ICL vs. EWZ
ICL (ICL Group Ltd) is a stock, while EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Over the past 10 years, ICL returned 8.19%/yr vs 5.97%/yr for EWZ. Their 0.30 correlation means their historical movements had little consistent relationship.
Performance
ICL vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, ICL achieves a -9.51% return, which is significantly lower than EWZ's 15.73% return. Over the past 10 years, ICL has outperformed EWZ with an annualized return of 8.19%, while EWZ has yielded a comparatively lower 5.97% annualized return.
ICL
- 1D
- 0.40%
- 1M
- 0.99%
- 6M
- -3.60%
- YTD
- -9.51%
- 1Y
- -15.39%
- 3Y*
- -3.21%
- 5Y*
- -1.58%
- 10Y*
- 8.19%
- ALL TIME*
- 2.37%
EWZ
- 1D
- -0.63%
- 1M
- 5.78%
- 6M
- -1.83%
- YTD
- 15.73%
- 1Y
- 42.79%
- 3Y*
- 10.61%
- 5Y*
- 7.40%
- 10Y*
- 5.97%
- ALL TIME*
- 6.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $599.48M | $629.67M | $825.02M | |
| $5.23M | $5.69M | $7.88M |
ICL vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICL ICL Group Ltd | -9.51% | 18.12% | 2.81% | -27.23% | -14.74% | 97.88% | 7.98% | -11.61% | 52.00% | 5.43% |
EWZ iShares MSCI Brazil ETF | 15.73% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
Correlation
The correlation between ICL and EWZ is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2014 | 0.30 |
The correlation between ICL and EWZ shifts across timeframes, from 0.20 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICL vs. EWZ — Risk / Return Rank
ICL
EWZ
ICL vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ICL Group Ltd (ICL) and iShares MSCI Brazil ETF (EWZ). 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.
| ICL | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.29 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.23 | -2.76 |
| Martin ratioReturn relative to average drawdown | -0.86 | 5.43 | -6.29 |
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Drawdowns
ICL vs. EWZ - Drawdown Comparison
The maximum ICL drawdown since its inception was -63.87%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for ICL and EWZ.
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Drawdown Indicators
| ICL | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.87% | -77.25% | +13.38% |
Max Drawdown (1Y)Largest decline over 1 year | -29.21% | -19.27% | -9.94% |
Max Drawdown (3Y)Largest decline over 3 years | -40.40% | -31.36% | -9.04% |
Max Drawdown (5Y)Largest decline over 5 years | -63.87% | -32.24% | -31.63% |
Max Drawdown (10Y)Largest decline over 10 years | -63.87% | -56.99% | -6.88% |
Current DrawdownCurrent decline from peak | -48.68% | -19.40% | -29.28% |
Average DrawdownAverage peak-to-trough decline | -30.58% | -35.86% | +5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.94% | 7.90% | +10.04% |
Volatility
ICL vs. EWZ - Volatility Comparison
ICL Group Ltd (ICL) has a higher volatility of 9.77% compared to iShares MSCI Brazil ETF (EWZ) at 6.74%. This indicates that ICL's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICL | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.77% | 6.74% | +3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 27.80% | 19.11% | +8.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.99% | 25.14% | +13.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.41% | 27.46% | +9.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.61% | 33.90% | +0.71% |
Dividends
ICL vs. EWZ - Dividend Comparison
ICL's dividend yield for the trailing twelve months is around 2.90%, less than EWZ's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.02% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
ICL ICL Group Ltd | 2.90% | 2.29% | 3.96% | 7.34% | 16.15% | 2.58% | 1.82% | 4.45% | 6.65% | 7.23% | 4.23% | 6.73% |
Frequently Asked Questions
ICL and EWZ have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICL has higher volatility (9.77%) compared to EWZ (6.74%). In terms of maximum drawdown, ICL dropped -63.87% vs EWZ's -77.25%.
EWZ currently has the higher Sharpe Ratio (1.71 vs -0.40), 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.
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