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EWD vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWD vs. EWZ

Last updated Aug 5, 2026
Documentation

EWD (iShares MSCI Sweden ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden 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, EWD returned 10.20%/yr vs 5.87%/yr for EWZ. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EWD charges 0.55%/yr vs 0.59%/yr for EWZ.

Performance

EWD vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) 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, EWD achieves a 11.35% return, which is significantly lower than EWZ's 14.68% return. Over the past 10 years, EWD has outperformed EWZ with an annualized return of 10.20%, while EWZ has yielded a comparatively lower 5.87% annualized return.

EWD

1D
1.81%
1M
6.08%
6M
2.98%
YTD
11.35%
1Y
25.27%
3Y*
19.40%
5Y*
5.21%
10Y*
10.20%
ALL TIME*
8.52%

EWZ

1D
-0.91%
1M
4.82%
6M
-4.22%
YTD
14.68%
1Y
40.03%
3Y*
10.27%
5Y*
7.40%
10Y*
5.87%
ALL TIME*
6.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWD

iShares MSCI Sweden ETF
$9.32M$18.47M$11.48M

EWZ

iShares MSCI Brazil ETF
$643.53M$640.39M$825.43M

EWD vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWD
iShares MSCI Sweden ETF		11.35%36.55%-3.90%25.07%-27.84%22.84%22.27%21.74%-12.78%21.86%
EWZ
iShares MSCI Brazil ETF		14.68%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between EWD and EWZ is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.53

Correlation (3Y)
Balances recent behavior with more history.

0.46

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.42

Correlation (10Y)
Provides a long-term view across more market conditions.

0.45

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2000

0.51

The correlation between EWD and EWZ shifts across timeframes, from 0.42 (5 years) to 0.53 (1 year), reflecting how their relationship changes across market environments.

EWD vs. EWZ - Sectors Allocation Comparison

Sectors
EWD
EWZ

Industrials

46.3%
11.6%

Financial Services

24.6%
34.5%

Communication Services

12.6%
2.1%

Technology

6.8%
0.4%

Basic Materials

2.9%
14.5%

Consumer Cyclical

2.3%
1.4%

Consumer Defensive

2.3%
4.7%

Healthcare

1.2%
2.2%

Real Estate

1.0%

-

Energy

-

15.1%

Utilities

-

13.5%

Industrials

EWD
46.3%
EWZ
11.6%

Financial Services

EWD
24.6%
EWZ
34.5%

Communication Services

EWD
12.6%
EWZ
2.1%

Technology

EWD
6.8%
EWZ
0.4%

Basic Materials

EWD
2.9%
EWZ
14.5%

Consumer Cyclical

EWD
2.3%
EWZ
1.4%

Consumer Defensive

EWD
2.3%
EWZ
4.7%

Healthcare

EWD
1.2%
EWZ
2.2%

Real Estate

EWD
1.0%
EWZ

-

Energy

EWD

-

EWZ
15.1%

Utilities

EWD

-

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.

iShares MSCI Sweden ETF

iShares MSCI Brazil ETF

Often compared with EWD:
EWD vs. EWGEWD vs. NORWEWD vs. EWCEWD vs. EWNEWD vs. VOOEWD vs. OMXS.LEWD vs. EWQ
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

EWD vs. EWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWD
EWD Risk / Return Rank: 4343
Overall Rank
EWD Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
EWD Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWD Omega Ratio Rank: 4141
Omega Ratio Rank
EWD Calmar Ratio Rank: 4444
Calmar Ratio Rank
EWD Martin Ratio Rank: 4343
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 5353
Overall Rank
EWZ Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 5656
Sortino Ratio Rank
EWZ Omega Ratio Rank: 5555
Omega Ratio Rank
EWZ Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4242
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWD vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Sweden ETF (EWD) 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.

EWDEWZDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.60

-0.34

Sortino ratioReturn per unit of downside risk
1.81
2.18

-0.36

Omega ratioGain probability vs. loss probability

1.22

1.28

-0.06

Calmar ratioReturn relative to maximum drawdown

1.75

2.09

-0.34

Martin ratioReturn relative to average drawdown

5.30

5.06

+0.24

EWD vs. EWZ - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 1.26, which is comparable to the EWZ Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EWD 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

EWD vs. EWZ - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for EWD and EWZ.

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Drawdown Indicators

EWDEWZDifference

Max Drawdown

Largest peak-to-trough decline

-75.40%

-77.25%

+1.85%

Max Drawdown (1Y)

Largest decline over 1 year

-14.49%

-19.27%

+4.78%

Max Drawdown (3Y)

Largest decline over 3 years

-17.84%

-31.36%

+13.52%

Max Drawdown (5Y)

Largest decline over 5 years

-42.33%

-32.24%

-10.09%

Max Drawdown (10Y)

Largest decline over 10 years

-42.33%

-56.99%

+14.66%

Current Drawdown

Current decline from peak

0.00%

-20.13%

+20.13%

Average Drawdown

Average peak-to-trough decline

-19.15%

-35.86%

+16.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.78%

7.94%

-3.16%

Volatility

EWD vs. EWZ - Volatility Comparison

The current volatility for iShares MSCI Sweden ETF (EWD) is 4.96%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.73%. This indicates that EWD 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

EWDEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

6.73%

-1.77%

Volatility (6M)

Calculated over the trailing 6-month period

17.15%

19.10%

-1.95%

Volatility (1Y)

Calculated over the trailing 1-year period

20.15%

25.11%

-4.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.04%

27.46%

-3.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.20%

33.90%

-10.70%

EWD vs. EWZ - Expense Ratio Comparison

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

Dividends

EWD vs. EWZ - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.35%, less than EWZ's 4.06% yield.

PositionTTM20252024202320222021202020192018201720162015
EWD
iShares MSCI Sweden ETF		3.35%3.27%1.77%2.41%3.68%5.46%0.98%4.15%5.17%3.23%3.91%4.08%
EWZ
iShares MSCI Brazil ETF		4.06%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

EWD and EWZ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (6.73%) compared to EWD (4.96%). In terms of maximum drawdown, EWD dropped -75.40% vs EWZ's -77.25%.

On 10-year performance, EWD leads with 10.20% vs 5.87% for EWZ. On fees, EWD is cheaper at 0.55% per year. On volatility, EWD has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWD has performed better with a 10.20% return vs 5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWZ has the higher dividend yield at 4.06%, compared with 3.35% for EWD.

EWD is categorized as Europe Equities, while EWZ is Latin America Equities. EWD tracks MSCI Sweden Index, while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.55% for EWD and 0.59% for EWZ.

EWZ currently has the higher Sharpe Ratio (1.60 vs 1.26), 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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