EWZ vs. UAE
EWZ (iShares MSCI Brazil ETF) and UAE (iShares MSCI UAE ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped Index. Both are passively managed. Over the past 10 years, EWZ returned 6.64%/yr vs 5.28%/yr for UAE. Their 0.31 correlation means their historical movements had little consistent relationship. Both charge a 0.59% expense ratio.
Performance
EWZ vs. UAE - 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 UAE's 2.47% return. Over the past 10 years, EWZ has outperformed UAE with an annualized return of 6.64%, while UAE has yielded a comparatively lower 5.28% annualized return.
EWZ
- 1D
- 0.33%
- 1M
- 6.45%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 43.70%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
UAE
- 1D
- -1.92%
- 1M
- -0.47%
- 6M
- -4.38%
- YTD
- 2.47%
- 1Y
- -0.83%
- 3Y*
- 11.70%
- 5Y*
- 10.15%
- 10Y*
- 5.28%
- ALL TIME*
- 1.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $598.51M | $637.15M | $833.60M | |
| $2.90M | $3.37M | $6.41M |
EWZ vs. UAE - 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% |
UAE iShares MSCI UAE ETF | 2.47% | 21.35% | 15.25% | 2.91% | -5.36% | 44.16% | -7.23% | 1.59% | -14.42% | 4.99% |
Correlation
The correlation between EWZ and UAE is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.31 |
EWZ vs. UAE - Sectors Allocation Comparison
Sectors
EWZ
UAE
Financial Services
Energy
Basic Materials
Utilities
Industrials
Consumer Defensive
Healthcare
-
Communication Services
Consumer Cyclical
Technology
Real Estate
-
Financial Services
EWZ
UAE
Energy
EWZ
UAE
Basic Materials
EWZ
UAE
Utilities
EWZ
UAE
Industrials
EWZ
UAE
Consumer Defensive
EWZ
UAE
Healthcare
EWZ
UAE
-
Communication Services
EWZ
UAE
Consumer Cyclical
EWZ
UAE
Technology
EWZ
UAE
Real Estate
EWZ
-
UAE
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Return for Risk
EWZ vs. UAE — Risk / Return Rank
EWZ
UAE
EWZ vs. UAE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and iShares MSCI UAE ETF (UAE). 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 | UAE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.01 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | -0.06 | +2.37 |
| Martin ratioReturn relative to average drawdown | 5.64 | -0.14 | +5.78 |
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Drawdowns
EWZ vs. UAE - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, which is greater than UAE's maximum drawdown of -60.49%. Use the drawdown chart below to compare losses from any high point for EWZ and UAE.
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Drawdown Indicators
| EWZ | UAE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -60.49% | -16.76% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -21.50% | +2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -21.50% | -9.86% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -27.47% | -4.77% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -49.71% | -7.28% |
Current DrawdownCurrent decline from peak | -18.89% | -11.87% | -7.02% |
Average DrawdownAverage peak-to-trough decline | -35.86% | -23.74% | -12.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 9.43% | -1.57% |
Volatility
EWZ vs. UAE - Volatility Comparison
iShares MSCI Brazil ETF (EWZ) has a higher volatility of 6.69% compared to iShares MSCI UAE ETF (UAE) at 5.63%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than UAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | UAE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 5.63% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 19.32% | 20.94% | -1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.12% | 23.12% | +2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 19.25% | +8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 19.65% | +14.25% |
EWZ vs. UAE - Expense Ratio Comparison
Both EWZ and UAE have an expense ratio of 0.59%.
Dividends
EWZ vs. UAE - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 3.99%, less than UAE's 4.50% 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% |
UAE iShares MSCI UAE ETF | 4.50% | 4.10% | 3.32% | 3.25% | 2.67% | 4.88% | 4.75% | 3.54% | 5.56% | 3.38% | 4.74% | 3.77% |
Frequently Asked Questions
EWZ and UAE have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (6.69%) compared to UAE (5.63%). In terms of maximum drawdown, EWZ dropped -77.25% vs UAE's -60.49%.
On 10-year performance, EWZ leads with 6.64% vs 5.28% for UAE. Both ETFs have the same 0.59% expense ratio. On volatility, UAE has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWZ has performed better with a 6.64% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ and UAE have the same expense ratio: 0.59% per year.
UAE has the higher dividend yield at 4.50%, compared with 3.99% for EWZ.
EWZ is categorized as Latin America Equities, while UAE is Emerging Markets Equities. EWZ tracks MSCI Brazil 25/50 Index, while UAE tracks MSCI All UAE Capped Index.
EWZ currently has the higher Sharpe Ratio (1.77 vs -0.06), 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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