EWZS vs. BRF

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and BRF (VanEck Vectors Brazil Small-Cap ETF) are both Latin America Equities funds - EWZS tracks the MSCI Brazil Small Cap Index while BRF tracks the MVIS Brazil Small-Cap Index. Both are passively managed. Over the past 10 years, EWZS returned 7.86%/yr vs 6.61%/yr for BRF. Their correlation of 0.94 suggests significant overlap in exposure. EWZS charges 0.59%/yr vs 0.60%/yr for BRF.

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.

Returns By Period

The year-to-date returns for both investments are quite close, with EWZS having a 4.95% return and BRF slightly higher at 5.08%. Over the past 10 years, EWZS has outperformed BRF with an annualized return of 7.86%, while BRF has yielded a comparatively lower 6.61% annualized 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%

BRF

• 1D: -4.64%
• 1M: -10.08%
• YTD: 5.08%
• 6M: -0.52%
• 1Y: 20.45%
• 3Y*: 5.49%
• 5Y*: -3.39%
• 10Y*: 6.61%

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

EWZS vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	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	5.08%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Correlation

The correlation between EWZS and BRF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010	0.94

The correlation between EWZS and BRF has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

EWZS vs. BRF - Sectors Allocation Comparison

Sectors	EWZS	BRF
Basic Materials	16.5%	12.9%
Consumer Cyclical	15.5%	14.2%
Real Estate	13.4%	14.1%
Utilities	12.1%	9.4%
Consumer Defensive	10.9%	10.3%
Financial Services	10.4%	8.9%
Industrials	8.6%	13.5%
Energy	4.8%	5.7%
Healthcare	4.8%	6.0%
Technology	3.0%	4.0%
Communication Services	-	-

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: 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

BRF

BRF Risk / Return Rank: 23
BRF Sharpe Ratio Rank: 21
BRF Sortino Ratio Rank: 21
BRF Omega Ratio Rank: 21
BRF Calmar Ratio Rank: 26
BRF Martin Ratio Rank: 26

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	0.28	0.72	-0.45
Sortino ratio Return per unit of downside risk	0.60	1.14	-0.54
Omega ratio Gain probability vs. loss probability	1.07	1.15	-0.07
Calmar ratio Return relative to maximum drawdown	0.50	1.27	-0.78
Martin ratio Return relative to average drawdown	1.24	3.58	-2.34
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 0.28, which is lower than the BRF Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of EWZS and BRF, 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	BRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.72	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.11	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.20	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.06	-0.09

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 (3Y) Largest decline over 3 years	-37.55%	-37.81%	+0.26%
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	-30.99%	-48.77%	+17.78%
Average Drawdown Average peak-to-trough decline	-36.57%	-45.74%	+9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	5.72%	+1.07%

Volatility

EWZS vs. BRF - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to VanEck Vectors Brazil Small-Cap ETF (BRF) at 10.39%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than BRF based on this measure. 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	11.03%	10.39%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	25.56%	24.39%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	28.46%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	31.66%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	33.94%	+2.85%

EWZS vs. BRF - Expense Ratio Comparison

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

Dividends

EWZS vs. BRF - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, less than BRF's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.28%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
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 BRF in my portfolio?

With a correlation of 0.96, EWZS and BRF 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.

Which is riskier, EWZS or BRF?

EWZS has higher volatility (11.03%) compared to BRF (10.39%). In terms of maximum drawdown, EWZS dropped -79.23% vs BRF's -82.26%.

Which ETF is better, EWZS or BRF?

On 10-year performance, EWZS leads with 7.86% vs 6.61% for BRF. On fees, EWZS is cheaper at 0.59% per year. On volatility, BRF has been the lower-risk option at 10.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or BRF?

Over the 10-year period, EWZS has performed better with a 7.86% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or BRF?

EWZS is cheaper with a 0.59% expense ratio, compared with 0.60% for BRF.

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

BRF has the higher dividend yield at 5.28%, compared with 3.69% for EWZS.

What is the main difference between EWZS and BRF?

EWZS tracks MSCI Brazil Small Cap Index, while BRF tracks MVIS Brazil Small-Cap Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.59% for EWZS and 0.60% for BRF.

Which has better risk-adjusted returns?

BRF currently has the higher Sharpe Ratio (0.72 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.