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UAE vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UAE vs. EWZ

Last updated Aug 2, 2026
Documentation

UAE (iShares MSCI UAE ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped 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, UAE returned 5.28%/yr vs 6.64%/yr for EWZ. Their 0.31 correlation means their historical movements had little consistent relationship. Both charge a 0.59% expense ratio.

Performance

UAE vs. EWZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, UAE achieves a 2.47% return, which is significantly lower than EWZ's 16.46% return. Over the past 10 years, UAE has underperformed EWZ with an annualized return of 5.28%, while EWZ has yielded a comparatively higher 6.64% annualized return.

UAE

1D
-1.92%
1M
-0.47%
6M
-4.38%
YTD
2.47%
1Y
-0.83%
3Y*
11.70%
5Y*
10.15%
10Y*
5.28%
ALL TIME*
1.69%

EWZ

1D
0.33%
1M
6.45%
6M
-0.11%
YTD
16.46%
1Y
43.70%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

UAE

iShares MSCI UAE ETF
$2.90M$3.37M$6.41M

UAE vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UAE
iShares MSCI UAE ETF		2.47%21.35%15.25%2.91%-5.36%44.16%-7.23%1.59%-14.42%4.99%
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 UAE and EWZ is 0.30, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.30

Correlation (3Y)
Balances recent behavior with more history.

0.26

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.26

Correlation (10Y)
Provides a long-term view across more market conditions.

0.29

Correlation (All Time)
Calculated using the full available price history since May 1, 2014

0.31

UAE vs. EWZ - Sectors Allocation Comparison

Sectors
UAE
EWZ

Financial Services

38.2%
34.5%

Real Estate

21.2%

-

Industrials

11.2%
11.6%

Communication Services

10.6%
2.1%

Energy

7.5%
15.1%

Consumer Cyclical

4.8%
1.4%

Utilities

4.1%
13.5%

Consumer Defensive

1.6%
4.7%

Technology

0.9%
0.4%

Basic Materials

0.1%
14.5%

Healthcare

-

2.2%

Financial Services

UAE
38.2%
EWZ
34.5%

Real Estate

UAE
21.2%
EWZ

-

Industrials

UAE
11.2%
EWZ
11.6%

Communication Services

UAE
10.6%
EWZ
2.1%

Energy

UAE
7.5%
EWZ
15.1%

Consumer Cyclical

UAE
4.8%
EWZ
1.4%

Utilities

UAE
4.1%
EWZ
13.5%

Consumer Defensive

UAE
1.6%
EWZ
4.7%

Technology

UAE
0.9%
EWZ
0.4%

Basic Materials

UAE
0.1%
EWZ
14.5%

Healthcare

UAE

-

EWZ
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI UAE ETF

iShares MSCI Brazil ETF

Often compared with UAE:
UAE vs. KSAUAE vs. QATUAE vs. SPYUAE vs. VOOUAE vs. STLAUAE vs. TMATUAE vs. XLP
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

UAE vs. EWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
UAE
UAE Risk / Return Rank: 1010
Overall Rank
UAE Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
UAE Sortino Ratio Rank: 1010
Sortino Ratio Rank
UAE Omega Ratio Rank: 1010
Omega Ratio Rank
UAE Calmar Ratio Rank: 1010
Calmar Ratio Rank
UAE Martin Ratio Rank: 1010
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UAE vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) 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.

UAEEWZDifference
Sharpe ratioReturn per unit of total volatility
-0.06
1.77

-1.83

Sortino ratioReturn per unit of downside risk
0.09
2.36

-2.27

Omega ratioGain probability vs. loss probability

1.01

1.30

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.06

2.31

-2.37

Martin ratioReturn relative to average drawdown

-0.14

5.64

-5.78

UAE vs. EWZ - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is -0.06, which is lower than the EWZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of UAE 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.

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Drawdowns

UAE vs. EWZ - Drawdown Comparison

The maximum UAE drawdown since its inception was -60.49%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for UAE and EWZ.

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Drawdown Indicators

UAEEWZDifference

Max Drawdown

Largest peak-to-trough decline

-60.49%

-77.25%

+16.76%

Max Drawdown (1Y)

Largest decline over 1 year

-21.50%

-19.27%

-2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-31.36%

+9.86%

Max Drawdown (5Y)

Largest decline over 5 years

-27.47%

-32.24%

+4.77%

Max Drawdown (10Y)

Largest decline over 10 years

-49.71%

-56.99%

+7.28%

Current Drawdown

Current decline from peak

-11.87%

-18.89%

+7.02%

Average Drawdown

Average peak-to-trough decline

-23.74%

-35.86%

+12.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.43%

7.86%

+1.57%

Volatility

UAE vs. EWZ - Volatility Comparison

The current volatility for iShares MSCI UAE ETF (UAE) is 5.63%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 6.69%. This indicates that UAE experiences smaller price fluctuations and is considered to be less risky 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

UAEEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.63%

6.69%

-1.06%

Volatility (6M)

Calculated over the trailing 6-month period

20.94%

19.32%

+1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

23.12%

25.12%

-2.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.25%

27.46%

-8.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.65%

33.90%

-14.25%

UAE vs. EWZ - Expense Ratio Comparison

Both UAE and EWZ have an expense ratio of 0.59%.

Dividends

UAE vs. EWZ - Dividend Comparison

UAE's dividend yield for the trailing twelve months is around 4.50%, more than EWZ's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
UAE
iShares MSCI UAE ETF		4.50%4.10%3.32%3.25%2.67%4.88%4.75%3.54%5.56%3.38%4.74%3.77%

Frequently Asked Questions

UAE and EWZ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (6.69%) compared to UAE (5.63%). In terms of maximum drawdown, UAE dropped -60.49% vs EWZ's -77.25%.

On 10-year performance, EWZ leads with 6.64% vs 5.28% for UAE. Both ETFs have the same 0.59% expense ratio. On volatility, UAE has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWZ has performed better with a 6.64% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UAE and EWZ have the same expense ratio: 0.59% per year.

UAE has the higher dividend yield at 4.50%, compared with 3.99% for EWZ.

UAE is categorized as Emerging Markets Equities, while EWZ is Latin America Equities. UAE tracks MSCI All UAE Capped Index, while EWZ tracks MSCI Brazil 25/50 Index.

EWZ currently has the higher Sharpe Ratio (1.77 vs -0.06), 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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