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ESPO vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESPO vs. EWZ

Last updated Jul 21, 2026
Documentation

ESPO (VanEck Video Gaming and eSports ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 5 years, ESPO returned 7.15%/yr vs 6.23%/yr for EWZ. At a 0.38 correlation, their price movements are largely independent. ESPO charges 0.55%/yr vs 0.59%/yr for EWZ.

Performance

ESPO vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Video Gaming and eSports ETF (ESPO) 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, ESPO achieves a -11.58% return, which is significantly lower than EWZ's 12.74% return.

ESPO

1D
0.44%
1M
3.78%
6M
-13.33%
YTD
-11.58%
1Y
-14.95%
3Y*
18.26%
5Y*
7.15%
10Y*
—
ALL TIME*
16.24%

EWZ

1D
0.71%
1M
5.19%
6M
7.98%
YTD
12.74%
1Y
38.07%
3Y*
8.57%
5Y*
6.23%
10Y*
6.09%
ALL TIME*
6.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESPO vs. EWZ - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ESPO
VanEck Video Gaming and eSports ETF		-11.58%25.79%47.61%33.64%-34.71%-2.13%83.93%42.36%-12.49%
EWZ
iShares MSCI Brazil ETF		12.74%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-1.68%

Correlation

The correlation between ESPO and EWZ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.44

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

0.36

Correlation (All Time)
Calculated using the full available price history since Oct 17, 2018

0.38

ESPO vs. EWZ - Sectors Allocation Comparison

Sectors
ESPO
EWZ

Communication Services

77.7%
2.1%

Consumer Cyclical

14.2%
1.4%

Technology

8.1%
0.4%

Basic Materials

-

14.5%

Consumer Defensive

-

4.7%

Energy

-

15.1%

Financial Services

-

34.5%

Healthcare

-

2.2%

Industrials

-

11.6%

Real Estate

-

-

Utilities

-

13.5%

Communication Services

ESPO
77.7%
EWZ
2.1%

Consumer Cyclical

ESPO
14.2%
EWZ
1.4%

Technology

ESPO
8.1%
EWZ
0.4%

Basic Materials

ESPO

-

EWZ
14.5%

Consumer Defensive

ESPO

-

EWZ
4.7%

Energy

ESPO

-

EWZ
15.1%

Financial Services

ESPO

-

EWZ
34.5%

Healthcare

ESPO

-

EWZ
2.2%

Industrials

ESPO

-

EWZ
11.6%

Real Estate

ESPO

-

EWZ

-

Utilities

ESPO

-

EWZ
13.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Video Gaming and eSports ETF

iShares MSCI Brazil ETF

Often compared with ESPO:
ESPO vs. HEROESPO vs. ESGB.LESPO vs. GAMRESPO vs. NERDESPO vs. VGTESPO vs. MDLZESPO vs. SNSR
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

ESPO vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESPO
ESPO Risk / Return Rank: 44
Overall Rank
ESPO Sharpe Ratio Rank: 33
Sharpe Ratio Rank
ESPO Sortino Ratio Rank: 44
Sortino Ratio Rank
ESPO Omega Ratio Rank: 33
Omega Ratio Rank
ESPO Calmar Ratio Rank: 55
Calmar Ratio Rank
ESPO Martin Ratio Rank: 66
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 5454
Overall Rank
EWZ Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWZ Omega Ratio Rank: 5757
Omega Ratio Rank
EWZ Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4242
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.

ESPO vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Video Gaming and eSports ETF (ESPO) 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.

ESPOEWZDifference
Sharpe ratioReturn per unit of total volatility
-0.80
1.54

-2.34

Sortino ratioReturn per unit of downside risk
-1.04
2.09

-3.13

Omega ratioGain probability vs. loss probability

0.88

1.27

-0.39

Calmar ratioReturn relative to maximum drawdown

-0.51

1.99

-2.50

Martin ratioReturn relative to average drawdown

-0.84

5.09

-5.93

ESPO vs. EWZ - Sharpe Ratio Comparison

The current ESPO Sharpe Ratio is -0.80, which is lower than the EWZ Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of ESPO 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

ESPO vs. EWZ - Drawdown Comparison

The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for ESPO and EWZ.

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Drawdown Indicators

ESPOEWZDifference

Max Drawdown

Largest peak-to-trough decline

-50.99%

-77.25%

+26.26%

Max Drawdown (1Y)

Largest decline over 1 year

-29.43%

-19.27%

-10.16%

Max Drawdown (3Y)

Largest decline over 3 years

-29.43%

-31.36%

+1.93%

Max Drawdown (5Y)

Largest decline over 5 years

-48.33%

-32.24%

-16.09%

Max Drawdown (10Y)

Largest decline over 10 years

—

-56.99%

—

Current Drawdown

Current decline from peak

-24.17%

-21.48%

-2.69%

Average Drawdown

Average peak-to-trough decline

-15.19%

-35.89%

+20.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.77%

7.50%

+10.27%

Volatility

ESPO vs. EWZ - Volatility Comparison

The current volatility for VanEck Video Gaming and eSports ETF (ESPO) is 4.77%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 5.63%. This indicates that ESPO 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

ESPOEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.77%

5.63%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

15.06%

19.81%

-4.75%

Volatility (1Y)

Calculated over the trailing 1-year period

18.71%

24.92%

-6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.09%

27.55%

-2.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.61%

33.91%

-8.30%

ESPO vs. EWZ - Expense Ratio Comparison

ESPO has a 0.55% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

ESPO vs. EWZ - Dividend Comparison

ESPO's dividend yield for the trailing twelve months is around 1.41%, less than EWZ's 4.13% yield.

PositionTTM20252024202320222021202020192018201720162015
ESPO
VanEck Video Gaming and eSports ETF		1.41%1.24%0.44%0.96%0.91%3.36%0.12%0.22%0.04%0.00%0.00%0.00%
EWZ
iShares MSCI Brazil ETF		4.13%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

ESPO and EWZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (5.63%) compared to ESPO (4.77%). In terms of maximum drawdown, ESPO dropped -50.99% vs EWZ's -77.25%.

On 5-year performance, ESPO leads with 7.15% vs 6.23% for EWZ. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESPO has performed better with a 7.15% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESPO is cheaper with a 0.55% expense ratio, compared with 0.59% for EWZ.

EWZ has the higher dividend yield at 4.13%, compared with 1.41% for ESPO.

ESPO is categorized as Gaming, while EWZ is Latin America Equities. ESPO tracks MVIS Global Video Gaming and eSports Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for ESPO and 0.59% for EWZ.

EWZ currently has the higher Sharpe Ratio (1.54 vs -0.80), 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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