EWZ vs. NOG
EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while NOG (Northern Oil and Gas, Inc.) is a stock. Over the past 10 years, EWZ returned 6.64%/yr vs -2.51%/yr for NOG. Their 0.34 correlation means their historical movements had little consistent relationship.
Performance
EWZ vs. NOG - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 16.46% return, which is significantly higher than NOG's 2.37% return. Over the past 10 years, EWZ has outperformed NOG with an annualized return of 6.64%, while NOG has yielded a comparatively lower -2.51% annualized return.
EWZ
- 1D
- 0.33%
- 1M
- 7.23%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 44.24%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
NOG
- 1D
- 1.49%
- 1M
- 20.44%
- 6M
- -12.08%
- YTD
- 2.37%
- 1Y
- -18.99%
- 3Y*
- -13.95%
- 5Y*
- 9.05%
- 10Y*
- -2.51%
- ALL TIME*
- -2.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $598.51M | $637.15M | $833.60M | |
| $54.84M | $61.54M | $65.18M |
EWZ vs. NOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 16.46% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
NOG Northern Oil and Gas, Inc. | 2.37% | -38.20% | 4.84% | 25.54% | 54.51% | 136.72% | -62.56% | 3.54% | 10.24% | -25.45% |
Correlation
The correlation between EWZ and NOG is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2007 | 0.34 |
Over the past year, the correlation between EWZ and NOG has dropped to 0.00 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
EWZ vs. NOG — Risk / Return Rank
EWZ
NOG
EWZ vs. NOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Northern Oil and Gas, Inc. (NOG). 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 | NOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.96 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | -0.46 | +2.77 |
| Martin ratioReturn relative to average drawdown | 5.64 | -1.03 | +6.67 |
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Drawdowns
EWZ vs. NOG - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum NOG drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for EWZ and NOG.
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Drawdown Indicators
| EWZ | NOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -98.96% | +21.71% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -41.43% | +22.16% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -55.08% | +23.72% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -55.08% | +22.84% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -92.15% | +35.16% |
Current DrawdownCurrent decline from peak | -18.89% | -91.84% | +72.95% |
Average DrawdownAverage peak-to-trough decline | -35.86% | -69.89% | +34.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 19.41% | -11.55% |
Volatility
EWZ vs. NOG - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 6.69%, while Northern Oil and Gas, Inc. (NOG) has a volatility of 16.52%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than NOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | NOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 16.52% | -9.83% |
Volatility (6M)Calculated over the trailing 6-month period | 19.32% | 33.58% | -14.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.12% | 46.31% | -21.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 49.16% | -21.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 70.52% | -36.62% |
Dividends
EWZ vs. NOG - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 3.99%, less than NOG's 8.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 3.99% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
NOG Northern Oil and Gas, Inc. | 8.51% | 8.38% | 4.41% | 4.02% | 2.86% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWZ and NOG have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOG has higher volatility (16.52%) compared to EWZ (6.69%). In terms of maximum drawdown, EWZ dropped -77.25% vs NOG's -98.96%.
EWZ currently has the higher Sharpe Ratio (1.77 vs -0.41), 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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