EWZ vs. USCI
EWZ (iShares MSCI Brazil ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 10 years, EWZ returned 6.86%/yr vs 8.41%/yr for USCI. At a 0.35 correlation, their price movements are largely independent. EWZ charges 0.59%/yr vs 1.03%/yr for USCI.
Performance
EWZ vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, EWZ achieves a 14.17% return, which is significantly lower than USCI's 23.68% return. Over the past 10 years, EWZ has underperformed USCI with an annualized return of 6.86%, while USCI has yielded a comparatively higher 8.41% annualized return.
EWZ
- 1D
- 2.77%
- 1M
- 4.20%
- 6M
- 9.71%
- YTD
- 14.17%
- 1Y
- 36.37%
- 3Y*
- 10.52%
- 5Y*
- 6.56%
- 10Y*
- 6.86%
USCI
- 1D
- -0.50%
- 1M
- -0.05%
- 6M
- 22.70%
- YTD
- 23.68%
- 1Y
- 28.10%
- 3Y*
- 20.39%
- 5Y*
- 19.25%
- 10Y*
- 8.41%
EWZ vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 14.17% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
USCI United States Commodity Index Fund | 23.68% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | -11.47% | -1.68% | -11.76% | 6.32% |
Correlation
The correlation between EWZ and USCI is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2010 | 0.35 |
Over the past year, the correlation between EWZ and USCI has dropped to 0.10 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
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Return for Risk
EWZ vs. USCI — Risk / Return Rank
EWZ
USCI
EWZ vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and United States Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.67 | -0.82 |
| Martin ratioReturn relative to average drawdown | 4.94 | 8.50 | -3.56 |
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Drawdowns
EWZ vs. USCI - Drawdown Comparison
The maximum EWZ drawdown since its inception was -77.25%, which is greater than USCI's maximum drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for EWZ and USCI.
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Drawdown Indicators
| EWZ | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.25% | -66.41% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -11.19% | -8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -12.01% | -19.35% |
Max Drawdown (5Y)Largest decline over 5 years | -32.24% | -18.84% | -13.40% |
Max Drawdown (10Y)Largest decline over 10 years | -56.99% | -45.82% | -11.17% |
Current DrawdownCurrent decline from peak | -20.49% | -6.52% | -13.97% |
Average DrawdownAverage peak-to-trough decline | -35.90% | -29.37% | -6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | 3.51% | +3.69% |
Volatility
EWZ vs. USCI - Volatility Comparison
iShares MSCI Brazil ETF (EWZ) has a higher volatility of 5.74% compared to United States Commodity Index Fund (USCI) at 4.94%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWZ | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 4.94% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 19.70% | 14.42% | +5.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 16.91% | +8.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.60% | 18.40% | +9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.90% | 15.88% | +18.02% |
EWZ vs. USCI - Expense Ratio Comparison
EWZ has a 0.59% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
EWZ vs. USCI - Dividend Comparison
EWZ's dividend yield for the trailing twelve months is around 4.07%, while USCI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.07% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
USCI United States Commodity Index Fund | 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 USCI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (5.74%) compared to USCI (4.94%). In terms of maximum drawdown, EWZ dropped -77.25% vs USCI's -66.41%.
On 10-year performance, USCI leads with 8.41% vs 6.86% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, USCI has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USCI has performed better with a 8.41% return vs 6.86%. 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 1.03% for USCI.
EWZ has the higher dividend yield at 4.07%, compared with 0.00% for USCI.
EWZ is categorized as Latin America Equities, while USCI is Commodities. EWZ tracks MSCI Brazil 25/50 Index, while USCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: iShares and United States Commodity Funds. Their fees differ too: 0.59% for EWZ and 1.03% for USCI.
USCI currently has the higher Sharpe Ratio (1.77 vs 1.43), 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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