EWZ vs. BRAZ

Last updated Jun 4, 2026

EWZ (iShares MSCI Brazil ETF) and BRAZ (Global X Brazil Active ETF) are both Latin America Equities funds - EWZ tracks the MSCI Brazil 25/50 Index while BRAZ tracks the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, EWZ returned 32.42% vs 32.60% for BRAZ. With a 0.97 correlation, they move nearly in lockstep. EWZ charges 0.59%/yr vs 0.75%/yr for BRAZ.

Performance

EWZ vs. BRAZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with EWZ having a 9.03% return and BRAZ slightly higher at 9.24%.

EWZ

• 1D: -3.19%
• 1M: -11.27%
• YTD: 9.03%
• 6M: 4.84%
• 1Y: 32.42%
• 3Y*: 11.04%
• 5Y*: 4.31%
• 10Y*: 7.81%

BRAZ

• 1D: -1.64%
• 1M: -10.10%
• YTD: 9.24%
• 6M: 4.93%
• 1Y: 32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWZ vs. BRAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWZ iShares MSCI Brazil ETF	9.03%	48.81%	-30.41%	18.53%
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%

Correlation

The correlation between EWZ and BRAZ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.97

The correlation between EWZ and BRAZ has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

EWZ vs. BRAZ - Sectors Allocation Comparison

Sectors	EWZ	BRAZ
Financial Services	32.7%	38.2%
Energy	18.5%	18.3%
Basic Materials	13.7%	13.4%
Utilities	12.9%	10.1%
Industrials	10.9%	6.7%
Consumer Defensive	4.2%	1.5%
Healthcare	2.4%	2.3%
Communication Services	2.2%	-
Consumer Cyclical	1.5%	3.7%
Technology	1.0%	0.9%
Real Estate	-	2.8%

Return for Risk

EWZ vs. BRAZ — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 36
EWZ Sharpe Ratio Rank: 35
EWZ Sortino Ratio Rank: 33
EWZ Omega Ratio Rank: 34
EWZ Calmar Ratio Rank: 38
EWZ Martin Ratio Rank: 38

BRAZ

BRAZ Risk / Return Rank: 38
BRAZ Sharpe Ratio Rank: 38
BRAZ Sortino Ratio Rank: 35
BRAZ Omega Ratio Rank: 35
BRAZ Calmar Ratio Rank: 42
BRAZ Martin Ratio Rank: 40

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. BRAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Global X Brazil Active ETF (BRAZ). 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	BRAZ	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.36	-0.05
Sortino ratio: Return per unit of downside risk	1.81	1.85	-0.04
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	1.92	2.06	-0.14
Martin ratio: Return relative to average drawdown	6.10	6.33	-0.22
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. BRAZ - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.31, which is comparable to the BRAZ Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EWZ and BRAZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWZ	BRAZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.36	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.44	-0.27

Drawdowns

EWZ vs. BRAZ - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for EWZ and BRAZ.

Drawdown Indicators

	EWZ	BRAZ	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-31.02%	-46.23%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-15.91%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	—	—
Current Drawdown Current decline from peak	-24.07%	-15.91%	-8.16%
Average Drawdown Average peak-to-trough decline	-35.95%	-11.25%	-24.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	5.17%	+0.16%

Volatility

EWZ vs. BRAZ - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.84% compared to Global X Brazil Active ETF (BRAZ) at 6.95%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than BRAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	BRAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	6.95%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	20.04%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	24.14%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	23.58%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.10%	23.58%	+10.52%

EWZ vs. BRAZ - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is lower than BRAZ's 0.75% expense ratio.

Dividends

EWZ vs. BRAZ - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.76%, more than BRAZ's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRAZ Global X Brazil Active ETF	3.12%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWZ iShares MSCI Brazil ETF	4.76%	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 EWZ and BRAZ in my portfolio?

With a correlation of 0.97, EWZ and BRAZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWZ or BRAZ?

EWZ has higher volatility (7.84%) compared to BRAZ (6.95%). In terms of maximum drawdown, EWZ dropped -77.25% vs BRAZ's -31.02%.

Which ETF is better, EWZ or BRAZ?

On 1-year performance, BRAZ leads with 32.60% vs 32.42% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, BRAZ has been the lower-risk option at 6.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or BRAZ?

Over the 1-year period, BRAZ has performed better with a 32.60% return vs 32.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or BRAZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.75% for BRAZ.

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

EWZ has the higher dividend yield at 4.76%, compared with 3.12% for BRAZ.

What is the main difference between EWZ and BRAZ?

EWZ tracks MSCI Brazil 25/50 Index, while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.59% for EWZ and 0.75% for BRAZ.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (1.36 vs 1.31), 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.