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EWZ vs. BTG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZ vs. BTG

Last updated Jun 13, 2026

EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while BTG (B2Gold Corp.) is a stock. Over the past 10 years, EWZ returned 8.29%/yr vs 9.37%/yr for BTG. At a 0.23 correlation, their price movements are largely independent.

Performance

EWZ vs. BTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and B2Gold Corp. (BTG). 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 10.48% return, which is significantly higher than BTG's -5.82% return. Over the past 10 years, EWZ has underperformed BTG with an annualized return of 8.29%, while BTG has yielded a comparatively higher 9.37% annualized return.

EWZ

1D
0.83%
1M
-4.57%
YTD
10.48%
6M
9.03%
1Y
31.47%
3Y*
9.47%
5Y*
4.96%
10Y*
8.29%

BTG

1D
2.93%
1M
-21.06%
YTD
-5.82%
6M
-7.67%
1Y
15.53%
3Y*
8.86%
5Y*
1.08%
10Y*
9.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZ vs. BTG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZ
iShares MSCI Brazil ETF		10.48%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%
BTG
B2Gold Corp.		-5.82%88.95%-18.07%-7.22%-5.13%-26.97%42.35%37.72%-5.81%30.80%

Correlation

The correlation between EWZ and BTG is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Jun 24, 2008

0.23

The correlation between EWZ and BTG shifts across timeframes, from 0.22 (10 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

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

B2Gold Corp.

Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT
Often compared with BTG:
BTG vs. AEMBTG vs. KGCBTG vs. GOLDBTG vs. CDEBTG vs. GLDBTG vs. EQXBTG vs. CMCL

Return for Risk

EWZ vs. BTG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWZ
EWZ Risk / Return Rank: 3838
Overall Rank
EWZ Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3838
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3737
Martin Ratio Rank
BTG
BTG Risk / Return Rank: 5252
Overall Rank
BTG Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BTG Sortino Ratio Rank: 5050
Sortino Ratio Rank
BTG Omega Ratio Rank: 5050
Omega Ratio Rank
BTG Calmar Ratio Rank: 5353
Calmar Ratio Rank
BTG Martin Ratio Rank: 5252
Martin Ratio Rank
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. BTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and B2Gold Corp. (BTG). 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.

EWZBTGDifference
Sharpe ratioReturn per unit of total volatility
1.25
0.28

+0.97

Sortino ratioReturn per unit of downside risk
1.76
0.75

+1.01

Omega ratioGain probability vs. loss probability

1.22

1.10

+0.13

Calmar ratioReturn relative to maximum drawdown

1.64

0.42

+1.22

Martin ratioReturn relative to average drawdown

5.17

0.83

+4.34

EWZ vs. BTG - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.25, which is higher than the BTG Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of EWZ and BTG, 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. BTG - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum BTG drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for EWZ and BTG.

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Drawdown Indicators

EWZBTGDifference

Max Drawdown

Largest peak-to-trough decline

-77.25%

-85.97%

+8.72%

Max Drawdown (1Y)

Largest decline over 1 year

-19.27%

-36.97%

+17.70%

Max Drawdown (3Y)

Largest decline over 3 years

-31.36%

-36.97%

+5.61%

Max Drawdown (5Y)

Largest decline over 5 years

-32.24%

-48.92%

+16.68%

Max Drawdown (10Y)

Largest decline over 10 years

-56.99%

-63.35%

+6.36%

Current Drawdown

Current decline from peak

-23.06%

-31.60%

+8.54%

Average Drawdown

Average peak-to-trough decline

-35.93%

-38.35%

+2.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.10%

18.70%

-12.60%

Volatility

EWZ vs. BTG - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.35%, while B2Gold Corp. (BTG) has a volatility of 15.76%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than BTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZBTGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.35%

15.76%

-8.41%

Volatility (6M)

Calculated over the trailing 6-month period

19.97%

44.50%

-24.53%

Volatility (1Y)

Calculated over the trailing 1-year period

25.20%

55.48%

-30.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.70%

44.82%

-17.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.04%

48.23%

-14.19%

Dividends

EWZ vs. BTG - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.70%, more than BTG's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
BTG
B2Gold Corp.		1.90%1.77%6.56%5.06%4.48%4.07%1.96%0.25%0.00%0.00%0.00%0.00%
EWZ
iShares MSCI Brazil ETF		4.70%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

EWZ and BTG have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BTG has higher volatility (15.76%) compared to EWZ (7.35%). In terms of maximum drawdown, EWZ dropped -77.25% vs BTG's -85.97%.

EWZ currently has the higher Sharpe Ratio (1.25 vs 0.28), 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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