EWZ vs. BNO
Compare and contrast key facts about iShares MSCI Brazil ETF (EWZ) and United States Brent Oil Fund LP (BNO).
EWZ and BNO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. BNO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Brent Crude Oil. It was launched on Jun 2, 2010. Both EWZ and BNO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EWZ vs. BNO - Performance Comparison
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EWZ vs. BNO - 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% |
BNO United States Brent Oil Fund LP | 83.65% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Returns By Period
In the year-to-date period, EWZ achieves a 20.84% return, which is significantly lower than BNO's 83.65% return. Over the past 10 years, EWZ has underperformed BNO with an annualized return of 9.08%, while BNO has yielded a comparatively higher 16.00% 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%
BNO
- 1D
- -3.67%
- 1M
- 49.41%
- YTD
- 83.65%
- 6M
- 73.08%
- 1Y
- 67.18%
- 3Y*
- 25.08%
- 5Y*
- 26.10%
- 10Y*
- 16.00%
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EWZ vs. BNO - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is lower than BNO's 0.90% expense ratio.
Return for Risk
EWZ vs. BNO — Risk / Return Rank
EWZ
BNO
EWZ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.19 | 1.84 | +0.35 |
Sortino ratioReturn per unit of downside risk | 2.75 | 2.48 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.32 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 4.89 | 3.91 | +0.97 |
Martin ratioReturn relative to average drawdown | 13.02 | 7.06 | +5.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWZ | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.19 | 1.84 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.77 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.44 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.14 | +0.04 |
Correlation
The correlation between EWZ and BNO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
EWZ vs. BNO - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.29%, while BNO has not paid dividends to shareholders.
| 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% |
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
EWZ vs. BNO - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EWZ and BNO.
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Drawdown Indicators
| EWZ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -87.06% | +9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -11.44% | -18.48% | +7.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -33.70% | +1.46% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -75.18% | +18.19% |
Current DrawdownCurrent decline from peak | -15.84% | -3.67% | -12.17% |
Average DrawdownAverage peak-to-trough decline | -36.09% | -40.53% | +4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 10.25% | -5.96% |
Volatility
EWZ vs. BNO - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 12.21%, while United States Brent Oil Fund LP (BNO) has a volatility of 20.01%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.21% | 20.01% | -7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 19.72% | 27.75% | -8.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.98% | 36.79% | -10.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.78% | 33.90% | -6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.34% | 36.10% | -1.76% |