EWZ vs FLBR: Grades, Fees and Holdings Compared

iShares MSCI Brazil ETF

EWZANYSE Arca

Franklin FTSE Brazil ETF

FLBRANYSE Arca

Overlap

84.8%by weight

Expense ratio

FLBR −0.40pt a year

EWZ0.59%FLBR0.19%

Avg volume · 30D

EWZ 148.0×the volume

EWZ34.3MFLBR232K

5Y return · a year

FLBR +1.1pt

EWZ+10.4%FLBR+11.5%

EWZ vs FLBR Performance

Oct 29, 2021 – Oct 30, 2026

+64.0%EWZ+72.3%FLBR

Expense ratio: EWZ 0.59%; FLBR 0.19%, better
Fund size: EWZ $9.63B; FLBR $556M
1Y total return: EWZ +8.9%; FLBR +13.6%, better
Yield (12M): EWZ 4.51%; FLBR 6.37%, better
Holdings: EWZ 49; FLBR 69
Avg volume (30D): EWZ 34.3M sh, better; FLBR 232K sh
NAV per share: EWZ $32.46; FLBR $20.37
52W range

ETF.net Grade

Pillar letters and Scores for EWZ, FLBR, with each pillar’s weight
Pillar	EWZ	FLBR
Cost30% weight	B56	A91Higher
Mission25% weight	A93	A93
Risk15% weight	B63	B68Higher
Tradability15% weight	A86Higher	B61
Holdings10% weight	C51	C54Higher
Durability5% weight	A83Higher	B55

Rank among Brazil funds

How we build Categories ›

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

Brazil⁠

Category · 7 funds

See all 7 ›

FLBR ranks 1st and EWZ 2nd of 7 funds in the Brazil Category.

Rank 1AFLBRFranklin FTSE Brazil ETFScore 77
Rank 2AEWZiShares MSCI Brazil ETFScore 71
Rank 3BEWZSiShares MSCI Brazil Small-Cap ETFScore 62

Our read on each fund

ETF.net Research

EWZAiShares MSCI Brazil ETF

FLBRAFranklin FTSE Brazil ETF

In short

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.

FLBR Brazil at roughly a third the fee of the typical fund in the category. Franklin tracks a capped FTSE index of about 100 Brazilian stocks, and has hugged that benchmark closely since launching in 2017.

Stated mandate

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

FLBR The fund uses a passive indexing approach intended to track the performance of the FTSE Brazil Capped Index before fees and expenses.

Why people hold it

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.

FLBR 0.19% a year against a 0.60% median for Brazil funds. In a market this jumpy, the fee is the one input you actually control.
Same large-cap Brazil market as EWZ at 0.59%, for well under half the cost, and one of the strongest all-round builds in the Brazil group.
Plain index plumbing: it aims to match the FTSE Brazil Capped Index before fees, and its tracking has stayed very close to that benchmark.
Backed by Franklin Templeton and trading since 2017, so this is a seasoned wrapper rather than a fresh single-country launch.

Worth knowing

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.

FLBR One country, about 100 mostly large companies, in a currency tied to commodities and politics. Concentration is the whole point, and it cuts both ways.
It changes hands less often than the category's giant, EWZ, so spreads can run wider. Limit orders earn their keep.
Cash comes quarterly, and the amount rides on what Brazilian companies choose to pay out, which varies year to year.

Full EWZ profile⁠

Full FLBR profile⁠

EWZ vs FLBR Holdings

How EWZ and FLBR differ

Overlap by weight

84.8%

Shared holdings make up 92.3% of FLBR and 86.9% of EWZ.

Level by level

Holdings41 in both84.8%
Sector11 Sectors89.7%
Countryby domicile98.3%
Asset classEquity100%

Sector

Sector weights in EWZ and FLBR, widest gap first
Sector	More in EWZMore in FLBR	EWZ	FLBR
Financials	EWZ +8.4 points	35.0%	26.6%
Industrials	FLBR +3.7 points	9.0%	12.7%
Health Care	FLBR +1.5 points	1.2%	2.7%
Energy	FLBR +1.4 points	19.6%	21.0%
Consumer Staples	EWZ +1.3 points	5.4%	4.1%
Materials	FLBR +1.1 points	12.7%	13.8%
Utilities	FLBR +1.1 points	12.6%	13.7%
Real Estate	FLBR +0.9 points	0.0%	0.9%
Technology	FLBR +0.7 points	0.0%	0.7%
Communication	EWZ +0.5 points	1.9%	1.4%
Consumer Discretionary	EWZ +0.1 points	2.6%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in EWZ and FLBR, widest gap first
Country	More in EWZMore in FLBR	EWZ	FLBR
Brazil	FLBR +1.7 points	98.3%	100.0%
United States	EWZ +1.7 points	1.7%	0.0%

Outside the US: EWZ 0% developed, 100% emerging. FLBR 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EWZ57.9%
FLBR57.7%

Securities held

EWZ46
FLBR66

Asset class

EWZ: Equity
FLBR: Equity

Holdings

Only in EWZ5
In both41
Only in FLBR25

Only in EWZ

5 securities, 11.5% of EWZ by weight

Nu Holdings Class A8.47%
Xp Class A Inc1.30%
Jbs N V NV Class A1.12%
Aura Minerals Inc0.51%
Axia Energia SA0.07%

Only in FLBR

25 securities, 7.6% of FLBR by weight

Net Current Assets0.82%
Totvs SA0.75%
Cia Saneamento Minas Gera0.52%
Sendas Distribuidora SA0.46%
Banco Santander Brasil-Un0.43%
Metalurgica Gerdau Sa-Pre0.40%
Lojas Renner S.a.0.38%
Transmissora Alianca De-U0.38%
Smartfit - Ordinary0.37%
Multiplan Empreendimentos0.36%
Allos SA0.36%
Hypera SA0.35%
Isa Energia Brasil SA0.34%
Cosan SA0.24%
Ccp Initial Margin Jpmorg0.22%
Gps Participacoes E Empre0.21%
Natura Cosmeticos SA0.18%
Brava Energia0.18%
Bradsaude SA0.15%
Auren Energia SA - On0.15%
Axia Energia0.08%
Csn Mineracao SA0.08%
Grupo Mateus SA0.08%
Localiza Rent A Car SA0.05%
Cia Energetica De Minas G0.03%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in EWZ and FLBR, widest gap first
Holding	More in EWZMore in FLBR	EWZ	FLBR
Petroleo Brasileiro Pref SA	FLBR +1.73 points	8.81%	10.54%
Petroleo Brasileiro SA Petrobras	FLBR +1.30 points	8.47%	9.77%
Itau Unibanco Holding Pref SA	FLBR +1.17 points	8.04%	9.21%
Cia Vale Do Rio Doce Sh	FLBR +1.12 points	8.65%	9.77%
Itausa Investimentos Itau Pref SA	FLBR +0.75 points	2.43%	3.18%
Itau Unibanco Holding SA	FLBR +0.62 points	0.35%	0.97%
Weg	EWZ +0.27 points	3.42%	3.15%
Equatorial SA	EWZ +0.23 points	1.68%	1.45%
Axia Energia SA	EWZ +0.22 points	2.99%	2.77%
Banco Bradesco Pref	FLBR +0.20 points	3.12%	3.32%
Ambev SA	EWZ +0.17 points	2.92%	2.75%
Energisa Units	FLBR +0.17 points	0.65%	0.82%
Telefonica Brasil SA	EWZ +0.17 points	1.11%	0.94%
Bb Seguridade SA	EWZ +0.16 points	1.28%	1.12%
Cpfl Energia	EWZ +0.15 points	0.49%	0.34%
Marfrig Global Foods SA	FLBR +0.14 points	0.37%	0.51%
Tim	EWZ +0.09 points	0.75%	0.66%
Gerdau Pref SA	EWZ +0.08 points	1.47%	1.39%
Rede Dor Sao Luiz SA	EWZ +0.09 points	1.12%	1.03%
Axia Energia Prf SA	EWZ +0.08 points	0.38%	0.29%
Caixa Seguridade Participacoes SA	EWZ +0.08 points	0.64%	0.56%
Banco Bradesco	FLBR +0.07 points	0.80%	0.87%
Motiva Infraestrutura De Mobilidad	FLBR +0.07 points	0.68%	0.75%
Ultrapar Participoes SA	EWZ +0.07 points	1.10%	1.03%
Vibra Energia SA	EWZ +0.06 points	1.43%	1.37%
Companhia De Saneamento Basico De	EWZ +0.06 points	2.59%	2.53%
Suzano SA	EWZ +0.05 points	1.53%	1.48%
Rumo SA	FLBR +0.05 points	0.80%	0.85%
Bco Btg Pactual Unt SA	FLBR +0.04 points	2.63%	2.67%
Localiza Rent A Car	EWZ +0.04 points	1.12%	1.08%
Cia Energetica De Minas Gerais Pre	EWZ +0.03 points	0.80%	0.77%
Eneva	FLBR +0.03 points	0.99%	1.02%
Cia Paranaense De Energia Copel	FLBR +0.03 points	1.16%	1.19%
Banco Do Brasil SA	FLBR +0.02 points	1.22%	1.24%
Petro Rio	EWZ +0.02 points	2.54%	2.52%
Porto Seguro SA	EWZ +0.02 points	0.38%	0.36%
Raia Drogasil	EWZ +0.01 points	0.89%	0.88%
Klabin Units SA	FLBR +0.01 points	0.66%	0.67%
Engie Brasil Energia SA	EWZ +0.01 points	0.53%	0.52%
B3 Brasil Bolsa Balcao SA	Same weight	2.98%	2.98%
Embraer	Same weight	2.99%	2.99%

All 46 EWZ holdings⁠All 98 FLBR 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.

EWZ vs FLBR Cost

Overpaying EWZ vs FLBR

$7,683

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

EWZ 0.59%
$11,635
FLBR 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

EWZ 0.59%
FLBR 0.19%
Overpaying

Year by year

Year	EWZ	FLBR	Overpaying
10	$1,058	$347	$711
20	$4,051	$1,351	$2,700
30	$11,635	$3,952	$7,683

Expense ratio

0.59%EWZ
0.19%FLBR, cheaper

FLBR0.19%EWZ0.59%

0.19%1.32%

Middle half of Brazil funds
Median 0.59%

FLBR cheapest of 7 funds

EWZ 3rd cheapest of 7 funds

EWZ vs FLBR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EWZ 4.51%; FLBR 6.37%, better
Payout (12M): EWZ $1.46; FLBR $1.29
Last payment: EWZ $0.33; FLBR $0.26
Ex-dividend: EWZ Jun 15, 2026; FLBR Jun 26, 2026
Paid on: EWZ Jun 18, 2026; FLBR Jul 6, 2026
Frequency: EWZ Twice a year; FLBR Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EWZTwice a year · 23 paymentsAll EWZ payments⁠

FLBRTwice a year · 22 paymentsAll FLBR payments⁠

EWZ vs FLBR Risk

Fall from peak · 5 years

EWZ
FLBR

Risk facts

VolatilityStd dev, 3 years: EWZ 24.5%FLBR 24.3%, better
Return per unit of riskSharpe ratio, 3 years: EWZ 0.29FLBR 0.38, better
Worst fallMax drawdown, 5 years: EWZ −32.2%, betterFLBR −32.3%
Market sensitivityBeta, 5 years: EWZ 0.92FLBR 0.96; Market = 1

EWZ and FLBR in the news

All news⁠

Week in Funds
Brazil ETFs sink after Lula’s runoff win; EWZ falls 23.8%, erasing its election rally
Oct 30, 2026EWZFLBR
Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026EWZFLBR
Top Movers
Memory-chip funds jump after SK hynix's record quarter as Israel funds fall
Oct 28, 2026EWZFLBR
Top Movers
Brazil funds fall as much as 31.6% after Lula wins the runoff
Oct 26, 2026EWZFLBR
Week in Funds
The biggest Brazil fund gained less than a small-cap fund after Bolsonaro's lead
Oct 9, 2026EWZFLBR
Top Movers
Brazil funds held their election gain through Friday
Oct 9, 2026EWZFLBR

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