EWZ vs. VUG

Last updated Jun 14, 2026

EWZ (iShares MSCI Brazil ETF) and VUG (Vanguard Growth ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 10 years, EWZ returned 8.29%/yr vs 17.90%/yr for VUG. A 0.52 correlation means they provide meaningful diversification when combined. EWZ charges 0.59%/yr vs 0.03%/yr for VUG.

Performance

EWZ vs. VUG - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZ achieves a 10.48% return, which is significantly higher than VUG's 4.99% return. Over the past 10 years, EWZ has underperformed VUG with an annualized return of 8.29%, while VUG has yielded a comparatively higher 17.90% annualized return.

EWZ

• 1D: 0.83%
• 1M: -3.12%
• YTD: 10.48%
• 6M: 9.03%
• 1Y: 31.51%
• 3Y*: 9.47%
• 5Y*: 4.96%
• 10Y*: 8.29%

VUG

• 1D: 0.18%
• 1M: -2.47%
• YTD: 4.99%
• 6M: 5.66%
• 1Y: 22.83%
• 3Y*: 23.38%
• 5Y*: 13.78%
• 10Y*: 17.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZ vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZ iShares MSCI Brazil ETF	10.48%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%
VUG Vanguard Growth ETF	4.99%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between EWZ and VUG is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.52

The correlation between EWZ and VUG shifts across timeframes, from 0.34 (5 years) to 0.52 (all time), reflecting how their relationship changes across market environments.

EWZ vs. VUG - Sectors Allocation Comparison

Sectors	EWZ	VUG
Financial Services	33.4%	4.3%
Energy	16.7%	0.4%
Basic Materials	15.3%	0.6%
Utilities	12.8%	0.9%
Industrials	11.0%	3.6%
Consumer Defensive	4.6%	1.5%
Healthcare	2.3%	4.6%
Communication Services	2.1%	17.3%
Consumer Cyclical	1.4%	12.2%
Technology	0.4%	53.5%
Real Estate	-	1.0%

Return for Risk

EWZ vs. VUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWZ

EWZ Risk / Return Rank: 38
EWZ Sharpe Ratio Rank: 40
EWZ Sortino Ratio Rank: 38
EWZ Omega Ratio Rank: 38
EWZ Calmar Ratio Rank: 37
EWZ Martin Ratio Rank: 37

VUG

VUG Risk / Return Rank: 36
VUG Sharpe Ratio Rank: 41
VUG Sortino Ratio Rank: 38
VUG Omega Ratio Rank: 40
VUG Calmar Ratio Rank: 30
VUG Martin Ratio Rank: 33

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. VUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and Vanguard Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.29	-0.04
Sortino ratio: Return per unit of downside risk	1.76	1.78	-0.02
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.64	1.29	+0.36
Martin ratio: Return relative to average drawdown	5.17	4.43	+0.74

EWZ vs. VUG - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.25, which is comparable to the VUG Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of EWZ and VUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWZ vs. VUG - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than VUG's maximum drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for EWZ and VUG.

Drawdown Indicators

	EWZ	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-50.68%	-26.57%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-16.53%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-22.85%	-8.51%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-35.61%	+3.37%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-35.61%	-21.38%
Current Drawdown Current decline from peak	-23.06%	-5.56%	-17.50%
Average Drawdown Average peak-to-trough decline	-35.93%	-7.09%	-28.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	4.79%	+1.31%

Volatility

EWZ vs. VUG - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.35% compared to Vanguard Growth ETF (VUG) at 5.73%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	5.73%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	19.97%	13.00%	+6.97%
Volatility (1Y) Calculated over the trailing 1-year period	25.20%	16.46%	+8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.70%	22.30%	+5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.04%	21.48%	+12.56%

EWZ vs. VUG - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than VUG's 0.03% expense ratio.

Dividends

EWZ vs. VUG - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.70%, more than VUG's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.70%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
VUG Vanguard Growth ETF	0.39%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both EWZ and VUG in my portfolio?

EWZ and VUG have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWZ or VUG?

EWZ has higher volatility (7.35%) compared to VUG (5.73%). In terms of maximum drawdown, EWZ dropped -77.25% vs VUG's -50.68%.

Which ETF is better, EWZ or VUG?

On 10-year performance, VUG leads with 17.90% vs 8.29% for EWZ. On fees, VUG is cheaper at 0.03% per year. On volatility, VUG has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or VUG?

Over the 10-year period, VUG has performed better with a 17.90% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or VUG?

VUG is cheaper with a 0.03% expense ratio, compared with 0.59% for EWZ.

Which ETF pays a higher dividend yield, EWZ or VUG?

EWZ has the higher dividend yield at 4.70%, compared with 0.39% for VUG.

What is the main difference between EWZ and VUG?

EWZ is categorized as Latin America Equities, while VUG is Large Cap Growth Equities. EWZ tracks MSCI Brazil 25/50 Index, while VUG tracks CRSP US Large Cap Growth Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for EWZ and 0.03% for VUG.

Which has better risk-adjusted returns?

VUG currently has the higher Sharpe Ratio (1.29 vs 1.25), 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.