Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
EEM vs EWZ: how they differ
EEM and EWZ hold 4% of their weight in the same names, and EWZ returned more over the year.
iShares MSCI Emerging Markets ETF and iShares MSCI Brazil ETF.
What they hold in common
By the books each fund has filed, EEM and EWZ hold 4% of their money in the same securities at the same weight.
| Holding | EEM | EWZ |
|---|---|---|
| VALE S.A. | 0.46% | 11.62% |
| Nu Holdings Ltd. | 0.35% | 8.80% |
| Itau Unibanco Holding S.A. | 0.34% | 8.57% |
| Petroleo Brasileiro S.A. (Petrobras) | 0.27% | 6.77% |
| B3 S.A - Brasil, Bolsa, Balcao | 0.14% | 3.61% |
| AMBEV S.A. | 0.12% | 3.23% |
| ITAUSA S.A. | 0.12% | 2.65% |
| WEG S.A. | 0.12% | 3.08% |
| Companhia de Saneamento Basico do Estado | 0.11% | 2.90% |
| BANCO BTG PACTUAL S.A. | 0.10% | 2.71% |
| EMBRAER S.A. | 0.08% | 2.18% |
| PRIO S.A. | 0.08% | 2.18% |
| Only in EEM | Only in EWZ |
|---|---|
| Taiwan Semiconductor Manufacturing Compa 14.28% | |
| SK hynix Inc. 6.65% | |
| Tencent Holdings Limited 2.71% | |
| Alibaba Group Holding Limited 2.08% | |
| MediaTek Inc. 1.62% | |
| DELTA ELECTRONICS, INC. 1.17% | |
| HON HAI PRECISION INDUSTRY CO., LTD. 0.90% | |
| Samsung Electronics Co., Ltd. 0.85% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026.
| EEM iShares MSCI Emerging Markets ETF | EWZ iShares MSCI Brazil ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | iShares | iShares |
| What it is | Emerging markets | MSCI Brazil |
| Total return, 1 year | +32.3% | +32.9% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +14.8 pts | +15.4 pts |
| Expense ratio | 0.72% | 0.59% |
| Already in the S&P 500 | 0.0% | 0.0% |
| Holdings | 1245 | 47 |
EEM in plain words
EEM is an index equity fund tracking the Emerging markets. Over the year to Sep 11, 2026 it returned +32.3% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.72% a year. By its holdings filed for May 31, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 1245 positions, with the top ten at 38.9%. It sat 4.7% below its high of Jun 22, 2026 on Sep 11, 2026.
EWZ in plain words
EWZ is an index equity fund tracking the MSCI Brazil. Over the year to Sep 11, 2026 it returned +32.9% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.59% a year. By its holdings filed for May 31, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 47 positions, with the top ten at 59.3%. It sat 7.6% below its high of Apr 14, 2026 on Sep 11, 2026.
Questions people ask
- Which returned more over the last year, EEM or EWZ?
- In the year to Sep 12, 2026, with distributions reinvested, EEM returned +32.3% and EWZ returned +32.9%, so EWZ returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, EEM or EWZ?
- EEM charges 0.72% a year and EWZ charges 0.59%, so EWZ is cheaper. Fees come from each fund's prospectus.
- How much do EEM and EWZ overlap with the S&P 500?
- By their latest filed holdings, 0% of EEM and 0% of EWZ by weight is stocks the S&P 500 already holds. Between the two funds, 4% of their books are the same securities at the same weight.
Other comparisons
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, EEM against EWZ, data as of Sep 12, 2026. https://etfiq.com/compare/any/EEM-EWZ Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources