NOG vs. EWZ
NOG (Northern Oil and Gas, Inc.) 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, NOG returned -2.51%/yr vs 6.64%/yr for EWZ. Their 0.34 correlation means their historical movements had little consistent relationship.
Performance
NOG vs. EWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NOG achieves a 2.37% return, which is significantly lower than EWZ's 16.46% return. Over the past 10 years, NOG has underperformed EWZ with an annualized return of -2.51%, while EWZ has yielded a comparatively higher 6.64% annualized return.
NOG
- 1D
- 1.49%
- 1M
- 20.44%
- 6M
- -12.08%
- YTD
- 2.37%
- 1Y
- -18.99%
- 3Y*
- -13.95%
- 5Y*
- 9.05%
- 10Y*
- -2.51%
- ALL TIME*
- -2.08%
EWZ
- 1D
- 0.33%
- 1M
- 7.23%
- 6M
- -0.11%
- YTD
- 16.46%
- 1Y
- 44.24%
- 3Y*
- 9.53%
- 5Y*
- 7.67%
- 10Y*
- 6.64%
- ALL TIME*
- 6.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $598.51M | $637.15M | $833.60M | |
| $54.84M | $61.54M | $65.18M |
NOG vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOG Northern Oil and Gas, Inc. | 2.37% | -38.20% | 4.84% | 25.54% | 54.51% | 136.72% | -62.56% | 3.54% | 10.24% | -25.45% |
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 NOG and EWZ is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2007 | 0.34 |
Over the past year, the correlation between NOG and EWZ has dropped to 0.00 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NOG vs. EWZ — Risk / Return Rank
NOG
EWZ
NOG vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Oil and Gas, Inc. (NOG) 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.
| NOG | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.31 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.03 | 5.64 | -6.67 |
Loading charts...
Drawdowns
NOG vs. EWZ - Drawdown Comparison
The maximum NOG drawdown since its inception was -98.96%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for NOG and EWZ.
Loading charts...
Drawdown Indicators
| NOG | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -77.25% | -21.71% |
Max Drawdown (1Y)Largest decline over 1 year | -41.43% | -19.27% | -22.16% |
Max Drawdown (3Y)Largest decline over 3 years | -55.08% | -31.36% | -23.72% |
Max Drawdown (5Y)Largest decline over 5 years | -55.08% | -32.24% | -22.84% |
Max Drawdown (10Y)Largest decline over 10 years | -92.15% | -56.99% | -35.16% |
Current DrawdownCurrent decline from peak | -91.84% | -18.89% | -72.95% |
Average DrawdownAverage peak-to-trough decline | -69.89% | -35.86% | -34.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.41% | 7.86% | +11.55% |
Volatility
NOG vs. EWZ - Volatility Comparison
Northern Oil and Gas, Inc. (NOG) has a higher volatility of 16.52% compared to iShares MSCI Brazil ETF (EWZ) at 6.69%. This indicates that NOG'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.
Loading charts...
Volatility by Period
| NOG | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 6.69% | +9.83% |
Volatility (6M)Calculated over the trailing 6-month period | 33.58% | 19.32% | +14.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.31% | 25.12% | +21.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.16% | 27.46% | +21.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.52% | 33.90% | +36.62% |
Dividends
NOG vs. EWZ - Dividend Comparison
NOG's dividend yield for the trailing twelve months is around 8.51%, more than EWZ's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NOG Northern Oil and Gas, Inc. | 8.51% | 8.38% | 4.41% | 4.02% | 2.86% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NOG and EWZ have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOG has higher volatility (16.52%) compared to EWZ (6.69%). In terms of maximum drawdown, NOG dropped -98.96% vs EWZ's -77.25%.
EWZ currently has the higher Sharpe Ratio (1.77 vs -0.41), 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.
Find the right allocation for NOG and EWZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer