EEM vs EWZ ETF Comparison: AI Score, Valuation, Performance and Upside
EEM and EWZ differ by an order of magnitude in diversification. EEM spreads across many emerging economies, so no single government, currency, or commodity determines returns. EWZ is a concentrated bet on Brazil, where currency moves, commodity prices, and domestic politics can each dominate performance in a given year.
Use this EEM vs EWZ comparison to be clear about what risk you are taking. Broad emerging market exposure is a diversified asset class allocation. A single-country fund is a specific macro view on one government's policy, one currency, and usually one or two commodities, which is a legitimate position but a very different one.
EWZ holds the edge across 3 of 5 key metrics in this comparison. EEM has delivered stronger 1-year price return (+31.25% vs +25.81% for EWZ).
- Want diversified emerging market exposure as an asset class allocation
- Value liquidity and the availability of options for tactical use
- Prefer spreading country and currency risk across many markets
- Accept concentration in the largest emerging markets and a higher cost than newer peers
- Hold a specific view on Brazilian policy, currency, or commodities
- Are making a sized tactical allocation rather than a core holding
- Are attracted by low valuations and periods of high dividend yield
- Accept severe single-country volatility and political risk
| Metric | EEM | EWZ |
|---|---|---|
| ETF scorei | 72.0 | 66.0 |
| Latest closei | $67.98 | $36.82 |
| 1M returni | +1.21% | +3.08% |
| 6M returni | +23.79% | +1.48% |
| 1Y returni | +31.25% | +25.81% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | EEM | EWZ |
|---|---|---|
| 1Y ago | $13.38K (+33.8%) started 2025-09-25 | $13.16K (+31.6%) started 2025-09-25 |
| 5Y ago | $16.94K (+69.4%) started 2021-09-27 | $26K (+160.0%) started 2021-09-27 |
| 10Y ago | $29.13K (+191.3%) started 2016-09-26 | $35.71K (+257.1%) started 2016-09-26 |
Hypothetical — past performance does not guarantee future results.
| Metric | EEM | EWZ |
|---|---|---|
| Expense ratioi | 0.72% | 0.59% |
| Total assets (AUM)i | $31.21B | $8.17B |
| Dividend yieldi | 1.66% | 4.07% |
| Trailing P/Ei | 14.46 | 10.71 |
| Betai | 0.77 | 0.68 |
| 52-week change | 31.25% | 25.81% |
| Metric | EEM | EWZ |
|---|---|---|
| 1Y returni | +31.25% | +25.81% |
| 6M returni | +23.79% | +1.48% |
| 1M returni | +1.21% | +3.08% |
| 1Y Sharpe ratio | 1.03 | 0.86 |
| Betai | 0.77 | 0.68 |
| Dividend yieldi | 1.66% | 4.07% |
| 5Y CAGR | +8.40% | +10.29% |
Over the past year, EEM and EWZ have moved moderately in the same direction (correlation of 0.55), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | EEM | EWZ |
|---|---|---|---|
| 1Y | Growthi | +31.25% | +25.81% |
| CAGRi | +31.27% | +25.83% | |
| Volatilityi | 25.36% | 25.31% | |
| Sharpe ratioi | 1.03 | 0.86 | |
| Sortino ratioi | 1.46 | 1.25 | |
| Max drawdowni | 14.24% | 19.27% | |
| Current drawdowni | 4.54% | 10.93% | |
| Avg drawdowni | 3.86% | 7.17% | |
| Ulcer Indexi | 5.25% | 9.29% | |
| Max daily dropi | 6.53% | 6.31% | |
| Max wkly dropi | 8.41% | 7.82% | |
| 5Y | Growthi | +49.60% | +63.08% |
| CAGRi | +8.40% | +10.29% | |
| Volatilityi | 19.96% | 27.19% | |
| Sharpe ratioi | 0.28 | 0.33 | |
| Sortino ratioi | 0.40 | 0.47 | |
| Max drawdowni | 33.85% | 32.24% | |
| Current drawdowni | 4.54% | 10.93% | |
| Avg drawdowni | 12.81% | 12.58% | |
| Ulcer Indexi | 15.58% | 14.75% | |
| Max daily dropi | 6.53% | 7.44% | |
| Max wkly dropi | 12.14% | 12.88% | |
| 10Y | Growthi | +128.26% | +84.40% |
| CAGRi | +8.61% | +6.31% | |
| Volatilityi | 20.82% | 33.81% | |
| Sharpe ratioi | 0.29 | 0.22 | |
| Sortino ratioi | 0.40 | 0.30 | |
| Max drawdowni | 39.82% | 56.99% | |
| Current drawdowni | 4.54% | 10.93% | |
| Avg drawdowni | 14.52% | 17.74% | |
| Ulcer Indexi | 17.81% | 21.17% | |
| Max daily dropi | 12.48% | 23.09% | |
| Max wkly dropi | 17.72% | 32.51% |
| Category | EEM | EWZ |
|---|---|---|
| Fund name | iShares MSCI Emerging Markets ETF | iShares MSCI Brazil ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.72% | 0.59% |
| Total assets (AUM)i | $31.21B | $8.17B |
| Dividend yieldi | 1.66% | 4.07% |
- Diversification across many countries limits the impact of any single government or economy
- Very liquid with deep options markets, widely used for tactical positioning
- Broad sector exposure across technology, financials, and consumer businesses
- Direct exposure to Brazilian equities, which often trade at low valuations relative to developed markets
- High dividend yields from large commodity and financial holdings in some periods
- Strong leverage to commodity price upswings
- Heavily weighted toward a small number of the largest emerging markets
- Costs more than several newer broad emerging market alternatives
- Currency movements can offset local equity returns for US-based investors
- Single-country risk with concentrated exposure to a handful of very large holdings
- Brazilian currency volatility can dominate returns for US-based investors
- Political and fiscal policy shifts have historically caused severe drawdowns
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Volatility, Sharpe and Sortino ratios, maximum, current, and average drawdown, Ulcer Index, and worst single-day and single-week drops across every timeframe.
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