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XES vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. EWZ

Last updated Aug 1, 2026
Documentation

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry 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, XES returned -2.88%/yr vs 6.64%/yr for EWZ. Their 0.53 correlation means they have sometimes moved together and sometimes differently. XES charges 0.35%/yr vs 0.59%/yr for EWZ.

Performance

XES vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Equipment & Services ETF (XES) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XES achieves a 36.38% return, which is significantly higher than EWZ's 16.46% return. Over the past 10 years, XES has underperformed EWZ with an annualized return of -2.88%, while EWZ has yielded a comparatively higher 6.64% annualized return.

XES

1D
3.09%
1M
2.89%
6M
12.93%
YTD
36.38%
1Y
68.96%
3Y*
7.20%
5Y*
17.17%
10Y*
-2.88%
ALL TIME*
-3.56%

EWZ

1D
0.33%
1M
7.23%
6M
-0.11%
YTD
16.46%
1Y
44.24%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

XES

SPDR S&P Oil & Gas Equipment & Services ETF
$5.46M$8.52M$12.51M

XES vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		36.38%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
EWZ
iShares MSCI Brazil ETF		16.46%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between XES and EWZ is 0.33, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.33

Correlation (3Y)
Balances recent behavior with more history.

0.35

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.40

Correlation (10Y)
Provides a long-term view across more market conditions.

0.40

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.53

The correlation between XES and EWZ shifts across timeframes, from 0.33 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

XES vs. EWZ - Sectors Allocation Comparison

Sectors
XES
EWZ

Energy

97.7%
15.1%

Industrials

2.3%
11.6%

Basic Materials

-

14.5%

Communication Services

-

2.1%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

4.7%

Financial Services

-

34.5%

Healthcare

-

2.2%

Real Estate

-

-

Technology

-

0.4%

Utilities

-

13.5%

Energy

XES
97.7%
EWZ
15.1%

Industrials

XES
2.3%
EWZ
11.6%

Basic Materials

XES

-

EWZ
14.5%

Communication Services

XES

-

EWZ
2.1%

Consumer Cyclical

XES

-

EWZ
1.4%

Consumer Defensive

XES

-

EWZ
4.7%

Financial Services

XES

-

EWZ
34.5%

Healthcare

XES

-

EWZ
2.2%

Real Estate

XES

-

EWZ

-

Technology

XES

-

EWZ
0.4%

Utilities

XES

-

EWZ
13.5%

Compare stocks, funds, or ETFs

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

SPDR S&P Oil & Gas Equipment & Services ETF

iShares MSCI Brazil ETF

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PXJXES vs. PSCEXES vs. VDEXES vs. FENY
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

XES vs. EWZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XES
XES Risk / Return Rank: 8585
Overall Rank
XES Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8686
Sortino Ratio Rank
XES Omega Ratio Rank: 8383
Omega Ratio Rank
XES Calmar Ratio Rank: 8585
Calmar Ratio Rank
XES Martin Ratio Rank: 8080
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XES vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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.

XESEWZDifference
Sharpe ratioReturn per unit of total volatility
2.26
1.77

+0.49

Sortino ratioReturn per unit of downside risk
2.86
2.36

+0.51

Omega ratioGain probability vs. loss probability

1.35

1.30

+0.05

Calmar ratioReturn relative to maximum drawdown

3.23

2.31

+0.92

Martin ratioReturn relative to average drawdown

10.31

5.64

+4.66

XES vs. EWZ - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.26, which is comparable to the EWZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of XES 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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Drawdowns

XES vs. EWZ - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for XES and EWZ.

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Drawdown Indicators

XESEWZDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-77.25%

-18.40%

Max Drawdown (1Y)

Largest decline over 1 year

-21.48%

-19.27%

-2.21%

Max Drawdown (3Y)

Largest decline over 3 years

-45.95%

-31.36%

-14.59%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-32.24%

-13.71%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-56.99%

-34.24%

Current Drawdown

Current decline from peak

-73.66%

-18.89%

-54.77%

Average Drawdown

Average peak-to-trough decline

-54.50%

-35.86%

-18.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.73%

7.86%

-1.13%

Volatility

XES vs. EWZ - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.34% compared to iShares MSCI Brazil ETF (EWZ) at 6.69%. This indicates that XES'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.

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Volatility by Period

XESEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.34%

6.69%

+2.65%

Volatility (6M)

Calculated over the trailing 6-month period

21.60%

19.32%

+2.28%

Volatility (1Y)

Calculated over the trailing 1-year period

30.74%

25.12%

+5.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.63%

27.46%

+11.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.85%

33.90%

+10.95%

XES vs. EWZ - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

XES vs. EWZ - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.17%, less than EWZ's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		3.99%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.17%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%

Frequently Asked Questions

XES and EWZ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XES has higher volatility (9.34%) compared to EWZ (6.69%). In terms of maximum drawdown, XES dropped -95.65% vs EWZ's -77.25%.

On 10-year performance, EWZ leads with 6.64% vs -2.88% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, EWZ has been the lower-risk option at 6.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWZ has performed better with a 6.64% return vs -2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XES is cheaper with a 0.35% expense ratio, compared with 0.59% for EWZ.

EWZ has the higher dividend yield at 3.99%, compared with 1.17% for XES.

XES is categorized as Energy Equities, while EWZ is Latin America Equities. XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XES and 0.59% for EWZ.

XES currently has the higher Sharpe Ratio (2.26 vs 1.77), 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.

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