The WisdomTree Brazilian Real ETF (NYSEArca: BZF) has moved in near lock-step with EWZ this quarter, falling 14.5%.

To be sure, backing Petrobras and Vale, and EWZ for that matter, here is not for the faint of the heart. EWZ’s three-year standard deviation of 24.6% is roughly 1,100 basis points higher than that of the MSCI Emerging Markets Index and as the American depositary receipts of Vale and Petrobras have fallen 31.2% and 17.5%, respectively, this year, investors have pulled $453.4 million from EWZ. [New Lows for Brazil ETFs]

Azous notes that his firm is not positive on Brazil, but regarding Petrobras and Vale, “we are simply looking for assets with one-way sentiment that give us the largest risk-adjusted return if conditions were to change.”

To its credit, EWZ has recently shown some signs of life, rising 7.1% since March 13 while the MSCI Emerging Markets Index is up 4.8% over the same period.

iShares MSCI Brazil Capped ETF