FLBR vs. BRAZ

Last updated Jun 4, 2026

FLBR (Franklin FTSE Brazil ETF) and BRAZ (Global X Brazil Active ETF) are both Latin America Equities funds - FLBR tracks the FTSE Brazil RIC Capped Index while BRAZ tracks the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, FLBR returned 35.11% vs 32.60% for BRAZ. With a 0.95 correlation, they move nearly in lockstep. FLBR charges 0.19%/yr vs 0.75%/yr for BRAZ.

Performance

FLBR vs. BRAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Brazil ETF (FLBR) and Global X Brazil Active ETF (BRAZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLBR achieves a 15.12% return, which is significantly higher than BRAZ's 9.24% return.

FLBR

• 1D: -3.35%
• 1M: -10.42%
• YTD: 15.12%
• 6M: 10.76%
• 1Y: 35.11%
• 3Y*: 13.91%
• 5Y*: 5.54%
• 10Y*: —

BRAZ

• 1D: -1.64%
• 1M: -10.10%
• YTD: 9.24%
• 6M: 4.93%
• 1Y: 32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLBR vs. BRAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLBR Franklin FTSE Brazil ETF	15.12%	45.57%	-27.58%	18.71%
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%

Correlation

The correlation between FLBR and BRAZ is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.95

The correlation between FLBR and BRAZ has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

FLBR vs. BRAZ - Sectors Allocation Comparison

Sectors	FLBR	BRAZ
Financial Services	28.0%	38.2%
Energy	19.4%	18.3%
Basic Materials	15.9%	13.4%
Utilities	14.7%	10.1%
Industrials	7.8%	6.7%
Consumer Defensive	4.5%	1.5%
Healthcare	2.7%	2.3%
Consumer Cyclical	2.4%	3.7%
Communication Services	1.8%	-
Real Estate	0.8%	2.8%
Technology	0.7%	0.9%

Return for Risk

FLBR vs. BRAZ — Risk / Return Rank

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

FLBR

FLBR Risk / Return Rank: 40
FLBR Sharpe Ratio Rank: 39
FLBR Sortino Ratio Rank: 36
FLBR Omega Ratio Rank: 38
FLBR Calmar Ratio Rank: 45
FLBR Martin Ratio Rank: 43

BRAZ

BRAZ Risk / Return Rank: 38
BRAZ Sharpe Ratio Rank: 38
BRAZ Sortino Ratio Rank: 35
BRAZ Omega Ratio Rank: 35
BRAZ Calmar Ratio Rank: 42
BRAZ Martin Ratio Rank: 40

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.

FLBR vs. BRAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Brazil ETF (FLBR) and Global X Brazil Active ETF (BRAZ). 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.

	FLBR	BRAZ	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.36	+0.05
Sortino ratio: Return per unit of downside risk	1.93	1.85	+0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.23	2.06	+0.17
Martin ratio: Return relative to average drawdown	6.93	6.33	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLBR vs. BRAZ - Sharpe Ratio Comparison

The current FLBR Sharpe Ratio is 1.41, which is comparable to the BRAZ Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FLBR and BRAZ, 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

	FLBR	BRAZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.36	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.44	-0.28

Drawdowns

FLBR vs. BRAZ - Drawdown Comparison

The maximum FLBR drawdown since its inception was -57.42%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for FLBR and BRAZ.

Drawdown Indicators

	FLBR	BRAZ	Difference
Max Drawdown Largest peak-to-trough decline	-57.42%	-31.02%	-26.40%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-15.91%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-28.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	—	—
Current Drawdown Current decline from peak	-15.85%	-15.91%	+0.06%
Average Drawdown Average peak-to-trough decline	-18.62%	-11.25%	-7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	5.17%	-0.09%

Volatility

FLBR vs. BRAZ - Volatility Comparison

Franklin FTSE Brazil ETF (FLBR) has a higher volatility of 8.12% compared to Global X Brazil Active ETF (BRAZ) at 6.95%. This indicates that FLBR's price experiences larger fluctuations and is considered to be riskier than BRAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBR	BRAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	6.95%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	20.04%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	25.09%	24.14%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.69%	23.58%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.08%	23.58%	+9.50%

FLBR vs. BRAZ - Expense Ratio Comparison

FLBR has a 0.19% expense ratio, which is lower than BRAZ's 0.75% expense ratio.

Dividends

FLBR vs. BRAZ - Dividend Comparison

FLBR's dividend yield for the trailing twelve months is around 6.69%, more than BRAZ's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRAZ Global X Brazil Active ETF	3.12%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLBR Franklin FTSE Brazil ETF	6.69%	7.71%	7.68%	8.84%	11.99%	8.71%	2.32%	3.42%	3.72%	0.42%

Frequently Asked Questions

Can I hold both FLBR and BRAZ in my portfolio?

With a correlation of 0.95, FLBR and BRAZ 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, FLBR or BRAZ?

FLBR has higher volatility (8.12%) compared to BRAZ (6.95%). In terms of maximum drawdown, FLBR dropped -57.42% vs BRAZ's -31.02%.

Which ETF is better, FLBR or BRAZ?

On 1-year performance, FLBR leads with 35.11% vs 32.60% for BRAZ. On fees, FLBR is cheaper at 0.19% per year. On volatility, BRAZ has been the lower-risk option at 6.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBR or BRAZ?

Over the 1-year period, FLBR has performed better with a 35.11% return vs 32.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBR or BRAZ?

FLBR is cheaper with a 0.19% expense ratio, compared with 0.75% for BRAZ.

Which ETF pays a higher dividend yield, FLBR or BRAZ?

FLBR has the higher dividend yield at 6.69%, compared with 3.12% for BRAZ.

What is the main difference between FLBR and BRAZ?

FLBR tracks FTSE Brazil RIC Capped Index, while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: Franklin Templeton and Global X. Their fees differ too: 0.19% for FLBR and 0.75% for BRAZ.

Which has better risk-adjusted returns?

FLBR currently has the higher Sharpe Ratio (1.41 vs 1.36), 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.