EWZ
iShares MSCI Brazil ETF
The iShares MSCI Brazil Index fund seeks investment results that correspond to the price and yield performance of the MSCI Brazil Index. The index consists primarily of large cap stocks traded in the Brazilian market.
Emerging Market
EQUITY
Passive
MANAGEMENT STYLE
$ 9.4 B
ASSETS UNDER MGMT
58 bp
EXPENSES
Fund Basics
| Inception date | Jul 10, 2000 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Semi-annual |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| VALE SA | 10.4 % |
| NU HOLDINGS LTD. CLASS A | 9.2 % |
| ITAU UNIBANCO HOLDING SA | 8.5 % |
| PETROBRAS - PETROLEO BRAS-PR | 6.2 % |
| PETROBRAS - PETROLEO BRAS | 5.6 % |
| BM&FBOVESPA SA | 3.5 % |
| BANCO BRADESCO SA-PREF | 3.4 % |
| WEG SA | 2.9 % |
| CIA SANEAMENTO BASICO DE SP | 2.8 % |
| AXIA ENERGIA | 2.7 % |
Constituent Breakdown
| Number of holdings | 46 |
| Herfindahl-Hirschman Index | 485 |
| Wgt avg mkt cap (mns) | $28,645 |
| Large cap (>$10bn) | 73.3% |
| Mid cap ($2-10bn) | 19.9% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 10.6% |
| Emerging mkts. | 82.9% |
Sector Breakdown
Country Exposure
 |
BRAZIL | 79.9 % |
 |
CAYMAN ISLANDS | 9.2 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 21.9% | 60.6% | 8.3% | 12.4% | 4.0% | 6.6% | -0.3% | 2.8% |
| Dividend Yield | 0.0% | 8.2% | 7.1% | 7.2% | 8.5% | 5.6% | 4.2% | 3.9% |
| Total Returns | 21.9% | 68.8% | 15.4% | 19.6% | 12.4% | 12.1% | 3.9% | 6.8% | Ann. Volatility | 25.5% | 24.1% | 23.5% | 23.6% | 27.7% | 34.6% | 37.4% | 37.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.63 | 26% |
| MSCI EAFE | 0.90 | 37% |
| MSCI Emg Mkts | 0.86 | 42% |
Liquidity Measures
| Avg. volume (000) | 41,507 |
| ADV traded (mns) | $1,558 |
| Turnover | 16.7% |
| Avg. Bid/Ask (% of price) | 0.03% |
Technical Indicators
| 30d moving avg. (EMA) | $37.28 |
| Relative strength (RSI) | 52 |
| MACD/Signal | 0.24/0.71 |
| Bollinger Bands (Upper/Lower) | $40.14/$36.36 |
| Short interest (% of AUM) | 24.7% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. EWZ |
Expenses vs. EWZ |
ALTAR Score™ vs. EWZ |
|---|---|---|---|---|
| FLBR | Franklin FTSE Brazil ETF | 70.8% | -39 bp | +1.0% |
| FLLA | Franklin FTSE Latin America ETF | 43.9% | -39 bp | +0.2% |
| FLN | First Trust Latin America AlphaDEX Fund | 36.6% | +22 bp | -0.1% |
| BRAZ | Global X Brazil Active ETF | 29.1% | +17 bp | 0.0% |
| ILF | iShares Latin America 40 ETF | 23.2% | -10 bp | -0.5% |
| JIVE | JPMorgan International Value ETF | 18.4% | -3 bp | -0.8% |
| DVYE | iShares Emerging Markets Dividend ETF | 15.9% | -9 bp | +6.2% |
| FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF | 12.9% | -19 bp | +3.7% |
| EMDM | First Trust Bloomberg Emerging Market Democracies ETF | 12.2% | +17 bp | -2.6% |
| FTHF | First Trust Emerging Markets Human Flourishing ETF | 11.5% | +17 bp | -2.6% |
Risk and Returns: EWZ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 3/10/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
10.2%
ALTAR SCORE™
84th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 196 funds in the Emerging Equity category with an average
ALTAR Score™ of 7.9% and a standard deviation
of 2.3%. EWZ's ALTAR Score™ is approximately 1.0 standard
deviations above the category average. This places EWZ in the 84th percentile
among funds in the category.
Sell-Side Consensus
$41.27
PRICE TARGET
+10.0%
UPSIDE