iShares MSCI Brazil ETF (EWZ) Performance
EWZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +35.3% since Dec 31, 2025
- 1 year
- +46.1% total return
- 5 years
- +15.9% a year
- 10 years
- +6.6% a year
- Since first price
- +7.1% a year since 2000
EWZ trailing returns vs SPY, QQQ, AGG
| Period | EWZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +14.0% | +14.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +17.7% | +17.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +7.2% | +6.2% | +7.8% | +8.4% | −1.5% |
| YTD | +35.3% | +34.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +46.1% | +39.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +70.2%+19.4%/yr | +42.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +109.1%+15.9%/yr | +41.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +88.7%+6.6%/yr | +12.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +42.2%+2.4%/yr | −26.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +135.8%+4.4%/yr | +2.4% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJul 14, 2000 | +499.4%+7.1%/yr | +125.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWZ vs SPY
From Jul 14, 2000: EWZ grew to $59,937, SPY to $79,998.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWZ returns by calendar year
14 of 25 full years positive. Best 2009 (+122.0%), worst 2008 (−54.3%). 2026 is year to date.
EWZ annual returns table
| Year | EWZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +35.3% | −19.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +48.8% | −13.0% | +17.7% | +20.8% | +7.2% |
| 2024 | −30.4% | −29.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +32.6% | −17.4% | +26.2% | +54.9% | +5.7% |
| 2022 | +12.1% | −32.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −17.3% | −32.0% | +28.7% | +27.4% | −1.8% |
| 2020 | −20.4% | −57.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +27.7% | −18.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −2.5% | −34.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.6% | −19.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +64.5% | −18.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −41.8% | −44.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −15.5% | −37.4% | +13.5% | +19.2% | +6.0% |
| 2013 | −17.5% | −27.0% | +32.3% | +36.6% | −2.0% |
| 2012 | +0.4% | −28.9% | +16.0% | +18.1% | +3.8% |
| 2011 | −24.1% | −35.2% | +1.9% | +3.4% | +7.7% |
| 2010 | +7.8% | −24.7% | +15.1% | +19.9% | +6.4% |
| 2009 | +122.0% | −21.1% | +26.4% | +54.7% | +3.0% |
| 2008 | −54.3% | −73.0% | −36.8% | −41.7% | +7.9% |
| 2007 | +74.8% | −26.5% | +5.1% | +19.0% | +6.6% |
| 2006 | +43.3% | −32.1% | +15.8% | +7.1% | +3.9% |
| 2005 | +52.7% | −17.1% | +4.8% | +1.6% | +2.3% |
| 2004 | +33.6% | −33.3% | +10.7% | +10.5% | +3.8% |
| 2003 | +117.0% | −20.3% | +28.2% | +49.7% | — |
| 2002 | −36.3% | −61.8% | −21.6% | −37.4% | — |
| 2001 | −18.8% | −52.7% | −11.8% | −33.3% | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWZ largest drawdowns
Now 5.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 20, 2008 | −77.2% | Jan 21, 2016 | not yet | 7.7 years | 18.4 years so far |
| Sep 7, 2000 | −72.2% | Oct 16, 2002 | Jan 12, 2004 | 2.1 years | 3.3 years |
| Jan 12, 2004 | −33.3% | May 10, 2004 | Oct 1, 2004 | 4 months | 9 months |
| May 9, 2006 | −32.1% | Jun 13, 2006 | Dec 27, 2006 | 35 days | 8 months |
| Jul 23, 2007 | −26.5% | Aug 16, 2007 | Sep 24, 2007 | 24 days | 2 months |
| Nov 8, 2007 | −18.4% | Jan 23, 2008 | Feb 25, 2008 | 2 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2000 |
|---|---|---|---|---|
| Annualized return | +13.1% | +11.4% | +6.3% | +6.4% |
| Volatility (annualized) | 23.2% | 26.1% | 30.7% | 34.2% |
| Sharpe ratio | 0.45 | 0.40 | 0.29 | — |
| Sortino ratio | 0.80 | 0.64 | 0.42 | — |
| Best month | +16.6% | +16.6% | +23.8% | +28.4% |
| Worst month | −9.5% | −18.7% | −38.6% | −38.6% |
| Best 12 months | +69.4% | +69.4% | +69.4% | +129.4% |
| Worst 12 months | −30.4% | −30.4% | −40.9% | −56.9% |
| Positive months | 53% | 55% | 52% | 54% |
| Beta vs S&P 500 | 0.26 | 0.57 | 0.83 | — |
| Correlation with S&P 500 | 0.14 | 0.34 | 0.41 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 304 | −56.9% | +9.6% | +129.4% | 58% |
| 3-year (a year) | 280 | −27.3% | +4.2% | +82.4% | 61% |
| 5-year (a year) | 256 | −20.9% | +4.2% | +69.3% | 64% |
| 10-year (a year) | 196 | −8.2% | +1.3% | +28.6% | 59% |
Every holding period starting at a month-end since 2000. Returns for 3 years and longer are annualized.
EWZ performance overview
iShares MSCI Brazil ETF (EWZ) returned +46.1% over the past year and +6.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2000 it has returned +7.1% a year, turning $10,000 into about $59,937. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −77.2%, from May 20, 2008 to Jan 21, 2016; the fund has not yet regained that high. EWZ finished 14 of its 25 full calendar years with a gain; the best year was 2009 (+122.0%) and the worst 2008 (−54.3%). Volatility has been 34.2% a year.
Related: EWZ chart, EWZ holdings, EWZ dividends. See the EWZ overview for the latest quote and fund facts.
EWZ performance FAQ
What is the EWZ return over the past year?
EWZ returned +46.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 39.8%.
What is the average annual return of EWZ?
EWZ has returned +15.9% a year over 5 years, +6.6% a year over 10 years, +7.1% a year since July 14, 2000 (total return, distributions reinvested).
How much would $10,000 invested in EWZ be worth?
$10,000 invested in EWZ at its first recorded close on July 14, 2000 would be worth about $59,937 on October 23, 2026 with distributions reinvested.
What was the worst year for EWZ?
The worst calendar year was 2008, with a total return of −54.3%. The best was 2009 at +122.0%.
What is the biggest drawdown of EWZ?
The largest peak-to-trough decline was −77.2% between May 20, 2008 and January 21, 2016. It has not yet recovered to that high; it is 5.8% below its peak.
How volatile is EWZ?
Over the past 3 years EWZ had an annualized volatility of 23.2% and a Sharpe ratio of 0.45 (excess return over 1–3 month T-bills per unit of risk).