EWZS vs. BRF

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Brazil Small-Cap ETF (EWZS) and VanEck Vectors Brazil Small-Cap ETF (BRF).

EWZS and BRF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWZS is a passively managed fund by iShares that tracks the performance of the MSCI Brazil Small Cap Index. It was launched on Sep 28, 2010. BRF is a passively managed fund by VanEck that tracks the performance of the MVIS Brazil Small-Cap Index. It was launched on May 12, 2009. Both EWZS and BRF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EWZS vs. BRF - Performance Comparison

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

EWZS vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZS iShares MSCI Brazil Small-Cap ETF	14.92%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%
BRF VanEck Vectors Brazil Small-Cap ETF	14.99%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Returns By Period

The year-to-date returns for both investments are quite close, with EWZS having a 14.92% return and BRF slightly higher at 14.99%. Over the past 10 years, EWZS has outperformed BRF with an annualized return of 9.37%, while BRF has yielded a comparatively lower 7.95% annualized return.

EWZS

• 1D: 0.34%
• 1M: -3.51%
• YTD: 14.92%
• 6M: 10.84%
• 1Y: 40.55%
• 3Y*: 12.25%
• 5Y*: 3.33%
• 10Y*: 9.37%

BRF

• 1D: 0.76%
• 1M: -3.62%
• YTD: 14.99%
• 6M: 20.14%
• 1Y: 50.62%
• 3Y*: 16.76%
• 5Y*: 3.68%
• 10Y*: 7.95%

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

EWZS vs. BRF - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is lower than BRF's 0.60% expense ratio.

BRF

VanEck Vectors Brazil Small-Cap ETF

EWZS

iShares MSCI Brazil Small-Cap ETF

Return for Risk

EWZS vs. BRF — Risk / Return Rank

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

EWZS

EWZS Risk / Return Rank: 71
EWZS Sharpe Ratio Rank: 70
EWZS Sortino Ratio Rank: 71
EWZS Omega Ratio Rank: 63
EWZS Calmar Ratio Rank: 83
EWZS Martin Ratio Rank: 69

BRF

BRF Risk / Return Rank: 84
BRF Sharpe Ratio Rank: 85
BRF Sortino Ratio Rank: 83
BRF Omega Ratio Rank: 78
BRF Calmar Ratio Rank: 91
BRF Martin Ratio Rank: 86

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. BRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and VanEck Vectors Brazil Small-Cap ETF (BRF). 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	BRF	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.76	-0.46
Sortino ratio Return per unit of downside risk	1.85	2.29	-0.45
Omega ratio Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio Return relative to maximum drawdown	2.54	3.28	-0.74
Martin ratio Return relative to average drawdown	7.42	10.80	-3.38
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. BRF - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 1.29, which is comparable to the BRF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EWZS and BRF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWZS	BRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.76	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.12	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.23	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.07	-0.09

Correlation

The correlation between EWZS and BRF is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EWZS vs. BRF - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.37%, less than BRF's 4.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZS iShares MSCI Brazil Small-Cap ETF	3.37%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%
BRF VanEck Vectors Brazil Small-Cap ETF	4.82%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%

Drawdowns

EWZS vs. BRF - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, roughly equal to the maximum BRF drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for EWZS and BRF.

Drawdown Indicators

	EWZS	BRF	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-82.26%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-16.11%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	-50.49%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	-60.43%	-2.72%
Current Drawdown Current decline from peak	-24.43%	-43.94%	+19.51%
Average Drawdown Average peak-to-trough decline	-36.70%	-45.76%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.84%	4.89%	+0.95%

Volatility

EWZS vs. BRF - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) and VanEck Vectors Brazil Small-Cap ETF (BRF) have volatilities of 14.41% and 13.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	BRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.41%	13.88%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	23.64%	22.76%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	29.00%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.97%	31.52%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.80%	34.00%	+2.80%