EWZ vs. OTGL

Last updated Jul 17, 2026

EWZ (iShares MSCI Brazil ETF) and OTGL (OTG Latin America ETF) are both Latin America Equities funds - EWZ tracks the MSCI Brazil 25/50 Index while OTGL tracks the Actively Managed. Both are passively managed. Over the past year, EWZ returned 33.90% vs 21.23% for OTGL. Their correlation of 0.84 suggests significant overlap in exposure. EWZ charges 0.59%/yr vs 0.95%/yr for OTGL.

Performance

EWZ vs. OTGL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZ achieves a 12.26% return, which is significantly higher than OTGL's 7.04% return.

EWZ

• 1D: -1.53%
• 1M: 2.67%
• 6M: 6.91%
• YTD: 12.26%
• 1Y: 33.90%
• 3Y*: 9.19%
• 5Y*: 5.83%
• 10Y*: 6.13%

OTGL

• 1D: -1.04%
• 1M: -1.05%
• 6M: 1.33%
• YTD: 7.04%
• 1Y: 21.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWZ vs. OTGL - Yearly Performance Comparison

	2026 (YTD)	2025
EWZ iShares MSCI Brazil ETF	12.26%	19.45%
OTGL OTG Latin America ETF	7.04%	13.64%

Correlation

The correlation between EWZ and OTGL is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.84

The correlation between EWZ and OTGL has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

EWZ vs. OTGL — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 43
EWZ Sharpe Ratio Rank: 48
EWZ Sortino Ratio Rank: 44
EWZ Omega Ratio Rank: 44
EWZ Calmar Ratio Rank: 42
EWZ Martin Ratio Rank: 37

OTGL

OTGL Risk / Return Rank: 37
OTGL Sharpe Ratio Rank: 38
OTGL Sortino Ratio Rank: 37
OTGL Omega Ratio Rank: 37
OTGL Calmar Ratio Rank: 37
OTGL Martin Ratio Rank: 34

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. OTGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and OTG Latin America ETF (OTGL). 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	OTGL	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.12	+0.24
Sortino ratio: Return per unit of downside risk	1.89	1.63	+0.26
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.03
Calmar ratio: Return relative to maximum drawdown	1.77	1.58	+0.19
Martin ratio: Return relative to average drawdown	4.59	4.20	+0.39

EWZ vs. OTGL - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.36, which is comparable to the OTGL Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of EWZ and OTGL, 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. OTGL - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than OTGL's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for EWZ and OTGL.

Drawdown Indicators

	EWZ	OTGL	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-13.52%	-63.73%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-13.52%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	—	—
Current Drawdown Current decline from peak	-21.82%	-7.76%	-14.06%
Average Drawdown Average peak-to-trough decline	-35.89%	-3.64%	-32.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	5.06%	+2.34%

Volatility

EWZ vs. OTGL - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 5.74% compared to OTG Latin America ETF (OTGL) at 3.81%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than OTGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	OTGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	3.81%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	19.87%	15.47%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	25.06%	18.99%	+6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	18.91%	+8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.90%	18.91%	+14.99%

EWZ vs. OTGL - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is lower than OTGL's 0.95% expense ratio.

Dividends

EWZ vs. OTGL - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.14%, more than OTGL's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.14%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
OTGL OTG Latin America ETF	2.78%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWZ and OTGL in my portfolio?

EWZ and OTGL have a correlation of 0.84, 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 OTGL?

EWZ has higher volatility (5.74%) compared to OTGL (3.81%). In terms of maximum drawdown, EWZ dropped -77.25% vs OTGL's -13.52%.

Which ETF is better, EWZ or OTGL?

On 1-year performance, EWZ leads with 33.90% vs 21.23% for OTGL. On fees, EWZ is cheaper at 0.59% per year. On volatility, OTGL has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or OTGL?

Over the 1-year period, EWZ has performed better with a 33.90% return vs 21.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or OTGL?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for OTGL.

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

EWZ has the higher dividend yield at 4.14%, compared with 2.78% for OTGL.

What is the main difference between EWZ and OTGL?

EWZ tracks MSCI Brazil 25/50 Index, while OTGL tracks Actively Managed. They also come from different issuers: iShares and OTG. Their fees differ too: 0.59% for EWZ and 0.95% for OTGL.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.36 vs 1.12), 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.