EWZS vs. DGRO

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, EWZS returned 7.86%/yr vs 13.30%/yr for DGRO. At a 0.41 correlation, their price movements are largely independent. EWZS charges 0.59%/yr vs 0.08%/yr for DGRO.

Performance

EWZS vs. DGRO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZS achieves a 4.95% return, which is significantly lower than DGRO's 8.76% return. Over the past 10 years, EWZS has underperformed DGRO with an annualized return of 7.86%, while DGRO has yielded a comparatively higher 13.30% 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%

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

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

EWZS vs. DGRO - 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%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EWZS and DGRO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.41

EWZS vs. DGRO - Sectors Allocation Comparison

Sectors	EWZS	DGRO
Basic Materials	16.5%	2.5%
Consumer Cyclical	15.5%	5.7%
Real Estate	13.4%	-
Utilities	12.1%	6.9%
Consumer Defensive	10.9%	11.5%
Financial Services	10.4%	21.2%
Industrials	8.6%	10.8%
Energy	4.8%	5.6%
Healthcare	4.8%	16.4%
Technology	3.0%	19.4%
Communication Services	-	0.1%

Return for Risk

EWZS vs. DGRO — 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

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and iShares Core Dividend Growth ETF (DGRO). 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	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	0.28	2.39	-2.11
Sortino ratio: Return per unit of downside risk	0.60	3.49	-2.89
Omega ratio: Gain probability vs. loss probability	1.07	1.43	-0.36
Calmar ratio: Return relative to maximum drawdown	0.50	3.50	-3.00
Martin ratio: Return relative to average drawdown	1.24	13.52	-12.28
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. DGRO - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.28, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of EWZS and DGRO, 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	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	2.39	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.77	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.80	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.76	-0.80

Drawdowns

EWZS vs. DGRO - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWZS and DGRO.

Drawdown Indicators

	EWZS	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-35.10%	-44.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-6.47%	-10.58%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-14.03%	-23.52%
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	-19.31%	-29.47%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	-35.10%	-28.05%
Current Drawdown Current decline from peak	-30.99%	-0.28%	-30.71%
Average Drawdown Average peak-to-trough decline	-36.57%	-3.44%	-33.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	1.67%	+5.12%

Volatility

EWZS vs. DGRO - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	2.21%	+8.82%
Volatility (6M) Calculated over the trailing 6-month period	25.56%	6.91%	+18.65%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	9.48%	+20.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	13.82%	+19.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	16.62%	+20.17%

EWZS vs. DGRO - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EWZS vs. DGRO - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, more than DGRO's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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 DGRO in my portfolio?

EWZS and DGRO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWZS or DGRO?

EWZS has higher volatility (11.03%) compared to DGRO (2.21%). In terms of maximum drawdown, EWZS dropped -79.23% vs DGRO's -35.10%.

Which ETF is better, EWZS or DGRO?

On 10-year performance, DGRO leads with 13.30% vs 7.86% for EWZS. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or DGRO?

Over the 10-year period, DGRO has performed better with a 13.30% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.59% for EWZS.

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

EWZS has the higher dividend yield at 3.69%, compared with 1.96% for DGRO.

What is the main difference between EWZS and DGRO?

EWZS is categorized as Latin America Equities, while DGRO is Large Cap Growth Equities. EWZS tracks MSCI Brazil Small Cap Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.59% for EWZS and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 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.