Does VWO include Brazil?

Yes — Brazil is typically one of VWO's largest single-country exposures within the Latin American allocation, though it represents a smaller percentage of the fund than it does in EWZ given the broader diversification across all emerging markets.

What is the currency risk in these ETFs?

EWZ has concentrated Brazilian Real currency risk, while VWO has diversified currency exposure across dozens of emerging market currencies — both can experience significant USD-denominated return swings from currency movements independent of underlying equity performance.

Why have emerging markets underperformed developed markets in recent years?

U.S. dollar strength, higher relative interest rates in the U.S., slower-than-expected China growth, and geopolitical concerns have weighed on emerging market returns compared to U.S. large-cap equity performance — though relative valuations have become more attractive for long-term investors.

Data as of: June 16, 2026

brimindinvest.com / compare / ewz-vs-vwoLIVE

EWZ

iShares MSCI Brazil ETF · ETF - Brazil Equities

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N/A this month

VERSUS

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VWO

Vanguard FTSE Emerging Markets ETF · ETF - Diversified Emerging Markets

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Comparison scoreboard

MIXED SETUP

AI Scorei

EWZ N/A

VWO N/A

1Y Returni

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Fwd P/Ei

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Op. Margini

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VWO N/A

Quick take

EWZ vs VWO Stock Comparison: AI Score, Valuation, Performance and Upside

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EWZ provides concentrated, high-volatility single-country Brazil equity exposure, while VWO provides diversified global emerging markets exposure across dozens of countries. The choice between them is essentially a question of how specifically an investor wants to bet on Brazil versus a diversified emerging markets allocation.

EWZ vs VWO compares single-country Brazil concentration against diversified emerging markets breadth, illustrating the classic tradeoff between targeted country bets and diversified regional investing.

Normalized 1Y performance

EWZ

VWO

Not enough data to chart yet.

Recent returns

EWZ

VWO

Not enough data to chart yet.

Analyst price targets & sentiment

Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.

EWZ

Price target data unavailable

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VWO

Price target data unavailable

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Who should consider this stock?

EWZ may suit investors who:

Want concentrated exposure to Brazilian equities and the Brazilian economy
Have a specific positive view on Brazil's commodity, energy, or financial sectors
Are comfortable with higher single-country volatility in exchange for targeted Brazil exposure

VWO may suit investors who:

Want broad, diversified exposure to the developing world's equity markets in a single low-cost fund
Prefer to reduce single-country risk through diversification across 20+ emerging markets
Are building a core emerging markets allocation as part of a broader global equity portfolio

Performance & AI score

Performance & AI score
Metric	EWZ	VWO
AI scorei	N/A	N/A
AI ranki	N/A	N/A
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Valuation & upside potential

Valuation & upside potential
Metric	EWZ	VWO
Market capi	N/A	N/A
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Forward P/Ei	N/A	N/A
Price/Salesi	N/A	N/A
EV/Revenuei	N/A	N/A
Analyst targeti	N/A	N/A
Target upsidei	N/A	N/A

Growth, profitability & risk

Growth, profitability & risk
Metric	EWZ	VWO
Revenue growthi	N/A	N/A
Earnings growthi	N/A	N/A
EPS growthi	N/A	N/A
FCF margini	N/A	N/A
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ROIC proxyi	N/A	N/A
Return on equityi	N/A	N/A
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Payout ratioi	N/A	N/A
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Betai	N/A	N/A
Debt/equityi	N/A	N/A
Current ratioi	N/A	N/A
Quick ratioi	N/A	N/A

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

EWZ max drawdowniN/A

VWO max drawdowniN/A

EWZ max wkly dropiN/A

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5Y risk snapshot

EWZ max drawdowniN/A

VWO max drawdowniN/A

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10Y risk snapshot

EWZ max drawdowniN/A

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Performance metrics by period

Performance metrics by period
Period	Metric	EWZ	VWO
1Y	Growthi	N/A	N/A
	CAGRi	N/A	N/A
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5Y	Growthi	N/A	N/A
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	Sharpe ratioi	N/A	N/A
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	Ulcer Indexi	N/A	N/A
	Max daily dropi	N/A	N/A
	Max wkly dropi	N/A	N/A
10Y	Growthi	N/A	N/A
	CAGRi	N/A	N/A
	Volatilityi	N/A	N/A
	Sharpe ratioi	N/A	N/A
	Sortino ratioi	N/A	N/A
	Max drawdowni	N/A	N/A
	Current drawdowni	N/A	N/A
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	Ulcer Indexi	N/A	N/A
	Max daily dropi	N/A	N/A
	Max wkly dropi	N/A	N/A

AI Prediction Signali

Members only

Next 5 trading days

EWZ

+2.8%BUY

VWO

+1.1%HOLD

Next 30 trading days

EWZ

+6.4%BUY

VWO

+3.2%HOLD

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Business comparison

Business comparison
Category	EWZ	VWO
Company	iShares MSCI Brazil ETF	Vanguard FTSE Emerging Markets ETF
Sector	ETF - Brazil Equities	ETF - Diversified Emerging Markets
Industry	N/A	N/A
Core business	EWZ tracks the MSCI Brazil 25/50 Index, providing concentrated exposure to Brazilian large and mid-cap equities, including heavy weights in energy (Petrobras), financials (Itau, Bradesco), and materials (Vale).	VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index, providing diversified exposure to equities across China, India, Brazil, Taiwan, South Africa, and dozens of other emerging market countries.
Investor focus	Investors use EWZ to gain targeted exposure to Brazilian equities, accepting higher single-country volatility in exchange for concentrated Brazil economic exposure.	Investors use VWO as a core diversified emerging markets allocation, providing broad developing world equity exposure in a single, low-cost fund.

EWZ strengths

Direct, concentrated exposure to Brazil's equity market including its energy, financial, and mining majors
High liquidity with significant daily trading volume among single-country ETFs
Brazil's large commodity base provides natural resource exposure often absent from tech-heavy developed market portfolios

VWO strengths

Among the largest and lowest-cost emerging markets ETFs, with competitive Vanguard expense ratios
Broad diversification across 20+ emerging market countries and thousands of stocks reduces single-country risk
Convenient single-fund access to both large-cap and mid-cap emerging market equities globally

Risks to watch — EWZ

Single-country concentration amplifies political risk, currency risk, and Brazil-specific economic volatility
Brazilian Real currency exposure creates significant USD-denominated return volatility
Brazil's economy is sensitive to commodity cycles, particularly oil and iron ore prices

Risks to watch — VWO

China is typically the largest country weight (25-35% of the index), creating meaningful China risk even in a diversified product
Broader diversification means VWO will underperform EWZ when Brazil specifically outperforms
Emerging markets as a whole have historically been more volatile and delivered more variable returns than developed market equities

Frequently asked questions

EWZ is heavily concentrated in energy (primarily Petrobras, Brazil's state-controlled oil company), financials (Itau Unibanco, Bradesco, Banco do Brasil), and materials (Vale, the global iron ore and metals producer) — reflecting the structure of Brazil's publicly traded equity market.

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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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Pairwise daily-return correlation for every combination, so you can see whether two holdings actually diversify each other or just move together.

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A scatter plot of forward P/E against return on equity, plus drawdown and 30-day rolling volatility charts, to separate what is cheap from what is merely beaten down.

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