EWZS vs. BRZU

Last updated Jun 3, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EWZS returned 8.34%/yr vs -15.64%/yr for BRZU. Their correlation of 0.88 suggests significant overlap in exposure. EWZS charges 0.59%/yr vs 1.29%/yr for BRZU.

Performance

EWZS vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZS achieves a 9.74% return, which is significantly lower than BRZU's 19.48% return. Over the past 10 years, EWZS has outperformed BRZU with an annualized return of 8.34%, while BRZU has yielded a comparatively lower -15.64% annualized return.

EWZS

• 1D: 1.57%
• 1M: -5.27%
• YTD: 9.74%
• 6M: 2.03%
• 1Y: 16.22%
• 3Y*: 3.95%
• 5Y*: -2.76%
• 10Y*: 8.34%

BRZU

• 1D: 0.47%
• 1M: -18.56%
• YTD: 19.48%
• 6M: 10.44%
• 1Y: 69.96%
• 3Y*: 11.88%
• 5Y*: -2.00%
• 10Y*: -15.64%

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

EWZS vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZS iShares MSCI Brazil Small-Cap ETF	9.74%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%
BRZU Direxion Daily Brazil Bull 2X Shares	19.48%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between EWZS and BRZU is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	0.88

The correlation between EWZS and BRZU has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

EWZS vs. BRZU - Sectors Allocation Comparison

Sectors	EWZS	BRZU
Basic Materials	16.5%	13.7%
Consumer Cyclical	15.5%	1.5%
Real Estate	13.4%	-
Utilities	12.1%	12.8%
Consumer Defensive	10.9%	4.2%
Financial Services	10.4%	32.7%
Industrials	8.6%	10.9%
Energy	4.8%	18.7%
Healthcare	4.8%	2.4%
Technology	3.0%	0.9%
Communication Services	-	2.2%

Return for Risk

EWZS vs. BRZU — Risk / Return Rank

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

EWZS

EWZS Risk / Return Rank: 19
EWZS Sharpe Ratio Rank: 17
EWZS Sortino Ratio Rank: 19
EWZS Omega Ratio Rank: 18
EWZS Calmar Ratio Rank: 22
EWZS Martin Ratio Rank: 21

BRZU

BRZU Risk / Return Rank: 41
BRZU Sharpe Ratio Rank: 40
BRZU Sortino Ratio Rank: 37
BRZU Omega Ratio Rank: 38
BRZU Calmar Ratio Rank: 50
BRZU Martin Ratio Rank: 41

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. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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	BRZU	Difference
Sharpe ratio Return per unit of total volatility	0.54	1.43	-0.89
Sortino ratio Return per unit of downside risk	0.94	1.93	-0.99
Omega ratio Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio Return relative to maximum drawdown	1.03	2.53	-1.50
Martin ratio Return relative to average drawdown	2.61	6.77	-4.16
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. BRZU - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.54, which is lower than the BRZU Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EWZS and BRZU, 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	BRZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.43	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	-0.04	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	-0.19	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.35	+0.32

Drawdowns

EWZS vs. BRZU - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for EWZS and BRZU.

Drawdown Indicators

	EWZS	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-99.71%	+20.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-28.06%	+11.01%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-58.25%	+20.70%
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	-65.00%	+16.22%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	-98.11%	+34.96%
Current Drawdown Current decline from peak	-27.84%	-99.14%	+71.30%
Average Drawdown Average peak-to-trough decline	-36.57%	-89.55%	+52.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.71%	10.46%	-3.75%

Volatility

EWZS vs. BRZU - Volatility Comparison

The current volatility for iShares MSCI Brazil Small-Cap ETF (EWZS) is 10.23%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 14.71%. This indicates that EWZS experiences smaller price fluctuations and is considered to be less risky than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.23%	14.71%	-4.48%
Volatility (6M) Calculated over the trailing 6-month period	25.17%	41.12%	-15.95%
Volatility (1Y) Calculated over the trailing 1-year period	30.13%	49.12%	-18.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.07%	55.33%	-22.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.77%	83.14%	-46.37%

EWZS vs. BRZU - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

EWZS vs. BRZU - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.53%, more than BRZU's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRZU Direxion Daily Brazil Bull 2X Shares	2.23%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	0.00%	0.00%
EWZS iShares MSCI Brazil Small-Cap ETF	3.53%	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 BRZU in my portfolio?

With a correlation of 0.91, EWZS and BRZU 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 BRZU?

BRZU has higher volatility (14.71%) compared to EWZS (10.23%). In terms of maximum drawdown, EWZS dropped -79.23% vs BRZU's -99.71%.

Which ETF is better, EWZS or BRZU?

On 10-year performance, EWZS leads with 8.34% vs -15.64% for BRZU. On fees, EWZS is cheaper at 0.59% per year. On volatility, EWZS has been the lower-risk option at 10.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or BRZU?

Over the 10-year period, EWZS has performed better with a 8.34% return vs -15.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or BRZU?

EWZS is cheaper with a 0.59% expense ratio, compared with 1.29% for BRZU.

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

EWZS has the higher dividend yield at 3.53%, compared with 2.23% for BRZU.

What is the main difference between EWZS and BRZU?

EWZS is categorized as Latin America Equities, while BRZU is Leveraged Equities. EWZS tracks MSCI Brazil Small Cap Index, while BRZU tracks MSCI Brazil 25/50 Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.59% for EWZS and 1.29% for BRZU.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.43 vs 0.54), 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.