IBZL.L vs. EWT

Last updated Jun 13, 2026

IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - IBZL.L is a Latin America Equities fund tracking the MSCI Brazil NR USD, while EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index. Both are passively managed. Over the past 10 years, IBZL.L returned 8.53%/yr vs 20.18%/yr for EWT. At a 0.36 correlation, their price movements are largely independent. IBZL.L charges 0.74%/yr vs 0.59%/yr for EWT.

Performance

IBZL.L vs. EWT - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares MSCI Taiwan ETF (EWT). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBZL.L is traded in GBp, while EWT is traded in USD. To make them comparable, the EWT values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBZL.L achieves a 11.37% return, which is significantly lower than EWT's 62.35% return. Over the past 10 years, IBZL.L has underperformed EWT with an annualized return of 8.53%, while EWT has yielded a comparatively higher 20.18% annualized return.

IBZL.L

• 1D: 4.32%
• 1M: -6.39%
• YTD: 11.37%
• 6M: 10.30%
• 1Y: 33.52%
• 3Y*: 6.71%
• 5Y*: 6.72%
• 10Y*: 8.53%

EWT

• 1D: 0.25%
• 1M: 9.13%
• YTD: 62.35%
• 6M: 67.03%
• 1Y: 92.17%
• 3Y*: 32.26%
• 5Y*: 18.70%
• 10Y*: 20.18%

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

IBZL.L vs. EWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	11.37%	35.97%	-27.18%	23.72%	28.39%	-20.69%	-17.23%	14.49%	2.68%	14.31%
EWT iShares MSCI Taiwan ETF	62.35%	19.23%	18.14%	17.77%	-20.44%	27.38%	27.64%	28.29%	-4.56%	15.85%

Correlation

The correlation between IBZL.L and EWT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007	0.36

The correlation between IBZL.L and EWT shifts across timeframes, from 0.24 (5 years) to 0.36 (all time), reflecting how their relationship changes across market environments.

IBZL.L vs. EWT - Sectors Allocation Comparison

Sectors	IBZL.L	EWT
Financial Services	33.1%	13.0%
Energy	17.9%	-
Basic Materials	15.1%	3.5%
Utilities	12.0%	-
Industrials	10.9%	4.9%
Consumer Defensive	4.6%	1.1%
Healthcare	2.1%	0.8%
Communication Services	1.8%	1.9%
Consumer Cyclical	1.3%	1.9%
Technology	1.2%	72.9%
Real Estate	-	-

Return for Risk

IBZL.L vs. EWT — Risk / Return Rank

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

IBZL.L

IBZL.L Risk / Return Rank: 46
IBZL.L Sharpe Ratio Rank: 50
IBZL.L Sortino Ratio Rank: 49
IBZL.L Omega Ratio Rank: 48
IBZL.L Calmar Ratio Rank: 40
IBZL.L Martin Ratio Rank: 42

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 92
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 96
EWT Martin Ratio Rank: 95

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.

IBZL.L vs. EWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares MSCI Taiwan ETF (EWT). 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.

	IBZL.L	EWT	Difference
Sharpe ratio: Return per unit of total volatility	1.53	3.77	-2.24
Sortino ratio: Return per unit of downside risk	2.15	4.29	-2.14
Omega ratio: Gain probability vs. loss probability	1.27	1.65	-0.38
Calmar ratio: Return relative to maximum drawdown	1.76	10.53	-8.77
Martin ratio: Return relative to average drawdown	5.94	29.10	-23.16

IBZL.L vs. EWT - Sharpe Ratio Comparison

The current IBZL.L Sharpe Ratio is 1.53, which is lower than the EWT Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of IBZL.L and EWT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBZL.L vs. EWT - Drawdown Comparison

The maximum IBZL.L drawdown since its inception was -71.99%, which is greater than EWT's maximum drawdown of -49.31%. Use the drawdown chart below to compare losses from any high point for IBZL.L and EWT.

Drawdown Indicators

	IBZL.L	EWT	Difference
Max Drawdown Largest peak-to-trough decline	-71.99%	-49.31%	-22.68%
Max Drawdown (1Y) Largest decline over 1 year	-18.97%	-8.80%	-10.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.80%	-26.08%	-2.72%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-28.99%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-52.07%	-28.99%	-23.08%
Current Drawdown Current decline from peak	-14.98%	-3.90%	-11.08%
Average Drawdown Average peak-to-trough decline	-27.70%	-9.17%	-18.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	3.18%	+2.45%

Volatility

IBZL.L vs. EWT - Volatility Comparison

The current volatility for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) is 6.95%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 12.82%. This indicates that IBZL.L experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBZL.L	EWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	12.82%	-5.87%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	20.61%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	24.60%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.42%	20.87%	+5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.47%	20.77%	+10.70%

IBZL.L vs. EWT - Expense Ratio Comparison

IBZL.L has a 0.74% expense ratio, which is higher than EWT's 0.59% expense ratio.

Dividends

IBZL.L vs. EWT - Dividend Comparison

IBZL.L's dividend yield for the trailing twelve months is around 3.26%, more than EWT's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWT iShares MSCI Taiwan ETF	2.74%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	3.26%	4.32%	6.46%	5.44%	13.60%	6.32%	1.92%	2.53%	2.45%	1.46%	1.64%	3.54%

Frequently Asked Questions

Can I hold both IBZL.L and EWT in my portfolio?

IBZL.L and EWT have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBZL.L or EWT?

On fees, EWT is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBZL.L or EWT?

EWT is cheaper with a 0.59% expense ratio, compared with 0.74% for IBZL.L.

What is the main difference between IBZL.L and EWT?

IBZL.L is categorized as Latin America Equities, while EWT is Asia Pacific Equities. IBZL.L tracks MSCI Brazil NR USD, while EWT tracks MSCI Taiwan Index. Their fees differ too: 0.74% for IBZL.L and 0.59% for EWT.