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EWUS vs. EWZS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWUS vs. EWZS

Last updated Jun 24, 2026

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both exchange-traded funds - EWUS is a Europe Equities fund tracking the MSCI United Kingdom Small Cap 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, EWUS returned 4.97%/yr vs 6.69%/yr for EWZS. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.

Performance

EWUS vs. EWZS - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWUS achieves a -0.31% return, which is significantly higher than EWZS's -0.48% return. Over the past 10 years, EWUS has underperformed EWZS with an annualized return of 4.97%, while EWZS has yielded a comparatively higher 6.69% annualized return.

EWUS

1D
-1.53%
1M
-3.03%
YTD
-0.31%
6M
0.01%
1Y
5.85%
3Y*
12.78%
5Y*
0.40%
10Y*
4.97%

EWZS

1D
-0.41%
1M
-8.21%
YTD
-0.48%
6M
0.31%
1Y
2.81%
3Y*
-2.13%
5Y*
-5.70%
10Y*
6.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWUS vs. EWZS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWUS
iShares MSCI United Kingdom Small-Cap ETF		-0.31%25.13%3.55%15.41%-31.19%12.55%-2.58%35.16%-20.16%32.17%
EWZS
iShares MSCI Brazil Small-Cap ETF		-0.48%45.18%-35.95%32.65%-11.20%-14.09%-20.86%50.60%-7.13%54.18%

Correlation

The correlation between EWUS and EWZS is 0.52, 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

0.52

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

0.45

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

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2012

0.36

The correlation between EWUS and EWZS shifts across timeframes, from 0.36 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWUS vs. EWZS - Sectors Allocation Comparison

Sectors
EWUS
EWZS

Financial Services

23.1%
9.8%

Industrials

20.4%
8.1%

Consumer Cyclical

18.0%
15.8%

Real Estate

8.4%
13.8%

Communication Services

6.8%

-

Basic Materials

6.3%
12.3%

Consumer Defensive

3.9%
10.6%

Technology

3.9%
8.1%

Energy

3.3%
5.0%

Healthcare

3.1%
4.7%

Utilities

2.8%
11.7%

Financial Services

EWUS
23.1%
EWZS
9.8%

Industrials

EWUS
20.4%
EWZS
8.1%

Consumer Cyclical

EWUS
18.0%
EWZS
15.8%

Real Estate

EWUS
8.4%
EWZS
13.8%

Communication Services

EWUS
6.8%
EWZS

-

Basic Materials

EWUS
6.3%
EWZS
12.3%

Consumer Defensive

EWUS
3.9%
EWZS
10.6%

Technology

EWUS
3.9%
EWZS
8.1%

Energy

EWUS
3.3%
EWZS
5.0%

Healthcare

EWUS
3.1%
EWZS
4.7%

Utilities

EWUS
2.8%
EWZS
11.7%

Compare stocks, funds, or ETFs

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iShares MSCI United Kingdom Small-Cap ETF

iShares MSCI Brazil Small-Cap ETF

Often compared with EWUS:
EWUS vs. EWUEWUS vs. HSCZEWUS vs. SCJEWUS vs. SCZEWUS vs. SMINEWUS vs. QQQEWUS vs. IJR
Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. BTEKEWZS vs. BRZUEWZS vs. IDEV

Return for Risk

EWUS vs. EWZS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWUS
EWUS Risk / Return Rank: 1313
Overall Rank
EWUS Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
EWUS Sortino Ratio Rank: 1313
Sortino Ratio Rank
EWUS Omega Ratio Rank: 1212
Omega Ratio Rank
EWUS Calmar Ratio Rank: 1313
Calmar Ratio Rank
EWUS Martin Ratio Rank: 1414
Martin Ratio Rank
EWZS
EWZS Risk / Return Rank: 1010
Overall Rank
EWZS Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1010
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1010
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1010
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1010
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.

EWUS vs. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

EWUSEWZSDifference
Sharpe ratioReturn per unit of total volatility
0.33
0.09

+0.23

Sortino ratioReturn per unit of downside risk
0.61
0.35

+0.26

Omega ratioGain probability vs. loss probability

1.07

1.04

+0.03

Calmar ratioReturn relative to maximum drawdown

0.39

0.13

+0.26

Martin ratioReturn relative to average drawdown

1.22

0.35

+0.86

EWUS vs. EWZS - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.33, which is higher than the EWZS Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of EWUS 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.

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Drawdowns

EWUS vs. EWZS - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for EWUS and EWZS.

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Drawdown Indicators

EWUSEWZSDifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-79.23%

+29.90%

Max Drawdown (1Y)

Largest decline over 1 year

-15.21%

-21.53%

+6.32%

Max Drawdown (3Y)

Largest decline over 3 years

-19.84%

-37.55%

+17.71%

Max Drawdown (5Y)

Largest decline over 5 years

-48.14%

-47.83%

-0.31%

Max Drawdown (10Y)

Largest decline over 10 years

-49.33%

-63.15%

+13.82%

Current Drawdown

Current decline from peak

-7.35%

-34.56%

+27.21%

Average Drawdown

Average peak-to-trough decline

-13.05%

-36.54%

+23.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.82%

7.97%

-3.15%

Volatility

EWUS vs. EWZS - Volatility Comparison

The current volatility for iShares MSCI United Kingdom Small-Cap ETF (EWUS) is 4.96%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 8.98%. This indicates that EWUS 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.

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Volatility by Period

EWUSEWZSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.96%

8.98%

-4.02%

Volatility (6M)

Calculated over the trailing 6-month period

14.97%

24.70%

-9.73%

Volatility (1Y)

Calculated over the trailing 1-year period

18.14%

30.75%

-12.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

33.20%

-12.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.92%

36.75%

-14.83%

EWUS vs. EWZS - Expense Ratio Comparison

Both EWUS and EWZS have an expense ratio of 0.59%.

Dividends

EWUS vs. EWZS - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.30%, less than EWZS's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
EWUS
iShares MSCI United Kingdom Small-Cap ETF		3.30%3.59%3.67%2.88%2.03%3.54%1.97%2.59%3.53%2.61%3.18%2.85%
EWZS
iShares MSCI Brazil Small-Cap ETF		4.01%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

EWUS and EWZS have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (8.98%) compared to EWUS (4.96%). In terms of maximum drawdown, EWUS dropped -49.33% vs EWZS's -79.23%.

On 10-year performance, EWZS leads with 6.69% vs 4.97% for EWUS. Both ETFs have the same 0.59% expense ratio. On volatility, EWUS 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, EWZS has performed better with a 6.69% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWUS and EWZS have the same expense ratio: 0.59% per year.

EWZS has the higher dividend yield at 4.01%, compared with 3.30% for EWUS.

EWUS is categorized as Europe Equities, while EWZS is Latin America Equities. EWUS tracks MSCI United Kingdom Small Cap Index, while EWZS tracks MSCI Brazil Small Cap Index.

EWUS currently has the higher Sharpe Ratio (0.33 vs 0.09), 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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