Data as of Oct 28, 2026.
EWZ vs IWC: Differences, Returns & Fees
Over the year to Oct 28, 2026, EWZ returned +13.7% to IWC's +16.5%; 0% 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 $1.2bn on Oct 27, 2026 for iShares Micro-Cap ETF.
Pair scorecard
EWZ costs 0.01 points a year less; their one-year returns differ by 2.8 points; EWZ is 9.4 times larger.
| Measure | EWZ | IWC |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +16.5% |
| Drawdown | ||
| Below its high | 25.4%, high on May 20, 2008 | 9.5%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | MSCI Brazil 25/50 Index | Russell Microcap Index |
| Cost and size | ||
| Expense ratio | 0.59% | 0.60% |
| Net assets, as of Oct 26, 2026 | $11.3bn | $1.2bn |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 57.5% | 5.9% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Aug 26, 2005 to Oct 23, 2026 · 1,104 weekly returnsIWC returned more: +348.0% to +274.9%. IWC swung less: 23.7% to 33.7%. IWC fell less at its worst: −63.8% to −76.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EWZ | IWC | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +274.9% | +348.0% | IWC | Price change plus distributions, reinvested. |
| Annualized | +6.4% | +7.3% | IWC | Total return as a yearly rate. |
| Price return | +59.7% | +254.5% | IWC | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 33.7% | 23.7% | IWC | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 23.3% | 16.8% | IWC | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −76.1% | −63.8% | IWC | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.30 | 0.34 | IWC | Return above Treasury bills per unit of volatility. |
| Sortino | 0.44 | 0.48 | IWC (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.08 | 0.11 | IWC | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,104 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EWZ and IWC hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
EWZ and IWC on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EWZ and IWC do different jobs. What does each one do in a portfolio?
- What each follows. EWZ follows MSCI Brazil 25/50 Index and IWC follows Russell Microcap Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EWZ returned +13.7% and IWC +16.5% with distributions reinvested, a gap of 2.8 points.
Data as of Oct 28, 2026.
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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.
Over the year to Oct 28, 2026 it returned +16.5% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
IWC tracks the Russell Microcap. The prospectus expense ratio is 0.60% a year. By its holdings published by its issuer for Oct 27, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,365 positions, with the top ten at 5.9%. It sat 9.5% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EWZ or IWC?
- In the year to Oct 28, 2026, with distributions reinvested, EWZ returned +13.7% and IWC +16.5%.
- Which is cheaper, EWZ or IWC?
- EWZ is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.
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.
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ETFIQ, EWZ against IWC, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewz-vs-iwc
ETFIQ. (Oct 28, 2026). EWZ against IWC. Retrieved from https://etfiq.com/compare/any/ewz-vs-iwc
[EWZ against IWC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ewz-vs-iwc)
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