EWZ vs SPEM: Holdings Overlap
iShares · 47 holdings · $9.2B · as of 2026-05-31
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
Holdings snapshots are 67 days apart (EWZ: 2026-05-31, SPEM: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are EWZ and SPEM?
iShares MSCI Brazil ETF (EWZ, by iShares) holds 47 positions; State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776. They have 22 holdings in common, and by portfolio weight the two funds are 2.2% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 2.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 22EWZ holds 47 · SPEM holds 2776
- Weight in Shared Holdings
- EWZ 41%·SPEM 2%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
25 of 47 positions (58.3% of the fund) are not held by SPEM.
Only in SPEM
2754 of 2776 positions (106.7% of the fund) are not held by EWZ. Showing the top 30 by weight.
Sector Breakdown
| Sector | EWZ | SPEM |
|---|---|---|
| Financials | 32.2% | 15.1% |
| Information Technology | 0.0% | 25.3% |
| Energy | 14.0% | 2.9% |
| Materials | 11.5% | 3.8% |
| Utilities | 8.1% | 0.9% |
| Other Sectors | 9.3% | 17.3% |
| Unclassified | 23.9% | 43.5% |
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, 40% of SPEM).
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% |
| SPEM | +2.8% | +13.1% | +22.8% | +17.3% | +7.2% | +8.6% | 2.48% |
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 SPEM →
Shared Holdings(22)
The top 10 shared positions account for 77% of the overlap, led by NU, WEGE3 and B3SA3.
 NUNU Holdings Ltd/Cayman Islands | 8.71% | 0.38% | 0.38% |
|---|---|---|---|
 WEGE3Weg SA COM NPV | 3.05% | 0.29% | 0.29% |
 B3SA3B3 SA - Brasil Bolsa Balcao | 3.57% | 0.15% | 0.15% |
 ITSA4Itausa SA | 2.62% | 0.15% | 0.15% |
 EMBJ3Embraer SA | 2.15% | 0.14% | 0.14% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.87% | 0.13% | 0.13% |
 PRIO3PRIO SA/Brazil | 2.16% | 0.13% | 0.13% |
 BBAS3Banco do Brasil SA | 1.47% | 0.11% | 0.11% |
 RDOR3Rede D'Or Sao Luiz SA | 1.17% | 0.10% | 0.10% |
 BPAC11Banco BTG Pactual SA | 2.68% | 0.10% | 0.10% |
 ENEV3Eneva SA | 0.60% | 0.08% | 0.08% |
 VIVT3Telefonica Brasil SA | 1.20% | 0.08% | 0.08% |
 VBBR3Vibra Energia SA | 1.40% | 0.06% | 0.06% |
 UGPA3Ultrapar Participacoes SA | 0.87% | 0.05% | 0.05% |
 TOTS3TOTVS SA | 0.80% | 0.04% | 0.04% |
 EQTL3Equatorial SA | 1.94% | 0.04% | 0.04% |
 RADL3Raia Drogasil SA | 1.07% | 0.04% | 0.04% |
 EGIE3Engie Brasil Energia SA | 0.48% | 0.03% | 0.03% |
 STNEStoneco Ltd COM USD0.000079365 CL A | 0.26% | 0.02% | 0.02% |
 MOTV3Motiva Infraestrutura de Mobilidade SA | 0.67% | 0.02% | 0.02% |
 KLBN11Klabin SA | 0.62% | 0.02% | 0.02% |
 MBRF3MBRF Global Foods Co SA | 0.32% | 0.01% | 0.01% |
Frequently Asked Questions
How much do EWZ and SPEM overlap?
EWZ and SPEM overlap by 2.2% of portfolio weight. They share 22 holdings (EWZ holds 47 positions and SPEM holds 2776), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EWZ and SPEM?
The two portfolios are 2.2% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of EWZ and SPEM?
The largest positions held by both funds are NU, WEGE3, B3SA3, ITSA4 and EMBJ3. Together the top 10 shared positions account for 77% of the total overlap.
What does EWZ own that SPEM doesn't?
25 positions (58.3% of EWZ) are unique to EWZ, led by VALE3, ITUB4 and PETR4. In the other direction, 2754 positions (106.7% of SPEM) are unique to SPEM.