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EWW vs. EWZS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. EWZS

Last updated Aug 4, 2026
Documentation

EWW (iShares MSCI Mexico ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds from iShares - EWW tracks the MSCI Mexico IMI 25/50 Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 10 years, EWW returned 7.05%/yr vs 4.41%/yr for EWZS. Their 0.54 correlation means they have sometimes moved together and sometimes differently. EWW charges 0.50%/yr vs 0.59%/yr for EWZS.

Performance

EWW vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) 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, EWW achieves a 12.04% return, which is significantly higher than EWZS's 3.23% return. Over the past 10 years, EWW has outperformed EWZS with an annualized return of 7.05%, while EWZS has yielded a comparatively lower 4.41% annualized return.

EWW

1D
-0.34%
1M
1.39%
6M
2.98%
YTD
12.04%
1Y
32.83%
3Y*
10.69%
5Y*
12.92%
10Y*
7.05%
ALL TIME*
8.92%

EWZS

1D
0.01%
1M
1.79%
6M
-10.93%
YTD
3.23%
1Y
15.13%
3Y*
-0.97%
5Y*
-2.36%
10Y*
4.41%
ALL TIME*
-1.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWW

iShares MSCI Mexico ETF
$81.87M$77.20M$92.45M

EWZS

iShares MSCI Brazil Small-Cap ETF
$995.84K$1.72M$5.21M

EWW vs. EWZS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		12.04%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
EWZS
iShares MSCI Brazil Small-Cap ETF		3.23%45.18%-35.95%32.65%-11.20%-14.09%-20.86%50.60%-7.13%54.18%

Correlation

The correlation between EWW and EWZS is 0.58, 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.

0.58

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

0.52

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

0.49

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

0.51

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.54

The correlation between EWW and EWZS has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

EWW vs. EWZS - Sectors Allocation Comparison

Sectors
EWW
EWZS

Basic Materials

24.7%
11.2%

Consumer Defensive

24.4%
9.8%

Financial Services

19.7%
8.5%

Industrials

12.5%
9.6%

Communication Services

10.1%

-

Real Estate

6.5%
14.7%

Consumer Cyclical

1.1%
11.3%

Healthcare

0.5%
5.9%

Energy

-

5.3%

Technology

-

5.7%

Utilities

-

13.8%

Basic Materials

EWW
24.7%
EWZS
11.2%

Consumer Defensive

EWW
24.4%
EWZS
9.8%

Financial Services

EWW
19.7%
EWZS
8.5%

Industrials

EWW
12.5%
EWZS
9.6%

Communication Services

EWW
10.1%
EWZS

-

Real Estate

EWW
6.5%
EWZS
14.7%

Consumer Cyclical

EWW
1.1%
EWZS
11.3%

Healthcare

EWW
0.5%
EWZS
5.9%

Energy

EWW

-

EWZS
5.3%

Technology

EWW

-

EWZS
5.7%

Utilities

EWW

-

EWZS
13.8%

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 Mexico ETF

iShares MSCI Brazil Small-Cap ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU

Return for Risk

EWW vs. EWZS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWW
EWW Risk / Return Rank: 6262
Overall Rank
EWW Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 6161
Sortino Ratio Rank
EWW Omega Ratio Rank: 5959
Omega Ratio Rank
EWW Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWW Martin Ratio Rank: 6262
Martin Ratio Rank
EWZS
EWZS Risk / Return Rank: 2323
Overall Rank
EWZS Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWZS Omega Ratio Rank: 2323
Omega Ratio Rank
EWZS Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWZS Martin Ratio Rank: 2222
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.

EWW vs. EWZS - Risk-Adjusted Trends Comparison

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

EWWEWZSDifference
Sharpe ratioReturn per unit of total volatility
1.50
0.49

+1.00

Sortino ratioReturn per unit of downside risk
2.12
0.89

+1.23

Omega ratioGain probability vs. loss probability

1.26

1.11

+0.16

Calmar ratioReturn relative to maximum drawdown

2.36

0.71

+1.65

Martin ratioReturn relative to average drawdown

7.62

1.56

+6.07

EWW vs. EWZS - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.50, which is higher than the EWZS Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of EWW 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

EWW vs. EWZS - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for EWW and EWZS.

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Drawdown Indicators

EWWEWZSDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-79.23%

+14.29%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-21.53%

+7.55%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-37.33%

+6.16%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-42.60%

+11.43%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-63.15%

+9.53%

Current Drawdown

Current decline from peak

-4.37%

-32.12%

+27.75%

Average Drawdown

Average peak-to-trough decline

-18.45%

-36.52%

+18.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.32%

9.74%

-5.42%

Volatility

EWW vs. EWZS - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 5.26%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 7.98%. This indicates that EWW 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

EWWEWZSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.26%

7.98%

-2.72%

Volatility (6M)

Calculated over the trailing 6-month period

18.05%

24.20%

-6.15%

Volatility (1Y)

Calculated over the trailing 1-year period

22.07%

30.90%

-8.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.57%

33.01%

-10.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.25%

36.69%

-11.44%

EWW vs. EWZS - Expense Ratio Comparison

EWW has a 0.50% expense ratio, which is lower than EWZS's 0.59% expense ratio.

Dividends

EWW vs. EWZS - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.22%, less than EWZS's 3.87% yield.

PositionTTM20252024202320222021202020192018201720162015
EWW
iShares MSCI Mexico ETF		3.22%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%
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

EWW and EWZS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (7.98%) compared to EWW (5.26%). In terms of maximum drawdown, EWW dropped -64.94% vs EWZS's -79.23%.

On 10-year performance, EWW leads with 7.05% vs 4.41% for EWZS. On fees, EWW is cheaper at 0.50% per year. On volatility, EWW has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWW has performed better with a 7.05% return vs 4.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.50% expense ratio, compared with 0.59% for EWZS.

EWZS has the higher dividend yield at 3.87%, compared with 3.22% for EWW.

EWW tracks MSCI Mexico IMI 25/50 Index, while EWZS tracks MSCI Brazil Small Cap Index. Their fees differ too: 0.50% for EWW and 0.59% for EWZS.

EWW currently has the higher Sharpe Ratio (1.50 vs 0.49), 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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