EWZ vs VEU: Holdings Overlap
iShares · 47 holdings · $9.2B · as of 2026-05-31
VEUVanguard FTSE All-world Ex-us Index Fund
Vanguard · 3855 holdings · $69.8B · as of 2026-04-30
Holdings snapshots are 31 days apart (EWZ: 2026-05-31, VEU: 2026-04-30). 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 VEU?
iShares MSCI Brazil ETF (EWZ, by iShares) holds 47 positions; Vanguard FTSE All-world Ex-us Index Fund (VEU, by Vanguard) holds 3855. They have 42 holdings in common, and by portfolio weight the two funds are 1.0% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 42EWZ holds 47 · VEU holds 3855
- Weight in Shared Holdings
- EWZ 87%·VEU 1%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
5 of 47 positions (11.5% of the fund) are not held by VEU.
Sector Breakdown
| Sector | EWZ | VEU |
|---|---|---|
| Financials | 32.2% | 20.0% |
| Information Technology | 0.0% | 16.2% |
| Energy | 14.0% | 4.5% |
| Industrials | 4.7% | 11.7% |
| Materials | 11.5% | 5.4% |
| Other Sectors | 12.7% | 23.7% |
| Unclassified | 23.9% | 17.4% |
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, 18% of VEU).
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% |
| VEU | +2.8% | +16.6% | +28.4% | +19.2% | +9.6% | +9.9% | 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 VEU →
Shared Holdings(42)
The top 10 shared positions account for 58% of the overlap, led by VALE3, PETR3 and PETR4.
 VALE3Vale SA | 11.50% | 0.15% | 0.15% |
|---|---|---|---|
 PETR3Petroleo Brasileiro SA - Petrobras | 6.70% | 0.08% | 0.08% |
 PETR4Petroleo Brasileiro SA - Petrobras | 7.28% | 0.08% | 0.08% |
 ITUB4Itau Unibanco Holding SA | 8.48% | 0.05% | 0.05% |
 B3SA3B3 SA - Brasil Bolsa Balcao | 3.57% | 0.05% | 0.05% |
 ITSA4Itausa SA | 2.62% | 0.04% | 0.04% |
 SBSP3Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.87% | 0.04% | 0.04% |
 BPAC11Banco BTG Pactual SA | 2.68% | 0.04% | 0.04% |
 AXIA3Axia Energia SA | 2.64% | 0.04% | 0.04% |
 WEGE3Weg SA COM NPV | 3.05% | 0.03% | 0.03% |
 PRIO3PRIO SA/Brazil | 2.16% | 0.03% | 0.03% |
 EMBJ3Embraer SA | 2.15% | 0.03% | 0.03% |
 BBDC4Banco Bradesco SA | 3.33% | 0.03% | 0.03% |
 EQTL3Equatorial SA | 1.94% | 0.02% | 0.02% |
 ABEV3Ambev SA | 3.19% | 0.02% | 0.02% |
 RENT3Localiza Rent a Car SA | 1.65% | 0.02% | 0.02% |
 VBBR3Vibra Energia SA | 1.40% | 0.02% | 0.02% |
 BBAS3Banco do Brasil SA | 1.47% | 0.02% | 0.02% |
 RDOR3Rede D'Or Sao Luiz SA | 1.17% | 0.02% | 0.02% |
 CPLE3Cia Paranaense de Energia - Copel | 0.75% | 0.02% | 0.02% |
 SUZB3Suzano SA | 1.25% | 0.02% | 0.02% |
 RADL3Raia Drogasil SA | 1.07% | 0.01% | 0.01% |
 VIVT3Telefonica Brasil SA | 1.20% | 0.01% | 0.01% |
 AXIA7Axia Energia SA | 0.82% | 0.01% | 0.01% |
 ENEV3Eneva SA | 0.60% | 0.01% | 0.01% |
Frequently Asked Questions
How much do EWZ and VEU overlap?
EWZ and VEU overlap by 1.0% of portfolio weight. They share 42 holdings (EWZ holds 47 positions and VEU holds 3855), based on each fund's latest SEC-reported holdings.
Is it redundant to own both EWZ and VEU?
The two portfolios are 1.0% 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 VEU?
The largest positions held by both funds are VALE3, PETR3, PETR4, ITUB4 and B3SA3. Together the top 10 shared positions account for 58% of the total overlap.
What does EWZ own that VEU doesn't?
5 positions (11.5% of EWZ) are unique to EWZ, led by NU, XP and JBS. In the other direction, 3813 positions (97.8% of VEU) are unique to VEU.