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ILF vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILF vs. EWZ

Last updated Aug 2, 2026
Documentation

ILF (iShares Latin American 40 ETF) and EWZ (iShares MSCI Brazil ETF) are both Latin America Equities funds from iShares - ILF tracks the S&P Latin America 40 (Net) while EWZ tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, ILF returned 7.78%/yr vs 6.64%/yr for EWZ. Their correlation of 0.90 means they have usually moved in the same direction. ILF charges 0.47%/yr vs 0.59%/yr for EWZ.

Performance

ILF vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Latin American 40 ETF (ILF) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ILF achieves a 17.64% return, which is significantly higher than EWZ's 16.46% return. Over the past 10 years, ILF has outperformed EWZ with an annualized return of 7.78%, while EWZ has yielded a comparatively lower 6.64% annualized return.

ILF

1D
-0.03%
1M
4.99%
6M
1.31%
YTD
17.64%
1Y
48.11%
3Y*
14.00%
5Y*
11.24%
10Y*
7.78%
ALL TIME*
9.53%

EWZ

1D
0.33%
1M
6.45%
6M
-0.11%
YTD
16.46%
1Y
43.70%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

ILF

iShares Latin American 40 ETF
$79.35M$71.98M$85.23M

ILF vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILF
iShares Latin American 40 ETF		17.64%52.65%-23.11%33.14%9.81%-13.59%-11.71%13.77%-6.85%26.33%
EWZ
iShares MSCI Brazil ETF		16.46%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between ILF and EWZ is 0.94, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.94

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (10Y)
Provides a long-term view across more market conditions.

0.94

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2001

0.90

The correlation between ILF and EWZ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

ILF vs. EWZ - Sectors Allocation Comparison

Sectors
ILF
EWZ

Financial Services

34.5%
34.5%

Basic Materials

22.0%
14.5%

Energy

10.6%
15.1%

Consumer Defensive

9.6%
4.7%

Industrials

9.6%
11.6%

Communication Services

6.0%
2.1%

Utilities

4.7%
13.5%

Consumer Cyclical

1.3%
1.4%

Healthcare

1.1%
2.2%

Real Estate

0.8%

-

Technology

-

0.4%

Financial Services

ILF
34.5%
EWZ
34.5%

Basic Materials

ILF
22.0%
EWZ
14.5%

Energy

ILF
10.6%
EWZ
15.1%

Consumer Defensive

ILF
9.6%
EWZ
4.7%

Industrials

ILF
9.6%
EWZ
11.6%

Communication Services

ILF
6.0%
EWZ
2.1%

Utilities

ILF
4.7%
EWZ
13.5%

Consumer Cyclical

ILF
1.3%
EWZ
1.4%

Healthcare

ILF
1.1%
EWZ
2.2%

Real Estate

ILF
0.8%
EWZ

-

Technology

ILF

-

EWZ
0.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Latin American 40 ETF

iShares MSCI Brazil ETF

Often compared with ILF:
ILF vs. FLLAILF vs. EWWILF vs. FLNILF vs. FLBRILF vs. EPUILF vs. VOOILF vs. VOOG
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGTEWZ vs. ECH

Return for Risk

ILF vs. EWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ILF
ILF Risk / Return Rank: 8383
Overall Rank
ILF Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ILF Sortino Ratio Rank: 8484
Sortino Ratio Rank
ILF Omega Ratio Rank: 8484
Omega Ratio Rank
ILF Calmar Ratio Rank: 8787
Calmar Ratio Rank
ILF Martin Ratio Rank: 7272
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ILF vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Latin American 40 ETF (ILF) 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.

ILFEWZDifference
Sharpe ratioReturn per unit of total volatility
2.13
1.77

+0.35

Sortino ratioReturn per unit of downside risk
2.78
2.36

+0.42

Omega ratioGain probability vs. loss probability

1.36

1.30

+0.06

Calmar ratioReturn relative to maximum drawdown

3.42

2.31

+1.11

Martin ratioReturn relative to average drawdown

8.81

5.64

+3.17

ILF vs. EWZ - Sharpe Ratio Comparison

The current ILF Sharpe Ratio is 2.13, which is comparable to the EWZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of ILF and EWZ, 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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Drawdowns

ILF vs. EWZ - Drawdown Comparison

The maximum ILF drawdown since its inception was -67.48%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for ILF and EWZ.

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Drawdown Indicators

ILFEWZDifference

Max Drawdown

Largest peak-to-trough decline

-67.48%

-77.25%

+9.77%

Max Drawdown (1Y)

Largest decline over 1 year

-13.94%

-19.27%

+5.33%

Max Drawdown (3Y)

Largest decline over 3 years

-23.97%

-31.36%

+7.39%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-32.24%

+2.53%

Max Drawdown (10Y)

Largest decline over 10 years

-57.79%

-56.99%

-0.80%

Current Drawdown

Current decline from peak

-5.98%

-18.89%

+12.91%

Average Drawdown

Average peak-to-trough decline

-23.84%

-35.86%

+12.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.40%

7.86%

-2.46%

Volatility

ILF vs. EWZ - Volatility Comparison

The current volatility for iShares Latin American 40 ETF (ILF) is 6.14%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.69%. This indicates that ILF experiences smaller price fluctuations and is considered to be less risky 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

ILFEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.14%

6.69%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

18.40%

19.32%

-0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

22.44%

25.12%

-2.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.10%

27.46%

-4.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.26%

33.90%

-5.64%

ILF vs. EWZ - Expense Ratio Comparison

ILF has a 0.47% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

ILF vs. EWZ - Dividend Comparison

ILF's dividend yield for the trailing twelve months is around 3.34%, less than EWZ's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		3.99%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
ILF
iShares Latin American 40 ETF		3.34%4.39%7.44%4.61%12.72%8.47%1.88%3.09%3.12%1.80%1.59%3.25%

Frequently Asked Questions

With a correlation of 0.94, ILF and EWZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWZ has higher volatility (6.69%) compared to ILF (6.14%). In terms of maximum drawdown, ILF dropped -67.48% vs EWZ's -77.25%.

On 10-year performance, ILF leads with 7.78% vs 6.64% for EWZ. On fees, ILF is cheaper at 0.47% per year. On volatility, ILF has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ILF has performed better with a 7.78% return vs 6.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILF is cheaper with a 0.47% expense ratio, compared with 0.59% for EWZ.

EWZ has the higher dividend yield at 3.99%, compared with 3.34% for ILF.

ILF tracks S&P Latin America 40 (Net), while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.47% for ILF and 0.59% for EWZ.

ILF currently has the higher Sharpe Ratio (2.13 vs 1.77), 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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