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EWZS vs. BRZU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. BRZU

Last updated Jun 24, 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 6.69%/yr vs -16.81%/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.

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Returns By Period

In the year-to-date period, EWZS achieves a -0.48% return, which is significantly lower than BRZU's 9.75% return. Over the past 10 years, EWZS has outperformed BRZU with an annualized return of 6.69%, while BRZU has yielded a comparatively lower -16.81% annualized return.

EWZS

1D
-0.41%
1M
-8.21%
YTD
-0.48%
6M
0.31%
1Y
2.81%
3Y*
-2.13%
5Y*
-5.70%
10Y*
6.69%

BRZU

1D
-1.27%
1M
-11.33%
YTD
9.75%
6M
11.32%
1Y
46.87%
3Y*
2.53%
5Y*
-5.19%
10Y*
-16.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZS vs. BRZU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZS
iShares MSCI Brazil Small-Cap ETF		-0.48%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		9.75%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 0.92, 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

0.92

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 10, 2013

0.88

The correlation between EWZS and BRZU has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

EWZS vs. BRZU - Sectors Allocation Comparison

Sectors
EWZS
BRZU

Consumer Cyclical

15.8%
1.4%

Real Estate

13.8%

-

Basic Materials

12.3%
15.3%

Utilities

11.7%
12.8%

Consumer Defensive

10.6%
4.6%

Financial Services

9.8%
33.4%

Industrials

8.1%
11.0%

Technology

8.1%
0.4%

Energy

5.0%
16.7%

Healthcare

4.7%
2.3%

Communication Services

-

2.1%

Consumer Cyclical

EWZS
15.8%
BRZU
1.4%

Real Estate

EWZS
13.8%
BRZU

-

Basic Materials

EWZS
12.3%
BRZU
15.3%

Utilities

EWZS
11.7%
BRZU
12.8%

Consumer Defensive

EWZS
10.6%
BRZU
4.6%

Financial Services

EWZS
9.8%
BRZU
33.4%

Industrials

EWZS
8.1%
BRZU
11.0%

Technology

EWZS
8.1%
BRZU
0.4%

Energy

EWZS
5.0%
BRZU
16.7%

Healthcare

EWZS
4.7%
BRZU
2.3%

Communication Services

EWZS

-

BRZU
2.1%

Compare stocks, funds, or ETFs

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iShares MSCI Brazil Small-Cap ETF

Direxion Daily Brazil Bull 2X Shares

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. IDEV
Often compared with BRZU:
BRZU vs. EWZBRZU vs. INDLBRZU vs. GUSHBRZU vs. SMINBRZU vs. FLMXBRZU vs. VOOBRZU vs. SCHG

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: 1010
Overall Rank
EWZS Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1010
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1010
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1010
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1010
Martin Ratio Rank
BRZU
BRZU Risk / Return Rank: 2828
Overall Rank
BRZU Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
BRZU Sortino Ratio Rank: 2828
Sortino Ratio Rank
BRZU Omega Ratio Rank: 2828
Omega Ratio Rank
BRZU Calmar Ratio Rank: 2828
Calmar Ratio Rank
BRZU Martin Ratio Rank: 2828
Martin Ratio Rank
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.

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.

EWZSBRZUDifference
Sharpe ratioReturn per unit of total volatility
0.09
0.94

-0.85

Sortino ratioReturn per unit of downside risk
0.35
1.47

-1.13

Omega ratioGain probability vs. loss probability

1.04

1.19

-0.14

Calmar ratioReturn relative to maximum drawdown

0.13

1.31

-1.18

Martin ratioReturn relative to average drawdown

0.35

3.59

-3.24

EWZS vs. BRZU - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.09, which is lower than the BRZU Sharpe Ratio of 0.94. 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.

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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.

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Drawdown Indicators

EWZSBRZUDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-99.71%

+20.48%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-35.97%

+14.44%

Max Drawdown (3Y)

Largest decline over 3 years

-37.55%

-58.25%

+20.70%

Max Drawdown (5Y)

Largest decline over 5 years

-47.83%

-63.60%

+15.77%

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

-98.11%

+34.96%

Current Drawdown

Current decline from peak

-34.56%

-99.21%

+64.65%

Average Drawdown

Average peak-to-trough decline

-36.54%

-89.56%

+53.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.97%

13.08%

-5.11%

Volatility

EWZS vs. BRZU - Volatility Comparison

The current volatility for iShares MSCI Brazil Small-Cap ETF (EWZS) is 8.98%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 12.29%. 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.

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Volatility by Period

EWZSBRZUDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.98%

12.29%

-3.31%

Volatility (6M)

Calculated over the trailing 6-month period

24.70%

39.48%

-14.78%

Volatility (1Y)

Calculated over the trailing 1-year period

30.75%

49.99%

-19.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.20%

55.49%

-22.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.75%

82.70%

-45.95%

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 4.01%, more than BRZU's 2.43% yield.

PositionTTM20252024202320222021202020192018201720162015
BRZU
Direxion Daily Brazil Bull 2X Shares		2.43%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		4.01%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 0.92, 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.

BRZU has higher volatility (12.29%) compared to EWZS (8.98%). In terms of maximum drawdown, EWZS dropped -79.23% vs BRZU's -99.71%.

On 10-year performance, EWZS leads with 6.69% vs -16.81% for BRZU. On fees, EWZS is cheaper at 0.59% per year. On volatility, EWZS has been the lower-risk option at 8.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWZS has performed better with a 6.69% return vs -16.81%. 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 1.29% for BRZU.

EWZS has the higher dividend yield at 4.01%, compared with 2.43% for 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.

BRZU currently has the higher Sharpe Ratio (0.94 vs 0.09), 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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