EWZ’s worst drop since 2000 was 77%
iShares MSCI Brazil ETF (EWZ) fell 77% from May 2008 to Jan 2016. It has not closed above that May 2008 peak since, 18.4 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 25th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2000 to now
How EWZ held up in each crash
| Crash | Years | EWZ | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −73.0% | −55.2% |
| COVID crash | 2020 | −57.0% | −33.7% |
| 2022 rate shock | 2022 | −32.3% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was EWZ’s maximum drawdown?
EWZ’s deepest fall since 2000 was 77.2%, from its high on May 20, 2008 to its low on January 21, 2016. The figure uses daily prices with dividends reinvested.
How long did EWZ take to recover?
It has not recovered yet. As of October 13, 2026 it sits 5.0% below that May 2008 high.
Was EWZ riskier than the S&P 500?
Over the same years, EWZ’s worst drop was 77.2% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −64.2% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, July 17, 2000 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.