EWZ vs. CGAU
EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while CGAU (Centerra Gold Inc) is a stock. Over the past 5 years, EWZ returned 6.56%/yr vs 18.60%/yr for CGAU. At a 0.31 correlation, their price movements are largely independent.
Performance
EWZ vs. CGAU - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EWZ having a 14.17% return and CGAU slightly lower at 13.53%.
EWZ
- 1D
- 2.77%
- 1M
- 4.20%
- 6M
- 9.71%
- YTD
- 14.17%
- 1Y
- 36.37%
- 3Y*
- 10.52%
- 5Y*
- 6.56%
- 10Y*
- 6.86%
CGAU
- 1D
- 0.06%
- 1M
- 3.84%
- 6M
- 6.21%
- YTD
- 13.53%
- 1Y
- 125.65%
- 3Y*
- 41.80%
- 5Y*
- 18.60%
- 10Y*
- —
EWZ vs. CGAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | 12.09% | -10.74% |
CGAU Centerra Gold Inc | 13.53% | 159.49% | -1.45% | 19.37% | -32.55% | -14.48% |
Correlation
The correlation between EWZ and CGAU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.31 |
The correlation between EWZ and CGAU shifts across timeframes, from 0.31 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. CGAU — Risk / Return Rank
EWZ
CGAU
EWZ vs. CGAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Centerra Gold Inc (CGAU). 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 | CGAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.36 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 4.42 | -2.58 |
| Martin ratioReturn relative to average drawdown | 4.94 | 11.31 | -6.37 |
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Drawdowns
EWZ vs. CGAU - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, which is greater than CGAU's maximum drawdown of -63.47%. Use the drawdown chart below to compare losses from any high point for EWZ and CGAU.
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Drawdown Indicators
| EWZ | CGAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -63.47% | -13.78% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -29.50% | +10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -30.24% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -63.47% | +31.23% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | — | — |
Current DrawdownCurrent decline from peak | -20.49% | -22.42% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -35.90% | -29.49% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | 11.52% | -4.32% |
Volatility
EWZ vs. CGAU - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 5.74%, while Centerra Gold Inc (CGAU) has a volatility of 15.89%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than CGAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | CGAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 15.89% | -10.15% |
Volatility (6M)Calculated over the trailing 6-month period | 19.70% | 43.07% | -23.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 52.55% | -27.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.60% | 47.18% | -19.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 48.83% | -14.93% |
Dividends
EWZ vs. CGAU - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.07%, more than CGAU's 1.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGAU Centerra Gold Inc | 1.25% | 1.39% | 3.59% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EWZ iShares MSCI Brazil ETF | 4.07% | 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 CGAU have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CGAU has higher volatility (15.89%) compared to EWZ (5.74%). In terms of maximum drawdown, EWZ dropped -77.25% vs CGAU's -63.47%.
CGAU currently has the higher Sharpe Ratio (2.48 vs 1.43), 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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