EWZ vs GBTC

Comparison between ISHARES MSCI BRAZIL ETF (EWZ, ETF) and Grayscale Investments LLC (GBTC, ETF).

5-Year PerformanceEWZ has outperformed GBTC, delivering a return of +9.2% compared to +8.4%

EWZ vs GBTC - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWZ(ETF)	GBTC(ETF)
Net Assets	$12B	$12B
Expense Ratio	0.59%	1.50%
Max Drawdown	82.75%	89.91%
Sharpe Ratio	1.54	-0.47
5Y Beta	0.70	1.29
5Y Dividends CAGR	17.67%	N/A

Net Assets

Winner

EWZ

$12B

GBTC

$12B

Expense Ratio

Winner

EWZ

0.59%

GBTC

1.50%

Max Drawdown

Winner

EWZ

82.75%

GBTC

89.91%

Sharpe Ratio

Winner

EWZ

1.54

GBTC

-0.47

5Y Beta

Winner

EWZ

0.70

GBTC

1.29

5Y Dividends CAGR

EWZ

17.67%

GBTC

N/A

EWZ vs GBTC - Holdings Comparison

EWZ and GBTC have 0 common holdings. Overlap is 0.00%

EWZ's top 25 holdings weight is 85.27%. GBTC's top 25 holdings weight is 12.55%.

Rank	EWZ	GBTC
#1	VALE SA (n/a) - 10.87%	GRAYSCALE BITCOIN MINI TRUST (BTC) (BTC) - 12.55%
#2	NU HOLDINGS LTD ORDINARY SHARES CLASS A (NU) - 8.73%	N/A
#3	n/a (n/a) - 8.66%	N/A
#4	n/a (n/a) - 7.19%	N/A
#5	PETROLEO BRASILEIRO SA PETROBRAS (n/a) - 6.54%	N/A
#6	B3 SA BRASIL BOLSA BALCAO (n/a) - 3.68%	N/A
#7	BANK BRADESCO SA PARTICIPATING PREFERRED (n/a) - 3.49%	N/A
#8	n/a (n/a) - 3.18%	N/A
#9	WEG SA (n/a) - 2.95%	N/A
#10	AXIA ENERGIA (n/a) - 2.83%	N/A
#11	n/a (n/a) - 2.82%	N/A
#12	AMBEV SA (n/a) - 2.64%	N/A
#13	n/a (n/a) - 2.63%	N/A
#14	EMBRAER SA (n/a) - 2.20%	N/A
#15	EQUATORIAL SA (n/a) - 2.00%	N/A
#16	PRIO SA (n/a) - 1.89%	N/A
#17	LOCALIZA RENT A CAR SA (n/a) - 1.80%	N/A
#18	BRL/USD PURCHASED (n/a) - 1.65%	N/A
#19	BANCO DO BRASIL SA BB BRASIL (n/a) - 1.55%	N/A
#20	XP INC CLASS A (XP) - 1.42%	N/A
#21	VIBRA ENERGIA SA (n/a) - 1.39%	N/A
#22	BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 1.38%	N/A
#23	TELEFONICA BRASIL SA (n/a) - 1.28%	N/A
#24	SUZANO SA (n/a) - 1.26%	N/A
#25	JBS NV ORDINARY SHARES CLASS A (JBS) - 1.24%	N/A
Total Holdings	55	1

EWZ vs GBTC - Historical Returns

Returns include dividend reinvestment.

Period	EWZ	GBTC
1 month	-7.90%	+9.98%
3 months	-0.65%	+23.24%
6 months	+19.25%	-21.01%
1 year	+46.72%	-21.83%
5 years(CAGR)	+9.19%	+8.39%
10 years(CAGR)	+8.23%	+56.52%
Max(CAGR)	+6.69%	+57.77%

EWZ

-7.90%

Winner

GBTC

+9.98%

EWZ

-0.65%

Winner

GBTC

+23.24%

Winner

EWZ

+19.25%

GBTC

-21.01%

Winner

EWZ

+46.72%

GBTC

-21.83%

5Y(CAGR)

Winner

EWZ

+9.19%

GBTC

+8.39%

10Y(CAGR)

EWZ

+8.23%

Winner

GBTC

+56.52%

Max(CAGR)

EWZ

+6.69%

Winner

GBTC

+57.77%

EWZ vs GBTC - Annual Returns (2000 - 2026)

Returns include dividend reinvestment.

Year	EWZ	GBTC
2026	+18.76%	-10.48%
2025	+47.56%	-11.46%
2024	-29.28%	+100.87%
2023	+43.35%	+322.20%
2022	+15.27%	-75.81%
2021	-16.14%	-2.37%
2020	-21.91%	+301.00%
2019	+19.99%	+77.27%
2018	-5.44%	-84.05%
2017	+19.64%	+1558.98%
2016	+70.58%	+90.08%
2015	-39.75%	+50.01%
2014	-12.60%	N/A
2013	-19.00%	N/A
2012	-3.47%	N/A
2011	-24.86%	N/A
2010	+4.14%	N/A
2009	+111.52%	N/A
2008	-54.44%	N/A
2007	+75.33%	N/A
2006	+37.30%	N/A
2005	+56.74%	N/A
2004	+31.07%	N/A
2003	+114.62%	N/A
2002	-37.59%	N/A
2001	-19.73%	N/A
2000	-10.93%	N/A

EWZ vs GBTC Drawdown Comparison

The maximum drawdown for EWZ was -77.27%, occurring on Jan 21, 2016. This drawdown has not yet recovered.

The maximum drawdown for GBTC was -89.91%, occurring on Dec 14, 2018. Recovery took 766 trading sessions.

The current EWZ drawdown is -16.01%. The current GBTC drawdown is -36.21%.

Rank	EWZ	GBTC
#1	-77.27% May 20, 2008 - Jan 21, 2016	-89.91% Dec 18, 2017 - Jan 5, 2021
#2	-72.20% Sep 7, 2000 - Jan 12, 2004	-86.24% Feb 19, 2021 - Mar 4, 2024
#3	-33.32% Jan 12, 2004 - Oct 1, 2004	-57.96% May 5, 2015 - Dec 8, 2015
#4	-32.06% May 9, 2006 - Dec 27, 2006	-49.55% Oct 6, 2025 - Feb 5, 2026
#5	-26.52% Jul 23, 2007 - Sep 24, 2007	-48.42% Aug 31, 2017 - Nov 3, 2017
#6	-18.43% Nov 8, 2007 - Feb 25, 2008	-41.48% Jun 17, 2016 - Jan 3, 2017
#7	-17.11% Mar 4, 2005 - Jul 21, 2005	-36.93% Dec 15, 2015 - Apr 21, 2016
#8	-15.20% Feb 27, 2008 - Apr 21, 2008	-36.68% Jun 6, 2017 - Aug 10, 2017
#9	-13.94% Oct 3, 2005 - Nov 23, 2005	-35.04% Mar 13, 2024 - Nov 11, 2024
#10	-13.40% Feb 22, 2007 - Mar 29, 2007	-30.26% Jan 7, 2021 - Feb 8, 2021
#11	-12.26% Mar 2, 2006 - Apr 19, 2006	-28.76% Jan 4, 2017 - May 1, 2017
#12	-10.97% Dec 31, 2004 - Feb 4, 2005	-28.45% Dec 17, 2024 - May 21, 2025
#13	-9.52% Dec 6, 2005 - Jan 4, 2006	-19.31% May 9, 2017 - May 22, 2017
#14	-8.15% Jun 1, 2007 - Jun 15, 2007	-18.18% May 9, 2016 - May 31, 2016
#15	-7.88% Aug 10, 2005 - Aug 31, 2005	-15.79% Nov 3, 2017 - Nov 20, 2017

Correlation

Correlation between EWZ and GBTC is 0.50 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.50

-101

Dividend Comparison (2000 - 2025)

EWZ vs GBTC dividend yield comparison.

Year	EWZ	GBTC
2025	5.19%	0.00%
2024	8.91%	0.00%
2023	5.66%	0.00%
2022	12.59%	0.00%
2021	9.87%	0.00%
2020	1.71%	0.00%
2019	2.54%	0.00%
2018	2.89%	0.00%
2017	1.71%	5.61%
2016	1.81%	0.00%
2015	4.08%	0.00%
2014	3.78%	0.00%
2013	3.22%	0.00%
2012	2.80%	0.00%
2011	2.62%	0.00%
2010	3.63%	0.00%
2009	3.65%	0.00%
2008	6.17%	0.00%
2007	1.49%	0.00%
2006	2.01%	0.00%
2005	1.75%	0.00%
2004	2.07%	0.00%
2003	1.59%	0.00%
2002	1.38%	0.00%
2001	5.02%	0.00%
2000	2.24%	0.00%