EQUEY vs. BRF

Last updated Jun 26, 2026

EQUEY (Equatorial Energia SA ADR) is a stock, while BRF (VanEck Vectors Brazil Small-Cap ETF) is Latin America Equities fund tracking the MVIS Brazil Small-Cap Index. Over the past 10 years, EQUEY returned 12.38%/yr vs 5.74%/yr for BRF. At a 0.19 correlation, their price movements are largely independent.

Performance

EQUEY vs. BRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equatorial Energia SA ADR (EQUEY) and VanEck Vectors Brazil Small-Cap ETF (BRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQUEY achieves a 3.95% return, which is significantly higher than BRF's 1.84% return. Over the past 10 years, EQUEY has outperformed BRF with an annualized return of 12.38%, while BRF has yielded a comparatively lower 5.74% annualized return.

EQUEY

• 1D: 0.00%
• 1M: -5.82%
• YTD: 3.95%
• 6M: 7.83%
• 1Y: 15.12%
• 3Y*: 9.43%
• 5Y*: 10.44%
• 10Y*: 12.38%

BRF

• 1D: 0.66%
• 1M: -7.82%
• YTD: 1.84%
• 6M: 3.81%
• 1Y: 16.85%
• 3Y*: 1.46%
• 5Y*: -4.10%
• 10Y*: 5.74%

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

EQUEY vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQUEY Equatorial Energia SA ADR	3.95%	85.47%	-43.28%	43.37%	31.85%	-9.33%	-17.00%	45.26%	-6.01%	28.12%
BRF VanEck Vectors Brazil Small-Cap ETF	1.84%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Correlation

The correlation between EQUEY and BRF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.19

Return for Risk

EQUEY vs. BRF — Risk / Return Rank

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

EQUEY

EQUEY Risk / Return Rank: 57
EQUEY Sharpe Ratio Rank: 55
EQUEY Sortino Ratio Rank: 51
EQUEY Omega Ratio Rank: 61
EQUEY Calmar Ratio Rank: 58
EQUEY Martin Ratio Rank: 59

BRF

BRF Risk / Return Rank: 20
BRF Sharpe Ratio Rank: 19
BRF Sortino Ratio Rank: 19
BRF Omega Ratio Rank: 19
BRF Calmar Ratio Rank: 21
BRF Martin Ratio Rank: 21

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.

EQUEY vs. BRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equatorial Energia SA ADR (EQUEY) and VanEck Vectors Brazil Small-Cap ETF (BRF). 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.

	EQUEY	BRF	Difference
Sharpe ratio: Return per unit of total volatility	0.35	0.59	-0.24
Sortino ratio: Return per unit of downside risk	0.79	0.97	-0.19
Omega ratio: Gain probability vs. loss probability	1.16	1.12	+0.03
Calmar ratio: Return relative to maximum drawdown	0.64	0.88	-0.24
Martin ratio: Return relative to average drawdown	1.57	2.38	-0.81

EQUEY vs. BRF - Sharpe Ratio Comparison

The current EQUEY Sharpe Ratio is 0.35, which is lower than the BRF Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of EQUEY and BRF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQUEY vs. BRF - Drawdown Comparison

The maximum EQUEY drawdown since its inception was -69.01%, smaller than the maximum BRF drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for EQUEY and BRF.

Drawdown Indicators

	EQUEY	BRF	Difference
Max Drawdown Largest peak-to-trough decline	-69.01%	-82.26%	+13.25%
Max Drawdown (1Y) Largest decline over 1 year	-23.80%	-19.29%	-4.51%
Max Drawdown (3Y) Largest decline over 3 years	-43.61%	-37.81%	-5.80%
Max Drawdown (5Y) Largest decline over 5 years	-43.61%	-49.24%	+5.63%
Max Drawdown (10Y) Largest decline over 10 years	-69.01%	-60.43%	-8.58%
Current Drawdown Current decline from peak	-23.80%	-50.35%	+26.55%
Average Drawdown Average peak-to-trough decline	-22.81%	-45.74%	+22.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.63%	7.09%	+2.54%

Volatility

EQUEY vs. BRF - Volatility Comparison

The current volatility for Equatorial Energia SA ADR (EQUEY) is 5.70%, while VanEck Vectors Brazil Small-Cap ETF (BRF) has a volatility of 7.88%. This indicates that EQUEY experiences smaller price fluctuations and is considered to be less risky than BRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQUEY	BRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	7.88%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	23.49%	23.42%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	44.10%	28.86%	+15.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.01%	31.69%	+14.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.06%	33.87%	+40.19%

Dividends

EQUEY vs. BRF - Dividend Comparison

EQUEY's dividend yield for the trailing twelve months is around 3.70%, less than BRF's 5.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.44%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
EQUEY Equatorial Energia SA ADR	3.70%	5.81%	3.09%	1.11%	2.33%	3.16%	2.41%	0.80%	1.86%	1.30%	1.35%	1.16%

Frequently Asked Questions

Can I hold both EQUEY and BRF in my portfolio?

EQUEY and BRF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQUEY or BRF?

BRF has higher volatility (7.88%) compared to EQUEY (5.70%). In terms of maximum drawdown, EQUEY dropped -69.01% vs BRF's -82.26%.

Which has better risk-adjusted returns?

BRF currently has the higher Sharpe Ratio (0.59 vs 0.35), 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.