EWZ vs. FTGC
EWZ (iShares MSCI Brazil ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while FTGC is a Commodities fund actively managed by First Trust. EWZ is passively managed, while FTGC is actively managed. Over the past 10 years, EWZ returned 6.86%/yr vs 7.29%/yr for FTGC. At a 0.35 correlation, their price movements are largely independent. EWZ charges 0.59%/yr vs 0.95%/yr for FTGC.
Performance
EWZ vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 14.17% return, which is significantly lower than FTGC's 23.17% return. Over the past 10 years, EWZ has underperformed FTGC with an annualized return of 6.86%, while FTGC has yielded a comparatively higher 7.29% annualized return.
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%
FTGC
- 1D
- -0.11%
- 1M
- 0.98%
- 6M
- 21.09%
- YTD
- 23.17%
- 1Y
- 31.25%
- 3Y*
- 15.14%
- 5Y*
- 12.87%
- 10Y*
- 7.29%
EWZ vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 23.17% | 14.61% | 9.96% | -5.36% | 17.36% | 27.95% | 2.17% | 6.40% | -12.75% | 2.73% |
Correlation
The correlation between EWZ and FTGC is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013 | 0.35 |
The correlation between EWZ and FTGC shifts across timeframes, from 0.15 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. FTGC — Risk / Return Rank
EWZ
FTGC
EWZ vs. FTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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 | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.67 | -0.83 |
| Martin ratioReturn relative to average drawdown | 4.94 | 9.04 | -4.11 |
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Drawdowns
EWZ vs. FTGC - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, which is greater than FTGC's maximum drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for EWZ and FTGC.
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Drawdown Indicators
| EWZ | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -59.47% | -17.78% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -12.34% | -6.93% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -12.34% | -19.02% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -22.64% | -9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -35.91% | -21.08% |
Current DrawdownCurrent decline from peak | -20.49% | -7.64% | -12.85% |
Average DrawdownAverage peak-to-trough decline | -35.90% | -27.27% | -8.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | 3.64% | +3.56% |
Volatility
EWZ vs. FTGC - Volatility Comparison
iShares MSCI Brazil ETF (EWZ) has a higher volatility of 5.74% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 4.13%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 4.13% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 19.70% | 13.34% | +6.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 15.76% | +9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.60% | 15.86% | +11.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 14.71% | +19.19% |
EWZ vs. FTGC - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is lower than FTGC's 0.95% expense ratio.
Dividends
EWZ vs. FTGC - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.07%, less than FTGC's 15.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.73% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% | 0.00% | 0.00% |
Frequently Asked Questions
EWZ and FTGC have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (5.74%) compared to FTGC (4.13%). In terms of maximum drawdown, EWZ dropped -77.25% vs FTGC's -59.47%.
On 10-year performance, FTGC leads with 7.29% vs 6.86% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, FTGC has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTGC has performed better with a 7.29% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for FTGC.
FTGC has the higher dividend yield at 15.73%, compared with 4.07% for EWZ.
EWZ is categorized as Latin America Equities, while FTGC is Commodities. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for EWZ and 0.95% for FTGC.
FTGC currently has the higher Sharpe Ratio (2.10 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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