EWZS vs. SHLD

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, EWZS returned 8.41% vs 9.71% for SHLD. At a 0.31 correlation, their price movements are largely independent. EWZS charges 0.59%/yr vs 0.50%/yr for SHLD.

Performance

EWZS vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) and Global X Defense Tech ETF (SHLD). 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 higher than SHLD's -2.28% 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%

SHLD

• 1D: -2.39%
• 1M: -7.01%
• YTD: -2.28%
• 6M: 1.71%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWZS vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	7.79%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between EWZS and SHLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.31

EWZS vs. SHLD - Sectors Allocation Comparison

Sectors	EWZS	SHLD
Basic Materials	16.5%	-
Consumer Cyclical	15.5%	-
Real Estate	13.4%	-
Utilities	12.1%	-
Consumer Defensive	10.9%	-
Financial Services	10.4%	-
Industrials	8.6%	88.2%
Energy	4.8%	-
Healthcare	4.8%	-
Technology	3.0%	11.8%
Communication Services	-	-

Return for Risk

EWZS vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 14
SHLD 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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.41	-0.13
Sortino ratio: Return per unit of downside risk	0.60	0.74	-0.14
Omega ratio: Gain probability vs. loss probability	1.07	1.08	-0.01
Calmar ratio: Return relative to maximum drawdown	0.50	0.49	+0.01
Martin ratio: Return relative to average drawdown	1.24	1.30	-0.05
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. SHLD - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.28, which is lower than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of EWZS and SHLD, 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	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.41	-0.13
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	2.00	-2.03

Drawdowns

EWZS vs. SHLD - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for EWZS and SHLD.

Drawdown Indicators

	EWZS	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-79.23%	-20.10%	-59.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.05%	-20.10%	+3.05%
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%	-18.85%	-12.14%
Average Drawdown Average peak-to-trough decline	-36.57%	-3.19%	-33.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.79%	7.51%	-0.72%

Volatility

EWZS vs. SHLD - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to Global X Defense Tech ETF (SHLD) at 7.81%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZS	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	7.81%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	25.56%	19.35%	+6.21%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	24.05%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	21.13%	+11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.79%	21.13%	+15.66%

EWZS vs. SHLD - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

EWZS vs. SHLD - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, more than SHLD's 0.56% 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%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	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 SHLD in my portfolio?

EWZS and SHLD have a correlation of 0.34, 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 SHLD?

EWZS has higher volatility (11.03%) compared to SHLD (7.81%). In terms of maximum drawdown, EWZS dropped -79.23% vs SHLD's -20.10%.

Which ETF is better, EWZS or SHLD?

On 1-year performance, SHLD leads with 9.71% vs 8.41% for EWZS. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 7.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZS or SHLD?

Over the 1-year period, SHLD has performed better with a 9.71% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZS or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.59% for EWZS.

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

EWZS has the higher dividend yield at 3.69%, compared with 0.56% for SHLD.

What is the main difference between EWZS and SHLD?

EWZS is categorized as Latin America Equities, while SHLD is Aerospace & Defense. EWZS tracks MSCI Brazil Small Cap Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.59% for EWZS and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.41 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.