FLLA vs. EWZS

Last updated Jun 4, 2026

FLLA (Franklin FTSE Latin America ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds - FLLA tracks the FTSE Latin America RIC Capped Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 5 years, FLLA returned 7.79%/yr vs -4.16%/yr for EWZS. Their correlation of 0.86 suggests significant overlap in exposure. FLLA charges 0.19%/yr vs 0.59%/yr for EWZS.

Performance

FLLA vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Latin America ETF (FLLA) 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, FLLA achieves a 12.62% return, which is significantly higher than EWZS's 4.95% return.

FLLA

• 1D: -2.69%
• 1M: -5.24%
• YTD: 12.62%
• 6M: 11.76%
• 1Y: 35.32%
• 3Y*: 14.00%
• 5Y*: 7.79%
• 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)

FLLA vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLLA Franklin FTSE Latin America ETF	12.62%	51.81%	-26.89%	32.71%	7.78%	-8.93%	-15.08%	19.59%	-2.78%
EWZS iShares MSCI Brazil Small-Cap ETF	4.95%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	12.01%

Correlation

The correlation between FLLA and EWZS is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 12, 2018	0.86

The correlation between FLLA and EWZS has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

FLLA vs. EWZS - Sectors Allocation Comparison

Sectors	FLLA	EWZS
Financial Services	25.9%	10.4%
Basic Materials	19.3%	16.5%
Energy	11.3%	4.8%
Consumer Defensive	11.0%	10.9%
Utilities	9.8%	12.1%
Industrials	9.2%	8.6%
Communication Services	3.9%	-
Real Estate	3.0%	13.4%
Consumer Cyclical	2.8%	15.5%
Healthcare	1.6%	4.8%
Technology	0.4%	3.0%

Return for Risk

FLLA vs. EWZS — Risk / Return Rank

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

FLLA

FLLA Risk / Return Rank: 50
FLLA Sharpe Ratio Rank: 47
FLLA Sortino Ratio Rank: 44
FLLA Omega Ratio Rank: 45
FLLA Calmar Ratio Rank: 62
FLLA Martin Ratio Rank: 51

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.

FLLA vs. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Latin America ETF (FLLA) 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.

	FLLA	EWZS	Difference
Sharpe ratio Return per unit of total volatility	1.66	0.28	+1.39
Sortino ratio Return per unit of downside risk	2.24	0.60	+1.64
Omega ratio Gain probability vs. loss probability	1.29	1.07	+0.22
Calmar ratio Return relative to maximum drawdown	3.06	0.50	+2.57
Martin ratio Return relative to average drawdown	8.72	1.24	+7.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLLA vs. EWZS - Sharpe Ratio Comparison

The current FLLA Sharpe Ratio is 1.66, which is higher than the EWZS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FLLA 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

	FLLA	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	0.28	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.13	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	-0.03	+0.26

Drawdowns

FLLA vs. EWZS - Drawdown Comparison

The maximum FLLA drawdown since its inception was -53.88%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for FLLA and EWZS.

Drawdown Indicators

	FLLA	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-53.88%	-79.23%	+25.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-17.05%	+5.46%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-37.55%	+9.79%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-48.78%	+20.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.15%	—
Current Drawdown Current decline from peak	-10.96%	-30.99%	+20.03%
Average Drawdown Average peak-to-trough decline	-13.48%	-36.57%	+23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	6.79%	-2.73%

Volatility

FLLA vs. EWZS - Volatility Comparison

The current volatility for Franklin FTSE Latin America ETF (FLLA) is 6.72%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 11.03%. This indicates that FLLA 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

	FLLA	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	11.03%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	18.23%	25.56%	-7.33%
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	30.44%	-9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	33.12%	-10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.54%	36.79%	-9.25%

FLLA vs. EWZS - Expense Ratio Comparison

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

Dividends

FLLA vs. EWZS - Dividend Comparison

FLLA's dividend yield for the trailing twelve months is around 5.38%, 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%
FLLA Franklin FTSE Latin America ETF	5.38%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLLA and EWZS in my portfolio?

FLLA and EWZS have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLLA or EWZS?

EWZS has higher volatility (11.03%) compared to FLLA (6.72%). In terms of maximum drawdown, FLLA dropped -53.88% vs EWZS's -79.23%.

Which ETF is better, FLLA or EWZS?

On 5-year performance, FLLA leads with 7.79% vs -4.16% for EWZS. On fees, FLLA is cheaper at 0.19% per year. On volatility, FLLA has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLLA or EWZS?

Over the 5-year period, FLLA has performed better with a 7.79% return vs -4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLA or EWZS?

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

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

FLLA has the higher dividend yield at 5.38%, compared with 3.69% for EWZS.

What is the main difference between FLLA and EWZS?

FLLA tracks FTSE Latin America 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 FLLA and 0.59% for EWZS.

Which has better risk-adjusted returns?

FLLA currently has the higher Sharpe Ratio (1.66 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.