FLBR vs. EWZS

Last updated Jun 4, 2026

FLBR (Franklin FTSE Brazil ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds - FLBR tracks the FTSE Brazil RIC Capped Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 5 years, FLBR returned 5.54%/yr vs -4.16%/yr for EWZS. Their correlation of 0.91 suggests significant overlap in exposure. FLBR charges 0.19%/yr vs 0.59%/yr for EWZS.

Performance

FLBR vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Brazil ETF (FLBR) and iShares MSCI Brazil Small-Cap ETF (EWZS). 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 EWZS's 4.95% return.

FLBR

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

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%

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

FLBR vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLBR Franklin FTSE Brazil ETF	15.12%	45.57%	-27.58%	33.19%	10.44%	-16.78%	-20.13%	28.47%	-2.13%	2.27%
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	4.27%

Correlation

The correlation between FLBR and EWZS is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.91

The correlation between FLBR and EWZS has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

FLBR vs. EWZS - Sectors Allocation Comparison

Sectors	FLBR	EWZS
Financial Services	28.0%	10.4%
Energy	19.4%	4.8%
Basic Materials	15.9%	16.5%
Utilities	14.7%	12.1%
Industrials	7.8%	8.6%
Consumer Defensive	4.5%	10.9%
Healthcare	2.7%	4.8%
Consumer Cyclical	2.4%	15.5%
Communication Services	1.8%	-
Real Estate	0.8%	13.4%
Technology	0.7%	3.0%

Return for Risk

FLBR vs. EWZS — 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

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.

FLBR vs. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Brazil ETF (FLBR) and iShares MSCI Brazil Small-Cap ETF (EWZS). 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	EWZS	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.28	+1.13
Sortino ratio: Return per unit of downside risk	1.93	0.60	+1.33
Omega ratio: Gain probability vs. loss probability	1.25	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	2.23	0.50	+1.73
Martin ratio: Return relative to average drawdown	6.93	1.24	+5.69
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. EWZS - Sharpe Ratio Comparison

The current FLBR Sharpe Ratio is 1.41, which is higher than the EWZS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FLBR and EWZS, 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	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	0.28	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	-0.13	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	-0.03	+0.18

Drawdowns

FLBR vs. EWZS - Drawdown Comparison

The maximum FLBR drawdown since its inception was -57.42%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for FLBR and EWZS.

Drawdown Indicators

	FLBR	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-57.42%	-79.23%	+21.81%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-17.05%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.97%	-37.55%	+8.58%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-48.78%	+16.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.15%	—
Current Drawdown Current decline from peak	-15.85%	-30.99%	+15.14%
Average Drawdown Average peak-to-trough decline	-18.62%	-36.57%	+17.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	6.79%	-1.71%

Volatility

FLBR vs. EWZS - Volatility Comparison

The current volatility for Franklin FTSE Brazil ETF (FLBR) is 8.12%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 11.03%. This indicates that FLBR experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBR	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	11.03%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	25.56%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	25.09%	30.44%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.69%	33.12%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.08%	36.79%	-3.71%

FLBR vs. EWZS - Expense Ratio Comparison

FLBR has a 0.19% expense ratio, which is lower than EWZS's 0.59% expense ratio.

Dividends

FLBR vs. EWZS - Dividend Comparison

FLBR's dividend yield for the trailing twelve months is around 6.69%, more than EWZS's 3.69% 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%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLBR and EWZS in my portfolio?

With a correlation of 0.92, FLBR and EWZS 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 EWZS?

EWZS has higher volatility (11.03%) compared to FLBR (8.12%). In terms of maximum drawdown, FLBR dropped -57.42% vs EWZS's -79.23%.

Which ETF is better, FLBR or EWZS?

On 5-year performance, FLBR leads with 5.54% vs -4.16% for EWZS. On fees, FLBR is cheaper at 0.19% per year. On volatility, FLBR has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBR or EWZS?

Over the 5-year period, FLBR has performed better with a 5.54% return vs -4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBR or EWZS?

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

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

FLBR has the higher dividend yield at 6.69%, compared with 3.69% for EWZS.

What is the main difference between FLBR and EWZS?

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

Which has better risk-adjusted returns?

FLBR currently has the higher Sharpe Ratio (1.41 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.