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EWI vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWI vs. EWZ

Last updated Aug 4, 2026
Documentation

EWI (iShares MSCI Italy ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy 25/50 Index (Net), while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EWI returned 14.76%/yr vs 5.97%/yr for EWZ. Their 0.50 correlation means their historical movements had little consistent relationship. EWI charges 0.50%/yr vs 0.59%/yr for EWZ.

Performance

EWI vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) 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, EWI achieves a 17.10% return, which is significantly higher than EWZ's 15.73% return. Over the past 10 years, EWI has outperformed EWZ with an annualized return of 14.76%, while EWZ has yielded a comparatively lower 5.97% annualized return.

EWI

1D
1.28%
1M
2.90%
6M
12.86%
YTD
17.10%
1Y
34.75%
3Y*
29.05%
5Y*
18.17%
10Y*
14.76%
ALL TIME*
6.64%

EWZ

1D
-0.63%
1M
5.78%
6M
-1.83%
YTD
15.73%
1Y
42.79%
3Y*
10.61%
5Y*
7.40%
10Y*
5.97%
ALL TIME*
6.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWI

iShares MSCI Italy ETF
$27.89M$24.69M$25.33M

EWZ

iShares MSCI Brazil ETF
$599.48M$629.67M$825.02M

EWI vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWI
iShares MSCI Italy ETF		17.10%55.72%10.23%30.63%-14.16%14.38%1.69%26.98%-17.18%28.70%
EWZ
iShares MSCI Brazil ETF		15.73%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between EWI and EWZ is 0.56, 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.

0.56

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

0.50

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

0.48

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

0.46

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

0.50

The correlation between EWI and EWZ has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.

EWI vs. EWZ - Sectors Allocation Comparison

Sectors
EWI
EWZ

Financial Services

50.1%
34.5%

Utilities

18.0%
13.5%

Industrials

10.4%
11.6%

Consumer Cyclical

9.0%
1.4%

Energy

6.6%
15.1%

Communication Services

2.7%
2.1%

Healthcare

1.3%
2.2%

Basic Materials

1.0%
14.5%

Consumer Defensive

0.9%
4.7%

Real Estate

-

-

Technology

-

0.4%

Financial Services

EWI
50.1%
EWZ
34.5%

Utilities

EWI
18.0%
EWZ
13.5%

Industrials

EWI
10.4%
EWZ
11.6%

Consumer Cyclical

EWI
9.0%
EWZ
1.4%

Energy

EWI
6.6%
EWZ
15.1%

Communication Services

EWI
2.7%
EWZ
2.1%

Healthcare

EWI
1.3%
EWZ
2.2%

Basic Materials

EWI
1.0%
EWZ
14.5%

Consumer Defensive

EWI
0.9%
EWZ
4.7%

Real Estate

EWI

-

EWZ

-

Technology

EWI

-

EWZ
0.4%

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 Italy ETF

iShares MSCI Brazil ETF

Often compared with EWI:
EWI vs. EWPEWI vs. SPYEWI vs. EWQEWI vs. VOOEWI vs. FEZEWI vs. QQQEEWI vs. EIRL
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

EWI vs. EWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWI
EWI Risk / Return Rank: 7878
Overall Rank
EWI Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EWI Sortino Ratio Rank: 7979
Sortino Ratio Rank
EWI Omega Ratio Rank: 7575
Omega Ratio Rank
EWI Calmar Ratio Rank: 7777
Calmar Ratio Rank
EWI Martin Ratio Rank: 7979
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 6464
Overall Rank
EWZ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 6969
Sortino Ratio Rank
EWZ Omega Ratio Rank: 6868
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4747
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.

EWI vs. EWZ - Risk-Adjusted Trends Comparison

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

EWIEWZDifference
Sharpe ratioReturn per unit of total volatility
1.91
1.71

+0.20

Sortino ratioReturn per unit of downside risk
2.63
2.30

+0.34

Omega ratioGain probability vs. loss probability

1.32

1.29

+0.03

Calmar ratioReturn relative to maximum drawdown

2.80

2.23

+0.57

Martin ratioReturn relative to average drawdown

10.48

5.43

+5.05

EWI vs. EWZ - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.91, which is comparable to the EWZ Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of EWI 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

EWI vs. EWZ - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for EWI and EWZ.

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Drawdown Indicators

EWIEWZDifference

Max Drawdown

Largest peak-to-trough decline

-70.38%

-77.25%

+6.87%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-19.27%

+6.79%

Max Drawdown (3Y)

Largest decline over 3 years

-16.80%

-31.36%

+14.56%

Max Drawdown (5Y)

Largest decline over 5 years

-35.25%

-32.24%

-3.01%

Max Drawdown (10Y)

Largest decline over 10 years

-43.00%

-56.99%

+13.99%

Current Drawdown

Current decline from peak

0.00%

-19.40%

+19.40%

Average Drawdown

Average peak-to-trough decline

-28.79%

-35.86%

+7.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

7.90%

-4.58%

Volatility

EWI vs. EWZ - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 4.59%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.74%. This indicates that EWI 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

EWIEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

6.74%

-2.15%

Volatility (6M)

Calculated over the trailing 6-month period

15.66%

19.11%

-3.45%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

25.14%

-6.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

27.46%

-6.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

33.90%

-11.39%

EWI vs. EWZ - Expense Ratio Comparison

EWI has a 0.50% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

EWI vs. EWZ - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.01%, less than EWZ's 4.02% yield.

PositionTTM20252024202320222021202020192018201720162015
EWI
iShares MSCI Italy ETF		3.01%2.80%4.07%3.40%4.57%2.63%1.66%3.80%4.71%2.19%3.64%2.31%
EWZ
iShares MSCI Brazil ETF		4.02%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

EWI and EWZ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (6.74%) compared to EWI (4.59%). In terms of maximum drawdown, EWI dropped -70.38% vs EWZ's -77.25%.

On 10-year performance, EWI leads with 14.76% vs 5.97% for EWZ. On fees, EWI is cheaper at 0.50% per year. On volatility, EWI has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWI has performed better with a 14.76% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWI is cheaper with a 0.50% expense ratio, compared with 0.59% for EWZ.

EWZ has the higher dividend yield at 4.02%, compared with 3.01% for EWI.

EWI is categorized as Europe Equities, while EWZ is Latin America Equities. EWI tracks MSCI Italy 25/50 Index (Net), while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.50% for EWI and 0.59% for EWZ.

EWI currently has the higher Sharpe Ratio (1.91 vs 1.71), 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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