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EWZS vs. BRAZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. BRAZ

Last updated Aug 2, 2026
Documentation

EWZS (iShares MSCI Brazil Small-Cap ETF) and BRAZ (Global X Brazil Active ETF) are both Latin America Equities funds - EWZS tracks the MSCI Brazil Small Cap Index while BRAZ tracks the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, EWZS returned 15.12% vs 41.55% for BRAZ. Their correlation of 0.90 means they have usually moved in the same direction. EWZS charges 0.59%/yr vs 0.75%/yr for BRAZ.

Performance

EWZS vs. BRAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and Global X Brazil Active ETF (BRAZ). 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 3.21% return, which is significantly lower than BRAZ's 14.43% return.

EWZS

1D
-0.23%
1M
1.77%
6M
-10.01%
YTD
3.21%
1Y
15.12%
3Y*
-1.60%
5Y*
-2.31%
10Y*
4.94%
ALL TIME*
-1.15%

BRAZ

1D
0.23%
1M
6.38%
6M
-1.50%
YTD
14.43%
1Y
41.55%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
11.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BRAZ

Global X Brazil Active ETF
$20.15K$16.51K$47.41K

EWZS

iShares MSCI Brazil Small-Cap ETF
$1.16M$1.70M$5.15M

EWZS vs. BRAZ - Yearly Performance Comparison

2026 (YTD)202520242023
EWZS
iShares MSCI Brazil Small-Cap ETF		3.21%45.18%-35.95%9.25%
BRAZ
Global X Brazil Active ETF		14.43%45.42%-29.74%17.80%

Correlation

The correlation between EWZS and BRAZ is 0.90, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.90

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2023

0.90

The correlation between EWZS and BRAZ has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

EWZS vs. BRAZ - Sectors Allocation Comparison

Sectors
EWZS
BRAZ

Real Estate

14.7%
3.0%

Utilities

13.8%
10.7%

Consumer Cyclical

11.3%
3.9%

Basic Materials

11.2%
13.7%

Consumer Defensive

9.8%
1.4%

Industrials

9.6%
12.9%

Financial Services

8.5%
36.9%

Healthcare

5.9%
2.2%

Technology

5.7%
1.0%

Energy

5.3%
15.5%

Communication Services

-

-

Real Estate

EWZS
14.7%
BRAZ
3.0%

Utilities

EWZS
13.8%
BRAZ
10.7%

Consumer Cyclical

EWZS
11.3%
BRAZ
3.9%

Basic Materials

EWZS
11.2%
BRAZ
13.7%

Consumer Defensive

EWZS
9.8%
BRAZ
1.4%

Industrials

EWZS
9.6%
BRAZ
12.9%

Financial Services

EWZS
8.5%
BRAZ
36.9%

Healthcare

EWZS
5.9%
BRAZ
2.2%

Technology

EWZS
5.7%
BRAZ
1.0%

Energy

EWZS
5.3%
BRAZ
15.5%

Communication Services

EWZS

-

BRAZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Brazil Small-Cap ETF

Global X Brazil Active ETF

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU
Often compared with BRAZ:
BRAZ vs. UBRBRAZ vs. EWZBRAZ vs. THDBRAZ vs. PAVEBRAZ vs. FLNBRAZ vs. GLDBRAZ vs. VTI

Return for Risk

EWZS vs. BRAZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWZS
EWZS Risk / Return Rank: 2424
Overall Rank
EWZS Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 2525
Sortino Ratio Rank
EWZS Omega Ratio Rank: 2525
Omega Ratio Rank
EWZS Calmar Ratio Rank: 2525
Calmar Ratio Rank
EWZS Martin Ratio Rank: 2323
Martin Ratio Rank
BRAZ
BRAZ Risk / Return Rank: 6565
Overall Rank
BRAZ Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
BRAZ Sortino Ratio Rank: 7171
Sortino Ratio Rank
BRAZ Omega Ratio Rank: 7070
Omega Ratio Rank
BRAZ Calmar Ratio Rank: 6161
Calmar Ratio Rank
BRAZ Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWZS vs. BRAZ - Risk-Adjusted Trends Comparison

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

EWZSBRAZDifference
Sharpe ratioReturn per unit of total volatility
0.52
1.75

-1.22

Sortino ratioReturn per unit of downside risk
0.92
2.30

-1.38

Omega ratioGain probability vs. loss probability

1.11

1.29

-0.18

Calmar ratioReturn relative to maximum drawdown

0.75

2.17

-1.42

Martin ratioReturn relative to average drawdown

1.67

5.31

-3.64

EWZS vs. BRAZ - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.52, which is lower than the BRAZ Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of EWZS and BRAZ, 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. BRAZ - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for EWZS and BRAZ.

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Drawdown Indicators

EWZSBRAZDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-31.02%

-48.21%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-19.65%

-1.88%

Max Drawdown (3Y)

Largest decline over 3 years

-37.33%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-42.60%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

—

—

Current Drawdown

Current decline from peak

-32.13%

-11.91%

-20.22%

Average Drawdown

Average peak-to-trough decline

-36.52%

-11.49%

-25.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.67%

8.00%

+1.67%

Volatility

EWZS vs. BRAZ - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.00% compared to Global X Brazil Active ETF (BRAZ) at 6.06%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than BRAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZSBRAZDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

6.06%

+1.94%

Volatility (6M)

Calculated over the trailing 6-month period

24.39%

18.33%

+6.06%

Volatility (1Y)

Calculated over the trailing 1-year period

30.89%

24.41%

+6.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.01%

23.42%

+9.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.69%

23.42%

+13.27%

EWZS vs. BRAZ - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is lower than BRAZ's 0.75% expense ratio.

Dividends

EWZS vs. BRAZ - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.87%, more than BRAZ's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
BRAZ
Global X Brazil Active ETF		2.56%3.41%4.16%1.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EWZS
iShares MSCI Brazil Small-Cap ETF		3.87%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

With a correlation of 0.90, EWZS and BRAZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWZS has higher volatility (8.00%) compared to BRAZ (6.06%). In terms of maximum drawdown, EWZS dropped -79.23% vs BRAZ's -31.02%.

On 1-year performance, BRAZ leads with 41.55% vs 15.12% for EWZS. On fees, EWZS is cheaper at 0.59% per year. On volatility, BRAZ has been the lower-risk option at 6.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, BRAZ has performed better with a 41.55% return vs 15.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWZS is cheaper with a 0.59% expense ratio, compared with 0.75% for BRAZ.

EWZS has the higher dividend yield at 3.87%, compared with 2.56% for BRAZ.

EWZS tracks MSCI Brazil Small Cap Index, while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.59% for EWZS and 0.75% for BRAZ.

BRAZ currently has the higher Sharpe Ratio (1.75 vs 0.52), 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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