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 6.86%/yr vs -7.03%/yr for NOG. At a 0.34 correlation, their price movements are largely independent.
Performance
EWZ vs. NOG - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 14.17% return, which is significantly higher than NOG's -10.36% return. Over the past 10 years, EWZ has outperformed NOG with an annualized return of 6.86%, while NOG has yielded a comparatively lower -7.03% annualized 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%
NOG
- 1D
- -1.44%
- 1M
- -7.12%
- 6M
- -12.00%
- YTD
- -10.36%
- 1Y
- -35.02%
- 3Y*
- -14.51%
- 5Y*
- 3.47%
- 10Y*
- -7.03%
EWZ vs. NOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
NOG Northern Oil and Gas, Inc. | -10.36% | -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 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
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 0.02 - 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 | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.89 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | -0.85 | +2.70 |
| Martin ratioReturn relative to average drawdown | 4.94 | -1.62 | +6.55 |
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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% | -92.98% | +35.99% |
Current DrawdownCurrent decline from peak | -20.49% | -92.85% | +72.36% |
Average DrawdownAverage peak-to-trough decline | -35.90% | -69.82% | +33.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | 21.78% | -14.58% |
Volatility
EWZ vs. NOG - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 5.74%, while Northern Oil and Gas, Inc. (NOG) has a volatility of 14.14%. 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 | 5.74% | 14.14% | -8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 19.70% | 32.39% | -12.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 45.38% | -20.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.60% | 49.25% | -21.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 70.57% | -36.67% |
Dividends
EWZ vs. NOG - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.07%, less than NOG's 9.72% 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% |
NOG Northern Oil and Gas, Inc. | 9.72% | 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 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOG has higher volatility (14.14%) compared to EWZ (5.74%). In terms of maximum drawdown, EWZ dropped -77.25% vs NOG's -98.96%.
EWZ currently has the higher Sharpe Ratio (1.43 vs -0.78), 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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