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

IBZL.L vs. TDGB.L

Last updated Jun 5, 2026

IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) are both exchange-traded funds - IBZL.L is a Latin America Equities fund tracking the MSCI Brazil NR USD, while TDGB.L is a Global Equities fund tracking the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Both are passively managed. Over the past 5 years, IBZL.L returned 8.43%/yr vs 17.70%/yr for TDGB.L. At a 0.43 correlation, their price movements are largely independent. IBZL.L charges 0.74%/yr vs 0.38%/yr for TDGB.L.

Performance

IBZL.L vs. TDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L). 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 TDGB.L is traded in GBP. To make them comparable, the TDGB.L 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 higher than TDGB.L's 8.92% 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%

TDGB.L

1D
0.48%
1M
0.92%
YTD
8.92%
6M
11.81%
1Y
29.32%
3Y*
20.13%
5Y*
17.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IBZL.L vs. TDGB.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		10.16%38.28%-26.04%25.61%32.04%-19.06%-16.73%3.65%
TDGB.L
VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF		8.92%30.88%10.65%9.06%22.49%19.59%-5.61%10.74%

Correlation

The correlation between IBZL.L and TDGB.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.27

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

0.36

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

0.38

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2019

0.43

The correlation between IBZL.L and TDGB.L shifts across timeframes, from 0.27 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

IBZL.L vs. TDGB.L - Sectors Allocation Comparison

Sectors
IBZL.L
TDGB.L

Financial Services

33.2%
31.7%

Energy

18.9%
19.7%

Basic Materials

13.7%
1.2%

Utilities

12.7%
6.2%

Industrials

10.8%
3.9%

Consumer Defensive

4.2%
10.1%

Healthcare

2.2%
14.4%

Communication Services

2.0%
8.7%

Consumer Cyclical

1.3%
3.8%

Technology

1.1%
0.3%

Real Estate

-

0.0%

Financial Services

IBZL.L
33.2%
TDGB.L
31.7%

Energy

IBZL.L
18.9%
TDGB.L
19.7%

Basic Materials

IBZL.L
13.7%
TDGB.L
1.2%

Utilities

IBZL.L
12.7%
TDGB.L
6.2%

Industrials

IBZL.L
10.8%
TDGB.L
3.9%

Consumer Defensive

IBZL.L
4.2%
TDGB.L
10.1%

Healthcare

IBZL.L
2.2%
TDGB.L
14.4%

Communication Services

IBZL.L
2.0%
TDGB.L
8.7%

Consumer Cyclical

IBZL.L
1.3%
TDGB.L
3.8%

Technology

IBZL.L
1.1%
TDGB.L
0.3%

Real Estate

IBZL.L

-

TDGB.L
0.0%

Compare stocks, funds, or ETFs

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iShares MSCI Brazil UCITS ETF (Dist)

VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF

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Often compared with TDGB.L:
TDGB.L vs. VHYL.ASTDGB.L vs. SCHDTDGB.L vs. SPYDTDGB.L vs. LDEG.LTDGB.L vs. VHYD.LTDGB.L vs. JEGP.LTDGB.L vs. CSKR.L

Return for Risk

IBZL.L vs. TDGB.L — 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
TDGB.L
TDGB.L Risk / Return Rank: 9191
Overall Rank
TDGB.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
TDGB.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
TDGB.L Omega Ratio Rank: 9191
Omega Ratio Rank
TDGB.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
TDGB.L Martin Ratio Rank: 9090
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. TDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L). 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.LTDGB.LDifference
Sharpe ratioReturn per unit of total volatility
1.69
3.15

-1.46

Sortino ratioReturn per unit of downside risk
2.30
4.38

-2.08

Omega ratioGain probability vs. loss probability

1.29

1.59

-0.29

Calmar ratioReturn relative to maximum drawdown

2.17

6.26

-4.09

Martin ratioReturn relative to average drawdown

7.39

20.72

-13.32

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. TDGB.L - Sharpe Ratio Comparison

The current IBZL.L Sharpe Ratio is 1.69, which is lower than the TDGB.L Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of IBZL.L and TDGB.L, 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.LTDGB.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.69

3.15

-1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

1.55

-1.23

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

0.98

-0.77

Drawdowns

IBZL.L vs. TDGB.L - Drawdown Comparison

The maximum IBZL.L drawdown since its inception was -69.44%, which is greater than TDGB.L's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for IBZL.L and TDGB.L.

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Drawdown Indicators

IBZL.LTDGB.LDifference

Max Drawdown

Largest peak-to-trough decline

-69.44%

-29.60%

-39.84%

Max Drawdown (1Y)

Largest decline over 1 year

-16.58%

-4.66%

-11.92%

Max Drawdown (3Y)

Largest decline over 3 years

-27.68%

-12.41%

-15.27%

Max Drawdown (5Y)

Largest decline over 5 years

-28.21%

-12.41%

-15.80%

Max Drawdown (10Y)

Largest decline over 10 years

-51.77%

—

—

Current Drawdown

Current decline from peak

-16.43%

-1.47%

-14.96%

Average Drawdown

Average peak-to-trough decline

-21.85%

-3.70%

-18.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.87%

1.41%

+3.46%

Volatility

IBZL.L vs. TDGB.L - Volatility Comparison

iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) has a higher volatility of 5.42% compared to VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) at 2.49%. This indicates that IBZL.L's price experiences larger fluctuations and is considered to be riskier than TDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IBZL.LTDGB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.42%

2.49%

+2.93%

Volatility (6M)

Calculated over the trailing 6-month period

17.53%

7.01%

+10.52%

Volatility (1Y)

Calculated over the trailing 1-year period

21.29%

9.28%

+12.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.40%

11.42%

+14.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.47%

14.44%

+17.03%

IBZL.L vs. TDGB.L - Expense Ratio Comparison

IBZL.L has a 0.74% expense ratio, which is higher than TDGB.L's 0.38% expense ratio.

Dividends

IBZL.L vs. TDGB.L - Dividend Comparison

IBZL.L's dividend yield for the trailing twelve months is around 5.82%, more than TDGB.L's 3.20% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TDGB.L
VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF		3.20%3.50%4.27%4.93%4.40%4.06%4.16%4.52%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IBZL.L and TDGB.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TDGB.L is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TDGB.L is cheaper with a 0.38% expense ratio, compared with 0.74% for IBZL.L.

IBZL.L is categorized as Latin America Equities, while TDGB.L is Global Equities. IBZL.L tracks MSCI Brazil NR USD, while TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.74% for IBZL.L and 0.38% for TDGB.L.

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