SILJ vs. EWZ

Last updated Jun 14, 2026

SILJ (Amplify Junior Silver Miners ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - SILJ is a Silver fund tracking the Nasdaq Junior Silver Miners Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, SILJ returned 8.82%/yr vs 8.29%/yr for EWZ. At a 0.31 correlation, their price movements are largely independent. SILJ charges 0.69%/yr vs 0.59%/yr for EWZ.

Performance

SILJ vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Junior Silver Miners ETF (SILJ) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SILJ achieves a -1.77% return, which is significantly lower than EWZ's 10.48% return. Over the past 10 years, SILJ has outperformed EWZ with an annualized return of 8.82%, while EWZ has yielded a comparatively lower 8.29% annualized return.

SILJ

• 1D: 3.23%
• 1M: -17.41%
• YTD: -1.77%
• 6M: 0.26%
• 1Y: 84.73%
• 3Y*: 45.21%
• 5Y*: 11.38%
• 10Y*: 8.82%

EWZ

• 1D: 0.83%
• 1M: -3.12%
• YTD: 10.48%
• 6M: 9.03%
• 1Y: 31.51%
• 3Y*: 9.47%
• 5Y*: 4.96%
• 10Y*: 8.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SILJ vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SILJ Amplify Junior Silver Miners ETF	-1.77%	183.89%	6.39%	-5.21%	-15.42%	-23.21%	33.00%	57.06%	-27.95%	-5.65%
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 SILJ and EWZ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Nov 29, 2012	0.31

SILJ vs. EWZ - Sectors Allocation Comparison

Sectors	SILJ	EWZ
Basic Materials	99.8%	15.3%
Financial Services	0.3%	33.4%
Consumer Defensive	0.2%	4.6%
Communication Services	0.0%	2.1%
Consumer Cyclical	-	1.4%
Energy	-	16.7%
Healthcare	-	2.3%
Industrials	-	11.0%
Real Estate	-	-
Technology	-	0.4%
Utilities	-	12.8%

Return for Risk

SILJ vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SILJ

SILJ Risk / Return Rank: 46
SILJ Sharpe Ratio Rank: 50
SILJ Sortino Ratio Rank: 42
SILJ Omega Ratio Rank: 47
SILJ Calmar Ratio Rank: 50
SILJ Martin Ratio Rank: 40

EWZ

EWZ Risk / Return Rank: 38
EWZ Sharpe Ratio Rank: 40
EWZ Sortino Ratio Rank: 38
EWZ Omega Ratio Rank: 38
EWZ Calmar Ratio Rank: 37
EWZ Martin Ratio Rank: 37

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.

SILJ vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Junior Silver Miners ETF (SILJ) 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.

	SILJ	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.25	+0.27
Sortino ratio: Return per unit of downside risk	1.94	1.76	+0.18
Omega ratio: Gain probability vs. loss probability	1.26	1.22	+0.04
Calmar ratio: Return relative to maximum drawdown	2.19	1.64	+0.55
Martin ratio: Return relative to average drawdown	5.65	5.17	+0.48

SILJ vs. EWZ - Sharpe Ratio Comparison

The current SILJ Sharpe Ratio is 1.52, which is comparable to the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SILJ 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.

Drawdowns

SILJ vs. EWZ - Drawdown Comparison

The maximum SILJ drawdown since its inception was -79.04%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for SILJ and EWZ.

Drawdown Indicators

	SILJ	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-79.04%	-77.25%	-1.79%
Max Drawdown (1Y) Largest decline over 1 year	-39.16%	-19.27%	-19.89%
Max Drawdown (3Y) Largest decline over 3 years	-39.16%	-31.36%	-7.80%
Max Drawdown (5Y) Largest decline over 5 years	-53.55%	-32.24%	-21.31%
Max Drawdown (10Y) Largest decline over 10 years	-70.06%	-56.99%	-13.07%
Current Drawdown Current decline from peak	-32.56%	-23.06%	-9.50%
Average Drawdown Average peak-to-trough decline	-41.40%	-35.93%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.17%	6.10%	+9.07%

Volatility

SILJ vs. EWZ - Volatility Comparison

Amplify Junior Silver Miners ETF (SILJ) has a higher volatility of 20.76% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that SILJ'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.

Volatility by Period

	SILJ	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.76%	7.35%	+13.41%
Volatility (6M) Calculated over the trailing 6-month period	47.36%	19.97%	+27.39%
Volatility (1Y) Calculated over the trailing 1-year period	56.54%	25.20%	+31.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.76%	27.70%	+17.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.41%	34.04%	+12.37%

SILJ vs. EWZ - Expense Ratio Comparison

SILJ has a 0.69% expense ratio, which is higher than EWZ's 0.59% expense ratio.

Dividends

SILJ vs. EWZ - Dividend Comparison

SILJ's dividend yield for the trailing twelve months is around 2.04%, less 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%
SILJ Amplify Junior Silver Miners ETF	2.04%	2.00%	7.26%	0.01%	0.05%	0.36%	1.23%	1.45%	1.66%	0.00%	0.52%	2.46%

Frequently Asked Questions

Can I hold both SILJ and EWZ in my portfolio?

SILJ and EWZ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SILJ or EWZ?

SILJ has higher volatility (20.76%) compared to EWZ (7.35%). In terms of maximum drawdown, SILJ dropped -79.04% vs EWZ's -77.25%.

Which ETF is better, SILJ or EWZ?

On 10-year performance, SILJ leads with 8.82% vs 8.29% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SILJ or EWZ?

Over the 10-year period, SILJ has performed better with a 8.82% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SILJ or EWZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.69% for SILJ.

Which ETF pays a higher dividend yield, SILJ or EWZ?

EWZ has the higher dividend yield at 4.70%, compared with 2.04% for SILJ.

What is the main difference between SILJ and EWZ?

SILJ is categorized as Silver, while EWZ is Latin America Equities. SILJ tracks Nasdaq Junior Silver Miners Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Amplify and iShares. Their fees differ too: 0.69% for SILJ and 0.59% for EWZ.

Which has better risk-adjusted returns?

SILJ currently has the higher Sharpe Ratio (1.52 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.