EWZS vs. ACLO

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while ACLO is a CLO fund actively managed by TCW. EWZS is passively managed, while ACLO is actively managed. Over the past year, EWZS returned 8.41% vs 5.31% for ACLO. At a correlation of -0.11, they often move in opposite directions. EWZS charges 0.59%/yr vs 0.20%/yr for ACLO.

Performance

EWZS vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZS achieves a 4.95% return, which is significantly higher than ACLO's 2.21% return.

EWZS

• 1D: -4.37%
• 1M: -8.19%
• YTD: 4.95%
• 6M: -2.70%
• 1Y: 8.41%
• 3Y*: 2.41%
• 5Y*: -4.16%
• 10Y*: 7.86%

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWZS vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-17.99%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between EWZS and ACLO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	-0.11

Return for Risk

EWZS vs. ACLO — Risk / Return Rank

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

EWZS

EWZS Risk / Return Rank: 14
EWZS Sharpe Ratio Rank: 12
EWZS Sortino Ratio Rank: 13
EWZS Omega Ratio Rank: 13
EWZS Calmar Ratio Rank: 15
EWZS Martin Ratio Rank: 15

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

EWZS vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and TCW AAA CLO ETF (ACLO). 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.

	EWZS	ACLO	Difference
Sharpe ratio Return per unit of total volatility	0.28	7.29	-7.02
Sortino ratio Return per unit of downside risk	0.60	14.85	-14.25
Omega ratio Gain probability vs. loss probability	1.07	3.41	-2.33
Calmar ratio Return relative to maximum drawdown	0.50	19.90	-19.41
Martin ratio Return relative to average drawdown	1.24	164.37	-163.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWZS vs. ACLO - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.28, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of EWZS and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWZS	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	7.29	-7.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	5.10	-5.13

Drawdowns

EWZS vs. ACLO - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for EWZS and ACLO.

Drawdown Indicators

	EWZS	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-1.01%	-78.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-0.27%	-16.78%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	—	—
Current Drawdown Current decline from peak	-30.99%	0.00%	-30.99%
Average Drawdown Average peak-to-trough decline	-36.57%	-0.05%	-36.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	0.03%	+6.76%

Volatility

EWZS vs. ACLO - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	0.14%	+10.89%
Volatility (6M) Calculated over the trailing 6-month period	25.56%	0.57%	+24.99%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	0.73%	+29.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	1.08%	+32.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	1.08%	+35.71%

EWZS vs. ACLO - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

EWZS vs. ACLO - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, less than ACLO's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWZS iShares MSCI Brazil Small-Cap ETF	3.69%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%

Frequently Asked Questions

Can I hold both EWZS and ACLO in my portfolio?

EWZS and ACLO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWZS or ACLO?

EWZS has higher volatility (11.03%) compared to ACLO (0.14%). In terms of maximum drawdown, EWZS dropped -79.23% vs ACLO's -1.01%.

Which ETF is better, EWZS or ACLO?

On 1-year performance, EWZS leads with 8.41% vs 5.31% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or ACLO?

Over the 1-year period, EWZS has performed better with a 8.41% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.59% for EWZS.

Which ETF pays a higher dividend yield, EWZS or ACLO?

ACLO has the higher dividend yield at 4.91%, compared with 3.69% for EWZS.

What is the main difference between EWZS and ACLO?

EWZS is categorized as Latin America Equities, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.59% for EWZS and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 0.28), 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.