VNM vs. EWZ

Last updated Jun 13, 2026

VNM (VanEck Vectors Vietnam ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam 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, VNM returned 3.29%/yr vs 8.29%/yr for EWZ. At a 0.34 correlation, their price movements are largely independent. VNM charges 0.68%/yr vs 0.59%/yr for EWZ.

Performance

VNM vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) 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, VNM achieves a -6.66% return, which is significantly lower than EWZ's 10.48% return. Over the past 10 years, VNM has underperformed EWZ with an annualized return of 3.29%, while EWZ has yielded a comparatively higher 8.29% annualized return.

VNM

• 1D: -1.27%
• 1M: -8.62%
• YTD: -6.66%
• 6M: 2.04%
• 1Y: 37.07%
• 3Y*: 12.11%
• 5Y*: -0.94%
• 10Y*: 3.29%

EWZ

• 1D: 0.83%
• 1M: -5.47%
• 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)

VNM vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNM VanEck Vectors Vietnam ETF	-6.66%	66.55%	-11.15%	15.01%	-43.74%	22.05%	9.84%	9.24%	-16.83%	38.80%
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 VNM and EWZ is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 14, 2009	0.34

Over the past year, the correlation between VNM and EWZ has dropped to 0.09 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

VNM vs. EWZ - Sectors Allocation Comparison

Sectors	VNM	EWZ
Real Estate	31.4%	-
Financial Services	27.5%	32.7%
Industrials	14.9%	10.9%
Consumer Defensive	14.4%	4.2%
Basic Materials	7.9%	13.7%
Technology	1.7%	1.0%
Energy	1.2%	18.5%
Utilities	1.0%	12.9%
Communication Services	-	2.2%
Consumer Cyclical	-	1.5%
Healthcare	-	2.4%

Return for Risk

VNM vs. EWZ — Risk / Return Rank

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

VNM

VNM Risk / Return Rank: 40
VNM Sharpe Ratio Rank: 40
VNM Sortino Ratio Rank: 40
VNM Omega Ratio Rank: 37
VNM Calmar Ratio Rank: 45
VNM Martin Ratio Rank: 36

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.

VNM vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.

	VNM	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.25	+0.01
Sortino ratio: Return per unit of downside risk	1.85	1.76	+0.10
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.98	1.64	+0.34
Martin ratio: Return relative to average drawdown	4.93	5.17	-0.24

VNM vs. EWZ - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 1.26, which is comparable to the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of VNM 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

VNM vs. EWZ - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for VNM and EWZ.

Drawdown Indicators

	VNM	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-77.25%	+14.06%
Max Drawdown (1Y) Largest decline over 1 year	-17.07%	-19.27%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-31.60%	-31.36%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-49.95%	-32.24%	-17.71%
Max Drawdown (10Y) Largest decline over 10 years	-51.67%	-56.99%	+5.32%
Current Drawdown Current decline from peak	-27.30%	-23.06%	-4.24%
Average Drawdown Average peak-to-trough decline	-37.81%	-35.93%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	6.10%	+0.73%

Volatility

VNM vs. EWZ - Volatility Comparison

The current volatility for VanEck Vectors Vietnam ETF (VNM) is 4.95%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.35%. This indicates that VNM 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.

Volatility by Period

	VNM	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	7.35%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	18.57%	19.97%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.72%	25.20%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	27.70%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.46%	34.04%	-10.58%

VNM vs. EWZ - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than EWZ's 0.59% expense ratio.

Dividends

VNM vs. EWZ - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.21%, 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%
VNM VanEck Vectors Vietnam ETF	0.21%	0.20%	0.00%	5.21%	0.96%	0.49%	0.40%	0.76%	0.83%	1.14%	2.44%	3.69%

Frequently Asked Questions

Can I hold both VNM and EWZ in my portfolio?

VNM and EWZ have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNM or EWZ?

EWZ has higher volatility (7.35%) compared to VNM (4.95%). In terms of maximum drawdown, VNM dropped -63.19% vs EWZ's -77.25%.

Which ETF is better, VNM or EWZ?

On 10-year performance, EWZ leads with 8.29% vs 3.29% for VNM. On fees, EWZ is cheaper at 0.59% per year. On volatility, VNM has been the lower-risk option at 4.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNM or EWZ?

Over the 10-year period, EWZ has performed better with a 8.29% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNM or EWZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.68% for VNM.

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

EWZ has the higher dividend yield at 4.70%, compared with 0.21% for VNM.

What is the main difference between VNM and EWZ?

VNM is categorized as Asia Pacific Equities, while EWZ is Latin America Equities. VNM tracks MVIS Vietnam Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.68% for VNM and 0.59% for EWZ.

Which has better risk-adjusted returns?

VNM currently has the higher Sharpe Ratio (1.26 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.