EWY vs. EWZ

Last updated Jun 13, 2026

EWY (iShares MSCI South Korea ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - EWY is a Asia Pacific Equities fund tracking the MSCI Korea Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EWY returned 16.84%/yr vs 8.29%/yr for EWZ. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EWY vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWY achieves a 103.10% return, which is significantly higher than EWZ's 10.48% return. Over the past 10 years, EWY has outperformed EWZ with an annualized return of 16.84%, while EWZ has yielded a comparatively lower 8.29% annualized return.

EWY

• 1D: -0.75%
• 1M: 4.68%
• YTD: 103.10%
• 6M: 117.85%
• 1Y: 198.25%
• 3Y*: 46.46%
• 5Y*: 18.80%
• 10Y*: 16.84%

EWZ

• 1D: 0.83%
• 1M: -4.57%
• YTD: 10.48%
• 6M: 9.03%
• 1Y: 31.47%
• 3Y*: 9.47%
• 5Y*: 4.96%
• 10Y*: 8.29%

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

EWY vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWY iShares MSCI South Korea ETF	103.10%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	39.43%	7.97%	-20.37%	44.97%
EWZ iShares MSCI Brazil ETF	10.48%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between EWY and EWZ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
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	0.47
Correlation (All Time) Calculated using the full available price history since Jul 14, 2000	0.51

The correlation between EWY and EWZ has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

EWY vs. EWZ - Sectors Allocation Comparison

Sectors	EWY	EWZ
Technology	52.4%	1.0%
Industrials	20.4%	10.9%
Financial Services	9.6%	32.7%
Consumer Cyclical	5.7%	1.5%
Healthcare	3.5%	2.4%
Communication Services	2.9%	2.2%
Basic Materials	2.0%	13.7%
Consumer Defensive	1.7%	4.2%
Energy	1.4%	18.5%
Utilities	0.4%	12.9%
Real Estate	-	-

Return for Risk

EWY vs. EWZ — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 95
EWY Sharpe Ratio Rank: 97
EWY Sortino Ratio Rank: 93
EWY Omega Ratio Rank: 94
EWY Calmar Ratio Rank: 97
EWY Martin Ratio Rank: 96

EWZ

EWZ Risk / Return Rank: 38
EWZ Sharpe Ratio Rank: 40
EWZ Sortino Ratio Rank: 38
EWZ Omega Ratio Rank: 38
EWZ Calmar Ratio Rank: 37
EWZ Martin Ratio Rank: 37

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.

EWY vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) 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.

	EWY	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	4.29	1.25	+3.04
Sortino ratio: Return per unit of downside risk	4.08	1.76	+2.32
Omega ratio: Gain probability vs. loss probability	1.59	1.22	+0.37
Calmar ratio: Return relative to maximum drawdown	8.65	1.64	+7.00
Martin ratio: Return relative to average drawdown	30.24	5.17	+25.07

EWY vs. EWZ - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 4.29, which is higher than the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of EWY 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.

Drawdowns

EWY vs. EWZ - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for EWY and EWZ.

Drawdown Indicators

	EWY	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-77.25%	+3.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.08%	-19.27%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-31.36%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-48.55%	-32.24%	-16.31%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	-56.99%	+7.26%
Current Drawdown Current decline from peak	-8.88%	-23.06%	+14.18%
Average Drawdown Average peak-to-trough decline	-20.11%	-35.93%	+15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	6.10%	+0.49%

Volatility

EWY vs. EWZ - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 25.64% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.64%	7.35%	+18.29%
Volatility (6M) Calculated over the trailing 6-month period	42.65%	19.97%	+22.68%
Volatility (1Y) Calculated over the trailing 1-year period	46.51%	25.20%	+21.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.15%	27.70%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.06%	34.04%	-5.98%

EWY vs. EWZ - Expense Ratio Comparison

Both EWY and EWZ have an expense ratio of 0.59%.

Dividends

EWY vs. EWZ - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.03%, less than EWZ's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.03%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
EWZ iShares MSCI Brazil ETF	4.70%	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

Can I hold both EWY and EWZ in my portfolio?

EWY and EWZ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWY or EWZ?

EWY has higher volatility (25.64%) compared to EWZ (7.35%). In terms of maximum drawdown, EWY dropped -74.14% vs EWZ's -77.25%.

Which ETF is better, EWY or EWZ?

On 10-year performance, EWY leads with 16.84% vs 8.29% for EWZ. Both ETFs have the same 0.59% expense ratio. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or EWZ?

Over the 10-year period, EWY has performed better with a 16.84% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or EWZ?

EWY and EWZ have the same expense ratio: 0.59% per year.

Which ETF pays a higher dividend yield, EWY or EWZ?

EWZ has the higher dividend yield at 4.70%, compared with 1.03% for EWY.

What is the main difference between EWY and EWZ?

EWY is categorized as Asia Pacific Equities, while EWZ is Latin America Equities. EWY tracks MSCI Korea Index, while EWZ tracks MSCI Brazil 25/50 Index.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (4.29 vs 1.25), 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.