EWZ vs. ISVL

Last updated Jul 12, 2026

EWZ (iShares MSCI Brazil ETF) and ISVL (iShares International Developed Small Cap Value Factor ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while ISVL is a Small Cap Value Equities fund tracking the FTSE Developed ex US ex Korea Small Cap Focused Value Index. Both are passively managed. Over the past 5 years, EWZ returned 6.56%/yr vs 10.85%/yr for ISVL. A 0.52 correlation means they provide meaningful diversification when combined. EWZ charges 0.59%/yr vs 0.30%/yr for ISVL.

Performance

EWZ vs. ISVL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZ achieves a 14.17% return, which is significantly higher than ISVL's 9.72% 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%

ISVL

• 1D: 1.09%
• 1M: -0.22%
• 6M: 6.52%
• YTD: 9.72%
• 1Y: 24.81%
• 3Y*: 21.24%
• 5Y*: 10.85%
• 10Y*: —

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

EWZ vs. ISVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWZ iShares MSCI Brazil ETF	14.17%	48.81%	-30.41%	32.62%	12.09%	-4.60%
ISVL iShares International Developed Small Cap Value Factor ETF	9.72%	42.84%	4.58%	17.56%	-13.69%	8.32%

Correlation

The correlation between EWZ and ISVL is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.52

The correlation between EWZ and ISVL has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

EWZ vs. ISVL - Sectors Allocation Comparison

Sectors	EWZ	ISVL
Financial Services	33.4%	21.9%
Energy	16.7%	5.8%
Basic Materials	15.3%	9.8%
Utilities	12.8%	1.3%
Industrials	11.0%	21.8%
Consumer Defensive	4.6%	4.8%
Healthcare	2.3%	3.7%
Communication Services	2.1%	2.7%
Consumer Cyclical	1.4%	11.0%
Technology	0.4%	5.3%
Real Estate	-	11.2%

Return for Risk

EWZ vs. ISVL — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 47
EWZ Sharpe Ratio Rank: 51
EWZ Sortino Ratio Rank: 49
EWZ Omega Ratio Rank: 48
EWZ Calmar Ratio Rank: 45
EWZ Martin Ratio Rank: 39

ISVL

ISVL Risk / Return Rank: 57
ISVL Sharpe Ratio Rank: 61
ISVL Sortino Ratio Rank: 62
ISVL Omega Ratio Rank: 61
ISVL Calmar Ratio Rank: 48
ISVL Martin Ratio Rank: 55

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. ISVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and iShares International Developed Small Cap Value Factor ETF (ISVL). 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	ISVL	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.63	-0.21
Sortino ratio: Return per unit of downside risk	1.96	2.35	-0.39
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.85	1.94	-0.09
Martin ratio: Return relative to average drawdown	4.94	7.48	-2.54

EWZ vs. ISVL - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.43, which is comparable to the ISVL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EWZ and ISVL, 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. ISVL - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than ISVL's maximum drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for EWZ and ISVL.

Drawdown Indicators

	EWZ	ISVL	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-30.48%	-46.77%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-12.48%	-6.79%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-12.93%	-18.43%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-30.48%	-1.76%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	—	—
Current Drawdown Current decline from peak	-20.49%	-1.02%	-19.47%
Average Drawdown Average peak-to-trough decline	-35.90%	-6.56%	-29.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	3.23%	+3.97%

Volatility

EWZ vs. ISVL - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 5.74% compared to iShares International Developed Small Cap Value Factor ETF (ISVL) at 4.25%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than ISVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	ISVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	4.25%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	19.70%	12.66%	+7.04%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	14.79%	+10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	16.91%	+10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.90%	16.73%	+17.17%

EWZ vs. ISVL - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than ISVL's 0.30% expense ratio.

Dividends

EWZ vs. ISVL - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.07%, more than ISVL's 3.15% 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%
ISVL iShares International Developed Small Cap Value Factor ETF	3.15%	2.69%	3.92%	3.82%	3.37%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWZ and ISVL in my portfolio?

EWZ and ISVL have a correlation of 0.60, 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 ISVL?

EWZ has higher volatility (5.74%) compared to ISVL (4.25%). In terms of maximum drawdown, EWZ dropped -77.25% vs ISVL's -30.48%.

Which ETF is better, EWZ or ISVL?

On 5-year performance, ISVL leads with 10.85% vs 6.56% for EWZ. On fees, ISVL is cheaper at 0.30% per year. On volatility, ISVL has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or ISVL?

Over the 5-year period, ISVL has performed better with a 10.85% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or ISVL?

ISVL is cheaper with a 0.30% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.07%, compared with 3.15% for ISVL.

What is the main difference between EWZ and ISVL?

EWZ is categorized as Latin America Equities, while ISVL is Small Cap Value Equities. EWZ tracks MSCI Brazil 25/50 Index, while ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index. Their fees differ too: 0.59% for EWZ and 0.30% for ISVL.

Which has better risk-adjusted returns?

ISVL currently has the higher Sharpe Ratio (1.63 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.