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EWZS vs. SHLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. SHLD

Last updated Jun 26, 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 4.77% vs -0.23% 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.

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Returns By Period

In the year-to-date period, EWZS achieves a 0.17% return, which is significantly higher than SHLD's -10.17% return.

EWZS

1D
0.79%
1M
-8.66%
YTD
0.17%
6M
1.61%
1Y
4.77%
3Y*
-1.66%
5Y*
-5.06%
10Y*
6.87%

SHLD

1D
-1.15%
1M
-11.99%
YTD
-10.17%
6M
-12.31%
1Y
-0.23%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZS vs. SHLD - Yearly Performance Comparison

2026 (YTD)202520242023
EWZS
iShares MSCI Brazil Small-Cap ETF		0.17%45.18%-35.95%9.10%
SHLD
Global X Defense Tech ETF		-10.17%74.16%35.03%12.89%

Correlation

The correlation between EWZS and SHLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2023

0.31

EWZS vs. SHLD - Sectors Allocation Comparison

Sectors
EWZS
SHLD

Consumer Cyclical

15.8%

-

Real Estate

13.8%

-

Basic Materials

12.3%

-

Utilities

11.7%

-

Consumer Defensive

10.6%

-

Financial Services

9.8%

-

Industrials

8.1%
87.8%

Technology

8.1%
12.2%

Energy

5.0%

-

Healthcare

4.7%

-

Communication Services

-

-

Consumer Cyclical

EWZS
15.8%
SHLD

-

Real Estate

EWZS
13.8%
SHLD

-

Basic Materials

EWZS
12.3%
SHLD

-

Utilities

EWZS
11.7%
SHLD

-

Consumer Defensive

EWZS
10.6%
SHLD

-

Financial Services

EWZS
9.8%
SHLD

-

Industrials

EWZS
8.1%
SHLD
87.8%

Technology

EWZS
8.1%
SHLD
12.2%

Energy

EWZS
5.0%
SHLD

-

Healthcare

EWZS
4.7%
SHLD

-

Communication Services

EWZS

-

SHLD

-

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

Global X Defense Tech ETF

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU
Often compared with SHLD:
SHLD vs. ITASHLD vs. XARSHLD vs. PPASHLD vs. EUADSHLD vs. IDEFSHLD vs. XAD.TOSHLD vs. SPY

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: 1111
Overall Rank
EWZS Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1111
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1111
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1111
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1212
Martin Ratio Rank
SHLD
SHLD Risk / Return Rank: 99
Overall Rank
SHLD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
SHLD Sortino Ratio Rank: 99
Sortino Ratio Rank
SHLD Omega Ratio Rank: 99
Omega Ratio Rank
SHLD Calmar Ratio Rank: 99
Calmar Ratio Rank
SHLD Martin Ratio Rank: 99
Martin Ratio Rank
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.

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.

EWZSSHLDDifference
Sharpe ratioReturn per unit of total volatility
0.16
-0.01

+0.17

Sortino ratioReturn per unit of downside risk
0.43
0.17

+0.27

Omega ratioGain probability vs. loss probability

1.05

1.02

+0.03

Calmar ratioReturn relative to maximum drawdown

0.22

-0.01

+0.23

Martin ratioReturn relative to average drawdown

0.59

-0.03

+0.61

EWZS vs. SHLD - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.16, which is higher than the SHLD Sharpe Ratio of -0.01. 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.

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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 -25.40%. Use the drawdown chart below to compare losses from any high point for EWZS and SHLD.

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Drawdown Indicators

EWZSSHLDDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-25.40%

-53.83%

Max Drawdown (1Y)

Largest decline over 1 year

-21.53%

-25.40%

+3.87%

Max Drawdown (3Y)

Largest decline over 3 years

-37.55%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-47.83%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

—

—

Current Drawdown

Current decline from peak

-34.13%

-25.40%

-8.73%

Average Drawdown

Average peak-to-trough decline

-36.54%

-3.55%

-32.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.18%

8.97%

-0.79%

Volatility

EWZS vs. SHLD - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) and Global X Defense Tech ETF (SHLD) have volatilities of 8.84% and 9.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZSSHLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.84%

9.01%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

24.66%

20.22%

+4.44%

Volatility (1Y)

Calculated over the trailing 1-year period

30.74%

24.85%

+5.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.18%

21.39%

+11.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.74%

21.39%

+15.35%

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 3.98%, more than SHLD's 0.61% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZS
iShares MSCI Brazil Small-Cap ETF		3.98%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		0.61%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

EWZS and SHLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SHLD has higher volatility (9.01%) compared to EWZS (8.84%). In terms of maximum drawdown, EWZS dropped -79.23% vs SHLD's -25.40%.

On 1-year performance, EWZS leads with 4.77% vs -0.23% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, EWZS has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, EWZS has performed better with a 4.77% return vs -0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWZS has the higher dividend yield at 3.98%, compared with 0.61% for 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.

EWZS currently has the higher Sharpe Ratio (0.16 vs -0.01), 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

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