EWZS vs. BRZU

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Brazil Small-Cap ETF (EWZS) and Direxion Daily Brazil Bull 2X Shares (BRZU).

EWZS and BRZU 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. BRZU is a passively managed fund by Direxion that tracks the performance of the MSCI Brazil 25/50 Index. It was launched on Apr 1, 2020. Both EWZS and BRZU 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. 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.

EWZS vs. BRZU - 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%
BRZU Direxion Daily Brazil Bull 2X Shares	40.14%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Returns By Period

In the year-to-date period, EWZS achieves a 14.92% return, which is significantly lower than BRZU's 40.14% return. Over the past 10 years, EWZS has outperformed BRZU with an annualized return of 9.37%, while BRZU has yielded a comparatively lower -14.69% 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%

BRZU

• 1D: -0.13%
• 1M: -3.25%
• YTD: 40.14%
• 6M: 58.04%
• 1Y: 111.48%
• 3Y*: 26.12%
• 5Y*: 10.30%
• 10Y*: -14.69%

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

EWZS vs. BRZU - Expense Ratio Comparison

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

BRZU

Direxion Daily Brazil Bull 2X Shares

EWZS

iShares MSCI Brazil Small-Cap ETF

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: 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

BRZU

BRZU Risk / Return Rank: 91
BRZU Sharpe Ratio Rank: 92
BRZU Sortino Ratio Rank: 88
BRZU Omega Ratio Rank: 84
BRZU Calmar Ratio Rank: 97
BRZU Martin Ratio Rank: 92

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	1.29	2.17	-0.88
Sortino ratio Return per unit of downside risk	1.85	2.53	-0.68
Omega ratio Gain probability vs. loss probability	1.24	1.34	-0.10
Calmar ratio Return relative to maximum drawdown	2.54	5.13	-2.59
Martin ratio Return relative to average drawdown	7.42	13.31	-5.89
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 1.29, which is lower than the BRZU Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of EWZS and BRZU, 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	BRZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.17	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.19	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	-0.17	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.34	+0.33

Correlation

The correlation between EWZS and BRZU is 0.88, 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. BRZU - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.37%, more than BRZU's 1.90% 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%
BRZU Direxion Daily Brazil Bull 2X Shares	1.90%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	0.00%	0.00%

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%	-22.67%	+5.62%
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	-24.43%	-99.00%	+74.57%
Average Drawdown Average peak-to-trough decline	-36.70%	-89.43%	+52.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.84%	8.73%	-2.89%

Volatility

EWZS vs. BRZU - Volatility Comparison

The current volatility for iShares MSCI Brazil Small-Cap ETF (EWZS) is 14.41%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 22.44%. 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	14.41%	22.44%	-8.03%
Volatility (6M) Calculated over the trailing 6-month period	23.64%	39.48%	-15.84%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	51.61%	-20.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.97%	55.52%	-22.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.80%	84.27%	-47.47%