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EWZ vs. TLRY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZ vs. TLRY

Last updated Jun 9, 2026

EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while TLRY (Tilray, Inc.) is a stock. Over the past 5 years, EWZ returned 3.87%/yr vs -52.78%/yr for TLRY. At a 0.23 correlation, their price movements are largely independent.

Performance

EWZ vs. TLRY - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWZ achieves a 6.04% return, which is significantly higher than TLRY's -44.30% return.

EWZ

1D
-0.94%
1M
-13.88%
YTD
6.04%
6M
6.47%
1Y
28.14%
3Y*
7.95%
5Y*
3.87%
10Y*
7.53%

TLRY

1D
1.82%
1M
-9.53%
YTD
-44.30%
6M
-30.14%
1Y
24.01%
3Y*
-31.86%
5Y*
-52.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZ vs. TLRY - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EWZ
iShares MSCI Brazil ETF		6.04%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%12.79%
TLRY
Tilray, Inc.		-44.30%-32.11%-42.17%-14.50%-61.74%-14.89%-51.78%-75.72%206.03%

Correlation

The correlation between EWZ and TLRY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2018

0.23

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Brazil ETF

Tilray, Inc.

Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT
Often compared with TLRY:
TLRY vs. CGCTLRY vs. SNDLTLRY vs. ACBTLRY vs. CURLFTLRY vs. OGITLRY vs. CRONTLRY vs. NU

Return for Risk

EWZ vs. TLRY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWZ
EWZ Risk / Return Rank: 3434
Overall Rank
EWZ Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3333
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3535
Martin Ratio Rank
TLRY
TLRY Risk / Return Rank: 5555
Overall Rank
TLRY Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
TLRY Sortino Ratio Rank: 6767
Sortino Ratio Rank
TLRY Omega Ratio Rank: 6262
Omega Ratio Rank
TLRY Calmar Ratio Rank: 5050
Calmar Ratio Rank
TLRY Martin Ratio Rank: 4848
Martin Ratio Rank
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. TLRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Tilray, Inc. (TLRY). 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.

EWZTLRYDifference
Sharpe ratioReturn per unit of total volatility
1.13
0.18

+0.94

Sortino ratioReturn per unit of downside risk
1.61
1.53

+0.07

Omega ratioGain probability vs. loss probability

1.20

1.17

+0.04

Calmar ratioReturn relative to maximum drawdown

1.47

0.32

+1.15

Martin ratioReturn relative to average drawdown

4.96

0.48

+4.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWZ vs. TLRY - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.13, which is higher than the TLRY Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of EWZ and TLRY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EWZTLRYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.13

0.18

+0.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.14

-0.56

+0.70

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.22

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

-0.34

+0.51

Drawdowns

EWZ vs. TLRY - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum TLRY drawdown of -99.83%. Use the drawdown chart below to compare losses from any high point for EWZ and TLRY.

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Drawdown Indicators

EWZTLRYDifference

Max Drawdown

Largest peak-to-trough decline

-77.25%

-99.83%

+22.58%

Max Drawdown (1Y)

Largest decline over 1 year

-19.27%

-76.48%

+57.21%

Max Drawdown (3Y)

Largest decline over 3 years

-31.36%

-89.12%

+57.76%

Max Drawdown (5Y)

Largest decline over 5 years

-32.24%

-98.20%

+65.96%

Max Drawdown (10Y)

Largest decline over 10 years

-56.99%

—

—

Current Drawdown

Current decline from peak

-26.15%

-99.77%

+73.62%

Average Drawdown

Average peak-to-trough decline

-35.95%

-91.42%

+55.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.68%

49.70%

-44.02%

Volatility

EWZ vs. TLRY - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.32%, while Tilray, Inc. (TLRY) has a volatility of 11.60%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than TLRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZTLRYDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.32%

11.60%

-4.28%

Volatility (6M)

Calculated over the trailing 6-month period

20.79%

63.70%

-42.91%

Volatility (1Y)

Calculated over the trailing 1-year period

25.12%

131.48%

-106.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.68%

94.96%

-67.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.07%

111.98%

-77.91%

Dividends

EWZ vs. TLRY - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.89%, while TLRY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		4.89%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
TLRY
Tilray, Inc.		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 TLRY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLRY has higher volatility (11.60%) compared to EWZ (7.32%). In terms of maximum drawdown, EWZ dropped -77.25% vs TLRY's -99.83%.

EWZ currently has the higher Sharpe Ratio (1.13 vs 0.18), 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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