EWZ vs. BBD

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Brazil ETF (EWZ) and Banco Bradesco S.A. (BBD).

EWZ is a passively managed fund by iShares that tracks the performance of the MSCI Brazil 25/50 Index. It was launched on Jul 10, 2000.

Performance

EWZ vs. BBD - Performance Comparison

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

EWZ vs. BBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	20.84%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%
BBD Banco Bradesco S.A.	9.91%	95.27%	-41.93%	35.20%	-5.19%	-31.96%	-39.58%	15.02%	10.05%	36.27%

Returns By Period

In the year-to-date period, EWZ achieves a 20.84% return, which is significantly higher than BBD's 9.91% return. Over the past 10 years, EWZ has outperformed BBD with an annualized return of 9.08%, while BBD has yielded a comparatively lower 3.89% annualized return.

EWZ

• 1D: 4.41%
• 1M: -0.88%
• YTD: 20.84%
• 6M: 28.18%
• 1Y: 56.58%
• 3Y*: 19.24%
• 5Y*: 11.82%
• 10Y*: 9.08%

BBD

• 1D: 4.29%
• 1M: -10.67%
• YTD: 9.91%
• 6M: 12.78%
• 1Y: 78.44%
• 3Y*: 21.05%
• 5Y*: 4.87%
• 10Y*: 3.89%

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

Return for Risk

EWZ vs. BBD — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 94
EWZ Sharpe Ratio Rank: 94
EWZ Sortino Ratio Rank: 93
EWZ Omega Ratio Rank: 91
EWZ Calmar Ratio Rank: 97
EWZ Martin Ratio Rank: 93

BBD

BBD Risk / Return Rank: 91
BBD Sharpe Ratio Rank: 91
BBD Sortino Ratio Rank: 90
BBD Omega Ratio Rank: 89
BBD Calmar Ratio Rank: 91
BBD Martin Ratio Rank: 92

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.

EWZ vs. BBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Banco Bradesco S.A. (BBD). 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.

	EWZ	BBD	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.05	+0.13
Sortino ratio Return per unit of downside risk	2.75	2.83	-0.08
Omega ratio Gain probability vs. loss probability	1.37	1.37	+0.01
Calmar ratio Return relative to maximum drawdown	4.89	4.06	+0.83
Martin ratio Return relative to average drawdown	13.02	12.51	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWZ vs. BBD - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 2.19, which is comparable to the BBD Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of EWZ and BBD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWZ	BBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.05	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.13	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.09	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.24	-0.06

Correlation

The correlation between EWZ and BBD is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EWZ vs. BBD - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.29%, less than BBD's 7.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.29%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
BBD Banco Bradesco S.A.	7.15%	9.26%	8.06%	9.57%	2.87%	5.79%	2.70%	5.52%	3.10%	5.05%	3.65%	6.57%

Drawdowns

EWZ vs. BBD - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than BBD's maximum drawdown of -72.89%. Use the drawdown chart below to compare losses from any high point for EWZ and BBD.

Drawdown Indicators

	EWZ	BBD	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-72.89%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-18.54%	+7.10%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-53.76%	+21.52%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-72.89%	+15.90%
Current Drawdown Current decline from peak	-15.84%	-40.57%	+24.73%
Average Drawdown Average peak-to-trough decline	-36.09%	-30.99%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	6.02%	-1.73%

Volatility

EWZ vs. BBD - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 12.21%, while Banco Bradesco S.A. (BBD) has a volatility of 14.88%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	BBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	14.88%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	19.72%	26.37%	-6.65%
Volatility (1Y) Calculated over the trailing 1-year period	25.98%	38.44%	-12.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.78%	38.83%	-11.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.34%	43.03%	-8.69%