EWZ vs. GDX
EWZ (iShares MSCI Brazil ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, EWZ returned 8.29%/yr vs 13.29%/yr for GDX. At a 0.35 correlation, their price movements are largely independent. EWZ charges 0.59%/yr vs 0.51%/yr for GDX.
Performance
EWZ vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 10.48% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, EWZ has underperformed GDX with an annualized return of 8.29%, while GDX has yielded a comparatively higher 13.29% annualized return.
EWZ
- 1D
- 0.83%
- 1M
- -3.12%
- YTD
- 10.48%
- 6M
- 9.03%
- 1Y
- 31.51%
- 3Y*
- 9.47%
- 5Y*
- 4.96%
- 10Y*
- 8.29%
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
EWZ vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between EWZ and GDX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.35 |
The correlation between EWZ and GDX shifts across timeframes, from 0.27 (10 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. GDX — Risk / Return Rank
EWZ
GDX
EWZ vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 1.40 | +0.24 |
| Martin ratioReturn relative to average drawdown | 5.17 | 3.87 | +1.30 |
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Drawdowns
EWZ vs. GDX - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for EWZ and GDX.
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Drawdown Indicators
| EWZ | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -80.34% | +3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -36.28% | +17.01% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -36.28% | +4.92% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -46.51% | +14.27% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -49.79% | -7.20% |
Current DrawdownCurrent decline from peak | -23.06% | -30.91% | +7.85% |
Average DrawdownAverage peak-to-trough decline | -35.93% | -40.41% | +4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.10% | 13.11% | -7.01% |
Volatility
EWZ vs. GDX - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.35%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 17.20% | -9.85% |
Volatility (6M)Calculated over the trailing 6-month period | 19.97% | 39.15% | -19.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.20% | 46.89% | -21.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 36.74% | -9.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.04% | 37.34% | -3.30% |
EWZ vs. GDX - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
EWZ vs. GDX - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.70%, more than GDX's 0.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GDX VanEck Gold Miners ETF | 0.79% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
EWZ and GDX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.20%) compared to EWZ (7.35%). In terms of maximum drawdown, EWZ dropped -77.25% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.29% vs 8.29% for EWZ. On fees, GDX is cheaper at 0.51% per year. 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.
Over the 10-year period, GDX has performed better with a 13.29% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.59% for EWZ.
EWZ has the higher dividend yield at 4.70%, compared with 0.79% for GDX.
EWZ is categorized as Latin America Equities, while GDX is Gold. EWZ tracks MSCI Brazil 25/50 Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.59% for EWZ and 0.51% for GDX.
EWZ currently has the higher Sharpe Ratio (1.25 vs 1.09), 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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