EEM vs EWZ: Holdings Overlap
EEMiShares MSCI Emerging Markets ETF
iShares · 1246 holdings · $30.2B · as of 2026-05-31
iShares · 47 holdings · $9.2B · as of 2026-05-31
How similar are EEM and EWZ?
iShares MSCI Emerging Markets ETF (EEM, by iShares) holds 1246 positions; iShares MSCI Brazil ETF (EWZ, by iShares) holds 47. They have 47 holdings in common, and by portfolio weight the two funds are 3.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 47EEM holds 1246 · EWZ holds 47
- Weight in Shared Holdings
- EEM 4%·EWZ 99%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in EEM
1199 of 1246 positions (96.0% of the fund) are not held by EWZ. Showing the top 30 by weight.
Only in EWZ
Every position in EWZ is also held by EEM, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | EEM | EWZ |
|---|---|---|
| Information Technology | 41.0% | 0.0% |
| Financials | 12.6% | 32.2% |
| Energy | 2.6% | 14.0% |
| Materials | 3.3% | 11.5% |
| Utilities | 0.9% | 8.1% |
| Other Sectors | 17.9% | 9.3% |
| Unclassified | 21.6% | 23.9% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (22% of EEM, 24% of EWZ).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| EEM | -0.1% | +20.6% | +35.3% | +20.3% | +7.3% | +8.4% | 1.70% |
| EWZ | +2.0% | +12.3% | +31.6% | +9.6% | +6.8% | +5.7% | 4.14% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in EEM vs EWZ →
Shared Holdings(47)
The top 10 shared positions account for 60% of the overlap, led by VALE3, NU and ITUB4.
 VALE3Vale SA | 0.46% | 11.50% | 0.46% |
|---|---|---|---|
 NUNU Holdings Ltd/Cayman Islands | 0.35% | 8.71% | 0.35% |
 ITUB4Itau Unibanco Holding SA | 0.34% | 8.48% | 0.34% |
 PETR4Petroleo Brasileiro SA - Petrobras | 0.30% | 7.28% | 0.30% |
 PETR3Petroleo Brasileiro SA - Petrobras | 0.27% | 6.70% | 0.27% |
 BBDC4Banco Bradesco SA | 0.15% | 3.33% | 0.15% |
 B3SA3B3 SA - Brasil Bolsa Balcao | 0.13% | 3.57% | 0.13% |
 ABEV3Ambev SA | 0.12% | 3.19% | 0.12% |
 ITSA4Itausa SA | 0.12% | 2.62% | 0.12% |
 WEGE3Weg SA COM NPV | 0.11% | 3.05% | 0.11% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.11% | 2.87% | 0.11% |
 BPAC11Banco BTG Pactual SA | 0.10% | 2.68% | 0.10% |
 AXIA3Axia Energia SA | 0.10% | 2.64% | 0.10% |
 PRIO3PRIO SA/Brazil | 0.08% | 2.16% | 0.08% |
 EMBJ3Embraer SA | 0.08% | 2.15% | 0.08% |
 EQTL3Equatorial SA | 0.07% | 1.94% | 0.07% |
 RENT3Localiza Rent a Car SA | 0.06% | 1.65% | 0.06% |
 BBAS3Banco do Brasil SA | 0.05% | 1.47% | 0.05% |
 XPXP, Inc., Class A | 0.05% | 1.31% | 0.05% |
 VBBR3Vibra Energia SA | 0.05% | 1.40% | 0.05% |
 GGBR4Gerdau SA | 0.05% | 1.30% | 0.05% |
 SUZB3Suzano SA | 0.04% | 1.25% | 0.04% |
 CPLE3Cia Paranaense de Energia - Copel | 0.04% | 0.75% | 0.04% |
 VIVT3Telefonica Brasil SA | 0.04% | 1.20% | 0.04% |
 RDOR3Rede D'Or Sao Luiz SA | 0.04% | 1.17% | 0.04% |
Frequently Asked Questions
How much do EEM and EWZ overlap?
EEM and EWZ overlap by 3.9% of portfolio weight. They share 47 holdings (EEM holds 1246 positions and EWZ holds 47), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EEM and EWZ?
The two portfolios are 3.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of EEM and EWZ?
The largest positions held by both funds are VALE3, NU, ITUB4, PETR4 and PETR3. Together the top 10 shared positions account for 60% of the total overlap.
What does EEM own that EWZ doesn't?
1199 positions (96.0% of EEM) are unique to EEM, led by TSMWF, 005930 and 000660. In the other direction, 0 positions (0.0% of EWZ) are unique to EWZ.