Brazil's stock market (EWZ ETF) crashed 19.8% on October 26th, a statistically extreme 8.4 standard deviation move with <1 in 58 quadrillion probability.
Macro & Markets ·
Brazil's EWZ ETF fell 19.8% on October 26th, representing an 8.4 standard deviation move—a statistical occurrence with a probability of approximately 1 in 58 quadrillion under normal distribution models. The ETF's historical average daily move over the prior 20 years was 0.04% with a standard deviation of 2.36%, making this decline an extreme outlier relative to the instrument's typical volatility.