Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
EWZ vs USMV: how they differ
EWZ and USMV hold 0% of their weight in the same names, and EWZ returned more over the year.
iShares MSCI Brazil ETF and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, EWZ and USMV hold 0% of their money in the same securities at the same weight.
| Only in EWZ | Only in USMV |
|---|---|
| VALE S.A. 11.62% | CISCO SYSTEMS, INC. 1.81% |
| Nu Holdings Ltd. 8.80% | NVIDIA CORPORATION 1.64% |
| Itau Unibanco Holding S.A. 8.57% | EXXON MOBIL CORPORATION 1.60% |
| Petroleo Brasileiro S.A. (Petrobras) 6.77% | MICROSOFT CORPORATION 1.56% |
| B3 S.A - Brasil, Bolsa, Balcao 3.61% | DUKE ENERGY CORPORATION 1.55% |
| AMBEV S.A. 3.23% | THE SOUTHERN COMPANY 1.53% |
| WEG S.A. 3.08% | AMPHENOL CORPORATION 1.51% |
| Companhia de Saneamento Basico do Estado 2.90% | Chubb Limited 1.50% |
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 Apr 30, 2026 and May 31, 2026.
| EWZ iShares MSCI Brazil ETF | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | iShares | iShares |
| What it is | MSCI Brazil | MSCI USA Min Vol Factor |
| Total return, 1 year | +32.9% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | +15.4 pts | −10.9 pts |
| Expense ratio | 0.59% | 0.15% |
| Already in the S&P 500 | 0.0% | 94.8% |
| Holdings | 47 | 170 |
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.
USMV in plain words
USMV is an index equity fund tracking the MSCI USA Min Vol Factor. Over the year to Sep 11, 2026 it returned +6.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.15% a year. By its holdings filed for Apr 30, 2026, 95% of the fund by weight is stocks the S&P 500 also holds, across 170 positions, with the top ten at 15.7%.
Questions people ask
- Which returned more over the last year, EWZ or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, EWZ returned +32.9% and USMV returned +6.6%, so EWZ returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, EWZ or USMV?
- EWZ charges 0.59% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do EWZ and USMV overlap with the S&P 500?
- By their latest filed holdings, 0% of EWZ and 95% of USMV 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.
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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, EWZ against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/EWZ-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources