VOOG vs. EWZ

Last updated Jun 9, 2026

VOOG (Vanguard S&P 500 Growth ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth 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, VOOG returned 17.80%/yr vs 7.53%/yr for EWZ. At a 0.45 correlation, their price movements are largely independent. VOOG charges 0.07%/yr vs 0.59%/yr for EWZ.

Performance

VOOG vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 10.10% return, which is significantly higher than EWZ's 6.04% return. Over the past 10 years, VOOG has outperformed EWZ with an annualized return of 17.80%, while EWZ has yielded a comparatively lower 7.53% annualized return.

VOOG

• 1D: 0.65%
• 1M: -0.20%
• YTD: 10.10%
• 6M: 9.55%
• 1Y: 29.06%
• 3Y*: 26.66%
• 5Y*: 15.20%
• 10Y*: 17.80%

EWZ

• 1D: -0.94%
• 1M: -13.88%
• YTD: 6.04%
• 6M: 6.47%
• 1Y: 28.14%
• 3Y*: 7.95%
• 5Y*: 3.87%
• 10Y*: 7.53%

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

VOOG vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	10.10%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
EWZ iShares MSCI Brazil ETF	6.04%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between VOOG and EWZ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.45

The correlation between VOOG and EWZ shifts across timeframes, from 0.35 (5 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

VOOG vs. EWZ - Sectors Allocation Comparison

Sectors	VOOG	EWZ
Technology	49.4%	1.0%
Communication Services	18.0%	2.2%
Consumer Cyclical	9.4%	1.5%
Financial Services	8.8%	32.7%
Industrials	6.2%	10.9%
Healthcare	5.8%	2.4%
Consumer Defensive	1.0%	4.2%
Real Estate	0.6%	-
Utilities	0.4%	12.9%
Basic Materials	0.4%	13.7%
Energy	0.1%	18.5%

Return for Risk

VOOG vs. EWZ — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 55
VOOG Sharpe Ratio Rank: 59
VOOG Sortino Ratio Rank: 56
VOOG Omega Ratio Rank: 56
VOOG Calmar Ratio Rank: 47
VOOG Martin Ratio Rank: 55

EWZ

EWZ Risk / Return Rank: 34
EWZ Sharpe Ratio Rank: 34
EWZ Sortino Ratio Rank: 33
EWZ Omega Ratio Rank: 33
EWZ Calmar Ratio Rank: 33
EWZ Martin Ratio Rank: 35

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.

VOOG vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.13	+0.67
Sortino ratio: Return per unit of downside risk	2.41	1.61	+0.80
Omega ratio: Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio: Return relative to maximum drawdown	2.13	1.47	+0.66
Martin ratio: Return relative to average drawdown	8.74	4.96	+3.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOOG vs. EWZ - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.79, which is higher than the EWZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of VOOG 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.

Sharpe Ratios by Period

	VOOG	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.13	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.14	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.22	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.16	+0.73

Drawdowns

VOOG vs. EWZ - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for VOOG and EWZ.

Drawdown Indicators

	VOOG	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-77.25%	+44.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-19.27%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-31.36%	+9.18%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-32.24%	-0.49%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-56.99%	+24.26%
Current Drawdown Current decline from peak	-4.28%	-26.15%	+21.87%
Average Drawdown Average peak-to-trough decline	-4.97%	-35.95%	+30.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	5.68%	-2.35%

Volatility

VOOG vs. EWZ - Volatility Comparison

The current volatility for Vanguard S&P 500 Growth ETF (VOOG) is 5.61%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.32%. This indicates that VOOG 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

	VOOG	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	7.32%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	20.79%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	25.12%	-8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	27.68%	-6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.77%	34.07%	-13.30%

VOOG vs. EWZ - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

VOOG vs. EWZ - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.45%, less than EWZ's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.89%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
VOOG Vanguard S&P 500 Growth ETF	0.45%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and EWZ in my portfolio?

VOOG and EWZ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOG or EWZ?

EWZ has higher volatility (7.32%) compared to VOOG (5.61%). In terms of maximum drawdown, VOOG dropped -32.73% vs EWZ's -77.25%.

Which ETF is better, VOOG or EWZ?

On 10-year performance, VOOG leads with 17.80% vs 7.53% for EWZ. On fees, VOOG is cheaper at 0.07% per year. On volatility, VOOG has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or EWZ?

Over the 10-year period, VOOG has performed better with a 17.80% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or EWZ?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.89%, compared with 0.45% for VOOG.

What is the main difference between VOOG and EWZ?

VOOG is categorized as S&P 500, while EWZ is Latin America Equities. VOOG tracks S&P 500 Growth Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VOOG and 0.59% for EWZ.

Which has better risk-adjusted returns?

VOOG currently has the higher Sharpe Ratio (1.79 vs 1.13), 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.