EWZ vs. NEXT
EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while NEXT (NextDecade Corporation) is a stock. Over the past 10 years, EWZ returned 8.29%/yr vs -1.71%/yr for NEXT. At a 0.17 correlation, their price movements are largely independent.
Performance
EWZ vs. NEXT - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 10.48% return, which is significantly lower than NEXT's 59.39% return. Over the past 10 years, EWZ has outperformed NEXT with an annualized return of 8.29%, while NEXT has yielded a comparatively lower -1.71% 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%
NEXT
- 1D
- 1.69%
- 1M
- -1.64%
- YTD
- 59.39%
- 6M
- 53.85%
- 1Y
- -0.47%
- 3Y*
- 17.87%
- 5Y*
- 14.49%
- 10Y*
- -1.71%
EWZ vs. NEXT - 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% |
NEXT NextDecade Corporation | 59.39% | -31.65% | 61.64% | -3.44% | 73.33% | 36.36% | -65.96% | 13.70% | -35.10% | -17.79% |
Correlation
The correlation between EWZ and NEXT is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.17 |
The correlation between EWZ and NEXT shifts across timeframes, from -0.03 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EWZ vs. NEXT — Risk / Return Rank
EWZ
NEXT
EWZ vs. NEXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and NextDecade Corporation (NEXT). 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 | NEXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.06 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | -0.01 | +1.65 |
| Martin ratioReturn relative to average drawdown | 5.17 | -0.01 | +5.18 |
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Drawdowns
EWZ vs. NEXT - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum NEXT drawdown of -88.79%. Use the drawdown chart below to compare losses from any high point for EWZ and NEXT.
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Drawdown Indicators
| EWZ | NEXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -88.79% | +11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -60.00% | +40.73% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -60.00% | +28.64% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -60.00% | +27.76% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -88.79% | +31.80% |
Current DrawdownCurrent decline from peak | -23.06% | -30.00% | +6.94% |
Average DrawdownAverage peak-to-trough decline | -35.93% | -39.02% | +3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.10% | 41.06% | -34.96% |
Volatility
EWZ vs. NEXT - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.35%, while NextDecade Corporation (NEXT) has a volatility of 13.03%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than NEXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | NEXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 13.03% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 19.97% | 45.77% | -25.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.20% | 63.89% | -38.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 75.76% | -48.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.04% | 87.05% | -53.01% |
Dividends
EWZ vs. NEXT - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.70%, while NEXT has not paid dividends to shareholders.
| 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% |
NEXT NextDecade Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWZ and NEXT have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEXT has higher volatility (13.03%) compared to EWZ (7.35%). In terms of maximum drawdown, EWZ dropped -77.25% vs NEXT's -88.79%.
EWZ currently has the higher Sharpe Ratio (1.25 vs -0.01), 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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