This is an interesting article that touches on EWZ - specifically about it in relation to the other BRICs.
"Investing in the BRICs (Brazil, Russia, India, China) has been hot again, particularly with Brazil and China leading the way. ETFs like iShares MSCI Brazil Index ETF (NYSE: EWZ), iShares FTSE/Xinhua China 25 Index ETF (NYSE: FXI) and PowerShares India Portfolio (NYSE: PIN) have done extremely well this year, as money continues to move into these countries."