EWZ vs. BRF

Last updated Jun 23, 2026

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 7.51%/yr vs 5.61%/yr for BRF. Their correlation of 0.90 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, EWZ achieves a 8.90% return, which is significantly higher than BRF's 1.65% return. Over the past 10 years, EWZ has outperformed BRF with an annualized return of 7.51%, while BRF has yielded a comparatively lower 5.61% annualized return.

EWZ

• 1D: 1.60%
• 1M: -4.88%
• YTD: 8.90%
• 6M: 12.09%
• 1Y: 29.41%
• 3Y*: 7.69%
• 5Y*: 4.25%
• 10Y*: 7.51%

BRF

• 1D: 0.81%
• 1M: -7.02%
• YTD: 1.65%
• 6M: 5.87%
• 1Y: 15.19%
• 3Y*: 0.99%
• 5Y*: -4.37%
• 10Y*: 5.61%

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

EWZ vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	8.90%	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	1.65%	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, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	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	35.5%	9.0%
Energy	15.5%	5.4%
Basic Materials	14.8%	13.4%
Utilities	13.4%	9.5%
Industrials	8.6%	13.2%
Consumer Defensive	4.6%	9.8%
Healthcare	2.1%	5.7%
Communication Services	2.0%	-
Consumer Cyclical	1.4%	13.9%
Technology	0.4%	4.4%
Real Estate	-	14.6%

Return for Risk

EWZ vs. BRF — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 32
EWZ Sharpe Ratio Rank: 33
EWZ Sortino Ratio Rank: 32
EWZ Omega Ratio Rank: 32
EWZ Calmar Ratio Rank: 32
EWZ Martin Ratio Rank: 32

BRF

BRF Risk / Return Rank: 18
BRF Sharpe Ratio Rank: 17
BRF Sortino Ratio Rank: 17
BRF Omega Ratio Rank: 17
BRF Calmar Ratio Rank: 18
BRF Martin Ratio Rank: 20

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. 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.

	EWZ	BRF	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.53	+0.65
Sortino ratio: Return per unit of downside risk	1.67	0.90	+0.76
Omega ratio: Gain probability vs. loss probability	1.21	1.11	+0.10
Calmar ratio: Return relative to maximum drawdown	1.53	0.79	+0.74
Martin ratio: Return relative to average drawdown	4.50	2.24	+2.25

EWZ vs. BRF - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.18, which is higher than the BRF Sharpe Ratio of 0.53. 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.

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.

Drawdown Indicators

	EWZ	BRF	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-82.26%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-19.29%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-37.81%	+6.45%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-50.49%	+18.25%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-60.43%	+3.44%
Current Drawdown Current decline from peak	-24.16%	-50.44%	+26.28%
Average Drawdown Average peak-to-trough decline	-35.92%	-45.74%	+9.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	6.79%	-0.23%

Volatility

EWZ vs. BRF - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 6.14%, while VanEck Vectors Brazil Small-Cap ETF (BRF) has a volatility of 8.03%. 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.

Volatility by Period

	EWZ	BRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	8.03%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	19.72%	23.43%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	28.91%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	31.72%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.03%	33.90%	+0.13%

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 4.27%, less than BRF's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.45%	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	4.27%	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 BRF in my portfolio?

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.

Which is riskier, EWZ or BRF?

BRF has higher volatility (8.03%) compared to EWZ (6.14%). In terms of maximum drawdown, EWZ dropped -77.25% vs BRF's -82.26%.

Which ETF is better, EWZ or BRF?

On 10-year performance, EWZ leads with 7.51% vs 5.61% for BRF. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or BRF?

Over the 10-year period, EWZ has performed better with a 7.51% return vs 5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or BRF?

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

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

BRF has the higher dividend yield at 5.45%, compared with 4.27% for EWZ.

What is the main difference between EWZ and BRF?

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.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.18 vs 0.53), 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.