EWI vs. EWZS

Last updated Jul 14, 2026

EWI (iShares MSCI Italy ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both exchange-traded funds - EWI is a Europe Equities fund tracking the MSCI Italy Index, while EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 10 years, EWI returned 14.28%/yr vs 5.48%/yr for EWZS. At a 0.45 correlation, their price movements are largely independent. EWI charges 0.49%/yr vs 0.59%/yr for EWZS.

Performance

EWI vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Italy ETF (EWI) and iShares MSCI Brazil Small-Cap ETF (EWZS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWI achieves a 13.50% return, which is significantly higher than EWZS's 4.21% return. Over the past 10 years, EWI has outperformed EWZS with an annualized return of 14.28%, while EWZS has yielded a comparatively lower 5.48% annualized return.

EWI

• 1D: -0.20%
• 1M: 1.64%
• 6M: 11.47%
• YTD: 13.50%
• 1Y: 30.17%
• 3Y*: 26.62%
• 5Y*: 17.73%
• 10Y*: 14.28%

EWZS

• 1D: -2.07%
• 1M: -0.85%
• 6M: -1.04%
• YTD: 4.21%
• 1Y: 11.02%
• 3Y*: 0.12%
• 5Y*: -3.85%
• 10Y*: 5.48%

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

EWI vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWI iShares MSCI Italy ETF	13.50%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%
EWZS iShares MSCI Brazil Small-Cap ETF	4.21%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%

Correlation

The correlation between EWI and EWZS is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.45

The correlation between EWI and EWZS shifts across timeframes, from 0.43 (10 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

EWI vs. EWZS - Sectors Allocation Comparison

Sectors	EWI	EWZS
Financial Services	47.9%	9.8%
Utilities	18.0%	11.7%
Industrials	11.1%	8.1%
Consumer Cyclical	9.8%	15.8%
Energy	7.4%	5.0%
Communication Services	2.5%	-
Healthcare	1.4%	4.7%
Basic Materials	1.1%	12.3%
Consumer Defensive	1.0%	10.6%
Real Estate	-	13.8%
Technology	-	8.1%

Return for Risk

EWI vs. EWZS — Risk / Return Rank

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

EWI

EWI Risk / Return Rank: 61
EWI Sharpe Ratio Rank: 63
EWI Sortino Ratio Rank: 62
EWI Omega Ratio Rank: 58
EWI Calmar Ratio Rank: 61
EWI Martin Ratio Rank: 63

EWZS

EWZS Risk / Return Rank: 16
EWZS Sharpe Ratio Rank: 15
EWZS Sortino Ratio Rank: 16
EWZS Omega Ratio Rank: 16
EWZS Calmar Ratio Rank: 17
EWZS Martin Ratio Rank: 17

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.

EWI vs. EWZS - Risk-Adjusted Trends Comparison

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

	EWI	EWZS	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.36	+1.29
Sortino ratio: Return per unit of downside risk	2.30	0.71	+1.60
Omega ratio: Gain probability vs. loss probability	1.28	1.09	+0.19
Calmar ratio: Return relative to maximum drawdown	2.43	0.51	+1.91
Martin ratio: Return relative to average drawdown	9.05	1.27	+7.78

EWI vs. EWZS - Sharpe Ratio Comparison

The current EWI Sharpe Ratio is 1.65, which is higher than the EWZS Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of EWI and EWZS, 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

EWI vs. EWZS - Drawdown Comparison

The maximum EWI drawdown since its inception was -70.38%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for EWI and EWZS.

Drawdown Indicators

	EWI	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-79.23%	+8.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-21.53%	+9.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-37.55%	+20.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.25%	-45.40%	+10.15%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-63.15%	+20.15%
Current Drawdown Current decline from peak	-1.10%	-31.47%	+30.37%
Average Drawdown Average peak-to-trough decline	-28.85%	-36.53%	+7.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	8.71%	-5.37%

Volatility

EWI vs. EWZS - Volatility Comparison

The current volatility for iShares MSCI Italy ETF (EWI) is 5.24%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 7.96%. This indicates that EWI experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWI	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	7.96%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	24.79%	-9.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	30.80%	-12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	33.12%	-11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.51%	36.70%	-14.19%

EWI vs. EWZS - Expense Ratio Comparison

EWI has a 0.49% expense ratio, which is lower than EWZS's 0.59% expense ratio.

Dividends

EWI vs. EWZS - Dividend Comparison

EWI's dividend yield for the trailing twelve months is around 3.10%, less than EWZS's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWI iShares MSCI Italy ETF	3.10%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
EWZS iShares MSCI Brazil Small-Cap ETF	3.83%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%

Frequently Asked Questions

Can I hold both EWI and EWZS in my portfolio?

EWI and EWZS have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWI or EWZS?

EWZS has higher volatility (7.96%) compared to EWI (5.24%). In terms of maximum drawdown, EWI dropped -70.38% vs EWZS's -79.23%.

Which ETF is better, EWI or EWZS?

On 10-year performance, EWI leads with 14.28% vs 5.48% for EWZS. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWI or EWZS?

Over the 10-year period, EWI has performed better with a 14.28% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWI or EWZS?

EWI is cheaper with a 0.49% expense ratio, compared with 0.59% for EWZS.

Which ETF pays a higher dividend yield, EWI or EWZS?

EWZS has the higher dividend yield at 3.83%, compared with 3.10% for EWI.

What is the main difference between EWI and EWZS?

EWI is categorized as Europe Equities, while EWZS is Latin America Equities. EWI tracks MSCI Italy Index, while EWZS tracks MSCI Brazil Small Cap Index. Their fees differ too: 0.49% for EWI and 0.59% for EWZS.

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.65 vs 0.36), 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.