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XCH.TO vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCH.TO vs. EWZ

Last updated Jun 4, 2026

XCH.TO (iShares China Index ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - XCH.TO is a China Equities fund tracking the Morningstar China GR CAD, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, XCH.TO returned 3.34%/yr vs 8.59%/yr for EWZ. At a 0.38 correlation, their price movements are largely independent. XCH.TO charges 0.87%/yr vs 0.59%/yr for EWZ.

Performance

XCH.TO vs. EWZ - Performance Comparison

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

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Different Trading Currencies

XCH.TO is traded in CAD, while EWZ is traded in USD. To make them comparable, the EWZ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCH.TO achieves a -6.01% return, which is significantly lower than EWZ's 10.42% return. Over the past 10 years, XCH.TO has underperformed EWZ with an annualized return of 3.34%, while EWZ has yielded a comparatively higher 8.59% annualized return.

XCH.TO

1D
-1.76%
1M
-0.68%
YTD
-6.01%
6M
-8.84%
1Y
2.81%
3Y*
12.55%
5Y*
-0.79%
10Y*
3.34%

EWZ

1D
-2.79%
1M
-9.50%
YTD
10.42%
6M
4.43%
1Y
34.13%
3Y*
12.33%
5Y*
7.29%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCH.TO vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCH.TO
iShares China Index ETF		-6.01%22.48%39.50%-14.76%-15.40%-20.56%7.17%8.11%-6.28%27.28%
EWZ
iShares MSCI Brazil ETF		10.42%41.98%-24.43%29.70%20.08%-18.06%-21.70%21.39%5.75%15.75%

Correlation

The correlation between XCH.TO and EWZ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (10Y)
Calculated over the trailing 10-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2010

0.38

The correlation between XCH.TO and EWZ shifts across timeframes, from 0.26 (5 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

XCH.TO vs. EWZ - Sectors Allocation Comparison

Sectors
XCH.TO
EWZ

Financial Services

34.5%
32.7%

Consumer Cyclical

25.8%
1.5%

Communication Services

12.2%
2.2%

Technology

9.2%
1.0%

Energy

5.2%
18.5%

Basic Materials

3.9%
13.7%

Industrials

3.9%
10.9%

Healthcare

2.2%
2.4%

Real Estate

1.1%

-

Consumer Defensive

0.8%
4.2%

Utilities

0.4%
12.9%

Financial Services

XCH.TO
34.5%
EWZ
32.7%

Consumer Cyclical

XCH.TO
25.8%
EWZ
1.5%

Communication Services

XCH.TO
12.2%
EWZ
2.2%

Technology

XCH.TO
9.2%
EWZ
1.0%

Energy

XCH.TO
5.2%
EWZ
18.5%

Basic Materials

XCH.TO
3.9%
EWZ
13.7%

Industrials

XCH.TO
3.9%
EWZ
10.9%

Healthcare

XCH.TO
2.2%
EWZ
2.4%

Real Estate

XCH.TO
1.1%
EWZ

-

Consumer Defensive

XCH.TO
0.8%
EWZ
4.2%

Utilities

XCH.TO
0.4%
EWZ
12.9%

Compare stocks, funds, or ETFs

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

iShares China Index ETF

iShares MSCI Brazil ETF

Often compared with XCH.TO:
XCH.TO vs. VEE.TOXCH.TO vs. XEC.TOXCH.TO vs. XAW.TOXCH.TO vs. VFV.TOXCH.TO vs. ZCH.TOXCH.TO vs. XIC.TOXCH.TO vs. FBRT
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

XCH.TO vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCH.TO
XCH.TO Risk / Return Rank: 1010
Overall Rank
XCH.TO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
XCH.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
XCH.TO Omega Ratio Rank: 1010
Omega Ratio Rank
XCH.TO Calmar Ratio Rank: 1111
Calmar Ratio Rank
XCH.TO Martin Ratio Rank: 1010
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 3636
Overall Rank
EWZ Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3434
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3838
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3838
Martin Ratio Rank
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.

XCH.TO vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.TO) 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.

XCH.TOEWZDifference
Sharpe ratioReturn per unit of total volatility
0.15
1.43

-1.29

Sortino ratioReturn per unit of downside risk
0.35
1.93

-1.58

Omega ratioGain probability vs. loss probability

1.04

1.26

-0.22

Calmar ratioReturn relative to maximum drawdown

0.17

2.12

-1.95

Martin ratioReturn relative to average drawdown

0.35

6.58

-6.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCH.TO vs. EWZ - Sharpe Ratio Comparison

The current XCH.TO Sharpe Ratio is 0.15, which is lower than the EWZ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of XCH.TO 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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Sharpe Ratios by Period

XCH.TOEWZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.15

1.43

-1.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

0.29

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

0.27

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.11

+0.02

Drawdowns

XCH.TO vs. EWZ - Drawdown Comparison

The maximum XCH.TO drawdown since its inception was -58.02%, smaller than the maximum EWZ drawdown of -63.78%. Use the drawdown chart below to compare losses from any high point for XCH.TO and EWZ.

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Drawdown Indicators

XCH.TOEWZDifference

Max Drawdown

Largest peak-to-trough decline

-58.02%

-63.78%

+5.76%

Max Drawdown (1Y)

Largest decline over 1 year

-16.51%

-16.20%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-27.28%

-24.92%

-2.36%

Max Drawdown (5Y)

Largest decline over 5 years

-50.32%

-29.82%

-20.50%

Max Drawdown (10Y)

Largest decline over 10 years

-58.02%

-51.98%

-6.04%

Current Drawdown

Current decline from peak

-21.53%

-16.20%

-5.33%

Average Drawdown

Average peak-to-trough decline

-20.41%

-22.89%

+2.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.15%

5.20%

+2.95%

Volatility

XCH.TO vs. EWZ - Volatility Comparison

The current volatility for iShares China Index ETF (XCH.TO) is 6.91%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.64%. This indicates that XCH.TO 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

XCH.TOEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.91%

7.64%

-0.73%

Volatility (6M)

Calculated over the trailing 6-month period

13.42%

20.25%

-6.83%

Volatility (1Y)

Calculated over the trailing 1-year period

19.20%

23.94%

-4.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.81%

25.41%

+4.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.73%

31.74%

-6.01%

XCH.TO vs. EWZ - Expense Ratio Comparison

XCH.TO has a 0.87% expense ratio, which is higher than EWZ's 0.59% expense ratio.

Dividends

XCH.TO vs. EWZ - Dividend Comparison

XCH.TO's dividend yield for the trailing twelve months is around 2.25%, less than EWZ's 4.76% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		4.76%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
XCH.TO
iShares China Index ETF		2.25%2.11%1.54%2.86%2.35%1.50%2.17%2.50%2.45%2.41%2.21%2.58%

Frequently Asked Questions

XCH.TO and EWZ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EWZ is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EWZ is cheaper with a 0.59% expense ratio, compared with 0.87% for XCH.TO.

XCH.TO is categorized as China Equities, while EWZ is Latin America Equities. XCH.TO tracks Morningstar China GR CAD, while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.87% for XCH.TO and 0.59% for EWZ.

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