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IBZL.L vs. FLBR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IBZL.L vs. FLBR

Last updated Jun 5, 2026

IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and FLBR (Franklin FTSE Brazil ETF) are both Latin America Equities funds - IBZL.L tracks the MSCI Brazil NR USD while FLBR tracks the FTSE Brazil RIC Capped Index. Both are passively managed. Over the past 5 years, IBZL.L returned 8.43%/yr vs 6.79%/yr for FLBR. A 0.66 correlation means they provide meaningful diversification when combined. IBZL.L charges 0.74%/yr vs 0.19%/yr for FLBR.

Performance

IBZL.L vs. FLBR - Performance Comparison

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

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Different Trading Currencies

IBZL.L is traded in GBp, while FLBR is traded in USD. To make them comparable, the FLBR 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 10.16% return, which is significantly lower than FLBR's 16.19% return.

IBZL.L

1D
0.18%
1M
-12.01%
YTD
10.16%
6M
3.73%
1Y
36.12%
3Y*
9.39%
5Y*
8.43%
10Y*
9.70%

FLBR

1D
0.52%
1M
-10.69%
YTD
16.19%
6M
8.72%
1Y
38.31%
3Y*
11.04%
5Y*
6.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IBZL.L vs. FLBR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		10.16%38.28%-26.04%25.61%32.04%-19.06%-16.73%15.40%3.61%1.94%
FLBR
Franklin FTSE Brazil ETF		16.19%35.19%-26.32%26.54%23.58%-15.99%-22.48%23.58%3.67%-0.30%

Correlation

The correlation between IBZL.L and FLBR is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.74

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.66

The correlation between IBZL.L and FLBR has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

IBZL.L vs. FLBR - Sectors Allocation Comparison

Sectors
IBZL.L
FLBR

Financial Services

33.2%
28.0%

Energy

18.9%
19.4%

Basic Materials

13.7%
15.9%

Utilities

12.7%
14.7%

Industrials

10.8%
7.8%

Consumer Defensive

4.2%
4.5%

Healthcare

2.2%
2.7%

Communication Services

2.0%
1.8%

Consumer Cyclical

1.3%
2.4%

Technology

1.1%
0.7%

Real Estate

-

0.8%

Financial Services

IBZL.L
33.2%
FLBR
28.0%

Energy

IBZL.L
18.9%
FLBR
19.4%

Basic Materials

IBZL.L
13.7%
FLBR
15.9%

Utilities

IBZL.L
12.7%
FLBR
14.7%

Industrials

IBZL.L
10.8%
FLBR
7.8%

Consumer Defensive

IBZL.L
4.2%
FLBR
4.5%

Healthcare

IBZL.L
2.2%
FLBR
2.7%

Communication Services

IBZL.L
2.0%
FLBR
1.8%

Consumer Cyclical

IBZL.L
1.3%
FLBR
2.4%

Technology

IBZL.L
1.1%
FLBR
0.7%

Real Estate

IBZL.L

-

FLBR
0.8%

Compare stocks, funds, or ETFs

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iShares MSCI Brazil UCITS ETF (Dist)

Franklin FTSE Brazil ETF

Often compared with IBZL.L:
IBZL.L vs. EWZIBZL.L vs. EWOIBZL.L vs. SP2D.DEIBZL.L vs. VOOIBZL.L vs. pbrIBZL.L vs. ACWIIBZL.L vs. IJPH.L
Often compared with FLBR:
FLBR vs. EWZFLBR vs. ILFFLBR vs. FLLAFLBR vs. USDFLBR vs. FLAUFLBR vs. VOOFLBR vs. GAL

Return for Risk

IBZL.L vs. FLBR — 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: 4747
Overall Rank
IBZL.L Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
IBZL.L Sortino Ratio Rank: 4747
Sortino Ratio Rank
IBZL.L Omega Ratio Rank: 4747
Omega Ratio Rank
IBZL.L Calmar Ratio Rank: 4545
Calmar Ratio Rank
IBZL.L Martin Ratio Rank: 4545
Martin Ratio Rank
FLBR
FLBR Risk / Return Rank: 4444
Overall Rank
FLBR Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
FLBR Sortino Ratio Rank: 4040
Sortino Ratio Rank
FLBR Omega Ratio Rank: 4242
Omega Ratio Rank
FLBR Calmar Ratio Rank: 4848
Calmar Ratio Rank
FLBR Martin Ratio Rank: 4444
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.

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

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

IBZL.LFLBRDifference
Sharpe ratioReturn per unit of total volatility
1.69
1.66

+0.02

Sortino ratioReturn per unit of downside risk
2.30
2.18

+0.12

Omega ratioGain probability vs. loss probability

1.29

1.29

0.00

Calmar ratioReturn relative to maximum drawdown

2.17

2.58

-0.41

Martin ratioReturn relative to average drawdown

7.39

8.15

-0.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBZL.L vs. FLBR - Sharpe Ratio Comparison

The current IBZL.L Sharpe Ratio is 1.69, which is comparable to the FLBR Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of IBZL.L and FLBR, 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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Sharpe Ratios by Period

IBZL.LFLBRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.69

1.66

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.26

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.15

+0.05

Drawdowns

IBZL.L vs. FLBR - Drawdown Comparison

The maximum IBZL.L drawdown since its inception was -69.44%, which is greater than FLBR's maximum drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for IBZL.L and FLBR.

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Drawdown Indicators

IBZL.LFLBRDifference

Max Drawdown

Largest peak-to-trough decline

-69.44%

-52.04%

-17.40%

Max Drawdown (1Y)

Largest decline over 1 year

-16.58%

-14.94%

-1.64%

Max Drawdown (3Y)

Largest decline over 3 years

-27.68%

-27.83%

+0.15%

Max Drawdown (5Y)

Largest decline over 5 years

-28.21%

-30.96%

+2.75%

Max Drawdown (10Y)

Largest decline over 10 years

-51.77%

—

—

Current Drawdown

Current decline from peak

-16.43%

-14.49%

-1.94%

Average Drawdown

Average peak-to-trough decline

-21.85%

-17.25%

-4.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.87%

4.72%

+0.15%

Volatility

IBZL.L vs. FLBR - Volatility Comparison

The current volatility for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) is 5.42%, while Franklin FTSE Brazil ETF (FLBR) has a volatility of 7.17%. This indicates that IBZL.L experiences smaller price fluctuations and is considered to be less risky than FLBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IBZL.LFLBRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.42%

7.17%

-1.75%

Volatility (6M)

Calculated over the trailing 6-month period

17.53%

19.45%

-1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

21.29%

23.15%

-1.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.40%

26.26%

+0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.47%

32.02%

-0.55%

IBZL.L vs. FLBR - Expense Ratio Comparison

IBZL.L has a 0.74% expense ratio, which is higher than FLBR's 0.19% expense ratio.

Dividends

IBZL.L vs. FLBR - Dividend Comparison

IBZL.L's dividend yield for the trailing twelve months is around 5.82%, less than FLBR's 6.66% yield.

PositionTTM20252024202320222021202020192018201720162015
FLBR
Franklin FTSE Brazil ETF		6.66%7.71%7.68%8.84%11.99%8.71%2.32%3.42%3.72%0.42%0.00%0.00%
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		5.82%5.74%8.31%6.83%16.49%8.64%2.44%3.28%3.31%1.86%2.24%5.42%

Frequently Asked Questions

IBZL.L and FLBR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FLBR is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FLBR is cheaper with a 0.19% expense ratio, compared with 0.74% for IBZL.L.

IBZL.L tracks MSCI Brazil NR USD, while FLBR tracks FTSE Brazil RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.74% for IBZL.L and 0.19% for FLBR.

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