EWZ vs. UBR
EWZ (iShares MSCI Brazil ETF) and UBR (ProShares Ultra MSCI Brazil) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%). Both are passively managed. Over the past 10 years, EWZ returned 7.81%/yr vs -1.90%/yr for UBR. With a 0.98 correlation, they move nearly in lockstep. EWZ charges 0.59%/yr vs 0.95%/yr for UBR.
Performance
EWZ vs. UBR - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 9.03% return, which is significantly lower than UBR's 13.03% return. Over the past 10 years, EWZ has outperformed UBR with an annualized return of 7.81%, while UBR has yielded a comparatively lower -1.90% 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%
UBR
- 1D
- -5.40%
- 1M
- -21.46%
- YTD
- 13.03%
- 6M
- 3.25%
- 1Y
- 56.81%
- 3Y*
- 8.90%
- 5Y*
- -5.17%
- 10Y*
- -1.90%
EWZ vs. UBR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UBR ProShares Ultra MSCI Brazil | 13.03% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
Correlation
The correlation between EWZ and UBR is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 10, 2010 | 0.98 |
The correlation between EWZ and UBR has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
EWZ vs. UBR — Risk / Return Rank
EWZ
UBR
EWZ vs. UBR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and ProShares Ultra MSCI Brazil (UBR). 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.
| EWZ | UBR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.81 | +0.10 |
| Martin ratioReturn relative to average drawdown | 6.10 | 5.36 | +0.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWZ | UBR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 1.15 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.09 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | -0.03 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | -0.20 | +0.36 |
Drawdowns
EWZ vs. UBR - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum UBR drawdown of -97.15%. Use the drawdown chart below to compare losses from any high point for EWZ and UBR.
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Drawdown Indicators
| EWZ | UBR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -97.15% | +19.90% |
Max Drawdown (1Y)Largest decline over 1 year | -16.99% | -31.50% | +14.51% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -58.11% | +26.75% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -67.07% | +34.83% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -87.57% | +30.58% |
Current DrawdownCurrent decline from peak | -24.07% | -92.84% | +68.77% |
Average DrawdownAverage peak-to-trough decline | -35.95% | -77.90% | +41.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 10.63% | -5.30% |
Volatility
EWZ vs. UBR - Volatility Comparison
The current volatility for iShares MSCI Brazil ETF (EWZ) is 7.84%, while ProShares Ultra MSCI Brazil (UBR) has a volatility of 15.51%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than UBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | UBR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.84% | 15.51% | -7.67% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 41.58% | -20.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.97% | 49.62% | -24.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.68% | 55.66% | -27.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.10% | 66.68% | -32.58% |
EWZ vs. UBR - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is lower than UBR's 0.95% expense ratio.
Dividends
EWZ vs. UBR - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.76%, more than UBR's 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UBR ProShares Ultra MSCI Brazil | 1.85% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, EWZ and UBR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UBR has higher volatility (15.51%) compared to EWZ (7.84%). In terms of maximum drawdown, EWZ dropped -77.25% vs UBR's -97.15%.
On 10-year performance, EWZ leads with 7.81% vs -1.90% for UBR. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.84%. 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 -1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWZ is cheaper with a 0.59% expense ratio, compared with 0.95% for UBR.
EWZ has the higher dividend yield at 4.76%, compared with 1.85% for UBR.
EWZ is categorized as Latin America Equities, while UBR is Leveraged Equities. EWZ tracks MSCI Brazil 25/50 Index, while UBR tracks MSCI Brazil Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for EWZ and 0.95% for UBR.
EWZ currently has the higher Sharpe Ratio (1.31 vs 1.15), 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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