Bottom Line While we have crowned EWG as the winner, investors should note that this fun game was purely based on financial details and it had nothing to do with soccer. Semi Final - 1 iShares MSCI Brazil Capped ETF (EWZ) vs. iShares MSCI Germany ETF (EWG) EWZ - The most popular Latin-American ETF has been saddled with slowing growth, sky-high inflation, dysfunctional economic policies and fear of a cease in cheap dollar inflows in the wake of Fed QE taper for long. EWG - EWG is the largest and most popular ETF tracking the German equity market.