EWZ vs. BRZU

Last updated Jun 4, 2026

EWZ (iShares MSCI Brazil ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EWZ returned 7.81%/yr vs -16.20%/yr for BRZU. With a 0.99 correlation, they move nearly in lockstep. EWZ charges 0.59%/yr vs 1.29%/yr for BRZU.

Performance

EWZ vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZ achieves a 9.03% return, which is significantly lower than BRZU's 11.76% return. Over the past 10 years, EWZ has outperformed BRZU with an annualized return of 7.81%, while BRZU has yielded a comparatively lower -16.20% annualized return.

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%

BRZU

• 1D: -6.46%
• 1M: -22.26%
• YTD: 11.76%
• 6M: 2.36%
• 1Y: 55.66%
• 3Y*: 9.42%
• 5Y*: -4.04%
• 10Y*: -16.20%

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

EWZ vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	9.03%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%
BRZU Direxion Daily Brazil Bull 2X Shares	11.76%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between EWZ and BRZU is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	0.99

The correlation between EWZ and BRZU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

EWZ vs. BRZU - Sectors Allocation Comparison

Sectors	EWZ	BRZU
Financial Services	32.7%	32.7%
Energy	18.5%	18.7%
Basic Materials	13.7%	13.7%
Utilities	12.9%	12.8%
Industrials	10.9%	10.9%
Consumer Defensive	4.2%	4.2%
Healthcare	2.4%	2.4%
Communication Services	2.2%	2.2%
Consumer Cyclical	1.5%	1.5%
Technology	1.0%	0.9%
Real Estate	-	-

Return for Risk

EWZ vs. BRZU — 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

BRZU

BRZU Risk / Return Rank: 32
BRZU Sharpe Ratio Rank: 31
BRZU Sortino Ratio Rank: 30
BRZU Omega Ratio Rank: 31
BRZU Calmar Ratio Rank: 35
BRZU Martin Ratio Rank: 34

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. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.13	+0.18
Sortino ratio: Return per unit of downside risk	1.81	1.65	+0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	1.92	1.73	+0.19
Martin ratio: Return relative to average drawdown	6.10	5.24	+0.87
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. BRZU - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.31, which is comparable to the BRZU Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of EWZ and BRZU, 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	BRZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.13	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.07	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	-0.20	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.35	+0.52

Drawdowns

EWZ vs. BRZU - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for EWZ and BRZU.

Drawdown Indicators

	EWZ	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-99.71%	+22.46%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-32.39%	+15.40%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-58.25%	+26.89%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-65.00%	+32.76%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-98.11%	+41.12%
Current Drawdown Current decline from peak	-24.07%	-99.20%	+75.13%
Average Drawdown Average peak-to-trough decline	-35.95%	-89.55%	+53.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	10.66%	-5.33%

Volatility

EWZ vs. BRZU - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.84%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 15.75%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	15.75%	-7.91%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	41.66%	-20.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	49.58%	-24.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	55.40%	-27.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.10%	83.15%	-49.05%

EWZ vs. BRZU - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

EWZ vs. BRZU - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.76%, more than BRZU's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRZU Direxion Daily Brazil Bull 2X Shares	2.39%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	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 BRZU in my portfolio?

With a correlation of 1.00, EWZ and BRZU 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 BRZU?

BRZU has higher volatility (15.75%) compared to EWZ (7.84%). In terms of maximum drawdown, EWZ dropped -77.25% vs BRZU's -99.71%.

Which ETF is better, EWZ or BRZU?

On 10-year performance, EWZ leads with 7.81% vs -16.20% for BRZU. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or BRZU?

Over the 10-year period, EWZ has performed better with a 7.81% return vs -16.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or BRZU?

EWZ is cheaper with a 0.59% expense ratio, compared with 1.29% for BRZU.

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

EWZ has the higher dividend yield at 4.76%, compared with 2.39% for BRZU.

What is the main difference between EWZ and BRZU?

EWZ is categorized as Latin America Equities, while BRZU is Leveraged Equities. Both ETFs track MSCI Brazil 25/50 Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.59% for EWZ and 1.29% for BRZU.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.31 vs 1.13), 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.