iShares MSCI Brazil ETF
ALTAR
Score™		 11.8% info Recommen-
dation		 SPECULATIVE
2024E    2025E
P/E
ratio		 7.8x P/Sales
ratio		 0.9x
P/BV
ratio		 1.3x Div.
yield		 4.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI Brazil Index fund seeks investment results that correspond to the price and yield performance of the MSCI Brazil Index. The index consists primarily of large cap stocks traded in the Brazilian market.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jul 10, 2000
Assets (mns) $4,867
Currency USD
Expense ratio 58 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 49
Wgt avg mkt cap (mns) $31,481
Large cap (>$10bn) 58.3%
Mid cap ($2-10bn) 29.9%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
VALE SA 11.4 %
PETROBRAS - PETROLEO BRAS-PR 10.1 %
PETROBRAS - PETROLEO BRAS 8.3 %
ITAU UNIBANCO HOLDING SA 8.0 %
BANCO BRADESCO SA-PREF 3.7 %
WEG SA 3.6 %
BM&FBOVESPA SA 3.4 %
AMBEV-SA 2.9 %
BANCO DO BRASIL SA 2.7 %
SUZANO PAPEL E CELULOSE SA 2.6 %
Total 56.8 %

TOP COUNTRY EXPOSURE
BRAZIL 98.1 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.6% 27.7% 2.0% 1.4% 6.0%

Market Correlations
versus... Beta R-squared
S&P500 0.88 29%
MSCI EAFE 0.85 25%
MSCI Emg. Mkts. 0.74 20%

Technical Indicators
Recent close $30.99
30d moving avg. $33.48
Annualized volatility 29.1%
Short interest (ETF) 26.4%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 22,614
Turnover 14.4%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $2,393

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 148 potential alternatives to the iShares MSCI Brazil ETF ETF based on the alternatives' overlap in portfolio holdings with EWZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EWZ Expense: 58 bp ALTAR Score™: 11.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWZ
Ticker Fund
Name		 Overlap1
vs EWZ
(%)		 Expense
ratio
(bp)		 Savings
vs EWZ
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs EWZ
(%)
FLBR Franklin FTSE Brazil ETF 87.2 19 39 12.3 +0.5
FLLA Franklin FTSE Latin America ETF 55.4 19 39 11.6 -0.2
FBZ First Trust Brazil AlphaDEX Fund 34.9 80 -22 11.9 +0.1
FLN First Trust Latin America AlphaDEX Fund 23.4 80 -22 11.0 -0.8
BRAZ Global X Brazil Active ETF 21.5 75 -17 10.2 -1.6
DVYE iShares Emerging Markets Dividend ETF 16.5 49 9 16.6 +4.8
ILF iShares Latin America 40 ETF 16.0 48 10 10.2 -1.6
PXH Invesco FTSE RAFI Emerging Markets ETF 13.6 49 9 12.5 +0.7
DEM WisdomTree Emerging Markets High Dividend Fund 13.5 63 -5 12.9 +1.2
EMDM First Trust Bloomberg Emerging Market Democracies ETF 12.5 75 -17 9.6 -2.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 11.2 39 19 12.6 +0.8
BKF iShares MSCI BIC ETF 10.3 69 -11 7.1 -4.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 8.2 24 34 7.2 -4.6
SDEM Global X MSCI SuperDividend Emerging Markets ETF 8.0 67 -9 17.5 +5.7
GVAL Cambria Global Value ETF 7.9 68 -10 12.3 +0.5
EDOG ALPS Emerging Sector Dividend Dogs ETF 7.5 60 -2 14.8 +3.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 7.3 50 8 10.6 -1.2
EEMO Invesco S&P Emerging Markets Momentum ETF 7.2 29 29 6.2 -5.6
EMMF WisdomTree Emerging Markets Multifactor Fund 7.2 48 10 9.4 -2.4
XCEM Columbia EM Core ex-China ETF 7.0 16 42 7.4 -4.4
EMXC iShares MSCI Emerging Markets ex China ETF 6.9 25 33 6.7 -5.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 6.9 44 14 10.4 -1.4
RNEM First Trust Emerging Markets Equity Select ETF 6.9 75 -17 8.3 -3.5
STXE Strive Emerging Markets Ex-China ETF 6.7 32 26 6.9 -4.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.5 32 26 7.6 -4.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 6.5 95 -37 11.4 -0.4
EEMD AAM S&P Emerging Markets High Dividend Value ETF 6.3 49 9 19.1 +7.3
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 6.1 18 40 7.9 -3.9
EELV Invesco S&P Emerging Markets Low Volatility ETF 6.0 29 29 8.3 -3.5
JHEM John Hancock Multifactor Emerging Markets ETF 5.9 49 9 8.4 -3.4
FEM First Trust Emerging Markets AlphaDEX Fund 5.8 80 -22 16.4 +4.6
SCHE Schwab Emerging Markets Equity ETF 5.4 11 47 7.6 -4.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 5.4 45 13 8.6 -3.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 5.3 45 13 12.8 +1.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 5.3 66 -8 7.2 -4.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 5.3 36 22 7.5 -4.3
ECON Columbia Emerging Markets Consumer ETF 5.2 49 9 4.8 -7.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 5.2 88 -30 6.2 -5.6
BKEM BNY Mellon Emerging Markets Equity ETF 5.2 11 47 7.7 -4.1
EEM iShares MSCI Emerging Markets ETF 5.1 69 -11 7.0 -4.8
XC WisdomTree Emerging Markets Ex-China Fund 5.0 32 26 6.2 -5.6
NUEM Nuveen ESG Emerging Markets Equity ETF 5.0 36 22 6.8 -5.0
VWO Vanguard FTSE Emerging Markets ETF 4.7 8 50 7.6 -4.2
ESGE iShares ESG Aware MSCI EM ETF 4.7 25 33 7.7 -4.1
EMXF iShares ESG Advanced MSCI EM ETF 4.6 16 42 7.5 -4.3
EMGF iShares Emerging Markets Equity Factor ETF 4.6 25 33 8.7 -3.1
LDEM iShares ESG MSCI EM Leaders ETF 4.6 17 41 7.8 -4.0
DEHP Dimensional Emerging Markets High Profitability ETF 4.5 41 17 7.3 -4.5
MEM Matthews Emerging Markets Equity Active ETF 4.4 79 -21 5.8 -6.0
PICK iShares MSCI Global Metals & Mining Producers ETF 4.3 39 19 11.0 -0.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 4.3 20 38 7.5 -4.3
IEMG iShares Core MSCI Emerging Markets ETF 4.3 9 49 7.5 -4.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.3 30 28 7.5 -4.3
ROAM Hartford Multifactor Emerging Markets ETF 4.1 44 14 11.8 -0.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.0 32 26 6.3 -5.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 4.0 15 43 7.1 -4.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.9 33 25 7.2 -4.6
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 3.8 46 12 8.9 -2.9
DFEV Dimensional Emerging Markets Value ETF 3.8 43 15 11.0 -0.8
CUT Invesco MSCI Global Timber ETF 3.7 61 -3 8.5 -3.3
WOOD iShares Global Timber & Forestry ETF 3.7 42 16 9.6 -2.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.7 59 -1 9.6 -2.2
CGV Conductor Global Equity Value ETF 3.7 130 -72 11.3 -0.5
FRDM Freedom 100 Emerging Markets ETF 3.6 49 9 7.3 -4.5
DFAE Dimensional Emerging Core Equity Market ETF 3.5 35 23 7.7 -4.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.1 60 -2 10.0 -1.8
EYLD Cambria Emerging Shareholder Yield ETF 3.1 66 -8 12.2 +0.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 3.0 41 17 7.8 -4.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.9 38 20 8.3 -3.5
RNRG Global X Renewable Energy Producers ETF 2.9 66 -8 4.9 -6.9
IPKW Invesco International BuyBack Achievers ETF 2.9 55 3 9.1 -2.7
EMC Global X Emerging Markets Great Consumer ETF 2.7 75 -17 4.9 -6.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.6 30 28 8.6 -3.2
FILL iShares MSCI Global Energy Producers ETF 2.6 39 19 9.0 -2.8
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 2.4 90 -32 6.9 -4.9
ERTH Invesco MSCI Sustainable Future ETF 2.4 62 -4 3.7 -8.1
VYMI Vanguard International High Dividend Yield ETF 2.3 22 36 9.7 -2.1
FDEM Fidelity Emerging Markets Multifactor ETF 2.3 25 33 12.0 +0.2
ECOW Pacer Emerging Markets Cash Cows 100 ETF 2.3 70 -12 11.5 -0.3
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 2.2 20 38 10.7 -1.1
SPEM SPDR Portfolio Emerging Markets ETF 2.2 7 51 7.5 -4.3
DSTX Distillate International Fundamental Stability & Value ETF 2.2 55 3 8.0 -3.8
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 2.2 58 0 4.6 -7.2
ICLN iShares Global Clean Energy ETF 2.1 41 17 4.3 -7.5
BPAY BlackRock Future Financial and Technology ETF 2.0 70 -12 8.1 -3.7
VIDI Vident International Equity Strategy ETF 1.9 61 -3 11.9 +0.1
WWJD Inspire International ETF 1.9 80 -22 7.1 -4.7
EFRA iShares Environmental Infrastructure and Industrials ETF 1.7 47 11 5.2 -6.6
IWTR iShares MSCI Water Management Multisector ETF 1.7 47 11 4.8 -7.0
AQWA Global X Clean Water ETF 1.7 50 8 4.3 -7.5
PIO Invesco Global Water ETF 1.7 75 -17 4.9 -6.9
MOTG VanEck Morningstar Global Wide Moat ETF 1.7 52 6 5.8 -6.0
SUPL ProShares Supply Chain Logistics ETF 1.6 58 0 13.2 +1.4
DEW WisdomTree Global High Dividend Fund 1.6 58 0 9.0 -2.8
MOO VanEck Agribusiness ETF 1.6 53 5 9.4 -2.4
IQDF FlexShares International Quality Dividend Index Fund 1.6 47 11 10.7 -1.1
SDIV Global X Superdividend ETF 1.6 58 0 17.6 +5.8
AVES Avantis Emerging Markets Value ETF 1.5 36 22 12.2 +0.4
SCHY Schwab International Dividend Equity ETF 1.5 14 44 9.3 -2.5
EMM Global X Emerging Markets ex-China ETF 1.5 75 -17 3.7 -8.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.4 41 17 6.6 -5.2
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 1.4 45 13 6.3 -5.5
ACWX iShares MSCI ACWI ex U.S. ETF 1.4 34 24 6.7 -5.1
IQDE FlexShares International Quality Dividend Defensive Index ET 1.4 47 11 10.7 -1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.2 40 18 7.2 -4.6
VXUS Vanguard Total International Stock ETF 1.2 7 51 7.1 -4.7
JSTC Adasina Social Justice All Cap Global ETF 1.2 89 -31 4.7 -7.1
IXUS iShares Core MSCI Total International Stock ETF 1.2 7 51 6.9 -4.9
AVEM Avantis Emerging Markets Equity ETF 1.2 33 25 9.1 -2.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.1 47 11 10.3 -1.5
VEU Vanguard FTSE All-World ex-US Index Fund 1.1 8 50 7.2 -4.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.1 30 28 7.8 -4.0
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 1.0 47 11 5.9 -5.9
BNE Blue Horizon BNE ETF 1.0 87 -29 5.0 -6.8
EMIF iShares Emerging Markets Infrastructure ETF 1.0 60 -2 4.7 -7.1
BLES Inspire Global Hope ETF 0.9 61 -3 6.3 -5.5
MOTI VanEck Morningstar International Moat ETF 0.9 58 0 6.9 -4.9
RODE Hartford Multifactor Diversified International ETF 0.9 29 29 11.5 -0.3
VSGX Vanguard ESG International Stock ETF 0.9 12 46 6.8 -5.0
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.8 58 0 10.2 -1.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.7 42 16 6.8 -5.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.7 25 33 7.0 -4.8
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 0.7 60 -2 0.9 -10.9
GLOF iShares Global Equity Factor ETF 0.6 20 38 7.0 -4.8
CWI SPDR MSCI ACWI ex-US ETF 0.6 30 28 6.8 -5.0
ACWI iShares MSCI ACWI ETF 0.5 32 26 5.5 -6.3
JXI iShares Global Utilities ETF 0.5 43 15 6.7 -5.1
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.5 46 12 5.6 -6.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 46 5.0 -6.8
DGT SPDR Global Dow ETF 0.5 50 8 6.6 -5.2
CGUS Capital Group Core Equity ETF 0.5 33 25 4.7 -7.1
IGRO iShares International Dividend Growth ETF 0.4 15 43 7.1 -4.7
VT Vanguard Total World Stock ETF 0.4 7 51 5.8 -6.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 38 5.6 -6.2
JRNY ALPS Global Travel Beneficiaries ETF 0.4 65 -7 -0.0 -11.8
IXG iShares Global Financials ETF 0.4 42 16 6.8 -5.0
EXI iShares Global Industrials ETF 0.3 42 16 4.6 -7.2
GLIF AGF Global Infrastructure ETF 0.3 45 13 5.5 -6.3
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 0.3 86 -28 1.9 -9.9
CLNR IQ Cleaner Transport ETF 0.3 45 13 8.2 -3.6
HAP VanEck Natural Resources ETF 0.2 50 8 9.5 -2.3
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.1 80 -22 14.2 +2.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -28 1.9 -9.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 38 6.7 -5.1
KXI iShares Global Consumer Staples ETF 0.1 41 17 5.6 -6.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 49 5.7 -6.1
IXJ iShares Global Healthcare ETF 0.1 42 16 6.1 -5.7
RXI iShares Global Consumer Discretionary ETF 0.1 41 17 5.5 -6.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2019 2020 2021 2022 2023 2024E 2025E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 iShares MSCI Brazil ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.1 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 58 bp
Equals: ALTAR Score 11.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.48 CATEGORY
AVERAGE		 1.39
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.