EWZ vs. GNR

Last updated Jun 13, 2026

EWZ (iShares MSCI Brazil ETF) and GNR (SPDR S&P Global Natural Resources ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index. Both are passively managed. Over the past 10 years, EWZ returned 8.29%/yr vs 10.91%/yr for GNR. A 0.62 correlation means they provide meaningful diversification when combined. EWZ charges 0.59%/yr vs 0.40%/yr for GNR.

Performance

EWZ vs. GNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and SPDR S&P Global Natural Resources ETF (GNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZ achieves a 10.48% return, which is significantly lower than GNR's 17.34% return. Over the past 10 years, EWZ has underperformed GNR with an annualized return of 8.29%, while GNR has yielded a comparatively higher 10.91% 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%

GNR

• 1D: 1.21%
• 1M: -3.83%
• YTD: 17.34%
• 6M: 18.86%
• 1Y: 35.92%
• 3Y*: 13.61%
• 5Y*: 9.29%
• 10Y*: 10.91%

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

EWZ vs. GNR - 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%
GNR SPDR S&P Global Natural Resources ETF	17.34%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%

Correlation

The correlation between EWZ and GNR is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.62

The correlation between EWZ and GNR shifts across timeframes, from 0.51 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

EWZ vs. GNR - Sectors Allocation Comparison

Sectors	EWZ	GNR
Financial Services	32.7%	0.0%
Energy	18.5%	37.6%
Basic Materials	13.7%	50.3%
Utilities	12.9%	0.0%
Industrials	10.9%	0.2%
Consumer Defensive	4.2%	4.6%
Healthcare	2.4%	0.0%
Communication Services	2.2%	-
Consumer Cyclical	1.5%	6.3%
Technology	1.0%	-
Real Estate	-	0.8%

Return for Risk

EWZ vs. GNR — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 38
EWZ Sharpe Ratio Rank: 40
EWZ Sortino Ratio Rank: 38
EWZ Omega Ratio Rank: 38
EWZ Calmar Ratio Rank: 37
EWZ Martin Ratio Rank: 37

GNR

GNR Risk / Return Rank: 79
GNR Sharpe Ratio Rank: 76
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 73
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 87

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. GNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and SPDR S&P Global Natural Resources ETF (GNR). 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	GNR	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.12	-0.86
Sortino ratio: Return per unit of downside risk	1.76	2.74	-0.99
Omega ratio: Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio: Return relative to maximum drawdown	1.64	4.53	-2.89
Martin ratio: Return relative to average drawdown	5.17	16.42	-11.24

EWZ vs. GNR - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.25, which is lower than the GNR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of EWZ and GNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWZ vs. GNR - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than GNR's maximum drawdown of -51.37%. Use the drawdown chart below to compare losses from any high point for EWZ and GNR.

Drawdown Indicators

	EWZ	GNR	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-51.37%	-25.88%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-7.97%	-11.30%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-21.15%	-10.21%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-25.66%	-6.58%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-48.59%	-8.40%
Current Drawdown Current decline from peak	-23.06%	-3.91%	-19.15%
Average Drawdown Average peak-to-trough decline	-35.93%	-14.93%	-21.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	2.19%	+3.91%

Volatility

EWZ vs. GNR - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.35% compared to SPDR S&P Global Natural Resources ETF (GNR) at 5.75%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than GNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	GNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	5.75%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	19.97%	13.87%	+6.10%
Volatility (1Y) Calculated over the trailing 1-year period	25.20%	17.04%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.70%	20.33%	+7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.04%	21.89%	+12.15%

EWZ vs. GNR - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than GNR's 0.40% expense ratio.

Dividends

EWZ vs. GNR - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.70%, more than GNR's 2.53% 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%
GNR SPDR S&P Global Natural Resources ETF	2.53%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%

Frequently Asked Questions

Can I hold both EWZ and GNR in my portfolio?

EWZ and GNR have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWZ or GNR?

EWZ has higher volatility (7.35%) compared to GNR (5.75%). In terms of maximum drawdown, EWZ dropped -77.25% vs GNR's -51.37%.

Which ETF is better, EWZ or GNR?

On 10-year performance, GNR leads with 10.91% vs 8.29% for EWZ. On fees, GNR is cheaper at 0.40% per year. On volatility, GNR has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or GNR?

Over the 10-year period, GNR has performed better with a 10.91% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or GNR?

GNR is cheaper with a 0.40% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.70%, compared with 2.53% for GNR.

What is the main difference between EWZ and GNR?

EWZ is categorized as Latin America Equities, while GNR is Commodity Producers Equities. EWZ tracks MSCI Brazil 25/50 Index, while GNR tracks S&P Global Natural Resources Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EWZ and 0.40% for GNR.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.12 vs 1.25), 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.