EWUS vs. EWZS

Last updated Aug 2, 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 5.33%/yr vs 4.94%/yr for EWZS. Their 0.36 correlation means their historical movements had little consistent relationship. 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.

Returns By Period

In the year-to-date period, EWUS achieves a 6.86% return, which is significantly higher than EWZS's 3.21% return. Over the past 10 years, EWUS has outperformed EWZS with an annualized return of 5.33%, while EWZS has yielded a comparatively lower 4.94% annualized return.

EWUS

• 1D: -1.04%
• 1M: 3.24%
• 6M: 1.26%
• YTD: 6.86%
• 1Y: 14.30%
• 3Y*: 13.24%
• 5Y*: 1.58%
• 10Y*: 5.33%
• ALL TIME*: 6.70%

EWZS

• 1D: -0.23%
• 1M: 1.77%
• 6M: -10.01%
• YTD: 3.21%
• 1Y: 15.12%
• 3Y*: -1.60%
• 5Y*: -2.31%
• 10Y*: 4.94%
• ALL TIME*: -1.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWUS iShares MSCI United Kingdom Small-Cap ETF	$129.53K	$175.40K	$229.81K
EWZS iShares MSCI Brazil Small-Cap ETF	$1.16M	$1.70M	$5.15M

EWUS vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWUS iShares MSCI United Kingdom Small-Cap ETF	6.86%	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	3.21%	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 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.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
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	22.8%	8.5%
Industrials	22.0%	9.6%
Consumer Cyclical	16.8%	11.3%
Real Estate	9.9%	14.7%
Communication Services	6.3%	-
Basic Materials	5.4%	11.2%
Utilities	4.1%	13.8%
Consumer Defensive	3.9%	9.8%
Technology	3.5%	5.7%
Healthcare	3.0%	5.9%
Energy	1.7%	5.3%

Return for Risk

EWUS vs. EWZS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWUS

EWUS Risk / Return Rank: 30
EWUS Sharpe Ratio Rank: 31
EWUS Sortino Ratio Rank: 32
EWUS Omega Ratio Rank: 29
EWUS Calmar Ratio Rank: 28
EWUS Martin Ratio Rank: 31

EWZS

EWZS Risk / Return Rank: 24
EWZS Sharpe Ratio Rank: 24
EWZS Sortino Ratio Rank: 25
EWZS Omega Ratio Rank: 25
EWZS Calmar Ratio Rank: 25
EWZS Martin Ratio Rank: 23

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.

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.

	EWUS	EWZS	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.52	+0.23
Sortino ratio: Return per unit of downside risk	1.21	0.92	+0.29
Omega ratio: Gain probability vs. loss probability	1.14	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	0.90	0.75	+0.15
Martin ratio: Return relative to average drawdown	2.83	1.67	+1.16

EWUS vs. EWZS - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.75, which is higher than the EWZS Sharpe Ratio of 0.52. 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.

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.

Drawdown Indicators

	EWUS	EWZS	Difference
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%	-37.33%	+17.49%
Max Drawdown (5Y) Largest decline over 5 years	-48.14%	-42.60%	-5.54%
Max Drawdown (10Y) Largest decline over 10 years	-49.33%	-63.15%	+13.82%
Current Drawdown Current decline from peak	-1.04%	-32.13%	+31.09%
Average Drawdown Average peak-to-trough decline	-12.98%	-36.52%	+23.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	9.67%	-4.85%

Volatility

EWUS vs. EWZS - Volatility Comparison

The current volatility for iShares MSCI United Kingdom Small-Cap ETF (EWUS) is 5.30%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 8.00%. 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.

Volatility by Period

	EWUS	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	8.00%	-2.70%
Volatility (6M) Calculated over the trailing 6-month period	15.41%	24.39%	-8.98%
Volatility (1Y) Calculated over the trailing 1-year period	18.20%	30.89%	-12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	33.01%	-11.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	36.69%	-15.19%

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 3.08%, less than EWZS's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWUS iShares MSCI United Kingdom Small-Cap ETF	3.08%	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	3.87%	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 EWUS and EWZS in my portfolio?

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.

Which is riskier, EWUS or EWZS?

EWZS has higher volatility (8.00%) compared to EWUS (5.30%). In terms of maximum drawdown, EWUS dropped -49.33% vs EWZS's -79.23%.

Which ETF is better, EWUS or EWZS?

On 10-year performance, EWUS leads with 5.33% vs 4.94% for EWZS. Both ETFs have the same 0.59% expense ratio. On volatility, EWUS has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWUS or EWZS?

Over the 10-year period, EWUS has performed better with a 5.33% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWUS or EWZS?

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

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

EWZS has the higher dividend yield at 3.87%, compared with 3.08% for EWUS.

What is the main difference between EWUS and EWZS?

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.

Which has better risk-adjusted returns?

EWUS currently has the higher Sharpe Ratio (0.75 vs 0.52), 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.