PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWZS vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. EWZ

Last updated Aug 2, 2026
Documentation

EWZS (iShares MSCI Brazil Small-Cap ETF) and EWZ (iShares MSCI Brazil ETF) are both Latin America Equities funds from iShares - EWZS tracks the MSCI Brazil Small Cap Index while EWZ tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EWZS returned 4.94%/yr vs 6.64%/yr for EWZ. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.59% expense ratio.

Performance

EWZS vs. EWZ - 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 Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWZS achieves a 3.21% return, which is significantly lower than EWZ's 16.46% return. Over the past 10 years, EWZS has underperformed EWZ with an annualized return of 4.94%, while EWZ has yielded a comparatively higher 6.64% 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%

EWZ

1D
0.33%
1M
6.45%
6M
-0.11%
YTD
16.46%
1Y
43.70%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

EWZS

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

EWZS vs. EWZ - 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%
EWZ
iShares MSCI Brazil ETF		16.46%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between EWZS and EWZ is 0.92, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.92

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

0.92

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

0.91

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

0.91

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

0.89

The correlation between EWZS and EWZ has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

EWZS vs. EWZ - Sectors Allocation Comparison

Sectors
EWZS
EWZ

Real Estate

14.7%

-

Utilities

13.8%
13.5%

Consumer Cyclical

11.3%
1.4%

Basic Materials

11.2%
14.5%

Consumer Defensive

9.8%
4.7%

Industrials

9.6%
11.6%

Financial Services

8.5%
34.5%

Healthcare

5.9%
2.2%

Technology

5.7%
0.4%

Energy

5.3%
15.1%

Communication Services

-

2.1%

Real Estate

EWZS
14.7%
EWZ

-

Utilities

EWZS
13.8%
EWZ
13.5%

Consumer Cyclical

EWZS
11.3%
EWZ
1.4%

Basic Materials

EWZS
11.2%
EWZ
14.5%

Consumer Defensive

EWZS
9.8%
EWZ
4.7%

Industrials

EWZS
9.6%
EWZ
11.6%

Financial Services

EWZS
8.5%
EWZ
34.5%

Healthcare

EWZS
5.9%
EWZ
2.2%

Technology

EWZS
5.7%
EWZ
0.4%

Energy

EWZS
5.3%
EWZ
15.1%

Communication Services

EWZS

-

EWZ
2.1%

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 Brazil ETF

Often compared with EWZS:
EWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZUEWZS vs. IDEV
Often compared with EWZ:
EWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGTEWZ vs. ECH

Return for Risk

EWZS vs. EWZ — 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
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
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. EWZ - 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 Brazil ETF (EWZ). 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.

EWZSEWZDifference
Sharpe ratioReturn per unit of total volatility
0.52
1.77

-1.25

Sortino ratioReturn per unit of downside risk
0.92
2.36

-1.43

Omega ratioGain probability vs. loss probability

1.11

1.30

-0.19

Calmar ratioReturn relative to maximum drawdown

0.75

2.31

-1.56

Martin ratioReturn relative to average drawdown

1.67

5.64

-3.97

EWZS vs. EWZ - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.52, which is lower than the EWZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of EWZS and EWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWZS vs. EWZ - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for EWZS and EWZ.

Loading charts...

Drawdown Indicators

EWZSEWZDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-77.25%

-1.98%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-19.27%

-2.26%

Max Drawdown (3Y)

Largest decline over 3 years

-37.33%

-31.36%

-5.97%

Max Drawdown (5Y)

Largest decline over 5 years

-42.60%

-32.24%

-10.36%

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

-56.99%

-6.16%

Current Drawdown

Current decline from peak

-32.13%

-18.89%

-13.24%

Average Drawdown

Average peak-to-trough decline

-36.52%

-35.86%

-0.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.67%

7.86%

+1.81%

Volatility

EWZS vs. EWZ - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.00% compared to iShares MSCI Brazil ETF (EWZ) at 6.69%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWZSEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

6.69%

+1.31%

Volatility (6M)

Calculated over the trailing 6-month period

24.39%

19.32%

+5.07%

Volatility (1Y)

Calculated over the trailing 1-year period

30.89%

25.12%

+5.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.01%

27.46%

+5.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.69%

33.90%

+2.79%

EWZS vs. EWZ - Expense Ratio Comparison

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

Dividends

EWZS vs. EWZ - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.87%, less than EWZ's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		3.99%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
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

With a correlation of 0.92, EWZS and EWZ 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.

EWZS has higher volatility (8.00%) compared to EWZ (6.69%). In terms of maximum drawdown, EWZS dropped -79.23% vs EWZ's -77.25%.

On 10-year performance, EWZ leads with 6.64% vs 4.94% for EWZS. Both ETFs have the same 0.59% expense ratio. On volatility, EWZ has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWZ has performed better with a 6.64% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWZ has the higher dividend yield at 3.99%, compared with 3.87% for EWZS.

EWZS tracks MSCI Brazil Small Cap Index, while EWZ tracks MSCI Brazil 25/50 Index.

EWZ currently has the higher Sharpe Ratio (1.77 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.

Portfolio Optimizer

Find the right allocation for EWZS and EWZ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer