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BRF vs EWZ

VanEck Brazil Small-Cap ETF

BRFCNYSE Arca

iShares MSCI Brazil ETF

EWZANYSE Arca

Overlap

Expense ratio

EWZ −0.01pt a year

BRF0.60%EWZ0.59%

Avg volume · 30D

EWZ 3386.0×the volume

BRF10.1KEWZ34.3M

10Y return · a year

EWZ +3.5pt

BRF+0.2%EWZ+3.7%

BRF vs EWZ Performance

Oct 29, 2021 – Oct 30, 2026

−1.9%BRF+64.0%EWZ

Oct 29, 2021 to Oct 30, 2026. BRF −1.9%. EWZ +64.0%. Use the arrow keys to read each point.−25%25%100%125%Oct 2021Apr 2024Oct 2026
Expense ratio
BRF 0.60%
EWZ 0.59%, better
Fund size
BRF $18M
EWZ $9.63B
1Y total return
BRF −16.1%
EWZ +8.9%, better
Yield (12M)
BRF 6.86%, better
EWZ 4.51%
Holdings
BRF 92
EWZ 49
Avg volume (30D)
BRF 10.1K sh
EWZ 34.3M sh, better
NAV per share
BRF $13.03
EWZ $32.46
52W range

ETF.net Grade

BRF: Cost 37, Risk 34, Mission 93, Tradability 36, Holdings 75, Durability 51. EWZ: Cost 56, Risk 63, Mission 93, Tradability 86, Holdings 51, Durability 83.
Pillar letters and Scores for BRF, EWZ, with each pillar’s weight
PillarBRFEWZ
Cost30% weightD37B56Higher
Mission25% weightA93A93
Risk15% weightD34B63Higher
Tradability15% weightD36A86Higher
Holdings10% weightA75HigherC51
Durability5% weightC51A83Higher

Rank among Brazil funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BRF and EWZ are both graded against the same 7 Brazil funds, so their Grades compare head to head.

Brazil⁠

Category · 7 funds
See all 7 ›

EWZ ranks 2nd and BRF 4th of 7 funds in the Brazil Category.

  1. Rank 1AFLBRFranklin FTSE Brazil ETFScore 77
  2. Rank 2AEWZiShares MSCI Brazil ETFScore 71
  3. Rank 3BEWZSiShares MSCI Brazil Small-Cap ETFScore 62
  4. Rank 4CBRFVanEck Brazil Small-Cap ETFScore 54
  5. Rank 5CBRAZGlobal X Brazil Active ETFScore 50

Our read on each fund

ETF.net Research

BRFCVanEck Brazil Small-Cap ETF

EWZAiShares MSCI Brazil ETF

In short

BRF Brazil without the giants. BRF tracks an index of roughly 90 Brazilian small caps, a narrower and more domestic slice than the broad country funds, and it has been doing that job since 2009.

EWZ The Brazil trade in one ticker, running since 2000: about 50 of the country's biggest listed names, with index caps so no single giant swallows the fund. Large, heavily traded, and priced right at what Brazil funds typically charge.

Stated mandate

BRF The fund seeks to replicate, before fees and expenses, the price and yield performance of the MVIS Brazil Small-Cap Index.

EWZ The fund seeks to track an index of Brazilian equities and provides targeted exposure to companies in Brazil.

Why people hold it

  • BRF A pure index play on Brazilian small caps: roughly 90 names, one mandate, no drift into other markets or size bands.
  • A different cut of Brazil than broad-market peers EWZ and FLBR: same country, opposite end of the size spectrum.
  • Live since 2009, with more than a decade of real trading history across Brazil's boom and bust cycles.
  • Rules-based from top to bottom: it replicates the MVIS Brazil Small-Cap Index rather than letting a manager pick the winners.
  • EWZ Has been running Brazil exposure since 2000 and hugs its MSCI Brazil 25/50 index closely, one of the stronger implementations in the Brazil group.
  • A multi-billion-dollar fund and one of the most actively traded in its category, so size and spread are rarely the hard part of the trade.
  • The index's 25/50 capping rules trim the largest weights, keeping a couple of Brazilian mega caps from quietly becoming the whole portfolio.ishares.com
  • 0.59% a year, a touch under the typical Brazil fund's fee, with distributions paid quarterly.

Worth knowing

  • BRF The 0.60% fee sits at the middle of the Brazil ETF pack, and broad-market FLBR charges 0.19%. The premium buys the small-cap tilt, not a discount.
  • A small fund that trades lightly, so spreads tend to be wider than on the headline Brazil ETFs, especially away from Brazilian market hours.
  • One country, one size band: currency moves and local politics land harder here than in a diversified emerging-markets fund. Income arrives once or twice a year, not monthly.
  • EWZ Cheaper Brazil beta exists: FLBR charges 0.19% against 0.59% here. The extra fee buys the deeper, busier market, not extra exposure.
  • About 50 large Brazilian companies, one country, one policy cycle. Concentration is the point, and it cuts both ways.
  • Brazilian shares, dollar-denominated fund: moves in the real feed into results on top of the market's own swings.

Full BRF profile⁠

Full EWZ profile⁠

BRF vs EWZ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BRF vs EWZ Cost

Overpaying BRF vs EWZ

$182

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BRF 0.60%

    $11,817

  • EWZ 0.59%

    $11,635

$10,000
30 years

Cost over time

  • BRF 0.60%
  • EWZ 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530BRF $11,817EWZ $11,635

Year by year

YearBRFEWZOverpaying
10$1,076$1,058$18
20$4,116$4,051$65
30$11,817$11,635$182

Expense ratio

  • 0.60%BRF
  • 0.59%EWZ, cheaper
  • Middle half of Brazil funds
  • Median 0.59%

EWZ 3rd cheapest of 7 funds

BRF 5th cheapest of 7 funds

BRF vs EWZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BRF 6.86%, better
EWZ 4.51%
Payout (12M)
BRF $0.89
EWZ $1.46
Last payment
BRF $0.89
EWZ $0.33
Ex-dividend
BRF Dec 22, 2025
EWZ Jun 15, 2026
Paid on
BRF Dec 26, 2025
EWZ Jun 18, 2026
Frequency
BRF Annual
EWZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

BRFAnnual · 10 paymentsAll BRF payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Dec 18, 2017 $1.06; Dec 20, 2018 $0.51; Dec 27, 2018 $0.07; Dec 23, 2019 $0.70; Dec 21, 2020 $0.35; Dec 20, 2021 $0.49; Dec 19, 2022 $0.56; Dec 18, 2023 $0.88; Dec 23, 2024 $0.45; Dec 22, 2025 $0.89. Use the arrow keys to read each point.$0$22017202020232026YTD
EWZTwice a year · 23 paymentsAll EWZ payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.28; Dec 19, 2017 $0.37; Dec 28, 2017 $0.05; Jun 19, 2018 $0.53; Dec 18, 2018 $0.57; Jun 17, 2019 $0.53; Dec 16, 2019 $0.58; Dec 30, 2019 $0.10; Jun 15, 2020 $0.36; Dec 14, 2020 $0.28; Jun 10, 2021 $0.63; Dec 13, 2021 $1.98; Dec 30, 2021 $0.16; Jun 9, 2022 $1.50; Dec 13, 2022 $2.02; Jun 7, 2023 $0.76; Dec 20, 2023 $1.22; Jun 11, 2024 $0.91; Dec 17, 2024 $1.09; Jun 16, 2025 $0.52; Dec 16, 2025 $1.03; Dec 30, 2025 $0.11; Jun 15, 2026 $0.33. Use the arrow keys to read each point.$0$22017202020232026YTD

BRF vs EWZ Risk

Fall from peak · 5 years

  • BRF
  • EWZ
Oct 29, 2021 to Oct 30, 2026. Worst fall: BRF −41.5% · Jan 2025. Use the arrow keys to read each point.−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
BRF 27.7%EWZ 24.5%, better
Return per unit of riskSharpe ratio, 3 years
BRF −0.01EWZ 0.29, better
Worst fallMax drawdown, 5 years
BRF −41.5%EWZ −32.2%, better
Market sensitivityBeta, 5 years
BRF 1.30EWZ 0.92

BRF and EWZ in the news

All news⁠

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