UAE vs. EWZ

Last updated Jun 24, 2026

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 6.26%/yr vs 7.48%/yr for EWZ. At a 0.31 correlation, their price movements are largely independent. 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.

Returns By Period

In the year-to-date period, UAE achieves a 6.53% return, which is significantly lower than EWZ's 8.51% return. Over the past 10 years, UAE has underperformed EWZ with an annualized return of 6.26%, while EWZ has yielded a comparatively higher 7.48% annualized return.

UAE

• 1D: -1.50%
• 1M: 7.68%
• YTD: 6.53%
• 6M: 4.13%
• 1Y: 16.47%
• 3Y*: 15.08%
• 5Y*: 10.81%
• 10Y*: 6.26%

EWZ

• 1D: -0.35%
• 1M: -5.21%
• YTD: 8.51%
• 6M: 9.29%
• 1Y: 29.01%
• 3Y*: 7.56%
• 5Y*: 3.74%
• 10Y*: 7.48%

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

UAE vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UAE iShares MSCI UAE ETF	6.53%	21.35%	15.25%	2.91%	-5.36%	44.16%	-7.23%	1.59%	-14.42%	4.99%
EWZ iShares MSCI Brazil ETF	8.51%	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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	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%	35.5%
Real Estate	21.4%	-
Industrials	10.8%	8.6%
Communication Services	10.2%	2.0%
Energy	7.9%	15.5%
Consumer Cyclical	4.9%	1.4%
Utilities	4.1%	13.4%
Consumer Defensive	1.6%	4.6%
Technology	0.9%	0.4%
Basic Materials	0.1%	14.8%
Healthcare	-	2.1%

Return for Risk

UAE vs. EWZ — Risk / Return Rank

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

UAE

UAE Risk / Return Rank: 20
UAE Sharpe Ratio Rank: 22
UAE Sortino Ratio Rank: 22
UAE Omega Ratio Rank: 22
UAE Calmar Ratio Rank: 18
UAE Martin Ratio Rank: 18

EWZ

EWZ Risk / Return Rank: 32
EWZ Sharpe Ratio Rank: 33
EWZ Sortino Ratio Rank: 32
EWZ Omega Ratio Rank: 32
EWZ Calmar Ratio Rank: 31
EWZ Martin Ratio Rank: 31

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.

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.

	UAE	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.16	-0.43
Sortino ratio: Return per unit of downside risk	1.19	1.65	-0.46
Omega ratio: Gain probability vs. loss probability	1.15	1.21	-0.06
Calmar ratio: Return relative to maximum drawdown	0.77	1.51	-0.74
Martin ratio: Return relative to average drawdown	1.87	4.37	-2.50

UAE vs. EWZ - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is 0.72, which is lower than the EWZ Sharpe Ratio of 1.16. 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.

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.

Drawdown Indicators

	UAE	EWZ	Difference
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	-8.37%	-24.43%	+16.06%
Average Drawdown Average peak-to-trough decline	-23.85%	-35.92%	+12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.81%	6.65%	+2.16%

Volatility

UAE vs. EWZ - Volatility Comparison

iShares MSCI UAE ETF (UAE) has a higher volatility of 9.16% compared to iShares MSCI Brazil ETF (EWZ) at 6.05%. This indicates that UAE'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

	UAE	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	6.05%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	20.42%	19.72%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	22.94%	25.14%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	27.72%	-8.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	34.00%	-14.39%

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 4.33%, which matches EWZ's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.29%	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	4.33%	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

Can I hold both UAE and EWZ in my portfolio?

UAE and EWZ have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAE or EWZ?

UAE has higher volatility (9.16%) compared to EWZ (6.05%). In terms of maximum drawdown, UAE dropped -60.49% vs EWZ's -77.25%.

Which ETF is better, UAE or EWZ?

On 10-year performance, EWZ leads with 7.48% vs 6.26% for UAE. Both ETFs have the same 0.59% expense ratio. On volatility, EWZ has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAE or EWZ?

Over the 10-year period, EWZ has performed better with a 7.48% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAE or EWZ?

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

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

UAE has the higher dividend yield at 4.33%, compared with 4.29% for EWZ.

What is the main difference between UAE and 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.

Which has better risk-adjusted returns?

EWZ currently has the higher Sharpe Ratio (1.16 vs 0.72), 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.