EWZ vs. ILF

Last updated Jun 23, 2026

EWZ (iShares MSCI Brazil ETF) and ILF (iShares Latin American 40 ETF) are both Latin America Equities funds from iShares - EWZ tracks the MSCI Brazil 25/50 Index while ILF tracks the S&P Latin America 40 Index. Both are passively managed. Over the past 10 years, EWZ returned 7.51%/yr vs 8.49%/yr for ILF. Their correlation of 0.90 suggests significant overlap in exposure. EWZ charges 0.59%/yr vs 0.48%/yr for ILF.

Performance

EWZ vs. ILF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and iShares Latin American 40 ETF (ILF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZ achieves a 8.90% return, which is significantly lower than ILF's 13.05% return. Over the past 10 years, EWZ has underperformed ILF with an annualized return of 7.51%, while ILF has yielded a comparatively higher 8.49% annualized return.

EWZ

• 1D: 1.60%
• 1M: -4.88%
• YTD: 8.90%
• 6M: 12.09%
• 1Y: 29.41%
• 3Y*: 7.69%
• 5Y*: 4.25%
• 10Y*: 7.51%

ILF

• 1D: 0.27%
• 1M: -1.45%
• YTD: 13.05%
• 6M: 14.29%
• 1Y: 40.46%
• 3Y*: 13.51%
• 5Y*: 9.00%
• 10Y*: 8.49%

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

EWZ vs. ILF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	8.90%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%
ILF iShares Latin American 40 ETF	13.05%	52.65%	-23.11%	33.14%	9.81%	-13.59%	-11.71%	13.77%	-6.85%	26.33%

Correlation

The correlation between EWZ and ILF is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 26, 2001	0.90

The correlation between EWZ and ILF has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

EWZ vs. ILF - Sectors Allocation Comparison

Sectors	EWZ	ILF
Financial Services	35.5%	33.3%
Energy	15.5%	12.0%
Basic Materials	14.8%	24.0%
Utilities	13.4%	4.4%
Industrials	8.6%	9.3%
Consumer Defensive	4.6%	9.5%
Healthcare	2.1%	1.1%
Communication Services	2.0%	4.4%
Consumer Cyclical	1.4%	1.3%
Technology	0.4%	-
Real Estate	-	0.8%

Return for Risk

EWZ vs. ILF — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 32
EWZ Sharpe Ratio Rank: 33
EWZ Sortino Ratio Rank: 32
EWZ Omega Ratio Rank: 32
EWZ Calmar Ratio Rank: 32
EWZ Martin Ratio Rank: 32

ILF

ILF Risk / Return Rank: 54
ILF Sharpe Ratio Rank: 56
ILF Sortino Ratio Rank: 52
ILF Omega Ratio Rank: 51
ILF Calmar Ratio Rank: 61
ILF Martin Ratio Rank: 51

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. ILF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and iShares Latin American 40 ETF (ILF). 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	ILF	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.83	-0.66
Sortino ratio: Return per unit of downside risk	1.67	2.44	-0.78
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	1.53	2.92	-1.38
Martin ratio: Return relative to average drawdown	4.50	8.56	-4.06

EWZ vs. ILF - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.18, which is lower than the ILF Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EWZ and ILF, 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. ILF - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than ILF's maximum drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for EWZ and ILF.

Drawdown Indicators

	EWZ	ILF	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-67.48%	-9.77%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-13.94%	-5.33%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-23.97%	-7.39%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-29.71%	-2.53%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-57.79%	+0.80%
Current Drawdown Current decline from peak	-24.16%	-9.65%	-14.51%
Average Drawdown Average peak-to-trough decline	-35.92%	-23.91%	-12.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	4.74%	+1.82%

Volatility

EWZ vs. ILF - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) and iShares Latin American 40 ETF (ILF) have volatilities of 6.14% and 6.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	6.44%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	19.72%	18.33%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	22.25%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	23.28%	+4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.03%	28.40%	+5.63%

EWZ vs. ILF - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than ILF's 0.48% expense ratio.

Dividends

EWZ vs. ILF - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.27%, more than ILF's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.27%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
ILF iShares Latin American 40 ETF	3.47%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%

Frequently Asked Questions

Can I hold both EWZ and ILF in my portfolio?

With a correlation of 0.94, EWZ and ILF 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 ILF?

ILF has higher volatility (6.44%) compared to EWZ (6.14%). In terms of maximum drawdown, EWZ dropped -77.25% vs ILF's -67.48%.

Which ETF is better, EWZ or ILF?

On 10-year performance, ILF leads with 8.49% vs 7.51% for EWZ. On fees, ILF is cheaper at 0.48% per year. On volatility, EWZ has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or ILF?

Over the 10-year period, ILF has performed better with a 8.49% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or ILF?

ILF is cheaper with a 0.48% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.27%, compared with 3.47% for ILF.

What is the main difference between EWZ and ILF?

EWZ tracks MSCI Brazil 25/50 Index, while ILF tracks S&P Latin America 40 Index. Their fees differ too: 0.59% for EWZ and 0.48% for ILF.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.83 vs 1.18), 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.