At a glance
EWZ charges 0.59% a year, above the 0.42% average of the 4 funds most like it (the 4th cheapest of 5). It has $8.17B in assets, the largest of that group; it paid 4.29% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +16.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +10.9% a year. At its worst it fell 52.6% in the 2020 crash (S&P 500: 33.7%) and 32.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 17 months after the lows. Its ten largest positions make up 57.2% of the fund, out of 47 in all.
The short version
The iShares MSCI Brazil ETF (EWZ) holds about 47 large and mid-sized Brazilian companies and tracks the MSCI Brazil 25/50 Index. It is the largest fund among the Brazil and Latin America funds it was compared with, at about $8.2 billion in net assets as of August 31, 2026. The trade-off is cost. Its 0.59% expense ratio is about three times the 0.19% charged by the Franklin FTSE Brazil ETF (FLBR).
Price history
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EWZ +16.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWZ official prospectus, to Dec 31, 2024 | — | -29.93% | — | -7.12% | +0.09% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Brazil2550Index index, same period | — | -29.63% | — | -6.40% | +0.82% | — |
| EWZ price data to Oct 27, 2026 | +9.0% | +16.6% | +10.9% | +10.7% | +4.3% | +5.9% |
- Over the year to Oct 27, 2026, EWZ returned +16.6%, 5th of 5 among similar funds.
- Its 5-year annualized return was +10.7% and its 10-year +4.3%.
- In the 2020 COVID crash it fell 52.6% and regained its old high 24.4 months after the low.
- Its worst full calendar year was 2008 (-54.3%); its best was 2009 (+121.8%).
- The deepest fall in its price history was 77.3% (May 20, 2008 to Jan 21, 2016), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.0% | — |
| 2025 | +48.9% | — |
| 2024 | -30.5% | -29.93% |
| 2023 | +32.7% | +31.78% |
| 2022 | +12.3% | +13.23% |
| 2021 | -17.3% | -17.61% |
| 2020 | -20.3% | -19.78% |
| 2019 | +27.7% | +26.70% |
| 2018 | -2.6% | -1.79% |
| 2017 | +23.7% | +21.90% |
| 2016 | +64.5% | +63.91% |
| 2015 | -41.8% | -41.28% |
| 2014 | -15.5% | — |
| 2013 | -17.5% | — |
| 2012 | +0.4% | — |
| 2011 | -24.2% | — |
| 2010 | +7.8% | — |
| 2009 | +121.8% | — |
| 2008 | -54.3% | — |
| 2007 | +74.8% | — |
| 2006 | +43.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.5% over that stretch · deepest drop along the way 73.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.6% over that stretch · deepest drop along the way 52.6%, back to its old high 24.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.1% over that stretch · deepest drop along the way 32.2%, back to its old high 16.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $1.6600 | -17.0% |
| 2024 | $2.0000 | +1.0% |
| 2023 | $1.9800 | -43.8% |
| 2022 | $3.5200 | +27.1% |
| 2021 | $2.7700 | +332.8% |
| 2020 | $0.6400 | -47.1% |
| 2019 | $1.2100 | +10.0% |
| 2018 | $1.1000 | +57.1% |
| 2017 | $0.7000 | +14.8% |
| 2016 | $0.6100 | -27.4% |
| 2015 | $0.8400 | -39.1% |
| 2014 | $1.3800 | -4.2% |
| 2013 | $1.4400 | -8.3% |
| 2012 | $1.5700 | +4.7% |
| 2011 | $1.5000 | -46.6% |
| 2010 | $2.8100 | +3.3% |
| 2009 | $2.7200 | +25.9% |
| 2008 | $2.1600 | +80.0% |
| 2007 | $1.2000 | +27.7% |
| 2006 | $0.9400 |
What's inside
As of Aug 31, 2026, the fund held 47 securities; the ten largest made up 57.16% of assets.
| Holding | Weight | |
|---|---|---|
| VALE S.A. | 10.12% | |
| Nu Holdings Ltd. | 9.45% | |
| Itau Unibanco Holding S.A. | 7.66% | |
| Petroleo Brasileiro S.A. (Petrobras) | 7.01% | |
| Petroleo Brasileiro S.A. (Petrobras) | 6.66% | |
| Banco Bradesco S.A. | 3.59% | |
| B3 S.A - Brasil, Bolsa, Balcao | 3.35% | |
| WEG S.A. | 3.30% | |
| AXIA Energia S.A. | 3.21% | |
| AMBEV S.A. | 2.81% | |
| EMBRAER S.A. | 2.62% | |
| BANCO BTG PACTUAL S.A. Other | 2.60% | |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | 2.47% | |
| ITAUSA S.A. Preferred stock | 2.38% | |
| PRIO S.A. | 2.07% |
By country
Brazil 84.9%Cayman Islands 11.18%Netherlands 1.07%British Virgin Islands 0.5%By asset type
Stocks 90.96%Other 4.31%Preferred stock 2.38%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.93B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.95%, +6.11%, -1.71%.
How it works
The fund tries to match the MSCI Brazil 25/50 Index before fees. The index covers large and midsize Brazilian companies, weighted by free float-adjusted market value. Bigger companies get bigger slices, and only shares the public can trade are counted. The "25/50" refers to two caps. No group of companies under common control may exceed 25% of the index, and groups above 5% may not total more than 50%. MSCI rebalances quarterly and keeps the index as close to its parent, the MSCI Brazil Index, as the caps allow.
BlackRock uses representative sampling. It may hold only some of the index's stocks, picked so the mix matches the index's size, industry weights, yield and liquidity. At least 80% of assets go into index stocks or close equivalents. Up to 20% may go into futures, swaps, cash or other securities. As of August 31, 2026, the fund held 49 positions, led by Vale at 10.1%, Nu Holdings at 9.4% and Itaú Unibanco at 7.7%. Petrobras appeared twice, through two share classes at 7.0% and 6.7%. The top 10 made up 57.2% of assets.
When large dealers create or redeem fund shares, they use cash rather than stocks. So the fund may have to sell holdings at bad times, which can produce taxable capital gains. The fund is valued in US dollars, so a weaker Brazilian real lowers its value even if local prices hold steady.
What it really costs
- EWZ charges 0.59% a year, versus an average of 0.42% for the similar funds below (4th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWZ | $60 | $189 | $329 | $738 |
In a retirement portfolio
It is a single-country, emerging-market fund heavy in banks, miners and oil, and it has had very deep and long losses.
EWZ adds exposure to Brazil's banks, miners and oil producers, and it doesn't always move with US stocks. Between the broad market's January 2022 peak and October 2022 low, it gained 20.1%. Even so, it fell 32.2% from April to July 2022 and took 16.6 months to recover. Its slumps have been severe. It fell 73.1% in 2008, its worst calendar year was 2008 at −54.3%, and it dropped 52.6% in early 2020 before taking about 24 months to recover. Its deepest decline, 77.3% from May 2008 to January 2016, had still not been fully made up as of October 27, 2026. Anyone forced to sell during a drop like that could lock in large losses.
The trailing yield was 4.29% as of October 27, 2026, paid twice a year. The fund costs 0.59% a year, which comes to $738 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a dedicated Brazil position from the largest fund in its peer group, with about $8.2 billion in net assets as of August 31, 2026.
- Those comfortable with heavy bets on commodities and finance: Vale, Petrobras, Itaú Unibanco and Nu Holdings made up about 41% of assets.
- Income-minded investors who are fine with twice-yearly payments; the trailing yield was 4.29% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: FLBR charges 0.19% compared with EWZ's 0.59%, and about 82% of their holdings overlap.
- Anyone who may need to sell within a few years; the fund fell 73.1% in 2008 and 52.6% in early 2020.
- Investors wanting broad emerging-market exposure; over the 10 years to December 31, 2024, EWZ returned 0.09% a year, compared with 3.64% for the MSCI Emerging Markets Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWZ this fund | — | 0.59% | $8.17B | +16.6% | +10.9% |
| FLBR Franklin FTSE Brazil ETF | 82% | 0.19% | $518.1M | +22.1% | +13.4% |
| FLLA Franklin FTSE Latin America ETF | 52% | 0.19% | $105.9M | +21.1% | +15.1% |
| FLN First Trust Latin America AlphaDEX Fund | 34% | 0.8% | $34.6M | +19.8% | +16.5% |
| ILF iShares Latin America 40 ETF | 23% | 0.48% | $3.74B | +19.9% | +16.3% |
Questions investors ask
What's the difference between EWZ and FLBR?
Both hold mostly the same Brazilian stocks, with about 82% overlap, but FLBR is cheaper and EWZ is much bigger. FLBR follows a FTSE Brazil index and charges 0.19% a year, while EWZ follows the MSCI Brazil 25/50 Index and charges 0.59%. As of October 27, 2026, FLBR returned 22.1% over one year, compared with 16.6% for EWZ. EWZ had about $8.2 billion in net assets as of August 31, 2026. FLBR had about $518 million as of June 30, 2026.
Does EWZ pay dividends?
Yes. EWZ pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.47 per share, a trailing yield of 4.29%. The payments come from dividends paid by its Brazilian holdings, such as Vale, Itaú Unibanco and Petrobras. Because those companies pay in Brazilian currency and the fund reports in US dollars, exchange-rate moves can push the dollar amount up or down.
Is EWZ good for retirement?
EWZ is better described as a small, higher-risk satellite than a core retirement holding. It fell 73.1% during the 2008 crisis and 52.6% in early 2020. Its deepest drop, 77.3% from May 2008 to January 2016, had not been fully recovered as of October 27, 2026. It does pay income, with a 4.29% trailing yield as of that date. Anyone relying on a portfolio for withdrawals may want to compare its swings with steadier, more diversified funds.
Has EWZ recovered from its 2008 losses?
Not fully. EWZ peaked on May 20, 2008, and fell 77.3% by January 21, 2016. As of October 27, 2026, it had not climbed back to that 2008 high. It has had strong rebounds along the way, including 121.8% in 2009 and 63.91% in 2016, but losing years such as 2015 (−41.28%) and 2024 (−29.93%) erased much of those gains. Its 10-year average annual return through December 31, 2024, was just 0.09%.
How does the Brazilian real affect EWZ?
A weaker Brazilian real lowers EWZ's value for US investors, and a stronger real raises it. The fund owns stocks priced in Brazilian currency but reports its value in US dollars. Its prospectus warns that the fund's value could fall if that currency weakens against the dollar, and that exchange rates can change quickly and unpredictably. This currency effect adds to the fund's swings, with one-year volatility of 36.1% as of October 27, 2026.