EWZS vs. OTGL

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and OTGL (OTG Latin America ETF) are both Latin America Equities funds - EWZS tracks the MSCI Brazil Small Cap Index while OTGL tracks the Actively Managed. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. EWZS charges 0.59%/yr vs 0.95%/yr for OTGL.

Performance

EWZS vs. OTGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and OTG Latin America ETF (OTGL). 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 OTGL's 5.63% 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%

OTGL

• 1D: -1.90%
• 1M: -1.12%
• YTD: 5.63%
• 6M: 5.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWZS vs. OTGL - Yearly Performance Comparison

	2026 (YTD)	2025
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	7.65%
OTGL OTG Latin America ETF	5.63%	13.64%

Correlation

The correlation between EWZS and OTGL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.83

Return for Risk

EWZS vs. OTGL — 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

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. OTGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and OTG Latin America ETF (OTGL). 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	OTGL	Difference
Sharpe ratio Return per unit of total volatility	0.28	—	—
Sortino ratio Return per unit of downside risk	0.60	—	—
Omega ratio Gain probability vs. loss probability	1.07	—	—
Calmar ratio Return relative to maximum drawdown	0.50	—	—
Martin ratio Return relative to average drawdown	1.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EWZS	OTGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
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	1.20	-1.23

Drawdowns

EWZS vs. OTGL - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than OTGL's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for EWZS and OTGL.

Drawdown Indicators

	EWZS	OTGL	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-13.52%	-65.71%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-37.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.15%	—	—
Current Drawdown Current decline from peak	-30.99%	-8.97%	-22.02%
Average Drawdown Average peak-to-trough decline	-36.57%	-3.00%	-33.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	—	—

Volatility

Volatility by Period

	EWZS	OTGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	19.02%	+11.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	19.02%	+14.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	19.02%	+17.77%

EWZS vs. OTGL - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is lower than OTGL's 0.95% expense ratio.

Dividends

EWZS vs. OTGL - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, more than OTGL's 1.83% 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%
OTGL OTG Latin America ETF	1.83%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWZS and OTGL in my portfolio?

EWZS and OTGL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWZS or OTGL?

On fees, EWZS is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWZS or OTGL?

EWZS is cheaper with a 0.59% expense ratio, compared with 0.95% for OTGL.

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

EWZS has the higher dividend yield at 3.69%, compared with 1.83% for OTGL.

What is the main difference between EWZS and OTGL?

EWZS tracks MSCI Brazil Small Cap Index, while OTGL tracks Actively Managed. They also come from different issuers: iShares and OTG. Their fees differ too: 0.59% for EWZS and 0.95% for OTGL.