PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWZ vs. UAE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZ vs. UAE

Last updated Jun 4, 2026

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 7.81%/yr vs 5.59%/yr for UAE. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.

Performance

EWZ vs. UAE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and iShares MSCI UAE ETF (UAE). 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 9.03% return, which is significantly higher than UAE's -2.82% return. Over the past 10 years, EWZ has outperformed UAE with an annualized return of 7.81%, while UAE has yielded a comparatively lower 5.59% annualized return.

EWZ

1D
-3.19%
1M
-11.27%
YTD
9.03%
6M
4.84%
1Y
32.42%
3Y*
11.04%
5Y*
4.31%
10Y*
7.81%

UAE

1D
-1.38%
1M
-2.11%
YTD
-2.82%
6M
-0.47%
1Y
4.41%
3Y*
12.18%
5Y*
8.83%
10Y*
5.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZ vs. UAE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZ
iShares MSCI Brazil ETF		9.03%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%
UAE
iShares MSCI UAE ETF		-2.82%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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.25

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

0.26

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since May 2, 2014

0.31

EWZ vs. UAE - Sectors Allocation Comparison

Sectors
EWZ
UAE

Financial Services

32.7%
38.0%

Energy

18.5%
8.3%

Basic Materials

13.7%
0.1%

Utilities

12.9%
4.3%

Industrials

10.9%
11.4%

Consumer Defensive

4.2%
1.7%

Healthcare

2.4%

-

Communication Services

2.2%
9.6%

Consumer Cyclical

1.5%
5.2%

Technology

1.0%
1.0%

Real Estate

-

20.5%

Financial Services

EWZ
32.7%
UAE
38.0%

Energy

EWZ
18.5%
UAE
8.3%

Basic Materials

EWZ
13.7%
UAE
0.1%

Utilities

EWZ
12.9%
UAE
4.3%

Industrials

EWZ
10.9%
UAE
11.4%

Consumer Defensive

EWZ
4.2%
UAE
1.7%

Healthcare

EWZ
2.4%
UAE

-

Communication Services

EWZ
2.2%
UAE
9.6%

Consumer Cyclical

EWZ
1.5%
UAE
5.2%

Technology

EWZ
1.0%
UAE
1.0%

Real Estate

EWZ

-

UAE
20.5%

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

iShares MSCI UAE ETF

Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT
Often compared with UAE:
UAE vs. KSAUAE vs. QATUAE vs. SPYUAE vs. VOOUAE vs. STLAUAE vs. XLPUAE vs. TMAT

Return for Risk

EWZ vs. UAE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWZ
EWZ Risk / Return Rank: 3636
Overall Rank
EWZ Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3434
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3838
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3838
Martin Ratio Rank
UAE
UAE Risk / Return Rank: 1111
Overall Rank
UAE Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UAE Sortino Ratio Rank: 1111
Sortino Ratio Rank
UAE Omega Ratio Rank: 1111
Omega Ratio Rank
UAE Calmar Ratio Rank: 1111
Calmar Ratio Rank
UAE Martin Ratio Rank: 1111
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. 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.

EWZUAEDifference
Sharpe ratioReturn per unit of total volatility
1.31
0.20

+1.10

Sortino ratioReturn per unit of downside risk
1.81
0.44

+1.37

Omega ratioGain probability vs. loss probability

1.23

1.06

+0.18

Calmar ratioReturn relative to maximum drawdown

1.92

0.21

+1.71

Martin ratioReturn relative to average drawdown

6.10

0.53

+5.57

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. UAE - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.31, which is higher than the UAE Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of EWZ and UAE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

EWZUAEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.31

0.20

+1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.47

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.23

0.29

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.06

+0.11

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.

Loading charts...

Drawdown Indicators

EWZUAEDifference

Max Drawdown

Largest peak-to-trough decline

-77.25%

-60.49%

-16.76%

Max Drawdown (1Y)

Largest decline over 1 year

-16.99%

-21.50%

+4.51%

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 Drawdown

Current decline from peak

-24.07%

-16.42%

-7.65%

Average Drawdown

Average peak-to-trough decline

-35.95%

-23.91%

-12.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.33%

8.37%

-3.04%

Volatility

EWZ vs. UAE - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.84% compared to iShares MSCI UAE ETF (UAE) at 6.49%. 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.

Loading charts...

Volatility by Period

EWZUAEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.84%

6.49%

+1.35%

Volatility (6M)

Calculated over the trailing 6-month period

20.78%

19.05%

+1.73%

Volatility (1Y)

Calculated over the trailing 1-year period

24.97%

21.99%

+2.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.68%

18.77%

+8.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.10%

19.54%

+14.56%

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 4.76%, more than UAE's 4.22% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		4.76%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		4.22%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 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (7.84%) compared to UAE (6.49%). In terms of maximum drawdown, EWZ dropped -77.25% vs UAE's -60.49%.

On 10-year performance, EWZ leads with 7.81% vs 5.59% for UAE. Both ETFs have the same 0.59% expense ratio. On volatility, UAE has been the lower-risk option at 6.49%. 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 7.81% return vs 5.59%. 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.

EWZ has the higher dividend yield at 4.76%, compared with 4.22% for UAE.

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 (1.31 vs 0.20), 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.

Portfolio Optimizer

Find the right allocation for EWZ and UAE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer