EWZ vs. XOP

Last updated Jul 12, 2026

EWZ (iShares MSCI Brazil ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, EWZ returned 6.86%/yr vs 2.97%/yr for XOP. At a 0.49 correlation, their price movements are largely independent. EWZ charges 0.59%/yr vs 0.35%/yr for XOP.

Performance

EWZ vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZ achieves a 14.17% return, which is significantly lower than XOP's 26.71% return. Over the past 10 years, EWZ has outperformed XOP with an annualized return of 6.86%, while XOP has yielded a comparatively lower 2.97% 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%

XOP

• 1D: -0.56%
• 1M: -2.49%
• 6M: 25.57%
• YTD: 26.71%
• 1Y: 21.93%
• 3Y*: 8.56%
• 5Y*: 13.75%
• 10Y*: 2.97%

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

EWZ vs. XOP - 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	26.71%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between EWZ and XOP is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.49

The correlation between EWZ and XOP shifts across timeframes, from -0.03 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

EWZ vs. XOP - Sectors Allocation Comparison

Sectors	EWZ	XOP
Financial Services	33.4%	-
Energy	16.7%	96.8%
Basic Materials	15.3%	3.2%
Utilities	12.8%	-
Industrials	11.0%	2.2%
Consumer Defensive	4.6%	-
Healthcare	2.3%	-
Communication Services	2.1%	-
Consumer Cyclical	1.4%	-
Technology	0.4%	-
Real Estate	-	-

Return for Risk

EWZ vs. XOP — Risk / Return Rank

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

EWZ

EWZ Risk / Return Rank: 47
EWZ Sharpe Ratio Rank: 51
EWZ Sortino Ratio Rank: 49
EWZ Omega Ratio Rank: 48
EWZ Calmar Ratio Rank: 45
EWZ Martin Ratio Rank: 39

XOP

XOP Risk / Return Rank: 27
XOP Sharpe Ratio Rank: 27
XOP Sortino Ratio Rank: 26
XOP Omega Ratio Rank: 26
XOP Calmar Ratio Rank: 30
XOP Martin Ratio Rank: 27

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. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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	XOP	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.81	+0.62
Sortino ratio: Return per unit of downside risk	1.96	1.22	+0.74
Omega ratio: Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio: Return relative to maximum drawdown	1.85	1.23	+0.62
Martin ratio: Return relative to average drawdown	4.94	3.01	+1.92

EWZ vs. XOP - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.43, which is higher than the XOP Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of EWZ and XOP, 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. XOP - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for EWZ and XOP.

Drawdown Indicators

	EWZ	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-90.27%	+13.02%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-18.50%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-34.98%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	-34.98%	+2.74%
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	-82.61%	+25.62%
Current Drawdown Current decline from peak	-20.49%	-40.77%	+20.28%
Average Drawdown Average peak-to-trough decline	-35.90%	-42.57%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	7.54%	-0.34%

Volatility

EWZ vs. XOP - Volatility Comparison

The current volatility for iShares MSCI Brazil ETF (EWZ) is 5.74%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 7.88%. This indicates that EWZ experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	7.88%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	19.70%	22.07%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	28.03%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	33.73%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.90%	40.17%	-6.27%

EWZ vs. XOP - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

EWZ vs. XOP - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.07%, more than XOP's 2.05% yield.

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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.05%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both EWZ and XOP in my portfolio?

EWZ and XOP have a correlation of -0.03, 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 XOP?

XOP has higher volatility (7.88%) compared to EWZ (5.74%). In terms of maximum drawdown, EWZ dropped -77.25% vs XOP's -90.27%.

Which ETF is better, EWZ or XOP?

On 10-year performance, EWZ leads with 6.86% vs 2.97% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, EWZ has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or XOP?

Over the 10-year period, EWZ has performed better with a 6.86% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.07%, compared with 2.05% for XOP.

What is the main difference between EWZ and XOP?

EWZ is categorized as Latin America Equities, while XOP is Energy Equities. EWZ tracks MSCI Brazil 25/50 Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EWZ and 0.35% for XOP.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.43 vs 0.81), 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.