EWZS vs HAWX

Comparison between ISHARES MSCI BRAZIL SMALL-CAP ETF (EWZS, ETF) and ISHARES CURRENCY HEDGED MSCI ACWI EX U.S. ETF (HAWX, ETF).

5-Year PerformanceHAWX has outperformed EWZS, delivering a return of +12.1% compared to -4.6%

EWZS vs HAWX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWZS(ETF)	HAWX(ETF)
Net Assets	$330M	$332M
Expense Ratio	0.59%	0.35%
Max Drawdown	81.65%	30.63%
Sharpe Ratio	0.25	1.81
5Y Beta	0.87	0.69
5Y Dividends CAGR	21.23%	7.53%

Net Assets

EWZS

$330M

Winner

HAWX

$332M

Expense Ratio

EWZS

0.59%

Winner

HAWX

0.35%

Max Drawdown

EWZS

81.65%

Winner

HAWX

30.63%

Sharpe Ratio

EWZS

0.25

Winner

HAWX

1.81

5Y Beta

EWZS

0.87

Winner

HAWX

0.69

5Y Dividends CAGR

Winner

EWZS

21.23%

HAWX

7.53%

EWZS vs HAWX - Holdings Comparison

EWZS and HAWX have 1 common holdings. Overlap is -20.65%

EWZS's top 25 holdings weight is 62.15%. HAWX's top 25 holdings weight is 194.95%.

Rank	EWZS	HAWX
#1	LOJAS RENNER SA (n/a) - 4.97%	ISHARES MSCI ACWI EX US ETF (ACWX) - 99.25%
#2	AURA MINERALS INC (AUGO) - 3.99%	EUR/USD PURCHASED (n/a) - 20.65%
#3	SENDAS DISTRIBUIDORA SA ORDINARY SHARES (n/a) - 3.74%	JPY/USD PURCHASED (n/a) - 13.54%
#4	n/a (n/a) - 3.26%	GBP/USD PURCHASED (n/a) - 8.60%
#5	ALLOS SA (n/a) - 3.25%	CAD/USD PURCHASED (n/a) - 8.15%
#6	n/a (n/a) - 3.23%	TWD/USD PURCHASED (n/a) - 8.11%
#7	NATURA COSMETICOS SA (n/a) - 2.95%	HKD/USD PURCHASED (n/a) - 6.90%
#8	n/a (n/a) - 2.86%	KRW/USD PURCHASED (n/a) - 6.06%
#9	PAGSEGURO DIGITAL LTD CLASS A (PAGS) - 2.51%	CHF/USD PURCHASED (n/a) - 5.37%
#10	n/a (n/a) - 2.48%	AUD/USD PURCHASED (n/a) - 3.88%
#11	INTER & CO INC ORDINARY SHARES CLASS A (INTR) - 2.45%	INR/USD PURCHASED (n/a) - 3.79%
#12	BRAVA ENERGIA SA ORDINARY SHARES (n/a) - 2.40%	SEK/USD PURCHASED (n/a) - 1.87%
#13	n/a (n/a) - 2.38%	BRL/USD PURCHASED (n/a) - 1.32%
#14	HYPERA SA (n/a) - 2.34%	CNH/USD PURCHASED (n/a) - 1.18%
#15	BRADESPAR SA PARTICIPATING PREFERRED (n/a) - 1.93%	ZAR/USD PURCHASED (n/a) - 1.03%
#16	GPS PARTICIPACOES E EMPREENDIMENTOS SA (n/a) - 1.93%	DKK/USD PURCHASED (n/a) - 0.98%
#17	n/a (n/a) - 1.89%	SGD/USD PURCHASED (n/a) - 0.85%
#18	CYRELA BRAZIL REALTY SA EMPREEND E PART (n/a) - 1.87%	CASH OFFSET (n/a) - 0.73%
#19	n/a (n/a) - 1.83%	MXN/USD PURCHASED (n/a) - 0.59%
#20	COSAN SA (n/a) - 1.80%	ILS/USD PURCHASED (n/a) - 0.50%
#21	n/a (n/a) - 1.78%	NOK/USD PURCHASED (n/a) - 0.47%
#22	n/a (n/a) - 1.67%	MYR/USD PURCHASED (n/a) - 0.35%
#23	COGNAEDUCACAO SA (n/a) - 1.65%	THB/USD PURCHASED (n/a) - 0.32%
#24	SIGMA LITHIUM CORP (SGML) - 1.50%	IDR/USD PURCHASED (n/a) - 0.25%
#25	AUREN ENERGIA SA (n/a) - 1.49%	CLP/USD PURCHASED (n/a) - 0.21%
Total Holdings	79	55

EWZS vs HAWX - Historical Returns

Returns include dividend reinvestment.

Period	EWZS	HAWX
1 month	-12.38%	+1.56%
3 months	-7.56%	+7.40%
6 months	+1.69%	+13.96%
1 year	+6.81%	+30.91%
5 years(CAGR)	-4.57%	+12.09%
10 years(CAGR)	+7.42%	+11.70%
Max(CAGR)	-1.19%	+9.85%

EWZS

-12.38%

Winner

HAWX

+1.56%

EWZS

-7.56%

Winner

HAWX

+7.40%

EWZS

+1.69%

Winner

HAWX

+13.96%

EWZS

+6.81%

Winner

HAWX

+30.91%

5Y(CAGR)

EWZS

-4.57%

Winner

HAWX

+12.09%

10Y(CAGR)

EWZS

+7.42%

Winner

HAWX

+11.70%

Max(CAGR)

EWZS

-1.19%

Winner

HAWX

+9.85%

EWZS vs HAWX - Annual Returns (2010 - 2026)

Returns include dividend reinvestment.

Year	EWZS	HAWX
2026	+1.97%	+10.84%
2025	+44.26%	+26.15%
2024	-33.42%	+15.37%
2023	+43.43%	+15.51%
2022	-6.28%	-9.23%
2021	-12.21%	+12.76%
2020	-21.62%	+5.43%
2019	+44.85%	+22.53%
2018	-9.43%	-10.09%
2017	+49.22%	+17.53%
2016	+72.86%	+9.29%
2015	-49.35%	-6.70%
2014	-23.10%	N/A
2013	-27.74%	N/A
2012	+25.66%	N/A
2011	-24.85%	N/A
2010	+16.35%	N/A

EWZS vs HAWX Drawdown Comparison

The maximum drawdown for EWZS was -79.22%, occurring on Jan 21, 2016. This drawdown has not yet recovered.

The maximum drawdown for HAWX was -30.63%, occurring on Mar 16, 2020. Recovery took 210 trading sessions.

The current EWZS drawdown is -32.51%. The current HAWX drawdown is -3.67%.

Rank	EWZS	HAWX
#1	-79.22% Apr 26, 2011 - Jan 21, 2016	-30.63% Jan 17, 2020 - Nov 16, 2020
#2	-9.69% Jan 12, 2011 - Apr 4, 2011	-19.32% Jul 15, 2015 - Jan 4, 2017
#3	-8.18% Nov 4, 2010 - Jan 3, 2011	-17.46% Nov 16, 2021 - Jun 13, 2023
#4	-4.01% Oct 13, 2010 - Nov 2, 2010	-15.51% Jan 26, 2018 - May 3, 2019
#5	-2.59% Apr 8, 2011 - Apr 20, 2011	-13.30% Mar 19, 2025 - May 12, 2025
#6	-1.75% Jan 3, 2011 - Jan 12, 2011	-9.39% Feb 25, 2026 - Apr 17, 2026
#7	-1.73% Apr 4, 2011 - Apr 8, 2011	-9.17% Jul 12, 2024 - Sep 26, 2024
#8	-0.48% Apr 20, 2011 - Apr 26, 2011	-8.09% Jul 31, 2023 - Dec 13, 2023
#9	-0.26% Oct 5, 2010 - Oct 8, 2010	-6.56% Jul 24, 2019 - Sep 13, 2019
#10	-0.20% Oct 1, 2010 - Oct 5, 2010	-5.37% May 3, 2019 - Jul 2, 2019
#11	N/A	-5.10% Sep 7, 2021 - Nov 4, 2021
#12	N/A	-4.21% Nov 12, 2025 - Dec 19, 2025
#13	N/A	-3.85% Feb 16, 2021 - Apr 1, 2021
#14	N/A	-3.83% Jan 21, 2021 - Feb 5, 2021
#15	N/A	-3.67% Jun 2, 2026 - Jun 5, 2026

Correlation

Correlation between EWZS and HAWX is 0.51 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.51

-101

Dividend Comparison (2010 - 2025)

EWZS vs HAWX dividend yield comparison.

Year	EWZS	HAWX
2025	3.88%	2.80%
2024	4.93%	3.31%
2023	2.75%	2.95%
2022	4.61%	16.94%
2021	4.51%	2.63%
2020	1.15%	2.00%
2019	1.77%	3.23%
2018	4.35%	2.51%
2017	3.41%	2.40%
2016	3.62%	2.49%
2015	4.35%	3.86%
2014	3.05%	0.00%
2013	1.88%	0.00%
2012	2.64%	0.00%
2011	2.57%	0.00%
2010	0.35%	0.00%