EWZ vs. EWZS

Last updated Jun 3, 2026

EWZ (iShares MSCI Brazil ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds from iShares - EWZ tracks the MSCI Brazil 25/50 Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 10 years, EWZ returned 8.16%/yr vs 8.34%/yr for EWZS. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

EWZ vs. EWZS - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZ achieves a 12.62% return, which is significantly higher than EWZS's 9.74% return. Both investments have delivered pretty close results over the past 10 years, with EWZ having a 8.16% annualized return and EWZS not far ahead at 8.34%.

EWZ

• 1D: 0.31%
• 1M: -9.26%
• YTD: 12.62%
• 6M: 8.83%
• 1Y: 38.34%
• 3Y*: 12.25%
• 5Y*: 5.41%
• 10Y*: 8.16%

EWZS

• 1D: 1.57%
• 1M: -5.27%
• YTD: 9.74%
• 6M: 2.03%
• 1Y: 16.22%
• 3Y*: 3.95%
• 5Y*: -2.76%
• 10Y*: 8.34%

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

EWZ vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	12.62%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%
EWZS iShares MSCI Brazil Small-Cap ETF	9.74%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%

Correlation

The correlation between EWZ and EWZS 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.89

The correlation between EWZ and EWZS has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

EWZ vs. EWZS - Sectors Allocation Comparison

Sectors	EWZ	EWZS
Financial Services	32.7%	10.4%
Energy	18.5%	4.8%
Basic Materials	13.7%	16.5%
Utilities	12.9%	12.1%
Industrials	10.9%	8.6%
Consumer Defensive	4.2%	10.9%
Healthcare	2.4%	4.8%
Communication Services	2.2%	-
Consumer Cyclical	1.5%	15.5%
Technology	1.0%	3.0%
Real Estate	-	13.4%

Return for Risk

EWZ vs. EWZS — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 45
EWZ Sharpe Ratio Rank: 44
EWZ Sortino Ratio Rank: 41
EWZ Omega Ratio Rank: 42
EWZ Calmar Ratio Rank: 53
EWZ Martin Ratio Rank: 45

EWZS

EWZS Risk / Return Rank: 19
EWZS Sharpe Ratio Rank: 17
EWZS Sortino Ratio Rank: 19
EWZS Omega Ratio Rank: 18
EWZS Calmar Ratio Rank: 22
EWZS Martin Ratio Rank: 21

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. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and iShares MSCI Brazil Small-Cap ETF (EWZS). 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	EWZS	Difference
Sharpe ratio Return per unit of total volatility	1.56	0.54	+1.02
Sortino ratio Return per unit of downside risk	2.10	0.94	+1.16
Omega ratio Gain probability vs. loss probability	1.27	1.12	+0.16
Calmar ratio Return relative to maximum drawdown	2.66	1.03	+1.63
Martin ratio Return relative to average drawdown	7.41	2.61	+4.79
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. EWZS - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.56, which is higher than the EWZS Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of EWZ and EWZS, 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	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	0.54	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	-0.08	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.23	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.02	+0.19

Drawdowns

EWZ vs. EWZS - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, roughly equal to the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for EWZ and EWZS.

Drawdown Indicators

	EWZ	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-79.23%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.52%	-17.05%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-37.55%	+6.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-48.78%	+16.54%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-63.15%	+6.16%
Current Drawdown Current decline from peak	-21.57%	-27.84%	+6.27%
Average Drawdown Average peak-to-trough decline	-35.95%	-36.57%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	6.71%	-1.49%

Volatility

EWZ vs. EWZS - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.35%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 10.23%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	10.23%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	20.53%	25.17%	-4.64%
Volatility (1Y) Calculated over the trailing 1-year period	24.75%	30.13%	-5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.64%	33.07%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.09%	36.77%	-2.68%

EWZ vs. EWZS - Expense Ratio Comparison

Both EWZ and EWZS have an expense ratio of 0.59%.

Dividends

EWZ vs. EWZS - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.61%, more than EWZS's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.61%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
EWZS iShares MSCI Brazil Small-Cap ETF	3.53%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%

Frequently Asked Questions

Can I hold both EWZ and EWZS in my portfolio?

With a correlation of 0.91, EWZ and EWZS 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 EWZS?

EWZS has higher volatility (10.23%) compared to EWZ (7.35%). In terms of maximum drawdown, EWZ dropped -77.25% vs EWZS's -79.23%.

Which ETF is better, EWZ or EWZS?

On 10-year performance, EWZS leads with 8.34% vs 8.16% for EWZ. Both ETFs have the same 0.59% expense ratio. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or EWZS?

Over the 10-year period, EWZS has performed better with a 8.34% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or EWZS?

EWZ and EWZS have the same expense ratio: 0.59% per year.

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

EWZ has the higher dividend yield at 4.61%, compared with 3.53% for EWZS.

What is the main difference between EWZ and EWZS?

EWZ tracks MSCI Brazil 25/50 Index, while EWZS tracks MSCI Brazil Small Cap Index.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.56 vs 0.54), 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.