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EWZS vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. ACWI

Last updated Jun 26, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWZS returned 6.87%/yr vs 13.32%/yr for ACWI. A 0.53 correlation means they provide meaningful diversification when combined. EWZS charges 0.59%/yr vs 0.32%/yr for ACWI.

Performance

EWZS vs. ACWI - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWZS achieves a 0.17% return, which is significantly lower than ACWI's 10.05% return. Over the past 10 years, EWZS has underperformed ACWI with an annualized return of 6.87%, while ACWI has yielded a comparatively higher 13.32% annualized return.

EWZS

1D
0.79%
1M
-8.66%
YTD
0.17%
6M
1.61%
1Y
4.77%
3Y*
-1.66%
5Y*
-5.06%
10Y*
6.87%

ACWI

1D
0.30%
1M
-1.35%
YTD
10.05%
6M
9.11%
1Y
24.26%
3Y*
20.14%
5Y*
10.69%
10Y*
13.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZS vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZS
iShares MSCI Brazil Small-Cap ETF		0.17%45.18%-35.95%32.65%-11.20%-14.09%-20.86%50.60%-7.13%54.18%
ACWI
iShares MSCI ACWI ETF		10.05%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between EWZS and ACWI is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.53

The correlation between EWZS and ACWI shifts across timeframes, from 0.48 (5 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

EWZS vs. ACWI - Sectors Allocation Comparison

Sectors
EWZS
ACWI

Consumer Cyclical

15.8%
8.6%

Real Estate

13.8%
1.6%

Basic Materials

12.3%
3.6%

Utilities

11.7%
2.7%

Consumer Defensive

10.6%
4.7%

Financial Services

9.8%
15.9%

Industrials

8.1%
10.3%

Technology

8.1%
33.0%

Energy

5.0%
3.6%

Healthcare

4.7%
7.7%

Communication Services

-

8.0%

Consumer Cyclical

EWZS
15.8%
ACWI
8.6%

Real Estate

EWZS
13.8%
ACWI
1.6%

Basic Materials

EWZS
12.3%
ACWI
3.6%

Utilities

EWZS
11.7%
ACWI
2.7%

Consumer Defensive

EWZS
10.6%
ACWI
4.7%

Financial Services

EWZS
9.8%
ACWI
15.9%

Industrials

EWZS
8.1%
ACWI
10.3%

Technology

EWZS
8.1%
ACWI
33.0%

Energy

EWZS
5.0%
ACWI
3.6%

Healthcare

EWZS
4.7%
ACWI
7.7%

Communication Services

EWZS

-

ACWI
8.0%

Compare stocks, funds, or ETFs

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iShares MSCI Brazil Small-Cap ETF

iShares MSCI ACWI ETF

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

EWZS vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWZS
EWZS Risk / Return Rank: 1111
Overall Rank
EWZS Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1111
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1212
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6363
Overall Rank
ACWI Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6262
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6363
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6868
Martin Ratio Rank
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. ACWI - Risk-Adjusted Trends Comparison

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

EWZSACWIDifference
Sharpe ratioReturn per unit of total volatility
0.16
1.80

-1.64

Sortino ratioReturn per unit of downside risk
0.43
2.48

-2.05

Omega ratioGain probability vs. loss probability

1.05

1.33

-0.28

Calmar ratioReturn relative to maximum drawdown

0.22

2.50

-2.28

Martin ratioReturn relative to average drawdown

0.59

10.83

-10.25

EWZS vs. ACWI - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.16, which is lower than the ACWI Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of EWZS and ACWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWZS vs. ACWI - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWZS and ACWI.

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Drawdown Indicators

EWZSACWIDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-56.00%

-23.23%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-9.73%

-11.80%

Max Drawdown (3Y)

Largest decline over 3 years

-37.55%

-16.55%

-21.00%

Max Drawdown (5Y)

Largest decline over 5 years

-47.83%

-26.42%

-21.41%

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

-33.53%

-29.62%

Current Drawdown

Current decline from peak

-34.13%

-2.67%

-31.46%

Average Drawdown

Average peak-to-trough decline

-36.54%

-8.59%

-27.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.18%

2.24%

+5.94%

Volatility

EWZS vs. ACWI - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.84% compared to iShares MSCI ACWI ETF (ACWI) at 5.44%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZSACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.84%

5.44%

+3.40%

Volatility (6M)

Calculated over the trailing 6-month period

24.66%

11.34%

+13.32%

Volatility (1Y)

Calculated over the trailing 1-year period

30.74%

13.56%

+17.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.18%

16.19%

+16.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.74%

17.07%

+19.67%

EWZS vs. ACWI - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EWZS vs. ACWI - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.98%, more than ACWI's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.45%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
EWZS
iShares MSCI Brazil Small-Cap ETF		3.98%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

EWZS and ACWI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (8.84%) compared to ACWI (5.44%). In terms of maximum drawdown, EWZS dropped -79.23% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 13.32% vs 6.87% for EWZS. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 13.32% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.59% for EWZS.

EWZS has the higher dividend yield at 3.98%, compared with 1.45% for ACWI.

EWZS is categorized as Latin America Equities, while ACWI is Global Equities. EWZS tracks MSCI Brazil Small Cap Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.59% for EWZS and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.80 vs 0.16), 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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