EWZ vs FNDE: Holdings Overlap
iShares · 47 holdings · $9.2B · as of 2026-05-31
FNDESchwab Fundamental Emerging Markets Equity ETF
Schwab · 370 holdings · $9.9B · as of 2026-05-31
How similar are EWZ and FNDE?
iShares MSCI Brazil ETF (EWZ, by iShares) holds 47 positions; Schwab Fundamental Emerging Markets Equity ETF (FNDE, by Schwab) holds 370. They have 24 holdings in common, and by portfolio weight the two funds are 12.3% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 12.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 24EWZ holds 47 · FNDE holds 370
- Weight in Shared Holdings
- EWZ 65%·FNDE 12%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 EWZ
23 of 47 positions (33.7% of the fund) are not held by FNDE.
Only in FNDE
346 of 370 positions (87.3% of the fund) are not held by EWZ. Showing the top 30 by weight.
Sector Breakdown
| Sector | EWZ | FNDE |
|---|---|---|
| Financials | 32.2% | 18.1% |
| Information Technology | 0.0% | 20.6% |
| Energy | 14.0% | 10.8% |
| Materials | 11.5% | 6.7% |
| Utilities | 8.1% | 1.4% |
| Other Sectors | 9.3% | 14.9% |
| Unclassified | 23.9% | 27.1% |
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 (24% of EWZ, 27% of FNDE).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| EWZ | +2.0% | +12.3% | +31.6% | +9.6% | +6.8% | +5.7% | 4.14% |
| FNDE | +5.7% | +16.1% | +27.2% | +20.3% | +10.8% | +10.0% | 3.57% |
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 EWZ vs FNDE →
Shared Holdings(24)
The top 10 shared positions account for 88% of the overlap, led by VALE3, PETR4 and PETR3.
 VALE3Vale SA | 11.50% | 3.03% | 3.03% |
|---|---|---|---|
 PETR4Petroleo Brasileiro SA - Petrobras | 7.28% | 2.48% | 2.48% |
 PETR3Petroleo Brasileiro SA - Petrobras | 6.70% | 2.34% | 2.34% |
 ITUB4Itau Unibanco Holding SA | 8.48% | 0.68% | 0.68% |
 VBBR3Vibra Energia SA | 1.40% | 0.49% | 0.49% |
 BBAS3Banco do Brasil SA | 1.47% | 0.48% | 0.48% |
 BBDC4Banco Bradesco SA | 3.33% | 0.46% | 0.46% |
 GGBR4Gerdau SA | 1.30% | 0.43% | 0.43% |
 UGPA3Ultrapar Participacoes SA | 0.87% | 0.26% | 0.26% |
 ABEV3Ambev SA | 3.19% | 0.25% | 0.25% |
 SUZB3Suzano SA | 1.25% | 0.16% | 0.16% |
 B3SA3B3 SA - Brasil Bolsa Balcao | 3.57% | 0.15% | 0.15% |
 AXIA3Axia Energia SA | 2.64% | 0.14% | 0.14% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.87% | 0.14% | 0.14% |
 EQTL3Equatorial SA | 1.94% | 0.14% | 0.14% |
 VIVT3Telefonica Brasil SA | 1.20% | 0.13% | 0.13% |
 BBDC3Banco Bradesco SA | 0.59% | 0.12% | 0.12% |
 CMIG4Cia Energetica de Minas Gerais | 0.84% | 0.12% | 0.12% |
 RENT3Localiza Rent a Car SA | 1.65% | 0.10% | 0.10% |
 KLBN11Klabin SA | 0.62% | 0.09% | 0.09% |
 CPLE3Cia Paranaense de Energia - Copel | 0.75% | 0.07% | 0.07% |
 AXIA7Axia Energia SA | 0.82% | 0.04% | 0.04% |
 AXIA6Axia Energia SA | 0.65% | 0.03% | 0.03% |
 MBRF3MBRF Global Foods Co SA | 0.32% | 0.02% | 0.02% |
Frequently Asked Questions
How much do EWZ and FNDE overlap?
EWZ and FNDE overlap by 12.3% of portfolio weight. They share 24 holdings (EWZ holds 47 positions and FNDE holds 370), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EWZ and FNDE?
The two portfolios are 12.3% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of EWZ and FNDE?
The largest positions held by both funds are VALE3, PETR4, PETR3, ITUB4 and VBBR3. Together the top 10 shared positions account for 88% of the total overlap.
What does EWZ own that FNDE doesn't?
23 positions (33.7% of EWZ) are unique to EWZ, led by NU, WEGE3 and BPAC11. In the other direction, 346 positions (87.3% of FNDE) are unique to FNDE.