
- 5Y*
- 4.39%
- 10Y*
- 7.83%
EMES.L vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 1.50% | 13.10% | 5.45% | 9.57% | -18.82% | -2.59% | 5.41% | 15.66% | -0.48% |
EWZ iShares MSCI Brazil ETF | 9.47% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | 15.27% |
Correlation
The correlation between EMES.L and EWZ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.23 |
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Return for Risk
EMES.L vs. EWZ — Risk / Return Rank
EMES.L
EWZ
EMES.L vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) 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.
| EMES.L | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.99 | +0.39 |
| Martin ratioReturn relative to average drawdown | 9.84 | 6.21 | +3.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMES.L | EWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.35 | +0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.16 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.23 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.17 | +0.18 |
Drawdowns
EMES.L vs. EWZ - Drawdown Comparison
The maximum EMES.L drawdown since its inception was -28.84%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for EMES.L and EWZ.
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Drawdown Indicators
| EMES.L | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.84% | -77.25% | +48.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -16.99% | +12.51% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -31.36% | +24.14% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -32.24% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -0.35% | -23.76% | +23.41% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -35.95% | +28.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 5.43% | -4.35% |
Volatility
EMES.L vs. EWZ - Volatility Comparison
The current volatility for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (EMES.L) is 2.26%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.55%. This indicates that EMES.L 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.
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Volatility by Period
| EMES.L | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 7.55% | -5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 20.70% | -16.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 24.95% | -19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.28% | 27.66% | -19.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.24% | 34.09% | -24.85% |
EMES.L vs. EWZ - Expense Ratio Comparison
EMES.L has a 0.45% expense ratio, which is lower than EWZ's 0.59% expense ratio.
Dividends
EMES.L vs. EWZ - Dividend Comparison
EMES.L's dividend yield for the trailing twelve months is around 5.78%, more than EWZ's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMES.L iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.78% | 5.78% | 5.45% | 5.41% | 5.03% | 3.48% | 3.49% | 4.60% | 0.50% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.74% | 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
EMES.L and EWZ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMES.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMES.L is cheaper with a 0.45% expense ratio, compared with 0.59% for EWZ.
EMES.L is categorized as Emerging Markets Bonds, while EWZ is Latin America Equities. EMES.L tracks JPM EMBI Global Diversified TR USD, while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.45% for EMES.L and 0.59% for EWZ.
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