EWZS vs. EWZ

Last updated Jun 24, 2026

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 6.69%/yr vs 7.48%/yr for EWZ. Their correlation of 0.89 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, EWZS achieves a -0.48% return, which is significantly lower than EWZ's 8.51% return. Over the past 10 years, EWZS has underperformed EWZ with an annualized return of 6.69%, while EWZ has yielded a comparatively higher 7.48% 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%

EWZ

• 1D: -0.35%
• 1M: -5.21%
• YTD: 8.51%
• 6M: 9.29%
• 1Y: 29.01%
• 3Y*: 7.56%
• 5Y*: 3.74%
• 10Y*: 7.48%

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

EWZS vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EWZ iShares MSCI Brazil ETF	8.51%	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, 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	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
Consumer Cyclical	15.8%	1.4%
Real Estate	13.8%	-
Basic Materials	12.3%	14.8%
Utilities	11.7%	13.4%
Consumer Defensive	10.6%	4.6%
Financial Services	9.8%	35.5%
Industrials	8.1%	8.6%
Technology	8.1%	0.4%
Energy	5.0%	15.5%
Healthcare	4.7%	2.1%
Communication Services	-	2.0%

Return for Risk

EWZS vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWZS

EWZS Risk / Return Rank: 10
EWZS Sharpe Ratio Rank: 10
EWZS Sortino Ratio Rank: 10
EWZS Omega Ratio Rank: 10
EWZS Calmar Ratio Rank: 10
EWZS Martin Ratio Rank: 10

EWZ

EWZ Risk / Return Rank: 32
EWZ Sharpe Ratio Rank: 33
EWZ Sortino Ratio Rank: 32
EWZ Omega Ratio Rank: 32
EWZ Calmar Ratio Rank: 31
EWZ Martin Ratio Rank: 31

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. 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.

	EWZS	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.16	-1.07
Sortino ratio: Return per unit of downside risk	0.35	1.65	-1.30
Omega ratio: Gain probability vs. loss probability	1.04	1.21	-0.17
Calmar ratio: Return relative to maximum drawdown	0.13	1.51	-1.38
Martin ratio: Return relative to average drawdown	0.35	4.37	-4.02

EWZS vs. EWZ - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.09, which is lower than the EWZ Sharpe Ratio of 1.16. 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.

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.

Drawdown Indicators

	EWZS	EWZ	Difference
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	-37.55%	-31.36%	-6.19%
Max Drawdown (5Y) Largest decline over 5 years	-47.83%	-32.24%	-15.59%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	-56.99%	-6.16%
Current Drawdown Current decline from peak	-34.56%	-24.43%	-10.13%
Average Drawdown Average peak-to-trough decline	-36.54%	-35.92%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.97%	6.65%	+1.32%

Volatility

EWZS vs. EWZ - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 8.98% compared to iShares MSCI Brazil ETF (EWZ) at 6.05%. 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.

Volatility by Period

	EWZS	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.98%	6.05%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	24.70%	19.72%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	30.75%	25.14%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.20%	27.72%	+5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.75%	34.00%	+2.75%

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 4.01%, less than EWZ's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.29%	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	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

Can I hold both EWZS and EWZ in my portfolio?

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.

Which is riskier, EWZS or EWZ?

EWZS has higher volatility (8.98%) compared to EWZ (6.05%). In terms of maximum drawdown, EWZS dropped -79.23% vs EWZ's -77.25%.

Which ETF is better, EWZS or EWZ?

On 10-year performance, EWZ leads with 7.48% vs 6.69% for EWZS. Both ETFs have the same 0.59% expense ratio. On volatility, EWZ has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or EWZ?

Over the 10-year period, EWZ has performed better with a 7.48% return vs 6.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or EWZ?

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

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

EWZ has the higher dividend yield at 4.29%, compared with 4.01% for EWZS.

What is the main difference between EWZS and EWZ?

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

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.16 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.