EWZS vs. EIRL

Last updated Aug 2, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and EIRL (iShares MSCI Ireland ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while EIRL is a Europe Equities fund tracking the MSCI Ireland Investable Market 25/50 Index. Both are passively managed. Over the past 10 years, EWZS returned 4.94%/yr vs 9.78%/yr for EIRL. Their 0.40 correlation means their historical movements had little consistent relationship. EWZS charges 0.59%/yr vs 0.49%/yr for EIRL.

Performance

EWZS vs. EIRL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWZS achieves a 3.21% return, which is significantly lower than EIRL's 9.90% return. Over the past 10 years, EWZS has underperformed EIRL with an annualized return of 4.94%, while EIRL has yielded a comparatively higher 9.78% annualized return.

EWZS

• 1D: -0.23%
• 1M: 1.77%
• 6M: -10.01%
• YTD: 3.21%
• 1Y: 15.12%
• 3Y*: -1.60%
• 5Y*: -2.31%
• 10Y*: 4.94%
• ALL TIME*: -1.15%

EIRL

• 1D: -0.36%
• 1M: 0.13%
• 6M: 7.17%
• YTD: 9.90%
• 1Y: 25.57%
• 3Y*: 12.74%
• 5Y*: 8.40%
• 10Y*: 9.78%
• ALL TIME*: 9.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EIRL iShares MSCI Ireland ETF	$557.35K	$479.69K	$1.13M
EWZS iShares MSCI Brazil Small-Cap ETF	$1.16M	$1.70M	$5.15M

EWZS vs. EIRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWZS iShares MSCI Brazil Small-Cap ETF	3.21%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	54.18%
EIRL iShares MSCI Ireland ETF	9.90%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%

Correlation

The correlation between EWZS and EIRL is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.41
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.40

The correlation between EWZS and EIRL shifts across timeframes, from 0.40 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

EWZS vs. EIRL - Sectors Allocation Comparison

Sectors	EWZS	EIRL
Real Estate	14.7%	2.0%
Utilities	13.8%	4.3%
Consumer Cyclical	11.3%	8.5%
Basic Materials	11.2%	4.3%
Consumer Defensive	9.8%	19.5%
Industrials	9.6%	10.4%
Financial Services	8.5%	39.6%
Healthcare	5.9%	10.9%
Technology	5.7%	0.2%
Energy	5.3%	4.3%
Communication Services	-	0.0%

Return for Risk

EWZS vs. EIRL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWZS

EWZS Risk / Return Rank: 24
EWZS Sharpe Ratio Rank: 24
EWZS Sortino Ratio Rank: 25
EWZS Omega Ratio Rank: 25
EWZS Calmar Ratio Rank: 25
EWZS Martin Ratio Rank: 23

EIRL

EIRL Risk / Return Rank: 55
EIRL Sharpe Ratio Rank: 58
EIRL Sortino Ratio Rank: 59
EIRL Omega Ratio Rank: 58
EIRL Calmar Ratio Rank: 48
EIRL Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWZS vs. EIRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and iShares MSCI Ireland ETF (EIRL). 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.

	EWZS	EIRL	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.36	-0.84
Sortino ratio: Return per unit of downside risk	0.92	2.03	-1.10
Omega ratio: Gain probability vs. loss probability	1.11	1.25	-0.14
Calmar ratio: Return relative to maximum drawdown	0.75	1.72	-0.96
Martin ratio: Return relative to average drawdown	1.67	5.74	-4.07

EWZS vs. EIRL - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.52, which is lower than the EIRL Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EWZS and EIRL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWZS vs. EIRL - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than EIRL's maximum drawdown of -46.48%. Use the drawdown chart below to compare losses from any high point for EWZS and EIRL.

Drawdown Indicators

	EWZS	EIRL	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-46.48%	-32.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.53%	-14.28%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-37.33%	-23.04%	-14.29%
Max Drawdown (5Y) Largest decline over 5 years	-42.60%	-40.14%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	-46.48%	-16.67%
Current Drawdown Current decline from peak	-32.13%	-1.17%	-30.96%
Average Drawdown Average peak-to-trough decline	-36.52%	-9.02%	-27.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.67%	4.26%	+5.41%

Volatility

EWZS vs. EIRL - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.00% compared to iShares MSCI Ireland ETF (EIRL) at 4.45%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than EIRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	EIRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	4.45%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	24.39%	15.31%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	30.89%	17.99%	+12.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.01%	21.10%	+11.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.69%	21.19%	+15.50%

EWZS vs. EIRL - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than EIRL's 0.49% expense ratio.

Dividends

EWZS vs. EIRL - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.87%, more than EIRL's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIRL iShares MSCI Ireland ETF	2.37%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%
EWZS iShares MSCI Brazil Small-Cap ETF	3.87%	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 EIRL in my portfolio?

EWZS and EIRL have a correlation of 0.50, 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 EIRL?

EWZS has higher volatility (8.00%) compared to EIRL (4.45%). In terms of maximum drawdown, EWZS dropped -79.23% vs EIRL's -46.48%.

Which ETF is better, EWZS or EIRL?

On 10-year performance, EIRL leads with 9.78% vs 4.94% for EWZS. On fees, EIRL is cheaper at 0.49% per year. On volatility, EIRL has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or EIRL?

Over the 10-year period, EIRL has performed better with a 9.78% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or EIRL?

EIRL is cheaper with a 0.49% expense ratio, compared with 0.59% for EWZS.

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

EWZS has the higher dividend yield at 3.87%, compared with 2.37% for EIRL.

What is the main difference between EWZS and EIRL?

EWZS is categorized as Latin America Equities, while EIRL is Europe Equities. EWZS tracks MSCI Brazil Small Cap Index, while EIRL tracks MSCI Ireland Investable Market 25/50 Index. Their fees differ too: 0.59% for EWZS and 0.49% for EIRL.

Which has better risk-adjusted returns?

EIRL currently has the higher Sharpe Ratio (1.36 vs 0.52), 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.