XEMC.TO vs. EWZ

Last updated Jun 4, 2026

XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - XEMC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index (Net), while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 3 years, XEMC.TO returned 29.96%/yr vs 12.33%/yr for EWZ. At a 0.43 correlation, their price movements are largely independent. XEMC.TO charges 0.25%/yr vs 0.59%/yr for EWZ.

Performance

XEMC.TO vs. EWZ - Performance Comparison

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

Different Trading Currencies

XEMC.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, XEMC.TO achieves a 43.62% return, which is significantly higher than EWZ's 10.42% return.

XEMC.TO

• 1D: -0.54%
• 1M: 14.95%
• YTD: 43.62%
• 6M: 46.03%
• 1Y: 79.31%
• 3Y*: 29.96%
• 5Y*: —
• 10Y*: —

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)

XEMC.TO vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	43.62%	28.28%	10.87%	12.07%
EWZ iShares MSCI Brazil ETF	10.42%	41.98%	-24.43%	28.56%

Correlation

The correlation between XEMC.TO and EWZ is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023	0.43

The correlation between XEMC.TO and EWZ shifts across timeframes, from 0.43 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XEMC.TO vs. EWZ — Risk / Return Rank

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

XEMC.TO

XEMC.TO Risk / Return Rank: 93
XEMC.TO Sharpe Ratio Rank: 95
XEMC.TO Sortino Ratio Rank: 93
XEMC.TO Omega Ratio Rank: 94
XEMC.TO Calmar Ratio Rank: 92
XEMC.TO Martin Ratio Rank: 92

EWZ

EWZ Risk / Return Rank: 36
EWZ Sharpe Ratio Rank: 35
EWZ Sortino Ratio Rank: 33
EWZ Omega Ratio Rank: 34
EWZ Calmar Ratio Rank: 38
EWZ Martin Ratio Rank: 38

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China Index ETF (XEMC.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.

	XEMC.TO	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	3.85	1.43	+2.42
Sortino ratio: Return per unit of downside risk	4.72	1.93	+2.78
Omega ratio: Gain probability vs. loss probability	1.68	1.26	+0.42
Calmar ratio: Return relative to maximum drawdown	6.08	2.12	+3.96
Martin ratio: Return relative to average drawdown	23.21	6.58	+16.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEMC.TO vs. EWZ - Sharpe Ratio Comparison

The current XEMC.TO Sharpe Ratio is 3.85, which is higher than the EWZ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of XEMC.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.

Sharpe Ratios by Period

	XEMC.TO	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.85	1.43	+2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	0.11	+1.71

Drawdowns

XEMC.TO vs. EWZ - Drawdown Comparison

The maximum XEMC.TO drawdown since its inception was -14.55%, smaller than the maximum EWZ drawdown of -63.78%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and EWZ.

Drawdown Indicators

	XEMC.TO	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-63.78%	+49.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-16.20%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-24.92%	+10.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.98%	—
Current Drawdown Current decline from peak	-0.54%	-16.20%	+15.66%
Average Drawdown Average peak-to-trough decline	-2.19%	-22.89%	+20.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	5.20%	-1.77%

Volatility

XEMC.TO vs. EWZ - Volatility Comparison

iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a higher volatility of 9.10% compared to iShares MSCI Brazil ETF (EWZ) at 7.64%. This indicates that XEMC.TO'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

	XEMC.TO	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.10%	7.64%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	18.42%	20.25%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	23.94%	-3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	25.41%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.74%	31.74%	-16.00%

XEMC.TO vs. EWZ - Expense Ratio Comparison

XEMC.TO has a 0.25% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

XEMC.TO vs. EWZ - Dividend Comparison

XEMC.TO's dividend yield for the trailing twelve months is around 1.72%, less than EWZ's 4.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	1.72%	2.48%	2.28%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XEMC.TO and EWZ in my portfolio?

XEMC.TO and EWZ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEMC.TO or EWZ?

On fees, XEMC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEMC.TO or EWZ?

XEMC.TO is cheaper with a 0.25% expense ratio, compared with 0.59% for EWZ.

What is the main difference between XEMC.TO and EWZ?

XEMC.TO is categorized as Emerging Markets Equities, while EWZ is Latin America Equities. XEMC.TO tracks MSCI Emerging Markets ex China Index (Net), while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.25% for XEMC.TO and 0.59% for EWZ.