Which returned more over the last year, EWZ or IEMG?

In the year to Oct 28, 2026, with distributions reinvested, EWZ returned +13.7% and IEMG +15.3%.

Which is cheaper, EWZ or IEMG?

IEMG is cheaper, by 0.50 percentage points a year. That is about $50 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do EWZ and IEMG overlap with the S&P 500?

By their latest filed holdings, 0% of EWZ and 0% of IEMG by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

EWZ vs IEMG: Differences, Returns & Fees

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Over the year to Oct 28, 2026, EWZ returned +13.7% to IEMG's +15.3%; 4% of their weight is in the same names.

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Net assets: $10.3bn on Oct 28, 2026 for iShares MSCI Brazil ETF, and $150.4bn on Oct 27, 2026 for iShares Core MSCI Emerging Markets ETF.

EWZ on its own →IEMG on its own →

At a glance

+13.7%

EWZ total return, 1 year

+15.3%

IEMG total return, 1 year

0.59%

EWZ expense ratio

0.09%

IEMG expense ratio

Pair scorecard

IEMG costs 0.50 points a year less; their one-year returns differ by 1.6 points; IEMG is 13.1 times larger.

EWZ vs IEMG: Differences, Returns & Fees
Measure	EWZ	IEMG
Return
Measure	EWZ	IEMG
Total return, 1 year	+13.7%	+15.3%
Drawdown
Measure	EWZ	IEMG
Below its high	25.4%, high on May 20, 2008	10.1%, high on Jun 22, 2026
Benchmark
Measure	EWZ	IEMG
What it tracks	MSCI Brazil 25/50 Index	MSCI Emerging Markets Investable Market Index (IMI)
Cost and size
Measure	EWZ	IEMG
Expense ratio	0.59%	0.09%
Net assets, as of Oct 26, 2026	$11.3bn	$148.2bn
Holdings
Measure	EWZ	IEMG
Holdings in common	4%
Top ten holdings, share of the fund	57.5%	32.7%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Nov 2, 2012 to Oct 23, 2026 · 729 weekly returns

EWZ IEMG

Return

Total return edge IEMG +47.3% +120.7%

Annualized edge IEMG +2.8% +5.8%

Price return edge IEMG −21.4% +56.0%

Risk

Volatility edge IEMG 30.9% 18.2%

Max drawdown edge IEMG −65.6% −37.1%

Risk-adjusted

Sharpe edge IEMG 0.18 0.30

Sortino edge IEMG 0.27 0.42

Calmar edge IEMG 0.04 0.16

Reading

IEMG returned more: +120.7% to +47.3%. IEMG swung less: 18.2% to 30.9%. IEMG fell less at its worst: −37.1% to −65.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: EWZ vs IEMG: Differences, Returns & Fees
Measure	EWZ	IEMG	Edge	How it is measured
Return
Total return	+47.3%	+120.7%	IEMG	Price change plus distributions, reinvested.
Annualized	+2.8%	+5.8%	IEMG	Total return as a yearly rate.
Price return	−21.4%	+56.0%	IEMG	Price change alone, distributions left out.
Risk
Volatility	30.9%	18.2%	IEMG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	21.2%	13.0%	IEMG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−65.6%	−37.1%	IEMG	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.18	0.30	IEMG	Return above Treasury bills per unit of volatility.
Sortino	0.27	0.42	IEMG	Return above Treasury bills per unit of downside deviation.
Calmar	0.04	0.16	IEMG	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 729 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, EWZ and IEMG hold 4% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first EWZ IEMG

NU HOLDINGS CLASS A 8.54% 0.35%

PETROLEO BRASILEIRO PREF SA 8.45% 0.35%

CIA VALE DO RIO DOCE SH 8.42% 0.33%

ITAU UNIBANCO HOLDING PREF SA 8.20% 0.32%

PETROLEO BRASILEIRO SA PETROBRAS 8.07% 0.32%

BANCO BRADESCO PREF 3.39% 0.12%

B3 BRASIL BOLSA BALCAO SA 3.27% 0.11%

BCO BTG PACTUAL UNT SA 2.94% 0.11%

ITAUSA INVESTIMENTOS ITAU PREF SA 2.49% 0.11%

AMBEV SA 2.99% 0.10%

WEG 3.13% 0.10%

AXIA ENERGIA SA 3.08% 0.09%

Only in one fund ↓

Only in EWZ

BRL/USD 0.00%

Only in IEMG

TAIWAN SEMICONDUCTOR MANUFACTURING 14.03%

SAMSUNG ELECTRONICS LTD 6.05%

SK HYNIX 4.31%

TENCENT HOLDINGS 2.32%

ALIBABA GROUP HOLDING 1.60%

MEDIATEK 1.36%

CHINA CONSTRUCTION BANK CORP H 0.83%

SAMSUNG ELECTRONICS NON VOTING PRE 0.80%

Check overlap with more funds →

Side by side

EWZ iShares MSCI Brazil ETF IEMG iShares Core MSCI Emerging Markets ETF

Where it sits Stock ETF Stock ETF

Issuer iShares iShares

What it is Tracks the MSCI Brazil Tracks the MSCI Emerging Markets

Total return, 1 year +13.7% +15.3%

Its benchmark over the same days not measured +16.3% (EEM)

Gap to its benchmark not measured −1.0 pts vs EEM

Expense ratio 0.59% 0.09%

Already in the S&P 500 0.0% 0.0%

Holdings 59 2857

Net assets, EWZ as of Oct 28, 2026 and IEMG as of Oct 27, 2026 $10.3bn $150.4bn

EWZ and IEMG on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-63D06E5307

EWZ and IEMG do different jobs. What does each one do in a portfolio?

What each follows. EWZ follows MSCI Brazil 25/50 Index and IEMG follows MSCI Emerging Markets Investable Market Index (IMI).
Holdings in common. 4% of the weight is in the same securities (holdings dated Oct 27, 2026).
Number of holdings. EWZ holds 59 positions and IEMG holds 2857.

Data as of Oct 28, 2026.

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About each fund

EWZ

EWZ tracks the MSCI Brazil. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested. The prospectus expense ratio is 0.59% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 59 positions, with the top ten at 57.5%. It sat 25.4% below its high of May 20, 2008 on Oct 28, 2026.

IEMG

IEMG tracks the MSCI Emerging Markets. Over the year to Oct 28, 2026 it returned +15.3% with distributions reinvested, against +16.3% for its benchmark, the MSCI Emerging Markets Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2,857 positions, with the top ten at 32.7%. It sat 10.1% below its high of Jun 22, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, EWZ or IEMG?: In the year to Oct 28, 2026, with distributions reinvested, EWZ returned +13.7% and IEMG +15.3%.
Which is cheaper, EWZ or IEMG?: IEMG is cheaper, by 0.50 percentage points a year. That is about $50 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do EWZ and IEMG overlap with the S&P 500?: By their latest filed holdings, 0% of EWZ and 0% of IEMG by weight is stocks the S&P 500 already holds.

Other comparisons

EWZ vs VWO EEM vs EWZ AVEM vs EWZ EMXC vs EWZ IEMG vs ILF FENI vs IEMG EZU vs IEMG IEMG vs VPL

Where to next

EWZ on its own →IEMG on its own →Hold both: look the portfolio through →Rankings →EWZ dividend history →EWZ holdings →IEMG dividend history →IEMG holdings →Standards and sources →

Sources and dates

EWZ and IEMG filings on SEC EDGAR ↗

EWZ and IEMG prospectus with the expense ratio (SEC) ↗

iShares page for EWZ ↗

iShares page for IEMG ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, EWZ against IEMG, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewz-vs-iemg

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.