EWZS vs. FLLA

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and FLLA (Franklin FTSE Latin America ETF) are both Latin America Equities funds - EWZS tracks the MSCI Brazil Small Cap Index while FLLA tracks the FTSE Latin America RIC Capped Index. Both are passively managed. Over the past 5 years, EWZS returned -4.16%/yr vs 7.79%/yr for FLLA. Their correlation of 0.86 suggests significant overlap in exposure. EWZS charges 0.59%/yr vs 0.19%/yr for FLLA.

Performance

EWZS vs. FLLA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and Franklin FTSE Latin America ETF (FLLA). 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 FLLA's 12.62% 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%

FLLA

• 1D: -2.69%
• 1M: -5.24%
• YTD: 12.62%
• 6M: 11.76%
• 1Y: 35.32%
• 3Y*: 14.00%
• 5Y*: 7.79%
• 10Y*: —

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

EWZS vs. FLLA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	12.01%
FLLA Franklin FTSE Latin America ETF	12.62%	51.81%	-26.89%	32.71%	7.78%	-8.93%	-15.08%	19.59%	-2.78%

Correlation

The correlation between EWZS and FLLA is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 12, 2018	0.86

The correlation between EWZS and FLLA has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

EWZS vs. FLLA - Sectors Allocation Comparison

Sectors	EWZS	FLLA
Basic Materials	16.5%	19.3%
Consumer Cyclical	15.5%	2.8%
Real Estate	13.4%	3.0%
Utilities	12.1%	9.8%
Consumer Defensive	10.9%	11.0%
Financial Services	10.4%	25.9%
Industrials	8.6%	9.2%
Energy	4.8%	11.3%
Healthcare	4.8%	1.6%
Technology	3.0%	0.4%
Communication Services	-	3.9%

Return for Risk

EWZS vs. FLLA — 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

FLLA

FLLA Risk / Return Rank: 50
FLLA Sharpe Ratio Rank: 47
FLLA Sortino Ratio Rank: 44
FLLA Omega Ratio Rank: 45
FLLA Calmar Ratio Rank: 62
FLLA Martin Ratio Rank: 51

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. FLLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and Franklin FTSE Latin America ETF (FLLA). 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	FLLA	Difference
Sharpe ratio Return per unit of total volatility	0.28	1.66	-1.39
Sortino ratio Return per unit of downside risk	0.60	2.24	-1.64
Omega ratio Gain probability vs. loss probability	1.07	1.29	-0.22
Calmar ratio Return relative to maximum drawdown	0.50	3.06	-2.57
Martin ratio Return relative to average drawdown	1.24	8.72	-7.48
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. FLLA - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.28, which is lower than the FLLA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of EWZS and FLLA, 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	FLLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	1.66	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.34	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.23	-0.26

Drawdowns

EWZS vs. FLLA - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than FLLA's maximum drawdown of -53.88%. Use the drawdown chart below to compare losses from any high point for EWZS and FLLA.

Drawdown Indicators

	EWZS	FLLA	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-53.88%	-25.35%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-11.59%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	-27.76%	-9.79%
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	-28.32%	-20.46%
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	—	—
Current Drawdown Current decline from peak	-30.99%	-10.96%	-20.03%
Average Drawdown Average peak-to-trough decline	-36.57%	-13.48%	-23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	4.06%	+2.73%

Volatility

EWZS vs. FLLA - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to Franklin FTSE Latin America ETF (FLLA) at 6.72%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than FLLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	FLLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	6.72%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	25.56%	18.23%	+7.33%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	21.33%	+9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	22.81%	+10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	27.54%	+9.25%

EWZS vs. FLLA - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than FLLA's 0.19% expense ratio.

Dividends

EWZS vs. FLLA - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, less than FLLA's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FLLA Franklin FTSE Latin America ETF	5.38%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWZS and FLLA in my portfolio?

EWZS and FLLA have a correlation of 0.89, 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 FLLA?

EWZS has higher volatility (11.03%) compared to FLLA (6.72%). In terms of maximum drawdown, EWZS dropped -79.23% vs FLLA's -53.88%.

Which ETF is better, EWZS or FLLA?

On 5-year performance, FLLA leads with 7.79% vs -4.16% for EWZS. On fees, FLLA is cheaper at 0.19% per year. On volatility, FLLA has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or FLLA?

Over the 5-year period, FLLA has performed better with a 7.79% return vs -4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or FLLA?

FLLA is cheaper with a 0.19% expense ratio, compared with 0.59% for EWZS.

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

FLLA has the higher dividend yield at 5.38%, compared with 3.69% for EWZS.

What is the main difference between EWZS and FLLA?

EWZS tracks MSCI Brazil Small Cap Index, while FLLA tracks FTSE Latin America RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.59% for EWZS and 0.19% for FLLA.

Which has better risk-adjusted returns?

FLLA currently has the higher Sharpe Ratio (1.66 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.