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EWZ vs. BRF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZ vs. BRF

Last updated Aug 2, 2026
Documentation

EWZ (iShares MSCI Brazil ETF) and BRF (VanEck Vectors Brazil Small-Cap ETF) are both Latin America Equities funds - EWZ tracks the MSCI Brazil 25/50 Index while BRF tracks the MVIS Brazil Small-Cap Index. Both are passively managed. Over the past 10 years, EWZ returned 6.64%/yr vs 3.54%/yr for BRF. Their correlation of 0.90 means they have usually moved in the same direction. EWZ charges 0.59%/yr vs 0.60%/yr for BRF.

Performance

EWZ vs. BRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and VanEck Vectors Brazil Small-Cap ETF (BRF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWZ achieves a 16.46% return, which is significantly higher than BRF's 1.34% return. Over the past 10 years, EWZ has outperformed BRF with an annualized return of 6.64%, while BRF has yielded a comparatively lower 3.54% annualized return.

EWZ

1D
0.33%
1M
6.45%
6M
-0.11%
YTD
16.46%
1Y
43.70%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%

BRF

1D
-0.43%
1M
-0.31%
6M
-12.16%
YTD
1.34%
1Y
20.04%
3Y*
-0.14%
5Y*
-2.02%
10Y*
3.54%
ALL TIME*
1.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

BRF

VanEck Vectors Brazil Small-Cap ETF
$47.50K$48.62K$103.93K

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

EWZ vs. BRF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZ
iShares MSCI Brazil ETF		16.46%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%
BRF
VanEck Vectors Brazil Small-Cap ETF		1.34%54.17%-35.02%37.21%-14.38%-20.40%-21.07%40.66%-12.07%54.63%

Correlation

The correlation between EWZ and BRF is 0.91, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.91

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

0.90

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

0.90

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

0.90

Correlation (All Time)
Calculated using the full available price history since May 14, 2009

0.90

The correlation between EWZ and BRF has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

EWZ vs. BRF - Sectors Allocation Comparison

Sectors
EWZ
BRF

Financial Services

34.5%
9.2%

Energy

15.1%
4.9%

Basic Materials

14.5%
13.7%

Utilities

13.5%
9.6%

Industrials

11.6%
12.6%

Consumer Defensive

4.7%
8.8%

Healthcare

2.2%
6.2%

Communication Services

2.1%

-

Consumer Cyclical

1.4%
16.3%

Technology

0.4%
3.5%

Real Estate

-

15.1%

Financial Services

EWZ
34.5%
BRF
9.2%

Energy

EWZ
15.1%
BRF
4.9%

Basic Materials

EWZ
14.5%
BRF
13.7%

Utilities

EWZ
13.5%
BRF
9.6%

Industrials

EWZ
11.6%
BRF
12.6%

Consumer Defensive

EWZ
4.7%
BRF
8.8%

Healthcare

EWZ
2.2%
BRF
6.2%

Communication Services

EWZ
2.1%
BRF

-

Consumer Cyclical

EWZ
1.4%
BRF
16.3%

Technology

EWZ
0.4%
BRF
3.5%

Real Estate

EWZ

-

BRF
15.1%

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 Brazil ETF

VanEck Vectors Brazil Small-Cap ETF

Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT
Often compared with BRF:
BRF vs. EWZSBRF vs. FLNBRF vs. KSABRF vs. TMFCBRF vs. GDXBRF vs. FLBRBRF vs. DAPP

Return for Risk

EWZ vs. BRF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
Martin Ratio Rank
BRF
BRF Risk / Return Rank: 3131
Overall Rank
BRF Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
BRF Sortino Ratio Rank: 3131
Sortino Ratio Rank
BRF Omega Ratio Rank: 3131
Omega Ratio Rank
BRF Calmar Ratio Rank: 3232
Calmar Ratio Rank
BRF Martin Ratio Rank: 2929
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.

EWZ vs. BRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and VanEck Vectors Brazil Small-Cap ETF (BRF). 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.

EWZBRFDifference
Sharpe ratioReturn per unit of total volatility
1.77
0.76

+1.01

Sortino ratioReturn per unit of downside risk
2.36
1.19

+1.16

Omega ratioGain probability vs. loss probability

1.30

1.15

+0.15

Calmar ratioReturn relative to maximum drawdown

2.31

1.07

+1.23

Martin ratioReturn relative to average drawdown

5.64

2.45

+3.19

EWZ vs. BRF - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.77, which is higher than the BRF Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of EWZ and BRF, 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

EWZ vs. BRF - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum BRF drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for EWZ and BRF.

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Drawdown Indicators

EWZBRFDifference

Max Drawdown

Largest peak-to-trough decline

-77.25%

-82.26%

+5.01%

Max Drawdown (1Y)

Largest decline over 1 year

-19.27%

-20.51%

+1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-31.36%

-36.89%

+5.53%

Max Drawdown (5Y)

Largest decline over 5 years

-32.24%

-43.02%

+10.78%

Max Drawdown (10Y)

Largest decline over 10 years

-56.99%

-60.43%

+3.44%

Current Drawdown

Current decline from peak

-18.89%

-50.60%

+31.71%

Average Drawdown

Average peak-to-trough decline

-35.86%

-45.77%

+9.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.86%

8.97%

-1.11%

Volatility

EWZ vs. BRF - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 6.69%, while VanEck Vectors Brazil Small-Cap ETF (BRF) has a volatility of 7.18%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZBRFDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

7.18%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

19.32%

22.54%

-3.22%

Volatility (1Y)

Calculated over the trailing 1-year period

25.12%

29.04%

-3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.46%

31.50%

-4.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.90%

33.82%

+0.08%

EWZ vs. BRF - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is lower than BRF's 0.60% expense ratio.

Dividends

EWZ vs. BRF - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 3.99%, less than BRF's 5.47% yield.

PositionTTM20252024202320222021202020192018201720162015
BRF
VanEck Vectors Brazil Small-Cap ETF		5.47%5.54%4.08%5.02%4.13%2.96%1.66%2.54%2.89%4.53%4.25%3.84%
EWZ
iShares MSCI Brazil ETF		3.99%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

With a correlation of 0.91, EWZ and BRF 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.

BRF has higher volatility (7.18%) compared to EWZ (6.69%). In terms of maximum drawdown, EWZ dropped -77.25% vs BRF's -82.26%.

On 10-year performance, EWZ leads with 6.64% vs 3.54% for BRF. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWZ has performed better with a 6.64% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWZ is cheaper with a 0.59% expense ratio, compared with 0.60% for BRF.

BRF has the higher dividend yield at 5.47%, compared with 3.99% for EWZ.

EWZ tracks MSCI Brazil 25/50 Index, while BRF tracks MVIS Brazil Small-Cap Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.59% for EWZ and 0.60% for BRF.

EWZ currently has the higher Sharpe Ratio (1.77 vs 0.76), 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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