NEXT vs. EWZ
NEXT (NextDecade Corporation) 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, NEXT returned -1.63%/yr vs 7.53%/yr for EWZ. At a 0.17 correlation, their price movements are largely independent.
Performance
NEXT vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, NEXT achieves a 60.53% return, which is significantly higher than EWZ's 6.04% return. Over the past 10 years, NEXT has underperformed EWZ with an annualized return of -1.63%, while EWZ has yielded a comparatively higher 7.53% annualized return.
NEXT
- 1D
- -0.82%
- 1M
- 11.90%
- YTD
- 60.53%
- 6M
- 31.78%
- 1Y
- 1.81%
- 3Y*
- 11.28%
- 5Y*
- 14.12%
- 10Y*
- -1.63%
EWZ
- 1D
- -0.94%
- 1M
- -13.88%
- YTD
- 6.04%
- 6M
- 6.47%
- 1Y
- 28.14%
- 3Y*
- 7.95%
- 5Y*
- 3.87%
- 10Y*
- 7.53%
NEXT vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NEXT NextDecade Corporation | 60.53% | -31.65% | 61.64% | -3.44% | 73.33% | 36.36% | -65.96% | 13.70% | -35.10% | -17.79% |
EWZ iShares MSCI Brazil ETF | 6.04% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
Correlation
The correlation between NEXT and EWZ is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2015 | 0.17 |
The correlation between NEXT and EWZ shifts across timeframes, from -0.02 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NEXT vs. EWZ — Risk / Return Rank
NEXT
EWZ
NEXT vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NextDecade Corporation (NEXT) 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.
| NEXT | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.20 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 1.47 | -1.44 |
| Martin ratioReturn relative to average drawdown | 0.04 | 4.96 | -4.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NEXT | EWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 1.13 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.14 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.22 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 0.16 | -0.18 |
Drawdowns
NEXT vs. EWZ - Drawdown Comparison
The maximum NEXT drawdown since its inception was -88.79%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for NEXT and EWZ.
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Drawdown Indicators
| NEXT | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.79% | -77.25% | -11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -60.00% | -19.27% | -40.73% |
Max Drawdown (3Y)Largest decline over 3 years | -60.00% | -31.36% | -28.64% |
Max Drawdown (5Y)Largest decline over 5 years | -60.00% | -32.24% | -27.76% |
Max Drawdown (10Y)Largest decline over 10 years | -88.79% | -56.99% | -31.80% |
Current DrawdownCurrent decline from peak | -29.50% | -26.15% | -3.35% |
Average DrawdownAverage peak-to-trough decline | -39.04% | -35.95% | -3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.88% | 5.68% | +35.20% |
Volatility
NEXT vs. EWZ - Volatility Comparison
NextDecade Corporation (NEXT) has a higher volatility of 14.18% compared to iShares MSCI Brazil ETF (EWZ) at 7.32%. This indicates that NEXT'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
| NEXT | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.18% | 7.32% | +6.86% |
Volatility (6M)Calculated over the trailing 6-month period | 46.34% | 20.79% | +25.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.74% | 25.12% | +38.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.46% | 27.68% | +48.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.06% | 34.07% | +52.99% |
Dividends
NEXT vs. EWZ - Dividend Comparison
NEXT has not paid dividends to shareholders, while EWZ's dividend yield for the trailing twelve months is around 4.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.89% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
NEXT NextDecade Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NEXT and EWZ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEXT has higher volatility (14.18%) compared to EWZ (7.32%). In terms of maximum drawdown, NEXT dropped -88.79% vs EWZ's -77.25%.
EWZ currently has the higher Sharpe Ratio (1.13 vs 0.03), 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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