IDEV vs. EWZS

Last updated Jun 3, 2026

IDEV (iShares Core MSCI International Developed Markets ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both exchange-traded funds - IDEV is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Investable Market Index, while EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 5 years, IDEV returned 8.88%/yr vs -2.76%/yr for EWZS. At a 0.49 correlation, their price movements are largely independent. IDEV charges 0.05%/yr vs 0.59%/yr for EWZS.

Performance

IDEV vs. EWZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI International Developed Markets ETF (IDEV) and iShares MSCI Brazil Small-Cap ETF (EWZS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IDEV having a 9.92% return and EWZS slightly lower at 9.74%.

IDEV

• 1D: 0.62%
• 1M: 2.82%
• YTD: 9.92%
• 6M: 13.26%
• 1Y: 23.41%
• 3Y*: 17.76%
• 5Y*: 8.88%
• 10Y*: —

EWZS

• 1D: 1.57%
• 1M: -5.27%
• YTD: 9.74%
• 6M: 2.03%
• 1Y: 16.22%
• 3Y*: 3.95%
• 5Y*: -2.76%
• 10Y*: 8.34%

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

IDEV vs. EWZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IDEV iShares Core MSCI International Developed Markets ETF	9.92%	32.56%	4.54%	17.36%	-14.99%	13.00%	8.32%	23.12%	-14.10%	17.29%
EWZS iShares MSCI Brazil Small-Cap ETF	9.74%	45.18%	-35.95%	32.65%	-11.20%	-14.09%	-20.86%	50.60%	-7.13%	26.31%

Correlation

The correlation between IDEV and EWZS is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 24, 2017	0.49

The correlation between IDEV and EWZS shifts across timeframes, from 0.49 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

IDEV vs. EWZS - Sectors Allocation Comparison

Sectors	IDEV	EWZS
Financial Services	24.2%	10.4%
Industrials	19.1%	8.6%
Technology	9.9%	3.0%
Healthcare	8.6%	4.8%
Basic Materials	8.0%	16.5%
Consumer Cyclical	7.7%	15.5%
Consumer Defensive	6.0%	10.9%
Energy	5.9%	4.8%
Communication Services	4.0%	-
Utilities	3.7%	12.1%
Real Estate	2.9%	13.4%

Return for Risk

IDEV vs. EWZS — Risk / Return Rank

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

IDEV

IDEV Risk / Return Rank: 47
IDEV Sharpe Ratio Rank: 46
IDEV Sortino Ratio Rank: 46
IDEV Omega Ratio Rank: 45
IDEV Calmar Ratio Rank: 44
IDEV Martin Ratio Rank: 51

EWZS

EWZS Risk / Return Rank: 19
EWZS Sharpe Ratio Rank: 17
EWZS Sortino Ratio Rank: 19
EWZS Omega Ratio Rank: 18
EWZS Calmar Ratio Rank: 22
EWZS Martin Ratio Rank: 21

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.

IDEV vs. EWZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI International Developed Markets ETF (IDEV) 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.

	IDEV	EWZS	Difference
Sharpe ratio Return per unit of total volatility	1.62	0.54	+1.08
Sortino ratio Return per unit of downside risk	2.31	0.94	+1.37
Omega ratio Gain probability vs. loss probability	1.29	1.12	+0.18
Calmar ratio Return relative to maximum drawdown	2.22	1.03	+1.19
Martin ratio Return relative to average drawdown	8.73	2.61	+6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IDEV vs. EWZS - Sharpe Ratio Comparison

The current IDEV Sharpe Ratio is 1.62, which is higher than the EWZS Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of IDEV 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

	IDEV	EWZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	0.54	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	-0.08	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	-0.02	+0.58

Drawdowns

IDEV vs. EWZS - Drawdown Comparison

The maximum IDEV drawdown since its inception was -34.77%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for IDEV and EWZS.

Drawdown Indicators

	IDEV	EWZS	Difference
Max Drawdown Largest peak-to-trough decline	-34.77%	-79.23%	+44.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-17.05%	+5.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.41%	-37.55%	+24.14%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-48.78%	+19.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.15%	—
Current Drawdown Current decline from peak	-0.08%	-27.84%	+27.76%
Average Drawdown Average peak-to-trough decline	-6.57%	-36.57%	+30.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	6.71%	-3.86%

Volatility

IDEV vs. EWZS - Volatility Comparison

The current volatility for iShares Core MSCI International Developed Markets ETF (IDEV) is 4.71%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 10.23%. This indicates that IDEV 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

	IDEV	EWZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	10.23%	-5.52%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	25.17%	-13.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	30.13%	-15.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	33.07%	-16.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	36.77%	-19.50%

IDEV vs. EWZS - Expense Ratio Comparison

IDEV has a 0.05% expense ratio, which is lower than EWZS's 0.59% expense ratio.

Dividends

IDEV vs. EWZS - Dividend Comparison

IDEV's dividend yield for the trailing twelve months is around 3.10%, less than EWZS's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZS iShares MSCI Brazil Small-Cap ETF	3.53%	3.88%	4.93%	2.75%	4.61%	4.51%	1.15%	1.77%	4.35%	3.41%	3.62%	4.35%
IDEV iShares Core MSCI International Developed Markets ETF	3.10%	3.40%	3.30%	3.07%	2.69%	3.05%	2.00%	3.18%	3.16%	1.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IDEV and EWZS in my portfolio?

IDEV and EWZS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDEV or EWZS?

EWZS has higher volatility (10.23%) compared to IDEV (4.71%). In terms of maximum drawdown, IDEV dropped -34.77% vs EWZS's -79.23%.

Which ETF is better, IDEV or EWZS?

On 5-year performance, IDEV leads with 8.88% vs -2.76% for EWZS. On fees, IDEV is cheaper at 0.05% per year. On volatility, IDEV has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDEV or EWZS?

Over the 5-year period, IDEV has performed better with a 8.88% return vs -2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDEV or EWZS?

IDEV is cheaper with a 0.05% expense ratio, compared with 0.59% for EWZS.

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

EWZS has the higher dividend yield at 3.53%, compared with 3.10% for IDEV.

What is the main difference between IDEV and EWZS?

IDEV is categorized as Foreign Large Cap Equities, while EWZS is Latin America Equities. IDEV tracks MSCI World ex USA Investable Market Index, while EWZS tracks MSCI Brazil Small Cap Index. Their fees differ too: 0.05% for IDEV and 0.59% for EWZS.

Which has better risk-adjusted returns?

IDEV currently has the higher Sharpe Ratio (1.62 vs 0.54), 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.