Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
EWZ vs SPY: how they differ
EWZ and SPY hold 0% of their weight in the same names, and EWZ returned more over the year.
iShares MSCI Brazil ETF and SPDR S&P 500 ETF Trust.
What they hold in common
By the books each fund has filed, EWZ and SPY hold 0% of their money in the same securities at the same weight.
| Only in EWZ | Only in SPY |
|---|---|
| VALE S.A. 11.62% | NVIDIA Corp. 7.52% |
| Nu Holdings Ltd. 8.80% | Apple, Inc. 6.59% |
| Itau Unibanco Holding S.A. 8.57% | Microsoft Corp. 4.30% |
| Petroleo Brasileiro S.A. (Petrobras) 6.77% | Amazon.com, Inc. 3.62% |
| B3 S.A - Brasil, Bolsa, Balcao 3.61% | Alphabet, Inc. 3.25% |
| AMBEV S.A. 3.23% | Broadcom, Inc. 2.77% |
| WEG S.A. 3.08% | Alphabet, Inc. 2.59% |
| Companhia de Saneamento Basico do Estado 2.90% | Micron Technology, Inc. 2.02% |
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 Jun 30, 2026 and May 31, 2026.
| EWZ iShares MSCI Brazil ETF | SPY SPDR S&P 500 ETF Trust | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | iShares | State Street |
| What it is | MSCI Brazil | S&P 500, book from IVV |
| Total return, 1 year | +32.9% | +17.5% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +15.4 pts | 0.0 pts |
| Expense ratio | 0.59% | 0.09% |
| Already in the S&P 500 | 0.0% | 100.0% |
| Holdings | 47 | 504 |
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.
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.
Questions people ask
- Which returned more over the last year, EWZ or SPY?
- In the year to Sep 12, 2026, with distributions reinvested, EWZ returned +32.9% and SPY returned +17.5%, so EWZ returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, EWZ or SPY?
- EWZ charges 0.59% a year and SPY charges 0.09%, so SPY is cheaper. Fees come from each fund's prospectus.
- How much do EWZ and SPY overlap with the S&P 500?
- By their latest filed holdings, 0% of EWZ and 100% of SPY by weight is stocks the S&P 500 already holds. Between the two funds, 0% of their books are the same securities at the same weight.
Other comparisons
Where to next
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, EWZ against SPY, data as of Sep 12, 2026. https://etfiq.com/compare/any/EWZ-SPY Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources