PAA vs. EWZ
PAA (Plains All American Pipeline, L.P.) 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, PAA returned 5.97%/yr vs 8.29%/yr for EWZ. At a 0.30 correlation, their price movements are largely independent.
Performance
PAA vs. EWZ - Performance Comparison
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Returns By Period
In the year-to-date period, PAA achieves a 30.01% return, which is significantly higher than EWZ's 10.48% return. Over the past 10 years, PAA has underperformed EWZ with an annualized return of 5.97%, while EWZ has yielded a comparatively higher 8.29% annualized return.
PAA
- 1D
- -0.18%
- 1M
- 2.51%
- YTD
- 30.01%
- 6M
- 31.47%
- 1Y
- 36.35%
- 3Y*
- 28.99%
- 5Y*
- 22.23%
- 10Y*
- 5.97%
EWZ
- 1D
- 0.83%
- 1M
- -4.57%
- YTD
- 10.48%
- 6M
- 9.03%
- 1Y
- 31.47%
- 3Y*
- 9.47%
- 5Y*
- 4.96%
- 10Y*
- 8.29%
PAA vs. EWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 30.01% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
EWZ iShares MSCI Brazil ETF | 10.48% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 23.62% |
Correlation
The correlation between PAA and EWZ is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2000 | 0.30 |
The correlation between PAA and EWZ shifts across timeframes, from -0.01 (1 year) to 0.32 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAA vs. EWZ — Risk / Return Rank
PAA
EWZ
PAA vs. EWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) 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.
| PAA | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.22 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 1.64 | +0.87 |
| Martin ratioReturn relative to average drawdown | 7.17 | 5.17 | +2.00 |
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Drawdowns
PAA vs. EWZ - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for PAA and EWZ.
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Drawdown Indicators
| PAA | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -77.25% | -14.74% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -19.27% | +4.74% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -31.36% | +9.10% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -32.24% | +6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -56.99% | -30.93% |
Current DrawdownCurrent decline from peak | -10.03% | -23.06% | +13.03% |
Average DrawdownAverage peak-to-trough decline | -25.75% | -35.93% | +10.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 6.10% | -1.02% |
Volatility
PAA vs. EWZ - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) and iShares MSCI Brazil ETF (EWZ) have volatilities of 7.32% and 7.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 7.35% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.09% | 19.97% | -5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.47% | 25.20% | -6.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.81% | 27.70% | -0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 34.04% | +7.78% |
Dividends
PAA vs. EWZ - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.11%, more than EWZ's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.70% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
PAA Plains All American Pipeline, L.P. | 7.11% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Frequently Asked Questions
PAA and EWZ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWZ has higher volatility (7.35%) compared to PAA (7.32%). In terms of maximum drawdown, PAA dropped -91.99% vs EWZ's -77.25%.
PAA currently has the higher Sharpe Ratio (1.98 vs 1.25), 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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