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EWZS vs. EPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. EPU

Last updated Aug 2, 2026
Documentation

EWZS (iShares MSCI Brazil Small-Cap ETF) and EPU (iShares MSCI Peru ETF) are both Latin America Equities funds from iShares - EWZS tracks the MSCI Brazil Small Cap Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, EWZS returned 4.94%/yr vs 13.22%/yr for EPU. Their 0.46 correlation means their historical movements had little consistent relationship. Both charge a 0.59% expense ratio.

Performance

EWZS vs. EPU - 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 Peru ETF (EPU). 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 3.21% return, which is significantly lower than EPU's 20.80% return. Over the past 10 years, EWZS has underperformed EPU with an annualized return of 4.94%, while EPU has yielded a comparatively higher 13.22% 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%

EPU

1D
-0.99%
1M
2.20%
6M
0.92%
YTD
20.80%
1Y
81.51%
3Y*
42.19%
5Y*
31.75%
10Y*
13.22%
ALL TIME*
10.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPU

iShares MSCI Peru ETF
$5.01M$4.02M$5.98M

EWZS

iShares MSCI Brazil Small-Cap ETF
$1.16M$1.70M$5.15M

EWZS vs. EPU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EPU
iShares MSCI Peru ETF		20.80%86.87%21.73%25.34%2.05%-11.81%-4.31%7.30%-12.17%29.70%

Correlation

The correlation between EWZS and EPU is 0.61, 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.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.49

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.45

Correlation (10Y)
Provides a long-term view across more market conditions.

0.45

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.46

The correlation between EWZS and EPU shifts across timeframes, from 0.45 (10 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

EWZS vs. EPU - Sectors Allocation Comparison

Sectors
EWZS
EPU

Real Estate

14.7%
3.0%

Utilities

13.8%
2.9%

Consumer Cyclical

11.3%
4.5%

Basic Materials

11.2%
49.5%

Consumer Defensive

9.8%
3.3%

Industrials

9.6%
2.9%

Financial Services

8.5%
31.6%

Healthcare

5.9%
1.0%

Technology

5.7%

-

Energy

5.3%

-

Communication Services

-

1.4%

Real Estate

EWZS
14.7%
EPU
3.0%

Utilities

EWZS
13.8%
EPU
2.9%

Consumer Cyclical

EWZS
11.3%
EPU
4.5%

Basic Materials

EWZS
11.2%
EPU
49.5%

Consumer Defensive

EWZS
9.8%
EPU
3.3%

Industrials

EWZS
9.6%
EPU
2.9%

Financial Services

EWZS
8.5%
EPU
31.6%

Healthcare

EWZS
5.9%
EPU
1.0%

Technology

EWZS
5.7%
EPU

-

Energy

EWZS
5.3%
EPU

-

Communication Services

EWZS

-

EPU
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Brazil Small-Cap ETF

iShares MSCI Peru ETF

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU
Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS

Return for Risk

EWZS vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWZS
EWZS Risk / Return Rank: 2424
Overall Rank
EWZS Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 2525
Sortino Ratio Rank
EWZS Omega Ratio Rank: 2525
Omega Ratio Rank
EWZS Calmar Ratio Rank: 2525
Calmar Ratio Rank
EWZS Martin Ratio Rank: 2323
Martin Ratio Rank
EPU
EPU Risk / Return Rank: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
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. EPU - 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 Peru ETF (EPU). 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.

EWZSEPUDifference
Sharpe ratioReturn per unit of total volatility
0.52
2.52

-2.00

Sortino ratioReturn per unit of downside risk
0.92
2.96

-2.03

Omega ratioGain probability vs. loss probability

1.11

1.39

-0.28

Calmar ratioReturn relative to maximum drawdown

0.75

3.88

-3.12

Martin ratioReturn relative to average drawdown

1.67

10.45

-8.78

EWZS vs. EPU - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.52, which is lower than the EPU Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EWZS and EPU, 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. EPU - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for EWZS and EPU.

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Drawdown Indicators

EWZSEPUDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-60.62%

-18.61%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-20.85%

-0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-37.33%

-20.85%

-16.48%

Max Drawdown (5Y)

Largest decline over 5 years

-42.60%

-35.59%

-7.01%

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

-50.97%

-12.18%

Current Drawdown

Current decline from peak

-32.13%

-6.86%

-25.27%

Average Drawdown

Average peak-to-trough decline

-36.52%

-18.72%

-17.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.67%

7.72%

+1.95%

Volatility

EWZS vs. EPU - Volatility Comparison

The current volatility for iShares MSCI Brazil Small-Cap ETF (EWZS) is 8.00%, while iShares MSCI Peru ETF (EPU) has a volatility of 9.00%. This indicates that EWZS experiences smaller price fluctuations and is considered to be less risky than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZSEPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

9.00%

-1.00%

Volatility (6M)

Calculated over the trailing 6-month period

24.39%

27.47%

-3.08%

Volatility (1Y)

Calculated over the trailing 1-year period

30.89%

32.03%

-1.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.01%

25.09%

+7.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.69%

23.71%

+12.98%

EWZS vs. EPU - Expense Ratio Comparison

Both EWZS and EPU have an expense ratio of 0.59%.

Dividends

EWZS vs. EPU - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.87%, more than EPU's 1.98% yield.

PositionTTM20252024202320222021202020192018201720162015
EPU
iShares MSCI Peru ETF		1.98%1.63%5.78%4.17%5.56%3.13%1.91%2.67%1.53%3.30%0.85%1.90%
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

EWZS and EPU have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPU has higher volatility (9.00%) compared to EWZS (8.00%). In terms of maximum drawdown, EWZS dropped -79.23% vs EPU's -60.62%.

On 10-year performance, EPU leads with 13.22% vs 4.94% for EWZS. Both ETFs have the same 0.59% expense ratio. On volatility, EWZS has been the lower-risk option at 8.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPU has performed better with a 13.22% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWZS and EPU have the same expense ratio: 0.59% per year.

EWZS has the higher dividend yield at 3.87%, compared with 1.98% for EPU.

EWZS tracks MSCI Brazil Small Cap Index, while EPU tracks MSCI All Peru Capped Index.

EPU currently has the higher Sharpe Ratio (2.52 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.

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