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

LTAM.L vs. IBZL.L

Last updated Jun 4, 2026

LTAM.L (iShares MSCI EM Latin America UCITS ETF USD (Dist)) and IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) are both Latin America Equities funds from iShares - LTAM.L tracks the MSCI EM Latin America NR USD while IBZL.L tracks the MSCI Brazil NR USD. Both are passively managed. Over the past 10 years, LTAM.L returned 8.60%/yr vs 9.93%/yr for IBZL.L. Their correlation of 0.87 suggests significant overlap in exposure. LTAM.L charges 0.20%/yr vs 0.74%/yr for IBZL.L.

Performance

LTAM.L vs. IBZL.L - Performance Comparison

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

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Returns By Period

In the year-to-date period, LTAM.L achieves a 11.27% return, which is significantly higher than IBZL.L's 9.96% return. Over the past 10 years, LTAM.L has underperformed IBZL.L with an annualized return of 8.60%, while IBZL.L has yielded a comparatively higher 9.93% annualized return.

LTAM.L

1D
-2.23%
1M
-5.39%
YTD
11.27%
6M
9.11%
1Y
38.95%
3Y*
11.19%
5Y*
9.88%
10Y*
8.60%

IBZL.L

1D
-2.37%
1M
-11.25%
YTD
9.96%
6M
5.09%
1Y
35.71%
3Y*
9.85%
5Y*
8.39%
10Y*
9.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
LTAM.L
iShares MSCI EM Latin America UCITS ETF USD (Dist)		11.27%43.14%-25.65%26.15%20.89%-8.55%-14.15%9.44%-0.18%11.17%
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		9.96%38.28%-26.04%25.61%32.04%-19.06%-16.73%15.40%3.61%14.78%

Correlation

The correlation between LTAM.L and IBZL.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.91

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

0.91

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

0.91

Correlation (10Y)
Calculated over the trailing 10-year period

0.92

Correlation (All Time)
Calculated using the full available price history since Oct 16, 2007

0.87

The correlation between LTAM.L and IBZL.L has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

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

Sectors
LTAM.L
IBZL.L

Financial Services

29.9%
33.2%

Basic Materials

21.5%
13.7%

Industrials

10.9%
10.8%

Energy

10.6%
18.9%

Consumer Defensive

10.5%
4.2%

Utilities

7.8%
12.7%

Communication Services

3.9%
2.0%

Consumer Cyclical

1.6%
1.3%

Real Estate

1.6%

-

Healthcare

1.2%
2.2%

Technology

0.7%
1.1%

Financial Services

LTAM.L
29.9%
IBZL.L
33.2%

Basic Materials

LTAM.L
21.5%
IBZL.L
13.7%

Industrials

LTAM.L
10.9%
IBZL.L
10.8%

Energy

LTAM.L
10.6%
IBZL.L
18.9%

Consumer Defensive

LTAM.L
10.5%
IBZL.L
4.2%

Utilities

LTAM.L
7.8%
IBZL.L
12.7%

Communication Services

LTAM.L
3.9%
IBZL.L
2.0%

Consumer Cyclical

LTAM.L
1.6%
IBZL.L
1.3%

Real Estate

LTAM.L
1.6%
IBZL.L

-

Healthcare

LTAM.L
1.2%
IBZL.L
2.2%

Technology

LTAM.L
0.7%
IBZL.L
1.1%

Compare stocks, funds, or ETFs

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iShares MSCI EM Latin America UCITS ETF USD (Dist)

iShares MSCI Brazil UCITS ETF (Dist)

Often compared with LTAM.L:
LTAM.L vs. ALAG.LLTAM.L vs. LTAM.ASLTAM.L vs. EWZLTAM.L vs. VUAG.LLTAM.L vs. VFEG.LLTAM.L vs. EMIM.LLTAM.L vs. ALAU.L
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

Return for Risk

LTAM.L vs. IBZL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LTAM.L
LTAM.L Risk / Return Rank: 6464
Overall Rank
LTAM.L Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
LTAM.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
LTAM.L Omega Ratio Rank: 6161
Omega Ratio Rank
LTAM.L Calmar Ratio Rank: 7171
Calmar Ratio Rank
LTAM.L Martin Ratio Rank: 6060
Martin Ratio Rank
IBZL.L
IBZL.L Risk / Return Rank: 4545
Overall Rank
IBZL.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IBZL.L Sortino Ratio Rank: 4545
Sortino Ratio Rank
IBZL.L Omega Ratio Rank: 4545
Omega Ratio Rank
IBZL.L Calmar Ratio Rank: 4343
Calmar Ratio Rank
IBZL.L Martin Ratio Rank: 4545
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM Latin America UCITS ETF USD (Dist) (LTAM.L) and iShares MSCI Brazil UCITS ETF (Dist) (IBZL.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.

LTAM.LIBZL.LDifference
Sharpe ratioReturn per unit of total volatility
2.19
1.67

+0.52

Sortino ratioReturn per unit of downside risk
2.90
2.28

+0.63

Omega ratioGain probability vs. loss probability

1.37

1.29

+0.08

Calmar ratioReturn relative to maximum drawdown

3.57

2.14

+1.43

Martin ratioReturn relative to average drawdown

10.68

7.48

+3.20

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

LTAM.L vs. IBZL.L - Sharpe Ratio Comparison

The current LTAM.L Sharpe Ratio is 2.19, which is higher than the IBZL.L Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of LTAM.L and IBZL.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

LTAM.LIBZL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

1.67

+0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.32

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.32

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.21

-0.07

Drawdowns

LTAM.L vs. IBZL.L - Drawdown Comparison

The maximum LTAM.L drawdown since its inception was -58.47%, smaller than the maximum IBZL.L drawdown of -69.44%. Use the drawdown chart below to compare losses from any high point for LTAM.L and IBZL.L.

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Drawdown Indicators

LTAM.LIBZL.LDifference

Max Drawdown

Largest peak-to-trough decline

-58.47%

-69.44%

+10.97%

Max Drawdown (1Y)

Largest decline over 1 year

-10.85%

-16.58%

+5.73%

Max Drawdown (3Y)

Largest decline over 3 years

-26.09%

-27.68%

+1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-26.09%

-28.21%

+2.12%

Max Drawdown (10Y)

Largest decline over 10 years

-48.10%

-51.77%

+3.67%

Current Drawdown

Current decline from peak

-10.85%

-16.58%

+5.73%

Average Drawdown

Average peak-to-trough decline

-20.19%

-21.85%

+1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.64%

4.76%

-1.12%

Volatility

LTAM.L vs. IBZL.L - Volatility Comparison

The current volatility for iShares MSCI EM Latin America UCITS ETF USD (Dist) (LTAM.L) is 5.31%, while iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) has a volatility of 5.61%. This indicates that LTAM.L experiences smaller price fluctuations and is considered to be less risky than IBZL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LTAM.LIBZL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.31%

5.61%

-0.30%

Volatility (6M)

Calculated over the trailing 6-month period

14.94%

17.54%

-2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

17.68%

21.30%

-3.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.43%

26.40%

-5.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.91%

31.48%

-6.57%

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

LTAM.L has a 0.20% expense ratio, which is lower than IBZL.L's 0.74% expense ratio.

Dividends

LTAM.L vs. IBZL.L - Dividend Comparison

LTAM.L's dividend yield for the trailing twelve months is around 3.51%, less than IBZL.L's 5.83% yield.

PositionTTM20252024202320222021202020192018201720162015
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		5.83%5.74%8.31%6.83%16.49%8.64%2.44%3.28%3.31%1.86%2.24%5.42%
LTAM.L
iShares MSCI EM Latin America UCITS ETF USD (Dist)		3.51%3.61%5.69%4.33%6.86%3.17%1.82%2.38%2.11%1.52%1.32%2.89%

Frequently Asked Questions

With a correlation of 0.91, LTAM.L and IBZL.L 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.

On fees, LTAM.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

LTAM.L is cheaper with a 0.20% expense ratio, compared with 0.74% for IBZL.L.

LTAM.L tracks MSCI EM Latin America NR USD, while IBZL.L tracks MSCI Brazil NR USD. Their fees differ too: 0.20% for LTAM.L and 0.74% for IBZL.L.

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